| Principal Amount (CNH) | | | Corporate Bonds: 78.5% | | Value | |
| | | | | | | |
| | | | Auto-Cars/Light Trucks: 12.0% | | | |
| | 3,000,000 | | | BMW Finance, 2.800%, 8/11/23 | | $ | 465,258 | |
| | 1,000,000 | | | Volkswagen International Finance NV, 2.900%, 01/21/24 | | | 154,692 | |
| | | | | | | | 619,950 | |
| | | | | Commercial Banks: 30.3% | | | | |
| | 1,000,000 | | | Bank of China, 3.300%, 04/17/22 | | | 155,305 | |
| | 1,000,000 | | | Bank of China, 3.008%, 04/28/26 | | | 155,089 | |
| | 2,000,000 | | | CBQ Finance Ltd., 4.000%, 08/05/23 | | | 313,088 | |
| | 1,000,000 | | | China Construction Bank, 2.850%, 04/22/23 | | | 154,771 | |
| | 4,000,000 | | | First Abu Dhabi Bank, 3.400%, 08/18/25 | | | 623,154 | |
| | 1,000,000 | | | QNB Finance Ltd., 3.800%, 06/17/25 | | | 157,200 | |
| | | | | | | | 1,558,607 | |
| | | | | Diversified Operations: 6.0% | | | | |
| | 1,000,000 | | | HSBC Holding, 3.400%, 06/29/27 | | | 155,677 | |
| | 1,000,000 | | | Wharf Finance Lrd., 3.250%, 01/14/24 | | | 154,281 | |
| | | | | | | | 309,958 | |
| | | | | | | | | |
| | | | | Export/Import Bank: 15.2% | | | | |
| | 1,000,000 | | | China Development Bank, 3.030%, 11/27/23 | | | 155,956 | |
| | 1,000,000 | | | China Development Bank, 3.230%, 11/27/25 | | | 157,423 | |
| | 1,000,000 | | | European International Bank, 2.700%, 04/22/24 | | | 155,277 | |
| | 1,000,000 | | | Export-Import Bank of Korea, 4.500%, 01/27/24 | | | 160,500 | |
| | 1,000,000 | | | Kreditanstalt Fuer Wiederaufbau, 2.700%, 03/25/24 | | | 155,543 | |
| | | | | | | | 784,699 | |
| | | | | Finance-Mtg Loan/Banker: 3.0% | | | | |
| | 1,000,000 | | | Hong Kong Mortgage Corp. Ltd., 2.700%, 02/09/24 | | | 154,500 | |
| | | | | | | | | |
| | | | | Transportation Services: 3.0% | | | | |
| | 1,000,000 | | | GLP China Holding Ltd., 4.000%, 02/7/24 | | | 154,625 | |
| | | | | | | | | |
| | | | | Real Estate Operator/Developer: 9.0% | | | | |
| | 1,000,000 | | | Sun Hung Kai Properties 3.200%, 08/14/27 | | | 153,895 | |
| | 1,000,000 | | | Wharf Real Estate Investment Company Ltd., 3.200%, 09/15/23 | | | 155,239 | |
| | 1,000,000 | | | Zhenro Properties Group Ltd., 7.120%, 06/30/22 | | | 152,760 | |
| | | | | | | | 461,894 | |
| | | | | | | | | |
| | | | | Total Corporate Bonds | | $ | 4,044,233 | |
| | | | | (cost $3,923,665) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 4,044,233 | |
| | | | | (cost $3,923,665): 78.5% | | | | |
| | | | | China Yuan (Offshore): 19.0% | | | 979,994 | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 2.5% | | | 130,631 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 5,154,858 | |
