Principal Amount
(CNH) | | | Corporate Bonds: 75.9% | | Value | |
| | | | Auto-Cars/Light Trucks: 11.6% | | | |
| | 3,000,000 | | | BMW Finance, 2.800%, 8/11/23 | | $ | 468,396 | |
| | 1,000,000 | | | Volkswagen International Finance NV, 2.900%, 01/21/24 | | | 155,374 | |
| | | | | | | | 623,770 | |
| | | | | Commercial Banks: 29.2% | | | | |
| | 1,000,000 | | | Bank of China, 3.300%, 04/17/22 | | | 157,383 | |
| | 1,000,000 | | | Bank of China, 3.008%, 04/28/26 | | | 156,371 | |
| | 2,000,000 | | | CBQ Finance Ltd., 4.000%, 08/05/23 | | | 316,289 | |
| | 1,000,000 | | | China Construction Bank, 2.850%, 04/22/23 | | | 156,794 | |
| | 4,000,000 | | | First Abu Dhabi Bank, 3.400%, 08/18/25 | | | 624,925 | |
| | 1,000,000 | | | QNB Finance Ltd., 3.800%, 06/17/25 | | | 156,689 | |
| | | | | | | | 1,568,451 | |
| | | | | Diversified Banks: 2.8% | | | | |
| | 1,000,000 | | | HSBC Holding, 3.400%, 06/29/27 | | | 152,425 | |
| | | | | | | | | |
| | | | | Diversified Operations: 2.9% | | | | |
| | 1,000,000 | | | Wharf Finance Lrd., 3.250%, 01/14/24 | | | 155,773 | |
| | | | | | | | | |
| | | | | Export/Import Bank: 14.7% | | | | |
| | 1,000,000 | | | China Development Bank, 3.030%, 11/27/23 | | | 157,970 | |
| | 1,000,000 | | | China Development Bank, 3.230%, 11/27/25 | | | 158,566 | |
| | 1,000,000 | | | European International Bank, 2.700%, 04/22/24 | | | 157,358 | |
| | 1,000,000 | | | Export-Import Bank of Korea, 4.500%, 01/27/24 | | | 160,086 | |
| | 1,000,000 | | | Kreditanstalt Fuer Wiederaufbau, 2.700%, 03/25/24 | | | 156,258 | |
| | | | | | | | 790,238 | |
| | | | | Finance-Mtg Loan/Banker: 2.9% | | | | |
| | 1,000,000 | | | Hong Kong Mortgage Corp. Ltd., 2.700%, 02/09/24 | | | 156,560 | |
| | | | | | | | | |
| | | | | Municipal City: 2.9% | | | | |
| | 1,000,000 | | | Municipality of Shenzhen China, 2.900%, 10/19/26 | | | 156,259 | |
| | | | | | | | | |
| | | | | Transportation Services: 2.9% | | | | |
| | 1,000,000 | | | GLP China Holding Ltd., 4.000%, 02/7/24 | | | 153,229 | |
| | | | | | | | | |
| | | | | Real Estate Operator/Developer: 6.0% | | | | |
| | 1,000,000 | | | Sun Hung Kai Properties 3.200%, 08/14/27 | | | 151,141 | |
| | 1,000,000 | | | Wharf Real Estate Investment Company Ltd., 3.200%, 09/15/23 | | | 155,937 | |
| | 1,000,000 | | | Zhenro Properties Group Ltd., 7.120%, 06/30/22 | | | 15,735 | |
| | | | | | | | 322,813 | |
| | | | | | | | | |
| | | | | Total Corporate Bonds | | $ | 4,079,518 | |
| | | | | (cost $4,076,378) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 4,079,518 | |
| | | | | (cost $4,076,378): 75.9% | | | | |
| | | | | China Yuan (Offshore): 16.4% | | | 879,843 | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 7.7% | | | 413,885 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 5,373,246 | |
