Table of Contents

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that KraneShares Trust uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month year ended June 30, are available (i) without charge, upon request, by calling 855-857-2638; and (ii) on the Commission’s website at http://www.sec.gov.

Fund shares may only be purchased or redeemed from a Fund in Creation Unit aggregations. Investors who cannot transact in Creation Units of a Fund’s shares must buy or sell Fund shares in the secondary market at their market price, which may be at a premium or discount to a Fund’s net asset value, with the assistance of a broker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying Fund shares and receive less than net asset value when selling Fund shares.

Shareholder Letter (Unaudited)

Dear Shareholders:

We are pleased to send you the Annual Report for the climate-related series of the KraneShares Trust exchange-traded funds (ETFs), the KraneShares Global Carbon Strategy ETF (KRBN), KraneShares California Carbon Allowance Strategy ETF (KCCA), KraneShares European Carbon Allowance Strategy ETF (KEUA), KraneShares Electrification Metals Strategy ETF (KMET), KraneShares Global Carbon Transformation ETF (KGHG) and KraneShares Global Carbon Offset Strategy ETF (KSET), for the 12-month period ended March 31, 2023 (Period).

For the Period, the ETFs delivered the following returns:

Morningstar Peer Group Information

	Morningstar Peer Group Median		Morningstar Peer Group Name		Morningstar Peer Group Description
(1)	-4.96%		U.S. ETF Commodities Focused		The Morningstar Fund Commodities Focused Category portfolios invest in commodities or raw materials, mainly through futures contracts.

Climate issues seem to be clearly on the minds of most investors. Going forward, we believe that the energy transition (from using fossil fuels to renewable energy sources) is not optional. Indeed, we believe the transition is already in progress, regardless of societies’ differing views on appropriate climate action. For these reasons, we see an opportunity in climate-related investment strategies.

Climate-related investments also have the potential to provide investors with exposure to an uncorrelated asset class. The challenging macroeconomic environment, including volatility in global equity markets that ensued over the past year, has led many investors to seek uncorrelated sources of return.

Shareholder Letter (Unaudited) (concluded)

We believe investors should consider adjusting their portfolios now to take advantage of what could be a significant global allocation of capital in favor of climate initiatives, and we offer the ETFs as a means for investors to express their interest in climate-related investments in their portfolio for several reasons:

Thank you for investing with us.

Jonathan Krane, CEO

March 31, 2023

Management Discussion of Fund Performance (Unaudited)

KraneShares Global Carbon Transformation ETF

The KraneShares Global Carbon Transformation ETF (the Fund) is an actively managed ETF that aims to capture the low-carbon leaders of the future. The Fund focuses on companies in traditionally high emissions industries that are on the cusp of the transition away from fossil fuels to renewable technology.

Global Carbon Transformation Review

Macroeconomic conditions and policy uncertainty caused ongoing volatility among the companies in the decarbonization space. Additionally, the U.S. dollar strength, which peaked in September 2022, implied some weakness in most other currencies. With a heavier allocation toward Euro-dominated equities, the Fund experienced some negative currency exchange impact on returns. However, by Period-end, the U.S. dollar sold off more than 9%, diminishing some of the distortion created by the foreign exchange effect. Also, towards the end of 2022 and into 2023, we received greater clarity on climate-related policy developments in both the United States and Europe, confirming substantial policy support for a range of activities related to the energy transition. Energy transition companies largely performed in line with global equities, as measured by the MSCI World Index, during the Period.

We continue to believe that companies in high-impact industries with a stated commitment and demonstrated action towards decarbonization may see superior growth compared to their peers and their own histories as well as be revalued as their businesses become “greener.”

Within the Fund, the best-performing sectors for the period were Utilities and Information Technology. Meanwhile, the worst-performing sectors were Materials and Industrials.

For the Period, the NAV of the Fund decreased by -7.14%.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Global Carbon Transformation ETF (concluded)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2023*

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.89%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Global Carbon Strategy ETF

The KraneShares Global Carbon Strategy ETF (Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the IHS Markit Global Carbon Index (Underlying Index).

The Underlying Index offers broad coverage of cap-and-trade carbon allowances by tracking the most traded carbon credit futures contracts. The Underlying Index introduces a new measure for investing in and/or hedging risk while supporting environmentally responsible investing.

Currently, the Underlying Index covers the major European and North American cap-and-trade programs (Programs): European Union Allowances (EUA), California Carbon Allowances (CCA), the Regional Greenhouse Gas Initiative (RGGI), and United Kingdom Allowances (UKA).

Global Carbon Market Review

During the 12-month period ended March 31, 2023 (Period), several macroeconomic headwinds impacted the Fund’s performance, including the energy crisis and invasion of Ukraine at the start of the Period to inflation and recessionary concerns later in 2022. At the same time, all four of the Programs are seeing major policy updates, which include several supply tightening measures – meaning, actions that are expected to reduce the supply of carbon credits. During the Period, increased energy costs and a lack of cost-effective abatement technologies supported demand for credits in the Programs, as several European economies accepted a heavier reliance on coal as a short-term solution to weaning themselves off of Russian gas, which became restricted or unavailable as a result of the war in Ukraine.

The EUA market, which is 60% of the Underlying Index and Fund, experienced some volatility during the Period amidst the ongoing energy crisis, the invasion of Ukraine and ongoing deliberations by EU member states related to Emissions Trading System (ETS) reforms, which have the potential to impact the value of EUAs. As a result, the Fund experienced some related price volatility early in the Period and rebounded, as discussed below. Fortunately, the start of 2023 welcomed the official approval of a wave of new policy updates to the EU ETS, including several measures that tighten the emissions cap, phase out the distribution by the ETS of free allowances to member states and companies, and impose a tariff on foreign companies that are energy-intensive producers. Such a tariff would compel these producers to pay the EUA price on goods imported into the region to establish a more level playing field across borders. EUA prices increased in the first quarter of 2023 on renewed economic sentiment, appreciating by 9.5%. In February 2023, the market was even testing levels above the key €100 ($110) threshold.

The best performing Program within the Fund was the EUA Program. The remaining markets were down or flat for the Period as CCA and RGGI markets absorbed the impact from the economic slowdown and various inflationary pressures. A more muted economic rebound than expected in the UK also weighed on UKAs. However, we expect policy changes to be approved this year for the UKA Program, which should tighten the supply of allowances and improve their price performance going forward.

We see three potential positive catalysts for carbon credits markets in the year to come:

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Global Carbon Strategy ETF (continued)

Global Carbon Market Overview (April 1, 2022 to March 31, 2023)

For the Period, the NAV of the Fund increased by 4.43% while the Underlying Index increased by 5.90%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees and tax diversification requirements.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Global Carbon Strategy ETF (concluded)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2023*

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.78%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares European Carbon Allowance Strategy ETF

The KraneShares European Carbon Allowance Strategy ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the IHS Markit Carbon EUA Index (the Underlying Index).

The Underlying Index tracks the most traded European Union Allowances (EUA) futures contracts. The Fund provides a vehicle for investing in and/or hedging risk while supporting environmentally responsible investing.

EUA Market Review

During the 12-month period ended March 31, 2023 (Period), the EUA market experienced some volatility during the Period amidst the ongoing energy crisis, and the invasion of Ukraine and the ongoing deliberations by EU member states related to of the Emissions Trading System (ETS) reforms, which have the potential to impact the value of EUAs. As a result, the Fund experienced some related price volatility early in the Period and rebounded, as discussed below. Fortunately, the start of 2023 welcomed the official approval of a wave of new policy updates to the EU ETS, including the Fit for 55 package, which includes several measures that tighten the emissions cap, phase out the distribution by the ETS of free allowances to member states and companies. Another key policy provision is the Carbon Border Adjustment Mechanism (CBAM), which will and may result in act as a tariff on foreign companies by requiring that are energy-intensive producers. Such a tariff would cause these producers to pay the EUA price on goods imported into the region to establish a more level playing field across borders. CBAM also coincides with the phase-out of free allowances.

EUA prices were impacted by the energy crisis in 2022 and looming macroeconomic sentiment; however, expectations of a rebound in industrial output provided additional support for EUAs. EUA prices increased in the first quarter of 2023 on renewed economic sentiment, appreciating by 9.5%. In February 2023, the market was even testing levels above the key €100 ($110) threshold.

We see three key positive catalysts for EUA market in the year to come:

EUA Market Overview (April 1, 2022 to March 31, 2023)

For the Period, the NAV of the Fund increased by 18.08% while the Underlying Index increased by 13.51%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to tax diversification requirements.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares European Carbon Allowance Strategy ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2023*

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.78%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares California Carbon Allowance Strategy ETF

The KraneShares California Carbon Allowance Strategy ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the IHS Markit Carbon CCA Index (the Underlying Index).

The Underlying Index tracks the most traded California Carbon Allowances (CCA) futures contracts. The Fund provides a vehicle for participating in the price of carbon and investing in and/or hedging risk while supporting environmentally responsible investing.

CCA Market Review

California is in the midst of reviewing and updating its Program regulations to ensure the Program is on track to meet the state’s goal of carbon neutrality by 2045 and 48% emission reductions by 2030 versus 1990 under the 2022 Scoping Plan. During the Period, an economic slowdown and inflationary pressures adversely impacted demand for allowances and, as a result, CCA performance.

We see two potential positive catalysts for the CCA market in the year to come:

CCA Market Overview (April 1, 2022 to March 31, 2023)

For the Period, the NAV of the Fund decreased by -6.83% while the Underlying Index decreased by -5.43%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees and the difference between the yield earned by the Fund on its cash collateral and the yield assumed by the index.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares California Carbon Allowance Strategy ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2023*

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.78%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Global Carbon Offset Strategy ETF

The KraneShares Global Carbon Offset Strategy ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P GSCI Global Voluntary Carbon Liquidity Weighted Index (the Underlying Index).

The Underlying Index provides broad coverage of the voluntary carbon market by tracking carbon offset futures contracts. These futures contracts include Nature-Based Global Emission Offsets (N-GEOs) and Global Emission Offsets (GEOs), which trade through the Chicago Mercantile Exchange (CME) Group, the world’s largest financial derivatives exchange. The Fund is designed to dynamically add additional offset markets as they reach scale.

Global Carbon Offset Market Review

Concerns over offset quality weighed on the offset market during the 12-month period ended March 31, 2023 (Period), with purchases by companies down 4% in 2022. At the same, there has been a widespread focus on companies improving their sustainability efforts to mitigate their carbon footprint. Currently, more than one-third of the world’s largest companies have declared net zero targets. However, adopting more sustainable operational practices is likely not going to be enough to reach their emissions targets, so buying offset credits has become a key means of filling the gap to stay on track to reach emissions reduction goals. As the market matures and greater regulatory standards are adopted, the offsets market is well positioned to play a central role in global decarbonization efforts.

We see three potential positive catalysts for the global carbon offset market in the year to come:

Global Carbon Offset Market Overview (April 1, 2022 to March 31, 2023)

For the Period, the NAV of the Fund decreased by -76.74% while the Underlying Index decreased by -68.00%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees and tax diversification requirements.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Global Carbon Offset Strategy ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2023*

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.79%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the

Management Discussion of Fund Performance (Unaudited) (concluded)

KraneShares Global Carbon Offset Strategy ETF (concluded)

Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Electrification Metals Strategy ETF

The KraneShares Electrification Metals Strategy ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Electrification Metals Index (the Underlying Index).

The Bloomberg Electrification Metals Index seeks to cover the key metals involved in a range of electrification uses. Currently, the Underlying Index is composed of futures contracts on aluminum, copper, nickel, zinc, cobalt, and lithium.

Electrification Metals Market Review

In the first half of the 12-month period ending March 31, 2023 (Period), metals prices rose sharply following the invasion of Ukraine and the lockdowns in China. Subsequently, most metal prices (including nickel and cobalt) underwent a decline. By contrast, lithium prices reached an all-time high at year-end as electric vehicle (EV) makers trended toward lithium-based chemical compounds over nickel-based battery chemistry.

Although some metals are seeing new supply become available through investments in new refineries, others are expected to continue to face supply and demand imbalances for the foreseeable future, which may support favorable prices for metals.

We see three potential positive catalysts for the electrification metals in the year to come:

For the Period, the NAV of the Fund increased by 3.33% while the Underlying Index increased by 4.77%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees and the difference between the yield earned by the Fund on its cash collateral and the yield assumed by the index.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Electrification Metals Strategy ETF (concluded)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2023*

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.79%, which includes fees and expenses incurred indirectly as a result of investments in underlying Funds. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Schedule of Investments March 31, 2023

KraneShares Global Carbon Transformation ETF

The accompanying notes are an integral part of the financial statements.

Schedule of Investments March 31, 2023

KraneShares Global Carbon Transformation ETF (continued)

The accompanying notes are an integral part of the financial statements.

Schedule of Investments March 31, 2023

KraneShares Global Carbon Transformation ETF (continued)

The accompanying notes are an integral part of the financial statements.

Schedule of Investments March 31, 2023

KraneShares Global Carbon Transformation ETF (concluded)

As of March 31, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary for abbreviations”.

The accompanying notes are an integral part of the financial statements.

Consolidated Schedule of Investments March 31, 2023

KraneShares Global Carbon Strategy ETF

A list of the open futures contracts held by the Fund at March 31, 2023, is as follows:

As of March 31, 2023, all of the Fund’s investments and other financial instruments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Consolidated Schedule of Investments March 31, 2023

KraneShares European Carbon Allowance Strategy ETF

A list of the open futures contracts held by the Fund at March 31, 2023, is as follows:

As of March 31, 2023, all of the Fund’s investments and other financial instruments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Consolidated Schedule of Investments March 31, 2023

KraneShares California Carbon Allowance Strategy ETF

A list of the open futures contracts held by the Fund at March 31, 2023, is as follows:

As of March 31, 2023, all of the Fund’s investments and other financial instruments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Consolidated Schedule of Investments March 31, 2023

KraneShares Global Carbon Offset Strategy ETF

A list of the open futures contracts held by the Fund at March 31, 2023, is as follows:

As of March 31, 2023, all of the Fund’s investments and other financial instruments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Consolidated Schedule of Investments March 31, 2023

KraneShares Electrification Metals Strategy ETF

A list of the open futures contracts held by the Fund at March 31, 2023, is as follows:

As of March 31, 2023, all of the Fund’s investments and other financial instruments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

Schedule of Investments/Consolidated Schedules of Investments March 31, 2023

Glossary (abbreviations used in preceding Schedule of Investments):

Fund Abbreviations

ADR — American Depositary Receipt
Cl — Class

GDR — Global Depositary Receipt

Statement of Assets and Liabilities/Consolidated Statements of Assets and Liabilities

March 31, 2023