DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for four of our flagship ETFs tracking China’s equity market for the period ended May 31, 2022.

The second half of 2021 saw global markets delivering robust returns and overcoming considerable pullbacks to close out the year with a compelling rally. The U.S. economy performed strongly, as stocks performed well on robust corporate earnings and positive macroeconomic news, such as the passage of the bipartisan federal infrastructure spending legislation, which buoyed equities. The global economic recovery was mired by higher inflation, fueled by soaring energy and food prices following Russia’s invasion of Ukraine in February, compounded by rising interest rates and supply chain disruptions. The Russia-Ukraine war and China’s zero-COVID-19 policy added to supply headwinds, causing a slowdown in Europe in April 2022. Central banks turned hawkish, demonstrating their aggressive intent by increasing interest rates by two or more percentage points across many developed nations as concerns over inflation grew among policymakers. The U.S. Federal Reserve raised rates twice since March 2022 and hinted that more increases were on the way. The European Central Bank is expected to hike rates in the forthcoming month to bring the era of negative deposit rates to an end. The Bank of England was the first developed-economy central bank to start hiking rates, raising rates in four consecutive meetings.

China recorded negative returns in the last two quarters of 2021 owing to a dampened outlook over inflation and interest rates. A significant sell-off in China was partially due to the government’s crackdown on the education and technology sectors. The Cyberspace Administration of China (CAC), which has emerged as a super-regulator over the course of the crackdown, summoned various tech chief executive officers in January 2022 to lecture them on the importance of following state guidance. The CAC’s burgeoning influence was evident in Tencent’s announcement it would produce more nationalistic content than Hollywood blockbusters.

A resurgence in COVID-19 cases, an anemic property sector, and decelerating economic growth hampered China’s growth. A zero-tolerance COVID-19 policy translated into strict lockdowns, hurting demand and production. Several economic data points came in weaker than expected. Retail sales continued to slide, with purchases edging significantly lower in many categories of goods. The number of cases in Hong Kong and China spiked to their highest level in more than two years during the second quarter, despite the Chinese government having one of the world’s strictest virus elimination policies. The unemployment rate inched higher as the city of Shanghai – China’s financial capital, which has a population of 25 million — went into a partial lockdown to curb the surge in the Omicron variant cases.

On the geopolitical front, Beijing’s opaque stance on Russia’s invasion of Ukraine raised the prospect of secondary sanctions, amplifying risk calculations of foreign businesses in China. Foreign capital, meanwhile, had been flowing out of China amid concerns around investability in the country. With the 20^th Communist Party Congress scheduled for November 2022, China’s leadership will likely firmly focus on ensuring stability and growth this year, pushing reform down its list of priorities. The People’s Bank of China (PBoC) announced its intention to strengthen the implementation of its prudent monetary policy by administering liquidity injections to stabilize economic growth, employment, and prices. Along with the China Banking and Insurance Regulatory Commission, the PBOC instructed leading asset management companies and banks to help developers by purchasing their liabilities (for restructuring) or funding M&A to help revitalize the real estate sector.

As the COVID-19 pandemic continues to wreak havoc in Shanghai, the authority’s “dynamic clearing” goal still faces major challenges. The situation is still quite severe, with localized shocks in the economy spreading or spilling over to other regions because of transportation and logistics bottlenecks. Also, economic ramifications of the war in Ukraine are expected to significantly slow global growth in 2022 and push inflation up. However, a fragmented recovery is anticipated, as divergent circumstances and the consequent policy responses of the countries will likely influence their growth.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

The Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the ASHR Index). The ASHR Index is designed to reflect price fluctuation and performance of the China A-share market and is composed of the 300 largest and most liquid stocks in the China A-share market. ASHR is sub-advised by Harvest Global Investments. The continued strategic partnership between DWS and Harvest Global Investments provides investors with unique access to the expansive Chinese economy and stock market. For the 12-month period ended May 31, 2022, ASHR returned -25.79%, compared with the ASHR Index’s -25.18%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Financials, Health Care and Consumer Staples. The Energy and Utilities sectors were the positive contributors to performance.

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the ASHS Index). The ASHS Index tracks 500 small-cap companies listed on the China A-Shares market. For the 12-month period ended May 31, 2022, ASHS returned -13.89%, compared with the ASHS Index’s -12.27%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Information Technology, Health Care and Consumer Discretionary. The Energy and Industrials sectors were the positive contributors to performance.

The Xtrackers MSCI All China Equity ETF (CN) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the CN Index). The CN Index captures large and midcap representations across China A-shares, H-shares, B-shares, Red-chips, and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). CN expects to obtain exposure to the A-Shares components of the CN Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC. CN may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by DBX Advisors LLC and sub-advised by Harvest Global Investments Limited. For the 12-month period ended May 31, 2022, CN returned -30.65%, compared with the CN Index’s -30.39%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Financials, Consumer Discretionary and Communication Services. The Energy sector was the only positive contributor to performance.

The Xtrackers MSCI China A Inclusion Equity ETF (ASHX) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the ASHX Index). The AHSX Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghi-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. For the 12-month period ended May 31, 2022, ASHX returned -22.97%, compared with the ASHX Index’s -22.50%.

The majority of the sectors contributed negatively to performance during the period with the greatest negative contribution coming from Consumer Staples, Financials and Health Care. The Energy and Utilities sectors were the positive contributors to performance.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-13 of this report for additional performance information, including performance data based on market value. The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

The Xtrackers Harvest CSI 300 China A-Shares ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 300 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of the China A-Share market and is composed of the 300 largest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, November 6, 2013 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021 was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 15.

The Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the CSI 500 Index (the “Underlying Index”). The Underlying Index is designed to reflect the price fluctuation and performance of small-cap companies in the China A-Share market and is composed of the 500 smallest and most liquid stocks in the China A-Share market. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, May 21, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.65%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 20.

The Xtrackers MSCI All China Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China All Shares Index (the “Underlying Index”). The Underlying Index is designed to capture large- and mid-capitalization representation across all China securities listed in Hong Kong, Shanghai and Shenzhen. The Underlying Index includes A-Shares, H-Shares, B-Shares, Red chips and P chips share classes, as well as securities of Chinese companies listed outside of China (e.g. American depository receipts). The Fund expects to obtain exposure to the A-Share components of the Underlying Index indirectly by investing in the Xtrackers MSCI China A Inclusion Equity ETF, an affiliated fund advised by DBX Advisors LLC (the “Advisor”). The Fund may also invest in Xtrackers Harvest CSI 300 China A-Shares ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF or other affiliated funds advised by the Advisor and sub-advised by Harvest Global Investments Limited. It is not possible to invest directly into an index.

¹Total returns are calculated based on the commencement of operations, April 30, 2014 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.75%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which CN invests.

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Fund’s investment in Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

The Xtrackers MSCI China A Inclusion Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI China A Inclusion Index (the “Underlying Index”). The Underlying Index is designed to track the equity market performance of China A-Shares that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program. China A-Shares are equity securities issued by companies incorporated in mainland China and are denominated in renminbi. The MSCI ACWI ex USA Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the United States). It is not possible to invest directly into an index.

¹ Total returns are calculated based on the commencement of operations, October 20, 2015 (“Inception”).

² On June 4, 2018, the Fund changed its Underlying Index from CSI 300 USD Hedged Index to the Underlying Index. Returns reflect performance for the CSI 300 USD Hedged Index prior to June 4, 2018. Past performance may have been different if the Fund’s current investment strategy had been in effect.

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated October 1, 2021, was 0.60%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. This expense ratio includes net expenses of the affiliated funds in which ASHX invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 32.

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers MSCI All China Equity ETF limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers MSCI All China Equity ETF shareholders indirectly bear the expenses of Xtrackers MSCI China A Inclusion Equity ETF and Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (the “Underlying Funds”) in which the Xtrackers MSCI All China Equity ETF invests. The Underlying Funds’ expenses are not included in Xtrackers MSCI All China Equity ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2021 to May 31, 2022).

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.


	Number of Shares		Value
COMMON STOCKS — 99.8%
Communication Services — 1.3%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		848,104	$	2,751,843
China United Network Communications Ltd., Class A		13,137,681		6,848,795
Focus Media Information Technology Co. Ltd., Class A		6,361,063		6,117,598
Mango Excellent Media Co. Ltd., Class A		469,649		2,547,523
Perfect World Co. Ltd., Class A		755,851		1,538,763
Zhejiang Century Huatong Group Co. Ltd., Class A *		2,842,520		1,975,777

(Cost $23,350,195)				21,780,299

Consumer Discretionary — 8.4%
Beijing Roborock Technology Co. Ltd., Class A		17,147		1,632,401
BYD Co. Ltd., Class A		550,244		24,391,087
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		95,124		2,149,000
China Tourism Group Duty Free Corp. Ltd., Class A		595,133		15,753,128
Chongqing Changan Automobile Co. Ltd., Class A		2,367,219		4,946,851
Ecovacs Robotics Co. Ltd., Class A		140,319		2,462,492
FAW Jiefang Group Co. Ltd., Class A		812,287		1,090,270
Fuyao Glass Industry Group Co. Ltd., Class A		881,462		5,300,260
Great Wall Motor Co. Ltd., Class A		777,494		3,866,797
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,878,185		13,870,303
Guangzhou Automobile Group Co. Ltd., Class A		1,432,975		3,215,635
Haier Smart Home Co. Ltd., Class A		2,352,533		8,947,766
Huayu Automotive Systems Co. Ltd., Class A		1,021,026		3,372,575
Midea Group Co. Ltd., Class A		2,987,707		24,383,234
Offcn Education Technology Co. Ltd., Class A *		1,163,851		901,372
Oppein Home Group, Inc., Class A		120,428		2,157,619
SAIC Motor Corp. Ltd., Class A		2,927,473		7,538,501
Shandong Linglong Tyre Co. Ltd., Class A		382,891		1,221,718
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		972,501		1,456,821
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,434,577		2,089,750
Songcheng Performance Development Co. Ltd., Class A		1,057,665		2,024,861
Suning.com Co. Ltd., Class A *		2,635,902		931,874
TCL Technology Group Corp., Class A *		8,664,843		5,892,949
Zhejiang Supor Co. Ltd., Class A		114,338		964,992

(Cost $104,682,160)				140,562,256


	Number of Shares		Value
Consumer Staples — 15.7%
Anhui Gujing Distillery Co. Ltd., Class A		77,852	$	2,658,898
Chongqing Brewery Co. Ltd., Class A *		146,258		2,844,314
DaShenLin Pharmaceutical Group Co. Ltd., Class A		198,933		978,945
Eastroc Beverage Group Co. Ltd., Class A		25,800		558,668
Foshan Haitian Flavouring & Food Co. Ltd., Class A		859,893		9,872,249
Guangdong Haid Group Co. Ltd., Class A		521,263		4,675,789
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,075,127		4,564,317
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,122,919		17,777,083
Jiangsu King’s Luck Brewery JSC Ltd., Class A		376,747		2,595,550
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		364,975		9,021,178
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,016,464		947,106
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A *		363,908		1,425,540
Juewei Food Co. Ltd., Class A *		226,328		1,752,174
Kweichow Moutai Co. Ltd., Class A		381,992		103,231,972
Luzhou Laojiao Co. Ltd., Class A		450,547		14,497,416
Muyuan Foods Co. Ltd., Class A		1,619,405		12,415,721
New Hope Liuhe Co. Ltd., Class A *		1,400,927		2,996,815
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		231,460		1,230,200
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		298,628		12,190,268
Tongwei Co. Ltd., Class A		1,636,189		11,076,231
Tsingtao Brewery Co. Ltd., Class A		216,682		3,010,599
Wens Foodstuffs Group Co. Ltd., Class A		2,707,275		7,328,359
Wuliangye Yibin Co. Ltd., Class A		1,179,031		30,272,776
Yifeng Pharmacy Chain Co. Ltd., Class A		234,082		1,628,808
Yihai Kerry Arawana Holdings Co. Ltd., Class A *		267,993		1,821,815
Yonghui Superstores Co. Ltd., Class A		2,273,383		1,495,041

(Cost $141,245,212)				262,867,832

Energy — 1.8%
China Coal Energy Co. Ltd., Class A		1,014,600		1,513,807
China Oilfield Services Ltd., Class A		351,259		792,444
China Petroleum & Chemical Corp., Class A		8,054,798		5,381,530
China Shenhua Energy Co. Ltd., Class A		2,003,336		10,191,489
PetroChina Co. Ltd., Class A		5,856,841		4,965,878
Shaanxi Coal Industry Co. Ltd., Class A		2,379,903		6,763,053

(Cost $18,532,176)				29,608,201


	Number of Shares		Value
Financials — 22.5%
Agricultural Bank of China Ltd., Class A		21,710,000	$	9,854,138
Bank of Beijing Co. Ltd., Class A		9,257,543		6,129,630
Bank of Chengdu Co. Ltd., Class A		1,364,756		3,125,926
Bank of China Ltd., Class A		13,218,100		6,316,492
Bank of Communications Co. Ltd., Class A		16,725,250		12,301,847
Bank of Hangzhou Co. Ltd., Class A		1,857,033		3,788,898
Bank of Jiangsu Co. Ltd., Class A		7,207,165		6,931,316
Bank of Nanjing Co. Ltd., Class A		3,113,643		5,037,427
Bank of Ningbo Co. Ltd., Class A		2,435,811		11,950,088
Bank of Shanghai Co. Ltd., Class A		6,052,088		5,811,382
BOC International China Co. Ltd., Class A		897,450		1,617,306
Caitong Securities Co. Ltd., Class A		1,964,968		2,116,413
Changjiang Securities Co. Ltd., Class A		2,362,790		2,013,972
China CITIC Bank Corp. Ltd., Class A		1,975,336		1,375,974
China Construction Bank Corp., Class A		4,361,428		3,907,024
China Everbright Bank Co. Ltd., Class A		10,336,204		4,830,942
China Galaxy Securities Co. Ltd., Class A		906,071		1,199,860
China International Capital Corp. Ltd., Class A		224,400		1,294,195
China Life Insurance Co. Ltd., Class A		1,031,085		3,838,284
China Merchants Bank Co. Ltd., Class A		7,476,735		44,453,841
China Merchants Securities Co. Ltd., Class A		2,265,654		4,378,240
China Minsheng Banking Corp. Ltd., Class A		15,318,208		8,742,771
China Pacific Insurance Group Co. Ltd., Class A		2,084,664		6,636,074
China Zheshang Bank Co. Ltd., Class A		5,072,339		2,469,494
CITIC Securities Co. Ltd., Class A		5,964,206		17,681,318
CSC Financial Co. Ltd., Class A		853,275		2,867,045
East Money Information Co. Ltd., Class A		6,494,905		22,027,511
Everbright Securities Co. Ltd., Class A		1,290,244		2,232,389
Founder Securities Co. Ltd., Class A		2,738,886		2,568,410
GF Securities Co. Ltd., Class A		1,831,891		4,692,583
Guosen Securities Co. Ltd., Class A		1,848,816		2,528,603
Guotai Junan Securities Co. Ltd., Class A		2,812,102		6,104,016
Haitong Securities Co. Ltd., Class A		5,831,163		7,975,210
Hithink RoyalFlush Information Network Co. Ltd., Class A		139,290		1,780,274
Hongta Securities Co. Ltd., Class A *		673,600		798,169
Huatai Securities Co. Ltd., Class A		3,231,693		6,448,379
Huaxia Bank Co. Ltd., Class A		3,855,461		3,072,587
Industrial & Commercial Bank of China Ltd., Class A		21,211,184		14,806,999
Industrial Bank Co. Ltd., Class A		8,786,389		25,863,612
Industrial Securities Co. Ltd., Class A		3,379,801		3,133,993
Nanjing Securities Co. Ltd., Class A		1,368,880		1,558,458
New China Life Insurance Co. Ltd., Class A		507,809		2,145,189


	Number of Shares		Value
Financials (Continued)
Orient Securities Co. Ltd., Class A		3,246,859	$	4,542,831
People’s Insurance Co. Group of China Ltd., Class A		1,762,898		1,235,916
Ping An Bank Co. Ltd., Class A *		5,957,456		12,636,893
Ping An Insurance Group Co. of China Ltd., Class A		6,524,729		43,201,711
Postal Savings Bank of China Co. Ltd., Class A		6,694,400		5,264,864
SDIC Capital Co. Ltd., Class A		1,652,149		1,522,091
Shanghai Pudong Development Bank Co. Ltd., Class A		7,224,510		8,593,006
Shenwan Hongyuan Group Co. Ltd., Class A		6,974,444		4,231,368
Sinolink Securities Co. Ltd., Class A		1,423,775		1,751,058
Tianfeng Securities Co. Ltd., Class A		2,974,260		1,354,468
Zheshang Securities Co. Ltd., Class A		1,060,250		1,534,270
Zhongtai Securities Co. Ltd., Class A		1,793,063		1,955,433

(Cost $352,674,231)				376,230,188

Health Care — 8.8%
Aier Eye Hospital Group Co. Ltd., Class A		1,633,833		9,094,934
Asymchem Laboratories Tianjin Co. Ltd., Class A		84,947		3,329,545
Autobio Diagnostics Co. Ltd., Class A *		151,926		967,019
Beijing Tiantan Biological Products Corp. Ltd., Class A		433,104		1,462,387
Beijing Tongrentang Co. Ltd., Class A		430,596		3,003,948
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		108,485		2,070,243
Betta Pharmaceuticals Co. Ltd., Class A		150,015		1,053,734
BGI Genomics Co. Ltd., Class A		160,496		1,579,835
Bloomage Biotechnology Corp. Ltd., Class A		62,857		1,385,858
Changchun High & New Technology Industry Group, Inc., Class A *		194,897		4,843,010
Chongqing Zhifei Biological Products Co. Ltd., Class A		480,443		6,281,636
Gan & Lee Pharmaceuticals Co. Ltd., Class A *		106,780		680,622
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		456,450		2,116,265
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		169,082		1,917,892
Hangzhou Tigermed Consulting Co. Ltd., Class A		322,882		4,155,797
Huadong Medicine Co. Ltd., Class A		543,638		3,157,343
Hualan Biological Engineering, Inc., Class A		700,289		1,961,711
Humanwell Healthcare Group Co. Ltd., Class A		589,144		1,475,618
Imeik Technology Development Co. Ltd., Class A		49,369		4,000,254
Intco Medical Technology Co. Ltd., Class A *		231,964		955,585
Jafron Biomedical Co. Ltd., Class A *		297,424		1,960,847


	Number of Shares		Value
Health Care (Continued)
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,732,014	$	12,408,759
Lepu Medical Technology Beijing Co. Ltd., Class A		784,365		2,078,559
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A *		1,723,193		1,321,661
Ovctek China, Inc., Class A		315,950		2,178,117
Pharmaron Beijing Co. Ltd., Class A		157,644		2,816,598
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		736,422		4,831,891
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		693,238		1,869,266
Shanghai RAAS Blood Products Co. Ltd., Class A		2,569,601		2,167,157
Shenzhen Kangtai Biological Products Co. Ltd., Class A		250,188		2,334,539
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		296,291		13,426,414
Topchoice Medical Corp., Class A *		134,983		2,829,476
Walvax Biotechnology Co. Ltd., Class A		952,431		6,624,428
Winner Medical Co. Ltd., Class A		48,141		427,720
WuXi AppTec Co. Ltd., Class A		1,250,496		17,854,059
Yunnan Baiyao Group Co. Ltd., Class A		452,044		3,819,232
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		186,899		8,670,904
Zhejiang NHU Co. Ltd., Class A		1,149,401		3,571,054

(Cost $139,651,856)				146,683,917

Industrials — 13.8%
AECC Aviation Power Co. Ltd., Class A		980,871		5,808,378
Air China Ltd., Class A *		1,988,417		2,886,340
Beijing New Building Materials PLC, Class A		649,767		2,813,012
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		12,670,783		9,243,759
China CSSC Holdings Ltd., Class A		1,130,926		3,154,496
China Eastern Airlines Corp. Ltd., Class A *		3,646,465		2,632,906
China Energy Engineering Corp. Ltd. *		8,718,377		3,043,041
China Railway Group Ltd., Class A		6,600,995		6,496,673
China Southern Airlines Co. Ltd., Class A *		3,303,326		3,211,532
China State Construction Engineering Corp. Ltd., Class A		13,304,100		10,981,288
Contemporary Amperex Technology Co. Ltd., Class A		845,289		51,663,234
COSCO SHIPPING Holdings Co. Ltd., Class A *		3,892,763		8,951,226
CRRC Corp. Ltd., Class A		8,168,061		6,191,355
Daqin Railway Co. Ltd., Class A		3,950,728		3,971,146
Eve Energy Co. Ltd., Class A *		713,641		8,598,329
Gongniu Group Co. Ltd., Class A		53,875		1,176,526
Guangdong Kinlong Hardware Products Co. Ltd., Class A		77,669		976,753


	Number of Shares		Value
Industrials (Continued)
Han’s Laser Technology Industry Group Co. Ltd., Class A		564,796	$	2,522,143
Jiangsu Hengli Hydraulic Co. Ltd., Class A		336,143		2,684,914
Metallurgical Corp. of China Ltd., Class A		4,621,609		2,443,904
NARI Technology Co. Ltd., Class A		1,707,964		8,763,054
Power Construction Corp. of China Ltd., Class A		4,719,528		5,521,611
Sany Heavy Industry Co. Ltd., Class A		3,725,363		9,459,202
SF Holding Co. Ltd., Class A *		1,215,660		9,451,390
Shanghai International Airport Co. Ltd., Class A *		601,028		4,538,659
Shanghai International Port Group Co. Ltd., Class A		2,381,505		2,229,707
Shanghai M&G Stationery, Inc., Class A		251,341		1,949,582
Shenzhen Inovance Technology Co. Ltd., Class A		1,152,789		10,573,781
Spring Airlines Co. Ltd., Class A *		245,593		1,784,693
Sungrow Power Supply Co. Ltd., Class A *		640,094		7,667,129
Weichai Power Co. Ltd., Class A		3,007,971		5,456,749
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		696,960		5,067,851
XCMG Construction Machinery Co. Ltd., Class A		3,653,380		2,895,121
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,736,224		3,214,700
Yunda Holding Co. Ltd., Class A		721,535		1,962,860
Zhejiang Chint Electrics Co. Ltd., Class A		677,392		3,721,064
Zhejiang Dingli Machinery Co. Ltd., Class A		164,328		1,191,196
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,129,918		2,951,955
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,237,853		2,876,259

(Cost $223,819,110)				230,727,518

Information Technology — 13.4%
360 Security Technology, Inc., Class A *		1,977,168		2,452,393
Advanced Micro-Fabrication Equipment Inc China, Class A *		162,144		2,803,970
Anker Innovations Technology Co. Ltd., Class A		106,639		1,000,814
Avary Holding Shenzhen Co. Ltd., Class A		485,947		2,208,618
Beijing Kingsoft Office Software, Inc., Class A		115,640		3,549,492
BOE Technology Group Co. Ltd., Class A		19,148,075		10,871,276
Chaozhou Three-Circle Group Co. Ltd., Class A		784,199		3,479,586
China Greatwall Technology Group Co. Ltd., Class A		1,302,503		1,982,388


	Number of Shares		Value
Information Technology (Continued)
China Railway Signal & Communication Corp. Ltd., Class A		3,065,890	$	2,094,294
China Resources Microelectronics Ltd., Class A		193,893		1,535,925
Flat Glass Group Co. Ltd., Class A		350,558		2,306,945
Foxconn Industrial Internet Co. Ltd., Class A		2,986,631		4,210,051
Gigadevice Semiconductor Beijing, Inc., Class A *		336,117		7,232,394
Glodon Co. Ltd., Class A		597,711		4,817,145
GoerTek, Inc., Class A		1,490,334		9,093,147
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		235,253		2,471,469
Hangzhou First Applied Material Co. Ltd., Class A		337,853		4,015,468
Hundsun Technologies, Inc., Class A		742,189		4,458,360
Iflytek Co. Ltd., Class A		1,159,737		6,316,836
Inspur Electronic Information Industry Co. Ltd., Class A		709,726		2,620,739
JA Solar Technology Co. Ltd., Class A		398,134		5,582,405
JCET Group Co. Ltd., Class A		863,364		3,129,864
Lens Technology Co. Ltd., Class A		1,328,987		2,100,339
Lingyi iTech Guangdong Co., Class A *		1,909,760		1,364,626
LONGi Green Energy Technology Co. Ltd., Class A		2,662,707		31,591,101
Luxshare Precision Industry Co. Ltd., Class A		3,066,477		15,531,059
Maxscend Microelectronics Co. Ltd., Class A *		144,086		4,187,354
Montage Technology Co. Ltd., Class A		301,430		2,901,639
National Silicon Industry Group Co. Ltd., Class A *		551,104		1,847,608
NAURA Technology Group Co. Ltd., Class A		164,661		6,659,946
Qi An Xin Technology Group, Inc., Class A *		179,000		1,291,117
Shanghai Baosight Software Co. Ltd., Class A		241,527		1,887,930
Shengyi Technology Co. Ltd., Class A		867,481		2,110,388
Shennan Circuits Co. Ltd., Class A		140,373		1,936,897
Shenzhen Goodix Technology Co. Ltd., Class A		179,775		1,554,702
Shenzhen Transsion Holdings Co. Ltd., Class A		154,186		2,031,407
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,433,598		9,363,325
Trina Solar Co. Ltd., Class A		518,604		4,987,548
Unigroup Guoxin Microelectronics Co. Ltd., Class A *		261,054		6,937,455
Unisplendour Corp. Ltd., Class A		961,772		2,564,533
Universal Scientific Industrial Shanghai Co. Ltd., Class A		576,093		1,082,197
Will Semiconductor Co. Ltd. Shanghai, Class A		324,696		7,976,952
Wingtech Technology Co. Ltd., Class A		474,303		4,521,705
Wuhan Guide Infrared Co. Ltd., Class A		932,667		1,624,884


	Number of Shares		Value
Information Technology (Continued)
Yealink Network Technology Corp. Ltd., Class A		249,985	$	2,768,915
Yonyou Network Technology Co. Ltd., Class A		1,121,874		3,253,611
Zhejiang Dahua Technology Co. Ltd., Class A *		1,232,459		2,985,374
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		418,903		3,471,457
ZTE Corp., Class A		1,993,122		7,264,274

(Cost $192,540,434)				224,031,922

Materials — 9.2%
Aluminum Corp. of China Ltd., Class A *		4,903,767		3,783,147
Anhui Conch Cement Co. Ltd., Class A		1,476,216		8,144,564
Baoshan Iron & Steel Co. Ltd., Class A		5,482,742		5,256,468
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,096,860		7,320,068
China Jushi Co. Ltd., Class A		1,536,456		3,760,871
China Molybdenum Co. Ltd., Class A		4,530,485		3,237,273
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,338,571		6,984,110
Citic Pacific Special Steel Group Co. Ltd., Class A		649,057		1,889,174
Ganfeng Lithium Co. Ltd., Class A		488,920		8,715,674
Guangzhou Tinci Materials Technology Co. Ltd., Class A		712,200		4,059,503
Hengli Petrochemical Co. Ltd., Class A *		1,315,727		4,647,569
Hengyi Petrochemical Co. Ltd., Class A		1,374,428		2,196,861
Hoshine Silicon Industry Co. Ltd., Class A *		100,290		1,398,997
Huafon Chemical Co. Ltd., Class A		916,502		1,134,043
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A *		14,083,327		4,240,505
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,165,273		1,404,483
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,100,300		2,576,240
Jiangxi Copper Co. Ltd., Class A		701,301		1,903,614
Kingfa Sci & Tech Co. Ltd., Class A *		1,122,741		1,503,603
LB Group Co. Ltd., Class A		751,150		2,136,819
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,376,998		3,209,661
Rongsheng Petrochemical Co. Ltd., Class A		1,922,218		4,601,459
Shandong Gold Mining Co. Ltd., Class A		1,194,410		3,290,420
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A *		913,774		4,084,640
Shanghai Putailai New Energy Technology Co. Ltd., Class A *		213,760		4,117,974
Tianqi Lithium Corp., Class A *		631,733		9,305,416
Wanhua Chemical Group Co. Ltd., Class A		972,797		12,258,510


	Number of Shares		Value
Materials (Continued)
Yunnan Energy New Material Co. Ltd., Class A		328,718	$	10,723,036
Zhejiang Huayou Cobalt Co. Ltd., Class A *		588,539		8,329,738
Zhejiang Longsheng Group Co. Ltd., Class A		1,690,500		2,702,065
Zhongjin Gold Corp. Ltd., Class A		2,057,144		2,212,612
Zijin Mining Group Co. Ltd., Class A		8,966,852		13,513,075

(Cost $111,010,984)				154,642,192

Real Estate — 1.9%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,927,424		3,609,138
China Vanke Co. Ltd., Class A		4,140,069		11,045,559
Gemdale Corp., Class A		1,340,502		2,387,622
Greenland Holdings Corp. Ltd., Class A		2,381,570		1,369,969
Poly Developments and Holdings Group Co. Ltd., Class A		4,356,931		10,122,987
Seazen Holdings Co. Ltd., Class A		554,743		2,016,038
Shanghai Lingang Holdings Corp. Ltd., Class A		620,560		1,316,326

(Cost $30,243,310)				31,867,639


	Number of Shares		Value
Utilities — 3.0%
CGN Power Co. Ltd., Class A		7,338,379	$	3,078,041
China National Nuclear Power Co. Ltd., Class A		5,853,401		6,365,919
China Three Gorges Renewables Group Co. Ltd., Class A		5,329,600		4,957,953
China Yangtze Power Co. Ltd., Class A		6,920,035		24,899,893
GD Power Development Co. Ltd., Class A		5,575,200		3,006,624
Huaneng Lancang River Hydropower, Inc., Class A		1,184,200		1,259,504
Huaneng Power International, Inc., Class A		2,703,642		2,993,022
SDIC Power Holdings Co. Ltd., Class A		1,887,466		2,923,586

(Cost $37,655,965)				49,484,542

TOTAL COMMON STOCKS (Cost $1,375,405,633)				1,668,486,506


TOTAL INVESTMENTS — 99.8% (Cost $1,375,405,633)			$	1,668,486,506
Other assets and liabilities, net — 0.2%				3,577,418

NET ASSETS — 100.0%			$	1,672,063,924

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Number of Shares		Value
COMMON STOCKS — 99.5%
Communication Services — 3.2%
Beijing Enlight Media Co. Ltd., Class A *		47,400	$	55,243
Beijing Gehua CATV Network Co. Ltd., Class A		38,300		57,202
Beijing Jetsen Technology Co. Ltd., Class A *		83,200		63,066
Bluefocus Intelligent Communications Group Co. Ltd., Class A		99,100		93,081
China South Publishing & Media Group Co. Ltd., Class A		27,500		42,060
Chinese Universe Publishing and Media Group Co. Ltd., Class A		26,389		42,377
G-bits Network Technology Xiamen Co. Ltd., Class A		1,773		85,870
Inmyshow Digital Technology Group Co. Ltd., Class A		21,900		25,162
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		75,900		38,772
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		28,600		33,161
Kunlun Tech Co. Ltd., Class A		38,200		84,463
Leo Group Co. Ltd., Class A		263,195		69,391
NanJi E-Commerce Co. Ltd., Class A		76,100		61,331
Oriental Pearl Group Co. Ltd., Class A		79,000		87,337
Ourpalm Co. Ltd., Class A *		111,400		51,566
People.cn Co. Ltd., Class A		22,800		34,497
Wanda Film Holding Co. Ltd., Class A *		44,700		82,496
Wasu Media Holding Co. Ltd., Class A		21,400		25,069
Youzu Interactive Co. Ltd., Class A *		29,400		40,562
Zhejiang Huace Film & Television Co. Ltd., Class A *		46,100		31,007

(Cost $1,304,584)				1,103,713

Consumer Discretionary — 6.5%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		62,700		110,926
Anhui Zhongding Sealing Parts Co. Ltd., Class A		30,800		67,732
Autel Intelligent Technology Corp. Ltd., Class A *		10,917		50,206
BAIC BluePark New Energy Technology Co. Ltd., Class A *		86,900		95,420
Beiqi Foton Motor Co. Ltd., Class A *		191,600		76,921
BTG Hotels Group Co. Ltd., Class A *		24,145		80,333
China Grand Automotive Services Group Co. Ltd., Class A *		153,100		58,025
Chongqing Department Store Co. Ltd., Class A		7,995		25,954
Chow Tai Seng Jewellery Co. Ltd., Class A		18,200		38,714
DongFeng Automobile Co. Ltd., Class A		40,600		41,357
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		13,117		34,996
Hang Zhou Great Star Industrial Co. Ltd., Class A *		27,753		70,053
Hangzhou Robam Appliances Co. Ltd., Class A *		18,900		86,636


	Number of Shares		Value
Consumer Discretionary (Continued)
Hisense Visual Technology Co. Ltd., Class A		32,300	$	58,595
HLA Group Corp. Ltd., Class A		51,100		39,269
Joyoung Co. Ltd., Class A		12,201		30,286
Keboda Technology Co. Ltd., Class A		2,000		17,554
KingClean Electric Co. Ltd., Class A		4,800		16,430
Liaoning Cheng Da Co. Ltd., Class A		42,558		89,317
Ningbo Huaxiang Electronic Co. Ltd., Class A		21,000		44,388
Ningbo Joyson Electronic Corp., Class A		38,720		70,531
Ningbo Tuopu Group Co. Ltd., Class A *		18,107		158,679
Shanghai Jinjiang International Hotels Co. Ltd., Class A		18,600		150,489
Shenzhen MTC Co. Ltd., Class A *		72,100		42,987
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A *		44,950		38,382
Sichuan Changhong Electric Co. Ltd., Class A		151,700		64,766
Suofeiya Home Collection Co. Ltd., Class A		25,318		83,325
Wangfujing Group Co. Ltd., Class A		23,730		85,671
Wanxiang Qianchao Co. Ltd., Class A		60,300		51,308
Weifu High-Technology Group Co. Ltd., Class A		21,600		67,432
Wuchan Zhongda Group Co. Ltd., Class A		123,800		94,025
Xiamen Intretech, Inc., Class A		12,730		36,995
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		76,938		44,834
Zhejiang Semir Garment Co. Ltd., Class A		31,800		27,534
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A		69,300		51,283
Zhejiang Yasha Decoration Co. Ltd., Class A		26,900		19,584

(Cost $2,250,109)				2,220,937

Consumer Staples — 5.8%
Angel Yeast Co. Ltd., Class A		20,200		128,454
Anhui Kouzi Distillery Co. Ltd., Class A		14,300		113,148
Anhui Yingjia Distillery Co. Ltd., Class A		9,700		86,676
Beijing Dabeinong Technology Group Co. Ltd., Class A *		132,862		155,044
Beijing Yanjing Brewery Co. Ltd., Class A		55,200		61,439
Bestore Co. Ltd., Class A		3,500		13,128
Bright Dairy & Food Co. Ltd., Class A *		25,800		46,533
By-health Co. Ltd., Class A		34,000		101,305
C&S Paper Co. Ltd., Class A		31,700		52,283
Chacha Food Co. Ltd., Class A		12,400		103,075
Chongqing Fuling Zhacai Group Co. Ltd., Class A		21,538		102,923
COFCO Sugar Holding Co. Ltd., Class A		44,100		54,766
Fujian Sunner Development Co. Ltd., Class A		30,100		79,223
Guangdong Marubi Biotechnology Co. Ltd., Class A		1,900		6,526
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		20,600		66,841
Heilongjiang Agriculture Co. Ltd., Class A		30,100		75,752


	Number of Shares		Value
Consumer Staples (Continued)
Jiajiayue Group Co. Ltd., Class A		9,800	$	19,818
Laobaixing Pharmacy Chain JSC, Class A		8,254		49,743
New Hope Dairy Co. Ltd., Class A		7,600		13,070
Opple Lighting Co. Ltd., Class A		6,090		15,464
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A *		130,320		58,567
Proya Cosmetics Co. Ltd., Class A		5,770		134,407
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd., Class A *		24,900		32,675
Shanghai Bailian Group Co. Ltd., Class A		32,400		59,505
Shanghai Flyco Electrical Appliance Co. Ltd., Class A *		2,200		21,603
Shanghai Jahwa United Co. Ltd., Class A		13,764		71,444
Sichuan Teway Food Group Co. Ltd., Class A		9,314		29,286
Tech-Bank Food Co. Ltd., Class A *		58,220		56,253
Toly Bread Co. Ltd., Class A		21,544		49,346
Yantai Changyu Pioneer Wine Co. Ltd., Class A		5,100		21,545
Yuan Longping High-tech Agriculture Co. Ltd., Class A *		42,154		112,970

(Cost $2,069,608)				1,992,812

Energy — 4.7%
China Merchants Energy Shipping Co. Ltd., Class A		127,900		115,916
China Petroleum Engineering Corp.		67,000		30,512
China Suntien Green Energy Corp. Ltd., Class A		6,000		10,974
CNOOC Energy Technology & Services Ltd., Class A		83,700		34,355
COFCO Capital Holdings Co. Ltd., Class A		27,100		29,027
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		55,400		84,484
Guanghui Energy Co. Ltd., Class A *		183,600		290,162
Guizhou Gas Group Corp. Ltd., Class A		10,000		10,576
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		30,600		68,759
Jizhong Energy Resources Co. Ltd., Class A		42,600		50,223
Nanjing Tanker Corp., Class A *		134,500		66,892
Oriental Energy Co. Ltd., Class A		46,400		58,178
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		47,970		90,687
Shanxi Coking Coal Energy Group Co. Ltd., Class A		81,150		173,472
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		47,400		113,112
Sinopec Oilfield Service Corp., Class A *		88,400		25,956
Yankuang Energy Group Co. Ltd., Class A		35,300		204,328
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		23,041		139,443

(Cost $884,574)				1,597,056

Financials — 6.9%
AVIC Industry-Finance Holdings Co. Ltd., Class A		213,600		107,512
Bank of Changsha Co. Ltd., Class A		47,200		53,878


	Number of Shares		Value
Financials (Continued)
Bank of Guiyang Co. Ltd., Class A		99,400	$	90,086
Bank of Qingdao Co. Ltd., Class A		34,470		17,918
Bank of Suzhou Co. Ltd., Class A		74,910		65,984
Bank of Xi’an Co. Ltd., Class A		47,000		26,050
Bank of Zhengzhou Co. Ltd., Class A *		207,106		82,216
Caida Securities Co. Ltd., Class A		28,100		34,054
China Great Wall Securities Co. Ltd., Class A		37,500		48,873
Chinalin Securities Co. Ltd., Class A *		11,300		23,834
Chongqing Rural Commercial Bank Co. Ltd., Class A		241,400		139,586
Dongxing Securities Co. Ltd., Class A		68,100		83,449
First Capital Securities Co. Ltd., Class A		138,100		116,057
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		47,700		55,735
Guolian Securities Co. Ltd., Class A		29,200		45,011
Guosheng Financial Holding, Inc., Class A *		48,587		69,873
Guoyuan Securities Co. Ltd., Class A		123,400		106,661
Huaan Securities Co. Ltd., Class A *		117,115		75,089
Huaxi Securities Co. Ltd., Class A		65,400		69,069
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A *		110,255		120,074
Jiangsu Financial Leasing Co. Ltd., Class A		45,100		33,510
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		69,900		30,157
Minmetals Capital Co. Ltd., Class A		84,300		60,111
Northeast Securities Co. Ltd., Class A		58,749		56,676
Oceanwide Holdings Co. Ltd., Class A *		82,400		18,392
Polaris Bay Group Co. Ltd., Class A *		48,600		56,568
Qilu Bank Co. Ltd., Class A		21,600		16,243
Qingdao Rural Commercial Bank Corp., Class A		102,700		50,000
Sealand Securities Co. Ltd., Class A		159,170		82,023
Shaanxi International Trust Co. Ltd., Class A		88,990		39,992
Shanghai AJ Group Co. Ltd., Class A *		35,805		32,772
Shanxi Securities Co. Ltd., Class A		93,240		72,351
SooChow Securities Co. Ltd., Class A		137,820		133,577
Southwest Securities Co. Ltd., Class A		137,600		76,885
Western Securities Co. Ltd., Class A		110,800		102,576
Wuxi Rural Commercial Bank Co. Ltd., Class A		60,500		50,028
Xiamen Bank Co. Ltd., Class A		10,500		9,154

(Cost $2,959,691)				2,352,024

Health Care — 9.2%
Anhui Anke Biotechnology Group Co. Ltd., Class A		47,008		63,025
Apeloa Pharmaceutical Co. Ltd., Class A		23,800		73,943
Beijing SL Pharmaceutical Co. Ltd., Class A		29,000		42,748
Blue Sail Medical Co. Ltd., Class A		26,300		34,946
China Animal Husbandry Industry Co. Ltd., Class A		25,257		47,181
China National Accord Medicines Corp. Ltd., Class A		4,873		21,016


	Number of Shares		Value
Health Care (Continued)
China National Medicines Corp. Ltd., Class A		15,033	$	63,055
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		20,949		86,049
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		15,318		100,690
Contec Medical Systems Co. Ltd., Class A		4,600		18,109
Daan Gene Co. Ltd., Class A		38,918		102,433
Dian Diagnostics Group Co. Ltd., Class A		17,340		77,926
Double Medical Technology, Inc., Class A		1,600		8,214
Guangzhou Wondfo Biotech Co. Ltd., Class A *		12,140		70,379
Guizhou Bailing Group Pharmaceutical Co. Ltd., Class A *		27,000		29,809
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		49,550		35,703
Hainan Poly Pharm Co. Ltd., Class A		10,699		44,395
Haisco Pharmaceutical Group Co. Ltd., Class A *		8,600		20,393
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		14,200		48,861
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		24,385		87,304
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		37,200		80,581
Jinyu Bio-Technology Co. Ltd., Class A		44,804		57,855
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		38,356		68,317
Joinn Laboratories China Co. Ltd., Class A		6,500		103,632
Jointown Pharmaceutical Group Co. Ltd., Class A		37,000		65,681
Livzon Pharmaceutical Group, Inc., Class A		14,862		73,692
Maccura Biotechnology Co. Ltd., Class A		17,300		49,551
Micro-Tech Nanjing Co. Ltd., Class A *		2,325		35,038
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		14,980		61,980
Porton Pharma Solutions Ltd., Class A		13,100		135,641
Sansure Biotech, Inc., Class A		4,641		33,622
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		22,900		66,825
Shandong Pharmaceutical Glass Co. Ltd., Class A		19,064		74,337
Shenzhen Chipscreen Biosciences Co. Ltd., Class A *		10,249		33,194
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		14,800		37,291
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		18,300		70,673
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		33,100		108,143
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		34,100		90,977
Tasly Pharmaceutical Group Co. Ltd., Class A		35,800		55,452
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		71,900		60,531


	Number of Shares		Value
Health Care (Continued)
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		11,762	$	38,887
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A *		57,000		86,668
Winning Health Technology Group Co. Ltd., Class A		68,500		86,606
Yifan Pharmaceutical Co. Ltd., Class A *		29,500		56,168
Zhejiang Conba Pharmaceutical Co. Ltd., Class A *		74,940		50,293
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		35,820		104,366
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		20,100		143,264
Zhejiang Medicine Co. Ltd., Class A		27,600		52,757
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		12,600		88,901

(Cost $3,556,294)				3,147,102

Industrials — 18.8%
AECC Aero-Engine Control Co. Ltd., Class A		32,300		133,884
AVIC Electromechanical Systems Co. Ltd., Class A (a)		92,400		156,688
AVICOPTER PLC, Class A		14,300		82,666
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A		9,659		89,595
Beijing Originwater Technology Co. Ltd., Class A		90,000		65,793
Beijing United Information Technology Co. Ltd., Class A		14,355		165,774
Bohai Leasing Co. Ltd., Class A *		99,700		31,962
China Baoan Group Co. Ltd., Class A		108,080		190,077
China First Heavy Industries, Class A *		118,100		53,605
China International Marine Containers Group Co. Ltd., Class A		50,620		101,839
China Meheco Co. Ltd., Class A		21,187		65,159
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		34,443		40,503
China Merchants Port Group Co. Ltd., Class A		9,000		20,681
China National Chemical Engineering Co. Ltd., Class A		122,000		172,341
China Railway Hi-tech Industry Co. Ltd., Class A		57,400		72,572
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		32,900		30,951
China XD Electric Co. Ltd., Class A		86,400		63,549
CITIC Heavy Industries Co. Ltd., Class A		78,800		42,732
CMST Development Co. Ltd., Class A		37,100		33,623
COSCO SHIPPING Development Co. Ltd., Class A		151,600		71,991
Deppon Logistics Co. Ltd., Class A		13,000		26,660
Dongfang Electric Corp. Ltd., Class A		45,100		94,450
East Group Co. Ltd., Class A		46,900		50,795
Eastern Air Logistics Co. Ltd., Class A		7,200		24,171
Eternal Asia Supply Chain Management Ltd., Class A		64,700		80,445


	Number of Shares		Value
Industrials (Continued)
Fangda Carbon New Material Co. Ltd., Class A		91,900	$	97,193
Ginlong Technologies Co. Ltd., Class A		6,000		151,898
Guangshen Railway Co. Ltd., Class A *		149,600		51,095
Guangxi Liugong Machinery Co. Ltd., Class A		46,730		44,662
Guangzhou Port Co. Ltd., Class A		56,300		29,771
Hefei Meiya Optoelectronic Technology, Inc., Class A		16,100		45,173
Hongfa Technology Co. Ltd., Class A *		21,480		170,605
Infore Environment Technology Group Co. Ltd., Class A		41,400		29,087
Jiangsu Expressway Co. Ltd., Class A		18,100		22,885
Jiangsu Zhongtian Technology Co. Ltd., Class A *		98,435		270,584
Jihua Group Corp. Ltd., Class A *		116,900		53,411
Juneyao Airlines Co. Ltd., Class A		24,340		48,129
Kaishan Group Co. Ltd., Class A *		17,851		38,240
Liaoning Port Co. Ltd., Class A		236,520		60,941
Ming Yang Smart Energy Group Ltd., Class A		63,000		240,184
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		10,830		150,894
North Industries Group Red Arrow Co. Ltd., Class A *		34,347		127,962
Orient Group, Inc., Class A *		122,490		54,864
Qingdao Port International Co. Ltd., Class A		30,300		25,963
Qingdao TGOOD Electric Co. Ltd., Class A		25,681		62,745
Riyue Heavy Industry Co. Ltd., Class A		19,700		63,242
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		17,600		53,653
Shandong Hi-speed Co. Ltd., Class A		23,100		20,520
Shanghai Construction Group Co. Ltd., Class A		178,000		83,727
Shanghai Environment Group Co. Ltd., Class A		30,340		45,995
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		16,949		30,975
Shanghai Tunnel Engineering Co. Ltd., Class A		76,700		69,284
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		15,200		31,558
Shanxi Coal International Energy Group Co. Ltd., Class A		39,000		104,810
Shenzhen Airport Co. Ltd., Class A *		46,100		45,302
Shenzhen Tagen Group Co. Ltd., Class A		52,609		56,033
Siasun Robot & Automation Co. Ltd., Class A *		54,000		65,766
Sichuan Road & Bridge Co. Ltd., Class A		58,300		92,837
Sieyuan Electric Co. Ltd., Class A		24,980		136,772
Sinochem International Corp., Class A		58,500		58,189
Sinoma International Engineering Co., Class A		46,650		59,749
Sinotrans Ltd., Class A		62,500		37,076
State Grid Yingda Co. Ltd., Class A		76,500		60,049
STO Express Co. Ltd., Class A *		25,000		41,869


	Number of Shares		Value
Industrials (Continued)
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		50,900	$	38,887
Suzhou Maxwell Technologies Co. Ltd., Class A		3,360		189,751
TangShan Port Group Co. Ltd., Class A		125,174		51,004
Tian Di Science & Technology Co. Ltd., Class A		71,500		53,982
Tianjin Port Co. Ltd., Class A		63,676		40,254
Wolong Electric Group Co. Ltd., Class A		38,139		70,788
Xiamen C & D, Inc., Class A		67,800		135,387
Xiamen ITG Group Corp. Ltd., Class A		58,148		69,163
Xuji Electric Co. Ltd., Class A		24,800		71,999
Yantai Eddie Precision Machinery Co. Ltd., Class A		15,240		41,984
YTO Express Group Co. Ltd., Class A		51,300		156,539
Yutong Bus Co. Ltd., Class A		58,000		70,551
Zhefu Holding Group Co. Ltd., Class A		88,800		61,856
Zhejiang HangKe Technology, Inc. Co., Class A *		5,072		45,208
Zhejiang Wanliyang Co. Ltd., Class A *		28,800		32,659
Zhejiang Weiming Environment Protection Co. Ltd., Class A		15,376		66,060
Zhejiang Weixing New Building Materials Co. Ltd., Class A		26,080		71,691
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		37,700		73,982
Zhongshan Broad Ocean Motor Co. Ltd., Class A		78,400		65,652
Zhuzhou Kibing Group Co. Ltd., Class A		64,500		106,381

(Cost $6,203,453)				6,409,976

Information Technology — 17.1%
3peak, Inc., Class A		1,241		101,968
Accelink Technologies Co. Ltd., Class A		18,922		46,175
Addsino Co. Ltd., Class A		52,300		89,863
Aisino Corp., Class A		45,400		75,491
Amlogic Shanghai Co. Ltd., Class A *		9,877		159,396
Arcsoft Corp. Ltd., Class A		7,993		28,677
Beijing E-Hualu Information Technology Co. Ltd., Class A		16,140		39,071
Beijing Orient National Communication Science & Technology Co. Ltd., Class A *		32,919		43,199
Beijing Shiji Information Technology Co. Ltd., Class A		18,225		56,022
Beijing Sinnet Technology Co. Ltd., Class A		49,700		72,739
Beijing Thunisoft Corp. Ltd., Class A		32,800		34,296
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A *		5,800		109,736
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		41,300		72,694
China National Software & Service Co. Ltd., Class A *		12,100		71,525
China TransInfo Technology Co. Ltd., Class A		44,400		57,999
China Zhenhua Group Science & Technology Co. Ltd., Class A		14,625		261,368


	Number of Shares		Value
Information Technology (Continued)
DHC Software Co. Ltd., Class A		79,300	$	70,325
Eastern Communications Co. Ltd., Class A		22,700		35,366
Fiberhome Telecommunication Technologies Co. Ltd., Class A		29,600		62,699
Fujian Star-net Communication Co. Ltd., Class A		19,800		64,482
GCL System Integration Technology Co. Ltd., Class A *		167,400		80,997
GRG Banking Equipment Co. Ltd., Class A		52,800		70,711
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		30,100		77,104
Guangzhou Haige Communications Group, Inc. Co., Class A		78,200		109,765
Hangzhou Lion Electronics Co. Ltd., Class A		16,280		150,423
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		33,100		113,251
Hengtong Optic-electric Co. Ltd., Class A		77,000		141,416
Huagong Tech Co. Ltd., Class A		41,359		126,700
Ingenic Semiconductor Co. Ltd., Class A		7,800		108,666
IRICO Display Devices Co. Ltd., Class A *		57,300		38,283
Leyard Optoelectronic Co. Ltd., Class A		82,700		77,057
MLS Co. Ltd., Class A		37,273		50,475
Neusoft Corp., Class A *		36,100		54,295
Newland Digital Technology Co. Ltd., Class A		34,240		63,910
Ninestar Corp., Class A		25,445		167,295
PCI Technology Group Co. Ltd., Class A		59,350		54,767
Raytron Technology Co. Ltd., Class A		10,906		64,010
Rockchip Electronics Co. Ltd., Class A		6,700		81,799
Shanghai 2345 Network Holding Group Co. Ltd., Class A *		243,048		79,007
Shanghai Aiko Solar Energy Co. Ltd., Class A		33,200		120,754
Shanghai Belling Co. Ltd., Class A		23,300		62,094
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		1,700		53,141
Shenzhen Aisidi Co. Ltd., Class A		31,200		38,465
Shenzhen Everwin Precision Technology Co. Ltd., Class A		34,136		50,574
Shenzhen Huaqiang Industry Co. Ltd., Class A		13,840		25,439
Shenzhen Kaifa Technology Co. Ltd., Class A		39,200		64,418
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		28,200		40,597
Shenzhen Kinwong Electronic Co. Ltd., Class A *		11,320		39,020
Shenzhen SC New Energy Technology Corp., Class A		8,400		89,215
Shenzhen Sunlord Electronics Co. Ltd., Class A		26,700		105,472
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		15,800		26,935
Shenzhen Sunway Communication Co. Ltd., Class A		39,000		90,555
Sinosoft Co. Ltd., Class A		14,820		47,798


	Number of Shares		Value
Information Technology (Continued)
StarPower Semiconductor Ltd., Class A		2,100	$	119,856
State Grid Information & Communication Co. Ltd., Class A		19,900		43,225
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		55,100		155,259
Taiji Computer Corp. Ltd., Class A		17,019		47,853
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		13,200		54,259
Tianma Microelectronics Co. Ltd., Class A		50,700		71,696
Tianshui Huatian Technology Co. Ltd., Class A		93,800		121,263
TongFu Microelectronics Co. Ltd., Class A		38,800		81,256
Topsec Technologies Group, Inc., Class A		47,780		66,351
Venustech Group, Inc., Class A *		30,000		81,298
Verisilicon Microelectronics Shanghai Co. Ltd., Class A *		10,256		69,567
Visionox Technology, Inc., Class A *		39,600		38,025
Wangsu Science & Technology Co. Ltd., Class A		98,900		75,410
Westone Information Industry, Inc., Class A		23,904		128,481
Wonders Information Co. Ltd., Class A *		47,594		62,884
Wuhu Token Science Co. Ltd., Class A		98,400		101,857
Wuxi Taiji Industry Co. Ltd., Class A		64,400		69,074
Xiamen Faratronic Co. Ltd., Class A		5,600		147,099
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		5,300		21,850
Zhejiang Crystal-Optech Co. Ltd., Class A		46,162		77,242
Zhongji Innolight Co. Ltd., Class A		22,600		108,810

(Cost $7,011,977)				5,860,114

Materials — 19.9%
ADAMA Ltd., Class A		17,100		29,919
Angang Steel Co. Ltd., Class A		94,000		48,863
BBMG Corp., Class A		164,500		69,245
Beijing Sanju Environmental Protection and New Material Co. Ltd., Class A *		58,500		41,188
Beijing Shougang Co. Ltd., Class A		53,200		35,464
Bluestar Adisseo Co., Class A		17,400		25,466
Cathay Biotech, Inc., Class A		5,126		67,727
Chengzhi Co. Ltd., Class A *		25,209		40,293
Chifeng Jilong Gold Mining Co. Ltd., Class A *		54,400		129,735
China Hainan Rubber Industry Group Co. Ltd., Class A		72,500		51,045
China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd., Class A *		58,400		38,931
China West Construction Group Co. Ltd., Class A		20,900		24,358
Chongqing Iron & Steel Co. Ltd., Class A *		260,800		73,057
COFCO Biotechnology Co. Ltd., Class A		45,285		67,363
CSG Holding Co. Ltd., Class A		55,761		51,957
Fangda Special Steel Technology Co. Ltd., Class A		52,746		65,107
Fushun Special Steel Co. Ltd., Class A *		63,700		157,926
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A *		122,500		35,417


	Number of Shares		Value
Materials (Continued)
GEM Co. Ltd., Class A		192,952	$	212,448
Guangdong HEC Technology Holding Co. Ltd., Class A *		61,305		66,764
Guangdong Hongda Holdings Group Co. Ltd., Class A		19,200		64,484
Guangdong Tapai Group Co. Ltd., Class A		33,000		43,700
Hainan Mining Co. Ltd., Class A *		16,800		20,612
Hangzhou Iron & Steel Co., Class A *		53,110		41,212
Hangzhou Oxygen Plant Group Co. Ltd., Class A		15,600		72,304
Hesteel Co. Ltd., Class A		163,200		57,452
Hongda Xingye Co. Ltd., Class A		102,078		55,508
Huabao Flavours & Fragrances Co. Ltd., Class A		4,900		18,938
Huaibei Mining Holdings Co. Ltd., Class A *		39,500		90,414
Huapont Life Sciences Co. Ltd., Class A *		64,750		53,057
Huaxin Cement Co. Ltd., Class A		26,972		80,122
Hubei Xingfa Chemicals Group Co. Ltd., Class A		31,320		176,317
Hunan Gold Corp. Ltd., Class A *		34,700		47,719
Hunan Valin Steel Co. Ltd., Class A *		164,820		132,340
Inner Mongolia Dazhong Mining Co. Ltd., Class A		9,500		17,334
Jiangsu Shagang Co. Ltd., Class A *		68,700		50,016
Jiangsu Yangnong Chemical Co. Ltd., Class A		7,600		167,825
Jiangsu Yoke Technology Co. Ltd., Class A		11,496		84,211
Jinduicheng Molybdenum Co. Ltd., Class A		44,500		49,730
Levima Advanced Materials Corp., Class A		8,300		34,179
Lianhe Chemical Technology Co. Ltd., Class A		29,959		66,915
Liuzhou Iron & Steel Co. Ltd., Class A		18,100		11,605
Luxi Chemical Group Co. Ltd., Class A *		45,500		131,548
Maanshan Iron & Steel Co. Ltd., Class A		94,500		55,068
Nanjing Hanrui Cobalt Co. Ltd., Class A		8,800		71,001
Nanjing Iron & Steel Co. Ltd., Class A		121,300		58,329
Ningbo Shanshan Co. Ltd., Class A		46,261		158,141
ORG Technology Co. Ltd., Class A		70,050		51,628
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A *		174,400		87,520
Red Avenue New Materials Group Co. Ltd., Class A		7,400		31,715
Rising Nonferrous Metals Share Co. Ltd., Class A *		7,300		39,936
Sansteel Minguang Co. Ltd. Fujian, Class A		47,050		48,774
SGIS Songshan Co. Ltd., Class A		45,200		24,579
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A *		19,900		23,222
Shandong Chenming Paper Holdings Ltd., Class A		48,250		40,260
Shandong Iron and Steel Co. Ltd., Class A		217,730		53,817


	Number of Shares		Value
Materials (Continued)
Shandong Sinocera Functional Material Co. Ltd., Class A		32,500	$	173,564
Shandong Sun Paper Industry JSC Ltd., Class A		64,400		116,924
Shanghai Huayi Group Co. Ltd., Class A		22,600		30,029
Shanxi Meijin Energy Co. Ltd., Class A *		102,100		177,113
Shanxi Taigang Stainless Steel Co. Ltd., Class A		90,900		78,706
Shanying International Holding Co. Ltd., Class A		124,200		53,026
Shenghe Resources Holding Co. Ltd., Class A		56,490		149,529
Shenzhen Capchem Technology Co. Ltd., Class A		20,880		125,739
Shenzhen Jinjia Group Co. Ltd., Class A		42,200		56,515
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		15,340		63,217
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		107,700		69,213
Sichuan Hebang Biotechnology Co. Ltd., Class A		249,180		126,913
Sinoma Science & Technology Co. Ltd., Class A *		27,100		91,544
Tangshan Jidong Cement Co. Ltd., Class A		37,981		57,977
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		49,200		54,392
Tianshan Aluminum Group Co. Ltd., Class A		55,600		59,802
Tongling Nonferrous Metals Group Co. Ltd., Class A		297,600		143,997
Transfar Zhilian Co. Ltd., Class A		50,000		47,338
Weihai Guangwei Composites Co. Ltd., Class A		12,600		103,869
Western Mining Co. Ltd., Class A		77,200		139,470
Xiamen Tungsten Co. Ltd., Class A		34,820		102,183
Xinfengming Group Co. Ltd., Class A		30,016		53,733
Xinjiang Tianshan Cement Co. Ltd., Class A *		24,000		43,862
Xinjiang Zhongtai Chemical Co. Ltd., Class A		71,100		83,290
Xinxing Ductile Iron Pipes Co. Ltd., Class A		93,350		69,081
Xinyu Iron & Steel Co. Ltd., Class A		75,500		63,788
Yintai Gold Co. Ltd., Class A		68,208		104,527
Yunnan Aluminium Co. Ltd., Class A *		74,600		129,074
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		144,900		107,229
Yunnan Copper Co. Ltd., Class A		42,500		70,860
Yunnan Tin Co. Ltd., Class A		40,430		102,476
Zhejiang Hailiang Co. Ltd., Class A		49,000		76,926
Zhejiang Juhua Co. Ltd., Class A		54,790		95,865
Zhejiang Runtu Co. Ltd., Class A		37,500		46,401
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		7,460		22,306
Zibo Qixiang Tengda Chemical Co. Ltd., Class A		56,821		67,329

(Cost $6,114,280)				6,801,612


	Number of Shares		Value
Real Estate — 3.7%
Beijing Capital Development Co. Ltd., Class A		47,700	$	34,941
Beijing Urban Construction Investment & Development Co. Ltd., Class A		49,720		30,462
China Merchants Property Operation & Service Co. Ltd., Class A		16,900		43,595
China Sports Industry Group Co. Ltd., Class A		32,901		39,774
Cinda Real Estate Co. Ltd., Class A *		31,600		26,509
Financial Street Holdings Co. Ltd., Class A		47,800		41,173
Grandjoy Holdings Group Co. Ltd., Class A *		53,400		30,637
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		49,900		56,511
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		74,600		36,432
Jinke Properties Group Co. Ltd., Class A		121,900		57,339
Nanjing Gaoke Co. Ltd., Class A		34,220		55,619
Red Star Macalline Group Corp. Ltd., Class A *		18,300		15,078
RiseSun Real Estate Development Co. Ltd., Class A		83,000		38,420
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class A		13,450		29,739
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A *		33,700		55,329
Shanghai Shimao Co. Ltd., Class A		41,700		18,616
Shanghai SMI Holding Co. Ltd., Class A		50,900		34,846
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		31,800		58,975
Sichuan Languang Development Co. Ltd., Class A *		59,565		15,437
Suning Universal Co. Ltd., Class A *		60,200		32,915
Tianjin Guangyu Development Co. Ltd., Class A		22,800		45,733
Xiangcai Co. Ltd., Class A *		23,600		25,984
Xinhu Zhongbao Co. Ltd., Class A		168,100		70,257
Yango Group Co. Ltd., Class A		89,300		31,972
Youngor Group Co. Ltd., Class A		113,700		119,738
Zhejiang China Commodities City Group Co. Ltd., Class A		112,700		91,335


	Number of Shares		Value
Real Estate (Continued)
Zhongtian Financial Group Co. Ltd., Class A *		170,600	$	43,701
Zhuhai Huafa Properties Co. Ltd., Class A		64,940		67,319

(Cost $1,488,345)				1,248,386

Utilities — 3.7%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		178,290		77,988
CECEP Wind-Power Corp., Class A		122,300		84,275
Chengdu Xingrong Environment Co. Ltd., Class A		73,500		57,915
Chongqing Gas Group Corp. Ltd., Class A		13,800		15,029
Datang International Power Generation Co. Ltd., Class A		100,700		37,864
ENN Natural Gas Co. Ltd., Class A		34,400		94,303
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		84,900		55,451
Guangxi Guiguan Electric Power Co. Ltd., Class A		96,500		89,771
Huadian Power International Corp. Ltd., Class A		128,900		76,079
Hubei Energy Group Co. Ltd., Class A		78,000		52,931
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		131,100		76,985
Jinko Power Technology Co. Ltd., Class A		45,400		35,977
Luenmei Quantum Co. Ltd., Class A		35,950		38,505
Shanghai Electric Power Co. Ltd., Class A *		31,400		47,037
Shenergy Co. Ltd., Class A		98,549		84,444
Shenzhen Energy Group Co. Ltd., Class A		76,260		72,199
Shenzhen Gas Corp. Ltd., Class A		24,200		25,231
Wintime Energy Co. Ltd., Class A *		882,100		216,709
Zhongshan Public Utilities Group Co. Ltd., Class A		36,460		41,837

(Cost $1,317,660)				1,280,530

TOTAL COMMON STOCKS (Cost $35,160,575)				34,014,262


TOTAL INVESTMENTS — 99.5% (Cost $35,160,575)			$	34,014,262
Other assets and liabilities, net — 0.5%				165,257

NET ASSETS — 100.0%			$	34,179,519

During the year ended May 31, 2022, the amount of transfers from Level 1 to Level 3 was $ 138,983. The investment was transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 50.1%
Communication Services — 11.3%
Alibaba Pictures Group Ltd. *		35,447	$	3,117
Autohome, Inc., ADR		182		6,614
Baidu, Inc., ADR *		729		102,315
Bilibili, Inc., ADR *(a)		439		9,812
China Literature Ltd., 144A *		1,122		4,927
China Tower Corp. Ltd., Class H, 144A		111,763		13,106
iQIYI, Inc., ADR *		872		3,575
JOYY, Inc., ADR (a)		146		6,189
Kanzhun Ltd., ADR *		222		4,489
Kingsoft Corp. Ltd.		2,359		7,923
Kuaishou Technology, 144A *		4,442		43,030
NetEase, Inc.		5,299		114,955
Tencent Holdings Ltd.		15,960		737,221
Tencent Music Entertainment Group, ADR *		1,862		7,783
Weibo Corp., ADR *		181		3,982

(Cost $1,201,593)				1,069,038

Consumer Discretionary — 16.4%
Alibaba Group Holding Ltd. *		38,698		474,751
Alibaba Health Information Technology Ltd. *		11,776		6,004
ANTA Sports Products Ltd.		3,128		35,683
Bosideng International Holdings Ltd.		8,327		4,426
Brilliance China Automotive Holdings Ltd. *(b)		21,577		20,077
BYD Co. Ltd., Class H		2,103		75,054
China Meidong Auto Holdings Ltd.		1,633		5,870
China Ruyi Holdings Ltd. *(a)		10,742		3,067
Dongfeng Motor Group Co. Ltd., Class H		7,939		6,243
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,475		7,163
Geely Automobile Holdings Ltd. *		15,670		29,960
Great Wall Motor Co. Ltd., Class H		8,252		14,851
Guangzhou Automobile Group Co. Ltd., Class H		7,731		7,322
Haidilao International Holding Ltd., 144A (a)		2,876		5,719
Haier Smart Home Co. Ltd., Class H		5,837		20,794
Huazhu Group Ltd., ADR		497		16,152
JD Health International, Inc., 144A *(a)		2,855		18,177
JD.com, Inc., Class A		5,107		147,113
Jiumaojiu International Holdings Ltd., 144A (a)		1,882		4,409
Li Auto, Inc., ADR *		1,396		34,998
Li Ning Co. Ltd.		6,137		47,872
Meituan, Class B, 144A *		10,468		249,507
Minth Group Ltd.		2,203		5,714
New Oriental Education & Technology Group, Inc., ADR *		442		5,772
NIO, Inc., ADR *(a)		3,355		58,343
Pinduoduo, Inc., ADR *		1,120		56,392
Ping An Healthcare and Technology Co. Ltd., 144A *(a)		1,283		3,451
Pop Mart International Group Ltd., 144A *		1,441		5,556
Shenzhou International Group Holdings Ltd.		2,108		29,153


	Number of Shares		Value
Consumer Discretionary (Continued)
TAL Education Group, ADR *		1,101	$	4,514
Tongcheng Travel Holdings Ltd. *		3,134		6,016
Topsports International Holdings Ltd., 144A		4,063		3,014
Trip.com Group Ltd., ADR *		1,383		30,509
Vipshop Holdings Ltd., ADR *		1,151		10,704
XPeng, Inc., ADR *		1,081		25,403
Xtep International Holdings Ltd.		3,379		4,867
Yadea Group Holdings Ltd., 144A (a)		2,762		4,485
Yum China Holdings, Inc.		1,087		49,415
Zhongsheng Group Holdings Ltd.		1,566		11,118

(Cost $2,236,607)				1,549,638

Consumer Staples — 1.9%
Anhui Gujing Distillery Co. Ltd., Class B		306		4,496
China Feihe Ltd., 144A		9,366		9,479
China Mengniu Dairy Co. Ltd. *		8,129		41,756
China Resources Beer Holdings Co. Ltd.		4,140		25,910
Dali Foods Group Co. Ltd., 144A		6,297		3,178
Hengan International Group Co. Ltd.		1,716		8,519
Nongfu Spring Co. Ltd., Class H, 144A		4,592		25,636
RLX Technology, Inc., ADR *		1,434		2,839
Smoore International Holdings Ltd., 144A (a)		4,956		12,179
Tingyi Cayman Islands Holding Corp.		5,240		9,284
Tsingtao Brewery Co. Ltd., Class H		1,385		11,969
Uni-President China Holdings Ltd.		3,972		3,210
Vinda International Holdings Ltd. (a)		1,165		2,919
Want Want China Holdings Ltd.		12,768		12,710
Yihai International Holding Ltd. *(a)		1,237		3,839

(Cost $199,197)				177,923

Energy — 1.2%
China Coal Energy Co. Ltd., Class H *		5,241		4,810
China Oilfield Services Ltd., Class H		4,969		5,890
China Petroleum & Chemical Corp., Class H		64,291		31,057
China Shenhua Energy Co. Ltd., Class H		8,680		29,042
China Suntien Green Energy Corp. Ltd., Class H *		3,413		1,992
PetroChina Co. Ltd., Class H		53,923		28,936
Yankuang Energy Group Co. Ltd., Class H		4,169		13,710

(Cost $104,096)				115,437

Financials — 8.0%
360 DigiTech, Inc., ADR		241		3,791
Agricultural Bank of China Ltd., Class H		75,156		28,643
Bank of China Ltd., Class H *		203,074		81,535
Bank of Communications Co. Ltd., Class H		22,989		15,677
China Cinda Asset Management Co. Ltd., Class H		23,162		3,926
China CITIC Bank Corp. Ltd., Class H		23,619		11,440
China Construction Bank Corp., Class H		245,663		182,864
China Everbright Bank Co. Ltd., Class H		9,978		3,281
China Galaxy Securities Co. Ltd., Class H		9,209		5,083
China Huarong Asset Management Co. Ltd., Class H, 144A *		82,025		3,659


	Number of Shares		Value
Financials (Continued)
China International Capital Corp. Ltd., Class H, 144A *		3,949	$	7,520
China Life Insurance Co. Ltd., Class H		19,150		29,388
China Merchants Bank Co. Ltd., Class H		10,035		63,953
China Minsheng Banking Corp. Ltd., Class H (a)		15,297		5,927
China Pacific Insurance Group Co. Ltd., Class H		6,925		16,206
China Taiping Insurance Holdings Co. Ltd.		4,280		4,921
CITIC Securities Co. Ltd., Class H (a)		5,348		11,575
Far East Horizon Ltd.		4,654		4,129
GF Securities Co. Ltd., Class H *		2,905		3,836
Haitong Securities Co. Ltd., Class H		8,031		5,691
Huatai Securities Co. Ltd., Class H, 144A		3,828		5,357
Industrial & Commercial Bank of China Ltd., Class H		144,207		86,573
Lufax Holding Ltd., ADR		2,150		13,524
New China Life Insurance Co. Ltd., Class H		2,487		6,514
People’s Insurance Co. Group of China Ltd., Class H		21,937		6,906
PICC Property & Casualty Co. Ltd., Class H		18,259		17,734
Ping An Insurance Group Co. of China Ltd., Class H		16,157		103,587
Postal Savings Bank of China Co. Ltd., Class H, 144A (a)		20,860		15,501
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A *(a)		1,812		6,074

(Cost $928,711)				754,815

Health Care — 2.4%
3SBio, Inc., 144A *		4,044		3,005
BeiGene Ltd., ADR *		122		16,741
CanSino Biologics, Inc., Class H, 144A *		200		2,015
China Medical System Holdings Ltd.		3,674		5,432
China Traditional Chinese Medicine Holdings Co. Ltd.		5,879		3,102
CSPC Pharmaceutical Group Ltd.		23,007		24,633
Genscript Biotech Corp. *		3,114		9,208
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		361		3,483
Hansoh Pharmaceutical Group Co. Ltd., 144A		3,058		5,511
HUTCHMED China Ltd., ADR *		217		2,283
Hygeia Healthcare Holdings Co. Ltd., 144A (a)		886		4,918
Innovent Biologics, Inc., 144A *		2,642		8,200
Jinxin Fertility Group Ltd., 144A *		3,901		3,063
Legend Biotech Corp., ADR *(a)		120		5,075
Microport Scientific Corp. (a)		1,687		3,342
Pharmaron Beijing Co. Ltd., Class H, 144A		350		4,223
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		5,882		6,530
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,421		5,986
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,017		3,286
Sino Biopharmaceutical Ltd.		27,491		15,453


	Number of Shares		Value
Health Care (Continued)
Sinopharm Group Co. Ltd., Class H		3,524	$	8,741
WuXi AppTec Co. Ltd., Class H, 144A		906		11,184
Wuxi Biologics Cayman, Inc., 144A *		9,151		67,651
Zai Lab Ltd., ADR *		212		6,169

(Cost $263,106)				229,234

Industrials — 2.0%
Air China Ltd., Class H *		4,793		3,494
AviChina Industry & Technology Co. Ltd., Class H		6,585		3,794
Beijing Capital International Airport Co. Ltd., Class H *		6,223		3,649
BOC Aviation Ltd., 144A		547		4,518
China Communications Services Corp. Ltd., Class H		6,281		2,946
China Conch Venture Holdings Ltd.		4,380		11,389
China Everbright Environment Group Ltd.		9,775		5,881
China Lesso Group Holdings Ltd.		2,852		3,664
China Merchants Port Holdings Co. Ltd.		3,382		6,414
China Railway Group Ltd., Class H		10,609		7,343
China Southern Airlines Co. Ltd., Class H *		4,449		2,455
China State Construction International Holdings Ltd.		5,342		6,285
CITIC Ltd.		15,281		17,159
COSCO SHIPPING Holdings Co. Ltd., Class H *		8,399		14,881
COSCO SHIPPING Ports Ltd.		4,789		3,608
CRRC Corp. Ltd., Class H		11,391		4,574
Fosun International Ltd.		6,571		6,684
Haitian International Holdings Ltd.		1,692		4,346
Jiangsu Expressway Co. Ltd., Class H		3,209		3,317
Orient Overseas International Ltd.		338		10,383
Sany Heavy Equipment International Holdings Co. Ltd. *		3,300		3,323
Shenzhen International Holdings Ltd.		3,917		3,774
Sinotruk Hong Kong Ltd.		2,130		3,024
Weichai Power Co. Ltd., Class H		5,168		8,036
Xinjiang Goldwind Science & Technology Co. Ltd., Class H (a)		1,604		2,629
Zhejiang Expressway Co. Ltd., Class H *		3,794		3,351
Zhuzhou CRRC Times Electric Co. Ltd.		1,243		5,323
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		5,127		3,163
ZTO Express Cayman, Inc., ADR		1,076		28,987

(Cost $205,634)				188,394

Information Technology — 2.2%
AAC Technologies Holdings, Inc. (a)		1,917		4,168
BYD Electronic International Co. Ltd. (a)		1,737		3,857
Chinasoft International Ltd. *		7,176		6,604
Daqo New Energy Corp., ADR *		151		7,384
Flat Glass Group Co. Ltd., Class H *		1,196		4,977
GDS Holdings Ltd., ADR *(a)		242		6,774
Hua Hong Semiconductor Ltd., 144A *		1,381		5,237
Kingboard Holdings Ltd.		1,712		8,205
Kingboard Laminates Holdings Ltd.		2,458		4,129
Kingdee International Software Group Co. Ltd. *		6,838		13,492


	Number of Shares		Value
Information Technology (Continued)
Lenovo Group Ltd.		18,976	$	18,721
Ming Yuan Cloud Group Holdings Ltd. *		1,396		1,724
Sunny Optical Technology Group Co. Ltd.		1,822		28,750
TravelSky Technology Ltd., Class H		2,500		4,066
Xiaomi Corp., Class B, 144A *		39,285		60,789
Xinyi Solar Holdings Ltd.		12,842		22,883
ZTE Corp., Class H		2,241		4,936

(Cost $209,057)				206,696

Materials — 1.1%
Aluminum Corp. of China Ltd., Class H *		10,485		4,784
Anhui Conch Cement Co. Ltd., Class H		3,285		16,665
China Hongqiao Group Ltd. (a)		6,020		7,474
China Molybdenum Co. Ltd., Class H		9,155		4,492
China National Building Material Co. Ltd., Class H *		9,961		12,582
China Resources Cement Holdings Ltd.		6,419		5,081
Dongyue Group Ltd.		3,220		4,092
Ganfeng Lithium Co. Ltd., Class H, 144A (a)		718		9,225
Jiangxi Copper Co. Ltd., Class H		2,915		4,741
MMG Ltd. *		9,431		4,015
Nine Dragons Paper Holdings Ltd.		4,347		3,906
Shandong Gold Mining Co. Ltd., Class H, 144A		1,792		3,189
Zhaojin Mining Industry Co. Ltd., Class H		3,019		2,628
Zijin Mining Group Co. Ltd., Class H		15,196		20,647

(Cost $84,350)				103,521

Real Estate — 2.2%
A-Living Smart City Services Co. Ltd., 144A *		1,870		2,984
China Evergrande Group (b)		8,413		1,769
China Jinmao Holdings Group Ltd.		15,984		4,319
China Overseas Land & Investment Ltd.		9,766		28,381
China Overseas Property Holdings Ltd.		2,910		3,386
China Resources Land Ltd.		8,336		37,188
China Resources Mixc Lifestyle Services Ltd., 144A		1,593		7,858
China Vanke Co. Ltd., Class H		4,259		9,424
CIFI Ever Sunshine Services Group Ltd.		2,252		2,612
CIFI Holdings Group Co. Ltd.		9,227		4,011
Country Garden Holdings Co. Ltd. (a)		21,279		13,344
Country Garden Services Holdings Co. Ltd.		5,266		20,875
Greentown China Holdings Ltd.		2,390		4,143
Greentown Service Group Co. Ltd.		4,359		4,395
Hopson Development Holdings Ltd. (a)		1,880		3,063
KE Holdings, Inc., ADR *		800		10,720
Logan Group Co. Ltd. (b)		5,284		1,468
Longfor Group Holdings Ltd., 144A		4,820		24,052
Seazen Group Ltd. *		5,983		2,540
Shimao Group Holdings Ltd. (a)(b)		4,310		2,428
Shimao Services Holdings Ltd., 144A *(b)		2,540		1,360
Sunac China Holdings Ltd. (b)		7,560		4,413
Wharf Holdings Ltd.		3,146		10,526
Yuexiu Property Co. Ltd.		3,660		3,979

(Cost $339,679)				209,238


	Number of Shares		Value
Utilities — 1.4%
Beijing Enterprises Holdings Ltd.		1,326	$	4,648
Beijing Enterprises Water Group Ltd.		11,993		3,974
CGN Power Co. Ltd., Class H, 144A		24,574		6,452
China Gas Holdings Ltd.		7,997		11,926
China Longyuan Power Group Corp. Ltd., Class H		8,772		18,851
China Power International Development Ltd.		11,918		6,061
China Resources Gas Group Ltd.		2,456		10,284
China Resources Power Holdings Co. Ltd.		5,151		10,610
ENN Energy Holdings Ltd.		2,036		31,219
Guangdong Investment Ltd.		7,782		9,820
Huaneng Power International, Inc., Class H (a)		9,334		4,747
Kunlun Energy Co. Ltd.		10,234		8,818

(Cost $121,273)				127,410

TOTAL COMMON STOCKS (Cost $5,893,303)				4,731,344

EXCHANGE-TRADED FUNDS — 49.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)		15,545		506,451
Xtrackers MSCI China A Inclusion Equity ETF (c)		175,774		4,186,445

TOTAL EXCHANGE-TRADED FUNDS (Cost $5,343,920)				4,692,896

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.68% (d)(e) (Cost $46,367)		46,367		46,367

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 0.72% (d) (Cost $6,466)		6,466		6,466


TOTAL INVESTMENTS — 100.3% (Cost $11,290,056)			$	9,477,073
Other assets and liabilities, net — (0.3%)				(32,721	)

NET ASSETS — 100.0%			$	9,444,352

A summary of the Fund’s transactions with affiliated investments during the year ended May 31, 2022 is as follows:



Average Annual Total Return

	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-25.79%	-26.13%	-25.18%	-12.31%
Five Year	4.59%	4.70%	5.66%	4.42%
Since Inception¹	6.40%	6.37%	7.32%	3.71%

Cumulative Total Returns

	Net Asset Value	Market Value	CSI 300 Index	MSCI ACWI ex USA Index
One Year	-25.79%	-26.13%	-25.18%	-12.31%
Five Year	25.15%	25.82%	31.67%	24.16%
Since Inception¹	70.09%	69.72%	83.24%	36.66%



Average Annual Total Return

	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-13.89%	-13.97%	-12.27%	-12.31%
Five Year	1.11%	1.25%	2.30%	4.42%
Since Inception¹	4.68%	4.67%	6.34%	3.38%

Cumulative Total Returns

	Net Asset Value	Market Value	CSI 500 Index	MSCI ACWI ex USA Index
One Year	-13.89%	-13.97%	-12.27%	-12.31%
Five Year	5.65%	6.40%	12.02%	24.16%
Since Inception¹	44.33%	44.34%	63.83%	30.63%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-30.65%	-31.18%	-30.39%
Five Year	2.59%	2.56%	2.72%
Since Inception¹	7.42%	7.33%	6.77%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI China All Shares Index
One Year	-30.65%	-31.18%	-30.39%
Five Year	13.66%	13.45%	14.38%
Since Inception¹	78.38%	77.33%	69.97%



Average Annual Total Return

	Net Asset Value	Market Value	MSCI China A Inclusion Index²	MSCI ACWI ex USA Index
One Year	-22.97%	-23.77%	-22.50%	-12.31%
Five Year	5.58%	5.48%	5.40%	4.42%
Since Inception¹	3.51%	3.46%	3.04%	5.44%

Cumulative Total Returns

	Net Asset Value	Market Value	MSCI China A Inclusion Index²	MSCI ACWI ex USA Index
One Year	-22.97%	-23.77%	-22.50%	-12.31%
Five Year	31.17%	30.56%	30.06%	24.16%
Since Inception¹	25.61%	25.25%	21.92%	41.97%


	Beginning Account Value December 1, 2021		Ending Account Value May 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	807.80		0.65	%	$	2.93
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	792.60		0.65	%	$	2.90
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.69		0.65	%	$	3.28
Xtrackers MSCI All China Equity ETF (2)
Actual	$	1,000.00	$	802.20		0.19	%	$	0.85
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.98		0.19	%	$	0.96
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	803.10		0.60	%	$	2.70
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.94		0.60	%	$	3.02


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		6
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		8
Xtrackers MSCI All China Equity ETF		10
Xtrackers MSCI China A Inclusion Equity ETF		12
Fees and Expenses		14
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		15
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		20
Xtrackers MSCI All China Equity ETF		28
Xtrackers MSCI China A Inclusion Equity ETF		32
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		46
Report of Independent Registered Public Accounting Firm		56
Liquidity Risk Management		57
Board Considerations in Approval of Investment Advisory and Sub-Advisory Contracts		58
Board Members and Officers		64
Additional Information		67


Financials			22.5%
Consumer Staples			15.8%
Industrials			13.8%
Information Technology			13.4%
Materials			9.3%
Health Care			8.8%
Consumer Discretionary			8.4%
Utilities			3.0%
Real Estate			1.9%
Energy			1.8%
Communication Services			1.3%

Total			100.0%


Description	% of Net Assets
Kweichow Moutai Co. Ltd.		6.2%
Contemporary Amperex Technology Co. Ltd.		3.1%
China Merchants Bank Co. Ltd.		2.7%
Ping An Insurance Group Co. of China Ltd.		2.6%
LONGi Green Energy Technology Co. Ltd.		1.9%
Wuliangye Yibin Co. Ltd.		1.8%
Industrial Bank Co. Ltd.		1.5%
China Yangtze Power Co. Ltd.		1.5%
BYD Co. Ltd.		1.5%
Midea Group Co. Ltd.		1.5%


Materials			20.0%
Industrials			18.8%
Information Technology			17.2%
Health Care			9.3%
Financials			6.9%
Consumer Discretionary			6.5%
Consumer Staples			5.9%
Energy			4.7%
Utilities			3.8%
Real Estate			3.7%
Communication Services			3.2%

Total			100.0%


Description	% of Net Assets
Guanghui Energy Co. Ltd.		0.9%
Jiangsu Zhongtian Technology Co. Ltd.		0.8%
China Zhenhua Group Science & Technology Co. Ltd.		0.8%
Ming Yang Smart Energy Group Ltd.		0.7%
Wintime Energy Co. Ltd.		0.6%
GEM Co. Ltd.		0.6%
Yankuang Energy Group Co. Ltd.		0.6%
China Baoan Group Co. Ltd.		0.6%
Suzhou Maxwell Technologies Co. Ltd.		0.6%
Shanxi Meijin Energy Co. Ltd.		0.5%


Consumer Discretionary			19.7%
Financials			16.4%
Communication Services			12.1%
Industrials			9.9%
Consumer Staples			9.4%
Information Technology			9.0%
Materials			7.6%
Health Care			6.8%
Real Estate			3.3%
Utilities			3.0%
Energy			2.8%

Total			100.0%


Financials			18.1%
Consumer Staples			16.2%
Industrials			15.5%
Information Technology			13.1%
Materials			12.3%
Health Care			8.8%
Consumer Discretionary			6.6%
Utilities			3.3%
Energy			3.0%
Real Estate			1.9%
Communication Services			1.2%

Total			100.0%


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,668,486,506	$	–	$	–	$	1,668,486,506

TOTAL	$	1,668,486,506	$	–	$	–	$	1,668,486,506