Table of Contents

Schedules of Investments/Consolidated Schedule of Investments
KraneShares CICC China Leaders 100 Index ETF		1
KraneShares CSI China Internet ETF		6
KraneShares Bosera MSCI China A Share ETF		9
KraneShares Bloomberg China Bond Inclusion Index ETF		23
KraneShares MSCI All China Index ETF		26
KraneShares MSCI One Belt One Road Index ETF		35
KraneShares Emerging Markets Consumer Technology Index ETF		42
KraneShares MSCI China Clean Technology Index ETF		47
KraneShares Electric Vehicles and Future Mobility Index ETF		50
KraneShares MSCI All China Health Care Index ETF		55
KraneShares Asia Pacific High Yield Bond ETF		59
KraneShares Emerging Markets Healthcare Index ETF		64
KraneShares MSCI Emerging Markets ex China Index ETF		70
KraneShares MSCI China ESG Leaders Index ETF		86
KraneShares Global Carbon ETF		92
KraneShares CICC China 5G & Semiconductor Index ETF		94
KraneShares CICC China Consumer Leaders Index ETF		96
KraneShares Hang Seng TECH Index ETF		98
KraneShares SSE STAR Market 50 Index ETF		100
Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities		102
Statements of Operations/Consolidated Statement of Operations		109
Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets		115
Financial Highlights/Consolidated Financial Highlights		134
Notes to Financial Statements/Consolidated Notes to Financial Statements		140
Liquidity Risk Management Program		174
Approval of Advisory and Sub-Advisory Agreements		175
Disclosure of Fund Expenses		185
Supplemental Information		188

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

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

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

	Shares	Value
COMMON STOCK — 99.5%‡
CHINA — 99.5%
Communication Services — 3.7%
Focus Media Information Technology, Cl A	464,600	$	526,940

Consumer Discretionary — 31.4%
Anhui Xinhua Media, Cl A	26,900		19,381
Anhui Zhongding Sealing Parts, Cl A	33,100		75,083
Changchun Faway Automobile Components, Cl A	24,300		33,999
Chongqing Department Store, Cl A	9,200		34,340
Dashang, Cl A	9,300		27,494
FAWER Automotive Parts, Cl A	31,900		28,816
Fuyao Glass Industry Group, Cl A	63,400		415,037
Great Wall Motor, Cl A	55,100		449,064
Gree Electric Appliances of Zhuhai, Cl A*	81,935		491,940
Guangzhou Automobile Group, Cl A	98,400		229,915
Guangzhou Shangpin Home Collection, Cl A	4,460		30,586
Haier Smart Home, Cl A	157,500		638,151
Hisense Home Appliances Group, Cl A	20,400		37,930
Huayu Automotive Systems, Cl A	71,200		251,748
KingClean Electric, Cl A*	5,180		20,531
Lao Feng Xiang, Cl A	5,700		41,015
Loncin Motor, Cl A	46,400		31,417
Luolai Lifestyle Technology, Cl A	18,700		33,262
Markor International Home Furnishings, Cl A*	51,500		25,056
Rainbow Digital Commercial, Cl A	21,700		20,476
SAIC Motor, Cl A	158,500		468,574

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
TCL Technology Group, Cl A	522,500	$	506,794
Vatti, Cl A	31,500		32,896
Wanxiang Qianchao, Cl A	59,800		52,165
Weifu High-Technology Group, Cl A	22,700		72,736
Wuchan Zhongda Group, Cl A	137,300		137,853
Wuhan Department Store Group, Cl A	20,900		34,520
Xiamen Comfort Science & Technology Group, Cl A	19,800		41,385
Zhejiang Meida Industrial, Cl A	11,700		28,226
Zhejiang Semir Garment, Cl A	36,600		43,326
Zhejiang Wanfeng Auto Wheel, Cl A	69,200		60,579
			4,414,295
Consumer Staples — 8.1%
Anhui Kouzi Distillery, Cl A	16,300		127,491
Anhui Yingjia Distillery, Cl A	10,800		85,727
Inner Mongolia Yili Industrial Group, Cl A	126,400		738,345
Opple Lighting, Cl A	6,800		21,884
Sichuan Swellfun, Cl A	8,800		173,368
			1,146,815
Energy — 1.3%
Yanzhou Coal Mining, Cl A	40,400		181,468

Financials — 11.7%
China Life Insurance, Cl A	75,300		347,682
Guotai Junan Securities, Cl A	200,200		553,078
Haitong Securities, Cl A	396,797		746,377
			1,647,137
Health Care — 2.1%
China Animal Healthcare*(A)(B)(C)	4,000		—
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A	31,800		146,682
Shanghai Pharmaceuticals Holding, Cl A	52,200		154,724
			301,406
Industrials — 22.6%
Anhui Construction Engineering Group, Cl A	54,400		32,704
Camel Group, Cl A	30,400		57,277
China Railway Group, Cl A	460,400		403,759
China State Construction Engineering, Cl A	901,200		670,245
CNHTC Jinan Truck, Cl A	15,960		36,648
Daqin Railway, Cl A	239,100		231,913
Dare Power Dekor Home, Cl A	14,800		27,197
Fujian Longking, Cl A	33,900		45,172
Jiangsu Expressway, Cl A	22,400		30,265

	Shares	Value
COMMON STOCK (continued)
Industrials (continued)
Ningbo Construction, Cl A	30,800	$	18,469
Ningbo Zhoushan Port, Cl A	107,100		65,548
Shandong Hi-speed, Cl A	28,200		24,206
Shanghai International Port Group, Cl A	157,100		148,240
Shanghai Mechanical and Electrical Industry, Cl A	14,600		33,661
Shanghai Waigaoqiao Free Trade Zone Group, Cl A	16,900		34,198
Sinoma International Engineering, Cl A	47,100		83,195
Sinosteel Engineering & Technology, Cl A	28,400		37,139
Sinotrans, Cl A	71,300		60,319
Tian Di Science & Technology, Cl A	74,900		60,927
Titan Wind Energy Suzhou, Cl A	40,700		111,934
Tongling Jingda Special Magnet Wire, Cl A	60,800		67,168
Weichai Power, Cl A	214,700		570,848
Yutong Bus, Cl A	61,294		107,602
ZBOM Home Collection, Cl A	7,080		23,278
Zhuzhou Kibing Group, Cl A	72,800		195,479
			3,177,391
Information Technology — 0.8%
Accelink Technologies, Cl A	19,000		65,943
Hanergy Thin Film Power Group*(A)(B)(C)	65,064		—
Shenzhen SDG Information, Cl A*	26,200		28,498
Skyworth Digital, Cl A	19,200		20,527
			114,968
Materials — 14.5%
Anhui Truchum Advanced Materials & Technology, Cl A	36,200		56,706
China Jushi, Cl A	108,628		295,891
China Lumena New Materials*(A)(B)(C)	718		—
DeHua TB New Decoration Materials, Cl A	24,600		36,020
Fangda Special Steel Technology, Cl A	48,800		59,658
Hoshine Silicon Industry, Cl A	8,500		236,391
ORG Technology, Cl A*	76,400		75,524
Sansteel Minguang Fujian, Cl A	55,400		74,937
Shandong Chenming Paper Holdings, Cl A	55,300		68,804
Shanying International Holding, Cl A	146,200		77,472
Tianhe Chemicals Group*(A)(B)(C)	40,000		—
Wanhua Chemical Group, Cl A	43,800		724,458
Xinfengming Group, Cl A	25,400		65,566
Xinyangfeng Agricultural Technology, Cl A	29,500		80,903
Xinyu Iron & Steel, Cl A	72,000		79,541
Zibo Qixiang Tengda Chemical, Cl A	61,040		114,816
			2,046,687

	Shares	Value
COMMON STOCK (continued)
Real Estate — 0.6%
Financial Street Holdings, Cl A	54,000	$	50,201
Shenzhen Huaqiang Industry, Cl A	14,200		31,089
			81,290
Utilities — 2.7%
China National Nuclear Power, Cl A	215,700		240,967
Shenergy, Cl A	111,000		136,213
			377,180
TOTAL CHINA			14,015,577
TOTAL COMMON STOCK (Cost $14,109,002)			14,015,577
TOTAL INVESTMENTS — 99.5% (Cost $14,109,002)			14,015,577
OTHER ASSETS LESS LIABILITIES — 0.5%			64,928
NET ASSETS — 100%		$	14,080,505

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

(A)

Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of September 30, 2021 was $0 and represents 0.0% of Net Assets.

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

Security considered illiquid. The total value of such securities as of September 30, 2021 was $0 and represents 0.0% of Net Assets.

Cl — Class

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	526,940	$	—	$	—	$	526,940
Consumer Discretionary		4,184,380		229,915		—		4,414,295
Consumer Staples		1,146,815		—		—		1,146,815
Energy		181,468		—		—		181,468
Financials		1,647,137		—		—		1,647,137
Health Care		301,406		—		—		301,406
Industrials		3,143,193		34,198		—		3,177,391
Information Technology		114,968		—		—		114,968
Materials		1,969,215		77,472		—		2,046,687
Real Estate		81,290		—		—		81,290
Utilities		377,180		—		—		377,180
Total Common Stock		13,673,992		341,585		—		14,015,577
Total Investments in Securities	$	13,673,992	$	341,585	$	—	$	14,015,577

	Shares	Value
COMMON STOCK — 99.8%‡
CHINA — 99.4%
Communication Services — 35.1%
Archosaur Games(A)	6,033,000	$	7,579,370
Autohome ADR	1,433,696		67,283,353
Baidu ADR*	2,009,791		309,005,366
Bilibili ADR*	3,461,198		229,027,473
China Literature*(A)	9,578,400		73,087,032
DouYu International Holdings ADR*	3,225,050		10,610,415
Hello Group ADR*	2,691,537		28,476,461
HUYA ADR*(A)	1,732,153		14,446,156
iQIYI ADR*	7,359,374		59,095,773
JOYY ADR	1,163,273		63,782,259
Kingsoft	19,644,000		78,352,424
Kuaishou Technology, Cl B*(A)	16,246,000		172,588,903
NetEase ADR	3,547,362		302,944,715
Tencent Holdings	13,045,775		773,229,443
Tencent Music Entertainment Group ADR*	12,964,477		93,992,458
Weibo ADR*	1,207,759		57,356,475
XD*	4,614,400		25,695,984
Zhihu ADR*(A)	8,918,476		82,317,533
			2,448,871,593
Consumer Discretionary — 45.6%
17 Education & Technology Group ADR*(A)	2,944,299		2,650,164
Alibaba Group Holding ADR*	4,060,802		601,201,736
Alibaba Group Holding*	800		14,613
Baozun ADR*	1,000,360		17,536,311
Dada Nexus ADR*	1,775,798		35,586,992
Gaotu Techedu ADR*(A)	2,743,829		8,423,555
JD Health International*(A)	23,645,750		228,115,050
JD.com ADR*	7,852,088		567,234,837

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Koolearn Technology Holding*(A)	9,238,000	$	4,995,983
Meituan, Cl B*	19,136,200		606,191,277
Pinduoduo ADR*	5,876,708		532,841,114
TAL Education Group ADR*	9,539,930		46,173,261
Tongcheng-Elong Holdings*	24,805,000		59,968,027
Trip.com Group ADR*	11,298,947		347,442,620
Vipshop Holdings ADR*	8,923,594		99,408,837
Youdao ADR*(A)	1,628,980		19,694,368
			3,177,478,745
Financials — 2.8%
360 DigiTech ADR*	2,282,380		46,377,962
Lufax Holding ADR*	13,510,727		94,304,874
ZhongAn Online P&C Insurance, Cl H*(A)	13,224,900		54,447,926
			195,130,762
Health Care — 3.1%
Alibaba Health Information Technology*	76,826,000		110,531,777
Ping An Healthcare and Technology*(A)	10,918,700		70,971,235
Yidu Tech*(A)	10,533,400		34,977,602
			216,480,614
Industrials — 5.5%
51job ADR*	616,758		42,883,184
Full Truck Alliance ADR*(A)	22,216,162		340,573,763
			383,456,947
Information Technology — 4.9%
21Vianet Group ADR*	2,654,913		45,956,544
Agora ADR*	1,689,518		48,996,022
Chindata Group Holdings ADR*	3,393,949		28,543,111
Kingsoft Cloud Holdings ADR*	2,088,559		59,147,991
Ming Yuan Cloud Group Holdings(A)	21,413,000		74,268,079
Weimob*(A)	45,478,000		65,897,868
Yeahka*(A)	4,899,200		15,827,928
			338,637,543
Real Estate — 2.4%
KE Holdings ADR*	9,117,227		166,480,565
TOTAL CHINA			6,926,536,769

HONG KONG — 0.4%
Communication Services — 0.4%
Alibaba Pictures Group*	260,934,000		29,496,756

TOTAL HONG KONG			29,496,756
TOTAL COMMON STOCK (Cost $9,093,741,906)			6,956,033,525

	Shares	Value
COMMON STOCK — 100.0%‡
CHINA — 100.0%
Communication Services — 1.2%
Beijing Enlight Media, Cl A	328,859	$	505,466
China South Publishing & Media Group, Cl A	201,311		279,477
China United Network Communications, Cl A	650,000		413,929
Focus Media Information Technology, Cl A	1,645,432		1,866,217
G-bits Network Technology Xiamen, Cl A	8,008		485,493
Giant Network Group, Cl A	189,087		304,696
Kunlun Tech, Cl A	131,414		345,130
Leo Group, Cl A	757,206		294,481
Mango Excellent Media, Cl A	209,720		1,416,438
NanJi E-Commerce, Cl A	275,193		281,419
Perfect World, Cl A	217,501		508,199
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A	248,631		808,610
Zhejiang Century Huatong Group, Cl A*	835,465		957,924
			8,467,479
Consumer Discretionary — 7.3%
Beijing Roborock Technology, Cl A	7,473		818,545
BYD, Cl A	203,209		7,856,009
Changzhou Xingyu Automotive Lighting Systems, Cl A	31,001		869,411
China Tourism Group Duty Free, Cl A	218,903		8,818,528
Chongqing Changan Automobile, Cl A	712,147		1,842,710
Ecovacs Robotics, Cl A	53,455		1,258,105
FAW Jiefang Group, Cl A	347,603		578,979
Fuyao Glass Industry Group, Cl A	224,489		1,469,578

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Great Wall Motor, Cl A	250,343	$	2,040,292
Guangdong Xinbao Electrical Appliances Holdings, Cl A	92,700		263,852
Haier Smart Home, Cl A	707,175		2,865,297
Hang Zhou Great Star Industrial, Cl A*	128,200		545,853
Hangzhou Robam Appliances, Cl A	106,426		557,360
Huayu Automotive Systems, Cl A	353,379		1,249,475
Huizhou Desay Sv Automotive, Cl A	51,400		669,618
Jason Furniture Hangzhou, Cl A	70,877		658,912
Joyoung, Cl A*	85,987		289,377
Kuang-Chi Technologies, Cl A*	241,490		840,388
Liaoning Cheng Da, Cl A	171,509		656,380
Midea Group, Cl A	394,839		4,257,947
NavInfo, Cl A*	255,679		436,564
Ningbo Joyson Electronic, Cl A	153,375		414,450
Ningbo Tuopu Group, Cl A	123,520		697,408
Offcn Education Technology, Cl A*	253,495		425,764
Oppein Home Group, Cl A	56,305		1,141,716
SAIC Motor, Cl A	873,113		2,581,190
Sailun Group, Cl A	343,535		609,996
Shandong Linglong Tyre, Cl A	153,988		841,279
Shanghai Jinjiang International Hotels, Cl A	102,500		721,819
Shanghai Yuyuan Tourist Mart Group, Cl A	362,769		573,888
Shenzhen MTC, Cl A*	507,500		389,236
Shenzhen Overseas Chinese Town, Cl A	919,382		1,066,962
Songcheng Performance Development, Cl A	293,081		639,383
Suning.com, Cl A*	1,043,659		806,920
Suofeiya Home Collection, Cl A	51,184		131,886
TCL Technology Group, Cl A	1,572,900		1,525,620
Wangfujing Group, Cl A	112,737		518,793
Weifu High-Technology Group, Cl A	93,774		300,472
Wuchan Zhongda Group, Cl A	567,430		569,716
Xiamen Intretech, Cl A	73,058		381,477
Zhejiang Semir Garment, Cl A	251,988		298,293
Zhejiang Supor, Cl A*	61,065		441,950
			53,921,398
Consumer Staples — 16.3%
Angel Yeast, Cl A	93,410		726,120
Anhui Gujing Distillery, Cl A	45,850		1,694,475
Anhui Kouzi Distillery, Cl A	67,258		526,059
Beijing Dabeinong Technology Group, Cl A	464,200		543,748
Beijing Shunxin Agriculture, Cl A	83,190		455,521

	Shares	Value
COMMON STOCK (continued)
Consumer Staples (continued)
Beijing Yanjing Brewery, Cl A	315,942	$	320,641
By-health, Cl A	190,598		833,977
C&S Paper, Cl A	146,958		393,466
Chacha Food, Cl A	56,815		409,167
Chongqing Brewery, Cl A*	54,288		1,103,845
Chongqing Fuling Zhacai Group, Cl A	99,483		474,294
DaShenLin Pharmaceutical Group, Cl A	88,553		581,893
Foshan Haitian Flavouring & Food, Cl A	393,568		6,707,853
Fu Jian Anjoy Foods, Cl A	27,351		813,622
Fujian Sunner Development, Cl A	139,533		466,984
Guangdong Haid Group, Cl A	186,229		1,944,815
Heilongjiang Agriculture, Cl A	199,300		467,834
Henan Shuanghui Investment & Development, Cl A	323,697		1,361,694
Inner Mongolia Yili Industrial Group, Cl A	681,875		3,983,063
Jiangsu King’s Luck Brewery JSC, Cl A	140,607		986,907
Jiangsu Yanghe Brewery Joint-Stock, Cl A	168,918		4,346,746
Jiangxi Zhengbang Technology, Cl A	352,813		515,499
JiuGui Liquor, Cl A	36,400		1,397,176
Jonjee Hi-Tech Industrial And Commercial Holding, Cl A	89,314		440,619
Juewei Food, Cl A	68,900		682,701
Kweichow Moutai, Cl A	140,789		39,920,030
Laobaixing Pharmacy Chain JSC, Cl A	45,860		332,545
Luzhou Laojiao, Cl A	164,246		5,638,926
Muyuan Foods, Cl A	589,945		4,744,057
New Hope Liuhe, Cl A*	505,051		1,155,029
Proya Cosmetics, Cl A	22,559		606,444
Qianhe Condiment and Food, Cl A	89,500		272,494
Shanghai Bailian Group, Cl A	179,900		402,224
Shanghai Bairun Investment Holding Group, Cl A	84,134		971,047
Shanghai Jahwa United, Cl A	76,000		516,362
Shanxi Xinghuacun Fen Wine Factory, Cl A	136,796		6,687,192
Sichuan Swellfun, Cl A	54,721		1,078,056
Toly Bread, Cl A	106,736		480,758
Tongwei, Cl A	504,580		3,982,539
Tsingtao Brewery, Cl A	79,524		992,264
Wens Foodstuffs Group*	714,441		1,601,792
Wuliangye Yibin, Cl A	435,179		14,792,984
Yifeng Pharmacy Chain, Cl A	80,606		650,443
Yihai Kerry Arawana Holdings, Cl A	141,815		1,525,379
Yixintang Pharmaceutical Group, Cl A	66,800		311,747

	Shares	Value
COMMON STOCK (continued)
Consumer Staples (continued)
Yonghui Superstores, Cl A	1,066,754	$	647,920
Yuan Longping High-tech Agriculture, Cl A*	147,657		490,283
			119,979,234
Energy — 2.3%
China Merchants Energy Shipping, Cl A	906,710		775,494
China Petroleum & Chemical, Cl A	3,570,684		2,467,501
China Shenhua Energy, Cl A	739,478		2,596,308
COSCO SHIPPING Energy Transportation, Cl A	388,604		412,448
Guanghui Energy, Cl A*	757,129		1,018,264
Offshore Oil Engineering, Cl A	495,640		367,852
PetroChina, Cl A	2,420,195		2,253,698
Shaanxi Coal Industry, Cl A	1,120,998		2,570,619
Shanxi Coking Coal Energy Group, Cl A	459,192		843,821
Shanxi Lu’an Environmental Energy Development, Cl A	335,362		779,947
Shanxi Meijin Energy, Cl A*	479,100		799,490
Yantai Jereh Oilfield Services Group, Cl A	107,359		805,442
Yanzhou Coal Mining, Cl A	277,803		1,247,832
			16,938,716
Financials — 18.7%
Agricultural Bank of China, Cl A	8,350,407		3,803,873
AVIC Industry-Finance Holdings, Cl A*	999,952		593,402
Bank of Beijing, Cl A	2,370,098		1,601,120
Bank of Chengdu, Cl A	404,900		744,053
Bank of China, Cl A	3,937,800		1,860,906
Bank of Communications, Cl A	4,399,999		3,067,864
Bank of Hangzhou, Cl A	664,780		1,537,831
Bank of Jiangsu, Cl A	1,655,653		1,493,012
Bank of Nanjing, Cl A	1,121,826		1,573,060
Bank of Ningbo, Cl A	673,544		3,668,279
Bank of Shanghai, Cl A	1,592,601		1,803,829
BOC International China, Cl A	207,600		483,135
Caitong Securities, Cl A	402,308		673,838
Changjiang Securities, Cl A	619,872		734,742
China Construction Bank, Cl A	1,075,426		994,777
China Everbright Bank, Cl A	4,635,684		2,434,919
China Galaxy Securities, Cl A	481,749		782,263
China Great Wall Securities, Cl A	289,868		531,769
China Life Insurance, Cl A	311,239		1,437,081
China Merchants Bank, Cl A	2,312,501		18,076,492
China Merchants Securities, Cl A	832,047		2,361,807
China Minsheng Banking, Cl A	3,975,340		2,408,364

	Shares	Value
COMMON STOCK (continued)
Financials (continued)
China Pacific Insurance Group, Cl A	767,340	$	3,226,775
China Zheshang Bank, Cl A	1,873,700		1,030,623
Chongqing Rural Commercial Bank, Cl A	991,400		592,935
CITIC Securities, Cl A	1,193,710		4,675,703
CSC Financial, Cl A	485,400		2,323,963
Dongxing Securities, Cl A	309,210		542,819
East Money Information, Cl A	1,158,619		6,170,086
Everbright Securities, Cl A	437,933		1,053,780
First Capital Securities, Cl A	471,117		528,492
Founder Securities, Cl A	922,811		1,169,599
GF Securities, Cl A	663,596		2,155,093
Guangzhou Yuexiu Financial Holdings Group, Cl A	277,749		363,648
Guolian Securities, Cl A	180,800		371,741
Guosen Securities, Cl A	718,416		1,315,723
Guotai Junan Securities, Cl A	842,614		2,327,829
Guoyuan Securities, Cl A	489,163		587,390
Haitong Securities, Cl A	1,082,287		2,035,786
Hithink RoyalFlush Information Network, Cl A	60,300		1,120,137
Huaan Securities, Cl A	527,740		438,284
Huatai Securities, Cl A	824,795		2,171,253
Huaxi Securities, Cl A	294,231		438,565
Huaxia Bank, Cl A	1,437,415		1,240,533
Hubei Biocause Pharmaceutical, Cl A	553,845		287,478
Industrial & Commercial Bank of China, Cl A	7,052,226		5,091,939
Industrial Bank, Cl A	2,328,822		6,603,260
Industrial Securities, Cl A	750,658		1,144,480
Jiangsu Changshu Rural Commercial Bank, Cl A	307,249		305,154
Nanjing Securities, Cl A	413,240		637,724
New China Life Insurance, Cl A	233,766		1,454,608
Northeast Securities, Cl A	262,364		350,821
Orient Securities, Cl A	668,835		1,567,938
Pacific Securities, Cl A*	764,100		385,957
People’s Insurance Group of China, Cl A	663,194		519,951
Ping An Bank, Cl A	2,175,441		6,043,641
Ping An Insurance Group of China, Cl A	1,214,334		9,099,039
Postal Savings Bank of China, Cl A	2,981,100		2,346,450
Qingdao Rural Commercial Bank, Cl A	622,749		375,347
SDIC Capital, Cl A	720,293		982,116
Sealand Securities, Cl A	610,347		388,678
Shanghai Pudong Development Bank, Cl A	3,290,387		4,588,392
Shanxi Securities, Cl A	402,395		409,004

	Shares	Value
COMMON STOCK (continued)
Financials (continued)
Shenwan Hongyuan Group, Cl A	2,526,281	$	2,152,858
Sinolink Securities, Cl A	339,000		599,842
SooChow Securities, Cl A	434,993		671,968
Southwest Securities, Cl A	744,900		589,780
Tianfeng Securities, Cl A	971,400		656,230
Western Securities, Cl A	501,033		642,788
Zheshang Securities, Cl A	434,782		838,710
Zhongtai Securities, Cl A	651,000		966,312
			138,247,638
Health Care — 10.8%
Aier Eye Hospital Group, Cl A	599,053		4,956,528
Apeloa Pharmaceutical, Cl A	132,097		781,448
Asymchem Laboratories Tianjin, Cl A	27,224		1,880,877
Autobio Diagnostics, Cl A	65,682		542,431
Beijing Tiantan Biological Products, Cl A	153,933		763,464
Beijing Wantai Biological Pharmacy Enterprise, Cl A	45,400		1,561,636
Betta Pharmaceuticals, Cl A	46,300		671,543
BGI Genomics, Cl A*	46,420		629,411
CanSino Biologics, Cl A*	10,722		562,830
Changchun High & New Technology Industry Group, Cl A	45,362		1,930,450
China National Medicines, Cl A	84,600		384,331
China Resources Sanjiu Medical & Pharmaceutical, Cl A	109,747		480,887
Chongqing Zhifei Biological Products, Cl A	179,313		4,417,256
Daan Gene, Cl A	157,341		452,715
Dong-E-E-Jiao, Cl A	500		2,713
Dong-E-E-Jiao, Cl E	72,809		395,068
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A	157,639		727,133
Guangzhou Kingmed Diagnostics Group, Cl A	51,839		822,645
Guangzhou Wondfo Biotech, Cl A	49,882		332,340
Hangzhou Tigermed Consulting, Cl A	42,010		1,132,591
Huadong Medicine, Cl A	196,139		901,984
Hualan Biological Engineering, Cl A	204,557		884,280
Humanwell Healthcare Group, Cl A	183,100		571,939
Imeik Technology Development, Cl A	20,171		1,852,738
Intco Medical Technology, Cl A	59,181		537,617
Jafron Biomedical, Cl A	90,147		817,944
Jiangsu Hengrui Medicine, Cl A	717,176		5,581,616
Jiangsu Yuyue Medical Equipment & Supply, Cl A	112,336		564,117
Jilin Aodong Pharmaceutical Group, Cl A	130,395		340,231
Joincare Pharmaceutical Group Industry, Cl A	219,334		386,740
Joinn Laboratories China, Cl A	35,680		873,480

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
Jointown Pharmaceutical Group, Cl A	210,077	$	503,872
Lepu Medical Technology Beijing, Cl A	199,711		830,221
Livzon Pharmaceutical Group, Cl A	69,693		419,087
Maccura Biotechnology, Cl A	62,416		278,715
Meinian Onehealth Healthcare Holdings, Cl A*	438,808		504,486
Nanjing King-Friend Biochemical Pharmaceutical, Cl A	136,094		759,124
Ovctek China, Cl A	95,340		1,206,301
Pharmaron Beijing, Cl A	74,000		2,469,839
Shandong Buchang Pharmaceuticals, Cl A	127,955		365,586
Shandong Pharmaceutical Glass	400		1,847
Shandong Pharmaceutical Glass, Cl A	66,309		306,168
Shanghai Fosun Pharmaceutical Group, Cl A	225,424		1,826,724
Shanghai Pharmaceuticals Holding, Cl A	215,559		638,929
Shanghai RAAS Blood Products, Cl A	755,645		798,497
Shenzhen Hepalink Pharmaceutical Group, Cl A	116,500		279,787
Shenzhen Kangtai Biological Products, Cl A	76,918		1,312,516
Shenzhen Mindray Bio-Medical Electronics, Cl A	136,251		8,136,637
Shenzhen Salubris Pharmaceuticals, Cl A*	124,966		560,547
Shijiazhuang Yiling Pharmaceutical, Cl A	188,936		486,831
Sichuan Kelun Pharmaceutical, Cl A	159,770		444,851
Tonghua Dongbao Pharmaceutical, Cl A	228,006		371,649
Topchoice Medical, Cl A*	35,906		1,680,249
Walvax Biotechnology, Cl A	173,344		1,696,913
Winning Health Technology Group, Cl A	239,763		539,782
WuXi AppTec, Cl A	287,342		6,802,890
Yifan Pharmaceutical, Cl A	138,421		336,509
Yunnan Baiyao Group, Cl A	143,181		2,169,456
Zhangzhou Pientzehuang Pharmaceutical, Cl A	67,650		3,964,244
Zhejiang Huahai Pharmaceutical, Cl A	163,022		446,328
Zhejiang Jiuzhou Pharmaceutical, Cl A	93,192		795,468
Zhejiang NHU, Cl A	289,061		1,203,003
Zhejiang Wolwo Bio-Pharmaceutical, Cl A	58,691		532,893
			79,410,932
Industrials — 14.9%
AECC Aero-Engine Control, Cl A	128,400		478,864
AECC Aviation Power, Cl A	298,845		2,462,902
Air China, Cl A*	744,510		858,251
AVIC Electromechanical Systems, Cl A	435,493		893,388
AVICOPTER, Cl A	66,100		569,439
Beijing New Building Materials, Cl A	189,428		937,748
Beijing Originwater Technology, Cl A	354,778		427,119

	Shares	Value
COMMON STOCK (continued)
Industrials (continued)
Beijing United Information Technology, Cl A	38,600	$	682,527
Beijing-Shanghai High Speed Railway, Cl A	4,587,400		3,383,332
China Baoan Group, Cl A	289,100		859,148
China Eastern Airlines, Cl A*	1,255,800		916,457
China National Chemical Engineering, Cl A	670,400		1,121,835
China Railway Group, Cl A	2,282,800		2,001,960
China Southern Airlines, Cl A*	1,420,702		1,272,336
China State Construction Engineering, Cl A	4,702,400		3,497,292
Contemporary Amperex Technology, Cl A	261,133		21,271,375
COSCO SHIPPING Holdings, Cl A*	1,410,493		3,776,467
CRRC, Cl A	2,700,000		2,597,924
Dongfang Electric, Cl A	313,786		889,724
Eve Energy, Cl A	211,745		3,249,010
Fangda Carbon New Material, Cl A	426,662		670,997
Gotion High-tech, Cl A*	143,568		1,056,406
Guangdong Kinlong Hardware Products, Cl A	36,018		766,624
Hangzhou Oxygen Plant Group, Cl A	108,100		473,670
Hefei Meiya Optoelectronic Technology, Cl A	75,824		446,790
Hongfa Technology, Cl A	83,472		806,784
Jiangsu Hengli Hydraulic, Cl A	146,310		1,917,400
Jiangsu Zhongtian Technology, Cl A	343,677		484,577
Metallurgical Corp of China, Cl A	2,001,321		1,348,892
Ming Yang Smart Energy Group, Cl A	218,700		845,455
NARI Technology, Cl A	621,701		3,459,139
Power Construction Corp of China, Cl A	1,714,991		2,250,693
Riyue Heavy Industry, Cl A	108,500		581,670
Sany Heavy Industry, Cl A	951,029		3,748,711
SF Holding, Cl A	510,759		5,171,692
Shanghai Construction Group, Cl A	998,230		634,141
Shanghai Electric Group, Cl A	1,432,844		1,154,445
Shanghai International Airport, Cl A*	107,959		740,190
Shanghai International Port Group, Cl A	1,039,108		980,503
Shanghai M&G Stationery, Cl A	103,955		1,094,958
Shenzhen Inovance Technology, Cl A	289,211		2,823,101
Sichuan Road & Bridge, Cl A (A)(B)(C)	535,300		700,020
Sinotrans, Cl A	491,022		415,398
Spring Airlines, Cl A*	102,761		869,027
Sungrow Power Supply, Cl A	163,278		3,753,825
Sunwoda Electronic, Cl A	182,300		1,056,402
Suzhou Gold Mantis Construction Decoration, Cl A	300,841		294,128
Suzhou Maxwell Technologies, Cl A	11,520		1,087,974

	Shares	Value
COMMON STOCK (continued)
Industrials (continued)
TBEA, Cl A	416,389	$	1,564,524
Topsec Technologies Group, Cl A	132,770		329,148
Weichai Power, Cl A	760,471		2,021,953
Wuxi Shangji Automation, Cl A	30,900		1,338,170
XCMG Construction Machinery, Cl A	878,187		951,120
Xiamen C & D, Cl A	321,018		415,821
Xinjiang Goldwind Science & Technology, Cl A	386,900		1,042,484
Yantai Eddie Precision Machinery, Cl A	94,385		526,766
YTO Express Group, Cl A	354,200		764,488
Yunda Holding, Cl A	324,962		969,247
Yutong Bus, Cl A	253,636		445,258
Zhefu Holding Group, Cl A*	602,000		705,163
Zhejiang Chint Electrics, Cl A*	241,058		2,114,020
Zhejiang Dingli Machinery, Cl A	54,440		594,673
Zhejiang HangKe Technology, Cl A	44,952		576,352
Zhejiang Sanhua Intelligent Controls, Cl A*	402,600		1,419,767
Zhejiang Weixing New Building Materials, Cl A	178,443		466,982
Zhuzhou Kibing Group, Cl A	301,100		808,501
Zoomlion Heavy Industry Science and Technology, Cl A*	792,860		1,013,495
			109,848,642
Information Technology — 13.6%
360 Security Technology, Cl A*	800,953		1,474,330
Addsino, Cl A	179,971		420,230
Advanced Micro-Fabrication Equipment China, Cl A*	68,952		1,621,772
Avary Holding Shenzhen, Cl A	172,700		891,864
Beijing BDStar Navigation, Cl A*	56,899		356,257
Beijing E-Hualu Information Technology, Cl A	72,844		335,665
Beijing Kingsoft Office Software, Cl A	43,065		1,890,483
Beijing Shiji Information Technology, Cl A	112,079		442,482
Beijing Sinnet Technology, Cl A	173,016		345,013
Beijing Yuanliu Hongyuan Electronic Technology, Cl A	25,900		605,965
BOE Technology Group, Cl A	4,205,145		3,290,360
Chaozhou Three-Circle Group, Cl A	203,631		1,170,547
China Greatwall Technology Group, Cl A	328,281		670,906
China National Software & Service, Cl A	55,442		424,190
China Railway Signal & Communication, Cl A*	805,350		643,881
China TransInfo Technology, Cl A	177,225		405,854
DHC Software, Cl A	349,219		411,769
Fiberhome Telecommunication Technologies, Cl A	126,838		346,672
Flat Glass Group, Cl A	158,500		1,133,371
Foxconn Industrial Internet, Cl A	816,819		1,470,628

	Shares	Value
COMMON STOCK (continued)
Information Technology (continued)
GCL System Integration Technology, Cl A*	656,440	$	417,013
Gigadevice Semiconductor Beijing, Cl A	74,462		1,672,799
GoerTek, Cl A	382,949		2,557,344
GRG Banking Equipment, Cl A	278,367		423,114
Guangzhou Haige Communications Group, Cl A	258,365		409,925
Guangzhou Shiyuan Electronic Technology, Cl A	74,879		909,013
Hangzhou First Applied Material, Cl A	103,494		2,033,319
Hangzhou Silan Microelectronics, Cl A	147,100		1,301,199
Huagong Tech, Cl A	112,703		510,080
Hundsun Technologies, Cl A	163,816		1,453,886
Iflytek, Cl A	257,920		2,114,032
Ingenic Semiconductor, Cl A	52,580		1,046,875
Inspur Electronic Information Industry, Cl A	163,000		720,291
JA Solar Technology, Cl A	178,907		1,828,156
JCET Group, Cl A	199,500		991,318
Lakala Payment, Cl A	89,685		343,649
Lens Technology, Cl A	557,566		1,807,295
Leyard Optoelectronic, Cl A	285,064		457,587
Lingyi iTech Guangdong, Cl A*	791,200		791,936
LONGi Green Energy Technology, Cl A*	606,779		7,754,436
Luxshare Precision Industry, Cl A	786,677		4,352,686
Maxscend Microelectronics, Cl A	37,376		2,038,480
Montage Technology, Cl A	84,526		778,074
National Silicon Industry Group, Cl A*	231,699		1,028,896
NAURA Technology Group, Cl A	55,617		3,151,314
Ninestar, Cl A	120,400		696,768
OFILM Group, Cl A*	362,105		471,286
Raytron Technology, Cl A	49,885		677,861
Sanan Optoelectronics, Cl A	502,131		2,465,530
Sangfor Technologies, Cl A	46,410		1,686,983
SG Micro, Cl A	26,342		1,358,037
Shanghai Baosight Software, Cl A	125,113		1,279,432
Shengyi Technology, Cl A	256,816		861,889
Shennan Circuits, Cl A	54,843		805,735
Shenzhen Goodix Technology, Cl A	51,329		881,039
Shenzhen Kaifa Technology, Cl A	174,962		380,883
Shenzhen SC New Energy Technology, Cl A	38,927		828,722
Shenzhen Sunlord Electronics, Cl A	90,400		475,251
Shenzhen Sunway Communication, Cl A	108,445		378,734
StarPower Semiconductor, Cl A	17,900		1,130,523
Suzhou Dongshan Precision Manufacturing, Cl A	191,692		620,163

	Shares	Value
COMMON STOCK (continued)
Information Technology (continued)
Thunder Software Technology, Cl A	47,417	$	919,760
Tianjin 712 Communication & Broadcasting, Cl A	86,540		492,905
Tianjin Zhonghuan Semiconductor, Cl A	339,974		2,416,271
Tianma Microelectronics, Cl A	275,478		579,213
Tianshui Huatian Technology, Cl A	307,139		575,350
TongFu Microelectronics, Cl A	148,985		437,906
Unigroup Guoxin Microelectronics, Cl A	67,975		2,178,065
Unisplendour, Cl A	320,594		1,238,862
Universal Scientific Industrial Shanghai, Cl A	165,100		354,553
Will Semiconductor Shanghai, Cl A	97,328		3,658,622
Wingtech Technology, Cl A	139,600		2,025,866
Wuhan Guide Infrared, Cl A	263,090		953,059
Wuhu Token Science, Cl A	275,200		315,964
WUS Printed Circuit Kunshan, Cl A	212,675		369,397
Wuxi Lead Intelligent Equipment, Cl A	87,648		948,184
Yealink Network Technology, Cl A	101,221		1,274,280
Yonyou Network Technology, Cl A	366,590		1,881,799
Zhejiang Dahua Technology, Cl A	335,823		1,234,231
Zhejiang Jingsheng Mechanical & Electrical, Cl A	144,091		1,436,669
Zhongji Innolight, Cl A	79,910		431,865
ZTE, Cl A	432,494		2,220,100
			100,186,713
Materials — 10.6%
Aluminum Corp of China, Cl A*	1,466,100		1,760,501
Anhui Conch Cement, Cl A	448,409		2,834,690
Anhui Honglu Steel Construction Group, Cl A	58,684		399,168
Baoshan Iron & Steel, Cl A	2,496,304		3,365,021
BBMG, Cl A	934,812		408,455
Chifeng Jilong Gold Mining, Cl A*	186,500		443,566
China Jushi, Cl A	448,792		1,222,461
China Molybdenum, Cl A	1,980,318		1,853,288
China Northern Rare Earth Group High-Tech, Cl A	410,621		2,816,577
Ganfeng Lithium, Cl A	128,865		3,253,372
GEM, Cl A	536,200		928,837
Guangdong Hongda Blasting, Cl A	83,998		353,093
Guangzhou Tinci Materials Technology, Cl A	106,776		2,516,698
Hengli Petrochemical, Cl A	657,602		2,653,232
Hengyi Petrochemical, Cl A	412,707		735,378
Hesteel, Cl A	1,190,359		512,736
Huafon Chemical, Cl A	519,400		979,408
Huaxin Cement, Cl A	152,660		483,715

	Shares	Value
COMMON STOCK (continued)
Materials (continued)
Hunan Valin Steel, Cl A	687,082	$	705,819
Inner Mongolia BaoTou Steel Union, Cl A*	5,110,100		2,509,919
Inner Mongolia Junzheng Energy & Chemical Industry Group, Cl A	945,945		838,364
Jiangsu Eastern Shenghong, Cl A	361,300		1,574,180
Jiangsu Shagang, Cl A	247,334		262,893
Jiangsu Yangnong Chemical, Cl A	34,699		563,711
Jiangsu Yoke Technology, Cl A	51,900		614,051
Jiangxi Copper, Cl A	232,671		881,799
Kingfa Sci & Tech, Cl A	288,526		655,822
LB Group, Cl A	251,088		1,116,941
Luxi Chemical Group, Cl A	213,500		621,909
Ningxia Baofeng Energy Group, Cl A	685,100		1,706,912
Pangang Group Vanadium Titanium & Resources, Cl A*	962,931		714,664
Rongsheng Petrochemical, Cl A	1,135,113		3,306,495
Shandong Gold Mining, Cl A	405,142		1,230,994
Shandong Hualu Hengsheng Chemical, Cl A	237,099		1,209,742
Shandong Nanshan Aluminum, Cl A	1,339,690		907,103
Shandong Sun Paper Industry JSC, Cl A	294,238		545,256
Shanghai Putailai New Energy Technology, Cl A	77,872		2,075,300
Shanxi Taigang Stainless Steel, Cl A	638,532		960,667
Shenghe Resources Holding, Cl A	196,800		612,904
Shenzhen Capchem Technology, Cl A	46,078		1,106,615
Sinoma Science & Technology, Cl A	188,099		1,031,717
Sinopec Shanghai Petrochemical, Cl A	684,640		450,840
Skshu Paint, Cl A	42,158		653,207
Tangshan Jidong Cement, Cl A	158,520		316,107
Tongkun Group, Cl A	256,422		871,692
Tongling Nonferrous Metals Group, Cl A	1,199,804		726,872
Transfar Zhilian, Cl A	370,679		478,426
Wanhua Chemical Group, Cl A	351,973		5,821,679
Weihai Guangwei Composites, Cl A	58,077		589,589
Xiamen Tungsten, Cl A	158,980		583,304
Yintai Gold, Cl A	311,243		409,428
Yunnan Aluminium, Cl A*	350,700		805,838
Yunnan Energy New Material, Cl A	99,531		4,319,899
Zhejiang Huayou Cobalt, Cl A	135,959		2,178,209
Zhejiang Juhua, Cl A	302,604		700,012
Zhejiang Longsheng Group, Cl A	364,671		763,922
Zhejiang Satellite Petrochemical, Cl A	192,779		1,165,814
Zhongjin Gold, Cl A	543,379		704,692
Zijin Mining Group, Cl A	2,212,463		3,458,901
			78,272,404

	Shares	Value
COMMON STOCK (continued)
Real Estate — 2.1%
China Fortune Land Development, Cl A*(A)(B)(C)	452,530	$	291,683
China Merchants Property Operation & Service, Cl A	118,875		287,149
China Merchants Shekou Industrial Zone Holdings, Cl A	888,208		1,780,820
China Vanke, Cl A	1,090,099		3,599,319
Financial Street Holdings, Cl A	335,087		311,515
Gemdale, Cl A	506,107		878,277
Greenland Holdings, Cl A	954,793		695,310
Jiangsu Zhongnan Construction Group, Cl A	423,741		292,168
Jinke Properties Group, Cl A	598,566		478,556
Poly Developments and Holdings Group, Cl A	1,341,758		2,916,775
RiseSun Real Estate Development, Cl A	487,450		364,039
Seazen Holdings, Cl A	253,460		1,464,052
Shanghai Lingang Holdings, Cl A	178,922		417,226
Shanghai Zhangjiang High-Tech Park Development, Cl A	173,645		454,157
Yango Group, Cl A	464,142		299,887
Youngor Group, Cl A	518,875		515,338
Zhejiang China Commodities City Group, Cl A	615,400		448,153
Zhongtian Financial Group, Cl A*	785,250		330,939
			15,825,363
Utilities — 2.2%
China National Nuclear Power, Cl A	1,630,700		1,821,715
China Yangtze Power, Cl A	2,549,336		8,690,020
ENN Natural Gas, Cl A	212,700		602,441
Huadian Power International, Cl A	760,985		557,710
Huaneng Power International, Cl A	821,910		1,053,176
SDIC Power Holdings, Cl A	780,852		1,459,107
Shenergy, Cl A	550,604		675,671
Shenzhen Energy Group, Cl A	444,452		655,591
Sichuan Chuantou Energy, Cl A	411,436		916,073
			16,431,504
TOTAL CHINA			737,530,023
TOTAL COMMON STOCK (Cost $585,521,518)			737,530,023
TOTAL INVESTMENTS — 100.0% (Cost $585,521,518)			737,530,023
OTHER ASSETS LESS LIABILITIES — 0.0%			244,604
NET ASSETS — 100%		$	737,774,627

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

Security considered illiquid. The total value of such securities as of September 30, 2021 was $991,703 and represents 0.1% of Net Assets.

Cl — Class

JSC — Joint-Stock Company

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	8,467,479	$	—	$	—	$	8,467,479
Consumer Discretionary		53,921,398		—		—		53,921,398
Consumer Staples		119,979,234		—		—		119,979,234
Energy		16,938,716		—		—		16,938,716
Financials		138,247,638		—		—		138,247,638
Health Care		79,410,932		—		—		79,410,932
Industrials		109,148,622		—		700,020		109,848,642
Information Technology		100,186,713		—		—		100,186,713
Materials		78,272,404		—		—		78,272,404
Real Estate		15,533,680		—		291,683		15,825,363
Utilities		16,431,504		—		—		16,431,504
Total Common Stock		736,538,320		—		991,703		737,530,023
Total Investments in Securities	$	736,538,320	$	—	$	991,703	$	737,530,023

A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets.

For the period ended September 30, 2021, the transfers in and out of Level 3 occurred due to a halt in trading of these securities.

Amounts designated as “—” are $0 or have been rounded to $0.

	Face Amount(A)	Value
CORPORATE OBLIGATIONS — 49.3%
CHINA — 49.3%
Basic Materials — 4.4%
China Baowu Steel Group, MTN
2.370%, 05/22/2023	4,000,000	$	613,677

Energy — 4.5%
China National Petroleum, MTN
3.510%, 07/09/2022	4,000,000		623,186

Financials — 13.2%
China Everbright Bank
0.000%, 01/07/2022(B)	4,000,000		601,100
CITIC Securities
3.580%, 07/25/2022	4,000,000		623,643
Postal Savings Bank of China
3.300%, 10/28/2026	4,000,000		619,936
			1,844,679
Government — 4.4%
New Development Bank
3.000%, 02/26/2022	4,000,000		620,619

Industrial — 4.4%
China Railway Group, MTN
3.570%, 01/21/2022	4,000,000		621,498

Utilities — 18.4%
China Southern Power Grid, MTN
3.650%, 03/20/2022	3,000,000		466,508
3.300%, 01/17/2023	1,500,000		233,729
China Three Gorges, MTN
4.550%, 11/06/2021	4,000,000		620,987
State Grid Corp of China
2.820%, 06/23/2022	4,000,000		619,893

	Face Amount(A)	Value
CORPORATE OBLIGATIONS (continued)
Utilities (continued)
State Power Investment, MTN
3.550%, 10/22/2022	4,000,000	$	624,302
			2,565,419
TOTAL CHINA			6,889,078
TOTAL CORPORATE OBLIGATIONS (Cost $6,868,921)			6,889,078

GLOBAL BONDS — 45.9%
China — 45.9%
Agricultural Development Bank of China
4.180%, 05/04/2022	2,590,000		405,096
3.060%, 08/05/2023	3,500,000		545,217
China Development Bank
4.040%, 04/10/2027	1,650,000		266,689
4.040%, 07/06/2028	1,650,000		267,198
3.430%, 01/14/2027	3,450,000		542,713
3.300%, 03/03/2026	2,360,000		370,546
3.090%, 06/18/2030	820,000		124,861
China Government Bond
4.080%, 10/22/2048	1,190,000		203,188
4.050%, 07/24/2047	930,000		157,355
3.390%, 03/16/2050	1,560,000		236,942
3.290%, 05/23/2029	1,600,000		254,708
3.280%, 12/03/2027	1,750,000		279,339
3.220%, 12/06/2025	3,260,000		515,427
3.020%, 10/22/2025	2,500,000		392,158
2.850%, 06/04/2027	3,760,000		583,147
2.750%, 08/08/2022	2,240,000		348,262
1.990%, 04/09/2025	1,710,000		258,816
Export-Import Bank of China
3.860%, 05/20/2029	1,030,000		165,320
3.230%, 03/23/2030	1,160,000		177,601
2.930%, 03/02/2025	1,240,000		192,055
2.050%, 04/07/2022	840,000		129,935
			6,416,573
TOTAL GLOBAL BONDS (Cost $6,462,604)			6,416,573
TOTAL INVESTMENTS — 95.2% (Cost $13,331,525)			13,305,651
OTHER ASSETS LESS LIABILITIES — 4.8%			674,739
NET ASSETS — 100%		$	13,980,390

	Shares	Value
COMMON STOCK — 99.4%‡
CHINA — 98.7%
Communication Services — 12.6%
Autohome ADR	1,029	$	48,291
Baidu ADR*	1,802		277,058
Focus Media Information Technology, Cl A	28,600		32,438
Hello Group ADR*	947		10,019
iQIYI ADR*	2,495		20,035
JOYY ADR	423		23,193
Kingsoft	28,000		111,681
NetEase ADR	3,240		276,696
Oriental Pearl Group, Cl A	14,440		17,563
Tencent Holdings	34,558		2,048,269
Tencent Music Entertainment Group ADR*	2,516		18,241
Weibo ADR*	436		20,706
			2,904,190
Consumer Discretionary — 26.0%
Alibaba Group Holding*	93,224		1,702,896
ANTA Sports Products	15,000		282,864
Brilliance China Automotive Holdings*(A)(B)(C)	28,000		26,257
BYD, Cl A	4,600		177,835
BYD, Cl H	7,500		234,115
China Grand Automotive Services Group, Cl A*	5,100		2,363
China Tourism Group Duty Free, Cl A	4,500		181,283
Chongqing Changan Automobile, Cl A	44,160		114,266
Dongfeng Motor Group, Cl H*	30,000		26,784
Fuyao Glass Industry Group, Cl A	16,500		108,014
Geely Automobile Holdings	44,000		126,325

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Great Wall Motor, Cl H	45,500	$	167,747
Guangzhou Automobile Group, Cl H	32,000		28,281
Haier Smart Home, Cl A	16,600		67,259
Haier Smart Home, Cl H	21,800		76,870
Huayu Automotive Systems, Cl A	9,100		32,176
Huazhu Group ADR*	1,566		71,817
JD.com ADR*	7,848		566,939
Meituan, Cl B*	19,500		617,716
NavInfo, Cl A*	13,500		23,051
New Oriental Education & Technology Group ADR*	13,500		27,675
NIO ADR*	14,502		516,706
Pinduoduo ADR*	2,338		211,986
SAIC Motor, Cl A	14,857		43,922
Shenzhen Overseas Chinese Town, Cl A	54,800		63,597
Shenzhou International Group Holdings	7,500		159,737
Suning.com, Cl A*	25,600		19,793
Suofeiya Home Collection, Cl A	6,100		15,718
TAL Education Group ADR*	2,639		12,773
Trip.com Group ADR*	3,916		120,417
Vipshop Holdings ADR*	3,855		42,945
Yum China Holdings	2,416		140,394
			6,010,521
Consumer Staples — 8.6%
Anhui Gujing Distillery, Cl A	2,800		103,480
China Mengniu Dairy	19,000		122,401
China Resources Beer Holdings	28,000		206,817
Foshan Haitian Flavouring & Food, Cl A	7,708		131,373
Guangdong Haid Group, Cl A	10,300		107,564
Henan Shuanghui Investment & Development, Cl A	10,300		43,329
Inner Mongolia Yili Industrial Group, Cl A	15,100		88,204
Jiangsu Yanghe Brewery Joint-Stock, Cl A	3,100		79,772
Kweichow Moutai, Cl A	1,600		453,672
Luzhou Laojiao, Cl A	4,500		154,495
Muyuan Foods, Cl A	16,802		135,114
New Hope Liuhe, Cl A*	27,000		61,748
Shanxi Xinghuacun Fen Wine Factory, Cl A	3,760		183,805
Sun Art Retail Group	22,500		10,405
Tingyi Cayman Islands Holding	28,000		52,082
Want Want China Holdings	45,000		34,048
Yonghui Superstores, Cl A	31,500		19,132
			1,987,441

	Shares	Value
COMMON STOCK (continued)
Energy — 2.2%
China Oilfield Services, Cl H	30,000	$	28,633
China Petroleum & Chemical, Cl A	93,200		64,405
China Petroleum & Chemical, Cl H	184,500		91,484
China Shenhua Energy, Cl H	22,500		52,661
Offshore Oil Engineering, Cl A	37,600		27,906
PetroChina, Cl A	34,400		32,034
PetroChina, Cl H	147,984		70,146
Shaanxi Coal Industry, Cl A	24,000		55,036
Shanxi Lu’an Environmental Energy Development, Cl A	15,000		34,885
Yanzhou Coal Mining, Cl H	30,000		56,804
			513,994
Financials — 19.2%
Agricultural Bank of China, Cl A	136,600		62,226
Agricultural Bank of China, Cl H	210,397		72,433
AVIC Industry-Finance Holdings, Cl A*	45,100		26,764
Bank of Beijing, Cl A	58,500		39,520
Bank of China, Cl A	72,500		34,262
Bank of China, Cl H	481,396		170,676
Bank of Communications, Cl A	90,000		62,752
Bank of Communications, Cl H	61,000		36,202
Bank of Hangzhou, Cl A	28,600		66,160
Bank of Jiangsu, Cl A	46,600		42,022
Bank of Nanjing, Cl A	30,100		42,207
Bank of Ningbo, Cl A	14,800		80,604
Bank of Shanghai, Cl A	39,104		44,290
Changjiang Securities, Cl A	43,600		51,680
China Cinda Asset Management, Cl H	208,504		35,355
China CITIC Bank, Cl H	61,000		27,582
China Construction Bank, Cl A	25,600		23,680
China Construction Bank, Cl H	644,000		461,616
China Everbright Bank, Cl A	112,500		59,091
China Galaxy Securities, Cl H	75,500		43,935
China Huarong Asset Management, Cl H*(A)(B)(C)	298,000		34,070
China Life Insurance, Cl H	45,483		74,669
China Merchants Bank, Cl A	36,100		282,189
China Merchants Bank, Cl H	29,000		231,154
China Merchants Securities, Cl A	19,500		55,352
China Minsheng Banking, Cl A	101,200		61,310
China Minsheng Banking, Cl H	68,000		27,341
China Pacific Insurance Group, Cl A	10,600		44,575
China Pacific Insurance Group, Cl H	21,200		63,045

	Shares	Value
COMMON STOCK (continued)
Financials (continued)
China Taiping Insurance Holdings	12,200	$	18,555
CITIC Securities, Cl A	23,900		93,615
CITIC Securities, Cl H	15,000		38,229
Everbright Securities, Cl A	21,000		50,531
Far East Horizon	16,000		16,237
Founder Securities, Cl A	36,000		45,627
GF Securities, Cl A	19,100		62,029
GF Securities, Cl H	30,000		52,334
Guosen Securities, Cl A	24,000		43,954
Guotai Junan Securities, Cl A	16,500		45,583
Haitong Securities, Cl A	25,500		47,966
Huatai Securities, Cl A	23,400		61,600
Huatai Securities, Cl H	18,200		28,102
Huaxia Bank, Cl A	39,100		33,744
Hubei Biocause Pharmaceutical, Cl A	25,600		13,288
Industrial & Commercial Bank of China, Cl A	135,500		97,835
Industrial & Commercial Bank of China, Cl H	433,441		241,090
Industrial Bank, Cl A	40,600		115,119
Industrial Securities, Cl A	55,469		84,570
New China Life Insurance, Cl A	4,500		28,001
New China Life Insurance, Cl H	9,100		26,886
Noah Holdings ADR*	931		34,568
Orient Securities, Cl A	28,500		66,812
People’s Insurance Group of China, Cl H	60,452		18,793
PICC Property & Casualty, Cl H	57,510		55,776
Ping An Bank, Cl A	41,991		116,656
Ping An Insurance Group of China, Cl A	20,800		155,855
Ping An Insurance Group of China, Cl H	37,500		256,514
Shanghai Pudong Development Bank, Cl A	60,000		83,669
Shenwan Hongyuan Group, Cl A	67,600		57,608
			4,447,908
Health Care — 6.7%
3SBio*	15,000		14,741
Alibaba Health Information Technology*	32,000		46,039
Beijing Tongrentang, Cl A	1,544		7,502
Changchun High & New Technology Industry Group, Cl A	2,800		119,158
China Medical System Holdings	16,000		29,186
China Traditional Chinese Medicine Holdings	32,000		16,237
CSPC Pharmaceutical Group	69,520		83,410
Dong-E-E-Jiao, Cl E	6,000		32,557
Genscript Biotech*	28,000		107,905

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A	4,600	$	21,218
Huadong Medicine, Cl A	5,880		27,040
Hualan Biological Engineering, Cl A	12,080		52,221
Hutchmed China ADR*	2,040		74,684
Jiangsu Hengrui Medicine, Cl A	12,616		98,187
Meinian Onehealth Healthcare Holdings, Cl A*	14,860		17,084
Shanghai Fosun Pharmaceutical Group, Cl A	7,600		61,587
Shanghai Fosun Pharmaceutical Group, Cl H	7,000		36,013
Shanghai Pharmaceuticals Holding, Cl A	15,000		44,461
Sichuan Kelun Pharmaceutical, Cl A	4,600		12,808
Sinopharm Group, Cl H	12,000		31,292
Tasly Pharmaceutical Group, Cl A	1,500		3,091
Tonghua Dongbao Pharmaceutical, Cl A	10,500		17,115
Wuxi Biologics Cayman*	18,000		292,499
Yunnan Baiyao Group, Cl A	3,000		45,455
Zai Lab ADR*	438		46,161
Zhangzhou Pientzehuang Pharmaceutical, Cl A	2,800		164,078
Zhejiang NHU, Cl A	10,760		44,781
			1,546,510
Industrials — 6.6%
51job ADR*	273		18,982
AECC Aviation Power, Cl A	7,600		62,635
AVIC Electromechanical Systems, Cl A	15,000		30,772
Beijing Capital International Airport, Cl H*	28,000		16,509
China Conch Venture Holdings	15,000		69,464
China Eastern Airlines, Cl A*	51,100		37,292
China Energy Engineering, Cl H	81,137		13,133
China Everbright Environment Group	30,323		22,904
China Merchants Port Holdings	29,852		51,232
China Railway Group, Cl H	45,000		22,429
China Southern Airlines, Cl A*	46,300		41,465
CITIC	36,780		39,215
COSCO SHIPPING Holdings, Cl A*	74,020		198,182
Daqin Railway, Cl A	30,000		29,098
Fosun International	22,500		27,371
Guangzhou Baiyun International Airport, Cl A	13,000		21,633
Jiangsu Expressway, Cl H	30,000		30,406
Metallurgical Corp of China, Cl A	85,500		57,627
Power Construction Corp of China, Cl A	39,100		51,313
Sany Heavy Industry, Cl A	27,000		106,427
Shanghai International Airport, Cl A*	3,000		20,569

	Shares	Value
COMMON STOCK (continued)
Industrials (continued)
Shanghai International Port Group, Cl A	27,000	$	25,477
Shenzhen International Holdings	27,290		35,126
Suzhou Gold Mantis Construction Decoration, Cl A	16,600		16,230
Weichai Power, Cl A	34,388		91,431
Xinjiang Goldwind Science & Technology, Cl A	21,049		56,715
Yutong Bus, Cl A	13,544		23,776
Zhejiang Chint Electrics, Cl A*	7,500		65,773
Zhejiang Sanhua Intelligent Controls, Cl A*	20,912		73,746
Zhuzhou CRRC Times Electric, Cl H*	6,000		27,708
Zoomlion Heavy Industry Science and Technology, Cl A*	34,400		43,973
ZTO Express Cayman ADR*	2,836		86,952
			1,515,565
Information Technology — 5.9%
AAC Technologies Holdings	7,500		35,792
Aisino, Cl A	1,600		2,953
BOE Technology Group, Cl A	97,600		76,368
DHC Software, Cl A	19,600		23,111
GDS Holdings ADR*	586		33,173
Hanergy Thin Film Power Group*(A)(B)(C)	4,364		—
Hengtong Optic-electric, Cl A	6,600		14,112
Iflytek, Cl A	6,100		49,998
Kingboard Holdings	8,000		36,225
Kingdee International Software Group*	30,000		100,390
Lenovo Group	60,000		64,512
LONGi Green Energy Technology, Cl A*	16,592		212,040
Luxshare Precision Industry, Cl A	23,874		132,095
OFILM Group, Cl A*	13,482		17,547
Sanan Optoelectronics, Cl A	16,500		81,017
Sunny Optical Technology Group	5,900		155,218
Tianma Microelectronics, Cl A	15,000		31,539
TravelSky Technology, Cl H	14,000		26,976
Unigroup Guoxin Microelectronics, Cl A	4,300		137,781
Yonyou Network Technology, Cl A	10,625		54,541
Zhejiang Dahua Technology, Cl A	10,500		38,590
ZTE, Cl H	15,000		49,328
			1,373,306
Materials — 4.6%
Anhui Conch Cement, Cl A	7,500		47,412
Anhui Conch Cement, Cl H	12,000		64,743
Baoshan Iron & Steel, Cl A	56,600		76,297
BBMG, Cl A	58,500		25,561

	Shares	Value
COMMON STOCK (continued)
Materials (continued)
China Molybdenum, Cl H	123,000	$	76,632
China National Building Material, Cl H	32,000		43,326
China Northern Rare Earth Group High-Tech, Cl A	21,100		144,731
China Resources Cement Holdings	30,000		28,941
Ganfeng Lithium, Cl A	4,500		113,609
Hesteel, Cl A	66,000		28,429
Inner Mongolia BaoTou Steel Union, Cl A*	132,100		64,883
Rongsheng Petrochemical, Cl A	24,350		70,930
Shandong Hualu Hengsheng Chemical, Cl A	11,540		58,880
Sinopec Shanghai Petrochemical, Cl A	67,600		44,515
Tianqi Lithium, Cl A*	1,140		17,942
Zhejiang Huayou Cobalt, Cl A	2,880		46,141
Zhejiang Longsheng Group, Cl A	22,500		47,134
Zijin Mining Group, Cl A	37,600		58,783
			1,058,889
Real Estate — 3.6%
China Evergrande Group	15,000		5,684
China Fortune Land Development, Cl A*(A)(B)(C)	2,820		1,818
China Jinmao Holdings Group	60,000		21,581
China Merchants Shekou Industrial Zone Holdings, Cl A	18,000		36,089
China Overseas Land & Investment	36,839		83,950
China Resources Land	28,214		119,059
China Vanke, Cl A	17,943		59,245
China Vanke, Cl H	10,400		28,456
CIFI Holdings Group	61,195		41,663
Country Garden Holdings	73,612		76,121
Gemdale, Cl A	21,000		36,443
Greenland Holdings, Cl A	37,760		27,498
Guangzhou R&F Properties	36,000		27,654
KWG Group Holdings	21,773		21,285
Longfor Group Holdings	15,000		69,175
Poly Developments and Holdings Group, Cl A	25,600		55,650
Seazen Holdings, Cl A	6,000		34,658
Shimao Group Holdings	19,500		35,720
Sunac China Holdings	15,000		31,986
Xinhu Zhongbao, Cl A	54,700		25,765
			839,500
Utilities — 2.7%
Beijing Enterprises Water Group	60,000		23,585
China Gas Holdings	21,800		64,409
China Longyuan Power Group, Cl H	30,000		74,146

	Shares	Value
COMMON STOCK (continued)
Utilities (continued)
China Resources Gas Group	6,000	$	31,524
China Resources Power Holdings	28,000		80,749
ENN Energy Holdings	4,582		75,575
Guangdong Investment	48,000		62,646
Huadian Power International, Cl A	51,000		37,377
Huaneng Power International, Cl H	105,077		56,556
SDIC Power Holdings, Cl A	27,000		50,452
Sichuan Chuantou Energy, Cl A	27,100		60,339
			617,358
TOTAL CHINA			22,815,182

HONG KONG — 0.7%
Communication Services — 0.2%
Alibaba Pictures Group*	300,000		33,913

Health Care — 0.3%
Sino Biopharmaceutical	73,500		60,993

Materials — 0.2%
Nine Dragons Paper Holdings	46,000		56,668
TOTAL HONG KONG			151,574
TOTAL COMMON STOCK (Cost $25,599,153)			22,966,756
TOTAL INVESTMENTS — 99.4% (Cost $25,599,153)			22,966,756
OTHER ASSETS LESS LIABILITIES — 0.6%			148,434
NET ASSETS — 100%		$	23,115,190

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

(A)

(B)

Level 3 security in accordance with fair value hierarchy.

(C)

Security considered illiquid. The total value of such securities as of September 30, 2021 was $62,145 and represents 0.3% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Communication Services	$	2,904,190	$	—	$	—	$	2,904,190
Consumer Discretionary		5,981,901		2,363		26,257		6,010,521
Consumer Staples		1,987,441		—		—		1,987,441
Energy		513,994		—		—		513,994
Financials		4,413,838		—		34,070		4,447,908
Health Care		1,543,419		3,091		—		1,546,510
Industrials		1,515,565		—		—		1,515,565
Information Technology		1,373,306		—		—		1,373,306
Materials		1,058,889		—		—		1,058,889
Real Estate		837,682		—		1,818		839,500
Utilities		617,358		—		—		617,358
Hong Kong		151,574		—		—		151,574
Total Common Stock		22,899,157		5,454		62,145		22,966,756
Total Investments in Securities	$	22,899,157	$	5,454	$	62,145	$	22,966,756

For the period ended September 30, 2021, the transfers in and out of Level 3 occurred due to a halt in trading of these securities.

Amounts designated as “—” are $0 or have been rounded to $0.

	Shares	Value
COMMON STOCK — 98.6%‡
CHINA — 48.2%
Energy — 1.9%
China Petroleum & Chemical, Cl H	338,000	$	167,597
Guanghui Energy, Cl A*	26,800		36,043
			203,640
Financials — 3.8%
Bank of Chengdu, Cl A	16,000		29,402
Bank of Guiyang, Cl A	16,227		16,946
Bank of Hangzhou, Cl A	26,200		60,608
Bank of Jiangsu, Cl A	65,955		59,476
Bank of Nanjing, Cl A	43,991		61,686
Bank of Ningbo, Cl A	27,346		148,932
Chongqing Rural Commercial Bank, Cl H	33,425		12,194
Qingdao Rural Commercial Bank, Cl A	24,400		14,707
			403,951
Industrials — 25.8%
Beijing New Building Materials, Cl A	7,408		36,673
Beijing-Shanghai High Speed Railway, Cl A	181,400		133,787
China Communications Services, Cl H	34,000		18,868
China Conch Venture Holdings	24,000		111,142
China Energy Engineering, Cl H	64,510		10,441
China Lesso Group Holdings	16,000		25,651
China Railway Group, Cl H	56,500		28,161
China Railway Hi-tech Industry, Cl A	7,976		9,887
China State Construction Engineering, Cl A	184,700		137,366
Contemporary Amperex Technology, Cl A	10,200		830,872
Daqin Railway, Cl A	58,432		56,675
Dongfang Electric, Cl A	11,600		32,891
Gotion High-tech, Cl A*	5,300		38,999
Guangdong Kinlong Hardware Products, Cl A	1,300		27,670
Hangzhou Oxygen Plant Group, Cl A	4,100		17,965
Jiangsu Expressway, Cl H	18,000		18,244

	Shares	Value
COMMON STOCK (continued)
Industrials (continued)
Jiangsu Hengli Hydraulic, Cl A	5,700	$	74,699
Metallurgical Corp of China, Cl A	78,200		52,707
Ming Yang Smart Energy Group, Cl A	8,400		32,473
NARI Technology, Cl A	23,500		130,754
Riyue Heavy Industry, Cl A	4,300		23,052
Sany Heavy Equipment International Holdings	15,000		17,766
Sany Heavy Industry, Cl A	39,200		154,516
Shanghai Construction Group, Cl A	39,100		24,839
Shanghai Electric Group, Cl A	54,300		43,750
Shanghai International Port Group, Cl A	38,210		36,055
Shenzhen Inovance Technology, Cl A	11,450		111,768
Shenzhen International Holdings	18,072		23,261
Sichuan Road & Bridge, Cl A (A)(B)(C)	21,300		27,854
Sinotruk Hong Kong	10,000		14,901
Suzhou Gold Mantis Construction Decoration, Cl A	11,700		11,439
Suzhou Maxwell Technologies, Cl A	400		37,777
TBEA, Cl A	14,975		56,266
Topsec Technologies Group, Cl A	5,100		12,643
Wuxi Shangji Automation, Cl A	1,200		51,968
XCMG Construction Machinery, Cl A	34,648		37,525
Xinjiang Goldwind Science & Technology, Cl H	10,600		22,331
Yangzijiang Shipbuilding Holdings	52,500		53,366
Yantai Eddie Precision Machinery, Cl A	3,980		22,213
Yutong Bus, Cl A	9,597		16,847
Zhefu Holding Group, Cl A*	23,200		27,176
Zhejiang Expressway, Cl H	22,000		18,143
Zhejiang Weixing New Building Materials, Cl A	7,100		18,581
Zhuzhou CRRC Times Electric, Cl H*	8,000		36,944
Zhuzhou Kibing Group, Cl A	11,800		31,685
Zoomlion Heavy Industry Science and Technology	19,800		17,728
			2,776,319
Materials — 3.8%
Anhui Conch Cement, Cl H	18,000		97,114
China National Building Material, Cl H	55,000		74,467
China Northern Rare Earth Group High-Tech, Cl A	14,824		101,683
China Resources Cement Holdings	36,000		34,730
Guangdong Hongda Blasting, Cl A	3,400		14,292
Huaxin Cement, Cl A	6,000		19,011
Shenghe Resources Holding, Cl A	7,100		22,112
Tangshan Jidong Cement, Cl A	6,300		12,563

	Shares	Value
COMMON STOCK (continued)
Materials (continued)
Xiamen Tungsten, Cl A	6,100	$	22,381
Yintai Gold, Cl A	12,100		15,917
			414,270
Utilities — 12.9%
Beijing Enterprises Holdings	7,500		30,011
CGN Power, Cl H	154,000		46,885
China Gas Holdings	45,000		132,954
China Longyuan Power Group, Cl H	43,000		106,276
China National Nuclear Power, Cl A	64,200		71,720
China Power International Development	53,000		28,118
China Resources Gas Group	13,500		70,928
China Resources Power Holdings	26,635		76,812
China Yangtze Power, Cl A	101,500		345,987
ENN Energy Holdings	11,100		183,083
GD Power Development, Cl A	87,500		44,062
Huadian Power International, Cl A	29,342		21,504
Huaneng Power International, Cl H	51,000		27,450
Kunlun Energy	56,000		58,413
SDIC Power Holdings, Cl A	29,306		54,761
Shenergy, Cl A	21,219		26,039
Shenzhen Energy Group, Cl A	17,600		25,961
Sichuan Chuantou Energy, Cl A	15,984		35,589
			1,386,553
TOTAL CHINA			5,184,733

HONG KONG — 0.2%
Industrials — 0.2%
Hutchison Port Holdings Trust, Cl U	112,400		26,976
TOTAL HONG KONG			26,976

INDIA — 1.7%
Industrials — 0.4%
AIA Engineering	1,480		38,986

Materials — 1.3%
PI Industries	2,843		121,734
Vinati Organics	909		23,734
			145,468
TOTAL INDIA			184,454

	Shares	Value
COMMON STOCK (continued)
INDONESIA — 1.9%
Energy — 0.5%
Adaro Energy	488,200	$	60,034

Materials — 1.4%
Barito Pacific	996,800		67,208
Indah Kiat Pulp & Paper	88,500		53,022
Pabrik Kertas Tjiwi Kimia	46,900		26,051
			146,281
TOTAL INDONESIA			206,315

ISRAEL — 2.1%
Materials — 2.1%
ICL Group	24,575		180,533
Israel*	135		42,017
TOTAL ISRAEL			222,550

JORDAN — 0.3%
Financials — 0.3%
Arab Bank	4,770		33,303
TOTAL JORDAN			33,303

KAZAKHSTAN — 0.8%
Energy — 0.8%
NAC Kazatomprom JSC GDR	2,309		85,048
TOTAL KAZAKHSTAN			85,048

KUWAIT — 5.5%
Financials — 4.2%
Kuwait Finance House KSCP	163,312		445,101

Industrials — 1.3%
Agility Public Warehousing KSC	43,240		141,218
TOTAL KUWAIT			586,319

MALAYSIA — 2.3%
Industrials — 0.7%
Pentamaster	17,700		23,211
Sime Darby	95,700		51,890
			75,101
Materials — 1.6%
Petronas Chemicals Group	83,700		173,938
TOTAL MALAYSIA			249,039

	Shares	Value
COMMON STOCK (continued)
PHILIPPINES — 3.2%
Industrials — 3.2%
Aboitiz Equity Ventures	69,900	$	66,598
International Container Terminal Services	36,260		138,614
JG Summit	106,732		136,004
TOTAL PHILIPPINES			341,216

POLAND — 1.8%
Materials — 1.8%
KGHM Polska Miedz	4,972		197,378
TOTAL POLAND			197,378

RUSSIA — 9.6%
Energy — 4.5%
Rosneft Oil PJSC	45,950		388,888
Sovcomflot PJSC	10,530		12,193
Surgutneftegas*	157,900		79,812
			480,893
Materials — 5.1%
MMC Norilsk Nickel PJSC	1,379		413,028
Polymetal International	7,827		133,183
			546,211
TOTAL RUSSIA			1,027,104

SINGAPORE — 8.9%
Financials — 5.8%
Oversea-Chinese Banking	74,212		628,637

Industrials — 3.1%
Keppel	32,300		124,194
Singapore Airlines*	29,400		108,929
Singapore Technologies Engineering	34,500		96,822
			329,945
TOTAL SINGAPORE			958,582

SOUTH AFRICA — 5.4%
Financials — 0.1%
Ninety One	5,286		17,712

Materials — 5.3%
Anglo American Platinum	1,921		166,552
Impala Platinum Holdings	28,673		327,171
Kumba Iron Ore	2,249		74,137
			567,860
TOTAL SOUTH AFRICA			585,572

Cl — Class

GDR — Global Depositary Receipt

JSC — Joint-Stock Company

PJSC — Public Joint-Stock Company

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
China
Energy	$	203,640	$	—	$	—	$	203,640
Financials		388,445		15,506		—		403,951
Industrials		2,738,578		9,887		27,854		2,776,319
Materials		392,158		22,112		—		414,270
Utilities		1,386,553		—		—		1,386,553
Hong Kong		26,976		—		—		26,976
India		184,454		—		—		184,454
Indonesia		206,315		—		—		206,315
Israel		222,550		—		—		222,550
Jordan		33,303		—		—		33,303
Kazakhstan		85,048		—		—		85,048
Kuwait		586,319		—		—		586,319
Malaysia		249,039		—		—		249,039
Philippines		341,216		—		—		341,216
Poland		197,378		—		—		197,378
Russia		1,027,104		—		—		1,027,104
Singapore		958,582		—		—		958,582
South Africa		585,572		—		—		585,572
Thailand		632,243		—		—		632,243
Turkey		30,972		—		—		30,972
United Arab Emirates		54,057		—		—		54,057
Total Common Stock		10,530,502		47,505		27,854		10,605,861
Preferred Stock
Russia		84,603		—		—		84,603
Total Preferred Stock		84,603		—		—		84,603
Total Investments in Securities	$	10,615,105	$	47,505	$	27,854	$	10,690,464

For the period ended September 30, 2021, the transfers in and out of Level 3 occurred due to a halt in trading of these securities.

Amounts designated as “—” are $0 or have been rounded to $0.

	Shares	Value
COMMON STOCK — 100.0%‡
ARGENTINA — 3.4%
Consumer Discretionary — 3.4%
MercadoLibre*	1,762	$	2,959,103
TOTAL ARGENTINA			2,959,103

BRAZIL — 11.0%
Consumer Discretionary — 2.6%
Americanas*	290,770		1,649,986
Arco Platform, Cl A*	29,340		636,678
			2,286,664
Financials — 2.2%
XP, Cl A*	49,072		1,971,222

Information Technology — 6.2%
Cielo	1,467,680		616,819
Pagseguro Digital, Cl A*	42,970		2,222,408
StoneCo, Cl A*	55,559		1,929,009
TOTVS	99,000		655,894
			5,424,130
TOTAL BRAZIL			9,682,016

CHINA — 38.0%
Communication Services — 11.7%
Baidu, Cl A*	118,014		2,249,719
Bilibili, Cl Z*	27,556		1,794,672
NetEase	181,700		3,069,316
Tencent Holdings	52,975		3,139,854
			10,253,561
Consumer Discretionary — 18.8%
Alibaba Group Holding*	160,100		2,924,501
JD.com, Cl A*	85,750		3,119,524

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Meituan, Cl B*	105,800	$	3,351,503
Pinduoduo ADR*	32,322		2,930,636
Trip.com Group*	78,900		2,379,776
Vipshop Holdings ADR*	160,159		1,784,171
			16,490,111
Health Care — 2.4%
Alibaba Health Information Technology*	1,478,000		2,126,441

Information Technology — 5.1%
GDS Holdings, Cl A*	306,800		2,187,304
Kingdee International Software Group*	695,000		2,325,699
			4,513,003
TOTAL CHINA			33,383,116

EGYPT — 0.7%
Information Technology — 0.7%
Fawry for Banking & Payment Technology Services SAE*	710,022		641,820
TOTAL EGYPT			641,820

GERMANY — 2.3%
Consumer Discretionary — 2.3%
Delivery Hero*	15,953		2,042,080
TOTAL GERMANY			2,042,080

GREECE — 2.9%
Consumer Discretionary — 2.9%
OPAP	163,475		2,534,966
TOTAL GREECE			2,534,966

INDIA — 3.8%
Communication Services — 2.9%
Info Edge India	29,727		2,575,679

Consumer Discretionary — 0.9%
MakeMyTrip*	28,053		762,761
TOTAL INDIA			3,338,440

JAPAN — 2.2%
Communication Services — 2.2%
Nexon	120,100		1,945,066
TOTAL JAPAN			1,945,066

MALAYSIA — 0.8%
Information Technology — 0.8%
My EG Services	3,175,800		697,895
TOTAL MALAYSIA			697,895

	Shares	Value
COMMON STOCK (continued)
RUSSIA — 4.5%
Communication Services — 3.7%
Mail.Ru Group GDR*	35,656	$	733,800
Yandex, Cl A*	32,172		2,563,787
			3,297,587
Industrials — 0.8%
HeadHunter Group ADR	13,736		670,317
TOTAL RUSSIA			3,967,904

SOUTH AFRICA — 3.5%
Consumer Discretionary — 3.5%
Naspers, Cl N	18,363		3,042,314
TOTAL SOUTH AFRICA			3,042,314

SOUTH KOREA — 19.1%
Communication Services — 15.7%
AfreecaTV(A)	5,209		662,563
Com2uSCorp	8,425		703,032
Kakao	18,757		1,869,363
NAVER	9,104		2,983,406
NCSoft	4,711		2,399,268
Netmarble(A)	23,218		2,313,956
NHN*	12,431		737,041
Pearl Abyss*	10,341		702,210
Studio Dragon*(A)	9,988		747,413
Webzen*(A)	31,587		682,962
			13,801,214
Consumer Discretionary — 0.9%
Lotte Tour Development*(A)	43,829		777,373
Financials — 0.8%
NICE Holdings	47,400		712,601
Information Technology — 1.7%
Douzone Bizon	9,094		738,119
NHN KCP*(A)	18,268		802,311
			1,540,430
TOTAL SOUTH KOREA			16,831,618

TAIWAN — 6.2%
Communication Services — 3.6%
Sea ADR*	9,964		3,175,826

Consumer Discretionary — 2.6%
momo.com	39,500		2,296,800
TOTAL TAIWAN			5,472,626

	Shares	Value
COMMON STOCK (continued)
UNITED ARAB EMIRATES — 0.8%
Information Technology — 0.8%
Network International Holdings*	145,973	$	715,054
TOTAL UNITED ARAB EMIRATES			715,054

UNITED STATES — 0.8%
Information Technology — 0.8%
Ebix	27,115		730,207
TOTAL UNITED STATES			730,207
TOTAL COMMON STOCK (Cost $98,851,175)			87,984,225

SHORT-TERM INVESTMENT(B)(C) — 3.4%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%	2,960,272		2,960,272
TOTAL SHORT-TERM INVESTMENT (Cost $2,960,272)			2,960,272
TOTAL INVESTMENTS — 103.4% (Cost $101,811,447)			90,944,497
OTHER ASSETS LESS LIABILITIES — (3.4)%			(3,002,886	)
NET ASSETS — 100%		$	87,941,611

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

(A)

This security or a partial position of this security is on loan at September 30, 2021. The total market value of securities on loan at September 30, 2021 was $2,803,108.

(B)

The rate shown is the 7-day effective yield as of September 30, 2021.

(C)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2021 was $2,960,272.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Argentina	$	2,959,103	$	—	$	—	$	2,959,103
Brazil		9,682,016		—		—		9,682,016
China		33,383,116		—		—		33,383,116
Egypt		641,820		—		—		641,820
Germany		2,042,080		—		—		2,042,080
Greece		2,534,966		—		—		2,534,966
India		3,338,440		—		—		3,338,440
Japan		1,945,066		—		—		1,945,066
Malaysia		697,895		—		—		697,895
Russia		3,967,904		—		—		3,967,904
South Africa		3,042,314		—		—		3,042,314
South Korea
Communication Services		10,785,048		3,016,166		—		13,801,214
Consumer Discretionary		777,373		—		—		777,373
Financials		712,601		—		—		712,601
Information Technology		1,540,430		—		—		1,540,430
Taiwan		5,472,626		—		—		5,472,626
United Arab Emirates		715,054		—		—		715,054
United States		730,207		—		—		730,207
Total Common Stock		84,968,059		3,016,166		—		87,984,225
Short-Term Investment		2,960,272		—		—		2,960,272
Total Investments in Securities	$	87,928,331	$	3,016,166	$	—	$	90,944,497

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are $0 or have been rounded to $0.

	Shares	Value
COMMON STOCK — 99.6%‡
CHINA — 96.8%
Consumer Discretionary — 37.8%
BYD, Cl A	55,900	$	2,161,080
BYD, Cl H	421,500		13,157,239
Li Auto ADR*	597,637		15,711,877
NIO ADR*	451,418		16,084,023
Niu Technologies ADR*	68,327		1,583,137
Tianneng Power International	1,477,885		1,655,457
XPeng ADR, Cl A*	435,328		15,471,557
Yadea Group Holdings	2,694,694		4,403,089
			70,227,459
Industrials — 25.2%
Beijing-Shanghai High Speed Railway, Cl A	5,587,100		4,120,638
China Conch Venture Holdings	2,116,000		9,799,002
China Everbright Environment Group	8,011,216		6,051,133
Contemporary Amperex Technology, Cl A	104,750		8,532,727
CT Environmental Group*(A)(B)(C)	329,000		1,056
Dynagreen Environmental Protection Group, Cl H	907,000		540,613
Gotion High-tech, Cl A*	166,200		1,222,937
Ming Yang Smart Energy Group, Cl A	263,400		1,018,257
Riyue Heavy Industry, Cl A	134,400		720,521
Sungrow Power Supply, Cl A	188,000		4,322,194
Xinjiang Goldwind Science & Technology, Cl A	447,835		1,206,670
Xinjiang Goldwind Science & Technology, Cl H	1,660,204		3,497,568
Zhuzhou CRRC Times Electric, Cl H*	1,243,600		5,743,022
			46,776,338
Information Technology — 19.4%
China Railway Signal & Communication, Cl A*	1,005,429		803,845
Chindata Group Holdings ADR*	185,039		1,556,178
GCL System Integration Technology, Cl A*	823,100		522,886
GCL-Poly Energy Holdings*(A)(B)(C)	18,411,000		3,216,453
JA Solar Technology, Cl A	203,800		2,082,524

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total value of such securities as of September 30, 2021 was $3,217,509 and represents 1.7% of Net Assets.

(B) Level 3 security in accordance with fair value hierarchy.

(C) Security considered illiquid. The total value of such securities as of September 30, 2021 was $3,217,509 and represents 1.7% of Net Assets.

ADR — American Depositary Receipt

Cl — Class

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
China
Consumer Discretionary	$	70,227,459	$	—	$	—	$	70,227,459
Industrials		46,775,282		—		1,056		46,776,338
Information Technology		32,754,324		—		3,216,453		35,970,777
Real Estate		7,942,055		—		—		7,942,055
Utilities		18,718,200		—		—		18,718,200
Hong Kong		5,272,286		—		—		5,272,286
Total Common Stock		181,689,606		—		3,217,509		184,907,115
Total Investments in Securities	$	181,689,606	$	—	$	3,217,509	$	184,907,115

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining value:

	Common Stock
Beginning balance as of March 31, 2021	$	1,058
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)(1)		(2	)
Purchases		—
Sales		—
Transfer into Level 3		3,216,453
Transfer out of Level 3		—
Ending balance as of September 30, 2021	$	3,217,509

(1)

Change in unrealized appreciation/(depreciation) is included on the Statement of Operations in Net Change in Unrealized Appreciation (Depreciation) on Investments.

For the period ended September 30, 2021, the transfers in and out of Level 3 occurred due to a halt in trading of these securities.

Amounts designated as “—” are $0 or have been rounded to $0.

	Shares	Value
COMMON STOCK — 96.9%‡
AUSTRALIA — 1.9%
Materials — 1.9%
Lynas Rare Earths*	294,860	$	1,429,178
Mineral Resources	54,287		1,757,189
Orocobre*	97,793		613,869
Pilbara Minerals*	711,083		1,052,984
TOTAL AUSTRALIA			4,853,220

BELGIUM — 1.5%
Materials — 1.5%
Umicore	64,734		3,844,202
TOTAL BELGIUM			3,844,202

CANADA — 2.7%
Industrials — 2.7%
Ballard Power Systems*	78,526		1,102,097
Magna International	79,017		5,945,377
TOTAL CANADA			7,047,474

CHINA — 33.2%
Consumer Discretionary — 14.7%
BAIC Motor, Cl H	582,500		202,032
Brilliance China Automotive Holdings*(A)(B)(C)	2,170,000		2,034,902
BYD, Cl A	150,400		5,814,426
Dongfeng Motor Group, Cl H*	948,000		846,358
Geely Automobile Holdings	1,906,000		5,472,192
Guangzhou Automobile Group, Cl H	932,000		823,693
Li Auto ADR*	156,811		4,122,561
NIO ADR*	329,518		11,740,726
Niu Technologies ADR*	11,168		258,763
Shenzhen Kedali Industry, Cl A	31,100		627,879
Tianneng Power International(D)	221,868		248,526

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
XPeng ADR, Cl A*	166,504	$	5,917,552
Yadea Group Holdings	352,000		575,163
			38,684,773
Industrials — 8.9%
China Baoan Group, Cl A	544,900		1,619,334
Contemporary Amperex Technology, Cl A	150,947		12,295,842
Eve Energy, Cl A	381,070		5,847,128
Gotion High-tech, Cl A*	285,689		2,102,165
Qingdao TGOOD Electric, Cl A	144,000		571,181
Shenzhen Yinghe Technology, Cl A	106,800		407,243
Zhongshan Broad Ocean Motor, Cl A	404,100		423,885
			23,266,778
Information Technology — 0.8%
Wuxi Lead Intelligent Equipment, Cl A	205,076		2,218,532
Materials — 8.8%
Beijing Easpring Material Technology, Cl A	101,200		1,287,344
Ganfeng Lithium, Cl A	227,427		5,741,704
GEM, Cl A	1,214,000		2,102,962
Guangzhou Tinci Materials Technology, Cl A	151,947		3,581,372
Jinduicheng Molybdenum, Cl A	223,201		260,067
Shanghai Putailai New Energy Technology, Cl A	62,820		1,674,162
Xiamen Tungsten, Cl A	192,485		706,236
Yunnan Energy New Material, Cl A	93,700		4,066,818
Zhejiang Huayou Cobalt, Cl A	237,504		3,805,069
			23,225,734
TOTAL CHINA			87,395,817

GERMANY — 11.6%
Consumer Discretionary — 9.0%
Bayerische Motoren Werke	70,329		6,745,585
Daimler	156,400		13,906,250
Volkswagen	9,501		2,950,998
			23,602,833
Information Technology — 2.6%
Infineon Technologies	165,408		6,810,128
TOTAL GERMANY			30,412,961

INDONESIA — 0.3%
Materials — 0.3%
Aneka Tambang	2,787,800		446,048
Vale Indonesia	675,800		216,728
TOTAL INDONESIA			662,776

	Shares	Value
COMMON STOCK (continued)
JAPAN — 6.9%
Consumer Discretionary — 2.6%
Panasonic	550,400	$	6,856,877
Industrials — 4.3%
Nidec(D)	102,500		11,409,814
TOTAL JAPAN			18,266,691

NETHERLANDS — 4.8%
Information Technology — 4.8%
NXP Semiconductors	64,537		12,640,862
TOTAL NETHERLANDS			12,640,862

SOUTH KOREA — 5.8%
Industrials — 0.5%
Ecopro	3,457		1,363,530
Information Technology — 2.6%
L&F	7,067		1,068,406
Samsung SDI	9,678		5,868,922
			6,937,328
Materials — 2.7%
LG Chemical	8,577		5,621,412
SK IE Technology*	7,099		1,355,046
			6,976,458
TOTAL SOUTH KOREA			15,277,316

SWEDEN — 0.1%
Industrials — 0.1%
PowerCell Sweden*(D)	13,525		262,197
TOTAL SWEDEN			262,197

UNITED KINGDOM — 0.3%
Industrials — 0.3%
ITM Power*(D)	150,863		876,313
TOTAL UNITED KINGDOM			876,313

UNITED STATES — 27.8%
Consumer Discretionary — 15.6%
Aptiv*	42,005		6,257,485
Arrival*(D)	51,655		679,263
Ford Motor*	505,925		7,163,898
General Motors*	227,806		12,007,654
Magna International	720		54,173
Tesla*	19,092		14,805,464
			40,967,937

(G)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2021 was $3,048,775.

ADR — American Depositary Receipt

Cl — Class

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Australia	$	4,853,220	$	—	$	—	$	4,853,220
Belgium		3,844,202		—		—		3,844,202
Canada		7,047,474		—		—		7,047,474
China
Consumer Discretionary		36,649,871		—		2,034,902		38,684,773
Industrials		23,266,778		—		—		23,266,778
Information Technology		2,218,532		—		—		2,218,532
Materials		23,225,734		—		—		23,225,734
Germany		30,412,961		—		—		30,412,961
Indonesia		662,776		—		—		662,776
Japan		18,266,691		—		—		18,266,691
Netherlands		12,640,862		—		—		12,640,862
South Korea		15,277,316		—		—		15,277,316
Sweden		262,197		—		—		262,197
United Kingdom		876,313		—		—		876,313
United States		72,968,937		—		—		72,968,937
Total Common Stock		252,473,864		—		2,034,902		254,508,766
Preferred Stock
Chile		2,528,242		—		—		2,528,242
Total Preferred Stock		2,528,242		—		—		2,528,242
Short-Term Investment		3,048,775		—		—		3,048,775
Total Investments in Securities	$	258,050,881	$	—	$	2,034,902	$	260,085,783

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are $0 or have been rounded to $0.

	Shares	Value
COMMON STOCK — 99.9%‡
CHINA — 97.6%
Health Care — 97.6%
3SBio*	720,000	$	707,546
Aier Eye Hospital Group, Cl A	962,928		7,967,207
Akeso*	160,000		879,680
Alibaba Health Information Technology*	2,250,000		3,237,140
Apeloa Pharmaceutical, Cl A	204,592		1,210,307
Asymchem Laboratories Tianjin, Cl A	43,003		2,971,032
Autobio Diagnostics, Cl A	104,430		862,429
BeiGene ADR*	25,085		9,105,855
Beijing Tiantan Biological Products, Cl A	247,618		1,228,115
Beijing Tongrentang, Cl A	181,590		882,346
Beijing Wantai Biological Pharmacy Enterprise, Cl A	75,100		2,583,235
Betta Pharmaceuticals, Cl A	72,963		1,058,269
BGI Genomics, Cl A*	75,527		1,024,073
Burning Rock Biotech ADR*	24,698		441,600
CanSino Biologics, Cl A*	17,527		920,045
CanSino Biologics, Cl H* (A)	44,800		1,582,602
Changchun High & New Technology Industry Group, Cl A	71,608		3,047,390
China Medical System Holdings	753,000		1,373,549
China National Medicines, Cl A	132,755		603,095
China Resources Pharmaceutical Group	913,500		449,436
China Resources Sanjiu Medical & Pharmaceutical, Cl A	176,790		774,654
China Traditional Chinese Medicine Holdings	1,590,000		806,780
Chongqing Zhifei Biological Products, Cl A	261,249		6,435,696
CSPC Pharmaceutical Group	5,140,889		6,168,023
Daan Gene, Cl A	254,247		731,541
Dong-E-E-Jiao, Cl A	3,600		19,534
Dong-E-E-Jiao, Cl E	111,140		603,056
Genscript Biotech*	664,000		2,558,882
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A	250,640		1,156,113
Guangzhou Kingmed Diagnostics Group, Cl A	83,499		1,325,065
Guangzhou Wondfo Biotech, Cl A	80,217		534,449
Hangzhou Tigermed Consulting, Cl A	67,550		1,821,150
Hangzhou Tigermed Consulting, Cl H	71,900		1,530,426
Hansoh Pharmaceutical Group	628,000		1,597,297

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
Huadong Medicine, Cl A	304,541	$	1,400,492
Hualan Biological Engineering, Cl A	354,347		1,531,807
Humanwell Healthcare Group, Cl A	293,800		917,727
Hutchmed China ADR*	48,615		1,779,795
I-Mab ADR*	18,805		1,363,174
Imeik Technology Development, Cl A	33,200		3,049,472
Innovent Biologics*	677,500		6,570,784
Intco Medical Technology, Cl A	96,044		872,487
Jafron Biomedical, Cl A	141,890		1,287,431
Jiangsu Hengrui Medicine, Cl A	1,136,728		8,846,894
Jiangsu Yuyue Medical Equipment & Supply, Cl A	178,810		897,929
Jilin Aodong Pharmaceutical Group, Cl A	213,834		557,943
Jinxin Fertility Group*	726,000		1,081,821
Jinyu Bio-Technology, Cl A	190,377		440,103
Joincare Pharmaceutical Group Industry, Cl A	362,145		638,551
Joinn Laboratories China, Cl A	55,860		1,367,505
Jointown Pharmaceutical Group, Cl A	328,706		788,405
Lepu Medical Technology Beijing, Cl A	307,500		1,278,312
Livzon Pharmaceutical Group, Cl A	111,859		672,645
Maccura Biotechnology, Cl A	99,400		443,866
Meinian Onehealth Healthcare Holdings, Cl A*	690,783		794,175
Microport Scientific	350,000		1,973,756
Nanjing King-Friend Biochemical Pharmaceutical, Cl A	214,072		1,194,080
Ovctek China, Cl A	156,993		1,986,373
Pharmaron Beijing, Cl A	115,400		3,851,614
Pharmaron Beijing, Cl H	73,700		1,763,767
Ping An Healthcare and Technology* (A)	255,900		1,663,343
Shandong Buchang Pharmaceuticals, Cl A	197,883		565,380
Shandong Pharmaceutical Glass, Cl A	104,500		482,507
Shandong Weigao Group Medical Polymer, Cl H	1,464,000		2,617,829
Shanghai Fosun Pharmaceutical Group, Cl A	366,129		2,966,927
Shanghai Fosun Pharmaceutical Group, Cl H	300,000		1,543,422
Shanghai Pharmaceuticals Holding, Cl A	330,494		979,601
Shanghai Pharmaceuticals Holding, Cl H	452,400		878,689
Shanghai RAAS Blood Products, Cl A	1,208,634		1,277,174
Shenzhen Hepalink Pharmaceutical Group, Cl A	182,328		437,881
Shenzhen Kangtai Biological Products, Cl A	122,598		2,091,992
Shenzhen Mindray Bio-Medical Electronics, Cl A	216,499		12,928,888
Shenzhen Salubris Pharmaceuticals, Cl A*	196,165		879,916
Shijiazhuang Yiling Pharmaceutical, Cl A	294,450		758,708
Sichuan Kelun Pharmaceutical, Cl A	256,215		713,384

	Face Amount		Value
CORPORATE OBLIGATIONS — 91.9%
CHINA — 49.2%
Consumer Discretionary — 4.1%
eHi Car Services
7.750%, 11/14/2024	$	250,000	$	250,542
Fortune Star BVI
6.850%, 07/02/2024		200,000		206,790
				457,332
Financials — 3.4%
Huarong Finance 2017, MTN
4.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.983%‡		200,000		184,000
Huarong Finance 2019, MTN
2.500%, 02/24/2023		200,000		189,500
				373,500
Materials — 6.5%
Bluestar Finance Holdings
3.875%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr + 6.651%‡		200,000		203,990
China Hongqiao Group
6.250%, 06/08/2024		300,000		305,125
CNAC HK Finbridge
3.350%, VAR US Treas Yield Curve Rate T Note Const Mat 3 Yr + 6.194%‡		200,000		202,853
				711,968
Real Estate — 35.2%
Agile Group Holdings
8.375%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 11.254%‡		200,000		186,204
China SCE Group Holdings
7.000%, 05/02/2025		200,000		188,230
Fantasia Holdings Group
15.000%, 12/18/2021		200,000		134,000

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Real Estate (continued)
Greenland Global Investment, MTN
6.250%, 12/16/2022	$	400,000	$	355,200
Kaisa Group Holdings
11.250%, 04/09/2022		200,000		179,050
10.500%, 09/07/2022		200,000		170,950
9.375%, 06/30/2024		200,000		151,538
KWG Group Holdings
7.875%, 09/01/2023		200,000		194,000
Modern Land China
11.800%, 02/26/2022		200,000		185,155
Powerlong Real Estate Holdings
7.125%, 11/08/2022		200,000		200,100
Redsun Properties Group
9.700%, 04/16/2023		200,000		182,344
Ronshine China Holdings
8.750%, 10/25/2022		200,000		148,100
7.350%, 12/15/2023		200,000		143,316
Sunac China Holdings
8.350%, 04/19/2023		200,000		172,470
6.800%, 10/20/2024		200,000		160,789
Wanda Properties Overseas
7.250%, 04/28/2022		200,000		196,109
Yango Justice International
10.000%, 02/12/2023		400,000		391,623
Yuzhou Group Holdings
6.000%, 10/25/2023		250,000		195,425
6.000%, 01/25/2022		200,000		185,250
Zhenro Properties Group
6.700%, 08/04/2026		200,000		166,586
				3,886,439
TOTAL CHINA				5,429,239

HONG KONG — 15.8%
Consumer Discretionary — 2.7%
Melco Resorts Finance
4.875%, 06/06/2025(A)		300,000		300,750
Financials — 7.5%
CMB Wing Lung Bank, MTN
6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.948%‡		250,000		269,354

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
Nanyang Commercial Bank
5.000%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.205%‡	$	550,000	$	555,500
				824,854
Industrials — 1.9%
Celestial Miles
5.750%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 8.205%‡		200,000		205,750
Real Estate — 3.7%
Hongkong Land Finance Cayman Islands, MTN
4.500%, 06/01/2022		400,000		409,408
TOTAL HONG KONG				1,740,762

INDIA — 11.7%
Consumer Discretionary — 1.8%
TML Holdings Pte
4.350%, 06/09/2026		200,000		201,060
Energy — 3.6%
Adani Green Energy
4.375%, 09/08/2024		200,000		199,987
Azure Power Energy
3.575%, 08/19/2026		200,000		202,498
				402,485
Industrials — 4.0%
India Airport Infrastructure
6.250%, 10/25/2025		250,000		245,000
JSW Steel
5.050%, 04/05/2032		200,000		198,883
				443,883
Materials — 2.3%
Vedanta Resources
6.375%, 07/30/2022		250,000		249,375
TOTAL INDIA				1,296,803

JAPAN — 1.8%
Communication Services — 1.8%
SoftBank Group
6.000%, VAR USD ICE Swap 11:00 NY 5 Yr + 4.226%‡		200,000		199,520

MACAU — 1.8%
Consumer Discretionary — 1.8%
MGM China Holdings
4.750%, 02/01/2027		200,000		196,750

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
PHILIPPINES — 5.6%
Consumer Discretionary — 1.8%
Jollibee Worldwide Pte
3.900%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 4.784%‡	$	200,000	$	200,462
Energy — 1.9%
SMC Global Power Holdings
6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.608%‡		200,000		204,381
Financials — 1.9%
Rizal Commercial Banking
6.500%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 6.236%‡		200,000		212,048
TOTAL PHILIPPINES				616,891

SINGAPORE — 1.9%
Real Estate — 1.9%
LMIRT Capital Pte
7.500%, 02/09/2026		200,000		207,066

THAILAND — 1.8%
Financials — 1.8%
TMBThanachart Bank, MTN
4.900%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr + 3.256%‡		200,000		201,996

VIETNAM — 2.3%
Energy — 2.3%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		250,000		248,877
TOTAL CORPORATE OBLIGATIONS (Cost $10,624,357)				10,137,904
TOTAL INVESTMENTS — 91.9% (Cost $10,624,357)				10,137,904
OTHER ASSETS LESS LIABILITIES — 8.1%				890,867
NET ASSETS — 100%			$	11,028,771

‡

Perpetual security with no stated maturity date.

(A)

Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total market value of such securities as of September 30, 2021 was $300,750 and represented 2.7% of the Net Assets of the Fund.

BVI — British Virgin Islands

ICE — Intercontinental Exchange

	Shares	Value
COMMON STOCK — 100.0%‡
BRAZIL — 8.7%
Health Care — 8.7%
Diagnosticos da America*	4,400	$	35,142
Fleury	2,500		10,149
Hapvida Participacoes e Investimentos	30,300		75,571
Notre Dame Intermedica Participacoes	4,900		67,094
Odontoprev	4,200		12,687
Qualicorp Consultoria e Corretora de Seguros	2,200		8,071
Rede D’Or Sao Luiz	16,000		199,409
TOTAL BRAZIL			408,123

CHINA — 40.6%
Consumer Discretionary — 1.7%
JD Health International*	8,000		77,177
Consumer Staples — 1.0%
By-health, Cl A	3,600		15,752
DaShenLin Pharmaceutical Group, Cl A	2,040		13,405
Fu Jian Anjoy Foods, Cl A	600		17,849
			47,006
Health Care — 37.9%
3SBio*	6,500		6,388
Aier Eye Hospital Group, Cl A	12,537		103,730
AK Medical Holdings	4,000		5,570
Akeso*	2,000		10,996
Alphamab Oncology*	3,000		6,798
Apeloa Pharmaceutical, Cl A	2,800		16,564
Ascentage Pharma Group International*	600		2,663
BeiGene*	2,900		82,329
Beijing Tiantan Biological Products, Cl A	3,320		16,466
Beijing Wantai Biological Pharmacy Enterprise, Cl A	1,400		48,156
Betta Pharmaceuticals, Cl A	1,000		14,504
BGI Genomics, Cl A*	1,000		13,559
Burning Rock Biotech ADR*	175		3,129

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
CanSino Biologics, Cl H*	400	$	14,130
Changchun High & New Technology Industry Group, Cl A	900		38,301
China Evergrande New Energy Vehicle Group* (A)	28,000		10,862
China Medical System Holdings	6,000		10,945
China Resources Medical Holdings	3,000		2,436
Chongqing Zhifei Biological Products, Cl A	3,813		93,931
CStone Pharmaceuticals*	3,000		4,154
Everest Medicines*	500		3,160
Gan & Lee Pharmaceuticals, Cl A	1,300		15,945
Genetron Holdings ADR*	210		2,908
Genscript Biotech*	4,000		15,415
Guangzhou Kingmed Diagnostics Group, Cl A	1,100		17,456
Hangzhou Tigermed Consulting, Cl H	300		6,386
Hansoh Pharmaceutical Group	14,000		35,609
Huadong Medicine, Cl A	4,040		18,578
Hualan Biological Engineering, Cl A	4,390		18,978
Humanwell Healthcare Group, Cl A	4,000		12,495
Hygeia Healthcare Holdings	1,400		10,449
I-Mab ADR*	173		12,541
Immunotech Biopharm*	1,000		2,004
InnoCare Pharma*	3,000		8,112
Innovent Biologics*	3,500		33,945
Intco Medical Technology, Cl A	1,350		12,264
Jacobio Pharmaceuticals Group*	1,800		4,338
Jiangsu Hengrui Medicine, Cl A	15,319		119,224
Jinxin Fertility Group*	6,000		8,941
JW Cayman Therapeutics*	1,000		1,917
Kangji Medical Holdings	3,000		4,000
Kintor Pharmaceutical*	500		3,356
Legend Biotech ADR*	279		14,106
Lepu Medical Technology Beijing, Cl A	4,122		17,135
Livzon Pharmaceutical Group, Cl H	700		2,572
Microport Cardioflow Medtech*	5,000		4,008
Microport Scientific	5,000		28,196
Nanjing King-Friend Biochemical Pharmaceutical, Cl A	3,042		16,968
Ocumension Therapeutics*	1,500		3,607
Ovctek China, Cl A	1,500		18,979
Peijia Medical*	2,000		5,241
Ping An Healthcare and Technology*	2,800		18,200
Remegen, Cl H*	500		6,333

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
Shandong Weigao Group Medical Polymer, Cl H	12,000	$	21,458
Shanghai Fosun Pharmaceutical Group, Cl H	1,500		7,717
Shanghai Junshi Biosciences, Cl H*	600		3,052
Shanghai Pharmaceuticals Holding, Cl H	2,300		4,467
Shanghai RAAS Blood Products, Cl A	16,700		17,647
Shenzhen Kangtai Biological Products, Cl A	1,600		27,302
Shenzhen Mindray Bio-Medical Electronics, Cl A	2,900		173,182
Shenzhen Salubris Pharmaceuticals, Cl A*	2,400		10,765
Shijiazhuang Yiling Pharmaceutical, Cl A	3,920		10,101
Sihuan Pharmaceutical Holdings Group	22,000		4,691
Simcere Pharmaceutical Group	6,000		5,256
Sinopharm Group, Cl H	3,200		8,345
Topchoice Medical, Cl A*	800		37,437
Venus MedTech Hangzhou, Cl H*	1,000		5,164
Viva Biotech Holdings	4,500		3,538
Walvax Biotechnology, Cl A	3,500		34,262
WuXi AppTec, Cl H	998		23,345
Wuxi Biologics Cayman*	10,281		167,066
Yunnan Baiyao Group, Cl A	2,900		43,940
Zai Lab*	200		21,555
Zhangzhou Pientzehuang Pharmaceutical, Cl A	1,400		82,039
Zhejiang Jiuzhou Pharmaceutical, Cl A	2,000		17,072
Zhejiang NHU, Cl A	6,120		25,470
Zhejiang Wolwo Bio-Pharmaceutical, Cl A	1,200		10,896
			1,774,744
TOTAL CHINA			1,898,927

HUNGARY — 0.9%
Health Care — 0.9%
Richter Gedeon Nyrt	1,491		40,817
TOTAL HUNGARY			40,817

INDIA — 18.0%
Health Care — 18.0%
Apollo Hospitals Enterprise	1,132		68,346
Aurobindo Pharma	4,657		45,474
Biocon*	9,515		46,493
Cadila Healthcare	8,568		63,700
Cipla	6,379		84,525
Divi’s Laboratories	2,124		137,314
Dr Reddy’s Laboratories	1,340		88,109
Glenmark Pharmaceuticals	2,279		15,672

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
Laurus Labs	4,254	$	35,329
Lupin	3,622		46,434
Sun Pharmaceutical Industries	19,068		210,197
TOTAL INDIA			841,593

INDONESIA — 1.2%
Health Care — 1.2%
Kalbe Farma	379,200		37,887
Mitra Keluarga Karyasehat	118,700		19,075
TOTAL INDONESIA			56,962

MALAYSIA — 4.5%
Health Care — 4.5%
Hartalega Holdings	26,400		38,782
IHH Healthcare	72,600		116,188
Supermax	20,780		11,863
Top Glove	64,500		44,371
TOTAL MALAYSIA			211,204

MEXICO — 0.2%
Health Care — 0.2%
Genomma Lab Internacional, Cl B*	7,900		7,533
TOTAL MEXICO			7,533

SOUTH AFRICA — 2.0%
Health Care — 2.0%
Aspen Pharmacare Holdings	3,634		65,441
Life Healthcare Group Holdings*	11,117		16,840
Netcare*	11,005		11,850
TOTAL SOUTH AFRICA			94,131

SOUTH KOREA — 21.1%
Consumer Staples — 0.1%
Kolmar BNH	225		6,642
Health Care — 21.0%
Alteogen*	340		20,848
Boryung Pharmaceutical	514		7,011
Bukwang Pharmaceutical	603		7,639
Cellivery Therapeutics*	134		5,998
Celltrion*	1,010		221,364
Celltrion Healthcare*	1,189		109,862
Celltrion Pharm*	285		35,216
Chong Kun Dang Pharmaceutical	90		9,160
Daewoong	476		13,368

	Shares	Value
COMMON STOCK (continued)
Health Care (continued)
Daewoong Pharmaceutical	88	$	10,814
DongKook Pharmaceutical	358		6,985
Genexine*	181		10,915
Green Cross	96		26,878
Green Cross Holdings	373		9,939
Hanmi Pharm	95		22,065
Hanmi Science	528		27,693
Hugel*	108		15,771
LegoChem Biosciences*	200		8,235
MedPacto*	150		7,766
Mezzion Pharma*	71		10,044
Osstem Implant	118		13,345
Sam Chun Dang Pharm*	171		7,193
Samsung Biologics*	308		227,358
Seegene	553		28,351
Shin Poong Pharmaceutical	416		20,097
SillaJen*(B)(C)(D)	261		1,334
SK Biopharmaceuticals*	598		51,517
ST Pharm*	147		11,782
Yuhan	549		28,516
Yungjin Pharmaceutical*	1,463		6,215
			983,279
TOTAL SOUTH KOREA			989,921

THAILAND — 2.8%
Health Care — 2.8%
Bangkok Chain Hospital	20,500		12,966
Bangkok Dusit Medical Services, Cl F	124,700		84,030
Bumrungrad Hospital	6,300		26,347
Chularat Hospital	82,800		9,201
TOTAL THAILAND			132,544
TOTAL COMMON STOCK (Cost $4,905,790)			4,681,755

SHORT-TERM INVESTMENT(E)(F) — 0.2%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%	10,332		10,332
TOTAL SHORT-TERM INVESTMENT (Cost $10,332)			10,332
TOTAL INVESTMENTS — 100.2% (Cost $4,916,122)			4,692,087
OTHER ASSETS LESS LIABILITIES — (0.2)%			(9,088	)
NET ASSETS — 100%		$	4,682,999

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

(A)

This security or a partial position of this security is on loan at September 30, 2021. The total market value of securities on loan at September 30, 2021 was $9,777.

(B)

(C)

Level 3 security in accordance with fair value hierarchy.

(D)

Security considered illiquid. The total value of such securities as of September 30, 2021 was $1,334 and represents 0.0% of Net Assets.

(E)

The rate shown is the 7-day effective yield as of September 30, 2021.

(F)

This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2021 was $10,332.

ADR — American Depositary Receipt

Cl — Class

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^		Total
Common Stock
Brazil	$	408,123	$	—	$	—	$	408,123
China
Consumer Discretionary		77,177		—		—		77,177
Consumer Staples		47,006		—		—		47,006
Health Care		1,769,580		5,164		—		1,774,744
Hungary		40,817		—		—		40,817
India		841,593		—		—		841,593
Indonesia		56,962		—		—		56,962
Malaysia		211,204		—		—		211,204
Mexico		7,533		—		—		7,533
South Africa		94,131		—		—		94,131
South Korea
Consumer Staples		6,642		—		—		6,642
Health Care		760,581		221,364		1,334		983,279
Thailand		132,544		—		—		132,544
Total Common Stock		4,453,893		226,528		1,334		4,681,755
Short-Term Investment		10,332		—		—		10,332
Total Investments in Securities	$	4,464,225	$	226,528	$	1,334	$	4,692,087

Amounts designated as “—” are $0 or have been rounded to $0.

	Shares	Value
COMMON STOCK — 94.9%‡
BRAZIL — 4.1%
Communication Services — 0.1%
Telefonica Brasil	3,200	$	25,176
Consumer Discretionary — 0.4%
Americanas	720		4,086
Lojas Renner	4,750		30,005
Magazine Luiza	25,600		67,372
			101,463
Consumer Staples — 0.6%
Ambev	30,400		85,360
BRF*	2,400		11,932
JBS	4,800		32,655
Raia Drogasil	8,000		34,312
			164,259
Energy — 0.6%
Petroleo Brasileiro	24,800		128,121
Ultrapar Participacoes	4,800		12,985
			141,106
Financials — 0.6%
B3 – Brasil Bolsa Balcao	33,600		78,560
Banco Bradesco	7,898		25,888
Banco do Brasil	5,600		29,701
Banco Santander Brasil	2,400		15,579
BB Seguridade Participacoes	4,000		14,645
			164,373

	Shares	Value
COMMON STOCK (continued)
Industrials — 0.5%
CCR	6,400	$	13,742
Localiza Rent a Car	3,220		32,189
Rumo*	6,400		19,721
WEG	9,600		69,821
			135,473
Materials — 1.2%
Klabin*	4,000		17,772
Suzano	3,200		32,018
Vale	19,200		268,643
			318,433
Utilities — 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo	1,600		11,326
Equatorial Energia	4,000		18,609
			29,935
TOTAL BRAZIL			1,080,218

CHILE — 0.5%
Consumer Discretionary — 0.1%
Falabella	4,110		14,371
Energy — 0.1%
Empresas COPEC	2,144		17,766
Financials — 0.2%
Banco de Chile	138,306		12,737
Banco de Credito e Inversiones	280		10,204
Banco Santander Chile	365,450		18,282
			41,223
Materials — 0.0%
Empresas CMPC	6,941		13,058
Utilities — 0.1%
Enel Americas	156,873		18,531
Enel Chile	154,643		7,311
			25,842
TOTAL CHILE			112,260

COLOMBIA — 0.1%
Energy — 0.1%
Ecopetrol	26,664		19,124
Financials — 0.0%
Bancolombia	1,234		10,670
TOTAL COLOMBIA			29,794

	Shares	Value
COMMON STOCK (continued)
CZECH REPUBLIC — 0.2%
Financials — 0.1%
Komercni banka as	388	$	15,729
Utilities — 0.1%
CEZ	828		26,979
TOTAL CZECH REPUBLIC			42,708

EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE*	9,661		26,217
TOTAL EGYPT			26,217

GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization	1,328		24,964
TOTAL GREECE			24,964

HUNGARY — 0.4%
Energy — 0.1%
MOL Hungarian Oil & Gas	1,984		16,540
Financials — 0.3%
OTP Bank PLC	1,216		71,403
TOTAL HUNGARY			87,943

INDIA — 16.6%
Communication Services — 0.4%
Bharti Airtel*	12,323		114,269
Consumer Discretionary — 1.0%
Bajaj Auto	448		23,132
Eicher Motors	720		27,065
Mahindra & Mahindra	4,024		43,535
Maruti Suzuki India	680		67,224
Tata Motors*	10,005		44,932
Titan	1,712		49,861
			255,749
Consumer Staples — 1.3%
Dabur India	2,888		24,008
Godrej Consumer Products	1,984		27,528
Hindustan Unilever	4,998		181,922
ITC	24,011		76,389
Nestle India	128		33,532
			343,379

	Shares	Value
COMMON STOCK (continued)
Energy — 2.7%
Bharat Petroleum	4,176	$	24,315
Indian Oil	12,008		20,270
Oil & Natural Gas	7,686		14,963
Reliance Industries	18,470		626,864
			686,412
Financials — 4.3%
Axis Bank	15,208		157,054
Bajaj Finance	1,280		132,231
Bajaj Finserv	208		49,842
Housing Development Finance	10,955		406,498
ICICI Bank	26,852		253,534
Piramal Enterprises	440		15,387
State Bank of India	12,003		73,253
			1,087,799
Health Care — 0.5%
Aurobindo Pharma	1,440		14,061
Dr Reddy’s Laboratories	624		41,030
Sun Pharmaceutical Industries	5,998		66,119
			121,210
Industrials — 0.3%
Larsen & Toubro	3,200		73,416
Information Technology — 4.4%
HCL Technologies	7,205		124,201
Infosys ADR	25,267		562,191
Tata Consultancy Services	5,998		305,086
Tech Mahindra	2,544		47,317
Wipro	10,003		85,452
			1,124,247
Materials — 1.3%
Asian Paints	1,696		74,136
Grasim Industries	1,808		40,664
Hindalco Industries	6,526		42,900
JSW Steel	4,736		42,640
UltraTech Cement	640		63,770
UPL	2,984		28,450
Vedanta	7,270		28,173
			320,733

	Shares	Value
COMMON STOCK (continued)
Utilities — 0.4%
GAIL India	11,210	$	23,990
NTPC	14,417		27,551
Power Grid Corp of India	17,080		43,697
			95,238
TOTAL INDIA			4,222,452

INDONESIA — 2.2%
Communication Services — 0.4%
Telkom Indonesia Persero	367,800		94,825
Consumer Discretionary — 0.2%
Astra International	159,800		61,408
Consumer Staples — 0.1%
Charoen Pokphand Indonesia	50,400		22,625
Unilever Indonesia	52,000		14,351
			36,976
Energy — 0.1%
United Tractors	12,000		21,799
Financials — 1.4%
Bank Central Asia	69,600		170,201
Bank Mandiri Persero	144,000		61,876
Bank Negara Indonesia Persero	53,600		20,129
Bank Rakyat Indonesia Persero	399,800		107,545
			359,751
TOTAL INDONESIA			574,759

MALAYSIA — 2.1%
Communication Services — 0.2%
DiGi.Com	24,000		25,511
Maxis	24,000		26,886
			52,397
Consumer Discretionary — 0.1%
Genting	16,000		19,262
Consumer Staples — 0.1%
Sime Darby Plantation	18,400		15,734
Financials — 1.1%
CIMB Group Holdings	64,000		73,073
Hong Leong Bank	4,000		18,058
Malayan Banking	44,816		86,174
Public Bank	104,000		101,106
			278,411

	Shares	Value
COMMON STOCK (continued)
Health Care — 0.1%
IHH Healthcare	16,000	$	25,606
Materials — 0.2%
Petronas Chemicals Group	24,000		49,875
Utilities — 0.3%
Petronas Gas	4,000		16,071
Tenaga Nasional	29,600		68,441
			84,512
TOTAL MALAYSIA			525,797

MEXICO — 3.3%
Communication Services — 0.9%
America Movil	224,700		199,714
Grupo Televisa	16,000		35,451
			235,165
Consumer Staples — 1.0%
Fomento Economico Mexicano	13,600		118,646
Grupo Bimbo, Ser A	8,800		24,861
Wal-Mart de Mexico	34,200		116,744
			260,251
Financials — 0.5%
Grupo Financiero Banorte, Cl O	17,600		113,570
Grupo Financiero Inbursa, Cl O*	12,000		11,296
			124,866
Industrials — 0.2%
Grupo Aeroportuario del Pacifico, Cl B	1,600		18,690
Grupo Aeroportuario del Sureste, Cl B	1,160		21,782
			40,472
Materials — 0.6%
Cemex	99,800		72,332
Grupo Mexico	23,200		93,039
			165,371
Real Estate — 0.1%
Fibra Uno Administracion†	22,400		25,514
TOTAL MEXICO			851,639

PERU — 0.6%
Financials — 0.2%
Credicorp	565		62,681
Materials — 0.4%
Cia de Minas Buenaventura SAA ADR*	4,565		30,860
Southern Copper	1,345		75,508
			106,368
TOTAL PERU			169,049

	Shares	Value
COMMON STOCK (continued)
PHILIPPINES — 1.1%
Financials — 0.1%
BDO Unibank	16,780	$	36,382
Industrials — 0.5%
Ayala	2,400		38,440
JG Summit	29,415		37,482
SM Investments	2,400		46,579
			122,501
Real Estate — 0.5%
Ayala Land	79,800		52,407
SM Prime	112,000		71,908
			124,315
TOTAL PHILIPPINES			283,198

POLAND — 1.2%
Communication Services — 0.1%
CD Projekt	480		23,183
Consumer Discretionary — 0.1%
LPP	8		29,814
Energy — 0.2%
Polski Koncern Naftowy Orlen	2,240		46,264
Financials — 0.7%
Bank Polska Kasa Opieki	1,320		34,253
Powszechna Kasa Oszczednosci Bank Polski*	6,598		70,179
Powszechny Zaklad Ubezpieczen	4,798		44,098
Santander Bank Polska	256		19,352
			167,882
Materials — 0.1%
KGHM Polska Miedz	920		36,522
TOTAL POLAND			303,665

QATAR — 1.2%
Financials — 1.0%
Masraf Al Rayan	30,027		36,938
Qatar Islamic Bank	8,805		44,134
Qatar National Bank	31,216		164,182
			245,254
Industrials — 0.2%
Industries Qatar	14,001		59,411
TOTAL QATAR			304,665

RUSSIA — 5.9%
Communication Services — 0.1%
Mobile TeleSystems PJSC ADR	2,786		26,857

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary — 0.1%
X5 Retail Group GDR	664	$	21,539
Consumer Staples — 0.1%
Magnit PJSC GDR	1,936		32,621
Energy — 3.5%
Gazprom PJSC	66,360		329,625
LUKOIL PJSC	2,760		262,861
Novatek PJSC GDR	560		140,000
Rosneft Oil PJSC	7,600		64,321
Tatneft PJSC	12,234		88,799
			885,606
Financials — 1.3%
Sberbank of Russia PJSC	73,480		344,054
Materials — 0.8%
Alrosa PJSC	14,000		25,586
MMC Norilsk Nickel PJSC	496		148,558
Novolipetsk Steel PJSC	6,560		19,554
Severstal PJSC	1,120		23,387
			217,085
TOTAL RUSSIA			1,527,762

SOUTH AFRICA — 5.9%
Communication Services — 0.6%
MTN Group	11,214		105,365
MultiChoice Group	2,272		17,241
Vodacom Group	3,400		32,551
			155,157
Consumer Discretionary — 2.1%
Absa Group	4,800		48,708
Mr Price Group	1,296		17,333
Naspers, Cl N	2,756		456,604
Woolworths Holdings	5,260		20,649
			543,294
Consumer Staples — 0.4%
Bid	2,240		48,032
Clicks Group	1,344		24,808
Shoprite Holdings	2,248		26,709
Tiger Brands	872		10,854
			110,403
Energy — 0.1%
Exxaro Resources	1,392		14,899
Financials — 1.8%
Capitec Bank	756		91,408

	Shares	Value
COMMON STOCK (continued)
Financials (continued)
Discovery	1,952	$	17,759
FirstRand	29,926		128,317
Nedbank Group	2,680		31,184
Old Mutual	26,406		29,083
Remgro	2,840		25,644
Sanlam	9,733		41,352
Standard Bank Group	8,807		83,814
			448,561
Industrials — 0.4%
Bidvest Group	1,792		23,345
Sasol	3,720		70,575
			93,920
Materials — 0.4%
Anglo American Platinum	276		23,929
AngloGold Ashanti	2,640		41,714
Gold Fields	4,328		35,464
			101,107
Real Estate — 0.1%
Growthpoint Properties†	16,010		15,217
NEPI Rockcastle	2,152		14,953
			30,170
TOTAL SOUTH AFRICA			1,497,511

SOUTH KOREA — 20.7%
Communication Services — 2.3%
Kakao	1,757		175,106
NAVER	1,000		327,703
NCSoft	120		61,115
SK Telecom	104		28,460
			592,384
Consumer Discretionary — 2.1%
Coway	288		18,049
Fila Holdings	256		9,221
Hyundai Mobis	456		97,439
Hyundai Motor	1,000		168,919
Kangwon Land	648		15,680
Kia	2,000		137,162
LG Electronics	760		81,842
			528,312
Consumer Staples — 0.8%
Amorepacific	284		42,816
E-MART	104		14,449

	Shares	Value
COMMON STOCK (continued)
Consumer Staples (continued)
KT&G	1,125	$	77,154
LG Household & Health Care	64		72,270
			206,689
Energy — 0.5%
SK Innovation	424		94,899
S-Oil	248		23,040
			117,939
Financials — 1.9%
DB Insurance	272		14,611
Hana Financial Group	2,398		93,976
Industrial Bank of Korea	1,392		12,345
KB Financial Group	2,862		133,673
Samsung Fire & Marine Insurance	365		72,445
Samsung Life Insurance	376		23,309
Shinhan Financial Group	3,062		104,480
Woori Financial Group	2,614		25,721
			480,560
Health Care — 0.9%
Celltrion*	592		129,750
Celltrion Healthcare*	272		25,132
Samsung Biologics*	117		86,367
			241,249
Industrials — 1.1%
Hyundai Engineering & Construction	432		18,754
Hyundai Heavy Industries Holdings	240		13,115
Korea Shipbuilding & Offshore Engineering*	208		17,919
LG	885		69,514
Samsung C&T	777		81,047
Samsung Heavy Industries*	2,390		12,515
SK Holdings	315		71,301
			284,165
Information Technology — 9.2%
LG Display	1,184		18,950
Samsung Electro-Mechanics	539		80,804
Samsung Electronics	26,790		1,676,638
Samsung SDI	360		218,311
Samsung SDS	184		24,943
SK Hynix	3,750		326,224
			2,345,870

	Shares	Value
COMMON STOCK (continued)
Materials — 1.6%
Hyundai Steel	432	$	17,276
Korea Zinc	40		16,993
LG Chemical	320		209,730
Lotte Chemical	96		19,581
POSCO	544		151,622
			415,202
Utilities — 0.3%
Korea Electric Power	3,394		67,507
TOTAL SOUTH KOREA			5,279,877

TAIWAN — 25.5%
Communication Services — 1.0%
Chunghwa Telecom	32,000		126,918
Far EasTone Telecommunications	21,000		46,356
Taiwan Mobile	21,000		74,546
			247,820
Consumer Staples — 0.6%
President Chain Store	8,000		80,400
Uni-President Enterprises	32,000		78,448
			158,848
Energy — 0.1%
Formosa Petrochemical	8,000		28,485
Financials — 5.1%
Cathay Financial Holding	48,000		99,754
Chailease Holding	10,575		93,370
Chang Hwa Commercial Bank	121,445		71,706
China Development Financial Holding	146,000		74,414
CTBC Financial Holding	96,000		78,907
E.Sun Financial Holding	94,539		89,244
First Financial Holding	98,255		79,526
Fubon Financial Holding	52,800		145,359
Hua Nan Financial Holdings	83,720		61,302
Mega Financial Holding	64,000		73,624
Shanghai Commercial & Savings Bank*	50,000		79,683
Shin Kong Financial Holding	246,000		82,205
SinoPac Financial Holdings	56,000		27,939
Taishin Financial Holding	163,411		106,162
Taiwan Cooperative Financial Holding	86,052		68,260
Yuanta Financial Holding	95,280		84,471
			1,315,926

	Shares	Value
COMMON STOCK (continued)
Industrials — 0.3%
Far Eastern New Century	70,000	$	74,999
Information Technology — 16.1%
ASE Technology Holding	26,000		101,721
Asustek Computer	8,000		93,466
AU Optronics	82,000		51,948
Catcher Technology	8,000		48,097
Delta Electronics	16,000		144,721
Hon Hai Precision Industry	88,000		331,652
Innolux	48,000		29,289
Lite-On Technology	35,000		78,516
MediaTek	8,000		259,866
Novatek Microelectronics	8,000		117,729
Pegatron	28,000		67,335
Quanta Computer	24,000		66,762
Taiwan Semiconductor Manufacturing	124,000		2,581,433
United Microelectronics	64,000		147,018
			4,119,553
Materials — 2.3%
Asia Cement	32,000		52,375
China Steel	109,000		142,018
Formosa Chemicals & Fibre	23,000		69,263
Formosa Plastics	32,000		130,364
Nan Ya Plastics	40,000		131,369
Taiwan Cement	40,370		73,899
			599,288
TOTAL TAIWAN			6,544,919

THAILAND — 1.9%
Communication Services — 0.2%
Advanced Info Service	8,000		46,342
Consumer Staples — 0.3%
CP ALL	40,000		75,070
Energy — 0.5%
PTT	84,000		96,823
PTT Exploration & Production	11,200		38,894
			135,717
Financials — 0.2%
Siam Commercial Bank	14,400		51,923
Health Care — 0.1%
Bangkok Dusit Medical Services, Cl F	28,000		18,868
Industrials — 0.2%
Airports of Thailand	34,400		62,019

	Shares	Value
COMMON STOCK (continued)
Materials — 0.3%
PTT Global Chemical	18,400	$	34,396
Siam Cement	3,200		38,020
			72,416
Real Estate — 0.1%
Central Pattana	10,400		16,291
TOTAL THAILAND			478,646

TURKEY — 0.5%
Consumer Staples — 0.2%
BIM Birlesik Magazalar	5,598		40,264
Energy — 0.1%
Turkiye Petrol Rafinerileri	1,600		20,639
Financials — 0.2%
Akbank	40,008		24,002
Turkiye Garanti Bankasi	32,012		33,294
			57,296
TOTAL TURKEY			118,199

UNITED ARAB EMIRATES — 0.7%
Communication Services — 0.2%
Emirates Telecommunications Group PJSC	9,325		60,979
Financials — 0.4%
Abu Dhabi Commercial Bank PJSC	11,141		22,718
First Abu Dhabi Bank PJSC	15,211		73,629
			96,347
Real Estate — 0.1%
Emaar Properties PJSC	18,822		20,907
TOTAL UNITED ARAB EMIRATES			178,233
TOTAL COMMON STOCK (Cost $23,843,341)			24,264,475

PREFERRED STOCK — 3.7%
BRAZIL— 2.1%
Energy — 0.5%
Petroleo Brasileiro(A)	27,200		135,928
Financials — 1.4%
Banco Bradesco(A)	33,374		127,582
Itau Unibanco Holding(A)	31,200		165,651
Itausa(A)	28,800		58,880
			352,113
Materials — 0.1%
Gerdau(A)	5,600		27,851

	Shares	Value
PREFERRED STOCK (continued)
Utilities — 0.1%
Cia Energetica de Minas Gerais(A)	5,381	$	13,854
TOTAL BRAZIL			529,746

CHILE— 0.1%
Materials — 0.1%
Sociedad Quimica y Minera de Chile(A)	666		35,883

COLOMBIA— 0.1%
Financials — 0.1%
Bancolombia(A)	2,456		21,262

RUSSIA— 0.1%
Energy — 0.1%
Surgutneftegas PJSC(A)	37,600		20,818

SOUTH KOREA — 1.3%
Information Technology — 1.3%
Samsung Electronics(A)	5,596		328,954
TOTAL PREFERRED STOCK (Cost $987,560)			936,663

RIGHTS — 0.0%
INDIA — 0.0%
Communication Services — 0.0%
Bharti Airtel, Expires 10/28/2021*	880		1,818
TOTAL INDIA			1,818

SOUTH KOREA — 0.0%
Industrials — 0.0%
Hyundai Engineering & Construction, Expires 10/22/2021*	9		579
Samsung Heavy Industries, Expires 11/5/2021*	791		715
TOTAL SOUTH KOREA			1,294

TAIWAN — 0.0%
Financials — 0.0%
Fubon Financial Holding, Expires 10/25/2021*	1,830		1,169
Fubon Financial Holding, Expires 10/25/2021*	1,113		—
TOTAL TAIWAN			1,169
TOTAL RIGHTS (Cost $–)			4,281
TOTAL INVESTMENTS — 98.6% (Cost $24,830,901)			25,205,419
OTHER ASSETS LESS LIABILITIES — 1.4%			363,016
NET ASSETS — 100%		$	25,568,435

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

†

Real Estate Investment Trust

(A)

Currently, no stated interest rate.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

The following summarizes the market value of the Fund’s investments used as of September 30, 2021, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Brazil	$	1,080,218	$	—	$	—	$	1,080,218
Chile		112,260		—		—		112,260
Colombia		29,794		—		—		29,794
Czech Republic		42,708		—		—		42,708
Egypt		26,217		—		—		26,217
Greece		24,964		—		—		24,964
Hungary		87,943		—		—		87,943
India		4,222,452		—		—		4,222,452
Indonesia		574,759		—		—		574,759
Malaysia		525,797		—		—		525,797
Mexico		851,639		—		—		851,639
Peru		169,049		—		—		169,049
Philippines		283,198		—		—		283,198
Poland		303,665		—		—		303,665
Qatar		304,665		—		—		304,665
Russia		1,527,762		—		—		1,527,762
South Africa		1,497,511		—		—		1,497,511
South Korea
Communication Services		592,384		—		—		592,384
Consumer Discretionary		519,091		9,221		—		528,312
Consumer Staples		206,689		—		—		206,689
Energy		117,939		—		—		117,939
Financials		480,560		—		—		480,560
Health Care		111,499		129,750		—		241,249
Industrials		284,165		—		—		284,165
Information Technology		2,345,870		—		—		2,345,870
Materials		415,202		—		—		415,202
Utilities		67,507		—		—		67,507
Taiwan		6,544,919		—		—		6,544,919
Thailand		478,646		—		—		478,646
Turkey		118,199		—		—		118,199

Investments in Securities	Level 1		Level 2		Level 3		Total
United Arab Emirates	$	178,233	$	—	$	—	$	178,233
Total Common Stock		24,125,504		138,971		—		24,264,475
Preferred Stock
Brazil		529,746		—		—		529,746
Chile		35,883		—		—		35,883
Colombia		21,262		—		—		21,262
Russia		20,818		—		—		20,818
South Korea		328,954		—		—		328,954
Total Preferred Stock		936,663		—		—		936,663
Rights		4,281		—		—		4,281
Total Investments in Securities	$	25,066,448	$	138,971	$	—	$	25,205,419

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

Amounts designated as “—” are $0 or have been rounded to $0.

	Shares	Value
COMMON STOCK — 99.7%‡
CHINA — 98.6%
Communication Services — 9.2%
Tencent Holdings	15,800	$	936,474
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A	1,400		4,553
			941,027
Consumer Discretionary — 41.2%
Alibaba Group Holding*	44,736		817,180
Baozun ADR*	593		10,395
BYD, Cl A	1,101		42,564
BYD, Cl H	8,000		249,722
Changzhou Xingyu Automotive Lighting Systems, Cl A	200		5,609
China East Education Holdings	5,000		5,158
China Education Group Holdings	8,000		13,791
China Tourism Group Duty Free, Cl A	1,200		48,342
Chongqing Changan Automobile, Cl A	3,720		9,626
Dongfeng Motor Group, Cl H*	26,000		23,212
Fuyao Glass Industry Group, Cl A	1,200		7,856
Fuyao Glass Industry Group, Cl H	5,600		29,962
Geely Automobile Holdings	59,000		169,391
Great Wall Motor, Cl A	1,300		10,595
Great Wall Motor, Cl H	31,500		116,132
Guangdong Xinbao Electrical Appliances Holdings, Cl A	500		1,423
Guangzhou Automobile Group, Cl H	28,000		24,746
Hangzhou Robam Appliances, Cl A	600		3,142
HengTen Networks Group*	32,000		9,496

	Shares	Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Joyoung, Cl A*	400	$	1,346
Kuang-Chi Technologies, Cl A*	1,300		4,524
Li Auto ADR*	5,263		138,364
Li Ning	22,500		260,561
Liaoning Cheng Da, Cl A	900		3,444
Meituan, Cl B*	30,400		963,003
Minth Group	8,000		27,336
NIO ADR*	12,783		455,458
Shenzhen Overseas Chinese Town, Cl A	4,900		5,687
Shenzhou International Group Holdings	8,400		178,906
Suning.com, Cl A*	5,500		4,252
TCL Technology Group, Cl A	8,200		7,954
Tongcheng-Elong Holdings*	9,200		22,242
Topsports International Holdings	16,000		18,292
Vipshop Holdings ADR*	4,455		49,629
Weifu High-Technology Group, Cl A	500		1,602
Wuchan Zhongda Group, Cl A	3,000		3,012
Xiamen Intretech, Cl A	300		1,566
XPeng ADR, Cl A*	3,841		136,509
Yadea Group Holdings	12,000		19,608
Yum China Holdings	4,215		244,934
Zhongsheng Group Holdings	6,000		48,326
			4,194,897
Consumer Staples — 3.5%
Angel Yeast, Cl A	600		4,664
By-health, Cl A	1,100		4,813
China Feihe	36,000		60,766
China Mengniu Dairy	31,000		199,707
Dali Foods Group	20,000		12,075
Fu Jian Anjoy Foods, Cl A	200		5,950
Inner Mongolia Yili Industrial Group, Cl A	3,600		21,029
Uni-President China Holdings	13,000		12,374
Want Want China Holdings	47,000		35,561
			356,939
Energy — 0.1%
Offshore Oil Engineering, Cl A	2,600		1,930
Yantai Jereh Oilfield Services Group, Cl A	600		4,501
			6,431
Financials — 14.1%
China Construction Bank, Cl A	5,700		5,272
China Construction Bank, Cl H	960,000		688,124

	Shares	Value
COMMON STOCK (continued)
Financials (continued)
China Merchants Bank, Cl H	39,500	$	314,847
Huaxia Bank, Cl A	7,500		6,473
Industrial Bank, Cl A	12,000		34,025
Ping An Insurance Group of China, Cl A	5,200		38,964
Ping An Insurance Group of China, Cl H	51,500		352,280
			1,439,985
Health Care — 11.4%
3SBio*	12,000		11,792
Alibaba Health Information Technology*	10,000		14,387
CanSino Biologics, Cl A*	58		3,045
CanSino Biologics, Cl H*	800		28,261
China Medical System Holdings	13,000		23,713
China National Medicines, Cl A	500		2,271
China Resources Pharmaceutical Group	15,000		7,380
China Resources Sanjiu Medical & Pharmaceutical, Cl A	600		2,629
CSPC Pharmaceutical Group	87,800		105,342
Genscript Biotech*	12,000		46,245
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A	900		4,151
Guangzhou Kingmed Diagnostics Group, Cl A	300		4,761
Hansoh Pharmaceutical Group	12,000		30,522
Hutchmed China ADR*	773		28,300
Jafron Biomedical, Cl A	500		4,537
Jinxin Fertility Group*	12,000		17,881
Microport Scientific	5,800		32,708
Ovctek China, Cl A	580		7,339
Pharmaron Beijing, Cl A	400		13,351
Pharmaron Beijing, Cl H	1,300		31,111
Shandong Weigao Group Medical Polymer, Cl H	28,000		50,068
Shanghai Fosun Pharmaceutical Group, Cl A	1,200		9,724
Shanghai Fosun Pharmaceutical Group, Cl H	5,000		25,724
Shanghai Pharmaceuticals Holding, Cl A	1,100		3,260
Shanghai Pharmaceuticals Holding, Cl H	7,500		14,567
Topchoice Medical, Cl A*	200		9,359
WuXi AppTec, Cl A	1,520		35,986
WuXi AppTec, Cl H	3,200		74,855
Wuxi Biologics Cayman*	31,000		503,748
Yunnan Baiyao Group, Cl A	700		10,606
Zhejiang Jiuzhou Pharmaceutical, Cl A	500		4,268
			1,161,891

	Shares	Value
COMMON STOCK (continued)
Industrials — 5.7%
51job ADR*	292	$	20,303
Air China, Cl A*	3,900		4,496
Air China, Cl H*	18,000		11,908
Beijing Capital International Airport, Cl H*	16,000		9,434
China Communications Services, Cl H	20,000		11,099
China Conch Venture Holdings	16,000		74,094
China Eastern Airlines, Cl A*	6,600		4,817
China Everbright Environment Group	34,000		25,681
China Lesso Group Holdings	11,000		17,634
China Southern Airlines, Cl A*	7,300		6,538
China Southern Airlines, Cl H*	16,000		9,043
CITIC	58,000		61,840
Contemporary Amperex Technology, Cl A	1,400		114,041
Eve Energy, Cl A	1,100		16,878
Fosun International	24,000		29,196
Gotion High-tech, Cl A*	800		5,887
Jiangsu Zhongtian Technology, Cl A	1,800		2,538
Ming Yang Smart Energy Group, Cl A	1,100		4,252
NARI Technology, Cl A	3,180		17,693
Shanghai Electric Group, Cl A	7,200		5,801
Shanghai M&G Stationery, Cl A	600		6,320
Shenzhen Inovance Technology, Cl A	1,550		15,130
Shenzhen International Holdings	12,000		15,446
Sinotrans, Cl A	2,600		2,200
Sinotruk Hong Kong	6,500		9,686
Sungrow Power Supply, Cl A	800		18,392
Xinjiang Goldwind Science & Technology, Cl A	1,900		5,119
Xinjiang Goldwind Science & Technology, Cl H	7,200		15,168
Yutong Bus, Cl A	1,400		2,458
Zhejiang Chint Electrics, Cl A*	1,200		10,524
Zhejiang Expressway, Cl H	14,000		11,546
Zhejiang Weixing New Building Materials, Cl A	1,000		2,617
Zoomlion Heavy Industry Science and Technology	13,200		11,819
Zoomlion Heavy Industry Science and Technology, Cl A*	4,400		5,624
			585,222
Information Technology — 3.2%
360 Security Technology, Cl A*	4,100		7,547
AAC Technologies Holdings	7,000		33,405
GoerTek, Cl A	2,000		13,356
Kingdee International Software Group*	26,000		87,005

	Shares	Value
COMMON STOCK (continued)
Information Technology (continued)
Lenovo Group	72,000	$	77,414
Unisplendour, Cl A	1,651		6,380
Xinyi Solar Holdings	48,000		98,409
			323,516
Materials — 1.3%
BBMG, Cl A	4,900		2,141
China Jushi, Cl A	2,286		6,227
China Molybdenum, Cl A	10,400		9,733
China Molybdenum, Cl H	33,000		20,560
Ganfeng Lithium, Cl A	700		17,672
Ganfeng Lithium, Cl H	2,400		42,668
GEM, Cl A	2,700		4,677
Lee & Man Paper Manufacturing	13,000		9,569
Skshu Paint, Cl A	240		3,719
Transfar Zhilian, Cl A	1,800		2,323
Zhejiang Huayou Cobalt, Cl A	700		11,215
			130,504
Real Estate — 6.0%
A-Living Smart City Services, Cl H	5,500		19,571
China Aoyuan Group	12,000		6,336
China Jinmao Holdings Group	56,000		20,142
China Merchants Property Operation & Service, Cl A	700		1,691
China Merchants Shekou Industrial Zone Holdings, Cl A	4,800		9,624
China Overseas Land & Investment	37,000		84,317
China Vanke, Cl A	6,100		20,141
China Vanke, Cl H	17,700		48,430
CIFI Ever Sunshine Services Group	10,000		19,937
CIFI Holdings Group	32,000		21,786
Country Garden Services Holdings	15,000		118,502
Greenland Holdings, Cl A	5,060		3,685
Greentown Service Group	14,000		15,107
Guangzhou R&F Properties	16,400		12,598
Hopson Development Holdings	6,300		22,417
Jinke Properties Group, Cl A	3,100		2,478
Kaisa Group Holdings	27,000		7,353
KWG Group Holdings	13,000		12,708
Logan Group	14,000		14,639
Longfor Group Holdings	18,500		85,315
Poly Developments and Holdings Group, Cl A	7,200		15,652
Poly Property Services, Cl H	1,400		8,345

	Shares	Value
COMMON STOCK (continued)
Real Estate (continued)
Shenzhen Investment	26,000	$	6,546
Shimao Group Holdings	12,500		22,898
Zhenro Properties Group	13,000		7,097
			607,315
Utilities — 2.9%
Beijing Enterprises Water Group	42,000		16,510
China Gas Holdings	30,000		88,636
China Resources Gas Group	10,000		52,539
ENN Energy Holdings	8,100		133,602
ENN Natural Gas, Cl A	1,000		2,832
Sichuan Chuantou Energy, Cl A	2,200		4,898
			299,017
TOTAL CHINA			10,046,744

HONG KONG — 0.9%
Consumer Staples — 0.1%
Vinda International Holdings	4,000		11,818
Health Care — 0.8%
Sino Biopharmaceutical	99,000		82,154
TOTAL HONG KONG			93,972

SINGAPORE — 0.2%
Industrials — 0.2%
BOC Aviation	2,100		17,589
TOTAL SINGAPORE			17,589
TOTAL COMMON STOCK (Cost $10,919,805)			10,158,305
TOTAL INVESTMENTS — 99.7% (Cost $10,919,805)			10,158,305
OTHER ASSETS LESS LIABILITIES — 0.3%			32,241
NET ASSETS — 100%		$	10,190,546

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of September 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

	Shares	Value
EXCHANGE – TRADED FUND — 3.8%
Schwab Short-Term U.S. Treasury ETF‡	694,950	$	35,574,490
TOTAL EXCHANGE – TRADED FUND (Cost $35,641,385)			35,574,490

U.S. TREASURY OBLIGATION(A) — 2.7%
United States Treasury Bills^
0.060%, 07/14/2022	25,000,000		24,986,594
TOTAL U.S. TREASURY OBLIGATION (Cost $24,988,083)			24,986,594

TOTAL INVESTMENTS — 6.5% (Cost $60,629,468)			60,561,084
OTHER ASSETS LESS LIABILITIES — 93.5%			865,488,980
NET ASSETS — 100%		$	926,050,064

Type of Contract	Number of Contracts	Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
Long Contracts
ICE ECX Emission 2021^	8,533	Dec-2021	$	528,064,155	$	610,566,632	$	99,960,877
ICE ECX Emission 2021^	709	Dec-2022		44,199,736		51,076,595		8,335,995
RGGI VINTAGE 2021^	6,629	Dec-2021		57,016,312		73,581,900		16,565,589
CA Carbon^	5,523	Dec-2021		118,506,722		151,385,430		32,878,708
CA Carbon^	1,315	Dec-2022		29,637,690		37,556,400		7,918,710
EUR FX 2021^	523	Dec-2021		77,940,676		75,835,000		(2,105,676	)
			$	855,365,291	$	1,000,001,957	$	163,554,203

Security is held by the KFA Global Carbon Subsidiary, Ltd. as of September 30, 2021.

‡

For financial information on the Schwab Short-Term U.S. Treasury ETF, please go to the Securities Exchange Commission’s website at http://www.sec.gov.

(A)

The rate reported on the Schedule of Investments is the effective yield at time of purchase.

CA — California

ECX — European Climate Exchange

ETF — Exchange-Traded Fund

EUR — Euro

ICE — Intercontinental Exchange

RGGI — Regional Greenhouse Gas Initiative

	Shares	Value
COMMON STOCK — 100.0%‡
CHINA — 88.7%
Information Technology — 88.7%
Advanced Micro-Fabrication Equipment China, Cl A*	118,283	$	2,782,051
Avary Holding Shenzhen, Cl A	464,085		2,396,646
BOE Technology Group, Cl A	8,123,730		6,356,498
BYD Electronic International	596,000		2,101,597
Chaozhou Three-Circle Group, Cl A	378,864		2,177,852
Foxconn Industrial Internet, Cl A	3,978,274		7,162,619
GDS Holdings ADR*	32,538		1,841,976
Gigadevice Semiconductor Beijing, Cl A	102,900		2,311,663
GoerTek, Cl A	740,722		4,946,563
Guangzhou Shiyuan Electronic Technology, Cl A	147,248		1,787,555
Hangzhou Silan Microelectronics, Cl A	262,900		2,325,529
Ingenic Semiconductor, Cl A	105,912		2,108,722
JCET Group, Cl A	354,821		1,763,110
Luxshare Precision Industry, Cl A	1,385,405		7,665,450
Maxscend Microelectronics, Cl A	40,193		2,192,119
Montage Technology, Cl A	247,619		2,279,369
National Silicon Industry Group, Cl A*	542,086		2,407,218
NAURA Technology Group, Cl A	99,718		5,650,120
Sanan Optoelectronics, Cl A	1,036,309		5,088,415
Shenzhen Transsion Holdings, Cl A	169,705		3,707,531
Sunny Optical Technology Group	264,400		6,955,884
Unigroup Guoxin Microelectronics, Cl A	136,300		4,367,344
Will Semiconductor Shanghai, Cl A	176,671		6,641,176
Wingtech Technology, Cl A	326,455		4,737,492
Yealink Network Technology, Cl A	191,680		2,413,077
Zhejiang Dahua Technology, Cl A	622,511		2,287,877
Zhejiang Jingsheng Mechanical & Electrical, Cl A	320,120		3,191,776
ZTE, Cl H	1,427,000		4,692,722
TOTAL CHINA			104,339,951

	Shares	Value

COMMON STOCK — 100.0%‡
CHINA — 100.0%
Consumer Discretionary — 41.1%
ANTA Sports Products	121,000	$	2,281,773
China Tourism Group Duty Free, Cl A	62,700		2,525,875
Ecovacs Robotics, Cl A	57,733		1,358,792
Gree Electric Appliances of Zhuhai, Cl A*	367,500		2,206,481
Haidilao International Holding	105,000		401,270
Haier Smart Home, Cl A	368,600		1,493,475
Hangzhou Robam Appliances, Cl A	48,200		252,426
Hisense Home Appliances Group, Cl H	35,000		37,947
Li Ning	232,500		2,692,462
Midea Group, Cl A	305,865		3,298,451
Oppein Home Group, Cl A	26,300		533,294
Yum China Holdings	37,206		2,162,041
Zhejiang Supor, Cl A*	36,200		261,993
			19,506,280
Consumer Staples — 58.9%
China Mengniu Dairy	276,000		1,778,038
Chongqing Brewery, Cl A*	21,636		439,927
Dali Foods Group	245,500		148,221
Foshan Haitian Flavouring & Food, Cl A	108,160		1,843,446
Henan Shuanghui Investment & Development, Cl A	295,935		1,244,908
Hengan International Group	70,500		377,647
Inner Mongolia Yili Industrial Group, Cl A	374,400		2,186,997
Jiangsu King’s Luck Brewery JSC, Cl A	73,200		513,784
Jiangsu Yanghe Brewery Joint-Stock, Cl A	89,500		2,303,093
Kweichow Moutai, Cl A	25,000		7,088,627
Luzhou Laojiao, Cl A	63,800		2,190,394
Muyuan Foods, Cl A	213,992		1,720,822
Shanxi Xinghuacun Fen Wine Factory, Cl A	26,600		1,300,325
Sichuan Swellfun, Cl A	18,400		362,498

	Shares	Value
COMMON STOCK — 93.6%‡
CHINA — 84.7%
Communication Services — 24.7%
Autohome, Cl A*	5,500	$	62,527
Baidu, Cl A*	2,450		46,705
Bilibili, Cl Z*	600		39,077
China Literature*	6,200		47,308
Kingsoft	12,400		49,459
Kuaishou Technology, Cl B*	15,100		160,414
NetEase	4,100		69,258
Tencent Holdings	3,800		225,228
			699,976
Consumer Discretionary — 33.8%
Alibaba Group Holding*	8,700		158,920
Haier Smart Home, Cl H	30,800		108,606
JD Health International*	13,650		131,684
JD.com, Cl A*	6,050		220,095
Meituan, Cl B*	7,400		234,415
Tongcheng-Elong Holdings*	17,200		41,582
Trip.com Group*	2,000		60,324
			955,626
Financials — 1.4%
ZhongAn Online P&C Insurance, Cl H*	10,000		41,171

Health Care — 4.3%
Alibaba Health Information Technology*	62,000		89,201
Ping An Healthcare and Technology*	5,000		32,500
			121,701
Information Technology — 20.5%
AAC Technologies Holdings	10,500		50,108
BYD Electronic International	11,500		40,551
GDS Holdings, Cl A*	4,000		28,518
Kingdee International Software Group*	33,000		110,429

	Shares	Value
COMMON STOCK (continued)
Information Technology (continued)
Lenovo Group	100,000	$	107,519
Ming Yuan Cloud Group Holdings	11,000		38,152
Sunny Optical Technology Group	6,200		163,111
Weimob*	28,000		40,572
			578,960
TOTAL CHINA			2,397,434

HONG KONG — 8.9%
Information Technology — 8.9%
ASM Pacific Technology	4,200		46,480
Hua Hong Semiconductor*	9,000		46,707
Xiaomi, Cl B*	58,000		159,070
TOTAL HONG KONG			252,257
TOTAL COMMON STOCK (Cost $3,075,912)			2,649,691
TOTAL INVESTMENTS — 93.6% (Cost $3,075,912)			2,649,691
OTHER ASSETS LESS LIABILITIES — 6.4%			179,880
NET ASSETS — 100%		$	2,829,571

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

Cl — Class

As of September 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

	Shares	Value
COMMON STOCK — 99.6%‡
CHINA — 99.6%
Consumer Discretionary — 6.6%
Autel Intelligent Technology, Cl A	210,645	$	2,307,499
Beijing Roborock Technology, Cl A	31,207		3,418,216
Ninebot*	74,155		929,523
Tianneng Battery Group, Cl A	125,135		850,778
			7,506,016
Health Care — 15.7%
Bloomage Biotechnology, Cl A	84,258		2,425,910
BrightGene Bio-Medical Technology, Cl A	239,900		1,061,597
CanSino Biologics, Cl A*	40,295		2,115,206
Micro-Tech Nanjing, Cl A	46,813		1,872,157
Qingdao Haier Biomedical, Cl A	148,420		2,610,113
Sansure Biotech, Cl A	42,128		364,100
Shanghai Haohai Biological Technology, Cl A	48,378		1,414,760
Shanghai Junshi Biosciences, Cl A*	88,789		744,265
Shanghai MicroPort Endovascular MedTech Group, Cl A	33,692		1,430,370
Shenzhen Chipscreen Biosciences, Cl A*	287,881		1,676,258
Suzhou Zelgen Biopharmaceutical*	168,515		1,704,994
Xiamen Amoytop Biotech, Cl A	95,212		399,200
			17,818,930
Industrials — 11.3%
Guangdong Jia Yuan Technology Shares, Cl A	189,128		4,164,391
Ningbo Ronbay New Energy Technology, Cl A	314,128		5,260,452
Pylon Technologies, Cl A	53,094		1,657,645
Zhejiang HangKe Technology, Cl A	141,375		1,812,640
			12,895,128
Information Technology — 58.0%
3peak, Cl A	27,772		2,745,831
Advanced Micro-Fabrication Equipment China, Cl A*	287,923		6,772,035
Amlogic Shanghai, Cl A*	240,556		3,883,037
Anji Microelectronics Technology Shanghai, Cl A	31,074		1,133,763

	Shares	Value
COMMON STOCK (continued)
Information Technology (continued)
Appotronics, Cl A	211,935	$	860,350
Arcsoft, Cl A	237,560		1,512,080
Beijing Kingsoft Office Software, Cl A	215,794		9,473,002
Bestechnic Shanghai, Cl A	27,874		1,106,063
Cambricon Technologies*	42,139		519,849
China Railway Signal & Communication, Cl A*	3,026,611		2,419,788
China Resources Microelectronics, Cl A	308,966		3,295,988
DBAPP Security, Cl A	52,011		2,844,729
Espressif Systems Shanghai, Cl A	46,875		1,520,205
Montage Technology, Cl A	529,433		4,873,507
National Silicon Industry Group, Cl A*	580,503		2,577,815
Qi An Xin Technology Group, Cl A*	87,485		1,110,574
Raytron Technology, Cl A	260,379		3,538,153
Shanghai Bright Power Semiconductor, Cl A	21,778		1,260,317
Shanghai Friendess Electronic Technology, Cl A	35,212		2,393,368
Shenzhen Transsion Holdings, Cl A	280,858		6,135,881
Suzhou HYC Technology, Cl A	46,187		248,540
Trina Solar, Cl A	363,014		3,012,555
UCloud Technology, Cl A*	247,234		1,244,981
Verisilicon Microelectronics Shanghai, Cl A*	57,153		597,565
Willfar Information Technology, Cl A	117,024		410,146
Zhejiang Supcon Technology, Cl A	45,948		600,585
			66,090,707
Materials — 8.0%
Cathay Biotech, Cl A	48,763		1,178,276
Jiangsu Cnano Technology, Cl A	217,065		5,047,585
Western Superconducting Technologies, Cl A	258,199		2,872,434
			9,098,295
TOTAL CHINA			113,409,076
TOTAL COMMON STOCK (Cost $112,346,472)			113,409,076
TOTAL INVESTMENTS — 99.6% (Cost $112,346,472)			113,409,076
OTHER ASSETS LESS LIABILITIES — 0.4%			486,782
NET ASSETS — 100%		$	113,895,858

‡

Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

Non-income producing security.

Cl — Class

As of September 30, 2021, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For the period ended September 30, 2021, there have been no transfers in or out of Level 3.

	KraneShares CICC China Leaders 100 Index ETF		KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A Share ETF
Assets:
Investments at Value	$	14,015,577	$	7,352,149,379	*	$	737,530,023
Cash and Cash Equivalents		73,380		16,319,883			99,734
Foreign Currency at Value		5		—			505,647
Receivable for Capital Shares Sold		—		18,775,482			—
Dividend and Interest Receivable		—		270,584			—
Prepaid Expenses		—		22,365			4,708
Total Assets		14,088,962		7,387,537,693			738,140,112
Liabilities:
Payable for Investment Securities Purchased		—		18,615,479			—
Obligation to Return Securities Lending Collateral		—		396,115,854			—
Payable for Management Fees		8,280		4,120,178			363,300
Payable for Trustees’ Fee		12		10,126			2,185
Payable for Securities Lending Fees		—		27,058			—
Unrealized Depreciation on Spot Contracts		—		170			—
Other Accrued Expenses		165		—			—
Total Liabilities		8,457		418,888,865			365,485
Net Assets	$	14,080,505	$	6,968,648,828		$	737,774,627
Net Assets Consist of:
Paid-in Capital	$	12,970,705	$	8,965,440,581		$	536,378,153
Total Distributable Earnings/(Loss)		1,109,800		(1,996,791,753	)		201,396,474
Net Assets	$	14,080,505	$	6,968,648,828		$	737,774,627
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		450,000		147,850,000			16,100,000
Net Asset Value, Offering and Redemption Price Per Share	$	31.29	$	47.13		$	45.82
Cost of Investments	$	14,109,002	$	9,489,857,760		$	585,521,518
Cost of Foreign Currency		5		—			504,282
*Includes Market Value of Securities on Loan		—		366,756,922			—

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares Bloomberg China Bond Inclusion Index ETF		KraneShares MSCI All China Index ETF			KraneShares MSCI One Belt One Road Index ETF
Assets:
Investments at Value	$	13,305,651	$	22,966,756		$	10,690,464
Cash and Cash Equivalents		459,182		127,139			35,946
Foreign Currency at Value		8,746		5,588			17,101
Dividend and Interest Receivable		212,297		24,946			13,823
Reclaim Receivable		—		83			—
Prepaid Expenses		68		130			48
Total Assets		13,985,944		23,124,642			10,757,382
Liabilities:
Payable for Management Fees		5,526		9,384			6,968
Payable for Trustees’ Fee		28		67			27
Payable for Foreign Capital Gains Tax		—		—			570
Unrealized Depreciation on Spot Contracts		—		1			2
Total Liabilities		5,554		9,452			7,567
Net Assets	$	13,980,390	$	23,115,190		$	10,749,815
Net Assets Consist of:
Paid-in Capital	$	13,359,035	$	25,337,194		$	12,644,783
Total Distributable Earnings/(Loss)		621,355		(2,222,004	)		(1,894,968	)
Net Assets	$	13,980,390	$	23,115,190		$	10,749,815
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		400,000		750,000			350,002
Net Asset Value, Offering and Redemption Price Per Share	$	34.95	$	30.82		$	30.71
Cost of Investments	$	13,331,525	$	25,599,153		$	9,061,862
Cost of Foreign Currency		8,746		5,588			17,081

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares Emerging Markets Consumer Technology Index ETF			KraneShares MSCI China Clean Technology Index ETF			KraneShares Electric Vehicles and Future Mobility Index ETF
Assets:
Investments at Value	$	90,944,497	*	$	184,907,115		$	260,085,783	*
Foreign Currency at Value		2,191,362			23			1,307,359
Cash and Cash Equivalents		—			218,181			4,092,364
Reclaim Receivable		6,006			—			101,814
Dividend and Interest Receivable		5,309			638,166			185,309
Prepaid Expenses		566			962			1,069
Total Assets		93,147,740			185,764,447			265,773,698
Liabilities:
Obligation to Return Securities Lending Collateral		2,960,272			—			3,048,775
Payable to Custodian		2,064,792			—			—
Payable for Foreign Capital Gains Tax		134,671			—			—
Payable for Management Fees		45,779			122,247			147,814
Payable for Securities Lending Fees		370			—			469
Payable for Trustees’ Fee		192			210			386
Unrealized Depreciation on Spot Contracts		53			—			—
Total Liabilities		5,206,129			122,457			3,197,444
Net Assets	$	87,941,611		$	185,641,990		$	262,576,254
Net Assets Consist of:
Paid-in Capital	$	102,268,841		$	196,535,386		$	228,920,980
Total Distributable Earnings/(Loss)		(14,327,230	)		(10,893,396	)		33,655,274
Net Assets	$	87,941,611		$	185,641,990		$	262,576,254
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		3,250,002			4,200,002			5,650,002
Net Asset Value, Offering and Redemption Price Per Share	$	27.06		$	44.20		$	46.47
Cost of Investments	$	101,811,447		$	179,056,512		$	248,450,537
Cost of Foreign Currency		2,205,406			23			1,505,344
*Includes Market Value of Securities on Loan		2,803,108			—			2,948,370

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares MSCI All China Health Care Index ETF			KraneShares Asia Pacific High Yield Bond ETF			KraneShares Emerging Markets Healthcare Index ETF
Assets:
Investments at Value	$	221,505,291	*	$	10,137,904		$	4,692,087	*
Cash and Cash Equivalents		174,510			699,319			7,412
Foreign Currency at Value		5,193			—			873
Dividend and Interest Receivable		98,477			203,326			2,267
Receivable for Investment Securities Sold		—			199,600			—
Prepaid Expenses		1,313			54			32
Total Assets		221,784,784			11,240,203			4,702,671
Liabilities:
Payable for Investment Securities Purchased		—			205,064			—
Obligation to Return Securities Lending Collateral		2,887,105			—			10,332
Payable for Management Fees		111,761			6,341			3,045
Payable for Trustees’ Fee		664			27			32
Payable for Securities Lending Fees		115			—			35
Unrealized Depreciation on Spot Contracts		13			—			—
Payable for Foreign Capital Gains Tax		—			—			6,228
Total Liabilities		2,999,658			211,432			19,672
Net Assets	$	218,785,126		$	11,028,771		$	4,682,999
Net Assets Consist of:
Paid-in Capital	$	205,730,641		$	11,890,891		$	5,231,478
Total Distributable Earnings/(Loss)		13,054,485			(862,120	)		(548,479	)
Net Assets	$	218,785,126		$	11,028,771		$	4,682,999
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		5,850,002			300,001			150,002
Net Asset Value, Offering and Redemption Price Per Share	$	37.40		$	36.76		$	31.22
Cost of Investments	$	224,005,295		$	10,624,357		$	4,916,122
Cost of Foreign Currency		5,178			—			873
*Includes Market Value of Securities on Loan		2,748,364			—			9,777

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares MSCI Emerging Markets ex China Index ETF		KraneShares MSCI China ESG Leaders Index ETF			KraneShares Global Carbon ETF(1)
Assets:
Investments at Value	$	25,205,419	$	10,158,305		$	60,561,084
Cash and Cash Equivalents		224,001		18,202			655,788,440
Foreign Currency at Value		93,076		2,337			88,575,225
Cash Collateral on Futures Contracts		—		—			129,830,807
Dividend and Interest Receivable		50,689		16,693			—
Reclaim Receivable		177		—			—
Receivable for Capital Shares Sold		—		—			2,052,420
Prepaid Expenses		173		65			240
Total Assets		25,573,535		10,195,602			936,808,216
Liabilities:
Payable for Management Fees		4,925		5,010			514,992
Payable for Trustees’ Fee		133		45			456
Unrealized Depreciation on Spot Contracts		42		1			—
Variation Margin Payable on Future Contracts		—		—			10,236,457
Custody Fees Payable		—		—			6,247
Total Liabilities		5,100		5,056			10,758,152
Net Assets	$	25,568,435	$	10,190,546		$	926,050,064
Net Assets Consist of:
Paid-in Capital	$	23,938,186	$	10,811,552		$	777,479,182
Total Distributable Earnings/(Loss)		1,630,249		(621,006	)		148,570,882
Net Assets	$	25,568,435	$	10,190,546		$	926,050,064
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		800,002		350,000			22,650,000
Net Asset Value, Offering and Redemption Price Per Share	$	31.96	$	29.12		$	40.89
Cost of Investments	$	24,830,901	$	10,919,805		$	60,629,468
Cost of Foreign Currency		92,527		2,337			89,196,027

(1)

KraneShares Global Carbon ETF includes the account of the Fund’s Subsidiary, KFA Global Carbon, Subsidiary, Ltd.

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares CICC China 5G & Semiconductor Index ETF			KraneShares CICC China Consumer Leaders Index ETF			KraneShares Hang Seng TECH Index ETF
Assets:
Investments at Value	$	117,575,723		$	47,463,798		$	2,649,691
Cash and Cash Equivalents		3,063,366			432,788			173,325
Foreign Currency at Value		—			2,973			—
Receivable for Investment Securities Sold		1,359,202			14,765			5,922
Receivable for Capital Shares Sold		—			—			944,790
Dividend and Interest Receivable		—			10,732			—
Unrealized Appreciation on Spot Contracts		—			—			16
Receivable for Trustees’ Fee		—			—			5
Prepaid Expenses		844			303			—
Total Assets		121,999,135			47,925,359			3,773,749
Liabilities:
Payable for Investment Securities Purchased		3,135,078			418,685			943,058
Payable for Capital Shares Redeemed		1,215,232			—			—
Payable for Management Fees		65,788			25,606			1,120
Unrealized Depreciation on Spot Contracts		444			92			—
Payable for Trustees’ Fee		372			260			—
Total Liabilities		4,416,914			444,643			944,178
Net Assets	$	117,582,221		$	47,480,716		$	2,829,571
Net Assets Consist of:
Paid-in Capital	$	125,206,943		$	57,873,381		$	3,444,790
Total Distributable Loss		(7,624,722	)		(10,392,665	)		(615,219	)
Net Assets	$	117,582,221		$	47,480,716		$	2,829,571
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		4,850,002			2,000,002			150,001
Net Asset Value, Offering and Redemption Price Per Share	$	24.24		$	23.74		$	18.86
Cost of Investments	$	115,807,003		$	52,194,751		$	3,075,912
Cost of Foreign Currency		—			2,973			—

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares SSE STAR Market 50 Index ETF
Assets:
Investments at Value	$	113,409,076
Cash and Cash Equivalents		435,396
Foreign Currency at Value		132,915
Prepaid Expenses		506
Total Assets		113,977,893
Liabilities:
Payable for Management Fees		81,915
Payable for Trustees’ Fee		120
Total Liabilities		82,035
Net Assets	$	113,895,858
Net Assets Consist of:
Paid-in Capital	$	116,082,570
Total Distributable Loss		(2,186,712	)
Net Assets	$	113,895,858
Outstanding Shares of Beneficial Interest (unlimited authorization – no par value)		4,850,000
Net Asset Value, Offering and Redemption Price Per Share	$	23.48
Cost of Investments	$	112,346,472
Cost of Foreign Currency		132,330

	KraneShares CICC China Leaders 100 Index ETF			KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A Share ETF
Investment Income:
Dividend Income	$	350,689		$	5,018,984		$	12,656,620
Interest Income		1			976			203
Security Lending Income		—			2,020,614			—
Less: Foreign Taxes Withheld		(35,069	)		—			(1,274,473	)
Total Investment Income		315,621			7,040,574			11,382,350
Expenses:
Management Fees†		48,045			17,134,715			3,193,527
Trustees’ Fees		245			84,430			16,342
Security Lending Fees†		—			198,898			—
Insurance Expense		317			24,155			5,163
Total Expenses		48,607			17,442,198			3,215,032
Management Fee Waiver†		—			—			(818,859	)
Net Expenses		48,607			17,442,198			2,396,173
Net Investment Income (Loss)		267,014			(10,401,624	)		8,986,177
Net Realized Gain (Loss) on:
Investments		488,824			33,261,744			51,992,630
Foreign Currency Translations		(11,836	)		(72,749	)		132,233
Net Realized Gain on Investments and Foreign Currency Translations		476,988			33,188,995			52,124,863
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(824,195	)		(2,359,281,387	)		(28,566,360	)
Foreign Currency Translations		—			867			5,310
Net Change in Unrealized Depreciation on Investments and Foreign Currency Translations		(824,195	)		(2,359,280,520	)		(28,561,050	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		(347,207	)		(2,326,091,525	)		23,563,813
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(80,193	)	$	(2,336,493,149	)	$	32,549,990

†

See Note 3 in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares Bloomberg China Bond Inclusion Index ETF			KraneShares MSCI All China Index ETF			KraneShares MSCI One Belt One Road Index ETF
Investment Income:
Dividend Income	$	—		$	380,319		$	319,681
Interest Income		122,717			—			1
Less: Foreign Taxes Withheld		(22,846	)		(29,978	)		(28,457	)
Total Investment Income		99,871			350,341			291,225
Expenses:
Management Fees†		44,048			77,699			41,363
Trustees’ Fees		242			432			200
Insurance Expense		77			145			58
Total Expenses		44,367			78,276			41,621
Management Fee Waiver†		(21,794	)		(22,853	)		—
Net Expenses		22,573			55,423			41,621
Net Investment Income		77,298			294,918			249,604
Net Realized Gain (Loss) on:
Investments		(2,419	)		(1,554	)		460,591
Foreign Currency Translations		103,529			(263	)		(4,550	)
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		101,110			(1,817	)		456,041
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(25,874	)		(2,802,627	)		(55,741	)
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			694
Foreign Currency Translations		98,279			(14	)		158
Net Change in Unrealized Appreciation (Depreciation) on Investments, Accrued Foreign Capital Gains Tax on Appreciated Securities and Foreign Currency Translations		72,405			(2,802,641	)		(54,889	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		173,515			(2,804,458	)		401,152
Net Increase (Decrease) in Net Assets Resulting from Operations	$	250,813		$	(2,509,540	)	$	650,756

†

See Note 3 in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares Emerging Markets Consumer Technology Index ETF			KraneShares MSCI China Clean Technology Index ETF			KraneShares Electric Vehicles and Future Mobility Index ETF
Investment Income:
Dividend Income	$	160,674		$	2,129,937		$	1,259,578
Interest Income		6			21			12
Security Lending Income		48,125			—			102,373
Less: Foreign Taxes Withheld		(41,995	)		(31,675	)		(114,878	)
Total Investment Income		166,810			2,098,283			1,247,085
Expenses:
Management Fees†		405,811			660,602			767,612
Trustees’ Fees		2,097			2,856			3,842
Security Lending Fees†		4,805			—			10,222
Insurance Expense		664			1,047			1,188
Total Expenses		413,377			664,505			782,864
Management Fee Waiver†		(104,055	)		—			—
Net Expenses		309,322			664,505			782,864
Net Investment Income (Loss)		(142,512	)		1,433,778			464,221
Net Realized Gain (Loss) on:
Investments		(952,470	)		(4,359,117	)		20,212,261
Foreign Currency Translations		(9,012	)		(32,059	)		(51,811	)
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(961,482	)		(4,391,176	)		20,160,450
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(15,102,110	)		13,388,898			(1,857,220	)
Accrued Foreign Capital Gains Tax on Appreciated Securities		(134,671	)		—			—
Foreign Currency Translations		(12,835	)		(435	)		(7,181	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Accrued Foreign Capital Gains Tax on Appreciated Securities and Foreign Currency Translations		(15,249,616	)		13,388,463			(1,864,401	)
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		(16,211,098	)		8,997,287			18,296,049
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(16,353,610	)	$	10,431,065		$	18,760,270

†

See Note 3 in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares MSCI All China Health Care Index ETF			KraneShares Asia Pacific High Yield Bond ETF			KraneShares Emerging Markets Healthcare Index ETF
Investment Income:
Dividend Income	$	1,287,965		$	—		$	27,972
Interest Income		19			319,755			3
Security Lending Income		12,429			—			8,333
Less: Foreign Taxes Withheld		(107,959	)		(891	)		(1,959	)
Total Investment Income		1,192,454			318,864			34,349
Expenses:
Management Fees†		917,545			34,499			20,141
Trustees’ Fees		4,588			193			120
Security Lending Fees†		1,228			—			831
Insurance Expense		1,479			62			33
Total Expenses		924,840			34,754			21,125
Management Fee Waiver†		(164,687	)		—			—
Net Expenses		760,153			34,754			21,125
Net Investment Income		432,301			284,110			13,224
Net Realized Gain (Loss) on:
Investments		11,204,292			(253,942	)		(27,255	)
Foreign Currency Translations		5,736			—			(678	)
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		11,210,028			(253,942	)		(27,933	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(19,121,599	)		(459,031	)		(311,475	)
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			313
Foreign Currency Translations		(80	)		—			108
Net Change in Unrealized Depreciation on Investments, Accrued Foreign Capital Gains Tax on Appreciated Securities and Foreign Currency Translations		(19,121,679	)		(459,031	)		(311,054	)
Net Realized and Unrealized Loss on Investments and Foreign Currency Translations		(7,911,651	)		(712,973	)		(338,987	)
Net Decrease in Net Assets Resulting from Operations	$	(7,479,350	)	$	(428,863	)	$	(325,763	)

†

See Note 3 in Notes to Financial Statements.

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares MSCI Emerging Markets ex China Index ETF			KraneShares MSCI China ESG Leaders Index ETF			KraneShares Global Carbon ETF(1)
Investment Income:
Dividend Income	$	502,111		$	179,555		$	29,417
Interest Income		30			—			3,953
Less: Foreign Taxes Withheld		(94,895	)		(10,530	)		—
Total Investment Income		407,246			169,025			33,370
Expenses:
Management Fees†		83,383			35,473			1,836,290
Trustees’ Fees		598			231			5,473
Insurance Expense		194			76			426
Broker Fees		—			—			215,041
Total Expenses		84,175			35,780			2,057,230
Management Fee Waiver†		(50,317	)		—			—
Net Expenses		33,858			35,780			2,057,230
Net Investment Income (Loss)		373,388			133,245			(2,023,860	)
Net Realized Gain (Loss) on:
Investments		540,291			(21,700	)		—
Futures Contracts		—			—			(87,682	)
Foreign Currency Translations		2			(743	)		(12,275,036	)
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Translations		540,293			(22,443	)		(12,362,718	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		95,279			(1,101,064	)		(55,634	)
Accrued Foreign Capital Gains Tax on Appreciated Securities		19,073			—			—
Futures Contracts		—			—			155,722,878
Foreign Currency Translations		682			(7	)		(553,484	)
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Accrued Foreign Capital Gains Tax on Appreciated Securities and Foreign Currency Translations		115,034			(1,101,071	)		155,113,760
Net Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Translations		655,327			(1,123,514	)		142,751,042
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,028,715		$	(990,269	)	$	140,727,182

†

See Note 3 in Notes to Financial Statements.

(1)

KraneShares Global Carbon ETF includes the account of the Fund’s Subsidiary, KFA Global Carbon, Subsidiary, Ltd.

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares CICC China 5G & Semiconductor Index ETF			KraneShares CICC China Consumer Leaders Index ETF			KraneShares Hang Seng TECH Index ETF(1)			KraneShares SSE STAR Market 50 Index ETF
Investment Income:
Dividend Income	$	761,518		$	741,964		$	4,610		$	356,354
Interest Income		22			39			—			2,178
Less: Foreign Taxes Withheld		(70,591	)		(65,624	)		(127	)		(35,878	)
Total Investment Income		690,949			676,379			4,483			322,654
Expenses:
Management Fees†		524,363			179,939			4,591			501,501
Trustees’ Fees		2,492			1,119			13			1,910
Insurance Expense		917			348			—			578
Total Expenses		527,772			181,406			4,604			503,989
Management Fee Waiver†		(94,116	)		—			—			—
Net Expenses		433,656			181,406			4,604			503,989
Net Investment Income (Loss)		257,293			494,973			(121	)		(181,335	)
Net Realized Gain on:
Investments		(875,046	)		(3,507,959	)		(188,740	)		(1,960,987	)
Foreign Currency Translations		(19,788	)		(9,385	)		(153	)		12,393
Net Realized (Loss) on Investments and Foreign Currency Translations		(894,834	)		(3,517,344	)		(188,893	)		(1,948,594	)
Net Change in Unrealized Appreciation on:
Investments		6,876,762			(1,475,165	)		(426,221	)		11,308,335
Foreign Currency Translations		255			(347	)		16			3,680
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		6,877,017			(1,475,512	)		(426,205	)		11,312,015
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Translations		5,982,183			(4,992,856	)		(615,098	)		9,363,421
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,239,476		$	(4,497,883	)	$	(615,219	)	$	9,182,086

†

See Note 3 in Notes to Financial Statements.

(1)

Commenced operations on June 8, 2021.

Amounts designated as “—” are $0 or have been rounded to $0.

	KraneShares CICC China Leaders 100 Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	267,014		$	339,599
Net Realized Gain on Investments and Foreign Currency Translations		476,988			1,039,339
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(824,195	)		1,788,574
Net Increase (Decrease) in Net Assets Resulting from Operations		(80,193	)		3,167,512
Distributions		—			(333,476	)
Capital Share Transactions:(1)
Issued		3,137,813			1,577,028
Redeemed		(1,540,136	)		(8,120,748	)
Increase (Decrease) in Net Assets from Capital Share Transactions		1,597,677			(6,543,720	)
Total Increase (Decrease) in Net Assets		1,517,484			(3,709,684	)
Net Assets:
Beginning of Period		12,563,021			16,272,705
End of Period	$	14,080,505		$	12,563,021
Share Transactions:
Issued		100,000			50,000
Redeemed		(50,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			(250,000	)

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares CSI China Internet ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Loss	$	(10,401,624	)	$	(12,142,438	)
Net Realized Gain on Investments and Foreign Currency Translations		33,188,995			759,673,198
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,359,280,520	)		393,639,091
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,336,493,149	)		1,141,169,851
Distributions		—			(10,272,264	)
Capital Share Transactions:(1)
Issued		6,190,451,628			2,135,821,640
Redeemed		(547,569,684	)		(1,918,097,016	)
Increase in Net Assets from Capital Share Transactions		5,642,881,944			217,724,624
Total Increase in Net Assets		3,306,388,795			1,348,622,211
Net Assets:
Beginning of Period		3,662,260,033			2,313,637,822
End of Period	$	6,968,648,828		$	3,662,260,033
Share Transactions:
Issued		109,900,000			28,550,000
Redeemed		(10,500,000	)		(31,300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		99,400,000			(2,750,000	)

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Bosera MSCI China A Share ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	8,986,177		$	5,153,808
Net Realized Gain on Investments and Foreign Currency Translations		52,124,863			30,694,994
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(28,561,050	)		205,309,508
Net Increase in Net Assets Resulting from Operations		32,549,990			241,158,310
Distributions		—			(5,683,472	)
Capital Share Transactions:(1)
Issued		4,592,708			161,140,212
Redeemed		(101,731,802	)		(101,758,942	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(97,139,094	)		59,381,270
Total Increase (Decrease) in Net Assets		(64,589,104	)		294,856,108
Net Assets:
Beginning of Period		802,363,731			507,507,623
End of Period	$	737,774,627		$	802,363,731
Share Transactions:
Issued		100,000			3,850,000
Redeemed		(2,250,000	)		(2,800,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(2,150,000	)		1,050,000

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Bloomberg China Bond Inclusion Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	77,298		$	234,560
Net Realized Gain on Investments and Foreign Currency Translations		101,110			1,035,410
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		72,405			17,022
Net Increase in Net Assets Resulting from Operations		250,813			1,286,992
Distributions		(157,522	)		(312,960	)
Capital Share Transactions:(1)
Issued		1,752,884			1,637,962
Redeemed		—			(3,401,610	)
Increase (Decrease) in Net Assets from Capital Share Transactions		1,752,884			(1,763,648	)
Total Increase (Decrease) in Net Assets		1,846,175			(789,616	)
Net Assets:
Beginning of Period		12,134,215			12,923,831
End of Period	$	13,980,390		$	12,134,215
Share Transactions:
Issued		50,000			50,000
Redeemed		—			(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			(50,000	)

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares MSCI All China Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	294,918		$	59,652
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(1,817	)		614,212
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(2,802,641	)		98,682
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,509,540	)		772,546
Distributions		—			(69,738	)
Capital Share Transactions:(1)
Issued		3,222,789			18,880,596
Redeemed		—			(4,240,586	)
Increase in Net Assets from Capital Share Transactions		3,222,789			14,640,010
Total Increase in Net Assets		713,249			15,342,818
Net Assets:
Beginning of Period		22,401,941			7,059,123
End of Period	$	23,115,190		$	22,401,941
Share Transactions:
Issued		100,000			500,000
Redeemed		—			(150,000	)
Net Increase in Shares Outstanding from Share Transactions		100,000			350,000

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares MSCI One Belt One Road Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	249,604		$	171,221
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		456,041			(155,438	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(54,889	)		3,961,375
Net Increase in Net Assets Resulting from Operations		650,756			3,977,158
Distributions		—			(164,798	)
Capital Share Transactions:(1)
Issued		—			1,450,298
Redeemed		—			(2,268,750	)
Decrease in Net Assets from Capital Share Transactions		—			(818,452	)
Total Increase in Net Assets		650,756			2,993,908
Net Assets:
Beginning of Period		10,099,059			7,105,151
End of Period	$	10,749,815		$	10,099,059
Share Transactions:
Issued		—			50,000
Redeemed		—			(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(50,000	)

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Emerging Markets Consumer Technology Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income (Loss)	$	(142,512	)	$	333,719
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(961,482	)		21,093,998
Net Change in Unrealized Appreciation (Depreciation) on Investments, Accrued Foreign Capital Gains Tax on Appreciated Securities and Foreign Currency Translations		(15,249,616	)		8,849,245
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,353,610	)		30,276,962
Distributions		—			(1,338,886	)
Capital Share Transactions:(1)
Issued		5,731,685			173,316,041
Redeemed		(12,040,740	)		(114,134,410	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(6,309,055	)		59,181,631
Total Increase (Decrease) in Net Assets		(22,662,665	)		88,119,707
Net Assets:
Beginning of Period		110,604,276			22,484,569
End of Period	$	87,941,611		$	110,604,276
Share Transactions:
Issued		200,000			6,050,000
Redeemed		(400,000	)		(3,750,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(200,000	)		2,300,000

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares MSCI China Clean Technology Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income (Loss)	$	1,433,778		$	(316,873	)
Net Realized Loss on Investments and Foreign Currency Translations		(4,391,176	)		(11,476,325	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		13,388,463			(7,419,214	)
Net Increase (Decrease) in Net Assets Resulting from Operations		10,431,065			(19,212,412	)
Distributions		—			(3,785	)
Capital Share Transactions:(1)
Issued		49,969,504			193,801,449
Redeemed		(15,931,910	)		(35,072,442	)
Increase in Net Assets from Capital Share Transactions		34,037,594			158,729,007
Total Increase in Net Assets		44,468,659			139,512,810
Net Assets:
Beginning of Period		141,173,331			1,660,521
End of Period	$	185,641,990		$	141,173,331
Share Transactions:
Issued		1,100,000			4,250,000
Redeemed		(400,000	)		(850,000	)
Net Increase in Shares Outstanding from Share Transactions		700,000			3,400,000

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Electric Vehicles and Future Mobility Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	464,221		$	135,260
Net Realized Gain on Investments and Foreign Currency Translations		20,160,450			5,179,406
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(1,864,401	)		17,031,883
Net Increase in Net Assets Resulting from Operations		18,760,270			22,346,549
Distributions		—			(132,013	)
Capital Share Transactions:(1)
Issued		57,825,742			161,319,449
Redeemed		(12,579,542	)		(2,079,774	)
Increase in Net Assets from Capital Share Transactions		45,246,200			159,239,675
Total Increase in Net Assets		64,006,470			181,454,211
Net Assets:
Beginning of Period		198,569,784			17,115,573
End of Period	$	262,576,254		$	198,569,784
Share Transactions:
Issued		1,250,000			3,900,000
Redeemed		(300,000	)		(100,000	)
Net Increase in Shares Outstanding from Share Transactions		950,000			3,800,000

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Asia Pacific High Yield Bond ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	284,110		$	540,988
Net Realized Loss on Investments		(253,942	)		(205,922	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(459,031	)		905,654
Net Increase (Decrease) in Net Assets Resulting from Operations		(428,863	)		1,240,720
Distributions		(246,756	)		(688,389	)
Capital Share Transactions:(1)
Issued		1,918,409			1,959,913
Redeemed		—			(3,923,289	)
Increase (Decrease) in Net Assets from Capital Share Transactions		1,918,409			(1,963,376	)
Total Increase (Decrease) in Net Assets		1,242,790			(1,411,045	)
Net Assets:
Beginning of Period		9,785,981			11,197,026
End of Period	$	11,028,771		$	9,785,981
Share Transactions:
Issued		50,000			50,000
Redeemed		—			(100,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		50,000			(50,000	)

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Emerging Markets Healthcare Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income (Loss)	$	13,224		$	(1,726	)
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(27,933	)		273,950
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(311,054	)		83,915
Net Increase (Decrease) in Net Assets Resulting from Operations		(325,763	)		356,139
Distributions		—			(820	)
Capital Share Transactions:(1)
Issued		—			5,219,345
Redeemed		—			(1,608,536	)
Increase in Net Assets from Capital Share Transactions		—			3,610,809
Total Increase (Decrease) in Net Assets		(325,763	)		3,966,128
Net Assets:
Beginning of Period		5,008,762			1,042,634
End of Period	$	4,682,999		$	5,008,762
Share Transactions:
Issued		—			150,000
Redeemed		—			(50,000	)
Net Increase in Shares Outstanding from Share Transactions		—			100,000

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares MSCI Emerging Markets ex China Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income	$	373,388		$	126,665
Net Realized Gain on Investments and Foreign Currency Translations		540,293			301,212
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		115,034			882,805
Net Increase in Net Assets Resulting from Operations		1,028,715			1,310,682
Distributions		—			(49,799	)
Capital Share Transactions:(1)
Issued		14,892			27,889,564
Redeemed		(6,466,320	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(6,451,428	)		27,889,564
Total Increase (Decrease) in Net Assets		(5,422,713	)		29,150,447
Net Assets:
Beginning of Period		30,991,148			1,840,701
End of Period	$	25,568,435		$	30,991,148
Share Transactions:
Issued		—			900,000
Redeemed		(200,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(200,000	)		900,000

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares MSCI China ESG Leaders Index ETF
	Period Ended September 30, 2021 (unaudited)			Period Ended March 31, 2021(1)
Operations:
Net Investment Income (Loss)	$	133,245		$	(13,529	)
Net Realized Gain (Loss) on Investments and Foreign Currency Translations		(22,443	)		73,451
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(1,101,071	)		339,564
Net Increase (Decrease) in Net Assets Resulting from Operations		(990,269	)		399,486
Distributions		—			(30,223	)
Capital Share Transactions:(2)
Issued		—			12,469,264
Redeemed		(1,657,712	)		—
Increase (Decrease) in Net Assets from Capital Share Transactions		(1,657,712	)		12,469,264
Total Increase (Decrease) in Net Assets		(2,647,981	)		12,838,527
Net Assets:
Beginning of Period		12,838,527			—
End of Period	$	10,190,546		$	12,838,527
Share Transactions:
Issued		—			400,000
Redeemed		(50,000	)		—
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		400,000

(1)

Commenced operations on July 28, 2020.

(2)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Global Carbon ETF
	Period Ended September 30, 2021 (unaudited)			Period Ended March 31, 2021(1)
Operations:
Net Investment Loss	$	(2,023,860	)	$	(90,649	)
Net Realized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Translations		(12,362,718	)		183,582
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts and Foreign Currency Translations		155,113,760			7,750,767
Net Increase in Net Assets Resulting from Operations		140,727,182			7,843,700
Capital Share Transactions:(2)
Issued		691,621,972			85,857,210
Increase in Net Assets from Capital Share Transactions		691,621,972			85,857,210
Total Increase in Net Assets		832,349,154			93,700,910
Net Assets:
Beginning of Period		93,700,910			—
End of Period	$	926,050,064		$	93,700,910
Share Transactions:
Issued		19,350,000			3,300,000
Net Increase in Shares Outstanding from Share Transactions		19,350,000			3,300,000

(1)

Commenced operations on July 29, 2020.

(2)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares CICC China 5G & Semiconductor Index ETF
	Period Ended September 30, 2021 (unaudited)			Period Ended March 31, 2021(1)
Operations:
Net Investment Income (Loss)	$	257,293		$	(290,882	)
Net Realized Loss on Investments and Foreign Currency Translations		(894,834	)		(8,532,575	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		6,877,017			(5,108,667	)
Net Increase (Decrease) in Net Assets Resulting from Operations		6,239,476			(13,932,124	)
Capital Share Transactions:(2)
Issued		7,828,341			165,052,118
Redeemed		(15,365,747	)		(32,239,843	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(7,537,406	)		132,812,275
Total Increase (Decrease) in Net Assets		(1,297,930	)		118,880,151
Net Assets:
Beginning of Period		118,880,151			—
End of Period	$	117,582,221		$	118,880,151
Share Transactions:
Issued		300,001			6,550,002
Redeemed		(600,000	)		(1,400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(299,999	)		5,150,002

(1)

Commenced operations on November 23, 2020.

(2)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares CICC China Consumer Leaders Index ETF
	Period Ended September 30, 2021 (unaudited)			Period Ended March 31, 2021(1)
Operations:
Net Investment Income (Loss)	$	494,973		$	(63,121	)
Net Realized Loss on Investments and Foreign Currency Translations		(3,517,344	)		(2,577,536	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(1,475,512	)		(3,255,528	)
Net Decrease in Net Assets Resulting from Operations		(4,497,883	)		(5,896,185	)
Capital Share Transactions:(2)
Issued		8,581,575			68,243,083
Redeemed		(10,822,249	)		(8,127,625	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,240,674	)		60,115,458
Total Increase (Decrease) in Net Assets		(6,738,557	)		54,219,273
Net Assets:
Beginning of Period		54,219,273			—
End of Period	$	47,480,716		$	54,219,273
Share Transactions:
Issued		350,001			2,400,002
Redeemed		(450,000	)		(300,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(99,999	)		2,100,002

(1)

Commenced operations on December 8, 2020.

(2)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

	KraneShares Hang Seng TECH Index ETF			KraneShares SSE STAR Market 50 Index ETF
	Period Ended September 30, 2021(1)			Period Ended September 30, 2021 (unaudited)			Period Ended March 31, 2021(2)
Operations:
Net Investment Loss	$	(121	)	$	(181,335	)	$	(84,299	)
Net Realized Loss on Investments and Foreign Currency Translations		(188,893	)		(1,948,594	)		(1,169,473	)
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(426,205	)		11,312,015			(10,248,557	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(615,219	)		9,182,086			(11,502,329	)
Capital Share Transactions:(3)
Issued		3,444,790			24,349,373			105,224,088
Redeemed		—			(13,357,360	)		—
Increase in Net Assets from Capital Share Transactions		3,444,790			10,992,013			105,224,088
Total Increase in Net Assets		2,829,571			20,174,099			93,721,759
Net Assets:
Beginning of Period		—			93,721,759			—
End of Period	$	2,829,571		$	113,895,858		$	93,721,759
Share Transactions:
Issued		150,001			950,000			4,450,000
Redeemed		—			(550,000	)		—
Net Increase in Shares Outstanding from Share Transactions		150,001			400,000			4,450,000

(1)

Commenced operations on June 8, 2021.

(2)

Commenced operations on January 26, 2021.

(3)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2021 (Unaudited)

For the Years/Periods Ended March 31 (unless otherwise indicated)

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares CICC China Leaders 100 Index ETF(1)
2021***	31.41	0.60	(0.72)	(0.12)	—	—	—
2021	25.03	0.80	6.41	7.21	(0.83)	—	—
2020	28.00	0.06	(2.98)	(2.92)	(0.05)	—	—
2019	33.88	0.66	(2.09)	(1.43)	(0.68)	(3.77)	—
2018(2)	34.06	0.24	7.22	7.46	(0.30)	(7.34)	—
2017	28.02	0.21	6.54	6.75	(0.33)	—	(0.38)
KraneShares CSI China Internet ETF
2021***	75.59	(0.12)	(28.34)	(28.46)	—	—	—
2021	45.19	(0.28)	30.90	30.62	(0.22)	—	—
2020	47.04	(0.02)	(1.79)	(1.81)	(0.04)	—	—
2019	61.11	0.10	(12.90)	(12.80)	(0.01)	(1.26)	—
2018(2)	42.21	(0.19)	19.43	19.24	(0.34)	—	—
2017	35.76	(0.27)	7.13	6.86	(0.30)	—	(0.11)
KraneShares Bosera MSCI China A Share ETF
2021***	43.97	0.51	1.34	1.85	—	—	—
2021	29.51	0.30	14.46	14.76	(0.30)	—	—
2020	31.88	0.47	(2.34)	(1.87)	(0.50)	—	—
2019	34.47	0.60	(2.27)	(1.67)	(0.52)	(0.40)	—
2018(2)	28.38	0.21	6.22	6.43	(0.18)	(0.16)	—
2017	30.37	(0.01)	(0.67)	(0.68)	—	(0.85)	(0.46)
KraneShares Bloomberg China Bond Inclusion Index ETF(9)
2021***	34.67	0.21	0.49	0.70	(0.42)	—	—
2021	32.31	0.60	2.57	3.17	(0.81)	—	—
2020	34.22	0.81	(1.75)	(0.94)	—	—	(0.97)
2019	37.23	1.31	(2.29)	(0.98)	(1.95)	—	(0.08)
2018(2)	32.82	1.07	3.34	4.41	—	—	—
2017	34.18	0.61	(1.96)	(1.35)	—	—	(0.01)

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)	Ratio of Expenses to Average Net Assets (Excluding Waivers) (%)		Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)

—	31.29	(0.38)	14,081	0.69†	0.69	†	3.78†	75††
(0.83)	31.41	28.90	12,563	0.69	0.69		2.68	143
(0.05)	25.03	(10.45)	16,273	0.69	0.69		0.23	126
(4.45)	28.00	(0.62)	2,800	0.70	0.70		2.21	181
(7.64)	33.88	22.57	5,082	0.71(3)	0.71	(3)	0.64	105
(0.71)	34.06	24.54	3,406	0.84	0.84		0.55	86

—	47.13	(37.65)	6,968,649	0.69†(4)	0.69	†(4)	(0.41)†	22††
(0.22)	75.59	67.77	3,662,260	0.70(5)	0.70	(5)	(0.39)	89
(0.04)	45.19	(3.85)	2,313,638	0.73(6)	0.73	(6)	(0.05)	33
(1.27)	47.04	(20.44)	2,074,505	0.75(7)	0.76	(7)	0.20	70
(0.34)	61.11	45.62	1,628,622	0.70(3)	0.70	(3)	(0.33)	29
(0.41)	42.21	19.44	291,257	0.81	0.81		(0.72)	35

—	45.82	4.21	737,775	0.59†	0.79	†	2.19†	12††
(0.30)	43.97	50.00	802,364	0.59	0.79		0.74	35
(0.50)	29.51	(5.98)	507,508	0.59	0.80		1.52	91
(0.92)	31.88	(4.01)	604,035	0.60	0.80		2.05	106
(0.34)	34.47	22.68	353,324	0.60	0.80		0.61	52
(1.31)	28.38	(2.04)	52,494	0.72(8)	0.84	(8)	(0.04)	95

(0.42)	34.95	2.02	13,980	0.35^†	0.68	^†	1.19^†	162††
(0.81)	34.67	9.91	12,134	0.57^	0.69	^	1.80^	—
(0.97)	32.31	(2.75)	12,924	0.57^	0.70	^	2.46^	—
(2.03)	34.22	(2.52)	18,822	0.58^	0.70	^	3.76^	—
—	37.23	13.44	13,030	0.77^(3)(10)	0.89	^(3)(10)	3.10^	—
(0.01)	32.82	(3.95)(11)	9,845	0.95^	1.07	^	1.84^	—

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2021 (Unaudited)

For the Years/Periods Ended March 31 (unless otherwise indicated)

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares MSCI All China Index ETF
2021***	34.46	0.43	(4.07)	(3.64)	—	—	—
2021	23.53	0.22	11.06	11.28	(0.35)	—	—
2020	25.48	0.36	(1.93)	(1.57)	(0.38)	—	—
2019	26.96	0.18	(1.23)	(1.05)	(0.43)	—	—
2018(1)	22.56	0.45	4.28	4.73	(0.33)	—	—
2017	21.66	0.37	1.88	2.25	(0.70)	(0.47)	(0.18)
KraneShares MSCI One Belt One Road Index ETF
2021***	28.85	0.71	1.15	1.86	—	—	—
2021	17.76	0.48	11.16	11.64	(0.55)	—	—
2020	23.69	0.70	(5.58)	(4.88)	(1.05)	—	—
2019	25.64	0.48	(1.82)	(1.34)	(0.61)	—	—
2018(1)(3)	25.00	0.08	0.59(4)	0.67	(0.03)	—	—
KraneShares Emerging Markets Consumer Technology Index ETF
2021***	32.06	(0.04)	(4.96)	(5.00)	—	—	—
2021	19.55	0.11	13.14	13.25	(0.74)	—	—
2020	22.94	0.10	(3.07)	(2.97)	(0.42)	—	—
2019	26.48	—	(3.54)	(3.54)	—	—	—
2018(1)(6)	25.00	(0.03)	1.51(4)	1.48	—	—	—
KraneShares MSCI China Clean Technology Index ETF(8)
2021***	40.34	0.37	3.49	3.86	—	—	—
2021	16.60	(0.28)	24.02	23.74	—#	—	—
2020	20.28	0.70	(3.29)	(2.59)	(1.09)	—	—
2019	23.86	0.39	(3.61)	(3.22)	(0.36)	—	—
2018(1)(9)	25.00	(0.09)	(1.05)	(1.14)	—	—	—
KraneShares Electric Vehicles and Future Mobility Index ETF
2021***	19.02	0.09	27.36	27.45	—	—	—
2021	19.02	0.08	23.21	23.29	(0.06)	—	—
2020	20.64	0.33	(1.51)	(1.18)	(0.44)	—	—
2019	23.30	0.21	(2.62)	(2.41)	(0.25)	—	—
2018(1)(11)	25.00	0.02	(1.72)	(1.70)	—	—	—

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)	Ratio of Expenses to Average Net Assets (Excluding Waivers) (%)	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)

—	30.82	(3.96)	23,115	0.49†	0.69†	2.58†	—††
(0.35)	34.46	47.97	22,402	0.49	0.69	0.67	45
(0.38)	23.53	(6.30)	7,059	0.49	0.69	1.47	7
(0.43)	25.48	(3.52)	6,370	0.67	0.69	0.74	62
(0.33)	26.96	20.99	2,696	0.63^(2)	0.72^(2)	1.75^	3
(1.35)	22.56	11.24	2,256	0.37^	0.73^	1.70^	25

—	30.71	6.45	10,750	0.78†	0.78†	4.71†	22††
(0.55)	28.85	65.82	10,099	0.79	0.79	2.07	39
(1.05)	17.76	(21.78)	7,105	0.80	0.80	3.03	30
(0.61)	23.69	(4.94)	21,322	0.79	0.79	2.05	72
(0.03)	25.64	2.67	32,048	0.79^†(2)(5)	0.80^†(2)(5)	0.52^†(5)	1††

—	27.06	(15.60)	87,942	0.59†	0.79†	(0.27)†	29††
(0.74)	32.06	67.85	110,604	0.59	0.79	0.36	112
(0.42)	19.55	(13.29)	22,485	0.81	0.81	0.46	56
—	22.94	(13.37)	28,680	0.80	0.80	(0.02)	119
—	26.48	5.92	23,828	0.79†(2)(7)	0.79†(2)(7)	(0.23)†(7)	—††

—	44.20	9.57	185,642	0.78†	0.78†	1.69†	29††
—	40.34	143.03	141,173	0.78	0.78	(0.65)	164
(1.09)	16.60	(13.17)	1,661	0.79	0.79	3.81	53
(0.36)	20.28	(13.28)	4,056	0.79	0.80	1.92	147
—	23.86	(4.56)	7,158	0.78†(2)(10)	0.79†(2)(10)	(0.78)†(10)	36††

—	46.47	9.99	262,576	0.69†	0.69†	0.41†	95††
(0.06)	42.25	122.46	198,570	0.70	0.70	0.21	81
(0.44)	19.02	(6.15)	17,116	0.72	0.72	1.57	53
(0.25)	20.64	(10.19)	33,026	0.70	0.70	0.98	74
—	23.30	(6.80)	26,798	0.70†(12)	0.70†(12)	0.43†(12)	18††

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2021 (Unaudited)

For the Years/Periods Ended March 31 (unless otherwise indicated)

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares MSCI All China Health Care Index ETF
2021***	38.30	0.07	(0.97)	(0.90)	—	—	—
2021	23.78	(0.09)	14.61	14.52	—#	—	—
2020	22.29	0.07	1.48	1.55	(0.06)	—	—
2019	26.65	0.02	(4.30)	(4.28)	(0.04)	(0.04)	—
2018(1)(2)	25.00	(0.03)	1.68	1.65	—	—	—
KraneShares Asia Pacific High Yield Bond ETF(4)
2021***	39.14	1.08	(2.53)	(1.45)	(0.93)	—	—
2021	37.32	2.10	2.44	4.54	(2.58)	(0.14)	—
2020	40.73	2.08	(3.49)	(1.41)	(1.81)	(0.19)	—
2019(5)	40.00	1.55	0.67	2.22	(1.31)	—#	(0.18)
KraneShares Emerging Markets Healthcare Index ETF
2021***	33.39	0.09	(2.26)	(2.17)	—	—	—
2021	20.85	(0.02)	12.57	12.55	(0.01)	—	—
2020	22.38	0.01	(1.16)	(1.15)	(0.37)	—	(0.01)
2019(6)	25.00	(0.04)	(2.58)	(2.62)	—#	—	—
KraneShares MSCI Emerging Markets ex China Index ETF
2021***	30.99	0.42	0.55	0.97	—	—	—
2021	18.41	0.55	12.53	13.08	(0.50)	—	—
2020(7)	25.00	0.60	(6.45)	(5.85)	(0.74)	—	—
KraneShares MSCI China ESG Leaders Index ETF
2021***	32.10	0.35	(3.33)	(2.98)	—	—	—
2021(8)	25.00	(0.07)	7.32	7.25	—	(0.15)	—
KraneShares Global Carbon ETF
2021***(9)	28.39	(0.16)	12.66	12.50	—	—	—
2021(9)(11)	20.00	(0.12)	8.51	8.39	—	—	—
KraneShares CICC China 5G & Semiconductor Index ETF
2021***	23.08	0.05	1.11	1.16	—	—	—
2021(12)	25.00	(0.06)	(1.86)	(1.92)	—	—	—
KraneShares CICC China Consumer Leaders Index ETF
2021***	25.82	0.24	(2.32)	(2.08)	—	—	—
2021(13)	25.00	(0.05)	0.87	0.82	—	—	—
KraneShares Hang Seng TECH Index ETF
2021***(14)	25.00	—	(6.14)	(6.14)	—	—	—
KraneShares SSE STAR Market 50 Index ETF
2021***	21.06	(0.04)	2.46	2.42	—	—	—
2021(15)	25.00	(0.03)	(3.91)	(3.94)	—	—	—

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)	Ratio of Expenses to Average Net Assets (Excluding Waivers) (%)	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)

—	37.40	(2.35)	218,785	0.65†	0.79†	0.37†	21††
—	38.30	61.06	214,464	0.65	0.79	(0.25)	45
(0.06)	23.78	6.95	32,110	0.69	0.79	0.32	101
(0.08)	22.29	(15.99)	39,004	0.79	0.79	0.08	71
—	26.65	6.60	3,998	0.82†(3)	0.82†(3)	(0.82)†(3)	—††

(0.93)	36.76	(3.79)	11,029	0.69†	0.69†	5.60†	77††
(2.72)	39.14	12.32	9,786	0.69	0.69	5.32	53
(2.00)	37.32	(3.72)	11,197	0.70	0.70	5.12	70
(1.49)	40.73	5.72	12,220	0.69†	0.69†	5.13†	38††

—	31.22	(6.50)	4,683	0.82†	0.82†	0.51†	16††
(0.01)	33.39	60.18	5,009	0.80	0.80	(0.05)	73
(0.38)	20.85	(5.25)	1,043	0.80	0.80	0.04	61
—	22.38	(10.47)	4,476	0.79†	0.79†	(0.34)†	57††

—	31.96	3.13	25,568	0.24†	0.59†	2.60†	1††
(0.50)	30.99	71.19	30,991	0.30	0.58	1.90	19
(0.74)	18.41	(24.31)	1,841	0.50†	0.60†	2.54†	5††

—	29.12	(9.28)	10,191	0.59†	0.59†	2.18†	42††
(0.15)	32.10	29.05	12,839	0.58†	0.58†	(0.35)†	30††

—	40.89	41.95	926,050	0.87†(10)	0.87†(10)	(0.86)†(10)	—††
—	28.39	41.95	93,701	0.78†	0.78†	(0.72)†	—††

—	24.24	5.03	117,582	0.65†	0.79†	0.38†	31††
—	23.08	(7.68)	118,880	0.64†	0.78†	(0.64)†	59††

—	23.74	(8.06)	47,481	0.69†	0.69†	1.87†	33††
—	25.82	3.28	54,219	0.68†	0.68†	(0.63)†	50††

—	18.86	(24.56)	2,830	0.68†	0.68†	(0.02)†	28††

—	23.48	11.49	113,896	0.88†	0.88†	(0.32)†	38††
—	21.06	(15.76)	93,722	0.88†	0.88†	(0.88)†	12††

1. ORGANIZATION

KraneShares Trust (the “Trust”) is a Delaware Statutory Trust formed on February 3, 2012. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. As of September 30, 2021, the Trust had thirty one operational series. The financial statements herein and the related notes pertain to the following 19 series: KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion Index ETF (formerly KraneShares E Fund China Commercial Paper ETF), KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Yield Bond ETF (formerly, KraneShares CCBS China Corporate High Yield Bond USD Index ETF), KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares Global Carbon ETF, KraneShares CICC China 5G & Semiconductor ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF (each, a “Fund” and collectively, the “Funds”). Each Fund, other than KraneShares Bosera MSCI China A Share ETF, KraneShares MSCI All China Index ETF and KraneShares MSCI Emerging Markets ex China Index ETF, is a non-diversified Fund. KraneShares Bosera MSCI China A Share ETF, KraneShares MSCI All China Index ETF and KraneShares MSCI Emerging Markets ex China Index ETF are diversified Funds, as defined under Section 5(b)(1) of the Investment Company Act of 1940. Krane Funds Advisors, LLC (“Krane” or the ‘‘Adviser’’), a Delaware limited liability company, serves as the investment adviser for the Funds and is subject to the supervision of the Board of Trustees (the ‘‘Board’’). The Adviser is responsible for managing the investment activities of the Funds, the Funds’ business affairs and other administrative matters. The Adviser may use sub-advisers (each, a “Sub-Adviser” or collectively, the “Sub-Advisers”) to perform the day-to-day management of the Funds.

China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited owns a majority stake in Krane. Central Huijin Investment Limited, a mainland Chinese-domiciled entity, and HKSCC Nominees Limited, currently holds approximately 40.2% and 30.7%, respectively, of the shares of China International Capital Corporation Limited. Central Huijin Investment Limited is a wholly-owned subsidiary of China Investment Corporation, which is a mainland Chinese sovereign wealth fund. KFA One Holdings, LLC, located at 280 Park Avenue 32nd Floor, New York, New York, 10017, holds the remaining equity interests in Krane and Jonathan Krane, through his equity interests in KFA One Holdings, LLC, beneficially owns more than 10% of the equity interests in Krane.

The KFA Global Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares Global Carbon ETF (“Subsidiary”). The Subsidiary is organized under the laws of the Cayman Islands as an exempt limited company. Information regarding the KraneShares Global Carbon ETF and its subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets and Consolidated Financial Highlights.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), (the “Exchange”). Market prices for Fund shares (“Shares”) may be different from their net asset value (“NAV”). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 50,000 or 100,000 Shares or multiples thereof, called “Creation Units”. This does not mean, however,

that individual investors will be able to redeem and purchase Shares directly with the series of the Trust. Only Authorized Participants can redeem and purchase Creation Units of Shares directly. Each Fund will issue and redeem Shares for a basket of securities and/or a balancing cash amount. Individual shares trade in the secondary market at market prices that change throughout the day.

The investment objective of each Fund is to seek investment results that generally correspond (before fees and expenses) to its respective index listed below (each, an “Underlying Index”):

KraneShares Funds		Index
KraneShares CICC China Leaders 100 Index ETF		CSI CICC Select 100 Index
KraneShares CSI China Internet ETF		CSI Overseas China Internet Index
KraneShares Bosera MSCI China A Share ETF		MSCI China A Index
KraneShares Bloomberg China Bond Inclusion Index ETF		Bloomberg China Inclusion Focused Bond Index
KraneShares MSCI All China Index ETF		MSCI China All Shares Index
KraneShares MSCI One Belt One Road Index ETF		MSCI Global China Infrastructure Exposure Index
KraneShares Emerging Markets Consumer Technology Index ETF		Solactive Emerging Markets Consumer Technology Index
KraneShares MSCI China Clean Technology ETF		MSCI China IMI Environment 10/40 Index
KraneShares Electric Vehicles and Future Mobility Index ETF		Solactive Electric Vehicles and Future Mobility Index
KraneShares MSCI All China Health Care Index ETF		MSCI China All Shares Health Care 10/40 Index
KraneShares Emerging Markets Healthcare Index ETF		Solactive Emerging Markets Healthcare Index
KraneShares MSCI Emerging Markets ex China Index ETF		MSCI Emerging Markets ex China Index
KraneShares MSCI China ESG Leaders Index ETF		MSCI China ESG Leaders 10/40 Index
KraneShares CICC China 5G & Semiconductor Index ETF		CICC China 5G & Semiconductor Leaders Index
KraneShares CICC China Consumer Leaders Index ETF		CICC China Consumer Leaders Index
KraneShares Hang Seng TECH Index ETF		Hang Seng TECH Index
KraneShares SSE STAR Market 50 Index ETF		SSE Science and Technology Innovation Board 50 Index

The investment objective of the KraneShares Global Carbon ETF is to seek to provide a total return that, before fees and expenses, exceeds that of the IHS Markit Global Carbon Index over a complete market cycle. The KraneShares Global Carbon ETF is actively managed and does not track an index.

The investment objective of the KraneShares Asia Pacific High Yield Bond ETF is to seek to provide total return that, before fees and expenses, exceeds that of JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index over a complete market cycle. The KraneShares Asia Pacific High Yield Bond ETF is actively managed and does not track an index.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases

and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION — The NAV per share of each Fund is computed by dividing the value of the net assets of a Fund (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares of a Fund outstanding, rounded to the nearest cent. Expenses and fees, including without limitation, the management, administration and distribution fees, are accrued daily and taken into account for purposes of determining NAV. The NAV per share for each Fund normally is calculated by the Administrator and determined as of the regularly scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern Time) on each day that the Exchange is open.

Securities listed on a securities exchange (i.e., exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by a Fund’s independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund’s NAV is calculated if a security’s exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.

If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value.

The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. The exchange rates used for valuation are captured as of the close of the London Stock Exchange each day normally at 4:00 p.m. Greenwich Mean Time. The value of a swap contract is equal to the obligation (or rights) under the swap contract, which will generally be equal to the net amounts to be paid or received under the contract based upon the relative values of the positions held by each party to the contract as determined by the applicable independent, third party pricing agent. Exchange-traded options are valued at the last reported sales price on the exchange on which they are listed. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. Over-the-counter (“OTC”) options are valued based upon prices determined by the applicable independent, third party pricing agent. Futures are valued at the settlement price established by the board of trade on which they are traded. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate and the 30-, 60-, 90- and 180-day forward rates provided by an independent pricing agent. As of and during the period ended September 30, 2021, the Funds did not hold options, swaps or foreign currency forward contracts.

Investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described above).

Securities for which market prices are not ‘‘readily available,’’ or are not deemed to reflect current market values, or are debt securities where no evaluated price is available from the Trust’s third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Trust’s valuation policies and procedures approved by the Board. Some of the more common reasons that may necessitate that a security be valued using ‘‘fair value’’ pricing may include, but are not limited to: the security’s trading has been halted or suspended; the security’s primary trading market is temporarily closed; or the security has not been traded for an extended period of time.

In addition, a Fund may fair value its securities if an event that may materially affect the value of a Fund’s securities that trade outside of the United States (a ‘‘Significant Event’’) has occurred between the time of the security’s last close and the time that a Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Krane becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which a Fund calculates its NAV, it will notify the Administrator and may request that an ad hoc meeting of the Fair Valuation Committee be called.

With respect to trade-halted securities, the Trust typically will fair value a trade-halted security by adjusting the security’s last market close price by the security’s sector performance, as measured by a predetermined index, unless Krane recommends and the Trust’s Fair Valuation Committee determines to make additional adjustments. Certain foreign securities exchanges have mechanisms in place that confine one day’s price movement in an individual security to a pre-determined price range (the “Exchange Range”) based on that day’s opening price (‘‘Collared Securities’’). Fair value determinations for such Collared Securities will generally be capped based on the Exchange Range relevant to that security. As an example, China A-Shares can only be plus or minus ten percent in one day of trading on the relevant mainland China equity exchange. As a result, the fair value price determination for China A-Shares on a given day will generally be capped plus or minus ten percent.

Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could actually be realized upon the sale of the security or that another fund that uses market quotations or its own fair value procedures to price the same securities. In addition, fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Underlying Index. This may adversely affect a Fund’s ability to track the Underlying Index.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day. In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which the Funds’ NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of the Funds’ portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur. Fund shares are purchased or sold on a national securities exchange at market prices, which may be higher or lower than NAV. Transactions in Fund shares will be priced at NAV only if shares are purchased or redeemed directly from a Fund in Creation Units. No secondary sales will be made to brokers or dealers at a concession by the Distributor or by a Fund. Purchases and sales of shares in the secondary market, which will not involve a Fund, will be subject to customary brokerage commissions and charges.

As of September 30, 2021, the total market value of securities valued in accordance with Fair Value Procedures is as follows:

KraneShares Funds	Fair Valued Amount	% of Net Assets
KraneShares Bosera MSCI China A Share ETF	991,703	0.1
KraneShares MSCI All China Index ETF	62,145	0.3
KraneShares MSCI One Belt One Road Index ETF	27,854	0.3
KraneShares MSCI China Clean Technology Index ETF	3,217,509	1.7
KraneShares Electric Vehicles and Future Mobility Index ETF	2,034,902	0.8
KraneShares Emerging Markets Healthcare Index ETF	1,334	0.0

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date.

Level 2 — Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost).

Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, broker quotes, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, refer to each Fund’s Schedule of Investments.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute annually all or substantially all of its taxable income and gains to shareholders. Accordingly, no provisions for federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions in the

current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of September 30, 2021, management of the Funds has reviewed all open tax years since inception and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Interest income is recognized on the accrual basis from the settlement date and includes the amortization of premiums and the accretion of discount calculated using the effective interest method.

Dividend income received from affiliated funds is recognized on the ex-dividend date and is recorded as income distributions in the Statement of Operations. Capital gain distributions received from affiliated funds are recognized on ex-dividend date and are recorded on the Statement of Operations as such. Costs used in determining realized gains and losses on the sales of affiliated funds are on the basis of specific identification. See details on the Statements of Operations.

FOREIGN CURRENCY — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

FUTURES — The KraneShares Global Carbon ETF will utilize the Subsidiary for purposes of investing in carbon credit futures that are the same as or similar to those included in the Index. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract.

As of September 30, 2021, the KraneShares Global Carbon ETF had open futures contracts. Refer to the Fund’s Consolidated Schedule of Investments for details regarding open futures contracts as of September 30, 2021.

For the period ended September 30, 2021, the average monthly notional amount of futures contracts was $ 499,497,808.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund, except for the KraneShares Asia Pacific High Yield Bond ETF and the KraneShares Bloomberg Barclays China Bond Inclusion Index ETF, intends to pay out dividends, if any, at least annually; each of KraneShares Asia Pacific High Yield Bond ETF and the KraneShares Bloomberg China Bond Inclusion Index ETF intend to pay out dividends, if any, at least monthly. The Funds distribute their net investment income at least annually. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.

CASH OVERDRAFT CHARGES — Per the terms of an agreement with Brown Brothers Harriman & Co. (“BBH”),the Funds’ Custodian, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of the London Inter-bank Offered Rate (“LIBOR”) plus 2.00%. Cash overdraft charges are included in “Interest Expense” on the Statements of Operations.

SECURITIES LENDING — The Funds may lend securities from their portfolios to brokers, dealers and other financial institutions. In connection with such loans, a Fund remains the beneficial owner of the loaned securities and continues to receive payments in amounts approximately equal to the interest, dividends or other distributions payable on the loaned securities. A Fund also has the right to terminate a loan at any time. A Fund does not have the right to vote on securities while they are on loan. Loans of portfolio securities will not exceed 33 1/3% of the value of a Fund’s total assets (including the value of all assets received as collateral for the loan). A Fund will receive collateral consisting of cash in the form of U.S. dollars, foreign currency, or securities issued or fully guaranteed by the U.S. Government which will be maintained at all times in an amount equal to at least 102% on domestic securities and 105% on international securities of the current market value of the loaned securities. If the collateral consists of cash, a Fund will reinvest the cash and pay the borrower a pre-negotiated fee or “rebate” from any return earned on the investment. Should the borrower of the securities fail financially, a Fund may experience delays in recovering the loaned securities or exercising its rights in the collateral. In a loan transaction, a Fund will also bear the risk of any decline in value of securities acquired with cash collateral. Krane and a sub-adviser are subject to potential conflicts of interest because the compensation paid to them increases in connection with any net income received by a Fund from a securities lending program. Each Fund pays Krane 10% of any net monthly income received from the investment of cash collateral and loan fees received from borrowers in respect of each securities loan (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers) (see Note 3).

The following table discloses the securities on loan as of September 30, 2021:

KraneShares Funds	Market Value Securities on Loan		Cash Collateral for Securities on Loan
KraneShares CSI China Internet ETF	$	366,756,922	$	396,115,854
KraneShares Emerging Markets Consumer Technology Index ETF		2,803,108		2,960,272
KraneShares Electric Vehicles and Future Mobility Index ETF		2,948,370		3,048,775
KraneShares MSCI All China Health Care Index ETF		2,748,364		2,887,105
KraneShares Emerging Markets Healthcare Index ETF		9,777		10,332

CREATION UNITS — The Funds issue and redeem Shares at NAV and only in large blocks of Shares (each block of Shares for a Fund is a Creation Unit of 50,000 Shares, 100,000 Shares, or multiples thereof). In its discretion, the Trust reserves the right to increase or decrease the number of each Fund’s shares that constitute a Creation Unit.

Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (‘‘DTC’’) participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees when buying or selling Shares. If a Creation Unit is purchased or redeemed for cash, a higher transaction fee may be charged.

The following table discloses Creation Unit breakdown for the period ended September 30, 2021:

KraneShares Funds	Creation Unit Shares	Standard Transaction Fee – Subscriptions		Value at September 30, 2021		Standard Transaction Fee – Redemptions		Maximum Variable Transaction Fee*
KraneShares CICC China Leaders 100 Index ETF	50,000	$	1,700	$	1,564,500	$	1,700	2.00	%
KraneShares CSI China Internet ETF	50,000		500		2,356,500		500	2.00	%
KraneShares Bosera MSCI China A Share ETF	50,000		7,500		2,291,000		7,500	2.00	%
KraneShares Bloomberg China Bond Inclusion Index ETF	50,000		1,000		1,747,500		1,000	2.00	%
KraneShares MSCI All China Index ETF	50,000		4,900		1,541,000		4,900	2.00	%
KraneShares MSCI One Belt One Road Index ETF	50,000		3,600		1,535,500		3,600	2.00	%
KraneShares Emerging Markets Consumer Technology Index ETF	50,000		1,500		1,353,000		1,500	2.00	%
KraneShares MSCI China Clean Technology Index ETF	50,000		800		2,210,000		800	2.00	%
KraneShares Electric Vehicles and Future Mobility Index ETF	50,000		800		2,323,500		800	2.00	%
KraneShares MSCI All China Health Care Index ETF	50,000		1,200		1,870,000		1,200	2.00	%
KraneShares Asia Pacific High Yield Bond ETF	50,000		600		1,838,000		1,000	2.00	%
KraneShares Emerging Markets Healthcare Index ETF	50,000		2,100		1,561,000		2,100	2.00	%
KraneShares MSCI Emerging Markets ex China Index ETF	100,000		17,500		3,196,000		17,500	2.00	%
KraneShares MSCI China ESG Leaders Index ETF	50,000		2,100		1,456,000		2,100	2.00	%
KraneShares Global Carbon ETF	50,000		50		2,044,500		50	2.00	%
KraneShares CICC China 5G & Semiconductor Index ETF	50,000		2,100		1,212,000		2,100	2.00	%

CASH AND CASH EQUIVALENTS — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

The following tables are KraneShares Global Carbon ETF exposure by type of risk on derivatives held throughout the period.

The fair value of derivative instruments as of September 30, 2021, was as follows:

The effect of derivative instruments on the Consolidated Statement of Operations for the period ended September 30, 2021, was as follows:

4. RELATED PARTY TRANSACTIONS

INVESTMENT ADVISORY AGREEMENT — The Adviser serves as investment adviser to each Fund pursuant to an Investment Advisory Agreement between the Trust on behalf of each Fund and the Adviser (the “Agreement”). Under the Agreement, Krane is responsible for reviewing, supervising and administering each Fund’s investment program and the general management and administration of the Trust. In addition to these services, to the extent a Fund engages in securities lending, Krane will: (i) assist the securities lending agent of the Fund (the “Agent”) to determine which securities are available for loan, (ii) monitor the Agent’s activities to ensure that securities loans are effected in accordance with Krane’s instructions and in accordance with applicable procedures and guidelines adopted by the Board, (iii) make recommendations to the Board regarding the Fund’s participation in securities lending; (iv) prepare appropriate periodic reports for, and seek appropriate periodic approvals from, the Board with respect to securities lending activities, (v) respond to Agent inquiries concerning the Agent’s activities, and (vi) such other related duties as Krane deems necessary or appropriate (this provision became effective with respect to the Funds on the later of October 5, 2017, or the date the Fund commenced operations). The Board of Trustees of the Trust supervises Krane and establishes policies that Krane must follow in its management activities.

The Agreement requires the Adviser to pay all operating expenses of the Funds, except: (a) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes); (b) expenses of the Funds incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions and short sale dividend or interest expense; (c) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the Investment Company Act, including distribution fees; (d) “Acquired Fund Fees and Expenses” (as defined by Form N-1A under the 1940 Act); (e) litigation expenses; (f) the compensation payable to the Adviser under the Agreement; (g) compensation and expenses of the Independent Trustees (including any fees of independent legal counsel to the Independent Trustees); and (h) any expenses determined to be extraordinary expenses by the Board. In addition, effective on the later of October 5, 2017, or the date the Fund commenced operations, under the Agreement, while the fees and expenses related to the Funds’ securities lending-related activities reduce the gross revenues and income of the Funds from such activities, they are not fees and expenses for which Krane is responsible.

Each Agreement provides that each Fund pays a unitary (or unified) fee to the Adviser for advisory and management services provided to the Fund, subject to the exceptions noted herein. In this context, there exists a risk that a Trust service provider will seek recourse against the Trust if is not timely paid by Krane for the fees and expenses for which it is responsible, which could materially adversely affect the Funds. Pursuant to the Agreement between the Trust and the Adviser, the Funds below pay the Adviser a fee, which is calculated daily and paid monthly, at the following annual rates, based on a percentage of the average daily net assets of each Fund. In addition, as compensation for the services provided by the Adviser in connection with any securities lending-related activities, each Fund pays the Adviser 10% of the monthly investment income received from the investment of cash collateral and loan fees received from borrowers in respect to securities loans (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers), included on the Statements of Operations as “Security Lending Fees”.

KraneShares Funds		Management Fee
KraneShares CICC China Leaders 100 Index ETF		0.68%
KraneShares CSI China Internet ETF		0.68%
KraneShares Bosera MSCI China A Share ETF		0.78%
KraneShares Bloomberg China Bond Inclusion Index ETF		0.68%
KraneShares MSCI All China Index ETF		0.68%
KraneShares MSCI One Belt One Road Index ETF		0.78%
KraneShares Emerging Markets Consumer Technology Index ETF		0.78%
KraneShares MSCI China Clean Technology Index ETF		0.78%
KraneShares Electric Vehicles and Future Mobility Index ETF		0.68%
KraneShares MSCI All China Health Care Index ETF		0.78%
KraneShares Asia Pacific High Yield Bond ETF		0.68%
KraneShares Emerging Markets Healthcare Index ETF		0.78%
KraneShares MSCI Emerging Markets ex China Index ETF		0.58%
KraneShares MSCI China ESG Leaders Index ETF		0.58%
KraneShares Global Carbon ETF		0.78%
KraneShares CICC China 5G & Semiconductor Index		0.78%
KraneShares CICC China Consumer Leaders Index ETF		0.68%
KraneShares Hang Seng TECH Index ETF		0.68%
KraneShares SSE STAR Market 50 Index ETF		0.88%

Pursuant to the terms of a Fee Waiver Agreement, the Adviser has contractually agreed to waive its management fee for the KraneShares Bosera MSCI China A Share ETF by 0.20% of the Fund’s average daily net assets. The Fee Waiver Agreement will continue until August 1, 2022, and may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreement will terminate if the Investment Advisory Agreement for the Fund is terminated.

Pursuant to the terms of a Fee Waiver Agreement, the Adviser has contractually agreed to reduce its management fee for the KraneShares Bloomberg China Bond Inclusion Index ETF by 0.20% of the Fund’s average daily net assets until August 1, 2022. The Fee Waiver Agreement may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreement will terminate if the Investment Advisory Agreement for the Fund is terminated.

Pursuant to the terms of a Fee Waiver Agreement, Krane has contractually agreed to waive its advisory fee for the KraneShares MSCI All China Index ETF by 0.20% of the Fund’s average daily net assets and reduce its management fee in an amount equal to any Acquired Fund Fees and Expenses incurred by the Fund from its investments in the KraneShares Bosera MSCI China A Share ETF. The Fee Waiver Agreement will continue until August 1, 2022. The Fee Waiver Agreement may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreement will terminate if the Investment Advisory Agreement for the Fund is terminated.

Pursuant to the terms of a Fee Waiver Agreement, Krane has contractually agreed to waive its management fee for the KraneShares MSCI All China Health Care Index ETF by 0.14% of the Fund’s average daily net assets. The Fee Waiver Agreement will continue until August 1, 2022. The Fee Waiver Agreement may only be terminated prior thereto by the Board.

Pursuant to the terms of a Fee Waiver Agreement, Krane has contractually agreed to waive its management fee for the KraneShares MSCI Emerging Markets ex China Index ETF by 0.35% of the Fund’s average daily net assets until August 1, 2022. The Fee Waiver Agreement may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreement will terminate if the Investment Advisory Agreement for the Fund is terminated.

Pursuant to the terms of a Fee Waiver Agreement, Krane has contractually agreed to waive its management fee for the KraneShares Emerging Markets Consumer Technology Index ETF by 0.20% of the Fund’s average daily assets. The Fee Waiver Agreement will continue until August 1, 2022, and may only be terminated prior thereto by the Board.

Pursuant to the terms of a Fee Waiver Agreement, Krane has contractually agreed to waive its management fee by 0.14% of the average daily net assets of KraneShares CICC China 5G & Semiconductor Index ETF. The Fee Waiver Agreement will continue until August 1, 2022, and may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreement will terminate if the Investment Advisory Agreement for the Fund is terminated.

The Adviser and each Sub-Adviser bear all of their own costs associated with providing these advisory services.

SUB-ADVISORY AGREEMENT — Bosera Asset Management (International) Co., Ltd. (“Bosera”), operating out of Hong Kong, serves as the Sub-Adviser to the KraneShares Bosera MSCI China A Share ETF and KraneShares SSE STAR Market 50 Index ETF and is responsible for the day-to-day management of the Funds, subject to the supervision by the Adviser and the Board. For the services Bosera provides to KraneShares Bosera MSCI China A Share ETF and KraneShares SSE STAR Market 50 Index ETF, the Adviser pays Bosera a fee equal to 50% of the net revenue the Adviser receives from the Funds.

Nikko Asset Management Americas Inc. (“Nikko”) serves as the investment sub-adviser to KraneShares Asia Pacific High Yield Bond ETF. Nikko is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board. Nikko delegates to its affiliate Nikko Asset Management Asia, Ltd. (“Nikko Asia”), a registered investment adviser with the SEC, certain of its responsibilities for the management of the Fund. Krane has entered into a Sub-Advisory Agreement with Nikko pursuant to which Krane has agreed to pay Nikko 36.77% of the sum of: (i) the total gross advisory fee due to the Adviser from the Fund under the terms of the Advisory Agreement minus (ii) any applicable fee waivers from time to time entered into between the Fund and the Adviser.

Climate Finance Partners (“CFP”) serves as the Sub-Adviser of the KraneShares Global Carbon ETF. CFP provides non-discretionary sub-advisory services to the Fund, which will includes research and portfolio modeling services related to the Fund’s investments and the monitoring of such investments. For the services CFP provides to KraneShares Global Carbon ETF, the Adviser pays CFP a fee equal to 32% of the sum of: (i) the total gross advisory fee due to Krane from the Fund under the terms of the Advisory Agreement minus (ii) any applicable fee waivers from time to time entered into between the Fund and Krane.

DISTRIBUTION AGREEMENT — SEI Investments Distribution Co. (the “Distributor”), a wholly-owned subsidiary of SEI Investments Company, and an affiliate of the administrator, serves as the Funds’ distributor of Creation Units pursuant to a Distribution Agreement. The Distributor does not maintain any secondary market in Fund shares.

The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended September 30, 2021, no fees were charged under the Plan. Fees would only be charged under the Plan upon approval by the Board.

ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT — SEI Investments Global Funds Services (the “Administrator”) serves as the Funds’ Administrator pursuant to an Administration Agreement. BBH serves as the Funds’ Custodian and Transfer Agent pursuant to a Custodian and Transfer Agent Agreement.

5. BASIS FOR CONSOLIDATION FOR THE KRANESHARES GLOBAL CARBON ETF

The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets and the Consolidated Financial Highlights of the KraneShares Global Carbon ETF include the accounts of the Fund’s Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation for the Fund. The Subsidiary has a fiscal year end of March 31 for financial statement consolidation purposes.

The Subsidiary is classified as a controlled foreign corporation under the Internal Revenue Code of 1986 (“IRC”). The Subsidiary’s taxable income is included in the calculation of the Fund’s taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

The KraneShares Global Carbon ETF’s investment in the Subsidiary may not exceed 25% of the value of its total assets.

A summary of the investments in the Subsidiary is as follows:

KraneShares Funds		Inception Date of Subsidiary		Subsidiary Net Assets at September 30, 2021			% of Total Net Assets at September 30, 2021
KFA Global Carbon, Subsidiary, Ltd.		July 29, 2020		$	205,723,697		22.22	%

6. INVESTMENT TRANSACTIONS

For the period ended September 30, 2021, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

KraneShares Funds	Purchases		Sales and Maturities
KraneShares CICC China Leaders 100 Index ETF	$	79,293,878	$	67,625,267
KraneShares CSI China Internet ETF		19,659,952,235		4,906,721,772
KraneShares Bosera MSCI China A Share ETF		602,682,801		1,170,613,285
KraneShares Bloomberg China Bond Inclusion Index ETF		161,416,966		61,501,354
KraneShares MSCI All China Index ETF		19,095,134		—
KraneShares MSCI One Belt One Road Index ETF		34,361,791		2,210,514,113
KraneShares Emerging Markets Consumer Technology Index ETF		6,582,003,413		7,290,457,952
KraneShares MSCI China Clean Technology Index ETF		437,943,453		413,373,919
KraneShares Electric Vehicles and Future Mobility Index ETF		226,299,278		213,703,069
KraneShares MSCI All China Health Care Index ETF		211,295,040		57,598,703
KraneShares Asia Pacific High Yield Bond ETF		7,886,139		6,181,445

KraneShares Funds	Purchases		Sales and Maturities
KraneShares Emerging Markets Healthcare Index ETF	$	898,104	$	826,809
KraneShares MSCI Emerging Markets ex China Index ETF		207,365		4,871,733
KraneShares MSCI China ESG Leaders Index ETF		5,016,169		6,392,371
KraneShares Global Carbon ETF		27,669,445		11,840,000
KraneShares CICC China 5G & Semiconductor Index ETF		41,851,349		49,051,314
KraneShares CICC China Consumer Leaders Index ETF		17,379,945		19,178,151
KraneShares Hang Seng TECH Index ETF		3,921,130		656,478
KraneShares SSE STAR Market 50 Index ETF		53,892,395		42,884,371

For the period ended September 30, 2021, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the period ended September 30, 2021, in-kind transactions associated with creations and redemptions were:

KraneShares Funds	Purchases		Sales and Maturities		Realized Gain/(Loss)
KraneShares CSI China Internet ETF	$	3,994,843,740	$	350,524,511	$	63,355,135
KraneShares MSCI All China Index ETF		690,163		—		—
KraneShares Emerging Markets Consumer Technology Index ETF		2,153,037		5,292,859		630,691
KraneShares Electric Vehicles and Future Mobility Index ETF		38,198,755		10,180,748		4,476,066
KraneShares MSCI All China Health Care Index ETF		1,492,893		612,935		160,487
KraneShares MSCI Emerging Markets ex China Index ETF		—		1,602,509		173,510
KraneShares MSCI China ESG Leaders Index ETF		—		184,763		59,881
KraneShares MSCI China Clean Technology Index ETF		13,103,547		1,400,326		454,675

7. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (loss) or paid-in capital, as appropriate, in the period that the differences arise.

KraneShares Hang Seng TECH Index ETF did not commence operations prior to March 31, 2021.

The tax character of dividends and distributions paid during the years or periods ended March 31, 2021 and March 31, 2020 were as follows:

KraneShares Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
KraneShares CICC China Leaders 100 Index ETF
2021	$	333,476	$	—	$	—	$	333,476
2020		39,838		—		—		39,838
KraneShares CSI China Internet ETF
2021	$	4,346,283	$	5,925,981	$	—	$	10,272,264
2020		1,580,181		—		—		1,580,181
KraneShares Bosera MSCI China A Share ETF
2021	$	5,683,472	$	—	$	—	$	5,683,472
2020		9,500,578		—		—		9,500,578
KraneShares Bloomberg China Bond Inclusion Index ETF
2021	$	312,960	$	—	$	—	$	312,960
2020		—		—		521,147		521,147
KraneShares MSCI All China Index ETF
2021	$	69,738	$	—	$	—	$	69,738
2020		115,192		—		—		115,192
KraneShares MSCI One Belt One Road Index ETF
2021	$	164,798	$	—	$	—	$	164,798
2020		523,629		—		—		523,629
KraneShares Emerging Markets Consumer Technology Index ETF
2021	$	1,338,886	$	—	$	—	$	1,338,886
2020		337,518		—		—		337,518
KraneShares MSCI China Clean Technology Index ETF
2021	$	3,785	$	—	$	—	$	3,785
2020		108,818		—		—		108,818
KraneShares Electric Vehicles and Future Mobility Index ETF
2021	$	132,013	$	—	$	—	$	132,013
2020		391,574		—		—		391,574
KraneShares MSCI All China Health Care Index ETF
2021	$	—	$	469	$	—	$	469
2020		54,459		—		—		54,459
KraneShares Asia Pacific High Yield Bond ETF
2021	$	688,389	$	—	$	—	$	688,389
2020		570,699		30,638		—		601,337
KraneShares Emerging Markets Healthcare Index ETF
2021	$	820	$	—	$	—	$	820
2020		18,337		—		611		18,948
KraneShares MSCI Emerging Markets ex China Index ETF
2021	$	49,799	$	—	$	—	$	49,799
2020		73,632		—		—		73,632

KraneShares Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
KraneShares MSCI China ESG Leaders Index ETF
2021	$	30,223	$	—	$	—	$	30,223
KraneShares Global Carbon ETF
2021	$	—	$	—	$	—	$	—
KraneShares CICC China 5G & Semiconductor Index ETF
2021	$	—	$	—	$	—	$	—
KraneShares CICC China Consumer Leaders Index ETF
2021	$	—	$	—	$	—	$	—
KraneShares SSE STAR Market 50 Index ETF
2021	$	—	$	—	$	—	$	—

As of March 31, 2021, the components of tax basis distributable earnings (accumulated losses) were as follows:

	KraneShares CICC China Leaders 100 Index ETF			KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A Share ETF			KraneShares Bloomberg China Bond Inclusion Index ETF			KraneShares MSCI All China Index ETF
Undistributed Ordinary Income	$	355,056		$	—		$	—		$	633,985		$	—
Undistributed Long-Term Capital Gain		157,940			253,353,244			6,517,453			—			230,067
Capital Loss Carryforwards		—			—			—			(8,025	)		—
Post October Losses		—			—			—			—			(31,119	)
Qualified Late-Year Loss Deferrals		(23,808	)		(6,086,844	)		(916,524	)		—			(2,588	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		700,806			92,434,993			163,245,555			(97,896	)		91,176
Other Temporary Differences		(1	)		3			—			—			—
Total Distributable Earnings	$	1,189,993		$	339,701,396		$	168,846,484		$	528,064		$	287,536

	KraneShares MSCI One Belt One Road Index ETF			KraneShares Emerging Markets Consumer Technology Index ETF		KraneShares MSCI China Clean Technology Index ETF			KraneShares Electric Vehicles and Future Mobility Index ETF			KraneShares MSCI All China Health Care Index ETF
Undistributed Ordinary Income	$	42,050		$	250,504	$	—		$	—		$	—
Undistributed Long-Term Capital Gain		—			—		—			2,797,170			8,974,227
Capital Loss Carryforwards		(4,145,635	)		—		(1,021,417	)		—			—
Post October Losses		—			—		(3,589,789	)		—			—
Qualified Late-Year Loss Deferrals		—			—		(281,323	)		—			(388,582	)
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		1,557,862			1,775,876		(16,431,930	)		12,111,870			11,948,187
Other Temporary Differences		(1	)		—		(2	)		(14,036	)		(2	)
Total Distributable Earnings/(Loss)	$	(2,545,724	)	$	2,026,380	$	(21,324,461	)	$	14,895,004		$	20,533,830

	KraneShares Asia Pacific High Yield Bond ETF			KraneShares Emerging Markets Healthcare Index ETF			KraneShares MSCI Emerging Markets ex China Index ETF		KraneShares MSCI China ESG Leaders Index ETF		KraneShares Global Carbon ETF
Undistributed Ordinary Income	$	40,525		$	—		$	83,928	$	104,372	$	7,929,892
Undistributed Long-Term Capital Gain		—			—			370,444		—		—
Capital Loss Carryforwards		(180,673	)		(284,697	)		—		—		—
Post October Losses		(36,247	)		—			—		—		—
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(56,161	)		62,142			147,162		264,890		(86,193)
Other Temporary Differences		46,055			(161	)		—		1		1
Total Distributable Earnings/(Loss)	$	(186,501	)	$	(222,716	)	$	601,534	$	369,263	$	7,843,700

	KraneShares CICC China 5G & Semiconductor Index ETF			KraneShares CICC China Consumer Leaders Index ETF			KraneShares SSE STAR Market 50 Index ETF
Capital Loss Carryforwards	$	—		$	—		$	(1,471	)
Post October Losses		(2,163,819	)		(1,087,696	)		—
Qualified Late-Year Loss Deferrals		(461,628	)		(137,280	)		—
Unrealized Depreciation on Investments and Foreign Currency		(11,238,750	)		(4,669,806	)		(11,367,327	)
Other Temporary Differences		(1	)		—			—
Total Distributable Losses	$	(13,864,198	)	$	(5,894,782	)	$	(11,368,798	)

Qualified late year ordinary loss deferrals and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2021 through March 31, 2021 and November 1, 2020 through March 31, 2021, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

Other temporary differences primarily consist of late year and specified loss deferrals, PFIC mark to market, perpetual bond adjustments, and book adjustments not recognized for tax.

The Funds have capital losses carried forward as follows:

KraneShares Funds	Short-Term Loss		Long-Term Loss		Total
KraneShares Bloomberg China Bond Inclusion Index ETF	$	8,025	$	—	$	8,025
KraneShares MSCI One Belt One Road Index ETF		2,381,247		1,764,388		4,145,635
KraneShares MSCI China Clean Technology Index ETF		792,699		228,718		1,021,417
KraneShares Asia Pacific High Yield Bond ETF		31,707		148,966		180,673
KraneShares Emerging Markets Healthcare Index ETF		284,697		—		284,697
KraneShares SSE STAR Market 50 Index ETF		1,471		—		1,471

During the year ended March 31, 2021, the following Funds utilized capital loss carryforwards, to offset capital gains:

KraneShares Funds	Amount Utilized
KraneShares CICC China Leaders 100 Index ETF	$	486,901
KraneShares CSI China Internet ETF		126,978,517
KraneShares Bosera MSCI China A Share ETF		20,470,797
KraneShares E Fund China Commercial Paper ETF		14,474
KraneShares MSCI All China Index ETF		128,223
KraneShares MSCI One Belt One Road Index ETF		36,941
KraneShares Emerging Markets Consumer Technology Index ETF		3,721,922
KraneShares MSCI China Clean Technology Index ETF		808,707
KraneShares Electric Vehicles and Future Mobility Index ETF		3,212,141
KraneShares MSCI All China Health Care Index ETF		7,682,624
KraneShares Emerging Markets Healthcare Index ETF		224,621
KraneShares MSCI Emerging Markets ex China Index ETF		5,648

The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at September 30, 2021 were as follows:

KraneShares Funds	Federal Tax Cost	Aggregated Gross Unrealized Appreciation	Aggregated Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
KraneShares CICC China Leaders 100 Index ETF	$14,109,002	$1,152,510	$(1,245,935)	$(93,425)
KraneShares CSI China Internet ETF	9,489,857,760	6,507,073	(2,144,215,454)	(2,137,708,381)
KraneShares Bosera MSCI China A Share ETF	585,521,518	197,055,147	(45,046,642)	152,008,505
KraneShares Bloomberg China Bond Inclusion Index ETF	13,331,525	25,895	(51,769)	(25,874)
KraneShares MSCI All China Index ETF	25,599,153	1,534,571	(4,166,968)	(2,632,397)
KraneShares MSCI One Belt One Road Index ETF	9,061,862	2,186,328	(557,726)	1,628,602
KraneShares Emerging Markets Consumer Technology Index ETF	101,811,447	7,012,398	(17,879,348)	(10,866,950)
KraneShares MSCI China Clean Technology Index ETF	179,056,512	28,002,944	(22,152,341)	5,850,603
KraneShares Electric Vehicles and Future Mobility Index ETF	248,450,537	22,066,678	(10,431,432)	11,635,246
KraneShares MSCI All China Health Care Index ETF	224,005,295	25,183,007	(27,683,011)	(2,500,004)
KraneShares Asia Pacific High Yield Bond ETF	10,624,357	63,420	(549,873)	(486,453)
KraneShares Emerging Markets Healthcare Index ETF	4,916,122	596,048	(820,083)	(224,035)
KraneShares MSCI Emerging Markets ex China Index ETF	24,830,901	2,295,582	(1,921,064)	374,518
KraneShares MSCI China ESG Leaders Index ETF	10,919,805	966,243	(1,727,743)	(761,500)
KraneShares Global Carbon ETF	60,629,468	—	(68,384)	(68,384)
KraneShares CICC China 5G & Semiconductor Index ETF	115,807,003	12,476,649	(10,707,929)	1,768,720
KraneShares CICC China Consumer Leaders Index ETF	52,194,751	1,638,487	(6,369,440)	(4,730,953)
KraneShares Hang Seng TECH Index ETF	3,075,912	6,935	(433,156)	(426,221)
KraneShares SSE STAR Market 50 Index ETF	112,346,472	16,124,779	(15,062,175)	1,062,604

Uncertainties in the Chinese tax rules governing the taxation of income distributions and capital gains from investments in A Shares could result in unexpected tax liabilities for the Funds. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by non-Chinese resident investors (including, for example, Qualified Foreign Institutional Investors (“QFII”)) from Chinese companies and those companies which are not Chinese tax residents, but which are deemed to be Chinese tax residents (e.g., under Notice 7). China also imposes withholding tax at a rate of 10% on capital gains derived by non-residents from investment in actual and constructive Chinese resident companies. The Chinese withholding taxes applied to dividends, interest and capital gains may, in principle, be subject to a reduced rate under an applicable Chinese tax treaty, but the application of such treaties in the case of a non-resident (e.g., in the case of a QFII acting on behalf of non-resident investors, such as the Funds) is also uncertain. The imposition of such taxes could have a material adverse effect on the Funds’ returns. The People’s Republic of China (the “PRC”) rules regarding the taxation of non-resident investors are quickly evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or the PRC Ministry of Finance to clarify matters may apply retrospectively. Such retroactively applied rules may be adverse to the Funds and their shareholders. It is also unclear how China’s value added tax (“VAT”) may be affected by tax treaty provisions. If such a tax is collected, the expenses will be passed on and borne by the Funds. The imposition of such taxes, as well as future changes in applicable PRC tax law, may adversely affect the Funds. If the Funds expect VAT to be imposed, they reserve the right to establish a reserve for such tax. If the Funds establish such a reserve but are not ultimately subject to the tax, shareholders who redeemed or sold their shares while the reserve was in place will effectively bear the tax and may not benefit from the later release, if any, of the reserve. Conversely, if the Funds do not establish such a reserve but ultimately are subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from investments in a Fund. Effective November 17, 2014, QFIIs, RQFIIs (i.e., QFIIs investing in Yuan, rather than foreign currency) and non-Chinese resident investors investing through the Hong Kong-Shanghai Stock Connect are exempted temporarily from the 10% capital gains tax that normally applies to sales of A Shares on a public Chinese exchange (such as the Shanghai Stock Exchange). However, such investors are still required to pay capital gains tax for gains realized on trades executed before November 17, 2014.

On November 7, 2018, China’s Ministry of Finance and the State Administration of Taxation jointly issued Circular 108. This circular announced a three year exemption from corporate income tax withholding (“WHT”) and Value Added Tax (“VAT”) for China-sourced bond interest derived by overseas institutional investors. The WHT and VAT exemptions apply from November 7, 2018 to November 6, 2021.

8. CONCENTRATION OF RISKS

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to certain of the principal risks noted below, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in each Fund’s prospectus under the heading “Principal Risks”. The following risks pertain to all Funds, unless otherwise noted.

ASIA-PACIFIC RISK (KraneShares Asia Pacific High Yield Bond ETF) — Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed

conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. The market for securities in this region may also be directly influenced by the flow of international capital, and by the economic and market conditions of neighboring countries. Many Asia-Pacific economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asia-Pacific economies are highly dependent on trade and economic conditions in other countries can impact these economies.

Capital Controls Risk (KraneShares Hang Seng TECH Index ETF) — Economic conditions, such as volatile currency exchange rates and interest rates, political events and other conditions may, without prior warning, lead to intervention by government actors and the imposition of “capital controls.” Capital controls include the prohibition of, or restrictions on, the ability to transfer currency, securities or other assets. Levies may be placed on profits repatriated by foreign entities (such as the Fund). Although the RMB is not presently freely convertible, rather it is subject to the approval of the State Administration of Foreign Exchange (“SAFE”) and other relevant authorities, repatriations by RQFIIs or through the Stock Connect Programs are currently permitted daily and Chinese authorities have indicated their plans to move to a fully freely convertible RMB. There is no assurance, however, that repatriation restrictions will not be (re-)imposed in the future.

CASH AND CASH EQUIVALENTS RISK — The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. Holding cash or cash equivalents, even strategically, may lead to missed investment opportunities. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.

CAP AND TRADE RISK (KraneShares Global Carbon ETF) — There is no assurance that cap and trade programs will continue to exist. Cap and trade may not prove to be an effective method of reduction in GHG emissions. As a result or due to other factors, cap and trade programs may be terminated or may not be renewed upon their expiration. New technologies may arise that may diminish or eliminate the need for cap and trade markets. Ultimately, the cost of emissions credits is determined by the cost of actually reducing emissions levels. If the price of credits becomes too high, it will be more economical for companies to develop or invest in green technologies, thereby suppressing the demand for credits and adversely affecting the price of the Fund.

Cap and trade programs set emission limits (i.e., the right to emit a certain quantity of GHG emissions), which can be allocated or auctioned to the parties regulated under the program up to the total emissions cap. This allocation may be larger or smaller than is needed for a stable price of credits and can lead to large price volatility, which could affect the value of the Fund. Depending upon the industries covered under each cap and trade mechanism represented in the Index, unpredictable demand for their products and services can affect the value of GHG emissions credits. For example, very mild winters or very cool summers can decrease demand for electric utilities and therefore require fewer carbon credits to offset reduced production and GHG emissions.

CHINA RISK — (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI

All China Health Care Index ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries. In addition, the Chinese economy is export-driven and highly reliant on trade. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.

In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Further, the Chinese economy is heavily dependent upon trading with key partners. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions or even the threat of such developments, could lead to significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.

The RMB Bond market is volatile with a risk of trading suspensions in particular securities and government interventions. Trading in RMB Bonds may be suspended without warning and for lengthy periods. Information on such trading suspensions, including as to their expected length, may be unavailable. Securities affected by trading suspensions may be or become illiquid. In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make certain Chinese securities illiquid.

In addition, trade relations between the U.S. and China have recently been strained. Worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China including by limiting the ability of Chinese issuers to list on the U.S. exchanges. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. In addition, the U.S government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies, which may
adversely impact the Fund, may mean that the Fund’s Underlying Index may need to adjust its methodology or could increase tracking error for the Fund.

CHINESE CREDIT RATINGS RISK (KraneShares Bloomberg China Bond Inclusion ETF) — The debt securities included in Underlying Index securities, and therefore the securities held by the KraneShares Bloomberg China Bond Inclusion ETF Fund, will generally be rated by Chinese ratings agencies (and not by U.S. nationally recognized statistical ratings organizations (“NRSROs”)). The rating criteria and methodology used by Chinese rating agencies may be different from those adopted by NRSROs and international credit rating agencies. Therefore, such rating systems may not provide an equivalent standard for comparison with securities rated by NRSROs or other international credit rating agencies.

COMMODITY-LINKED DERIVATIVES RISK (KraneShares Global Carbon ETF) — The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by changes in overall market movements, volatility of the Index, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the values of debt securities.

COMMODITY POOL REGISTRATION RISK (KraneShares Global Carbon ETF) — Under amended regulations promulgated by the CFTC, the Fund and the Subsidiary will be considered commodity pools upon commencement of operations, and therefore each will be subject to regulation under the Commodity Exchange Act and CFTC rules. Krane will register as a commodity pool operator and will manage the Fund and the Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Commodity pools are subject to additional laws, regulations and enforcement policies, all of which may potentially increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. Additionally, positions in futures and other contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.

CONCENTRATION RISK — Because the Fund’s assets are expected to be concentrated in an industry or group of industries to the extent that the Underlying Index concentrates in a particular industry or group of industries, the Fund is subject to loss due to adverse occurrences that may affect that industry or group of industries or sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. Depending on the composition of each Fund’s Underlying Index, the Fund may be subject to principal risks, as outlined in each Fund’s prospectus. Each Fund may have significant exposure to other industries or sectors over time.

CURRENCY RISK — The Fund’s assets will be invested in instruments denominated in foreign currencies and the income received by the Fund may be in foreign currencies. The Fund will compute and expects to distribute its income in U.S. dollars, and the computation of income will be made on the date that the income is earned by the Fund at the foreign exchange rate in effect on that date. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market at the time the Fund wishes to enter into the transaction, or through forward, futures or options contracts to purchase or sell foreign currencies.

The Fund’s NAV is determined on the basis of the U.S. dollar. The Fund may therefore lose value if the local currency of a foreign investment depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Currency exchange rates can be very volatile and can change quickly and unpredictably, which may adversely affect the Fund. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance over time.

CUSTODY RISKS (KraneShares Bloomberg China Bond Inclusion ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — In accordance with Chinese regulations, A-Shares acquired through a QFII or RQFII license will be held in the joint names of the Fund and

Bosera. While Bosera may not use such an account for any purpose other than for maintaining the Fund’s assets, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Bosera may assert that the securities are owned by Bosera and that regulatory actions taken against Bosera may affect the Fund. The risk is particularly acute in the case of cash deposited with a People’s Republic of China (“PRC”) sub-custodian (“PRC Custodian”) because it may not be segregated, and it may be treated as a debt owing from the PRC Custodian to the Fund as a depositor. Thus, in the event of a PRC Custodian bankruptcy, liquidation, or similar event, the Fund may face difficulties and/or encounter delays in recovering its cash.

DEPOSITARY RECEIPTS RISK (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF and KraneShares Hang Seng TECH Index ETF ) — The Fund may hold the securities of Chinese and other non-U.S. companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments. The underlying securities of the depositary receipts in the Fund’s portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Fund’s portfolio. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts. Like direct investments in foreign securities, investments in depositary receipts involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

DERIVATIVES RISK — The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets. Many derivatives are subject to segregation requirements that require the Fund to segregate the market or notional value of the derivatives, which could impede the portfolio management of the Fund.

EMERGING MARKETS RISK — The Fund’s investments in emerging markets are subject to greater risk of loss than investments in developed markets. This is due to, among other things, greater market volatility, greater risk of asset seizures and capital controls, lower trading volume, political and economic instability, greater risk of market shutdown and more governmental limitations on foreign investments than typically found in developed markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted.

ESG RISK (KraneShares MSCI China ESG Leaders Index ETF) — Issuers with businesses with high ESG ratings may be difficult to identify and investments in them maybe volatile. Even companies with high ESG ratings may not necessarily compare favorably with respect to the ESG practices of other issuers. The ESG investment strategy limits the types and number of investment opportunities available and, as a result, the strategy may underperform other strategies that do not have an ESG focus. The ESG investment strategy may result in the Fund’s investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. Investing based on ESG criteria is qualitative and subjective by nature and there is no guarantee that the criteria used by the Fund will reflect the beliefs or values of any particular investor.

ETF RISK. As an ETF, the Fund is subject to the following risks:

Authorized Participants Concentration Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for exchange-traded funds (“ETFs”), such as the Fund, that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

Cash Transactions Risk. Like other ETFs, the Fund sells and redeems its shares only in large blocks called Creation Units and only to “Authorized Participants.” Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio investments to obtain the cash needed to distribute redemption proceeds at an inopportune time.

International Closed Market Trading Risk. To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

New Fund Risk (KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares CICC China Consumer Leaders Index ETF and KraneShares SSE STAR Market 50 Index ETF). The Fund is new. If the Fund does not grow large in size once it commences trading, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a stop to trading.

Premium/Discount Risk. There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.

Secondary Market Trading Risk. Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. In addition, although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed.

EQUITY SECURITIES RISK — The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities are subject to volatile changes in value and their values may be more volatile than other asset classes. In the event of liquidation, equity securities are generally subordinate in rank to debt and other securities of the same issuer.

FIXED INCOME SECURITIES RISK (KraneShares Bloomberg China Bond Inclusion ETF, KraneShares Asia Pacific High Yield Bond ETF and KraneShares Global Carbon ETF) — Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., it defaults on its obligations). Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments go down; and when interest rates go down, the prices of most debt instruments go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. The current low-interest-rate environment heightens the risks associated with rising interest rates. Maturity risk refers to the value of the Fund’s fixed income investments is also dependent on their maturity. Generally, the longer the maturity of a fixed income security, the greater its sensitivity to changes in interest rates.

FOREIGN SECURITIES RISK — Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers as foreign trading markets are not typically as active as U.S. markets and may have less governmental regulation and oversight. For example, non-U.S. issuers may be subject to different accounting, auditing, financial reporting and investor protection standards than U.S. issuers. As a result, there may be less information publicly available about non-U.S. issuers. Investments in non-U.S. securities also involve risk of loss due to foreign currency fluctuations and

political or economic instability. Foreign markets also may have clearance and settlement procedures that make it difficult for the Funds to buy and sell securities. These factors could result in a loss to the Funds by causing the Funds to be unable to dispose of an investment or to miss an attractive investment opportunity, or by causing the Funds’ assets to be uninvested for some period of time.

FOREIGN INVESTMENTS RISK (KraneShares Global Carbon ETF) — Investments in non-U.S. instruments may involve risk of loss due to foreign currency fluctuations and political or economic instability. Foreign markets also may have clearance and settlement procedures that make it difficult for the Fund to buy and sell securities. These factors could result in a loss to the Fund by causing the Fund to be unable to dispose of an investment or to miss an attractive investment opportunity, or by causing the Fund’s assets to be uninvested for some period of time.

FRONTIER MARKETS RISK (KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF and KraneShares Emerging Markets Healthcare Index ETF) — Frontier market countries generally have smaller economies and less developed capital markets or legal, regulatory and political systems than traditional emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.

FUTURES STRATEGY RISK (KraneShares Global Carbon ETF) — The use of futures contracts is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors; and (e) if the Fund has insufficient cash, it may have to sell securities or financial instruments from its portfolio to meet daily variation margin requirements, which may lead to the Fund selling securities or financial instruments at a loss.

As a futures contract the Fund owns approaches its settlement date, the Fund may sell that futures contract and reinvest the proceeds in a similar contract with a more distant settlement date. This process is referred to as “rolling” a futures contract. The successful use of such a strategy depends upon the Adviser’s skill and experience. Although the Fund will attempt to roll from an expiring futures contract to another contract that the Adviser believes will generate the greatest yield for the Fund, the Fund nevertheless may incur a cost to “roll” the contract. In a commodity futures market where current month expiring contracts trade at a lower price than next month’s contract, a situation referred to as “contango,” then, absent the impact of the overall movement in commodity prices, the Fund may experience an adverse impact because it would be selling less expensive contracts and buying more expense contracts. In the event of a prolonged period of contango, and absent the impact of rising or falling commodity prices, there could be a significant negative impact on the Fund when it “rolls” its futures contract positions.

GEOGRAPHIC FOCUS RISK — The Funds’ investments will be focused in a particular country, countries, or region and therefore a Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.

HIGH PORTFOLIO TURNOVER RISK (KraneShares CICC China Leaders 100 Index ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index

ETF, KraneShares Electric Vehicles and Future Mobility Index ETF and KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Yield Bond ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares CICC China Consumer Leaders Index ETF and KraneShares SSE STAR Market 50 Index ETF) — The Fund may incur high turnover rates, which may increase the Fund’s brokerage commission costs and negatively impact the Fund’s performance. Such portfolio turnover also may generate net short-term capital gains.

HONG KONG RISK (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion ETF, KraneShares MSCI All China Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Yield Bond ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.

INVESTMENT IN INVESTMENT COMPANIES RISK — The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by the Adviser, the Sub-Adviser and/or their affiliates. The Fund will indirectly be exposed to the risks of investments by such funds. Moreover, the Fund will incur its pro rata share of the underlying fund’s expenses. The Adviser and the Sub-Adviser are subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by the Adviser and the Sub-Adviser and/or their affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, including foreign investment companies, it will not enjoy the protections of the U.S. law.

IPO RISK (KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

LARGE CAPITALIZATION COMPANY RISK (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares

MSCI All China Health Care Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares Asia Pacific High Yield Bond ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — Investments in large capitalization companies may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid-capitalization companies.

LIQUIDITY RISK — Certain of the Funds’ investments are subject to liquidity risk, which exists when an investment is or becomes difficult to purchase or sell at a reasonable time or price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate, which may cause the Funds to suffer significant losses and difficulties in meeting redemptions. If a number of securities held by the Funds halt trading, it may have a cascading effect and cause the Funds to halt trading. Volatility in market prices will increase the risk of the Funds being subject to a trading halt.

MANAGEMENT RISK — (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — Because the Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index, the Fund is subject to management risk. This is the risk that Krane or its subadviser’s security selection process, which is subject to a number of constraints, may not produce the intended results.

ACTIVE INVESTMENT RISK (KraneShares Asia Pacific High Yield Bold ETF and KraneShares Global Carbon Fund ETF) — The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. The Adviser’s evaluations and assumptions regarding investments, interest rates, inflation, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.

MARKET RISK — The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments

may also cause the Fund’s investments to become less liquid and subject to erratic price movements. Such market developments may also cause the Fund to encounter difficulties in timely honoring redemptions, especially if market events cause an increased incidence of shareholder redemptions.

MID-CAPITALIZATION COMPANY RISK (KraneShares Bosera MSCI China A Share ETF, KraneShares MSCI All China Index ETF and KraneShares CICC China 5G & Semiconductor Index ETF) — Investing in the securities of medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.

NON-DIVERSIFIED FUND RISK (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bloomberg China Bond Inclusion ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Yield Bond ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares Global Carbon ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.

PASSIVE INVESTMENT RISK (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — The Fund is not actively managed, does not seek to “beat” the Underlying Index and does not take temporary defensive positions when markets decline. Therefore, the Fund may not sell a security due to current or projected underperformance of a security, industry or sector. There is no guarantee that the Underlying Index will create the desired exposure. The Underlying Index may not contain an appropriate mix of securities, but the Fund’s investment objective and principal investment strategies impose limits on the Fund’s ability to invest in securities not included in the Underlying Index.

REGULATORY RISK (KraneShares Global Carbon) — The Fund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Fund’s operations and/or change the competitive landscape. Additional legislative or regulatory changes could occur that may materially and adversely affect the Fund.

Regulatory risk related to changes in regulation and enforcement of cap and trade programs could also adversely affect market behavior. If fines or other penalties for non-compliance are not enforced, incentives to purchase GHG credits will deteriorate, which could result in a decline in the price of emissions credits and a drop in the value of the Fund. In addition, as cap and trade markets develop, new regulation with respect to these markets may arise, which could have a negative effect on the value and liquidity of the cap and trade markets and the Fund.

RQFII AND QFII LICENSE RISK (KraneShares Bloomberg China Bond Inclusion ETF) — Krane may choose to use a RQFII or QFII license and quota in the future to invest directly in RMB Bonds. The RQFII rules were adopted relatively recently and are novel. Chinese regulators may revise or discontinue the RQFII program at any time. The Fund’s investments may be limited to the quota obtained by Krane in its capacity as a RQFII or QFII on behalf of the Fund. There is no guarantee that the China Securities Regulatory Commission (“CSRC”) will ultimately grant a RQFII or QFII license or quota for the Fund, and the application process may take a significant amount of time. In addition, a reduction or elimination of the quota may have a material adverse effect on the ability of the Fund to achieve its investment objectives. The Fund may need to rely exclusively on investments through Bond Connect, the CIBM Program or the Exchange-Traded Bond Market to purchase RMB Bonds.

SECURITIES LENDING RISK — To the extent a Fund lends its securities, it may be subject to the following risks: (1) borrowers of the Funds’ securities typically provide collateral in the form of cash that is reinvested in securities; (2) the securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers; (3) delays may occur in the recovery of securities from borrowers, which could interfere with the Funds’ ability to vote proxies or to settle transactions; and (4) there is the risk of possible loss of rights in the collateral should the borrower fail financially.

Small and Mid-Capitalization Company Risk (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares CICC China Consumer Leaders Index ETF and KraneShares SSE STAR Market 50 Index ETF) — Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies and more established companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may lack sufficient market liquidity and can be sensitive to expected changes in interest rates, borrowing costs and earnings.

SOUTH KOREA RISK (KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF and KraneShares Emerging Markets Healthcare Index ETF) — The Fund may be susceptible to adverse market, political, regulatory and geographic events affecting South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. Furthermore, South Korea’s economy may be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. Also, tensions with North Korea could escalate and lead to further uncertainty in the political and economic climate of South Korea.

SOVERIGN AND QUASI-SOVEREIGN DEBT RISK (KraneShares Bloomberg China Bond Inclusion ETF and KraneShares Asia Pacific High Yield Bond ETF) — The governmental authority that controls the repayment of sovereign and quasi-sovereign debt may be unwilling or unable to repay the principal

and/or interest when due including due to the extent of its foreign reserves, the availability of sufficient foreign exchange ,the relative size of the debt service burden to the economy as a whole the debtor’s policy towards the International Monetary Fund, and the political constraints to which the debtor is subject. If an issuer of government or quasi-government debt defaults on payments of principal and/or interest, the Fund may have limited legal recourse against the issuer and/or guarantor. During periods of economic uncertainty, the market prices of sovereign and quasi-sovereign bonds may be more volatile and result in losses. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial obligations on a timely basis, which has resulted in losses for investors.

Stock Connect Program Risk (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — The Stock Connect Programs are subject to daily and aggregate quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.

SUBSIDIARY INVESTMENT RISK (KraneShares Global Carbon ETF) — By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. Since the Subsidiary is organized under the law of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund will not receive all of the protections offered to shareholders of registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.

Tax Risk — In order to qualify for the favorable tax treatment generally available to regulated investment companies, a Fund must satisfy certain income, asset diversification and distribution requirements each year. If a Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income, which would adversely affect the Fund’s performance.

Tracking Error Risk (KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A Share ETF, KraneShares Bloomberg China Bond Inclusion Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares Hang Seng TECH Index ETF and KraneShares SSE STAR Market 50 Index ETF) — The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities. The Fund may not be able to invest in certain components of the Underlying Index due to legal restrictions imposed by foreign governments or other regulatory reasons. In addition, securities included in the Underlying Index may be suspended from trading. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected. Changes in currency exchange rates or delays in converting currencies may also cause tracking error.

U.S. GOVERNMENT OBLIGATIONS RISK (KraneShares Global Carbon ETF) — Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.

VALUATION RISK — Independent market quotations for the non-U.S. securities held by the Funds may not be readily available and such securities may be fair valued. Fair valuation is subjective and different market participants may assign different prices to the same security. As a result, there is a risk that the Funds may not be able to sell a security at the price assigned to the security by the Fund. In addition, the securities in which the Funds invest may trade on days that the Funds do not price their shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their holdings.

9. OTHER

At September 30, 2021, all shares issued by the Funds were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Funds). However, the individual shares that make up those Creation Units are traded on the NYSE Arca Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Funds’ Distributor.

At a meeting held on May 27-28, 2021, the Board of Trustees (the “Board”) of KraneShares Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved renewal of:

• the existing investment advisory agreement between Krane Funds Advisors, LLC (“Krane”) and the Trust on behalf of each of the following separate series of the Trust (collectively, the “Funds”):

• KraneShares Bosera MSCI China A Share ETF (“KBA”)

• KraneShares Asia Pacific High Yield Bond ETF (f/k/a KraneShares CCBS China Corporate High Yield Bond USD Index ETF (“KHYB”)

• KraneShares CICC China Leaders 100 Index ETF (“KFYP”)

• KraneShares CSI China Internet ETF (“KWEB”)

• KraneShares Bloomberg China Bond Inclusion Index ETF (f/k/a KraneShares E Fund China Commercial Paper ETF) (“KBND”)

• KraneShares Electric Vehicles and Future Mobility Index ETF (“KARS”)

• KraneShares Emerging Markets Consumer Technology ETF (“KEMQ”)

• KraneShares Emerging Markets Healthcare Index ETF (“KMED”)

• KraneShares Global Carbon ETF (“KRBN”)

• KraneShares MSCI All China Index ETF (“KALL”)

• KraneShares MSCI China Clean Technology Index ETF (“KGRN”)

• KraneShares MSCI China ESG Leaders ETF (“KESG”)

• KraneShares MSCI Emerging Markets ex China Index ETF (“KEMX”)

• KraneShares MSCI One Belt One Road Index ETF (“OBOR”)

• the existing sub-advisory agreement (the “KBA Sub-Advisory Agreement”) between Krane, on behalf of KBA, and Bosera Asset Management (International) Co., Ltd. (“Bosera”);

• the existing sub-advisory agreement (the “KRBN Sub-Advisory Agreement”) between Krane, on behalf of KRBN, and Climate Finance Partners LLC (“CFP”);

Bosera and CFP are referred to collectively herein as the “Sub-Advisers”. The KBA Sub-Advisory Agreement, and the KRBN Sub-Advisory Agreement, are referred to collectively herein as the “Sub-Advisory Agreements,” and the Sub-Advisory Agreements and the Advisory Agreement are collectively referred to as the “Agreements.”

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on May 27, 2021, the Board received and considered information provided by Krane in response to the Independent Trustees’ written requests relating to the Board’s consideration of the Advisory Agreement with respect to each of the Funds. The Board also considered information provided by each Sub-Adviser in response to separate written requests directed to each Sub-Adviser.

The Board considered that its evaluation process with respect to Krane and each Sub-Adviser is an ongoing one, and the Board considers information at each of its regularly scheduled meetings related to, among other matters, the services provided to each Fund by Krane and (as applicable)

a Sub-Adviser. The Board also receives additional information from Krane outside of the regularly scheduled Board meetings, including at executive sessions held by the Independent Trustees.

In evaluating the Agreements, the Board considered, among other matters: (1) the nature, extent, and quality of the services provided to each Fund by Krane and to each of KBA and KRBN, by their respective Sub-Adviser; (2) the compensation paid under each Agreement; (3) the costs of the services provided by Krane and the profitability of Krane with respect to its relationship with the Funds; (4) the extent to which economies of scale could be realized as the Funds grow and whether the unitary fee charged under the Advisory Agreement will enable investors in the Funds to share in any such economies of scale; and (5) other benefits Krane and the Sub-Advisers receive from their respective relationship with the Funds.

Nature, Extent and Quality of Services

Based on written and oral reports received by the Board prior to and at the May 27, 2021 executive session of the Independent Trustees and the May 27-28, 2021 meeting of the Board, the Board considered the nature, quality, and extent of the overall services provided by Krane and the Sub-Advisers under the Agreements. The Board considered the responsibilities of Krane with respect to each Fund under the Advisory Agreement, including its obligation to oversee the services provided by the various Sub-Advisers, as applicable. The Board also discussed the nature, quality and extent of services provided by Bosera under the KBA Sub-Advisory Agreement and CFP under the KRBN Sub-Advisory Agreement.

The Advisory Agreement

• The Board took note of the qualifications, background and responsibilities of Krane’s senior personnel that provide services to the Funds managed directly by Krane and also considered the expertise of Krane personnel charged with oversight of the Sub-Advisers.

• The Board recognized that Krane has invested and continues to invest significant time and effort in structuring the Trust and the Funds. The Board noted that Krane, together with the Sub-Advisers (as applicable), is responsible for assessing the market appeal and the investment strategy of each Fund.

• The Board considered that Krane is responsible for arranging service providers for the Trust.

• The Board also considered that Krane has established a securities lending program for the benefit of certain Funds.

• The Board noted that Krane continues to evaluate its existing compliance and operational staff, and that Krane continually seeks to retain qualified and experienced staff in these areas and to invest in additional resources as its business continues to grow.

• The Board considered the financial condition of Krane and noted that Krane is part of a larger family of investment management firms with significant resources.

The KBA Sub-Advisory Agreement

• The Board took note of the significant experience of KBA’s portfolio management team with respect to investments in China and access to the A Share market.

• The Board considered the continued development of Bosera’s compliance function and its long-term relationship with the Adviser.

The KRBN Sub-Advisory Agreement

• The Board took note of the expertise of CFP’s principals with respect to carbon credits and developing carbon allocation markets.

• The Board noted that CFP is a non-discretionary sub-adviser to KRBN and considered the relative roles of personnel at both Krane and CFP with respect to management of KRBN and its wholly-owned subsidiary.

Investment Performance

The Board noted that it considers the performance of each operational Fund at each regular meeting of the Board. At such meetings, Krane presents information regarding the performance of each operational Fund versus an identified Morningstar peer group. At the Meeting, the Board considered each Fund’s performance versus its broad Morningstar peer group, as well as a select group of competitors identified by Krane. The Board recognized that many of the Funds are in the same Morningstar peer group because they have significant exposure to China, notwithstanding the meaningful differences in the Funds’ underlying indexes and investment strategies. The Board discussed the limitations of comparisons versus such a large and undifferentiated peer group and considered that the Funds offer shareholders access to unique investment opportunities, particularly in China.

The Board noted that several of the Funds are actively managed and it considered that the performance of each such Fund relative to its respective peer group is an appropriate measurement of performance. The Board noted that most of the actively-managed Funds are performing well and their performance is above the median of their respective peer groups.

The Board noted that most of the Funds track the performance of an underlying index and considered that the Board reviews the tracking error of such Funds at each meeting of the Board. The Board considered that, based on the information presented at the Meeting, the performance of most of the Funds is reasonably correlated to that of each Fund’s underlying index. The Board noted the tracking error of certain Funds exceeded 3% for the one-year period ended March 31, 2021 and noted the following reasons for such dispersion:

• KFYP: primarily as a result of the Fund selling off certain index holdings as a result of Presidential Executive Order 13959 (Addressing the Threat From Securities Investments That Finance Certain Companies of the People’s Republic of China) (“the “Executive Order”);

• KALL: as a result of a sampling approach to tracking the performance of the underlying index and adjustments to the portfolio as a result of the Executive Order;

• KGRN: resulting from a change in the methodology used by the underlying index provider; and

• KHYB and KEMX: as a result of following a sampling approach to tracking the performance of the underlying index.

The Board noted its discussions with Krane related to other factors, such as the use of fair value pricing by the Funds and the Funds’ asset inflows and outflows, which affect the performance of the Funds but not their underlying indices. The Board considered that these factors can be expected to affect the Funds’ tracking error.

Compensation

The Board considered that pursuant to the Advisory Agreement, Krane has entered into a unitary advisory fee arrangement for each of the Funds. Under the unitary fee arrangement, Krane is responsible for paying most of the Funds’ expenses, including those of the Funds’ principal service providers and Sub-Adviser (if applicable). The Board considered the information provided by Krane regarding the amounts it pays to the Funds’ service providers under the unitary fee arrangement. The Board reviewed and considered the fees paid by each Fund in light of the nature, quality and extent of the services provided or obtained by Krane. The Board also considered that Krane has imposed fee waivers on certain Funds and considered the net expense ratios of the currently operational Funds compared to those of their peer groups.

The Board noted that: (1) the management fees paid by all of the Funds except KESG are higher than the median management fee within their Morningstar peer groups; (2) the total expense ratios of KBA, KALL, KURE, KESG, KFVG and KEMX are equal to or lower than the median expense ratio for each such Fund’s Morningstar peer groups; and (3) all other Funds have total expense ratios above the median expense ratio for each such Fund’s Morningstar peer groups. The Board considered that the Morningstar peer groups for the Funds do not reflect the unique exposure and thematic approach of the Funds and considered that the Funds’ total expense ratios are generally consistent with those of their direct peers. The Board noted Krane’s representation that such Funds offers unique investment exposure for investors in U.S. registered funds. The Board also considered the effect of each Fund’s assets under management on its net expense ratio.

The Board took notice of the management fees and total expense ratios of the following Funds, which are in the top quartile when compared to each such Fund’s Morningstar peer group.

• OBOR. The Board considered that OBOR’s Morningstar peer group is the US Fund Infrastructure category, although OBOR has more than 80% of its portfolio invested in emerging markets. The Board noted OBOR’s fees and total expenses also exceed the median in the US Diversified Emerging Markets peer group. The Board considered that OBOR provides unique access to particularized infrastructure investments in certain emerging and frontier markets that are part of China’s “one belt one road” initiative, and that such access is not otherwise widely available in a U.S. registered fund.

• KSTR. The Board considered that KSTR provides access to companies listed on the Shanghai Stock Exchange STAR Market, and that it is the first STAR Market ETF to be listed outside of China. The Board also noted that KSTR requires a qualified foreign institutional investor (QFII) license to directly trade on the STAR Market.

• KRBN. The Board considered that KRBN offers unique access to carbon credit futures covering cap-and-trade allowances on a global basis.

• KHYB. The Board considered that the Morningstar peer group for KHYB is the U.S. Emerging Markets Bond category, but that KHYB is invested primarily in high-yield bonds in China. The Board noted the expertise necessary to manage this portfolio and the engagement of a sub-adviser with such expertise.

• KMED. The Board noted that KMED’s Morningstar peer group contains broad-based emerging markets ETFs, whereas KMED is a thematic offering focused on emerging markets healthcare.

• KARS. The Board noted that KARS is a thematic fund focused on investments in the electric vehicle sector and future mobility technology sector in both developed and developing economies, including China. The Board considered that KARS’ Morningstar peer group is more broadly focused on the industrial sector.

• KGRN. The Board considered that KGRN provides investors with unique exposure to clean technology companies in China, and that its Morningstar category is a broad-based regional peer group.

• KWEB. The Board considered that KWEB provides investors with unique exposure to internet companies in China, and that its Morningstar category is a broad-based regional peer group.

Although the Board received information regarding the fees paid to the Sub-Advisers under the Sub-Advisory Agreements, the Board noted the arm’s-length nature of the relationship between Krane and the Sub-Advisers with respect to the negotiation of sub-advisory fee rates. The Board also considered that Krane (and not the Funds) pays the Sub-Adviser’s fees.

Costs and Profitability

The Board noted that Krane continues to waive certain fees for some of the Funds. The Board also considered that although Krane is profitable, it was not making a profit from its relationship with all of the Funds under the Advisory Agreement. The Board considered Krane’s commitment to the success of the Funds and the use of a unitary fee structure under which Krane bears the risk if certain of the Funds’ expenses increase or if a Fund’s assets fail to increase to a level sufficient to cover such expenses. The Board also considered that Krane has established a securities lending program for the benefit of certain of the Funds, and that fees earned by Krane from such Funds can affect the profitability of such Funds.

The Board considered the effect of each Fund’s assets under management on the potential profitability of such Fund under the unitary fee structure in light of the costs associated with the personnel, systems and equipment necessary to manage the Funds and to meet the regulatory and compliance requirements of the SEC and other regulatory bodies, as well as other expenses Krane pays in accordance with the Advisory Agreement.

The Board did not consider information regarding the costs of services provided or profits realized by the Sub-Advisers from their relationships with the Funds, noting the arm’s-length nature of the relationship between Krane and the Sub-Advisers with respect to the negotiation of the sub-advisory fee rate on behalf of each Fund. The Board considered that Krane, and not the Funds, is responsible for paying the sub-advisory fees under each Sub-Advisory Agreement.

Other Benefits

The Board considered the extent to which Krane would derive ancillary benefits from the Funds’ operations, including benefits to Krane as a result of its ability to use the assets of certain Funds to engage in soft dollar transactions and the existence of a securities lending program for certain Funds. The Board also noted that Krane and certain of its executives hold minority ownership interests in CFP, and that they would therefore benefit from the success and profitability of any Fund sub-advised by CFP. The Board did not observe any other potential benefits to be realized by Krane from its relationship with the Funds.

Economies of Scale

The Board considered that each Fund is managed by Krane pursuant to unitary fee advisory agreement, pursuant to which Krane bears all of the Fund’s expenses until it gathers sufficient assets under management to, in effect, pay its own costs. As a result, the Board observed, Krane typically subsidizes each Fund for a period of time following its inception. The Board also considered that Krane continues to reinvest a significant portion of its profits in its business, including through the addition of compliance and operations personnel, and that any economies of scale are shared with the Funds in this manner. The Board determined to continue monitoring for potential economies of scale, but concluded that, at present, they were not a material factor for the Board to consider in connection with the renewal of the Advisory Agreement.

Conclusion

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors in their review of the Agreements. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Agreements. The Board noted that, as in the past, it will continue to monitor the Funds at its regular meetings, during executive sessions of the Independent Trustees and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Agreements, were reasonable in light of the factors considered by the Board.

KraneShares Asia Pacific High Yield Bond ETF

At a meeting on May 27-28, 2021, the Board of Trustees (“Board”) of KraneShares Trust (“Trust”), including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved changes to the name and the strategy of KraneShares Asia Pacific High Yield Bond ETF (“KHYB”). In connection with such changes, the Board also considered a new investment sub-advisory agreement (“Sub-Advisory Agreement”) between Krane Funds Advisors, LLC (“Krane”), on behalf of KHYB, and Nikko Asset Management Americas Inc. (“Nikko”).

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session, the Board received and considered information provided by Nikko in response to the Independent Trustees’ written requests related to the Board’s consideration of the Sub-Advisory Agreement. The Board also noted that the Trust’s chief compliance officer (“CCO”) received and reviewed information about Nikko’s compliance program, and that the Board received a report from the CCO regarding such compliance program. The Board noted that its evaluation process with respect to KHYB is an ongoing one and, as a result, the Board will consider information at each of its regularly scheduled meeting related to, among other matters, the services provided by Nikko to KHYB.

In evaluating the Sub-Advisory Agreement, the Board considered, among other matters: (1) the nature, extent, and quality of the services to be provided by Nikko; (2) the proposed compensation to be paid to Nikko under the Sub-Advisory Agreement; (3) the estimated costs of the services to be provided by Nikko and Nikko’s profitability expectations with respect to its services to KHYB; (4) the extent to which economies of scale could be realized by Nikko as KHYB grows and whether investors will share in the benefits of economies of scale; and (5) other benefits Nikko anticipates it may receive from its relationship with KHYB.

Nature, Extent, and Quality of Services

Based on the written and oral reports received prior to and at the May 27, 2021 executive session of the Independent Trustees and the May 28, 2021 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Nikko under the Sub Advisory Agreement. Among other things, the Board considered that it had to the opportunity to meet with key investment personnel from Nikko and that it received information related to such personnel and their experience, as well as Nikko’s other resources. The Board took note of the qualifications, background and responsibilities of Nikko’s senior personnel who will provide services to KHYB, including their significant experience investing in the Asian credit markets. The Board also noted that Nikko is part of a global asset management with significant financial and other resources that it can access in connection with managing KHYB. The Board considered Nikko’s proprietary investment framework that it will use in connection with the active management of KHYB’s portfolio and noted that Nikko’s portfolio managers currently successfully manage a number of other accounts.

Investment Performance

The Board noted that the historical performance of KHYB is not relevant to consideration of the Sub-Advisory Agreement, given the change in KHYB’s benchmark, sub-adviser and investment strategy. They considered, however, the performance achieved by the Nikko team that will be managing KHYB, both across all accounts with a substantially similar investment strategy as well as by a pooled vehicle pursuing a substantially similar strategy. The Board considered that, once the change in KHYB’s strategy is implemented, it will receive regular reports regarding the performance of KHYB, including relative to peer funds.

Compensation

Although the Board received information regarding the sub-advisory fees proposed to be paid to Nikko under the Sub-Advisory Agreement, the Board noted that Krane (and not the Fund) will pay Nikko’s fees under the terms of a unitary fee arrangement between Krane and the Trust, on behalf of KHYB. The Board also considered the arm’s-length nature of the relationship between Krane and Nikko with respect to the negotiation of such sub-advisory fees.

Costs and Profitability

Although the Board reviewed information from Nikko regarding its likely costs and profitability of providing services to KHYB, the Board noted that Krane (and not the Fund) will pay Nikko’s fees under the terms of a unitary fee arrangement between Krane and the Trust, on behalf of KHYB. In this regard, the Board considered the arm’s-length nature of the relationship between Krane and Nikko with respect to the negotiation of the sub-advisory fee rates. Under the circumstances, the Board considered Nikko’s costs and profitability related to KHYB not to be a material factor in its consideration of the Sub-Advisory Agreement.

Other Benefits

The Board considered whether Nikko would derive ancillary benefits from KHYB’s operations. The Board did not observe any potential ancillary benefits to be realized by Nikko from its relationship with KHYB.

Economies of Scale

The Board noted that the fees under the Sub-Advisory Agreement will be paid by Krane under the terms of the unitary fee arrangement, and not by KHYB. As a result, the Board determined that to the extent Nikko experiences economies of scale as KHYB’s assets increase, they will not affect the fees paid directly by KHYB. Further, the Board noted the arm’s-length nature of the relationship between Krane and Nikko with respect to the negotiation of the sub-advisory fee rates. Based on these and other considerations, the Board considered economies of scale not to be a material factor in its consideration of the Sub-Advisory Agreement.

Conclusion

The Board did not identify any single factor as being of paramount importance in considering the Sub-Advisory Agreement, and different Trustees may have given different weight to different factors. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards applicable to its consideration of the Sub-Advisory Agreement and the Independent Trustees met in executive session with Independent Trustee counsel to address such standards and recent developments in this area of the law, to review material provided by Nikkoo, and to consider proposed changes to KHYB’s investment strategy, sub-adviser and benchmark. The Board noted that it will continue to monitor the performance of KHYB at its regular meetings, during executive sessions of the Independent Trustees, and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the sub-advisory arrangements, as outlined in the Sub-Advisory Agreement, were reasonable.

KraneShares Hang Seng Tech Index ETF

At a meeting held on November 19, 2020, the Board of Trustees (the “Board”) of KraneShares Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the existing investment advisory agreement (the “Advisory Agreement”) between Krane Funds Advisors, LLC (“Krane”) and the Trust on behalf of the following separate series of the Trust, KraneShares Hang Seng TECH Index ETF (the “Fund”).

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on November 17, 2020, the Board received and considered information provided by Krane in response to the Independent Trustees’ written requests related to the Board’s consideration of the Advisory Agreement with respect to the Fund. The Board noted that it will consider information at each of its regularly scheduled meetings related to, among other matters, the services provided by Krane. The Board also receives additional information from Krane outside of the regularly scheduled Board meetings and at executive sessions held by the Independent Trustees. As a result, the Board considered that its evaluation process with respect to Krane will be an ongoing one.

In evaluating the Advisory Agreement, the Board considered, among other matters: (1) the nature, extent, and quality of the services to be provided to the Fund; (2) the proposed compensation to be paid under the Advisory Agreement; (3) the estimated costs of the services to be provided by Krane and the profitability expectations of Krane with respect to their relationship with the Fund; (4) the extent to which economies of scale could be realized as the Fund grows and whether the unitary fee charged under the Advisory Agreement will enable investors in the Fund to share in any such economies of scale; and (5) other benefits Krane and anticipate they may receive from their respective relationship with the Fund.

Nature, Extent and Quality of Services

Based on written and oral reports received by the Board prior to and at the November 17, 2020 executive session of the Independent Trustees and the November 19, 2020 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane and under the Advisory Agreement. The Board considered the responsibilities of Krane under the Advisory Agreement.

The Board took note of the qualifications, background and responsibilities of Krane’s senior personnel that provide services to the Fund. The Board recognized that Krane invested significant time and effort in structuring the Trust and the Fund, assessing the market appeal and the investment strategy of the Fund, and arranging service providers for the Trust. The Board considered that Krane established a securities lending program for the benefit of the Fund. The Board noted that Krane continually evaluates its existing compliance and operational staff, and that it has consistently sought to retain qualified and experienced staff in these areas as its business has grown. The Board also considered the financial condition of Krane and its current ownership structure. The Board noted that Krane is part of a larger family of investment management firms with significant resources, including administrative resources utilized by Krane.

The Board considered that Krane is responsible for establishing and monitoring the investment program for the Fund, which is managed directly by Krane. The Board noted the time and effort spent by Krane to develop the Fund’s investment programs and to continually monitor the Fund’s performance.

Investment Performance

The Board noted that, because the Fund had not yet commenced investment operations, they have no investment performance. Once the Fund commences operations, however, the Board noted that it would receive regular reports regarding the performance of the Fund relative to a broad Morningstar peer group, as well as a select group of competitors identified by Krane. The Board also considered that at its regular meetings it will receive information regarding the tracking error of the Fund against the performance of an identified underlying index for the Fund. The Board considered the proposed underlying index for each of the Fund. The Board discussed its experience with Krane’s management of existing operational series of the Trust that pursue different investment strategies.

Compensation

The Board considered that pursuant to the Advisory Agreement, Krane will enter into a unitary advisory fee arrangement for the Fund. Under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the Fund, including those of the Fund’s principal service providers. The Board reviewed and considered the fees proposed to be paid by the Fund in light of the nature, quality and extent of the services provided or obtained by Krane. The Board noted Krane’s representation that the Fund offers unique investment exposure for shareholders and potential investors in registered funds.

Costs and Profitability

The Board considered the estimated cost of Krane’s services with respect to the Fund. The Board noted that, because the Fund had not yet launched, it was difficult to estimate how profitable they would be to Krane. The Independent Trustees received information from Krane regarding its financial stability and its profitability and discussed with Krane’s management how launching the Fund would

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage expenses; and (2) ongoing costs. All Exchange Traded Funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund. Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (April 1, 2021 to September 30, 2021).

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, including brokerage commissions on the purchases and sale of Fund shares. Therefore, the expense examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs had been included, your costs would have been higher.

	Beginning Account Value 4/1/2021		Ending Account Value 9/30/2021		Annualized Expense Ratios	Expenses Paid During Period(1)
KraneShares CICC China Leaders 100 Index ETF
Actual Fund Return	$	1,000.00	$	996.20	0.69%	$	3.45
Hypothetical 5% Return		1,000.00		1,021.61	0.69		3.50
KraneShares CSI China Internet ETF
Actual Fund Return	$	1,000.00	$	623.50	0.69%	$	2.81
Hypothetical 5% Return		1,000.00		1,021.61	0.69		3.50
KraneShares Bosera MSCI China A Share ETF
Actual Fund Return	$	1,000.00	$	1,042.10	0.59%	$	3.02
Hypothetical 5% Return		1,000.00		1,022.11	0.59		2.99
KraneShares Bloomberg China Bond Inclusion Index ETF
Actual Fund Return	$	1,000.00	$	1,020.20	0.35%	$	1.77
Hypothetical 5% Return		1,000.00		1,023.31	0.35		1.78
KraneShares MSCI All China Index ETF
Actual Fund Return	$	1,000.00	$	894.40	0.49%	$	2.33
Hypothetical 5% Return		1,000.00		1,022.61	0.49		2.48
KraneShares MSCI One Belt One Road Index ETF
Actual Fund Return	$	1,000.00	$	1,064.50	0.78%	$	4.04
Hypothetical 5% Return		1,000.00		1,021.16	0.78		3.95
KraneShares Emerging Markets Consumer Technology Index ETF
Actual Fund Return	$	1,000.00	$	844.00	0.59%	$	2.73
Hypothetical 5% Return		1,000.00		1,022.11	0.59		2.99
KraneShares MSCI China Clean Technology Index ETF
Actual Fund Return	$	1,000.00	$	1,095.70	0.78%	$	4.10
Hypothetical 5% Return		1,000.00		1,021.16	0.78		3.95
KraneShares Electric Vehicles and Future Mobility Index ETF
Actual Fund Return	$	1,000.00	$	1,099.90	0.69%	$	3.63
Hypothetical 5% Return		1,000.00		1,021.61	0.69		3.50
KraneShares MSCI All China Health Care Index ETF
Actual Fund Return	$	1,000.00	$	976.50	0.65%	$	3.22
Hypothetical 5% Return		1,000.00		1,021.81	0.65		3.29
KraneShares Asia Pacific High Yield Bond ETF
Actual Fund Return	$	1,000.00	$	962.10	0.69%	$	3.39
Hypothetical 5% Return		1,000.00		1,021.61	0.69		3.50
KraneShares Emerging Markets Healthcare Index ETF
Actual Fund Return	$	1,000.00	$	935.00	0.82%	$	3.98
Hypothetical 5% Return		1,000.00		1,020.96	0.82		4.15
KraneShares MSCI Emerging Markets ex China Index ETF
Actual Fund Return	$	1,000.00	$	1,031.30	0.24%	$	1.22
Hypothetical 5% Return		1,000.00		1,023.87	0.24		1.22

Adopted December 18, 2020

PRIVACY NOTICE

KRANE SHARES TRUST

FACTS		WHAT DOES KRANE SHARES TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?		The types of personal information we collect and share depends on the product or service that you have with us. This information can include: • Social Security number and wire transfer instructions • account transactions and transaction history • investment experience and purchase history When you are no longer our customer, we may continue to share your information as described in this notice.

How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Krane Shares Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Krane Shares Trust share information?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes — to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and records.	NO	We don’t share

Reasons we can share your personal information:	Does Krane Shares Trust share information?	Can you limit this sharing?
For our affiliates’ everyday business purposes — information about your credit worthiness.	NO	We don’t share
For nonaffiliates to market to you	NO	We don’t share

QUESTIONS?

Call 1-212-933-0393

What we do:
How does Krane Shares Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Krane Shares Trust collect my personal information?	We collect your personal information, for example, when you open an account We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: • sharing for affiliates’ everyday business purposes — information about your creditworthiness. • affiliates from using your information to market to you. • sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. • Krane Shares Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • Krane Shares Trust does not jointly market.

	Shares	Value
COMMON STOCK (continued)
THAILAND — 5.9%
Energy — 3.7%
PTT	341,700	$	393,862

Industrials — 0.2%
Thoresen Thai Agencies	49,400		18,980

Materials — 2.0%
Indorama Ventures	57,500		75,624
PTT Global Chemical	76,912		143,777
			219,401
TOTAL THAILAND			632,243

TURKEY — 0.3%
Industrials — 0.3%
Turk Hava Yollari AO*	19,725		30,972
TOTAL TURKEY			30,972

UNITED ARAB EMIRATES — 0.5%
Industrials — 0.5%
Air Arabia PJSC*	82,000		30,361
Aramex PJSC	24,727		23,696
TOTAL UNITED ARAB EMIRATES			54,057
TOTAL COMMON STOCK (Cost $8,977,238)			10,605,861

PREFERRED STOCK — 0.8%
RUSSIA— 0.8%
Energy — 0.8%
Surgutneftegas PJSC (D)	152,800		84,603

TOTAL PREFERRED STOCK (Cost $84,624)			84,603
TOTAL INVESTMENTS — 99.4% (Cost $9,061,862)			10,690,464
OTHER ASSETS LESS LIABILITIES — 0.6%			59,351
NET ASSETS — 100%		$	10,749,815

	Shares	Value
COMMON STOCK (continued)
Information Technology (continued)
JinkoSolar Holding ADR*	77,696	$	3,559,254
Kingsoft Cloud Holdings ADR*	122,066		3,456,909
LONGi Green Energy Technology, Cl A*	662,333		8,464,398
Sanan Optoelectronics, Cl A	603,230		2,961,940
Wuxi Lead Intelligent Equipment, Cl A	105,220		1,138,280
Xinyi Solar Holdings	4,003,588		8,208,110
			35,970,777
Real Estate — 4.3%
China Evergrande Group	4,524,000		1,714,374
Shimao Group Holdings	2,772,500		5,078,693
SOHO China*	4,321,000		1,148,988
			7,942,055
Utilities — 10.1%
Beijing Enterprises Water Group	9,898,500		3,890,915
China Datang Renewable Power, Cl H	4,770,000		2,132,350
China Everbright Greentech	1,370,000		536,762
China Everbright Water	1,962,757		433,727
China Longyuan Power Group, Cl H	4,743,800		11,724,446
			18,718,200
TOTAL CHINA			179,634,829

HONG KONG — 2.8%
Industrials — 0.4%
China High Speed Transmission Equipment Group*	897,000		753,583
Real Estate — 0.9%
Yuexiu Real Estate Investment Trust†	3,769,000		1,772,018
Utilities — 1.5%
Beijing Energy International Holding*	15,396,000		603,210
Canvest Environmental Protection Group	1,116,000		616,444
Concord New Energy Group	12,130,000		1,527,031
			2,746,685
TOTAL HONG KONG			5,272,286
TOTAL COMMON STOCK (Cost $179,056,512)			184,907,115
TOTAL INVESTMENTS — 99.6% (Cost $179,056,512)			184,907,115
OTHER ASSETS LESS LIABILITIES — 0.4%			734,875
NET ASSETS — 100%		$	185,641,990

	Shares	Value
SHORT-TERM INVESTMENT(B)(C) — 5.7%
Invesco Government & Agency Portfolio, Cl Institutional, 0.030%	396,115,854	$	396,115,854
TOTAL SHORT-TERM INVESTMENT (Cost $396,115,854)			396,115,854
TOTAL INVESTMENTS — 105.5% (Cost $9,489,857,760)			7,352,149,379
OTHER ASSETS LESS LIABILITIES — (5.5)%			(383,500,551	)
NET ASSETS — 100%		$	6,968,648,828

	KraneShares MSCI All China Health Care Index ETF
	Period Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Operations:
Net Investment Income (Loss)	$	432,301		$	(327,975	)
Net Realized Gain on Investments and Foreign Currency Translations		11,210,028			14,211,466
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Translations		(19,121,679	)		14,169,467
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,479,350	)		28,052,958
Distributions		5			(469	)
Capital Share Transactions:(1)
Issued		29,841,694			180,686,733
Redeemed		(18,041,274	)		(26,384,777	)
Increase in Net Assets from Capital Share Transactions		11,800,420			154,301,956
Total Increase in Net Assets		4,321,075			182,354,445
Net Assets:
Beginning of Period		214,464,051			32,109,606
End of Period	$	218,785,126		$	214,464,051
Share Transactions:
Issued		700,000			4,950,000
Redeemed		(450,000	)		(700,000	)
Net Increase in Shares Outstanding from Share Transactions		250,000			4,250,000

Consolidated Statement of Assets and Liabilities Location		Asset Derivatives		Liability Derivatives
Commodities Risk Futures contracts	Unrealized appreciation/(depreciation) on futures contracts*	$	165,659,879	$	—
Foreign Exchange Risk Futures contracts	Unrealized appreciation/(depreciation) on futures contracts*		—		(2,105,676	)
		$	165,659,879	$	(2,105,676	)

	Net Realized Gain/ (Loss)*			Change in Unrealized Appreciation/ (Depreciation)**			Total
Commodities Risk Futures contracts	$	(143,887	)	$	157,672,953		$	157,529,066
Foreign Exchange Risk Futures contracts		56,205			(1,950,075	)		(1,893,870	)
	$	(87,682	)	$	155,722,878		$	155,635,196