DBX ETF Trust

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on our four flagship ETFs tracking China’s equity market for the period ended November 30, 2022.

The global economy has continued to face significant challenges during the reporting period, with high inflation, interest rate hikes, geopolitical tensions, and rising COVID-19 cases in China. Major central banks across the world hiked interest rates to curb inflation, despite fears that doing so could tip the global economy into a recession. However, rising hopes of a slowdown in the pace of rate hikes by the U.S. Federal Reserve (Fed) boosted investor sentiment and supported gains for the markets. Despite reeling under high inflation, U.S. markets staged a turnaround toward the end of the period and posted their first back-to-back monthly gains since 2021. The Fed raised the policy rate by 75 bps¹ in June, July, September and November, bringing the rate between 3.75% and 4%. The Eurozone continued reeling under high energy prices, Russia’s war with Ukraine, and decades-high inflation throughout the period, and the European Central Bank (ECB) hiked interest rates by 75 bps in September, following a 50 bps hike in July, to fight soaring inflation.

China’s economy recovered at a faster-than-expected pace, with GDP² increasing by 3.9% year on year. The economy was buoyed by a series of policies and stimulus from Beijing. Industrial production rose in both mining and manufacturing. Economic data shows that growth in industrial activity has been a major source of strength for the economy. Automobile manufacturing also increased, and the country produced more than double the number of new-energy vehicles compared to last year. Investments in fixed assets continued to increase. Exports remain essential to China’s development, with imports only modestly improving throughout the period. The unemployment rate remained steady at 5.5%.

On the policy front, the People’s Bank of China (PBoC) kept its key lending rates unchanged for the third straight month in November. The State Council announced RMB300bn in policy financing for property and RMB200bn in special bonds for power producers. The PBoC lowered the rate of one-year medium-term lending facility loans to some financial institutions by 10 bps. This was followed by asymmetric one-year loan prime rates and a preliminary agreement with the U.S. over audit inspections. The PBoC also cut the seven-day reverse repo rate from 2.1% to 2% to boost support for the economy affected by COVID-19-related lockdowns and a property downturn.

We believe the global economy is likely to witness weaker growth ahead, weighed down by record-high inflation and high retail inventories. We expect global inflation to peak in the fourth quarter of 2022. While the U.S. might narrowly miss a recession in 2023, the Eurozone is expected to witness a contraction in GDP. Meanwhile, slowing demand and declining housing prices are likely to help reduce inflation levels and prompt the world’s major central banks to pause or scale back further rate hikes.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Basis points (bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

² The Gross Domestic Product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

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

Ten Largest Equity Holdings

as of November 30, 2022 (22.4% of Net Assets)


Description	% of Net Assets
Kweichow Moutai Co. Ltd., Class A		5.6%
Contemporary Amperex Technology Co. Ltd., Class A		3.0%
Ping An Insurance Group Co. of China Ltd., Class A		2.7%
China Merchants Bank Co. Ltd., Class A		2.4%
Wuliangye Yibin Co. Ltd., Class A		1.7%
LONGi Green Energy Technology Co. Ltd., Class A		1.6%
Industrial Bank Co. Ltd., Class A		1.4%
China Yangtze Power Co. Ltd., Class A		1.4%
Midea Group Co. Ltd., Class A		1.3%
BYD Co. Ltd., Class A		1.3%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 7.

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

Ten Largest Equity Holdings

as of November 30, 2022 (6.4% of Net Assets)


Description	% of Net Assets
Guanghui Energy Co. Ltd., Class A		0.8%
Jiangsu Zhongtian Technology Co. Ltd., Class A		0.7%
Ming Yang Smart Energy Group Ltd., Class A		0.7%
Ninestar Corp., Class A		0.6%
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		0.6%
Wintime Energy Co. Ltd., Class A		0.6%
Beijing United Information Technology Co. Ltd., Class A		0.6%
Centre Testing International Group Co. Ltd., Class A		0.6%
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		0.6%
China Baoan Group Co. Ltd., Class A		0.6%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 12 .

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

Ten Largest Equity and ETF Holdings

as of November 30, 2022 (72.2% of Net Assets)


Description	% of Net Assets
Xtrackers MSCI China A Inclusion Equity ETF		46.8%
Tencent Holdings Ltd.		6.8%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		4.7%
Alibaba Group Holding Ltd.		4.5%
Meituan		2.7%
JD.com, Inc.		1.8%
China Construction Bank Corp.		1.7%
Pinduoduo, Inc.		1.2%
Ping An Insurance Group Co. of China Ltd.		1.1%
Baidu, Inc.		0.9%

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

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

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

Ten Largest Equity Holdings

as of November 30, 2022 (17.8% of Net Assets)


Description	% of Net Assets
Kweichow Moutai Co. Ltd.		5.2%
Contemporary Amperex Technology Co. Ltd.		2.4%
China Merchants Bank Co. Ltd.		1.9%
Wuliangye Yibin Co. Ltd.		1.6%
Ping An Insurance Group Co. of China Ltd.		1.3%
China Yangtze Power Co. Ltd.		1.2%
BYD Co. Ltd.		1.2%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		1.0%
China Tourism Group Duty Free Corp. Ltd.		1.0%
Industrial Bank Co. Ltd.		1.0%

* As a percent of total investments excluding exchange-traded funds and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 24 .

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2022 to, November 30, 2022).

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

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

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

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.

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


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 1.2%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,030,804	$	2,586,354
China United Network Communications Ltd., Class A		16,008,781		10,019,048
Focus Media Information Technology Co. Ltd., Class A		7,951,653		6,759,489
Mango Excellent Media Co. Ltd., Class A		589,489		2,106,499
Zhejiang Century Huatong Group Co. Ltd., Class A*		3,697,913		2,067,676

(Cost $23,683,774)				23,539,066

Consumer Discretionary — 8.1%
Beijing Roborock Technology Co. Ltd., Class A		36,495		1,340,896
BYD Co. Ltd., Class A		698,195		25,714,447
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		116,524		2,182,660
China Tourism Group Duty Free Corp. Ltd., Class A		752,496		21,089,046
Chongqing Changan Automobile Co. Ltd., Class A		3,899,284		7,442,808
Ecovacs Robotics Co. Ltd., Class A		178,792		1,827,895
FAW Jiefang Group Co. Ltd., Class A		856,287		983,100
Fuyao Glass Industry Group Co. Ltd., Class A		1,270,244		6,693,322
Great Wall Motor Co. Ltd., Class A		971,477		4,409,006
Gree Electric Appliances, Inc. of Zhuhai, Class A		3,708,719		16,931,858
Guangzhou Automobile Group Co. Ltd., Class A		1,754,382		3,067,359
Haier Smart Home Co. Ltd., Class A		2,934,408		10,215,219
Huali Industrial Group Co. Ltd., Class A		82,117		569,282
Huayu Automotive Systems Co. Ltd., Class A		1,268,554		3,323,305
Huizhou Desay Sv Automotive Co. Ltd., Class A		232,097		3,622,866
Midea Group Co. Ltd., Class A		3,818,947		25,943,985
Offcn Education Technology Co. Ltd., Class A*		1,448,351		1,017,440
Oppein Home Group, Inc., Class A		146,728		2,269,704
SAIC Motor Corp. Ltd., Class A		3,732,776		8,041,431
Shandong Linglong Tyre Co. Ltd., Class A		495,791		1,413,540
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		1,225,601		1,266,222
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,138,857		2,605,895
TCL Technology Group Corp., Class A		10,808,943		6,166,502
Zhejiang Supor Co. Ltd., Class A		139,338		906,252

(Cost $135,003,527)				159,044,040

Consumer Staples — 14.3%
Anhui Gujing Distillery Co. Ltd., Class A		127,699		4,318,764


	Number of Shares		Value
Consumer Staples (Continued)
Chongqing Brewery Co. Ltd., Class A		181,327	$	2,830,641
Eastroc Beverage Group Co. Ltd., Class A		33,000		800,829
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,095,658		10,940,331
Guangdong Haid Group Co. Ltd., Class A		648,763		5,208,370
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,418,927		5,086,546
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,993,839		16,351,816
Jiangsu King’s Luck Brewery JSC Ltd., Class A		500,382		2,981,081
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		460,474		9,238,952
Kweichow Moutai Co. Ltd., Class A		483,193		109,647,497
Luzhou Laojiao Co. Ltd., Class A		566,396		14,951,545
Muyuan Foods Co. Ltd., Class A		2,073,877		14,147,729
New Hope Liuhe Co. Ltd., Class A*		1,760,727		3,403,289
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		406,007		2,091,557
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		382,332		13,892,969
Tongwei Co. Ltd., Class A		2,071,389		12,734,437
Tsingtao Brewery Co. Ltd., Class A		279,782		4,022,155
Wens Foodstuffs Group Co. Ltd., Class A		3,929,654		10,015,907
Wuliangye Yibin Co. Ltd., Class A		1,498,838		33,365,415
Yihai Kerry Arawana Holdings Co. Ltd., Class A		465,593		2,725,587
Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		73,162		1,315,815

(Cost $191,438,022)				280,071,232

Energy — 2.0%
China Coal Energy Co. Ltd., Class A		1,406,898		1,936,707
China Oilfield Services Ltd., Class A		472,359		1,187,861
China Petroleum & Chemical Corp., Class A		10,208,598		6,562,872
China Shenhua Energy Co. Ltd., Class A		2,596,184		11,255,799
PetroChina Co. Ltd., Class A		7,467,041		5,552,767
Shaanxi Coal Industry Co. Ltd., Class A		3,009,516		8,614,542
Yankuang Energy Group Co. Ltd., Class A		704,978		4,059,917

(Cost $30,333,717)				39,170,465

Financials — 21.7%
Agricultural Bank of China Ltd., Class A		26,074,800		10,657,200
Bank of Beijing Co. Ltd., Class A		11,458,043		6,975,854
Bank of Chengdu Co. Ltd., Class A		1,695,256		3,692,949
Bank of China Ltd., Class A		16,724,200		7,476,279
Bank of Communications Co. Ltd., Class A		21,581,450		14,456,137
Bank of Hangzhou Co. Ltd., Class A		2,329,633		4,370,676


	Number of Shares		Value
Financials (Continued)
Bank of Jiangsu Co. Ltd., Class A		9,189,065	$	9,663,160
Bank of Nanjing Co. Ltd., Class A		4,012,825		5,905,527
Bank of Ningbo Co. Ltd., Class A		3,085,358		14,059,682
Bank of Shanghai Co. Ltd., Class A		7,864,588		6,663,155
China CITIC Bank Corp. Ltd., Class A		2,443,629		1,744,347
China Construction Bank Corp., Class A		5,629,528		4,465,946
China Everbright Bank Co. Ltd., Class A		13,507,704		5,731,686
China Galaxy Securities Co. Ltd., Class A		1,064,071		1,498,000
China International Capital Corp. Ltd., Class A		446,319		2,431,606
China Life Insurance Co. Ltd., Class A		1,322,285		6,783,643
China Merchants Bank Co. Ltd., Class A		9,516,318		47,213,913
China Merchants Securities Co. Ltd., Class A		2,879,035		5,515,824
China Minsheng Banking Corp. Ltd., Class A		19,487,308		9,734,735
China Pacific Insurance Group Co. Ltd., Class A		2,717,280		9,386,087
China Zheshang Bank Co. Ltd., Class A*		6,383,684		2,672,533
CITIC Securities Co. Ltd., Class A		7,620,452		21,434,532
CSC Financial Co. Ltd., Class A		1,038,621		3,621,528
East Money Information Co. Ltd., Class A		8,225,834		21,596,397
Everbright Securities Co. Ltd., Class A		1,522,427		3,493,623
Founder Securities Co. Ltd., Class A		3,392,738		3,264,447
GF Securities Co. Ltd., Class A		2,318,702		5,268,244
Guosen Securities Co. Ltd., Class A		2,206,251		2,858,612
Guotai Junan Securities Co. Ltd., Class A		3,497,432		6,943,790
Haitong Securities Co. Ltd., Class A		7,505,127		9,521,934
Hithink RoyalFlush Information Network Co. Ltd., Class A		174,890		2,495,858
Hongta Securities Co. Ltd., Class A		757,510		853,568
Huatai Securities Co. Ltd., Class A		4,566,388		8,469,895
Huaxia Bank Co. Ltd., Class A		4,731,061		3,518,191
Industrial & Commercial Bank of China Ltd., Class A		27,261,584		16,636,009
Industrial Bank Co. Ltd., Class A		11,247,189		28,251,850
Industrial Securities Co. Ltd., Class A*		5,320,336		4,590,630
New China Life Insurance Co. Ltd., Class A		636,460		2,590,478
Orient Securities Co. Ltd., Class A		4,028,874		5,105,812
People’s Insurance Co. Group of China Ltd., Class A		2,606,898		2,005,178
Ping An Bank Co. Ltd., Class A		7,467,281		13,808,183
Ping An Insurance Group Co. of China Ltd., Class A		8,279,542		52,816,016
Postal Savings Bank of China Co. Ltd., Class A		8,462,100		5,356,026
SDIC Capital Co. Ltd., Class A		1,883,449		1,742,734
Shanghai Pudong Development Bank Co. Ltd., Class A		9,198,949		9,425,514


	Number of Shares		Value
Financials (Continued)
Shanghai Rural Commercial Bank Co. Ltd., Class A		694,800	$	582,743
Shenwan Hongyuan Group Co. Ltd., Class A		7,061,910		4,139,061
Zheshang Securities Co. Ltd., Class A		1,562,950		2,371,114
Zhongtai Securities Co. Ltd., Class A		2,261,263		2,211,056

(Cost $413,778,187)				426,071,962

Health Care — 8.3%
Aier Eye Hospital Group Co. Ltd., Class A		2,707,264		10,411,889
Asymchem Laboratories Tianjin Co. Ltd., Class A		160,573		3,057,210
Beijing Tiantan Biological Products Corp. Ltd., Class A		639,664		2,012,552
Beijing Tongrentang Co. Ltd., Class A		538,696		3,757,482
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		137,685		3,181,247
Bloomage Biotechnology Corp. Ltd., Class A		76,442		1,175,956
Changchun High & New Technology Industry Group, Inc., Class A		257,314		6,174,995
Chongqing Zhifei Biological Products Co. Ltd., Class A		615,943		7,907,273
Gan & Lee Pharmaceuticals Co. Ltd., Class A		175,880		850,889
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		579,761		2,411,540
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		219,365		2,123,153
Hangzhou Tigermed Consulting Co. Ltd., Class A		404,482		5,085,839
Huadong Medicine Co. Ltd., Class A		680,930		3,983,273
Hualan Biological Engineering, Inc., Class A		844,980		2,453,475
Imeik Technology Development Co. Ltd., Class A		66,905		4,553,731
Jafron Biomedical Co. Ltd., Class A		378,524		1,701,262
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,475,219		19,643,646
Lepu Medical Technology Beijing Co. Ltd., Class A		974,365		3,131,984
Ovctek China, Inc., Class A		369,150		1,650,225
Pharmaron Beijing Co. Ltd., Class A		383,426		3,489,030
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		974,035		5,128,355
Shanghai RAAS Blood Products Co. Ltd., Class A		3,201,801		2,517,292
Shenzhen Kangtai Biological Products Co. Ltd., Class A		518,617		2,531,831
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		385,691		17,767,145
Topchoice Medical Corp., Class A*		165,883		2,978,217
Walvax Biotechnology Co. Ltd., Class A		1,228,984		7,372,387
WuXi AppTec Co. Ltd., Class A		1,588,858		17,587,711
Yunnan Baiyao Group Co. Ltd., Class A		562,404		4,515,865


	Number of Shares		Value
Health Care (Continued)
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		243,707	$	8,817,646
Zhejiang NHU Co. Ltd., Class A		1,430,781		4,000,083

(Cost $153,590,846)				161,973,183

Industrials — 15.8%
AECC Aviation Power Co. Ltd., Class A		1,226,471		7,935,175
Air China Ltd., Class A*		2,374,337		3,524,550
Beijing New Building Materials PLC, Class A		809,033		3,012,726
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		15,738,483		11,011,321
China CSSC Holdings Ltd., Class A		1,397,026		4,974,332
China Eastern Airlines Corp. Ltd., Class A*		4,341,824		3,296,519
China Energy Engineering Corp. Ltd., Class A		10,946,777		3,806,116
China National Chemical Engineering Co. Ltd., Class A		2,920,702		3,490,029
China Railway Group Ltd., Class A		8,623,930		7,196,348
China Southern Airlines Co. Ltd., Class A*		3,994,876		4,223,662
China State Construction Engineering Corp. Ltd., Class A		16,740,880		13,969,640
Contemporary Amperex Technology Co. Ltd., Class A		1,074,151		58,688,863
COSCO SHIPPING Holdings Co. Ltd., Class A		4,881,696		8,749,913
CRRC Corp. Ltd., Class A		10,491,699		7,980,686
Daqin Railway Co. Ltd., Class A		4,995,028		4,855,770
Eve Energy Co. Ltd., Class A		871,073		10,254,171
Ginlong Technologies Co. Ltd., Class A*		120,918		3,392,901
Gongniu Group Co. Ltd., Class A		65,459		1,267,572
Gotion High-tech Co. Ltd., Class A		865,156		3,928,927
Guangdong Kinlong Hardware Products Co. Ltd., Class A		103,979		1,533,615
Han’s Laser Technology Industry Group Co. Ltd., Class A		669,764		2,523,573
Jiangsu Hengli Hydraulic Co. Ltd., Class A		428,720		4,001,577
Metallurgical Corp. of China Ltd., Class A		6,173,709		2,917,561
NARI Technology Co. Ltd., Class A		2,643,376		9,967,360
Ningbo Ronbay New Energy Technology Co. Ltd., Class A		213,203		2,336,430
Power Construction Corp. of China Ltd., Class A		6,043,428		6,552,490
Sany Heavy Industry Co. Ltd., Class A		4,663,646		10,529,928
SF Holding Co. Ltd., Class A		1,513,110		11,380,884
Shanghai International Airport Co. Ltd., Class A*		803,884		6,329,356
Shanghai International Port Group Co. Ltd., Class A		2,672,947		2,067,361
Shanghai M&G Stationery, Inc., Class A		306,578		2,078,819
Shenzhen Inovance Technology Co. Ltd., Class A		1,449,671		14,454,638


	Number of Shares		Value
Industrials (Continued)
Spring Airlines Co. Ltd., Class A*		289,395	$	2,327,004
Sungrow Power Supply Co. Ltd., Class A		806,014		13,154,370
Sunwoda Electronic Co. Ltd., Class A		962,958		3,307,138
Suzhou Maxwell Technologies Co. Ltd., Class A		55,665		3,396,881
TBEA Co. Ltd., Class A		2,915,826		8,896,715
Weichai Power Co. Ltd., Class A		4,404,671		6,707,224
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		877,460		5,449,219
Wuxi Shangji Automation Co. Ltd., Class A		153,924		2,542,664
XCMG Construction Machinery Co. Ltd., Class A		4,979,187		3,723,906
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,306,624		3,767,747
Yunda Holding Co. Ltd., Class A		1,130,235		1,972,893
Zhejiang Chint Electrics Co. Ltd., Class A		862,592		3,520,659
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,442,918		4,504,991
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,222,153		3,499,262

(Cost $301,543,897)				309,003,486

Information Technology — 14.0%
360 Security Technology, Inc., Class A		2,798,268		2,736,139
Advanced Micro-Fabrication Equipment Inc China, Class A*		311,567		4,350,871
Anker Innovations Technology Co. Ltd., Class A		151,070		1,246,688
Avary Holding Shenzhen Co. Ltd., Class A		620,259		2,552,706
Beijing Kingsoft Office Software, Inc., Class A		146,209		5,307,259
BOE Technology Group Co. Ltd., Class A		30,461,075		15,475,970
Chaozhou Three-Circle Group Co. Ltd., Class A		1,044,699		4,474,454
China Greatwall Technology Group Co. Ltd., Class A		1,654,603		2,806,024
China Resources Microelectronics Ltd., Class A		479,516		3,613,493
Flat Glass Group Co. Ltd., Class A		430,758		2,151,207
Foxconn Industrial Internet Co. Ltd., Class A		3,879,431		5,037,543
GigaDevice Semiconductor, Inc., Class A		530,861		7,593,253
Glodon Co. Ltd., Class A		748,200		5,900,485
GoerTek, Inc., Class A		1,883,276		4,848,204
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		288,053		2,507,119
Hangzhou First Applied Material Co. Ltd., Class A		434,067		3,701,593
Hangzhou Silan Microelectronics Co. Ltd., Class A		716,927		3,723,794
Hundsun Technologies, Inc., Class A		1,222,352		6,931,885


	Number of Shares		Value
Information Technology (Continued)
Iflytek Co. Ltd., Class A		1,503,995	$	6,883,443
Ingenic Semiconductor Co. Ltd., Class A		164,322		1,840,634
Inspur Electronic Information Industry Co. Ltd., Class A		983,186		3,097,550
JA Solar Technology Co. Ltd., Class A		749,450		6,190,066
JCET Group Co. Ltd., Class A		1,274,864		4,523,072
Lens Technology Co. Ltd., Class A		1,709,287		2,578,563
Lingyi iTech Guangdong Co., Class A*		2,700,504		1,885,556
LONGi Green Energy Technology Co. Ltd., Class A		4,716,879		30,645,037
Luxshare Precision Industry Co. Ltd., Class A		3,862,325		16,942,498
Maxscend Microelectronics Co. Ltd., Class A		262,961		4,295,700
Montage Technology Co. Ltd., Class A		375,063		3,581,660
National Silicon Industry Group Co. Ltd., Class A*		987,818		2,699,995
NAURA Technology Group Co. Ltd., Class A		203,909		6,449,954
Qi An Xin Technology Group, Inc., Class A*		236,020		2,043,188
Sangfor Technologies, Inc., Class A		195,652		3,116,183
SG Micro Corp., Class A		197,677		4,965,454
Shanghai Baosight Software Co. Ltd., Class A		485,657		2,714,157
Shengyi Technology Co. Ltd., Class A		1,299,981		2,783,914
Shennan Circuits Co. Ltd., Class A		195,830		2,099,076
Shenzhen Goodix Technology Co. Ltd., Class A		211,680		1,563,016
Shenzhen Transsion Holdings Co. Ltd., Class A		198,726		2,192,446
StarPower Semiconductor Ltd., Class A		55,000		2,638,208
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,812,773		10,694,318
Thunder Software Technology Co. Ltd., Class A		269,431		4,378,070
Trina Solar Co. Ltd., Class A		848,582		7,767,534
Unigroup Guoxin Microelectronics Co. Ltd., Class A		470,082		8,771,946
Unisplendour Corp. Ltd., Class A		1,292,386		3,462,772
Will Semiconductor Co. Ltd. Shanghai, Class A		585,930		6,759,468
Wingtech Technology Co. Ltd., Class A		597,426		4,669,901
Wuhan Guide Infrared Co. Ltd., Class A		1,117,609		1,860,448
Yealink Network Technology Corp. Ltd., Class A		329,123		2,972,473
Yonyou Network Technology Co. Ltd., Class A		1,433,574		4,660,954
Zhejiang Dahua Technology Co. Ltd., Class A		1,609,859		2,714,151
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		531,803		4,867,883
ZTE Corp., Class A		2,645,134		9,196,941

(Cost $265,214,478)				273,464,916


	Number of Shares		Value
Materials — 9.6%
Aluminum Corp. of China Ltd., Class A		6,134,867	$	3,891,726
Anhui Conch Cement Co. Ltd., Class A		1,895,916		7,692,418
Baoshan Iron & Steel Co. Ltd., Class A		6,945,442		5,559,153
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,565,716		7,308,134
Cathay Biotech, Inc., Class A		143,308		1,275,575
China Jushi Co. Ltd., Class A		1,960,856		3,996,040
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		1,701,471		6,319,139
Citic Pacific Special Steel Group Co. Ltd., Class A		806,076		2,047,664
CMOC Group Ltd., Class A		5,665,885		3,746,997
CNGR Advanced Material Co. Ltd., Class A		143,700		1,544,381
Ganfeng Lithium Group Co. Ltd., Class A		879,700		10,112,283
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,058,538		6,754,020
Hengli Petrochemical Co. Ltd., Class A		1,637,683		3,904,529
Hengyi Petrochemical Co. Ltd., Class A		1,716,928		1,747,032
Hoshine Silicon Industry Co. Ltd., Class A		157,608		1,999,610
Huafon Chemical Co. Ltd., Class A		1,261,602		1,298,046
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		17,767,027		5,017,616
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,710,673		1,615,683
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,402,000		2,642,261
Jiangxi Copper Co. Ltd., Class A		899,201		2,217,871
LB Group Co. Ltd., Class A		1,147,250		2,911,087
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,734,774		3,254,647
Qinghai Salt Lake Industry Co. Ltd., Class A*		3,337,125		11,977,080
Rongsheng Petrochemical Co. Ltd., Class A		2,362,837		4,154,653
Satellite Chemical Co. Ltd., Class A		1,307,259		2,699,319
Shandong Gold Mining Co. Ltd., Class A		1,534,166		4,452,412
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,166,438		5,513,990
Shandong Nanshan Aluminum Co. Ltd., Class A		5,813,490		2,887,584
Shanghai Putailai New Energy Technology Co. Ltd., Class A		547,151		4,309,529
Tianqi Lithium Corp., Class A*		798,087		10,208,201
Wanhua Chemical Group Co. Ltd., Class A		1,233,714		15,669,933
Xinjiang Tianshan Cement Co. Ltd., Class A		541,851		698,994
Yunnan Energy New Material Co. Ltd., Class A		415,630		7,338,828
Zangge Mining Co. Ltd., Class A		387,001		1,690,481
Zhejiang Huayou Cobalt Co. Ltd., Class A		980,479		8,697,960


	Number of Shares		Value
Materials (Continued)
Zhejiang Longsheng Group Co. Ltd., Class A		2,162,100	$	2,997,782
Zhongjin Gold Corp. Ltd., Class A		2,442,544		2,797,342
Zijin Mining Group Co. Ltd., Class A		11,131,162		15,528,290

(Cost $173,547,939)				188,478,290

Real Estate — 2.0%
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		2,473,624		5,370,995
China Vanke Co. Ltd., Class A		5,256,356		13,912,117
Gemdale Corp., Class A		2,066,936		3,431,963
Greenland Holdings Corp. Ltd., Class A*		3,332,346		1,626,815
Poly Developments and Holdings Group Co. Ltd., Class A		5,513,931		13,028,823
Seazen Holdings Co. Ltd., Class A*		662,843		2,142,861

(Cost $34,732,113)				39,513,574

Utilities — 2.9%
CGN Power Co. Ltd., Class A		9,558,079		3,730,207
China Longyuan Power Group Corp. Ltd., Class A		103,200		289,252


	Number of Shares		Value
Utilities (Continued)
China National Nuclear Power Co. Ltd., Class A		7,339,701	$	6,499,689
China Three Gorges Renewables Group Co. Ltd., Class A		6,901,200		5,680,444
China Yangtze Power Co. Ltd., Class A		8,900,195		26,802,452
GD Power Development Co. Ltd., Class A*		7,099,453		4,564,074
Huaneng Lancang River Hydropower, Inc., Class A		1,588,000		1,521,191
Huaneng Power International, Inc., Class A*		3,414,842		3,755,796
SDIC Power Holdings Co. Ltd., Class A		2,417,966		3,774,613

(Cost $49,726,384)				56,617,718

TOTAL COMMON STOCKS (Cost $1,772,592,884)				1,956,947,932


TOTAL INVESTMENTS — 99.9% (Cost $1,772,592,884)			$	1,956,947,932
Other assets and liabilities, net — 0.1%				2,614,979

NET ASSETS — 100.0%			$	1,959,562,911

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

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Number of Shares		Value
COMMON STOCKS — 99.9%
Communication Services — 3.1%
Beijing Enlight Media Co. Ltd., Class A		35,000	$	41,127
Beijing Gehua CATV Network Co. Ltd., Class A		29,300		35,552
Beijing Jetsen Technology Co. Ltd., Class A*		56,100		37,737
Bluefocus Intelligent Communications Group Co. Ltd., Class A		70,100		53,522
China South Publishing & Media Group Co. Ltd., Class A		21,000		30,100
Chinese Universe Publishing and Media Group Co. Ltd., Class A		17,389		23,764
G-bits Network Technology Xiamen Co. Ltd., Class A		1,273		58,786
Inmyshow Digital Technology Group Co. Ltd., Class A		25,300		25,636
Jiangsu Broadcasting Cable Information Network Corp. Ltd., Class A		81,300		35,305
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A		23,600		28,267
Kunlun Tech Co. Ltd., Class A		27,300		54,705
Leo Group Co. Ltd., Class A*		201,195		52,537
NanJi E-Commerce Co. Ltd., Class A		58,100		38,671
Oriental Pearl Group Co. Ltd., Class A		60,400		57,345
People.cn Co. Ltd., Class A		17,800		27,231
Perfect World Co. Ltd., Class A		38,700		74,638
Wanda Film Holding Co. Ltd., Class A*		32,500		61,620
Wasu Media Holding Co. Ltd., Class A		24,500		25,486
Youzu Interactive Co. Ltd., Class A*		22,900		28,599

(Cost $959,706)				790,628

Consumer Discretionary — 5.9%
Anhui Jianghuai Automobile Group Corp. Ltd., Class A		50,500		105,709
Anhui Zhongding Sealing Parts Co. Ltd., Class A		23,800		50,360
Autel Intelligent Technology Corp. Ltd., Class A		8,442		42,890
Beiqi Foton Motor Co. Ltd., Class A*		139,800		53,369
BTG Hotels Group Co. Ltd., Class A		16,445		56,712
China Grand Automotive Services Group Co. Ltd., Class A*		116,100		37,072
Chow Tai Seng Jewellery Co. Ltd., Class A		14,200		26,621
DongFeng Automobile Co. Ltd., Class A		23,000		20,955
Easyhome New Retail Group Co. Ltd., Class A		53,200		29,294
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		10,117		24,336
Hang Zhou Great Star Industrial Co. Ltd., Class A*		19,453		59,134
Hangzhou Robam Appliances Co. Ltd., Class A		13,800		50,880
Hisense Visual Technology Co. Ltd., Class A		22,200		42,879
HLA Group Corp. Ltd., Class A		46,200		31,996
Joyoung Co. Ltd., Class A		9,201		20,174


	Number of Shares		Value
Consumer Discretionary (Continued)
Keboda Technology Co. Ltd., Class A		1,500	$	14,613
KingClean Electric Co. Ltd., Class A		3,800		16,550
Liaoning Cheng Da Co. Ltd., Class A		30,158		57,008
Ninebot Ltd.*		10,722		50,792
Ningbo Huaxiang Electronic Co. Ltd., Class A		15,000		31,633
Ningbo Joyson Electronic Corp., Class A*		27,920		59,196
Sailun Group Co. Ltd., Class A		72,000		97,479
Shenzhen MTC Co. Ltd., Class A*		63,000		31,114
Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A*		34,950		29,562
Sichuan Changhong Electric Co. Ltd., Class A		101,900		40,347
Songcheng Performance Development Co. Ltd., Class A		45,700		92,029
Suofeiya Home Collection Co. Ltd., Class A		17,618		42,730
Tianneng Battery Group Co. Ltd., Class A		3,936		21,304
Wangfujing Group Co. Ltd., Class A		19,630		71,205
Wanxiang Qianchao Co. Ltd., Class A		47,200		35,099
Weifu High-Technology Group Co. Ltd., Class A		16,700		43,371
Wuchan Zhongda Group Co. Ltd., Class A		87,400		56,435
Xiamen Intretech, Inc., Class A		9,730		24,496
Zhejiang Orient Financial Holdings Group Co. Ltd., Class A		47,838		25,526
Zhejiang Semir Garment Co. Ltd., Class A		24,300		17,415

(Cost $1,647,351)				1,510,285

Consumer Staples — 6.6%
Angel Yeast Co. Ltd., Class A		14,300		88,481
Anhui Kouzi Distillery Co. Ltd., Class A		9,900		66,033
Anhui Yingjia Distillery Co. Ltd., Class A		7,100		48,163
Anjoy Foods Group Co. Ltd., Class A		4,300		96,417
Beijing Dabeinong Technology Group Co. Ltd., Class A*		94,062		124,412
Beijing Yanjing Brewery Co. Ltd., Class A		39,800		57,838
Bestore Co. Ltd., Class A		3,000		15,752
Bright Dairy & Food Co. Ltd., Class A		20,800		30,108
By-health Co. Ltd., Class A		29,600		83,594
C&S Paper Co. Ltd., Class A		24,700		39,085
Chacha Food Co. Ltd., Class A		8,600		56,910
Chongqing Fuling Zhacai Group Co. Ltd., Class A		18,138		65,047
COFCO Sugar Holding Co. Ltd., Class A		29,900		30,170
DaShenLin Pharmaceutical Group Co. Ltd., Class A		10,760		64,455
Fujian Sunner Development Co. Ltd., Class A		21,900		77,886
Guangdong Marubi Biotechnology Co. Ltd., Class A		1,400		7,153
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A		14,200		40,304
Heilongjiang Agriculture Co. Ltd., Class A		21,400		44,341
Juewei Food Co. Ltd., Class A		10,500		85,219
Laobaixing Pharmacy Chain JSC, Class A		7,020		41,324
New Hope Dairy Co. Ltd., Class A		6,100		9,886


	Number of Shares		Value
Consumer Staples (Continued)
Opple Lighting Co. Ltd., Class A		4,590	$	10,592
Pengdu Agriculture & Animal Husbandry Co. Ltd., Class A*		88,620		34,711
Proya Cosmetics Co. Ltd., Class A		4,170		100,355
Shanghai Bailian Group Co. Ltd., Class A		21,800		34,588
Shanghai Flyco Electrical Appliance Co. Ltd., Class A		1,700		18,063
Shanghai Jahwa United Co. Ltd., Class A		9,664		39,348
Sichuan Teway Food Group Co. Ltd., Class A		7,314		27,921
Tech-Bank Food Co. Ltd., Class A*		44,720		39,856
Toly Bread Co. Ltd., Class A		16,544		30,733
Yantai Changyu Pioneer Wine Co. Ltd., Class A		4,100		17,275
Yifeng Pharmacy Chain Co. Ltd., Class A		10,500		97,007
Yuan Longping High-tech Agriculture Co. Ltd., Class A*		30,454		68,113

(Cost $1,652,449)				1,691,140

Energy — 3.7%
China Merchants Energy Shipping Co. Ltd., Class A		91,700		85,499
China Petroleum Engineering Corp.		51,500		23,242
China Suntien Green Energy Corp. Ltd., Class A		4,500		6,910
CNOOC Energy Technology & Services Ltd., Class A		65,200		28,962
COFCO Capital Holdings Co. Ltd., Class A		25,500		25,947
COSCO SHIPPING Energy Transportation Co. Ltd., Class A*		40,100		87,525
Guanghui Energy Co. Ltd., Class A		130,300		197,859
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		20,900		39,893
Jizhong Energy Resources Co. Ltd., Class A		29,400		28,998
Oriental Energy Co. Ltd., Class A		32,300		39,146
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		34,170		81,904
Shanxi Coking Coal Energy Group Co. Ltd., Class A		57,350		107,107
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		33,700		91,203
Sinopec Oilfield Service Corp., Class A*		126,500		35,904
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		14,941		66,262

(Cost $507,233)				946,361

Financials — 8.7%
AVIC Industry-Finance Holdings Co. Ltd., Class A		147,700		71,477
Bank of Changsha Co. Ltd., Class A		55,600		54,524
Bank of Guiyang Co. Ltd., Class A		83,200		66,948
Bank of Lanzhou Co. Ltd., Class A		21,500		12,479
Bank of Qingdao Co. Ltd., Class A		46,270		24,296
Bank of Suzhou Co. Ltd., Class A		55,010		60,346
Bank of Xi’an Co. Ltd., Class A		35,000		17,633
Bank of Zhengzhou Co. Ltd., Class A*		150,206		52,865


	Number of Shares		Value
Financials (Continued)
BOC International China Co. Ltd., Class A		47,400	$	75,743
Caida Securities Co. Ltd., Class A		18,100		22,527
Caitong Securities Co. Ltd., Class A		94,725		101,763
Changjiang Securities Co. Ltd., Class A		110,998		88,528
China Great Wall Securities Co. Ltd., Class A		35,000		43,312
Chinalin Securities Co. Ltd., Class A		8,800		17,696
Chongqing Rural Commercial Bank Co. Ltd., Class A		182,400		93,705
Dongxing Securities Co. Ltd., Class A		46,300		54,208
First Capital Securities Co. Ltd., Class A		98,100		83,532
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A		41,755		37,925
Guolian Securities Co. Ltd., Class A		22,700		35,436
Guosheng Financial Holding, Inc., Class A*		33,787		38,743
Guoyuan Securities Co. Ltd., Class A		73,400		72,395
Huaan Securities Co. Ltd., Class A		80,715		56,472
Huaxi Securities Co. Ltd., Class A		45,400		54,958
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		78,555		84,503
Jiangsu Financial Leasing Co. Ltd., Class A		34,100		27,875
Jiangsu Zijin Rural Commercial Bank Co. Ltd., Class A		79,400		30,874
Minmetals Capital Co. Ltd., Class A		63,800		47,263
Nanjing Securities Co. Ltd., Class A		63,900		77,353
Northeast Securities Co. Ltd., Class A		40,249		40,098
Polaris Bay Group Co. Ltd., Class A*		35,300		36,721
Qilu Bank Co. Ltd., Class A		17,100		10,386
Qingdao Rural Commercial Bank Corp., Class A		105,300		44,831
Sealand Securities Co. Ltd., Class A		113,270		56,101
Shaanxi International Trust Co. Ltd., Class A		61,390		28,576
Shanxi Securities Co. Ltd., Class A		64,040		50,713
Sinolink Securities Co. Ltd., Class A		64,200		82,363
SooChow Securities Co. Ltd., Class A		113,020		110,831
Southwest Securities Co. Ltd., Class A		96,600		54,836
Tianfeng Securities Co. Ltd., Class A		201,400		87,746
Western Securities Co. Ltd., Class A		78,700		71,592
Xiamen Bank Co. Ltd., Class A		28,300		23,134
Yongan Futures Co. Ltd., Class A		5,300		13,193

(Cost $2,675,846)				2,216,500

Health Care — 11.8%
Anhui Anke Biotechnology Group Co. Ltd., Class A		32,808		47,258
Apeloa Pharmaceutical Co. Ltd., Class A		17,000		49,699
Autobio Diagnostics Co. Ltd., Class A		7,000		60,390
Betta Pharmaceuticals Co. Ltd., Class A		7,000		50,246
BGI Genomics Co. Ltd., Class A		7,200		61,338
Blue Sail Medical Co. Ltd., Class A*		19,800		27,312
CanSino Biologics, Inc., Class A		1,875		59,456
China Animal Husbandry Industry Co. Ltd., Class A		17,957		33,588
China Meheco Co. Ltd., Class A		20,421		48,745


	Number of Shares		Value
Health Care (Continued)
China National Accord Medicines Corp. Ltd., Class A		3,973	$	19,622
China National Medicines Corp. Ltd., Class A		10,233		40,400
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		11,249		32,295
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		11,418		95,959
Contec Medical Systems Co. Ltd., Class A		4,300		15,884
Daan Gene Co. Ltd., Class A		27,718		70,529
Dian Diagnostics Group Co. Ltd., Class A		13,740		53,311
Double Medical Technology, Inc., Class A		1,100		5,904
Guangzhou Wondfo Biotech Co. Ltd., Class A		7,140		48,637
Guizhou Xinbang Pharmaceutical Co. Ltd., Class A		38,550		28,722
Hainan Poly Pharm Co. Ltd., Class A		7,099		26,436
Haisco Pharmaceutical Group Co. Ltd., Class A		6,600		20,194
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		10,400		48,292
Humanwell Healthcare Group Co. Ltd., Class A		27,800		88,570
Intco Medical Technology Co. Ltd., Class A		12,920		45,105
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		17,385		90,694
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		26,400		59,121
Jinyu Bio-Technology Co. Ltd., Class A		31,804		39,944
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		32,156		55,583
Joinn Laboratories China Co. Ltd., Class A		6,540		53,952
Jointown Pharmaceutical Group Co. Ltd., Class A		25,300		48,435
Livzon Pharmaceutical Group, Inc., Class A		10,862		58,299
Maccura Biotechnology Co. Ltd., Class A		11,300		30,709
Micro-Tech Nanjing Co. Ltd., Class A		2,137		24,068
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		14,974		37,295
Porton Pharma Solutions Ltd., Class A		9,100		53,930
Sansure Biotech, Inc., Class A		8,028		28,847
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		15,800		50,787
Shandong Pharmaceutical Glass Co. Ltd., Class A		13,538		55,755
Shanghai Junshi Biosciences Co. Ltd., Class A*		9,877		92,653
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		31,700		87,050
Shenzhen Chipscreen Biosciences Co. Ltd., Class A*		8,498		29,487
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		11,300		21,986
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		9,000		62,789


	Number of Shares		Value
Health Care (Continued)
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		15,900	$	78,299
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		23,700		151,016
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		28,800		96,376
Tasly Pharmaceutical Group Co. Ltd., Class A		24,500		40,959
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		49,200		46,362
Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A		8,462		36,915
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		39,200		51,347
Winner Medical Co. Ltd., Class A		3,800		36,309
Winning Health Technology Group Co. Ltd., Class A		49,800		61,769
Yifan Pharmaceutical Co. Ltd., Class A*		22,500		40,840
Zhejiang Conba Pharmaceutical Co. Ltd., Class A		57,940		39,057
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		25,720		74,097
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		14,317		80,460
Zhejiang Medicine Co. Ltd., Class A		18,400		33,033
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		8,900		63,961

(Cost $3,044,889)				2,990,076

Industrials — 17.9%
AECC Aero-Engine Control Co. Ltd., Class A		25,200		96,631
AVICOPTER PLC, Class A		10,400		70,815
Beijing Bei Mo Gao Ke Friction Material Co. Ltd., Class A		7,659		50,412
Beijing Easpring Material Technology Co. Ltd., Class A		10,600		92,184
Beijing Originwater Technology Co. Ltd., Class A		61,800		44,729
Beijing United Information Technology Co. Ltd., Class A		10,155		148,626
Bohai Leasing Co. Ltd., Class A*		62,700		21,089
Centre Testing International Group Co. Ltd., Class A		48,300		143,945
China Baoan Group Co. Ltd., Class A		76,580		142,369
China First Heavy Industries Co. Ltd., Class A*		93,100		40,033
China International Marine Containers Group Co. Ltd., Class A		55,280		58,289
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		26,443		29,496
China Merchants Port Group Co. Ltd., Class A		7,000		14,861
China Railway Hi-tech Industry Co. Ltd., Class A		40,500		46,498
China Southern Power Grid Energy Efficiency&Clean Energy Co. Ltd., Class A		34,500		29,768


	Number of Shares		Value
Industrials (Continued)
China XD Electric Co. Ltd., Class A		67,400	$	47,156
CITIC Heavy Industries Co. Ltd., Class A		62,800		32,797
CMST Development Co. Ltd., Class A		29,100		21,186
COSCO SHIPPING Development Co. Ltd., Class A		115,100		42,797
Deppon Logistics Co. Ltd., Class A*		10,000		26,779
Dongfang Electric Corp. Ltd., Class A		33,200		113,832
East Group Co. Ltd., Class A		34,500		36,867
Eastern Air Logistics Co. Ltd., Class A		5,700		12,966
Eternal Asia Supply Chain Management Ltd., Class A		50,300		40,403
Fangda Carbon New Material Co. Ltd., Class A*		67,800		61,964
GoodWe Technologies Co. Ltd., Class A		1,715		83,683
Guangshen Railway Co. Ltd., Class A*		112,600		34,036
Guangxi Liugong Machinery Co. Ltd., Class A		33,730		29,774
Guangzhou Port Co. Ltd., Class A		38,700		17,630
Hefei Meiya Optoelectronic Technology, Inc., Class A		11,500		39,822
Hongfa Technology Co. Ltd., Class A		24,612		121,235
Infore Environment Technology Group Co. Ltd., Class A		43,500		30,187
Jiangsu Expressway Co. Ltd., Class A		13,600		15,499
Jiangsu Zhongtian Technology Co. Ltd., Class A		77,835		184,358
Jihua Group Corp. Ltd., Class A*		77,600		34,249
Juneyao Airlines Co. Ltd., Class A*		19,740		44,066
Kaishan Group Co. Ltd., Class A*		12,351		28,167
Keda Industrial Group Co. Ltd., Class A		38,600		87,592
Kuang-Chi Technologies Co. Ltd., Class A*		42,700		106,288
Liaoning Port Co. Ltd., Class A		165,520		38,524
Ming Yang Smart Energy Group Ltd., Class A		45,800		173,998
Ningbo Deye Technology Co. Ltd., Class A		2,100		108,182
North Industries Group Red Arrow Co. Ltd., Class A		24,547		74,549
Orient Group, Inc., Class A*		73,690		27,818
Qingdao Port International Co. Ltd., Class A		23,800		19,117
Qingdao TGOOD Electric Co. Ltd., Class A		22,481		50,728
Riyue Heavy Industry Co. Ltd., Class A		13,700		38,515
Shandong Himile Mechanical Science & Technology Co. Ltd., Class A		12,500		47,418
Shandong Hi-speed Co. Ltd., Class A		17,600		14,337
Shanghai Construction Group Co. Ltd., Class A		159,200		63,034
Shanghai Environment Group Co. Ltd., Class A		20,840		27,387
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		12,249		21,103
Shanghai Tunnel Engineering Co. Ltd., Class A		64,700		50,501
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A		11,700		21,088


	Number of Shares		Value
Industrials (Continued)
Shanxi Coal International Energy Group Co. Ltd., Class A		28,400	$	66,058
Shenzhen Airport Co. Ltd., Class A		31,000		32,247
Siasun Robot & Automation Co. Ltd., Class A*		37,200		52,846
Sichuan Road & Bridge Group Co. Ltd., Class A		56,200		93,554
Sieyuan Electric Co. Ltd., Class A		17,980		96,503
Sinochem International Corp., Class A		39,200		40,110
Sinoma International Engineering Co., Class A		35,850		47,519
Sinotrans Ltd., Class A		39,900		22,650
State Grid Yingda Co. Ltd., Class A		54,000		39,773
STO Express Co. Ltd., Class A*		21,800		31,557
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A*		38,900		28,652
TangShan Port Group Co. Ltd., Class A		84,774		35,250
Tian Di Science & Technology Co. Ltd., Class A		54,600		41,997
Tianjin Port Co. Ltd., Class A		40,076		23,887
Wolong Electric Group Co. Ltd., Class A		29,339		55,043
Xiamen C & D, Inc., Class A		42,100		93,025
Xiamen ITG Group Corp. Ltd., Class A		36,548		39,783
Xuji Electric Co. Ltd., Class A		20,200		62,551
Yantai Eddie Precision Machinery Co. Ltd., Class A		12,240		27,949
YTO Express Group Co. Ltd., Class A		39,700		109,413
Yutong Bus Co. Ltd., Class A		41,500		46,880
Zhefu Holding Group Co. Ltd., Class A		69,300		40,519
Zhejiang HangKe Technology, Inc. Co., Class A		3,961		25,774
Zhejiang Wanliyang Co. Ltd., Class A*		22,800		27,147
Zhejiang Weiming Environment Protection Co. Ltd., Class A		15,488		44,839
Zhejiang Weixing New Building Materials Co. Ltd., Class A		19,280		59,401
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A		26,500		49,002
Zhongshan Broad Ocean Motor Co. Ltd., Class A		60,900		47,362
Zhuzhou Kibing Group Co. Ltd., Class A		45,500		63,797

(Cost $4,271,348)				4,544,465

Information Technology — 15.5%
Accelink Technologies Co. Ltd., Class A		14,922		35,809
Addsino Co. Ltd., Class A		37,800		55,253
Aisino Corp., Class A		33,000		51,609
Amlogic Shanghai Co. Ltd., Class A*		7,149		76,609
Arcsoft Corp. Ltd., Class A		6,133		21,150
Beijing E-Hualu Information Technology Co. Ltd., Class A		12,640		41,670
Beijing Orient National Communication Science & Technology Co. Ltd., Class A*		26,219		31,107
Beijing Shiji Information Technology Co. Ltd., Class A		19,515		41,099
Beijing Sinnet Technology Co. Ltd., Class A		36,500		45,014


	Number of Shares		Value
Information Technology (Continued)
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		4,000	$	58,747
Beijing Zhong Ke San Huan High-Tech Co. Ltd., Class A		28,800		54,727
Cambricon Technologies Corp. Ltd., Class A*		5,900		53,102
China National Software & Service Co. Ltd., Class A		11,660		107,061
China Railway Signal & Communication Corp. Ltd., Class A		83,746		55,858
China TransInfo Technology Co. Ltd., Class A*		32,200		41,082
DHC Software Co. Ltd., Class A		67,400		56,912
Fiberhome Telecommunication Technologies Co. Ltd., Class A		23,100		44,879
Fujian Star-net Communication Co. Ltd., Class A		13,600		38,871
GCL System Integration Technology Co. Ltd., Class A*		120,400		55,190
GRG Banking Equipment Co. Ltd., Class A		36,900		52,576
Guangdong Fenghua Advanced Technology Holding Co. Ltd., Class A		23,600		52,147
Guangzhou Haige Communications Group, Inc. Co., Class A		56,700		69,684
Hengdian Group DMEGC Magnetics Co. Ltd., Class A		23,800		65,998
Hengtong Optic-electric Co. Ltd., Class A		54,300		126,378
Huagong Tech Co. Ltd., Class A		30,459		75,083
IRICO Display Devices Co. Ltd., Class A*		44,300		28,165
Leyard Optoelectronic Co. Ltd., Class A		62,400		51,894
MLS Co. Ltd., Class A		25,673		31,661
Neusoft Corp., Class A		25,900		39,844
Newland Digital Technology Co. Ltd., Class A		23,140		43,873
Ninestar Corp., Class A		20,745		159,066
PCI Technology Group Co. Ltd., Class A		39,650		32,692
Raytron Technology Co. Ltd., Class A		7,918		45,509
Shanghai 2345 Network Holding Group Co. Ltd., Class A		166,448		49,605
Shanghai Aiko Solar Energy Co. Ltd., Class A*		20,000		117,506
Shanghai Belling Co. Ltd., Class A		17,200		46,720
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		1,380		45,524
Shenzhen Aisidi Co. Ltd., Class A		24,200		35,168
Shenzhen Everwin Precision Technology Co. Ltd., Class A*		24,636		40,591
Shenzhen Huaqiang Industry Co. Ltd., Class A		10,840		17,891
Shenzhen Kaifa Technology Co. Ltd., Class A		29,200		48,484
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		18,500		28,197
Shenzhen Kinwong Electronic Co. Ltd., Class A		7,520		22,251
Shenzhen SC New Energy Technology Corp., Class A		7,200		131,300


	Number of Shares		Value
Information Technology (Continued)
Shenzhen Sunlord Electronics Co. Ltd., Class A		19,200	$	69,101
Shenzhen Suntak Circuit Technology Co. Ltd., Class A		12,800		19,183
Shenzhen Sunway Communication Co. Ltd., Class A		29,100		69,710
Sinosoft Co. Ltd., Class A		11,020		46,245
State Grid Information & Communication Co. Ltd., Class A		13,800		33,000
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		39,000		143,349
Taiji Computer Corp. Ltd., Class A		11,919		49,206
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		9,500		50,099
Tianma Microelectronics Co. Ltd., Class A		35,900		46,668
Tianshui Huatian Technology Co. Ltd., Class A		68,300		85,394
TongFu Microelectronics Co. Ltd., Class A*		27,100		66,650
Topsec Technologies Group, Inc., Class A		33,680		53,533
Venustech Group, Inc., Class A		19,600		75,018
Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		7,754		52,512
Visionox Technology, Inc., Class A*		30,600		26,142
Wangsu Science & Technology Co. Ltd., Class A		73,000		56,875
Westone Information Industry, Inc., Class A		17,004		85,015
Wonders Information Co. Ltd., Class A*		36,594		46,220
Wuhu Token Science Co. Ltd., Class A		71,200		64,365
Wuxi Taiji Industry Co. Ltd., Class A		45,300		36,322
Xiamen Faratronic Co. Ltd., Class A		4,000		89,691
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class A		4,300		21,108
Zhejiang Crystal-Optech Co. Ltd., Class A		42,362		72,623
Zhejiang Supcon Technology Co. Ltd., Class A		8,820		113,817
Zhongji Innolight Co. Ltd., Class A		14,100		57,289

(Cost $4,260,395)				3,952,691

Materials — 19.9%
ADAMA Ltd., Class A		13,100		17,847
Angang Steel Co. Ltd., Class A		72,000		28,304
BBMG Corp., Class A		126,500		47,932
Beijing Haixin Energy Technology Co. Ltd., Class A		48,300		29,680
Beijing Shougang Co. Ltd., Class A		42,400		24,249
Bluestar Adisseo Co., Class A		13,900		17,734
Chengxin Lithium Group Co. Ltd., Class A		17,400		104,650
Chengzhi Co. Ltd., Class A*		19,709		26,460
Chifeng Jilong Gold Mining Co. Ltd., Class A*		38,100		106,572
China Hainan Rubber Industry Group Co. Ltd., Class A		57,000		35,754
China Rare Earth Resources And Technology Co. Ltd., Class A*		17,200		79,990
Chongqing Iron & Steel Co. Ltd., Class A*		199,300		46,951


	Number of Shares		Value
Materials (Continued)
COFCO Biotechnology Co. Ltd., Class A		32,785	$	40,711
CSG Holding Co. Ltd., Class A		40,161		41,321
Do-Fluoride New Materials Co. Ltd., Class A		22,100		119,494
Fangda Special Steel Technology Co. Ltd., Class A		33,046		28,655
Fushun Special Steel Co. Ltd., Class A*		44,900		96,026
Gansu Jiu Steel Group Hongxing Iron & Steel Co. Ltd., Class A*		94,000		22,811
Guangdong HEC Technology Holding Co. Ltd., Class A		42,605		56,231
Guangdong Hongda Holdings Group Co. Ltd., Class A		14,900		62,548
Guangdong Tapai Group Co. Ltd., Class A		21,600		23,358
Guangdong Zhongnan Iron & Steel Co. Ltd., Class A		34,200		14,998
Hainan Mining Co. Ltd., Class A*		18,100		18,494
Hangzhou Iron & Steel Co., Class A		40,610		24,839
Hangzhou Oxygen Plant Group Co. Ltd., Class A		12,100		70,782
Hesteel Co. Ltd., Class A		124,200		43,007
Hongda Xingye Co. Ltd., Class A*		68,078		32,849
Huabao Flavours & Fragrances Co. Ltd., Class A		3,900		13,793
Huaibei Mining Holdings Co. Ltd., Class A		28,600		58,325
Huapont Life Sciences Co. Ltd., Class A		46,050		35,747
Huaxin Cement Co. Ltd., Class A		19,072		42,007
Hubei Xingfa Chemicals Group Co. Ltd., Class A		22,420		97,425
Hunan Gold Corp. Ltd., Class A		23,800		48,165
Hunan Valin Steel Co. Ltd., Class A		116,020		79,032
Inner Mongolia Dazhong Mining Co. Ltd., Class A*		7,500		15,785
Jiangsu Yangnong Chemical Co. Ltd., Class A		5,600		84,114
Jiangsu Yoke Technology Co. Ltd., Class A		8,496		64,626
Jinduicheng Molybdenum Co. Ltd., Class A		29,700		41,348
Kingfa Sci & Tech Co. Ltd., Class A		51,400		73,382
Lianhe Chemical Technology Co. Ltd., Class A		21,559		53,175
Liuzhou Iron & Steel Co. Ltd., Class A		13,600		6,832
Luxi Chemical Group Co. Ltd., Class A		33,000		62,053
Maanshan Iron & Steel Co. Ltd., Class A		72,500		29,735
Nanjing Hanrui Cobalt Co. Ltd., Class A		6,200		38,257
Nanjing Iron & Steel Co. Ltd., Class A		83,100		39,389
ORG Technology Co. Ltd., Class A		53,550		38,150
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		122,300		93,897
Red Avenue New Materials Group Co. Ltd., Class A		5,900		28,912
Rising Nonferrous Metals Share Co. Ltd., Class A*		5,800		34,727
Sansteel Minguang Co. Ltd. Fujian, Class A		34,450		24,542
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A		38,590		31,490


	Number of Shares		Value
Materials (Continued)
Shandong Chenming Paper Holdings Ltd., Class A*		37,250	$	27,013
Shandong Iron and Steel Co. Ltd., Class A		156,730		34,476
Shandong Sinocera Functional Material Co. Ltd., Class A		23,300		90,503
Shandong Sun Paper Industry JSC Ltd., Class A		45,500		70,900
Shanghai Huayi Group Co. Ltd., Class A		20,600		18,914
Shanxi Taigang Stainless Steel Co. Ltd., Class A		61,300		39,235
Shanying International Holding Co. Ltd., Class A		94,700		33,867
Shenghe Resources Holding Co. Ltd., Class A		39,890		82,481
Shenzhen Capchem Technology Co. Ltd., Class A		15,080		85,068
Shenzhen Dynanonic Co. Ltd., Class A		3,000		96,300
Shenzhen Jinjia Group Co. Ltd., Class A		28,300		31,046
Shenzhen YUTO Packaging Technology Co. Ltd., Class A		11,140		51,918
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A		76,200		45,527
Shinghwa Advanced Material Group Co. Ltd., Class A		4,000		57,249
Sichuan Hebang Biotechnology Co. Ltd., Class A		176,980		79,619
Sichuan Yahua Industrial Group Co. Ltd., Class A		33,200		128,815
Suzhou TA&A Ultra Clean Technology Co. Ltd., Class A		11,600		100,255
Tangshan Jidong Cement Co. Ltd., Class A		28,481		35,165
Tangshan Sanyou Chemical Industries Co. Ltd., Class A		33,700		31,756
Tianshan Aluminum Group Co. Ltd., Class A		38,100		38,659
Tongling Nonferrous Metals Group Co. Ltd., Class A		210,300		87,446
Transfar Zhilian Co. Ltd., Class A		34,700		28,069
Weihai Guangwei Composites Co. Ltd., Class A		9,000		90,799
Western Mining Co. Ltd., Class A		54,300		83,995
Western Superconducting Technologies Co. Ltd., Class A		8,134		112,963
Xiamen Tungsten Co. Ltd., Class A		24,920		76,070
Xinfengming Group Co. Ltd., Class A		23,016		32,271
Xinjiang Zhongtai Chemical Co. Ltd., Class A		55,600		51,367
Xinxing Ductile Iron Pipes Co. Ltd., Class A		71,350		39,287
Xinyu Iron & Steel Co. Ltd., Class A		58,000		35,476
Yintai Gold Co. Ltd., Class A		47,908		97,224
YongXing Special Materials Technology Co. Ltd., Class A		5,700		85,155
Yunnan Aluminium Co. Ltd., Class A		49,300		74,442
Yunnan Chihong Zinc & Germanium Co. Ltd., Class A		102,500		76,805


	Number of Shares		Value
Materials (Continued)
Yunnan Copper Co. Ltd., Class A		34,800	$	59,115
Yunnan Tin Co. Ltd., Class A		28,830		54,948
Yunnan Yuntianhua Co. Ltd., Class A*		36,700		110,155
Zhejiang Hailiang Co. Ltd., Class A		33,700		58,682
Zhejiang Juhua Co. Ltd., Class A		39,490		94,432
Zhejiang Sanmei Chemical Industry Co. Ltd., Class A		5,960		24,393
Zhejiang Yongtai Technology Co. Ltd., Class A		17,900		65,616
Zibo Qixiang Tengda Chemical Co. Ltd., Class A*		47,621		50,416

(Cost $4,964,331)				5,065,047

Real Estate — 3.3%
Beijing Capital Development Co. Ltd., Class A		35,700		33,843
China Green Electricity Investment of Tianjin Co. Ltd., Class A		16,000		33,197
China Merchants Property Operation & Service Co. Ltd., Class A		12,900		29,090
Financial Street Holdings Co. Ltd., Class A		36,800		32,118
Grandjoy Holdings Group Co. Ltd., Class A*		41,400		24,206
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		36,300		57,697
Jiangsu Zhongnan Construction Group Co. Ltd., Class A*		57,100		22,203
Jinke Properties Group Co. Ltd., Class A*		100,700		34,298
Nanjing Gaoke Co. Ltd., Class A		36,908		38,498
Red Star Macalline Group Corp. Ltd., Class A		13,300		9,117
RiseSun Real Estate Development Co. Ltd., Class A*		63,000		23,156
Shanghai Lingang Holdings Corp. Ltd., Class A		27,600		49,470
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		22,800		32,842
Shanghai Shimao Co. Ltd., Class A*		31,200		13,328
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		24,800		43,255
Suning Universal Co. Ltd., Class A		46,200		23,210
Xiangcai Co. Ltd., Class A		24,000		27,044
Xinhu Zhongbao Co. Ltd., Class A*		124,000		49,273
Yango Group Co. Ltd., Class A*		73,700		23,219
Youngor Group Co. Ltd., Class A		77,200		70,666


	Number of Shares		Value
Real Estate (Continued)
Zhejiang China Commodities City Group Co. Ltd., Class A		79,800	$	50,169
Zhongtian Financial Group Co. Ltd., Class A*		132,100		32,807
Zhuhai Huafa Properties Co. Ltd., Class A		48,940		77,996

(Cost $983,187)				830,702

Utilities — 3.5%
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		123,890		50,812
CECEP Wind-Power Corp., Class A		111,930		64,332
Chengdu Xingrong Environment Co. Ltd., Class A		50,300		36,263
Chongqing Gas Group Corp. Ltd., Class A		7,100		8,635
Datang International Power Generation Co. Ltd., Class A*		75,800		32,165
Guangdong Baolihua New Energy Stock Co. Ltd., Class A		64,900		60,235
Guangxi Guiguan Electric Power Co. Ltd., Class A		70,300		61,755
Huadian Power International Corp. Ltd., Class A		92,800		77,702
Hubei Energy Group Co. Ltd., Class A		60,000		37,806
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		90,200		49,411
Jinko Power Technology Co. Ltd., Class A		48,200		35,022
Luenmei Quantum Co. Ltd., Class A		27,450		26,568
Shanghai Electric Power Co. Ltd., Class A*		32,700		48,030
Shenergy Co. Ltd., Class A		68,149		55,611
Shenzhen Energy Group Co. Ltd., Class A		51,260		44,739
Shenzhen Gas Corp. Ltd., Class A		18,700		18,497
Wintime Energy Co. Ltd., Class A*		645,500		150,235
Zhongshan Public Utilities Group Co. Ltd., Class A		24,260		24,685

(Cost $867,327)				882,503

TOTAL COMMON STOCKS (Cost $25,834,062)				25,420,398


TOTAL INVESTMENTS — 99.9% (Cost $25,834,062)			$	25,420,398
Other assets and liabilities, net — 0.1%				29,277

NET ASSETS — 100.0%			$	25,449,675


	Number of Shares		Value
COMMON STOCKS — 48.0%
Communication Services — 9.7%
Autohome, Inc., ADR		182	$	5,442
Baidu, Inc., Class A*		5,631		73,296
Bilibili, Inc., Class Z*		439		7,132
China Literature Ltd., 144A*		1,122		4,003
China Ruyi Holdings Ltd.*(a)		10,742		2,353
China Tower Corp. Ltd., Class H, 144A		111,763		12,027
iQIYI, Inc., ADR*		872		2,590
JOYY, Inc., ADR (a)		119		3,625
Kanzhun Ltd., ADR*		522		9,824
Kingsoft Corp. Ltd.		2,359		7,404
Kuaishou Technology, 144A*		4,442		32,182
NetEase, Inc.		5,036		70,519
Tencent Holdings Ltd.		16,010		589,081
Tencent Music Entertainment Group, ADR*		1,862		13,053
Weibo Corp., ADR*		181		2,885

(Cost $1,200,137)				835,416

Consumer Discretionary — 16.9%
Alibaba Group Holding Ltd.*		37,928		388,245
Alibaba Health Information Technology Ltd.*		11,776		9,640
ANTA Sports Products Ltd.		3,128		36,428
Bosideng International Holdings Ltd.		8,327		4,097
BYD Co. Ltd., Class H		2,103		51,595
China Meidong Auto Holdings Ltd.		1,633		3,088
China Tourism Group Duty Free Corp. Ltd., Class H, 144A*		160		4,022
Chow Tai Fook Jewellery Group Ltd.		4,700		8,225
Dongfeng Motor Group Co. Ltd., Class H		7,939		4,445
Fuyao Glass Industry Group Co. Ltd., Class H, 144A		1,475		6,444
Geely Automobile Holdings Ltd.		15,360		22,394
Great Wall Motor Co. Ltd., Class H		8,252		11,925
Guangzhou Automobile Group Co. Ltd., Class H		7,731		5,507
H World Group Ltd., ADR		497		19,025
Haichang Ocean Park Holdings Ltd., 144A*		7,500		3,104
Haidilao International Holding Ltd., 144A*		2,876		7,045
Haier Smart Home Co. Ltd., Class H		5,837		19,144
JD Health International, Inc., 144A*(a)		2,855		24,909
JD.com, Inc., Class A		5,495		154,033
Jiumaojiu International Holdings Ltd., 144A(a)		1,882		4,726
Koolearn Technology Holding Ltd., 144A*		900		4,727
Li Auto, Inc., Class A*(a)		2,792		27,918
Li Ning Co. Ltd.		6,012		47,176
Meituan, Class B, 144A*		11,245		235,690
Minth Group Ltd.		1,930		5,180
New Oriental Education & Technology Group, Inc.*		3,883		11,143
NIO, Inc., ADR*		3,355		42,877
Pinduoduo, Inc., ADR*		1,289		105,750
Ping An Healthcare and Technology Co. Ltd., 144A*(a)		1,283		3,199
Pop Mart International Group Ltd., 144A(a)		1,441		3,201


	Number of Shares		Value
Consumer Discretionary (Continued)
Shenzhou International Group Holdings Ltd.		2,108	$	18,810
TAL Education Group, ADR*		1,101		6,573
Tongcheng Travel Holdings Ltd.*		3,134		6,697
Topsports International Holdings Ltd., 144A		4,063		2,587
Trip.com Group Ltd., ADR*		1,383		44,187
Vipshop Holdings Ltd., ADR*		1,151		12,834
XPeng, Inc., Class A*(a)		2,162		9,320
Xtep International Holdings Ltd.(a)		3,379		3,801
Yadea Group Holdings Ltd., 144A		2,762		5,195
Yum China Holdings, Inc.		1,087		59,915
Zhongsheng Group Holdings Ltd.		1,566		7,985

(Cost $2,186,953)				1,452,806

Consumer Staples — 1.9%
Anhui Gujing Distillery Co. Ltd., Class B		306		4,477
China Feihe Ltd., 144A		9,366		7,596
China Mengniu Dairy Co. Ltd.*		8,129		36,242
China Resources Beer Holdings Co. Ltd.		4,140		28,403
Dali Foods Group Co. Ltd., 144A		6,297		2,977
Hengan International Group Co. Ltd.		1,716		7,903
Nongfu Spring Co. Ltd., Class H, 144A(a)		4,592		26,532
Smoore International Holdings Ltd., 144A(a)		4,590		7,021
Tingyi Cayman Islands Holding Corp.		5,240		8,566
Tsingtao Brewery Co. Ltd., Class H		1,588		14,831
Uni-President China Holdings Ltd.		3,972		3,481
Vinda International Holdings Ltd.(a)		923		2,401
Want Want China Holdings Ltd.		12,768		8,670
Yihai International Holding Ltd.*		1,237		3,835

(Cost $180,526)				162,935

Energy — 1.2%
China Coal Energy Co. Ltd., Class H		5,241		4,808
China Oilfield Services Ltd., Class H		4,969		6,232
China Petroleum & Chemical Corp., Class H		64,291		30,228
China Shenhua Energy Co. Ltd., Class H		8,680		26,689
PetroChina Co. Ltd., Class H		53,923		24,456
Yankuang Energy Group Co. Ltd., Class H		3,879		12,846

(Cost $101,425)				105,259

Financials — 7.5%
360 DigiTech, Inc., ADR		341		5,350
Agricultural Bank of China Ltd., Class H		75,156		25,034
Bank of China Ltd., Class H		203,074		72,067
Bank of Communications Co. Ltd., Class H		22,989		12,989
China Cinda Asset Management Co. Ltd., Class H		23,162		3,027
China CITIC Bank Corp. Ltd., Class H		23,619		10,470
China Construction Bank Corp., Class H		245,663		148,238
China Everbright Bank Co. Ltd., Class H		9,978		2,966
China Galaxy Securities Co. Ltd., Class H		9,209		4,554
China International Capital Corp. Ltd., Class H, 144A		3,949		7,356
China Life Insurance Co. Ltd., Class H		19,150		29,097
China Merchants Bank Co. Ltd., Class H		10,035		50,397


	Number of Shares		Value
Financials (Continued)
China Minsheng Banking Corp. Ltd., Class H(a)		15,297	$	5,272
China Pacific Insurance Group Co. Ltd., Class H		6,925		15,632
China Taiping Insurance Holdings Co. Ltd.		4,280		4,343
CITIC Securities Co. Ltd., Class H		5,348		10,661
Far East Horizon Ltd.		4,654		3,536
GF Securities Co. Ltd., Class H		2,905		4,213
Haitong Securities Co. Ltd., Class H		8,031		4,939
Huatai Securities Co. Ltd., Class H, 144A		3,828		4,419
Industrial & Commercial Bank of China Ltd., Class H		144,207		72,237
Lufax Holding Ltd., ADR		1,754		3,262
New China Life Insurance Co. Ltd., Class H		2,487		5,805
People’s Insurance Co. Group of China Ltd., Class H		21,937		7,363
PICC Property & Casualty Co. Ltd., Class H		17,627		17,750
Ping An Insurance Group Co. of China Ltd., Class H		16,157		98,840
Postal Savings Bank of China Co. Ltd., Class H, 144A		20,860		12,507
ZhongAn Online P&C Insurance Co. Ltd., Class H, 144A*		1,812		4,666

(Cost $911,246)				646,990

Health Care — 2.7%
3SBio, Inc., 144A		4,044		4,274
BeiGene Ltd.*(a)		1,586		23,428
China Medical System Holdings Ltd.		3,674		5,328
China Resources Pharmaceutical Group Ltd., 144A		3,500		2,870
China Traditional Chinese Medicine Holdings Co. Ltd.		5,879		2,930
CSPC Pharmaceutical Group Ltd.		23,007		29,446
Genscript Biotech Corp.*		3,114		7,883
Hangzhou Tigermed Consulting Co. Ltd., Class H, 144A		361		3,408
Hansoh Pharmaceutical Group Co. Ltd., 144A		3,058		5,783
HUTCHMED China Ltd.*(a)		1,085		2,982
Hygeia Healthcare Holdings Co. Ltd., 144A*		886		5,545
Innovent Biologics, Inc., 144A*		2,642		10,374
Legend Biotech Corp., ADR*		145		7,469
Microport Scientific Corp.*		1,687		3,951
Pharmaron Beijing Co. Ltd., Class H, 144A		525		2,986
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		5,882		8,545
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,421		4,697
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,017		3,344
Sino Biopharmaceutical Ltd.		27,491		16,131
Sinopharm Group Co. Ltd., Class H		3,524		8,325
WuXi AppTec Co. Ltd., Class H, 144A		906		8,914
Wuxi Biologics Cayman, Inc., 144A*		9,151		58,795
Zai Lab Ltd., ADR*(a)		212		8,175

(Cost $241,879)				235,583


	Number of Shares		Value
Industrials — 1.8%
Air China Ltd., Class H*		4,793	$	3,807
AviChina Industry & Technology Co. Ltd., Class H		6,585		3,088
Beijing Capital International Airport Co. Ltd., Class H*		4,795		3,090
BOC Aviation Ltd., 144A		547		4,292
China Communications Services Corp. Ltd., Class H		6,281		2,157
China Conch Venture Holdings Ltd.		4,380		9,955
China Everbright Environment Group Ltd.		9,775		4,471
China Lesso Group Holdings Ltd.		2,852		3,468
China Merchants Port Holdings Co. Ltd.		3,382		4,913
China Railway Group Ltd., Class H		10,609		5,967
China Southern Airlines Co. Ltd., Class H*		4,449		2,633
China State Construction International Holdings Ltd.		5,342		6,399
CITIC Ltd.		15,281		15,642
COSCO SHIPPING Holdings Co. Ltd., Class H		8,399		9,071
COSCO SHIPPING Ports Ltd.		4,789		3,614
CRRC Corp. Ltd., Class H		11,391		4,670
Fosun International Ltd.		6,571		5,001
Haitian International Holdings Ltd.		1,692		4,357
Jiangsu Expressway Co. Ltd., Class H		3,209		2,894
Orient Overseas International Ltd.		338		6,331
Sany Heavy Equipment International Holdings Co. Ltd.		3,300		3,513
Shenzhen International Holdings Ltd.		3,180		2,925
Weichai Power Co. Ltd., Class H		5,168		6,833
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(a)		1,604		1,724
Zhejiang Expressway Co. Ltd., Class H		3,794		2,819
Zhuzhou CRRC Times Electric Co. Ltd.		1,243		5,717
ZTO Express Cayman, Inc., ADR(a)		1,076		26,975

(Cost $194,483)				156,326

Information Technology — 2.2%
AAC Technologies Holdings, Inc.*(a)		1,917		4,411
BYD Electronic International Co. Ltd.		1,737		5,652
Chinasoft International Ltd.*		7,176		6,095
Daqo New Energy Corp., ADR*		151		8,593
Flat Glass Group Co. Ltd., Class H		1,196		3,088
GCL Technology Holdings Ltd.*		50,000		15,630
GDS Holdings Ltd., Class A*		1,936		3,358
Hua Hong Semiconductor Ltd., 144A*		1,381		4,759
Kingboard Holdings Ltd.		1,712		5,615
Kingboard Laminates Holdings Ltd.		2,458		2,576
Kingdee International Software Group Co. Ltd.*		6,838		11,284
Lenovo Group Ltd.		18,976		15,997
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		600		2,802
Sunny Optical Technology Group Co. Ltd.		1,822		21,218
TravelSky Technology Ltd., Class H		2,500		5,029
Xiaomi Corp., Class B, 144A*		39,285		51,940
Xinyi Solar Holdings Ltd.		12,842		14,824
ZTE Corp., Class H		1,931		4,191

(Cost $219,091)				187,062


	Number of Shares		Value
Materials — 1.0%
Aluminum Corp. of China Ltd., Class H		10,485	$	4,393
Anhui Conch Cement Co. Ltd., Class H		3,285		11,889
China Hongqiao Group Ltd.		6,020		5,576
China National Building Material Co. Ltd., Class H		9,961		8,754
China Resources Cement Holdings Ltd.		6,419		3,462
CMOC Group Ltd., Class H		9,155		4,234
Dongyue Group Ltd.		3,220		3,544
Ganfeng Lithium Group Co. Ltd., Class H, 144A		928		8,061
Jiangxi Copper Co. Ltd., Class H		2,915		4,220
Nine Dragons Paper Holdings Ltd.		4,347		3,447
Shandong Gold Mining Co. Ltd., Class H, 144A		1,792		3,499
Zhaojin Mining Industry Co. Ltd., Class H*		3,019		3,346
Zijin Mining Group Co. Ltd., Class H		14,658		19,042

(Cost $78,836)				83,467

Real Estate — 1.9%
C&D International Investment Group Ltd.		1,500		3,521
China Evergrande Group*(b)		8,413		0
China Jinmao Holdings Group Ltd.		17,308		4,058
China Overseas Land & Investment Ltd.		9,766		26,400
China Overseas Property Holdings Ltd.		2,910		3,217
China Resources Land Ltd.		8,336		38,447
China Resources Mixc Lifestyle Services Ltd., 144A		1,593		7,541
China Vanke Co. Ltd., Class H		4,259		8,763
Country Garden Holdings Co. Ltd.(a)		21,279		8,206
Country Garden Services Holdings Co. Ltd.		5,266		12,899
Greentown China Holdings Ltd.		2,390		4,060
Greentown Service Group Co. Ltd.		4,359		2,982
Hopson Development Holdings Ltd.		206		234
KE Holdings, Inc., ADR*		1,702		28,798
Longfor Group Holdings Ltd., 144A		4,820		14,542
Shimao Group Holdings Ltd.*(a)(b)		4,310		0
Sunac China Holdings Ltd.*(b)		7,560		0
Yuexiu Property Co. Ltd.		3,660		4,614

(Cost $307,799)				168,282

Utilities — 1.2%
Beijing Enterprises Holdings Ltd.		1,326		4,196
Beijing Enterprises Water Group Ltd.		11,993		3,181


	Number of Shares		Value
Utilities (Continued)
CGN Power Co. Ltd., Class H, 144A		24,574	$	5,950
China Gas Holdings Ltd.		7,997		10,153
China Longyuan Power Group Corp. Ltd., Class H		8,772		10,699
China Power International Development Ltd.		13,822		5,312
China Resources Gas Group Ltd.		2,456		8,653
China Resources Power Holdings Co. Ltd.		5,151		9,490
ENN Energy Holdings Ltd.		2,036		28,562
Guangdong Investment Ltd.		7,782		7,138
Huaneng Power International, Inc., Class H*(a)		9,334		4,305
Kunlun Energy Co. Ltd.		10,234		7,867

(Cost $122,342)				105,506

TOTAL COMMON STOCKS (Cost $5,744,717)				4,139,632

EXCHANGE-TRADED FUNDS — 51.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF(c)		12,618		405,543
Xtrackers MSCI China A Inclusion Equity ETF(c)		181,353		4,036,954

TOTAL EXCHANGE-TRADED FUNDS (Cost $5,354,982)				4,442,497

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69%(d)(e) (Cost $40,230)		40,230		40,230

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74%(d) (Cost $22,425)		22,425		22,425


TOTAL INVESTMENTS — 100.3% (Cost $11,162,354)			$	8,644,784
Other assets and liabilities, net — (0.3%)				(27,540	)

NET ASSETS — 100.0%			$	8,617,244

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.


	Number of Shares		Value
COMMON STOCKS — 99.2%
Communication Services — 1.1%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,300	$	5,740
Beijing Enlight Media Co. Ltd., Class A		2,500		2,922
China United Network Communications Ltd., Class A		32,700		20,358
Focus Media Information Technology Co. Ltd., Class A		13,223		11,182
G-bits Network Technology Xiamen Co. Ltd., Class A		100		4,594
Mango Excellent Media Co. Ltd., Class A		1,900		6,754
Perfect World Co. Ltd., Class A		2,100		4,029
Zhejiang Century Huatong Group Co. Ltd., Class A*		8,220		4,572

(Cost $66,632)				60,151

Consumer Discretionary — 6.3%
Beijing Roborock Technology Co. Ltd., Class A		100		3,655
Bethel Automotive Safety Systems Co. Ltd., Class A		400		4,790
BTG Hotels Group Co. Ltd., Class A		1,000		3,430
BYD Co. Ltd., Class A		1,798		65,873
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		300		5,590
China Tourism Group Duty Free Corp. Ltd., Class A		1,943		54,168
Chongqing Changan Automobile Co. Ltd., Class A		8,762		16,637
Ecovacs Robotics Co. Ltd., Class A		500		5,085
FAW Jiefang Group Co. Ltd., Class A		3,200		3,655
Fuyao Glass Industry Group Co. Ltd., Class A		2,009		10,531
Great Wall Motor Co. Ltd., Class A		2,300		10,384
Gree Electric Appliances, Inc. of Zhuhai, Class A		2,800		12,716
Guangzhou Automobile Group Co. Ltd., Class A		4,900		8,522
Haier Smart Home Co. Ltd., Class A		6,400		22,163
Hangzhou Robam Appliances Co. Ltd., Class A		1,100		4,034
Huayu Automotive Systems Co. Ltd., Class A		3,300		8,600
Huizhou Desay Sv Automotive Co. Ltd., Class A		600		9,317
Jason Furniture Hangzhou Co. Ltd., Class A		910		4,625
Ningbo Joyson Electronic Corp., Class A*		1,300		2,742
Ningbo Tuopu Group Co. Ltd., Class A		1,200		11,433
Oppein Home Group, Inc., Class A		540		8,309
SAIC Motor Corp. Ltd., Class A		8,127		17,416
Sailun Group Co. Ltd., Class A		3,300		4,444
Shandong Linglong Tyre Co. Ltd., Class A		1,700		4,821
Shanghai Jinjiang International Hotels Co. Ltd., Class A		900		7,052
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		3,700		3,803
Shenzhen Kedali Industry Co. Ltd., Class A		200		2,720


	Number of Shares		Value
Consumer Discretionary (Continued)
Shenzhen Overseas Chinese Town Co. Ltd., Class A		8,300	$	6,855
Songcheng Performance Development Co. Ltd., Class A		2,843		5,695
TCL Technology Group Corp., Class A		12,500		7,094
Wuchan Zhongda Group Co. Ltd., Class A		5,500		3,533
Zhejiang Supor Co. Ltd., Class A		500		3,235

(Cost $252,018)				342,927

Consumer Staples — 14.9%
Angel Yeast Co. Ltd., Class A		1,000		6,155
Anhui Gujing Distillery Co. Ltd., Class A		400		13,457
Anhui Kouzi Distillery Co. Ltd., Class A		700		4,645
Anhui Yingjia Distillery Co. Ltd., Class A		700		4,724
Anjoy Foods Group Co. Ltd., Class A		300		6,692


	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Harvest CSI 300 China A-Shares ETF
Actual	$	1,000.00	$	903.00		0.65	%	$	3.10
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF
Actual	$	1,000.00	$	977.30		0.65	%	$	3.22
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.81		0.65	%	$	3.29
Xtrackers MSCI All China Equity ETF⁽²⁾
Actual	$	1,000.00	$	912.30		0.19	%	$	0.91
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.12		0.19	%	$	0.96
Xtrackers MSCI China A Inclusion Equity ETF
Actual	$	1,000.00	$	913.40		0.60	%	$	2.88
Hypothetical (5% return before expenses)	$	1,000.00	$	1,022.06		0.60	%	$	3.04


	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
EXCHANGE-TRADED FUNDS — 51.6%
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (c)
		506,451		3,992		(96,835	)		(22,819	)		14,754			—		—		12,618		405,543
Xtrackers MSCI China A Inclusion Equity ETF (c)
		4,186,445		126,724		—			—			(276,215	)		—		—		181,353		4,036,954


	Value ($) at 5/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)			Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022

SECURITIES LENDING COLLATERAL — 0.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (d)(e)
		46,367		—		(6,137	) (f)		—			—			488		—		40,230		40,230

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (d)
		6,466		56,253		(40,294	)		—			—			111		—		22,425		22,425

		4,745,729		186,969		(143,266	)		(22,819	)		(261,461	)		599		—		256,626		4,505,152


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Harvest CSI 300 China A-Shares ETF		2
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		3
Xtrackers MSCI All China Equity ETF		4
Xtrackers MSCI China A Inclusion Equity ETF		5
Fees and Expenses		6
Schedule of Investments
Xtrackers Harvest CSI 300 China A-Shares ETF		7
Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF		12
Xtrackers MSCI All China Equity ETF		20
Xtrackers MSCI China A Inclusion Equity ETF		24
Statements of Assets and Liabilities		32
Statements of Operations		33
Statements of Changes in Net Assets		34
Financial Highlights		36
Notes to Financial Statements		38
Additional Information		47


Financials			21.8%
Industrials			15.8%
Consumer Staples			14.3%
Information Technology			14.0%
Materials			9.6%
Health Care			8.3%
Consumer Discretionary			8.1%
Utilities			2.9%
Real Estate			2.0%
Energy			2.0%
Communication Services			1.2%

Total			100.0%


Materials			19.9%
Industrials			17.9%
Information Technology			15.5%
Health Care			11.8%
Financials			8.7%
Consumer Staples			6.7%
Consumer Discretionary			5.9%
Energy			3.7%
Utilities			3.5%
Real Estate			3.3%
Communication Services			3.1%

Total			100.0%


Consumer Discretionary			20.2%
Financials			16.5%
Industrials			10.5%
Communication Services			10.4%
Consumer Staples			9.3%
Information Technology			8.9%
Materials			7.7%
Health Care			7.6%
Utilities			3.0%
Real Estate			3.0%
Energy			2.9%

Total			100.0%


Financials			18.0%
Industrials			16.6%
Consumer Staples			15.1%
Information Technology			12.8%
Materials			12.4%
Health Care			9.2%
Consumer Discretionary			6.3%
Utilities			3.3%
Energy			3.3%
Real Estate			1.9%
Communication Services			1.1%

Total			100.0%


Assets	Level 1		Level 2		Level 3		Total
Common Stocks (a)	$	1,956,947,932	$	—	$	—	$	1,956,947,932

TOTAL	$	1,956,947,932	$	—	$	—	$	1,956,947,932


*Sector Diversification as of November 30, 2022**


*Sector Diversification as of November 30, 2022**