# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0002048251-25-002506
**Filing Date:** 2025-11
**Character Count:** 38226
**Document Hash:** 583291a7882fa2d8db1c3794edcb377b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-002506.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002048251-25-002506

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Krane Shares Trust
- **CENTRAL INDEX KEY:** 0001547576

**ORGANIZATION NAME:**
- **EIN:** 456861457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 251526894

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-933-0393

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### KraneShares Asia Pacific High Income USD Bond ETF (Series ID: S000059793)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000195632 | KraneShares Asia Pacific High Income USD Bond ETF | KHYB            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Krane Shares Trust

- **b. Investment Company Act file number:** 811-22698

- **c. CIK number of Registrant:** 0001547576

- **d. LEI of Registrant:** 2549008E1DI99JHCCA80

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 280 Park Ave

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 2129330393

**Item A.2. Information about the Series.**

- **a. Name of Series:** KraneShares Asia Pacific High Income USD Bond ETF

- **b. EDGAR series identifier (if any):** S000059793

- **c. LEI of Series:** 549300KIE6TMQTZK2V13

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $24885566.20

**Total Liabilities:** $404497.84

**Net Assets:** $24481068.36

**Cash Not Reported:** $1242037.65

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -24.78631099 | **1-Year:** -143.57914582 | **5-Year:** -349.51197654 | **10-Year:** -229.53784629 | **30-Year:** -5.36900638

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -180.79561981 | **1-Year:** -1827.61153839 | **5-Year:** -1671.11072078 | **10-Year:** -358.25242534 | **30-Year:** -144.59314554

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000195632 | 1.41%                | 1.46%                | 1.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $41568.60                | $155568.69                                 |
| Month 2  | $45027.40                | $171478.05                                 |
| Month 3  | $27695.51                | $178146.01                                 |

### Schedule of Portfolio Investments

| Name                                                      | Title                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| VEDANTA RESOURCES FINANCE II PLC                          | VEDANTA RESOURCES FINANCE II PLC 10.250000% 06/03/2028                 | CUSIP: G9T27HAH7<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | NUSS              | IN        |    200000 | PA      | $206860.79    | 0.84%             | 2028-06-03      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Wynn Macau, Limited                                       | WYNN MACAU LTD 5.125000% 12/15/2029                                    | CUSIP: G98149AE0<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | NUSS              | MO        |    200000 | PA      | $196247.00    | 0.80%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Limited                                       | WYNN MACAU LTD 5.625000% 08/26/2028                                    | CUSIP: G98149AH3<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | NUSS              | MO        |    450000 | PA      | $449572.85    | 1.84%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| IIFL FINANCE LIMITED                                      | IIFL FINANCE LTD 8.750000% 07/24/2028                                  | CUSIP: Y3R78RET8<br>LEI: 335800CZ46UJRS34JR78 | Long             | DBT              | NUSS              | IN        |    400000 | PA      | $407200.00    | 1.66%             | 2028-07-24      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | ISLAMIC REP OF PAKISTAN 6.875000% 12/05/2027                           | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $199784.52    | 0.82%             | 2027-12-05      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SHUI ON DEVELOPMENT (HOLDING) LIMITED                     | SHUI ON DEVELOPMENT HOLDING LTD 5.500000% 06/29/2026                   | CUSIP: N/A<br>LEI: 3003005J4J3G9CZFDK52       | Long             | DBT              | NUSS              | CN        |    400000 | PA      | $396039.17    | 1.62%             | 2026-06-29      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GLP PTE. LTD.                                             | GLP PTE LTD 4.600000% MATURITY: PERPETUAL                              | CUSIP: N/A<br>LEI: 254900PC2NNG9BLIJO15       | Long             | DBT              | NUSS              | SG        |    200000 | PA      | $131276.72    | 0.54%             | 2173-12-29      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| SAMMAAN CAPITAL LIMITED                                   | SAMMAAN CAPITAL LTD 8.950000% 08/28/2028                               | CUSIP: N/A<br>LEI: 335800A2A3G53ZQZTQ21       | Long             | DBT              | NUSS              | IN        |    250000 | PA      | $250019.33    | 1.02%             | 2028-08-28      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                       | RAKUTEN GROUP INC 5.125000% MATURITY: PERPETUAL                        | CUSIP: J6S87BAA6<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | NUSS              | JP        |    400000 | PA      | $397898.94    | 1.63%             | 2173-10-22      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PINGAN REAL ESTATE CAPITAL LIMITED                        | PINGAN REAL ESTATE CAPITAL LTD MTN 3.450000% 07/29/2026                | CUSIP: N/A<br>LEI: 655600MZ4W5VY0OEG119       | Long             | DBT              | NUSS              | CN        |    500000 | PA      | $488332.61    | 1.99%             | 2026-07-29      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| NWD FINANCE (BVI) LIMITED                                 | NWD FINANCE BVI LTD 5.250000% MATURITY: PERPETUAL                      | CUSIP: N/A<br>LEI: 25490076V8K09HMNCT88       | Long             | DBT              | NUSS              | HK        |    200000 | PA      | $88351.15     | 0.36%             | 2173-12-22      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| India Cleantech Energy                                    | INDIA CLEANTECH ENERGY 4.700000% 08/10/2026                            | CUSIP: V4606AAA1<br>LEI: 254900DGTS4HHR3Q6F66 | Long             | DBT              | NUSS              | IN        |    227700 | PA      | $225486.90    | 0.92%             | 2026-08-10      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CHINA HONGQIAO GROUP LIMITED                              | CHINA HONGQIAO GROUP LTD 7.050000% 01/10/2028                          | CUSIP: N/A<br>LEI: 3003009Q4IBFSDE24571       | Long             | DBT              | NUSS              | CN        |    200000 | PA      | $206733.43    | 0.84%             | 2028-01-10      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| Wynn Macau, Limited                                       | WYNN MACAU LTD 5.500000% 10/01/2027                                    | CUSIP: G98149AD2<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | NUSS              | MO        |    400000 | PA      | $399997.89    | 1.63%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Wanda Properties Global Co. Limited                       | WANDA PROPERTIES GLOBAL CO LTD 11.000000% 01/12/2026                   | CUSIP: N/A<br>LEI: 549300XK04MG2KHWVP36       | Long             | DBT              | NUSS              | CN        |    150000 | PA      | $147750.00    | 0.60%             | 2026-01-12      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE LIMITED                             | MELCO RESORTS FINANCE LTD 7.625000% 04/17/2032                         | CUSIP: G5975LAK2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | NUSS              | HK        |    400000 | PA      | $419036.56    | 1.71%             | 2032-04-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NWD (MTN) LIMITED                                         | NWD MTN LTD MTN 4.500000% 05/19/2030                                   | CUSIP: N/A<br>LEI: 254900STSWBVJ5FV9O74       | Long             | DBT              | NUSS              | HK        |    200000 | PA      | $131861.89    | 0.54%             | 2030-05-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE LIMITED                             | MELCO RESORTS FINANCE LTD 5.625000% 07/17/2027                         | CUSIP: G5975LAD8<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | NUSS              | HK        |    400000 | PA      | $398751.40    | 1.63%             | 2027-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CENTRAL PLAZA DEVELOPMENT LTD.                            | CENTRAL PLAZA DEVELOPMENT LTD 7.150000% 03/21/2028                     | CUSIP: N/A<br>LEI: 254900HLDKFNM2WUVJ54       | Long             | DBT              | NUSS              | CN        |    350000 | PA      | $357251.92    | 1.46%             | 2028-03-21      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| PETRON CORP.                                              | PETRON CORP 7.350000% Maturity: Perpetual                              | CUSIP: N/A<br>LEI: 549300R3PFXOFQSZ7G25       | Long             | DBT              | NUSS              | PH        |    400000 | PA      | $412652.04    | 1.69%             | 2174-03-22      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| FWD GROUP HOLDINGS LIMITED                                | FWD GROUP HOLDINGS LTD MTN 5.836000% 09/22/2035                        | CUSIP: G37049AD8<br>LEI: 254900HEGGDS8WU5QZ97 | Long             | DBT              | NUSS              | HK        |    200000 | PA      | $202491.69    | 0.83%             | 2035-09-22      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| FWD GROUP HOLDINGS LIMITED                                | FWD GROUP HOLDINGS LTD 8.045000% MATURITY: PERPETUAL                   | CUSIP: N/A<br>LEI: 254900HEGGDS8WU5QZ97       | Long             | DBT              | NUSS              | HK        |    400000 | PA      | $400608.00    | 1.64%             | 2173-12-15      | Fixed         | 8.04%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | PAKISTAN GOVERNMENT INTERNATIONAL BOND MTN 8.875000% 04/08/2051        | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    200000 | PA      | $183892.73    | 0.75%             | 2051-04-08      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MANAPPURAM FINANCE LIMITED                                | MANAPPURAM FINANCE LTD MTN 7.375000% 05/12/2028                        | CUSIP: N/A<br>LEI: 335800JL5WTUSKOSPN77       | Long             | DBT              | NUSS              | IN        |    400000 | PA      | $409241.65    | 1.67%             | 2028-05-12      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | PAKISTAN GOVERNMENT INTERNATIONAL BOND MTN 6.000000% 04/08/2026        | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    400000 | PA      | $398331.18    | 1.63%             | 2026-04-08      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Trade and Development Bank of Mongolia JSC                | TRADE & DEVELOPMENT BANK OF MONGOLIA LLC 8.500000% 12/23/2027          | CUSIP: N/A<br>LEI: 549300O080RZNQXWR806       | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $196871.52    | 0.80%             | 2027-12-23      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                    | STANDARD CHARTERED PLC 4.300000% MATURITY: PERPETUAL                   | CUSIP: G84228EV6<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | NUSS              | GB        |    600000 | PA      | $567725.70    | 2.32%             | 2174-02-19      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MEDCO CYPRESS TREE PTE. LTD.                              | MEDCO CYPRESS TREE PTE LTD 8.625000% 05/19/2030                        | CUSIP: Y56616AA6<br>LEI: 254900NKZ2Y3YZK4WC46 | Long             | DBT              | NUSS              | ID        |    360000 | PA      | $379677.46    | 1.55%             | 2030-05-19      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Government of Mongolia                                    | MONGOLIA INTL BOND 4.450000% 07/07/2031                                | CUSIP: Y6142NAE8<br>LEI: 254900PW61ADCBDCLP71 | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $180800.87    | 0.74%             | 2031-07-07      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NWD (MTN) LIMITED                                         | NWD MTN LTD 5.875000% 06/16/2027                                       | CUSIP: N/A<br>LEI: 254900STSWBVJ5FV9O74       | Long             | DBT              | NUSS              | HK        |    200000 | PA      | $167530.88    | 0.68%             | 2027-06-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Fortune Star (BVI) Limited                                | FORTUNE STAR BVI LTD 6.800000% 09/09/2029                              | CUSIP: N/A<br>LEI: 2549008CU8NYQQRSNU62       | Long             | DBT              | NUSS              | CN        |    220000 | PA      | $220462.93    | 0.90%             | 2029-09-09      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| CA Magnum Holdings                                        | CA MAGNUM HOLDINGS 5.375000% 10/31/2026                                | CUSIP: V1541CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | NUSS              | IN        |    400000 | PA      | $398247.28    | 1.63%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Fortune Star (BVI) Limited                                | FORTUNE STAR BVI LTD 5.050000% 01/27/2027                              | CUSIP: N/A<br>LEI: 2549008CU8NYQQRSNU62       | Long             | DBT              | NUSS              | CN        |    400000 | PA      | $395083.67    | 1.61%             | 2027-01-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL GLOBAL POWER HOLDINGS CORP.                    | SAN MIGUEL GLOBAL POWER HOLDINGS CORP 5.450000% MATURITY: PERPETUAL    | CUSIP: N/A<br>LEI: 549300HBCE80QXKII590       | Long             | DBT              | NUSS              | PH        |    400000 | PA      | $391700.05    | 1.60%             | 2173-12-09      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| NICKEL INDUSTRIES LIMITED                                 | NICKEL INDUSTRIES LTD 9.000000% 09/30/2030                             | CUSIP: Q67949AD1<br>LEI: 54930007K0WX53TSIK16 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $203148.40    | 0.83%             | 2030-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Islamic Republic of Pakistan                              | PAKISTAN GOVERNMENT INTERNATIONAL BOND MTN 7.375000% 04/08/2031        | CUSIP: N/A<br>LEI: 529900LOP29R5WKHOD86       | Long             | DBT              | NUSS              | PK        |    250000 | PA      | $244548.83    | 1.00%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GC Treasury Center Company Limited                        | GC TREASURY CENTER CO LTD 7.125000% MATURITY: PERPETUAL                | CUSIP: Y3004DAE4<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | NUSS              | TH        |    200000 | PA      | $206575.36    | 0.84%             | 2174-03-10      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| FWD LIMITED                                               | FWD GROUP HOLDINGS LTD 6.675000% MATURITY: PERPETUAL                   | CUSIP: N/A<br>LEI: 254900FMA87JW77SVS91       | Long             | DBT              | NUSS              | HK        |    400000 | PA      | $400201.60    | 1.63%             | 2174-08-01      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| SHRIRAM FINANCE LIMITED                                   | SHRIRAM FINANCE LTD MTN 6.150000% 04/03/2028                           | CUSIP: Y775M1CJ0<br>LEI: 335800TM2YO24B76XL26 | Long             | DBT              | NUSS              | IN        |    200000 | PA      | $203304.00    | 0.83%             | 2028-04-03      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| U.S. DOLLARS                                              | FX Forward Contract: USD/EUR SETTLE 2026-01-26                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $1029.84      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GREENTOWN CHINA HOLDINGS LIMITED                          | GREENTOWN CHINA HOLDINGS LTD 8.450000% 02/24/2028                      | CUSIP: N/A<br>LEI: 529900BLBC6YDNWS8530       | Long             | DBT              | NUSS              | CN        |    500000 | PA      | $518045.69    | 2.12%             | 2028-02-24      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| KasikornBank PCL (Hong Kong Branch)                       | KASIKORNBANK PCL/HONG KONG MTN 4.000000% MATURITY: PERPETUAL           | CUSIP: Y458J4AF1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TH        |    400000 | PA      | $394052.54    | 1.61%             | 2174-02-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KRUNG THAI BANK PUBLIC COMPANY LIMITED                    | KRUNG THAI BANK PCL/CAYMAN ISLANDS 4.400000% MATURITY: PERPETUAL       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | TH        |    400000 | PA      | $397360.00    | 1.62%             | 2174-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| MONGOLIAN MINING CORPORATION                              | MONGOLIAN MINING CORP 8.440000% 04/03/2030                             | CUSIP: G61759AB5<br>LEI: 254900XQ2EY5O3SAYL47 | Long             | DBT              | NUSS              | MN        |    250000 | PA      | $253089.70    | 1.03%             | 2030-04-03      | Fixed         | 8.44%                 | No            |                  2 | On Loan: No      |
| India Clean Energy Holdings                               | INDIA CLEAN ENERGY HOLDINGS MTN 4.500000% 04/18/2027                   | CUSIP: V4605MAA6<br>LEI: 254900XQFJ9593DCY022 | Long             | DBT              | NUSS              | IN        |    400000 | PA      | $390657.84    | 1.60%             | 2027-04-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GLP PTE. LTD.                                             | GLP PTE LTD MTN 4.500000% MATURITY: PERPETUAL                          | CUSIP: N/A<br>LEI: 254900PC2NNG9BLIJO15       | Long             | DBT              | NUSS              | SG        |    200000 | PA      | $137006.66    | 0.56%             | 2173-11-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Limited                               | STUDIO CITY FINANCE LTD 5.000000% 01/15/2029                           | CUSIP: G85381AG9<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | NUSS              | MO        |    200000 | PA      | $192748.06    | 0.79%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES FINANCE II PLC                          | VEDANTA RESOURCES FINANCE II PLC 10.875000% 09/17/2029                 | CUSIP: G9T27HAG9<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | NUSS              | IN        |    400000 | PA      | $418682.00    | 1.71%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| Nomura Holdings, Inc.                                     | NOMURA HOLDINGS INC 7.000000% MATURITY: PERPETUAL                      | CUSIP: 65535HCC1<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | NUSS              | JP        |    500000 | PA      | $517548.00    | 2.11%             | 2174-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES FINANCE II PLC                          | VEDANTA RESOURCES FINANCE II PLC 11.250000% 12/03/2031                 | CUSIP: G9T27HAJ3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | NUSS              | IN        |    200000 | PA      | $214703.41    | 0.88%             | 2031-12-03      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Vanke Real Estate (Hong Kong) Company Limited             | VANKE REAL ESTATE HONG KONG CO LTD MTN 3.975000% 11/09/2027            | CUSIP: N/A<br>LEI: 25490078APAXS5NZGF08       | Long             | DBT              | NUSS              | CN        |    200000 | PA      | $147921.78    | 0.60%             | 2027-11-09      | Fixed         | 3.98%                 | No            |                  2 | On Loan: No      |
| GLP China Holdings Limited                                | GLP CHINA HOLDINGS LTD MTN 2.950000% 03/29/2026                        | CUSIP: N/A<br>LEI: 254900C6X2D3TGF2CO98       | Long             | DBT              | NUSS              | CN        |    600000 | PA      | $590461.55    | 2.41%             | 2026-03-29      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PT Bukit Makmur Mandiri Utama                             | BUKIT MAKMUR MANDIRI UTAMA PT 7.750000% 02/10/2026                     | CUSIP: Y71300AB6<br>LEI: 254900Z05E8W7X31K395 | Long             | DBT              | NUSS              | ID        |    200000 | PA      | $199974.14    | 0.82%             | 2026-02-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BAIDU, INC.                                               | BAIDU INC ZERO COUPON 03/12/2032                                       | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | DBT              | CORP              | CN        |    200000 | PA      | $211200.00    | 0.86%             | 2032-03-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| RENEW WIND ENERGY (AP 2) PRIVATE LIMITED                  | RENEW WIND ENERGY AP2 / RENEW POWER PVT LTD OTHER 4.500000% 07/14/2028 | CUSIP: Y7280PAA1<br>LEI: 335800HUUTPY6YMI3284 | Long             | DBT              | NUSS              | IN        |    200000 | PA      | $193157.10    | 0.79%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Limited                               | STUDIO CITY FINANCE LTD 6.500000% 01/15/2028                           | CUSIP: G85381AF1<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | NUSS              | MO        |    200000 | PA      | $199901.54    | 0.82%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mong Duong Finance Holdings B.V.                          | MONG DUONG FINANCE HOLDINGS BV 5.125000% 05/07/2029                    | CUSIP: N6000DAA1<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | NUSS              | VN        |    508200 | PA      | $502637.31    | 2.05%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Franshion Brilliant Limited                               | FRANSHION BRILLIANT LTD 4.250000% 07/23/2029                           | CUSIP: N/A<br>LEI: 549300E3ZP4GOU3D4G57       | Long             | DBT              | NUSS              | CN        |    200000 | PA      | $184116.04    | 0.75%             | 2029-07-23      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                    | STANDARD CHARTERED PLC 4.750000% MATURITY: PERPETUAL                   | CUSIP: G84228EP9<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | NUSS              | GB        |    200000 | PA      | $187702.94    | 0.77%             | 2174-07-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERED PLC                                    | STANDARD CHARTERED PLC 7.750000% MATURITY: PERPETUAL                   | CUSIP: G84228FJ2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | NUSS              | GB        |    200000 | PA      | $207396.40    | 0.85%             | 2174-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MELCO RESORTS FINANCE LIMITED                             | MELCO RESORTS FINANCE LTD 5.375000% 12/04/2029                         | CUSIP: G5975LAE6<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | NUSS              | HK        |    400000 | PA      | $392275.12    | 1.60%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DEVELOPMENT BANK OF MONGOLIA                              | DEVT BANK OF MONGOLIA 8.500000% 07/03/2028                             | CUSIP: N/A<br>LEI: 254900HRWK3OKXS9UW60       | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $203737.07    | 0.83%             | 2028-07-03      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MGM China Holdings Limited                                | MGM CHINA HOLDINGS LTD 7.125000% 06/26/2031                            | CUSIP: G60744AJ1<br>LEI: 529900VZFN87OS7WJM66 | Long             | DBT              | NUSS              | MO        |    200000 | PA      | $210997.19    | 0.86%             | 2031-06-26      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Diamond II Limited                                        | DIAMOND II LTD 7.950000% 07/28/2026                                    | CUSIP: V28479AA7<br>LEI: 254900KL4GQ2XC50XL44 | Long             | DBT              | NUSS              | IN        |    200000 | PA      | $201394.97    | 0.82%             | 2026-07-28      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| SAN MIGUEL GLOBAL POWER HOLDINGS CORP.                    | SAN MIGUEL GLOBAL POWER HOLDINGS CORP 5.700000% MATURITY: PERPETUAL    | CUSIP: N/A<br>LEI: 549300HBCE80QXKII590       | Long             | DBT              | NUSS              | PH        |    214000 | PA      | $212688.71    | 0.87%             | 2174-07-21      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Rakuten Group, Inc.                                       | RAKUTEN GROUP INC 8.125000% MATURITY: PERPETUAL                        | CUSIP: J64264AM6<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | NUSS              | JP        |    200000 | PA      | $207803.90    | 0.85%             | 2174-06-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| LONGFOR GROUP HOLDINGS LIMITED                            | LONGFOR GROUP HOLDINGS LTD 4.500000% 01/16/2028                        | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | DBT              | NUSS              | CN        |    200000 | PA      | $186719.33    | 0.76%             | 2028-01-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fortune Star (BVI) Limited                                | FORTUNE STAR BVI LTD 3.950000% 10/02/2026                              | CUSIP: G3641TAP3<br>LEI: 2549008CU8NYQQRSNU62 | Long             | DBT              | NUSS              | CN        |    200000 | PA      | $234168.98    | 0.96%             | 2026-10-02      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| GLP PTE. LTD.                                             | GLP PTE LTD 9.750000% 05/20/2028                                       | CUSIP: Y2725FAK5<br>LEI: 254900PC2NNG9BLIJO15 | Long             | DBT              | NUSS              | SG        |    200000 | PA      | $207970.62    | 0.85%             | 2028-05-20      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| IRB INFRASTRUCTURE DEVELOPERS LIMITED                     | IRB INFRASTRUCTURE DEVELOPERS LTD 7.110000% 03/11/2032                 | CUSIP: N/A<br>LEI: 335800XGO3AITGW6AK27       | Long             | DBT              | NUSS              | IN        |    400000 | PA      | $415428.40    | 1.70%             | 2032-03-11      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| LONGFOR GROUP HOLDINGS LIMITED                            | LONGFOR GROUP HOLDINGS LTD 3.375000% 04/13/2027                        | CUSIP: N/A<br>LEI: 254900UJX27B2F1JYR13       | Long             | DBT              | NUSS              | CN        |    400000 | PA      | $375783.52    | 1.53%             | 2027-04-13      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Axis Bank Limited (Gandhinagar Branch)                    | AXIS BANK LTD/GIFT CITY 4.100000% MATURITY: PERPETUAL                  | CUSIP: Y1009XAA7<br>LEI: N/A                  | Long             | DBT              | NUSS              | IN        |    400000 | PA      | $394059.06    | 1.61%             | 2174-03-08      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| PT Sorik Marapi Geothermal Power                          | SORIK MARAPI GEOTHERMAL POWER PT 7.750000% 08/05/2031                  | CUSIP: Y7150KAA9<br>LEI: 254900OW9VKG09S8C597 | Long             | DBT              | NUSS              | ID        |    192060 | PA      | $196720.99    | 0.80%             | 2031-08-05      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MUANGTHAI CAPITAL PUBLIC COMPANY LIMITED                  | MUANGTHAI CAPITAL PCL 6.875000% 09/30/2028                             | CUSIP: N/A<br>LEI: 254900ZI1FO2W9132C98       | Long             | DBT              | NUSS              | TH        |    200000 | PA      | $202495.88    | 0.83%             | 2028-09-30      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Golomt Bank JSC                                           | GOLOMT BANK 11.000000% 05/20/2027                                      | CUSIP: Y27906AA7<br>LEI: 549300QLH7BRA4EIZO16 | Long             | DBT              | NUSS              | MN        |    200000 | PA      | $206467.49    | 0.84%             | 2027-05-20      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LIMITED                                 | MINERAL RESOURCES LTD 7.000000% 04/01/2031                             | CUSIP: Q60976AE9<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | NUSS              | AU        |    190000 | PA      | $192277.59    | 0.79%             | 2031-04-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED | HEALTH & HAPPINESS H&H INTERNATIONAL HOLDINGS LTD 9.125000% 07/24/2028 | CUSIP: N/A<br>LEI: 2138007WU5DJFZFDDV59       | Long             | DBT              | NUSS              | CN        |    400000 | PA      | $424799.14    | 1.74%             | 2028-07-24      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| NWD (MTN) LIMITED                                         | NWD MTN LTD 8.625000% 02/08/2028                                       | CUSIP: N/A<br>LEI: 254900STSWBVJ5FV9O74       | Long             | DBT              | NUSS              | HK        |    200000 | PA      | $167000.75    | 0.68%             | 2028-02-08      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| PIRAMAL FINANCE LIMITED                                   | PIRAMAL CAPITAL & HOUSING FINANCE LTD MTN 7.800000% 01/29/2028         | CUSIP: N/A<br>LEI: 335800M751HM7MSTFQ19       | Long             | DBT              | NUSS              | IN        |    450000 | PA      | $460736.06    | 1.88%             | 2028-01-29      | Fixed         | 7.80%                 | No            |                  2 | On Loan: No      |
| Azure Power Energy Ltd                                    | AZURE POWER ENERGY LTD 3.575000% 08/19/2026                            | CUSIP: V0002UAA5<br>LEI: 54930051LQDFHGQMHF47 | Long             | DBT              | NUSS              | IN        |    286323 | PA      | $280274.90    | 1.14%             | 2026-08-19      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Krane Funds Advisors, LLC

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO