| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | First Beijing Investment Ltd. | 23,374,885 | -5,065,363 | 43,711,034.95 | 1.7356 | 2.4276 | 12/31/2024 |
| 2 | The Vanguard Group, Inc. | 21,179,337 | -1,558,479 | 39,605,360.19 | 0.0006 | 2.1996 | 03/31/2025 |
| 3 | Wildcat Capital Management LLC | 18,046,195 | 0 | 33,746,384.65 | 19.6809 | 1.8742 | 03/31/2025 |
| 4 | Perseverance Asset Management LP | 11,502,784 | -1,463,583 | 21,510,206.08 | 0.6866 | 1.1946 | 12/31/2024 |
| 5 | Bright Valley Capital Ltd. | 8,933,732 | 8,933,732 | 16,706,078.84 | 11.4366 | 0.9278 | 12/31/2024 |
| 6 | Goldman Sachs & Co. LLC (Private Banking) | 8,410,328 | -9,674,554 | 15,727,313.36 | 0.0059 | 0.8734 | 03/31/2025 |
| 7 | BlackRock Fund Advisors | 6,397,207 | -1,385,716 | 11,962,777.09 | 0.0003 | 0.6644 | 03/31/2025 |
| 8 | Vanguard Fiduciary Trust Co. | 5,993,015 | -196,638 | 11,206,938.05 | 0.0128 | 0.6224 | 03/31/2025 |
| 9 | Barclays Bank Plc (Private Banking) | 5,686,433 | 5,575,962 | 10,633,629.71 | 0.0074 | 0.5906 | 12/31/2024 |
| 10 | Oasis Management (Hong Kong) LLC | 5,592,665 | 484,542 | 10,458,283.55 | 3.0844 | 0.5808 | 12/31/2024 |
| 11 | JPMorgan Securities LLC (Investment Management) | 5,456,554 | -9,592,571 | 10,203,755.98 | 0.0073 | 0.5667 | 12/31/2024 |
| 12 | SSgA Funds Management, Inc. | 5,282,282 | 16,844 | 9,877,867.34 | 0.0004 | 0.5486 | 12/31/2024 |
| 13 | Morgan Stanley & Co. LLC | 4,530,579 | -1,270,777 | 8,472,182.73 | 0.0033 | 0.4705 | 12/31/2024 |
| 14 | Nomura Global Financial Products, Inc. | 3,600,987 | 1,665,518 | 6,733,845.69 | 0.0668 | 0.374 | 12/31/2024 |
| 15 | Millennium Management LLC | 3,459,960 | 991,100 | 6,470,125.2 | 0.0058 | 0.3593 | 12/31/2024 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Vanguard Total International Stock Index Fund | 10,137,501 | -617,311 | 18,957,126.87 | 0.0039 | 1.0528 | 03/31/2025 |
| 2 | Vanguard Emerging Markets Stock Index Fund | 9,134,015 | -976,874 | 17,080,608.05 | 0.0147 | 0.9486 | 03/31/2025 |
| 3 | Vanguard Institutional Total Intl. Stock Market Index Tr. II | 5,220,651 | -168,797 | 9,762,617.37 | 0.0039 | 0.5422 | 03/31/2025 |
| 4 | iShares Core MSCI Emerging Markets ETF | 3,657,509 | -916,449 | 6,839,541.83 | 0.0079 | 0.3798 | 04/30/2025 |
| 5 | Vanguard FTSE All World (ex-US) Index Fund | 1,440,676 | -69,019 | 2,694,064.12 | 0.0043 | 0.1496 | 03/31/2025 |
| 6 | SPDR Portfolio Emerging Markets ETF | 981,432 | 53,704 | 1,835,277.84 | 0.0167 | 0.1019 | 04/30/2025 |
| 7 | Schwab Emerging Markets Equity ETF | 866,827 | -119,479 | 1,620,966.49 | 0.0166 | 0.09 | 04/30/2025 |
| 8 | Vanguard Institutional Total Intl. Stock Market Index Trust | 772,364 | -27,841 | 1,444,320.68 | 0.0041 | 0.0802 | 02/28/2025 |
| 9 | iShares Tr. - Core MSCI Total International Stock ETF | 729,181 | 22,983 | 1,363,568.47 | 0.0033 | 0.0757 | 04/30/2025 |
| 10 | iShares plc - Core MSCI Emerging Markets IMI UCITS ETF | 608,688 | 13,671 | 1,138,246.56 | 0.0045 | 0.0632 | 04/30/2025 |
| 11 | Invesco Golden Dragon China ETF | 586,875 | -41,036 | 1,097,456.25 | 0.7327 | 0.0609 | 04/30/2025 |
| 12 | Vanguard Total World Stock Index Fund | 467,145 | 0 | 873,561.15 | 0.0016 | 0.0485 | 03/31/2025 |
| 13 | Euromobiliare Fidelity China Evol-Atto II | 458,319 | 0 | 857,056.53 | 1.1378 | 0.0476 | 12/31/2024 |
| 14 | Franklin LibertyShares ICAV - FTSE China UCITS ETF | 450,432 | 183,816 | 842,307.84 | 0.0559 | 0.0468 | 04/30/2025 |
| 15 | BlackRock CIF - iShares Emerging Markets Equity Index Fund UK | 441,122 | -89,246 | 824,898.14 | 0.0167 | 0.0458 | 03/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Bright Valley Capital Ltd. | 8,933,732 | 8,933,732 | 16,706,078.84 | 11.4366 | 0.9278 | 12/31/2024 |
| 2 | Barclays Bank Plc (Private Banking) | 5,686,433 | 5,575,962 | 10,633,629.71 | 0.0074 | 0.5906 | 12/31/2024 |
| 3 | Numeric Investors LLC | 3,165,638 | 1,718,816 | 5,919,743.06 | 0.0281 | 0.3288 | 12/31/2024 |
| 4 | Nomura Global Financial Products, Inc. | 3,600,987 | 1,665,518 | 6,733,845.69 | 0.0668 | 0.374 | 12/31/2024 |
| 5 | D. E. Shaw & Co. LP | 2,102,446 | 1,166,409 | 3,931,574.02 | 0.0045 | 0.2183 | 12/31/2024 |
| 6 | Two Sigma Investments LP | 1,158,917 | 1,064,500 | 2,167,174.79 | 0.0051 | 0.1204 | 12/31/2024 |
| 7 | Millennium Management LLC | 3,459,960 | 991,100 | 6,470,125.2 | 0.0058 | 0.3593 | 12/31/2024 |
| 8 | UBS Switzerland AG (Investment Management) | 878,822 | 875,216 | 1,643,397.14 | 0.005 | 0.0913 | 12/31/2024 |
| 9 | Citadel Securities LLC | 2,551,116 | 858,375 | 4,770,586.92 | 0.0172 | 0.2649 | 12/31/2024 |
| 10 | UBS Securities LLC | 942,306 | 814,306 | 1,762,112.22 | 0.0009 | 0.0979 | 12/31/2024 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs & Co. LLC (Private Banking) | 8,410,328 | -9,674,554 | 15,727,313.36 | 0.0059 | 0.8734 | 03/31/2025 |
| 2 | JPMorgan Securities LLC (Investment Management) | 5,456,554 | -9,592,571 | 10,203,755.98 | 0.0073 | 0.5667 | 12/31/2024 |
| 3 | First Beijing Investment Ltd. | 23,374,885 | -5,065,363 | 43,711,034.95 | 1.7356 | 2.4276 | 12/31/2024 |
| 4 | Canada Pension Plan Investment Board | 5 | -3,194,105 | 9.35 | 0 | 0 | 12/31/2024 |
| 5 | The Vanguard Group, Inc. | 21,179,337 | -1,558,479 | 39,605,360.19 | 0.0006 | 2.1996 | 03/31/2025 |
| 6 | Perseverance Asset Management LP | 11,502,784 | -1,463,583 | 21,510,206.08 | 0.6866 | 1.1946 | 12/31/2024 |
| 7 | BlackRock Fund Advisors | 6,397,207 | -1,385,716 | 11,962,777.09 | 0.0003 | 0.6644 | 03/31/2025 |
| 8 | Morgan Stanley & Co. LLC | 4,530,579 | -1,270,777 | 8,472,182.73 | 0.0033 | 0.4705 | 12/31/2024 |
| 9 | State Street Global Advisors Ltd. | 123,147 | -1,186,322 | 230,284.89 | 0.0002 | 0.0128 | 04/30/2025 |
| 10 | Legal & General Investment Management Ltd. | 810,832 | -736,233 | 1,516,255.84 | 0.0006 | 0.0842 | 12/31/2024 |
Data provided by FactSet Research Systems Inc.