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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NANJING CO., LTD.</name>
        <lei>300300C1086932000062</lei>
        <title>BANK OF NANJING CO LTD -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000627"/>
        </identifiers>
        <balance>238000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>338366.89000000</valUSD>
        <pctVal>3.116096065848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Merchants Expressway Network Technology Holdings Co., Ltd.</name>
        <lei>300300HYECHLUO2UVU03</lei>
        <title>CHINA MERCHANTS EXPRESSWAY-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000032B1"/>
        </identifiers>
        <balance>176200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>321073.51000000</valUSD>
        <pctVal>2.956837477092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zhejiang Juhua Co., Ltd.</name>
        <lei>N/A</lei>
        <title>ZHEJIANG JUHUA CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000WQ6"/>
        </identifiers>
        <balance>99900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>339741.67000000</valUSD>
        <pctVal>3.128756721119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Shanghai Co., Ltd.</name>
        <lei>300300C1091231000098</lei>
        <title>BANK OF SHANGHAI CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002FM5"/>
        </identifiers>
        <balance>258100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>349892.65000000</valUSD>
        <pctVal>3.222239357209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zijin Mining Group Company Limited</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>ZIJIN MINING GROUP CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000B24"/>
        </identifiers>
        <balance>153700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>383303.38000000</valUSD>
        <pctVal>3.529926212474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SATELLITE CHEMICAL CO., LTD.</name>
        <lei>300300EB6R0AX600R053</lei>
        <title>SATELLITE CHEMICAL CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001B07"/>
        </identifiers>
        <balance>113100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>357859.18000000</valUSD>
        <pctVal>3.295604906632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Galaxy Securities Co., Ltd.</name>
        <lei>3003008KFQXO06OK8582</lei>
        <title>CHINA GALAXY SECURITIES CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002FG7"/>
        </identifiers>
        <balance>150400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>344024.55000000</valUSD>
        <pctVal>3.168198717109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAURA Technology Group Co., Ltd.</name>
        <lei>300300JI5I0B95GO5C39</lei>
        <title>NAURA TECHNOLOGY GROUP CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000ML7"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>229014.99000000</valUSD>
        <pctVal>2.109050059121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jiangsu Expressway Company Limited</name>
        <lei>529900UWWTWZ6AKLYD43</lei>
        <title>JIANGSU EXPRESSWAY CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000016S0"/>
        </identifiers>
        <balance>157200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>330587.54000000</valUSD>
        <pctVal>3.044454298742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aluminum Corporation of China Limited</name>
        <lei>529900TKZUWQLIQN6T48</lei>
        <title>ALUMINUM CORP OF CHINA LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000000T0"/>
        </identifiers>
        <balance>328900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>337686.18000000</valUSD>
        <pctVal>3.109827255821</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA CITIC BANK CORPORATION LIMITED</name>
        <lei>300300C1030211000384</lei>
        <title>CHINA CITIC BANK CORP LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000000R4"/>
        </identifiers>
        <balance>351100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>343566.66000000</valUSD>
        <pctVal>3.163981906098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guotai Junan Securities Co., Ltd.</name>
        <lei>300300E1005431000017</lei>
        <title>GUOTAI JUNAN SECURITIES CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000022F3"/>
        </identifiers>
        <balance>134400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>318154.67000000</valUSD>
        <pctVal>2.929957229321</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Avary Holding (Shenzhen) Co., Limited</name>
        <lei>30030067AGXAJK5FRS12</lei>
        <title>AVARY HOLDING SHENZHEN CO -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003GF5"/>
        </identifiers>
        <balance>21600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>107852.85000000</valUSD>
        <pctVal>0.993240921343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COSCO SHIPPING Holdings Co., Ltd.</name>
        <lei>3003009XI0QGYYA29S17</lei>
        <title>COSCO SHIPPING HOLDINGS CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000601"/>
        </identifiers>
        <balance>177800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>356045.36000000</valUSD>
        <pctVal>3.278901034199</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AGRICULTURAL BANK OF CHINA LIMITED</name>
        <lei>549300E7TSGLCOVSY746</lei>
        <title>AGRICULTURAL BANK OF CHINA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000RJ0"/>
        </identifiers>
        <balance>470700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>335571.09000000</valUSD>
        <pctVal>3.090348920846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seres Group Co.,Ltd.</name>
        <lei>3003002LTJSDNVNIPU58</lei>
        <title>SERES GROUP CO L-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000028B9"/>
        </identifiers>
        <balance>19600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>339592.34000000</valUSD>
        <pctVal>3.127381507884</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NARI Technology Co., Ltd.</name>
        <lei>3003006IGH1W58MAQM05</lei>
        <title>NARI TECHNOLOGY CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001G38"/>
        </identifiers>
        <balance>64600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>194709.53000000</valUSD>
        <pctVal>1.793123435972</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Luxshare Precision Industry Co., Ltd.</name>
        <lei>300300QLLDUELXN16530</lei>
        <title>LUXSHARE PRECISION INDUSTR-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000TP3"/>
        </identifiers>
        <balance>22100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>124371.24000000</valUSD>
        <pctVal>1.145362454549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daqin Railway Co., Ltd.</name>
        <lei>30030098LARO7YWJL882</lei>
        <title>DAQIN RAILWAY CO LTD -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001NG4"/>
        </identifiers>
        <balance>359000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>323134.09000000</valUSD>
        <pctVal>2.975813817334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FUYAO GLASS INDUSTRY GROUP CO., LTD.</name>
        <lei>549300AS5CSLWETN0P64</lei>
        <title>FUYAO GLASS INDUSTRY GROUP-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000230"/>
        </identifiers>
        <balance>42901.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>345822.48000000</valUSD>
        <pctVal>3.184756254993</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUA XIA BANK CO., Limited</name>
        <lei>300300AKNDEHIGVDZW37</lei>
        <title>HUAXIA BANK CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001FW7"/>
        </identifiers>
        <balance>331300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>357021.02000000</valUSD>
        <pctVal>3.287886104480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Communications Co., Ltd.</name>
        <lei>549300AX1UM10U30HK09</lei>
        <title>BANK OF COMMUNICATIONS CO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000000S2"/>
        </identifiers>
        <balance>334100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>342565.27000000</valUSD>
        <pctVal>3.154759882515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA CONSTRUCTION BANK CORPORATION</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CHINA CONSTRUCTION BANK-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000742"/>
        </identifiers>
        <balance>283000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>343920.23000000</valUSD>
        <pctVal>3.167238010991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Beijing Co., Ltd.</name>
        <lei>300300C1080211000042</lei>
        <title>BANK OF BEIJING CO LTD -A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000734"/>
        </identifiers>
        <balance>411100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>341739.36000000</valUSD>
        <pctVal>3.147153893342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanghai International Port (Group) Co., Ltd.</name>
        <lei>300300DAQ7G1LS22G609</lei>
        <title>SHANGHAI INTERNATIONAL POR-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000013N8"/>
        </identifiers>
        <balance>434000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>346440.22000000</valUSD>
        <pctVal>3.190445160263</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bank of Jiangsu Co., Ltd.</name>
        <lei>300300C1086832000046</lei>
        <title>BANK OF JIANGSU CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002G76"/>
        </identifiers>
        <balance>260500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>340597.86000000</valUSD>
        <pctVal>3.136641565557</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eoptolink Technology Inc Ltd</name>
        <lei>N/A</lei>
        <title>EOPTOLINK TECHNOLOGY INC L-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100002615"/>
        </identifiers>
        <balance>26100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>352459.02000000</valUSD>
        <pctVal>3.245873630232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED</name>
        <lei>5493002ERZU2K9PZDL40</lei>
        <title>IND &amp; COMM BK OF CHINA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001P37"/>
        </identifiers>
        <balance>351100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>332935.91000000</valUSD>
        <pctVal>3.066080961204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ningxia Baofeng Energy Group Co., Ltd.</name>
        <lei>300300G6CBIVJWQ4IC71</lei>
        <title>NINGXIA BAOFENG ENERGY GRO-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003LF5"/>
        </identifiers>
        <balance>141700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.26590000"/>
        <valUSD>283364.90000000</valUSD>
        <pctVal>2.609570487495</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-03-31</ncom:dateSigned>
      <ncom:nameOfApplicant>Krane Funds Advisors, LLC</ncom:nameOfApplicant>
      <ncom:signature>Jonathan Krane</ncom:signature>
      <ncom:signerName>Jonathan Krane</ncom:signerName>
      <ncom:title>CEO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
