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        <valUSD>478538.71000000</valUSD>
        <pctVal>0.671848571138</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>BeOne Medicines AG</name>
        <lei>N/A</lei>
        <title>BEONE MEDICINES LTD-H COMMON STOCK</title>
        <cusip>H0743H114</cusip>
        <identifiers>
          <isin value="CH1391448177"/>
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        <balance>289918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>6299631.75000000</valUSD>
        <pctVal>8.844422617211</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CHANGCHUN HIGH-TECH INDUSTRY (GROUP) CO., LTD.</name>
        <lei>300300X04OTKZG18WD66</lei>
        <title>CHANGCHUN HIGH-TECH INDUST-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000007J8"/>
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        <balance>53708.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>526952.39000000</valUSD>
        <pctVal>0.739819376951</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 Resources Sanjiu Medical &amp; Pharmaceutical Co., Ltd.</name>
        <lei>N/A</lei>
        <title>CHINA RESOURCES SANJIU MED-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000011K8"/>
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        <balance>220711.10000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <pctVal>1.026658761329</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Chongqing Zhifei Biological Products Co., Ltd.</name>
        <lei>300300DRZD9P8L2NA467</lei>
        <title>CHONGQING ZHIFEI BIOLOGICA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000V20"/>
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        <balance>315472.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>543292.23000000</valUSD>
        <pctVal>0.762759836996</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CSPC Innovation Pharmaceutical Co Ltd</name>
        <lei>655600RUP8SX5H46N648</lei>
        <title>CSPC INNOVATION PHARMACEUT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003K04"/>
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        <balance>131757.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>528542.00000000</valUSD>
        <pctVal>0.742051123694</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>
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      </invstOrSec>
      <invstOrSec>
        <name>CSPC PHARMACEUTICAL GROUP LIMITED</name>
        <lei>529900M3XQCW234H8O91</lei>
        <title>CSPC PHARMACEUTICAL GROUP LT COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK1093012172"/>
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        <balance>2948889.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>2620967.26000000</valUSD>
        <pctVal>3.679729710123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Genscript Biotech Corp</name>
        <lei>529900YIYUOJOXSAE372</lei>
        <title>GENSCRIPT BIOTECH CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG3825B1059"/>
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        <balance>508000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>792246.93000000</valUSD>
        <pctVal>1.112281946656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Haisco Pharmaceutical Group Co., Ltd.</name>
        <lei>300300GRLH34A8GPJ639</lei>
        <title>HAISCO PHARMACEUTICAL GROU-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001BC7"/>
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        <balance>111200.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hangzhou Tigermed Consulting Co., Ltd</name>
        <lei>300300CP4N8WDF6DOO67</lei>
        <title>HANGZHOU TIGERMED CONSULTI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100001KV8"/>
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        <balance>45850.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <pctVal>0.455190371065</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HANSOH PHARMACEUTICAL GROUP COMPANY LIMITED</name>
        <lei>254900Q6MR00EBXTPF42</lei>
        <title>HANSOH PHARMACEUTICAL GROUP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG549581067"/>
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        <balance>538000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
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        <pctVal>2.852936118416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Hebei Changshan Biochemical Pharmaceutical Co Ltd</name>
        <lei>836800E53822RNN6OA77</lei>
        <title>HEBEI CHANGSHAN BIOCHEMICA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000016C2"/>
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        <balance>116500.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>401949.03000000</valUSD>
        <pctVal>0.564319825821</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HUADONG MEDICINE CO., LTD</name>
        <lei>300300WEZ30P69YUQZ42</lei>
        <title>HUADONG MEDICINE CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000011S1"/>
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        <balance>233941.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <pctVal>1.360611530915</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Imeik Technology Development Co Ltd</name>
        <lei>N/A</lei>
        <title>IMEIK TECHNOLOGY DEVELOPME-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100004868"/>
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        <balance>39840.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>INNOVENT BIOLOGICS, INC.</name>
        <lei>25490058ONL9SCIE1R22</lei>
        <title>INNOVENT BIOLOGICS INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG4818G1010"/>
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        <balance>617500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>6267876.38000000</valUSD>
        <pctVal>8.799839390160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco Government &amp; Agency Portfolio</name>
        <lei>5493007T1J7WZ5QI1A47</lei>
        <title>Invesco Government &amp; Agency Portfolio</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
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        <balance>2526803.92</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2526803.92</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Jiangsu Hengrui Pharmaceuticals Co.,Ltd</name>
        <lei>2549003BT1XS3SE3E448</lei>
        <title>JIANGSU HENGRUI PHARMACEUT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000014W7"/>
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        <balance>426408.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Legend Biotech Corp</name>
        <lei>254900EIUFZTW136H859</lei>
        <title>LEGEND BIOTECH CORP-ADR DEPOSITARY RECEIPT</title>
        <cusip>52490G102</cusip>
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          <isin value="US52490G1022"/>
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        <balance>31488.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>909373.44000000</valUSD>
        <pctVal>1.276722725931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>N/A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="34PT1B"/>
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        <balance>103989.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Pharmaron Beijing Co., Ltd.</name>
        <lei>300300JYXHGVS5SNGG54</lei>
        <title>PHARMARON BEIJING CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003JW4"/>
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        <balance>191875.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>RemeGen Co Ltd</name>
        <lei>300300M9HCX4TFAD4I10</lei>
        <title>REMEGEN CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100005B03"/>
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        <balance>46717.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RemeGen Co Ltd</name>
        <lei>300300M9HCX4TFAD4I10</lei>
        <title>REMEGEN CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000048G6"/>
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        <balance>79000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>748490.51000000</valUSD>
        <pctVal>1.050849741401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Shanghai Allist Pharmaceuticals Co Ltd</name>
        <lei>N/A</lei>
        <title>SHANGHAI ALLIST PHARMACEUT-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100005XJ7"/>
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        <balance>59328.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>954422.16000000</valUSD>
        <pctVal>1.339969266976</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 Fosun Pharmaceutical (Group) Co., Ltd.</name>
        <lei>300300DMUYLW3FP1OT73</lei>
        <title>SHANGHAI FOSUN PHARMACEUTI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000X38"/>
        </identifiers>
        <balance>13600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>45019.45000000</valUSD>
        <pctVal>0.063205447174</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 Fosun Pharmaceutical (Group) Co., Ltd.</name>
        <lei>300300DMUYLW3FP1OT73</lei>
        <title>SHANGHAI FOSUN PHARMACEUTI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000X38"/>
        </identifiers>
        <balance>266529.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>882278.53000000</valUSD>
        <pctVal>1.238682592107</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 Pharmaceuticals Holding Co., Ltd.</name>
        <lei>30030029J1KKCBY19820</lei>
        <title>SHANGHAI PHARMACEUTICALS-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000C82"/>
        </identifiers>
        <balance>355812.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>807234.06000000</valUSD>
        <pctVal>1.133323257767</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 Pharmaceuticals Holding Co., Ltd.</name>
        <lei>30030029J1KKCBY19820</lei>
        <title>SHANGHAI PHARMACEUTICALS-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000C82"/>
        </identifiers>
        <balance>11200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>25409.55000000</valUSD>
        <pctVal>0.035673958039</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 RAAS Blood Products Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SHANGHAI RAAS BLOOD PRODUC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000C31"/>
        </identifiers>
        <balance>876134.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>560168.17000000</valUSD>
        <pctVal>0.786452959284</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 United Imaging Healthcare Co., Ltd.</name>
        <lei>300300YFLW1ZZPRAZ467</lei>
        <title>SHANGHAI UNITED IMAGING HE-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100005PN5"/>
        </identifiers>
        <balance>108508.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>1618188.69000000</valUSD>
        <pctVal>2.271870042046</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>Shenzhen Mindray Bio-Medical Electronics Co Ltd</name>
        <lei>N/A</lei>
        <title>SHENZHEN MINDRAY BIO-MEDIC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003G67"/>
        </identifiers>
        <balance>152155.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>3044669.07000000</valUSD>
        <pctVal>4.274589540036</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>Shenzhen New Industries Biomedical Engineering Co Ltd</name>
        <lei>N/A</lei>
        <title>SHENZHEN NEW INDUSTRIES BI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100003T39"/>
        </identifiers>
        <balance>103900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>642869.77000000</valUSD>
        <pctVal>0.902562587679</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>SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.</name>
        <lei>N/A</lei>
        <title>SHENZHEN SALUBRIS PHARM-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000FW8"/>
        </identifiers>
        <balance>5400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>25369.18000000</valUSD>
        <pctVal>0.035617280227</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>SHENZHEN SALUBRIS PHARMACEUTICALS CO., LTD.</name>
        <lei>N/A</lei>
        <title>SHENZHEN SALUBRIS PHARM-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000FW8"/>
        </identifiers>
        <balance>142265.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>668360.47000000</valUSD>
        <pctVal>0.938350476965</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>Sichuan Biokin Pharmaceutical Co Ltd</name>
        <lei>N/A</lei>
        <title>SICHUAN BIOKIN PHARMACEUTI-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100006FN4"/>
        </identifiers>
        <balance>32322.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>1400064.48000000</valUSD>
        <pctVal>1.965632666142</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>Sichuan Kelun Pharmaceutical Co., Ltd.</name>
        <lei>30030014Z0J8J835FO94</lei>
        <title>SICHUAN KELUN PHARMACEUTIC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000PW7"/>
        </identifiers>
        <balance>194015.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>1100980.82000000</valUSD>
        <pctVal>1.545731568440</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>Sichuan Kelun Pharmaceutical Co., Ltd.</name>
        <lei>30030014Z0J8J835FO94</lei>
        <title>SICHUAN KELUN PHARMACEUTIC-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000PW7"/>
        </identifiers>
        <balance>8600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>48802.59000000</valUSD>
        <pctVal>0.068516819379</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>Sichuan Kelun-Biotech Biopharmaceutical Co Ltd</name>
        <lei>N/A</lei>
        <title>SICHUAN KELUN-BIOTECH BIOP-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000062J1"/>
        </identifiers>
        <balance>23700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>1318270.10000000</valUSD>
        <pctVal>1.850796737132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINO BIOPHARMACEUTICAL LIMITED</name>
        <lei>529900LPR4ADFEJAR786</lei>
        <title>SINO BIOPHARMACEUTICAL COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG8167W1380"/>
        </identifiers>
        <balance>4287750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>2411228.89000000</valUSD>
        <pctVal>3.385265706997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINOPHARM GROUP CO. LTD.</name>
        <lei>529900N54X78YH9JYK92</lei>
        <title>SINOPHARM GROUP CO-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000FN7"/>
        </identifiers>
        <balance>586800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>1190503.50000000</valUSD>
        <pctVal>1.671417711244</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-07-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00080454"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>2.16000000</valUSD>
        <pctVal>0.000003032550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-07-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00080451"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>3.38000000</valUSD>
        <pctVal>0.000004745380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-07-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00080459"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>7.35000000</valUSD>
        <pctVal>0.000010319096</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-07-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00080455"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>13.67000000</valUSD>
        <pctVal>0.000019192115</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-07-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00080458"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>3.08000000</valUSD>
        <pctVal>0.000004324192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
        <lei>5493006KMX1VFTPYPW14</lei>
        <title>Spot FX Contract: HKD/USD SETTLE 2026-07-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTHKD__00080457"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>7.63000000</valUSD>
        <pctVal>0.000010712204</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
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          <other otherDesc="Spot FX" value="CCTHKD__00080449"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Spot FX" value="CCTHKD__00080453"/>
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        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Spot FX" value="CCTUSD__00080456"/>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
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          <other otherDesc="Spot FX" value="CCTUSD__00080452"/>
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        <curCd>USD</curCd>
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        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BROWN BROTHERS HARRIMAN &amp; CO.</name>
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          <other otherDesc="Spot FX" value="CCTUSD__00080450"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>WuXi AppTec Co., Ltd.</name>
        <lei>254900OEPQLZSPLN9175</lei>
        <title>WUXI APPTEC CO LTD-A COMMON STOCK</title>
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          <isin value="CNE1000031K4"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CN</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>WuXi AppTec Co., Ltd.</name>
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        <identifiers>
          <isin value="CNE100003F19"/>
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        <balance>121784.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>WUXI BIOLOGICS (CAYMAN) INC.</name>
        <lei>5493001TD2TH6VDTJU11</lei>
        <title>WUXI BIOLOGICS CAYMAN INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG970081173"/>
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        <balance>1212635.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>5350280.99000000</valUSD>
        <pctVal>7.511573386236</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>WuXi XDC Cayman Inc</name>
        <lei>549300BV0TP5RVPBYO24</lei>
        <title>WUXI XDC CAYMAN INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG9808A1058"/>
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        <balance>132500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
        <valUSD>963922.06000000</valUSD>
        <pctVal>1.353306733952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>XtalPi Holdings Limited</name>
        <lei>8368004IS42UJ5SVEV76</lei>
        <title>XTALPI HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG7S12M1051"/>
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        <balance>727000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84205000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="539837.11"/>
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      </invstOrSec>
      <invstOrSec>
        <name>YUNNAN BAIYAO GROUP CO., LTD</name>
        <lei>N/A</lei>
        <title>YUNNAN BAIYAO GROUP CO LTD-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000008X7"/>
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        <balance>235223.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <pctVal>2.304600544574</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL CO., LTD.</name>
        <lei>836800HTWRBAQJRAQ344</lei>
        <title>ZHANGZHOU PIENTZEHUANG PHA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001F21"/>
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        <balance>3400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
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        <pctVal>0.076847910131</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>
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      </invstOrSec>
      <invstOrSec>
        <name>ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL CO., LTD.</name>
        <lei>836800HTWRBAQJRAQ344</lei>
        <title>ZHANGZHOU PIENTZEHUANG PHA-A COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001F21"/>
        </identifiers>
        <balance>76734.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.78800000"/>
        <valUSD>1235340.53000000</valUSD>
        <pctVal>1.734367048278</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>2026-06-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
