<SEC-DOCUMENT>0001752724-24-208514.txt : 20240918
<SEC-HEADER>0001752724-24-208514.hdr.sgml : 20240918
<ACCEPTANCE-DATETIME>20240918103540
ACCESSION NUMBER:		0001752724-24-208514
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240731
FILED AS OF DATE:		20240918
DATE AS OF CHANGE:		20240918
PERIOD START:           	20241031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA FUND INC
		CENTRAL INDEX KEY:			0000845379
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05749
		FILM NUMBER:		241306443

	BUSINESS ADDRESS:	
		STREET 1:		50 POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617 772 1616

	MAIL ADDRESS:	
		STREET 1:		50 POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000845379</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>




    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>China Fund Inc</regName>
      <regFileNumber>811-05749</regFileNumber>
      <regCik>0000845379</regCik>
      <regLei>549300U9N8NM2LYE5807</regLei>
      <regStreet1>50 Post Office Square</regStreet1>
      <regStreet2>NULL</regStreet2>
      <regCity>Boston</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02110</regZipOrPostalCode>
      <regPhone>617-772-1616</regPhone>
      <seriesName>China Fund Inc</seriesName>
      <seriesLei>549300U9N8NM2LYE5807</seriesLei>
      <repPdEnd>2024-10-31</repPdEnd>
      <repPdDate>2024-07-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>115033360.79</totAssets>
      <totLiabs>387568.59</totLiabs>
      <netAssets>114645792.20</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>615935.43000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="111300.00000000" lei="RCNB6OTYUAMMP879YW96" name="BNP Paribas PB"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="1.96000000" rtn2="-5.77000000" rtn3="-1.28000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-2597761.90000000" netUnrealizedAppr="4805055.81000000"/>
        <othMon2 netRealizedGain="-2329874.63000000" netUnrealizedAppr="-5199723.36000000"/>
        <othMon3 netRealizedGain="-4699.78000000" netUnrealizedAppr="-2738675.31000000"/>
      </returnInfo>
      <mon1Flow redemption="150052.75000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon2Flow redemption="100455.37000000" reinvestment="0.00000000" sales="0.00000000"/>
      <mon3Flow redemption="315325.32000000" reinvestment="0.00000000" sales="0.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ANTA SPORTS PRODUCTS LTD /HKD/</name>
        <lei>529900291XG0CTK4LF95</lei>
        <title>ANTA SPORTS PRODUCTS LTD /HKD/ 0.00000000</title>
        <cusip>G04011105</cusip>
        <identifiers>
          <isin value="KYG040111059"/>
        </identifiers>
        <balance>112200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1006694.99000000</valUSD>
        <pctVal>0.878091529293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFI HOLDINGS GROUP CO L /HKD/</name>
        <lei>549300WGKSV867C0JF48</lei>
        <title>CIFI HOLDINGS GROUP CO LTD /HKD/ 0.00000000</title>
        <cusip>G2140A107</cusip>
        <identifiers>
          <isin value="KYG2140A1076"/>
        </identifiers>
        <balance>21016968.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>795259.89000000</valUSD>
        <pctVal>0.693666880170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHANXI XINGHUACUN FEN WI /CNH/</name>
        <lei>N/A</lei>
        <title>SHANXI XINGHUACUN FEN WINE-A /CNH/ 0.00000000</title>
        <cusip>Y77013103</cusip>
        <identifiers>
          <isin value="CNE000000DH5"/>
        </identifiers>
        <balance>58200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1482049.95000000</valUSD>
        <pctVal>1.292720754560</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA MERCHANTS BANK-A /CNY/</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CHINA MERCHANTS BANK-A /CNY/ 0.00000000</title>
        <cusip>Y14896107</cusip>
        <identifiers>
          <isin value="CNE000001B33"/>
        </identifiers>
        <balance>1053247.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>4765890.26000000</valUSD>
        <pctVal>4.157056415717</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LUCKIN COFFEE INC - ADR</name>
        <lei>549300FO16ASCVSMYI15</lei>
        <title>LUCKIN COFFEE INC - ADR 0.00000000</title>
        <cusip>54951L109</cusip>
        <identifiers>
          <isin value="US54951L1098"/>
        </identifiers>
        <balance>5384.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>112417.92000000</valUSD>
        <pctVal>0.098056734436</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="111300.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONG KONG EXCHANGES &amp; CL /HKD/</name>
        <lei>213800YTVSXYQN17BW16</lei>
        <title>HONG KONG EXCHANGES &amp; CLEAR /HKD/ 0.00000000</title>
        <cusip>Y3506N139</cusip>
        <identifiers>
          <isin value="HK0388045442"/>
        </identifiers>
        <balance>43600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1291659.13000000</valUSD>
        <pctVal>1.126652016802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FOCUS MEDIA INFORMATION  /CNH/</name>
        <lei>N/A</lei>
        <title>FOCUS MEDIA INFORMATION TE-A /CNH/ 0.00000000</title>
        <cusip>Y29327106</cusip>
        <identifiers>
          <isin value="CNE000001KK2"/>
        </identifiers>
        <balance>684000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>548768.10000000</valUSD>
        <pctVal>0.478663969666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AIER EYE HOSPITAL GROUP  /CNH/</name>
        <lei>N/A</lei>
        <title>AIER EYE HOSPITAL GROUP CO-A   /CNH/ 0.00000000</title>
        <cusip>Y0029J108</cusip>
        <identifiers>
          <isin value="CNE100000GR6"/>
        </identifiers>
        <balance>562600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>860100.48000000</valUSD>
        <pctVal>0.750224202297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD LOGISTICS INC /HKD/</name>
        <lei>N/A</lei>
        <title>JD LOGISTICS INC /HKD/ 144A 0.00000000</title>
        <cusip>G5074S101</cusip>
        <identifiers>
          <isin value="KYG5074S1012"/>
        </identifiers>
        <balance>1169100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1202341.35000000</valUSD>
        <pctVal>1.048744421341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHEJIANG SUPCON TECHNOLO /CNH/</name>
        <lei>N/A</lei>
        <title>ZHEJIANG SUPCON TECHNOLOGY-A /CNH/ 0.00000000</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100005D92"/>
        </identifiers>
        <balance>196380.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1027166.51000000</valUSD>
        <pctVal>0.895947849710</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WULIANGYE YIBIN CO LTD-A /CNH/</name>
        <lei>N/A</lei>
        <title>WULIANGYE YIBIN CO LTD-A /CNH/ 0.00000000</title>
        <cusip>Y9828D105</cusip>
        <identifiers>
          <isin value="CNE000000VQ8"/>
        </identifiers>
        <balance>214296.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>3756507.02000000</valUSD>
        <pctVal>3.276620055489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FU JIAN ANJOY FOODS CO L /CNH/</name>
        <lei>N/A</lei>
        <title>FU JIAN ANJOY FOODS CO LTD-A /CNH/ 0.00000000</title>
        <cusip>Y265F3109</cusip>
        <identifiers>
          <isin value="CNE100002YQ7"/>
        </identifiers>
        <balance>163600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1793153.42000000</valUSD>
        <pctVal>1.564081320029</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUZHOU TFC OPTICAL COMMU /CNH/</name>
        <lei>N/A</lei>
        <title>SUZHOU TFC OPTICAL COMMUNI-A /CNH/ 0.00000000</title>
        <cusip>Y831BY104</cusip>
        <identifiers>
          <isin value="CNE100001XQ1"/>
        </identifiers>
        <balance>82340.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1149667.02000000</valUSD>
        <pctVal>1.002799141545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNGROW POWER SUPPLY CO  /CNH/</name>
        <lei>N/A</lei>
        <title>SUNGROW POWER SUPPLY CO LT-A /CNH/ 0.00000000</title>
        <cusip>Y8211M102</cusip>
        <identifiers>
          <isin value="CNE1000018M7"/>
        </identifiers>
        <balance>96600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>918851.60000000</valUSD>
        <pctVal>0.801469973182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONGFA TECHNOLOGY CO LTD /CNH/</name>
        <lei>N/A</lei>
        <title>HONGFA TECHNOLOGY CO LTD A     /CNH/ 0.00000000</title>
        <cusip>Y9716T105</cusip>
        <identifiers>
          <isin value="CNE000000JK6"/>
        </identifiers>
        <balance>392600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1488157.79000000</valUSD>
        <pctVal>1.298048329068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YUM CHINA HOLDINGS INC</name>
        <lei>529900DO9BYZ7VA3K502</lei>
        <title>YUM CHINA HOLDINGS INC 0.00000000</title>
        <cusip>98850P109</cusip>
        <identifiers>
          <isin value="US98850P1093"/>
        </identifiers>
        <balance>29678.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>897462.72000000</valUSD>
        <pctVal>0.782813483842</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PDD HOLDINGS INC</name>
        <lei>5493000573DS7005T657</lei>
        <title>PDD HOLDINGS INC 0.00000000</title>
        <cusip>722304102</cusip>
        <identifiers>
          <isin value="US7223041028"/>
        </identifiers>
        <balance>22028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2839188.92000000</valUSD>
        <pctVal>2.476487680461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ORIENT OVERSEAS INTL LTD /HKD/</name>
        <lei>N/A</lei>
        <title>ORIENT OVERSEAS INTL LTD /HKD/ 0.00000000</title>
        <cusip>G67749153</cusip>
        <identifiers>
          <isin value="BMG677491539"/>
        </identifiers>
        <balance>68500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>967724.92000000</valUSD>
        <pctVal>0.844099815117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BAIDU INC-CLASS A /HKD/</name>
        <lei>254900AL64IANZYI1E02</lei>
        <title>BAIDU INC-CLASS A /HKD/ 0.00000000</title>
        <cusip>G07034104</cusip>
        <identifiers>
          <isin value="KYG070341048"/>
        </identifiers>
        <balance>90150.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1000008.86000000</valUSD>
        <pctVal>0.872259540285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LONGFOR GROUP HOLDINGS L /HKD/</name>
        <lei>254900UJX27B2F1JYR13</lei>
        <title>LONGFOR GROUP HOLDINGS LTD /HKD/ 144A 0.00000000</title>
        <cusip>G5635P109</cusip>
        <identifiers>
          <isin value="KYG5635P1090"/>
        </identifiers>
        <balance>764000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>994128.30000000</valUSD>
        <pctVal>0.867130211168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHENZHEN MINDRAY BIO-MED /CNH/</name>
        <lei>N/A</lei>
        <title>SHENZHEN MINDRAY BIO-MEDIC-A   /CNH/ 0.00000000</title>
        <cusip>Y774E3101</cusip>
        <identifiers>
          <isin value="CNE100003G67"/>
        </identifiers>
        <balance>36600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1299951.52000000</valUSD>
        <pctVal>1.133885069006</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA CONSTRUCTION BANK- /HKD/</name>
        <lei>5493001KQW6DM7KEDR62</lei>
        <title>CHINA CONSTRUCTION BANK-H /HKD/ 0.00000000</title>
        <cusip>Y1397N101</cusip>
        <identifiers>
          <isin value="CNE1000002H1"/>
        </identifiers>
        <balance>7507000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>5247477.41000000</valUSD>
        <pctVal>4.577121680005</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JD.COM INC-CLASS A /HKD/</name>
        <lei>549300HVTWB0GJZ16V92</lei>
        <title>JD.COM INC-CLASS A /HKD/ 0.00000000</title>
        <cusip>G8208B101</cusip>
        <identifiers>
          <isin value="KYG8208B1014"/>
        </identifiers>
        <balance>249304.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>3303105.90000000</valUSD>
        <pctVal>2.881140106945</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAN WAH HOLDINGS LTD /HKD/</name>
        <lei>52990005BW6K71UPKX41</lei>
        <title>MAN WAH HOLDINGS LTD /HKD/ 0.00000000</title>
        <cusip>G5800U107</cusip>
        <identifiers>
          <isin value="BMG5800U1071"/>
        </identifiers>
        <balance>2622800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1550100.87000000</valUSD>
        <pctVal>1.352078292848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MIDEA GROUP CO LTD-A /CNH/</name>
        <lei>3003003TRPHLHZD2IF61</lei>
        <title>MIDEA GROUP CO LTD-A /CNH/ 0.00000000</title>
        <cusip>Y6S40V103</cusip>
        <identifiers>
          <isin value="CNE100001QQ5"/>
        </identifiers>
        <balance>200229.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1763741.99000000</valUSD>
        <pctVal>1.538427146914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TSINGTAO BREWERY CO LTD- /HKD/</name>
        <lei>300300OJ7D0Q1ESE8L15</lei>
        <title>TSINGTAO BREWERY CO LTD-H /HKD/ 0.00000000</title>
        <cusip>Y8997D102</cusip>
        <identifiers>
          <isin value="CNE1000004K1"/>
        </identifiers>
        <balance>218000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1394234.56000000</valUSD>
        <pctVal>1.216123621499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALIBABA GROUP HOLDING LT /HKD/</name>
        <lei>5493001NTNQJDH60PM02</lei>
        <title>ALIBABA GROUP HOLDING LTD /HKD/ 0.00000000</title>
        <cusip>G01719114</cusip>
        <identifiers>
          <isin value="KYG017191142"/>
        </identifiers>
        <balance>518408.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>5094163.45000000</valUSD>
        <pctVal>4.443393300569</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUANGDONG HAID GROUP CO- /CNH/</name>
        <lei>N/A</lei>
        <title>GUANGDONG HAID GROUP CO-A      /CNH/ 0.00000000</title>
        <cusip>Y29255109</cusip>
        <identifiers>
          <isin value="CNE100000HP8"/>
        </identifiers>
        <balance>182700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1108977.60000000</valUSD>
        <pctVal>0.967307721216</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA TOURISM GROUP DUTY  /CNH/</name>
        <lei>N/A</lei>
        <title>CHINA TOURISM GROUP DUTY FREE CORP LTD - A   /CNH/ 0.00000000</title>
        <cusip>Y149A3100</cusip>
        <identifiers>
          <isin value="CNE100000G29"/>
        </identifiers>
        <balance>99700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>944451.91000000</valUSD>
        <pctVal>0.823799889971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIMES CHINA HOLDINGS LTD /HKD/</name>
        <lei>2549000KTINB9ZPZP710</lei>
        <title>TIMES CHINA HOLDINGS LTD /HKD/ 0.00000000</title>
        <cusip>G8904A100</cusip>
        <identifiers>
          <isin value="KYG8904A1004"/>
        </identifiers>
        <balance>8477000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>250941.59000000</valUSD>
        <pctVal>0.218884256617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EAST MONEY INFORMATION C /CNH/</name>
        <lei>836800ZFB0ZEK3KKW487</lei>
        <title>EAST MONEY INFORMATION CO-A    /CNH/ 0.00000000</title>
        <cusip>Y2234B102</cusip>
        <identifiers>
          <isin value="CNE100000MD4"/>
        </identifiers>
        <balance>435480.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>671183.23000000</valUSD>
        <pctVal>0.585440788641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SICHUAN INJET ELECTRIC C /CNH/</name>
        <lei>N/A</lei>
        <title>SICHUAN INJET ELECTRIC CO -A /CNH/ 0.00000000</title>
        <cusip>Y7T3DS105</cusip>
        <identifiers>
          <isin value="CNE100003SG8"/>
        </identifiers>
        <balance>63800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>331796.11000000</valUSD>
        <pctVal>0.289409758206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FOXCONN INDUSTRIAL INTER /CNH/</name>
        <lei>N/A</lei>
        <title>FOXCONN INDUSTRIAL INTERNE A   /CNH/ /601138 CH/ 0.00000000</title>
        <cusip>Y2620V100</cusip>
        <identifiers>
          <isin value="CNE1000031P3"/>
        </identifiers>
        <balance>466300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1552286.90000000</valUSD>
        <pctVal>1.353985061477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEWAY VALVE SUZHOU CO LT /CNH/</name>
        <lei>N/A</lei>
        <title>NEWAY VALVE SUZHOU CO LTD-A /CNH/ 0.00000000</title>
        <cusip>603699C15</cusip>
        <identifiers>
          <isin value="CNE100001SJ6"/>
        </identifiers>
        <balance>477800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1182590.81000000</valUSD>
        <pctVal>1.031516977035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA MERCHANTS BANK-H /HKD/</name>
        <lei>549300MKO5B60FFIHF58</lei>
        <title>CHINA MERCHANTS BK /HKD/ 0.00000000</title>
        <cusip>Y14896115</cusip>
        <identifiers>
          <isin value="CNE1000002M1"/>
        </identifiers>
        <balance>377000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1563401.20000000</valUSD>
        <pctVal>1.363679529792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PETROCHINA CO LTD H /HKD/</name>
        <lei>N/A</lei>
        <title>PETROCHINA CO LTD H /HKD/ 0.00000000</title>
        <cusip>Y6883Q104</cusip>
        <identifiers>
          <isin value="CNE1000003W8"/>
        </identifiers>
        <balance>4278000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>3720431.14000000</valUSD>
        <pctVal>3.245152803785</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILL SEMICONDUCTOR LTD-A /CNH/</name>
        <lei>8368000MFHXX01GPND38</lei>
        <title>WILL SEMICONDUCTOR LTD-A /CNH/ 0.00000000</title>
        <cusip>Y9584K103</cusip>
        <identifiers>
          <isin value="CNE100002XM8"/>
        </identifiers>
        <balance>122500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1746628.77000000</valUSD>
        <pctVal>1.523500109758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HITHINK ROYALFLUSH INFOR /CNH/</name>
        <lei>N/A</lei>
        <title>HITHINK ROYALFLUSH INFORMA-A   /CNH/ 0.00000000</title>
        <cusip>Y3181P102</cusip>
        <identifiers>
          <isin value="CNE100000JG3"/>
        </identifiers>
        <balance>59600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>880932.31000000</valUSD>
        <pctVal>0.768394803764</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KE HOLDINGS INC-ADR</name>
        <lei>254900RHVY072XPAZE03</lei>
        <title>KE HOLDINGS INC-ADR 0.00000000</title>
        <cusip>482497104</cusip>
        <identifiers>
          <isin value="US4824971042"/>
        </identifiers>
        <balance>188500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2610725.00000000</valUSD>
        <pctVal>2.277209612233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIC SECURITIES CO LTD- /HKD/</name>
        <lei>300300E1006744000068</lei>
        <title>CITIC SECURITIES CO LTD-H /HKD/ 0.00000000</title>
        <cusip>Y1639N117</cusip>
        <identifiers>
          <isin value="CNE1000016V2"/>
        </identifiers>
        <balance>1188125.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1788324.41000000</valUSD>
        <pctVal>1.559869207306</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONTEMPORARY AMPEREX TEC /CNH/</name>
        <lei>300300KINDY1K0E9I032</lei>
        <title>CONTEMPORARY AMPEREX TECHN-A /CNH/ 0.00000000</title>
        <cusip>Y1R48E105</cusip>
        <identifiers>
          <isin value="CNE100003662"/>
        </identifiers>
        <balance>100640.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>2586087.58000000</valUSD>
        <pctVal>2.255719577992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GALAXY ENTERTAINMENT GRO /HKD/</name>
        <lei>549300ZSEBV3HR826S10</lei>
        <title>GALAXY ENTERTAINMENT GROUP L /HKD/ 0.00000000</title>
        <cusip>Y2679D118</cusip>
        <identifiers>
          <isin value="HK0027032686"/>
        </identifiers>
        <balance>397000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1669322.54000000</valUSD>
        <pctVal>1.456069610551</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZHENGZHOU YUTONG BUS CO  /CNY/</name>
        <lei>N/A</lei>
        <title>ZHENGZHOU YUTONG BUS CO -A /CNY/ 0.00000000</title>
        <cusip>Y98913109</cusip>
        <identifiers>
          <isin value="CNE000000PY4"/>
        </identifiers>
        <balance>254600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>789069.20000000</valUSD>
        <pctVal>0.688267039599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA INTERNATIONAL CAPI /HKD/</name>
        <lei>529900OS3SVVTT56QN67</lei>
        <title>CHINA INTERNATIONAL CAPITA-H /HKD/ 144A 0.00000000</title>
        <cusip>Y1R99Y109</cusip>
        <identifiers>
          <isin value="CNE100002359"/>
        </identifiers>
        <balance>1992800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>2225602.43000000</valUSD>
        <pctVal>1.941285752657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENCENT HOLDINGS LTD /HKD/</name>
        <lei>254900N4SLUMW4XUYY11</lei>
        <title>TENCENT HOLDINGS LTD /HKD/ 0.00000000</title>
        <cusip>G87572163</cusip>
        <identifiers>
          <isin value="KYG875721634"/>
        </identifiers>
        <balance>273800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>12637500.48000000</valUSD>
        <pctVal>11.02308269452</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PING AN INSURANCE GROUP  /HKD/</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>PING AN INSURANCE GROUP CO-H /HKD/ 0.00000000</title>
        <cusip>Y69790106</cusip>
        <identifiers>
          <isin value="CNE1000003X6"/>
        </identifiers>
        <balance>588000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>2535015.79000000</valUSD>
        <pctVal>2.211172116616</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TENCENT MUSIC ENTERTAINM-ADR</name>
        <lei>213800XTZK2GOHQTYK41</lei>
        <title>TENCENT MUSIC ENTERTAINM-ADR 0.00000000</title>
        <cusip>88034P109</cusip>
        <identifiers>
          <isin value="US88034P1093"/>
        </identifiers>
        <balance>32049.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>454454.82000000</valUSD>
        <pctVal>0.396399040278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIDI GLOBAL INC</name>
        <lei>8368006Y2DHY77ADSY31</lei>
        <title>DIDI GLOBAL INC 0.00000000</title>
        <cusip>23292E108</cusip>
        <identifiers>
          <isin value="US23292E1082"/>
        </identifiers>
        <balance>574147.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2107119.49000000</valUSD>
        <pctVal>1.837938793535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NETEASE INC /HKD/</name>
        <lei>5299004AF4DSJDB0PA32</lei>
        <title>NETEASE INC /HKD/ 0.00000000</title>
        <cusip>G6427A102</cusip>
        <identifiers>
          <isin value="KYG6427A1022"/>
        </identifiers>
        <balance>54100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1000661.15000000</valUSD>
        <pctVal>0.872828501419</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEITUAN-CLASS B /HKD/</name>
        <lei>21380033K525E5JLIA77</lei>
        <title>MEITUAN-CLASS B /HKD/ 144A 0.00000000</title>
        <cusip>G59669104</cusip>
        <identifiers>
          <isin value="KYG596691041"/>
        </identifiers>
        <balance>330750.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>4618599.59000000</valUSD>
        <pctVal>4.028581861899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WANHUA CHEMICAL GROUP CO /CNY/</name>
        <lei>N/A</lei>
        <title>WANHUA CHEMICAL GROUP CO -A /CNY/ 0.00000000</title>
        <cusip>Y9740A106</cusip>
        <identifiers>
          <isin value="CNE0000016J9"/>
        </identifiers>
        <balance>199900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>2145077.31000000</valUSD>
        <pctVal>1.871047570815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMG LIMITED /HKD/</name>
        <lei>529900XB5IQXFMSWEC48</lei>
        <title>MMG LIMITED /HKD/ 0.00000000</title>
        <cusip>Y6133Q102</cusip>
        <identifiers>
          <isin value="HK1208013172"/>
        </identifiers>
        <balance>3354400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1044232.36000000</valUSD>
        <pctVal>0.910833568299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KUAISHOU TECHNOLOGY /HKD/</name>
        <lei>300300FCDZBE6UP9ED24</lei>
        <title>KUAISHOU TECHNOLOGY /HKD/ 144A 0.00000000</title>
        <cusip>G53263102</cusip>
        <identifiers>
          <isin value="KYG532631028"/>
        </identifiers>
        <balance>260900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1462659.76000000</valUSD>
        <pctVal>1.275807626195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LUXSHARE PRECISION INDUS /CNH/</name>
        <lei>N/A</lei>
        <title>LUXSHARE PRECISION INDUSTR-A /CNH/ 0.00000000</title>
        <cusip>Y7744X106</cusip>
        <identifiers>
          <isin value="CNE100000TP3"/>
        </identifiers>
        <balance>235000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1243826.83000000</valUSD>
        <pctVal>1.084930206448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INNOVENT BIOLOGICS INC /HKD/</name>
        <lei>25490058ONL9SCIE1R22</lei>
        <title>INNOVENT BIOLOGICS INC /HKD/ 144A 0.00000000</title>
        <cusip>G4818G101</cusip>
        <identifiers>
          <isin value="KYG4818G1010"/>
        </identifiers>
        <balance>235500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1166494.38000000</valUSD>
        <pctVal>1.017476836799</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TRIP.COM GROUP LTD-ADR</name>
        <lei>2549004RMYDSRQL4KW41</lei>
        <title>TRIP.COM GROUP LTD-ADR 0.00000000</title>
        <cusip>89677Q107</cusip>
        <identifiers>
          <isin value="US89677Q1076"/>
        </identifiers>
        <balance>24218.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1029991.54000000</valUSD>
        <pctVal>0.898411987247</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fidelity Money Market Government Portfolio</name>
        <lei>549300FQDFZGLUOCWN51</lei>
        <title>Fidelity Money Market Government Portfolio</title>
        <cusip>31607A703</cusip>
        <identifiers>
          <isin value="US31607A7037"/>
        </identifiers>
        <balance>113685.00000000</balance>
        <units>OU</units>
        <descOthUnits>N/A</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>113685.00000000</valUSD>
        <pctVal>0.099161947262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Money Market Fund"/>
        <issuerConditional desc="Money Market Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="113685.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NANJING COSMOS CHEMICAL  /CNH/</name>
        <lei>N/A</lei>
        <title>NANJING COSMOS CHEMICAL CO-A /CNH/ 0.00000000</title>
        <cusip>Y6196B109</cusip>
        <identifiers>
          <isin value="CNE100004165"/>
        </identifiers>
        <balance>238900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>1081666.70000000</valUSD>
        <pctVal>0.943485739200</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA LIFE INSURANCE CO- /HKD/</name>
        <lei>N/A</lei>
        <title>CHINA LIFE INSURANCE CO-H /HKD/ 0.00000000</title>
        <cusip>Y1477R204</cusip>
        <identifiers>
          <isin value="CNE1000002L3"/>
        </identifiers>
        <balance>1296000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1800056.31000000</valUSD>
        <pctVal>1.570102378340</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA MERCHANTS SECURITI /HKD/</name>
        <lei>30030060IEIMX476KH87</lei>
        <title>CHINA MERCHANTS SECURITIES-H /HKD/ 0.00000000</title>
        <cusip>Y14904117</cusip>
        <identifiers>
          <isin value="CNE1000029Z6"/>
        </identifiers>
        <balance>1472200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>1171230.60000000</valUSD>
        <pctVal>1.021608013276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINOPHARM GROUP CO-H /HKD/</name>
        <lei>529900N54X78YH9JYK92</lei>
        <title>SINOPHARM GROUP CO-H /HKD/ 0.00000000</title>
        <cusip>Y8008N107</cusip>
        <identifiers>
          <isin value="CNE100000FN7"/>
        </identifiers>
        <balance>242400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.81285000"/>
        <valUSD>568940.72000000</valUSD>
        <pctVal>0.496259574016</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAURA TECHNOLOGY GROUP C /CNH/</name>
        <lei>N/A</lei>
        <title>NAURA TECHNOLOGY GROUP CO-A /CNH/ 0.00000000</title>
        <cusip>Y0772M100</cusip>
        <identifiers>
          <isin value="CNE100000ML7"/>
        </identifiers>
        <balance>18902.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>897157.89000000</valUSD>
        <pctVal>0.782547595322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PING AN INSURANCE GROUP  /CNH/</name>
        <lei>529900M9MC28JLN35U89</lei>
        <title>PING AN INSURANCE GROUP CO-A   /CNH/ 0.00000000</title>
        <cusip>Y6898C116</cusip>
        <identifiers>
          <isin value="CNE000001R84"/>
        </identifiers>
        <balance>383500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="7.22430000"/>
        <valUSD>2255901.82000000</valUSD>
        <pctVal>1.967714450491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Currency code CNY is reflective of both onshore and offshore Yuan" noteItem="C.2.b"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2024-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>China Fund Inc.</ncom:nameOfApplicant>
      <ncom:signature>Thomas Perugini</ncom:signature>
      <ncom:signerName>Thomas Perugini</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>fp0090090-1_nportex.htm
<DESCRIPTION>PART F
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>THE
CHINA FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SCHEDULE
OF INVESTMENTS</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>July
31, 2024 (unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Name of Issuer and Title of Issue</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Shares</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Value (Note A)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>COMMON STOCK</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><B>CHINA &mdash; "A" SHARES</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><B>Banks &mdash; 4.2%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.25in">China Merchants Bank Co., Ltd. &mdash; A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,053,247</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 11%; text-align: right; border-bottom: Black 1pt solid">4,765,890</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in"><B>Beverages &mdash; 4.6%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Shanxi Xinghuacun Fen Wine Factory Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,200</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,482,050</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Wuliangye Yibin Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">214,296</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,756,507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,238,557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Capital Markets &mdash; 1.4%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">East Money Information Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">435,480</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">671,183</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Hithink RoyalFlush Information Network Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">880,933</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,552,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in"><B>Chemicals &mdash; 2.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Nanjing Cosmos Chemical Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,900</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,081,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Wanhua Chemical Group Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,900</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,145,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,226,744</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Communications Equipment &mdash; 1.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Suzhou TFC Optical Communication Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,340</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,149,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Electrical Equipment &mdash; 4.6%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Contemporary Amperex Technology Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,640</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,586,087</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Hongfa Technology Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">392,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,488,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Sichuan Injet Electric Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,800</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,796</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Sungrow Power Supply Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">918,852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,324,893</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Electronic Equipment, Instruments &amp; Components &mdash; 3.3%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Foxconn Industrial Internet Co., Ltd. &mdash; A*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">466,300</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,552,286</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Luxshare Precision Industry Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,243,827</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">SUPCON Technology Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196,380</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,027,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,823,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Food Products &mdash; 2.5%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Anjoy Foods Group Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,793,153</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Guangdong Haid Group Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182,700</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,108,978</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,902,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Health Care Equipment &amp; Supplies &mdash; 1.1%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Shenzhen Mindray Bio-Medical Electronics Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,299,952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Health Care Providers &amp; Services &mdash; 0.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Aier Eye Hospital Group Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">562,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">860,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Household Durables &mdash; 1.5%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Midea Group Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,229</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,763,742</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 0.125in"><B>Insurance &mdash; 2.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Ping An Insurance Group Co., of China Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">383,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,255,902</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 0.125in"><B>Machinery &mdash; 1.7%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Neway Valve Suzhou Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">477,800</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,182,591</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Yutong Bus Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">789,069</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,971,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B></B></FONT></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">See
notes to schedule of investments.</FONT></P>



<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>THE
CHINA FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SCHEDULE
OF INVESTMENTS (continued)</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>July
31, 2024 (unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Name of Issuer and Title of Issue</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Shares</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Value (Note A)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>COMMON STOCK (continued)</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>CHINA &mdash; "A" SHARES (continued)</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in"><B>Media &mdash; 0.5%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.25in">Focus Media Information Technology Co., Ltd. &mdash; A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">684,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 11%; text-align: right; border-bottom: Black 1pt solid">548,768</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Semiconductors &amp; Semiconductor Equipment &mdash; 2.3%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">NAURA Technology Group Co., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,902</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">897,158</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Will Semiconductor Co., Ltd. Shanghai &mdash; A*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,746,629</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,643,787</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Specialty Retail &mdash; 0.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">China Tourism Group Duty Free Corp., Ltd. &mdash; A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,700</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">944,452</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt"><B>TOTAL CHINA &mdash; "A" SHARES &mdash;</B> (Cost $47,251,600)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">35.1</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">40,271,641</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>HONG KONG</B></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Air Freight &amp; Logistics &mdash; 1.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">JD Logistics, Inc. 144A*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,169,100</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,202,341</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 0.125in"><B>Biotechnology &mdash; 1.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Innovent Biologics, Inc. 144A*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,166,494</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Broadline Retail &mdash; 9.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Alibaba Group Holding, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,408</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,094,163</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">JD.com, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,304</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,303,106</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">PDD Holdings, Inc. ADR*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,028</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,839,189</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">11,236,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Capital Markets &mdash; 1.1%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Hong Kong Exchanges &amp; Clearing, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,600</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,291,659</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in"><B>Entertainment &mdash; 1.3%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">NetEase, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,100</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,661</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Tencent Music Entertainment Group ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,049</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">454,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,455,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Ground Transportation &mdash; 1.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">DiDi Global, Inc. ADR*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">574,147</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,107,119</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Hotels, Restaurants &amp; Leisure &mdash; 7.3%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Galaxy Entertainment Group, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">397,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,669,322</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Luckin Coffee, Inc. ADR<SUP>(1)</SUP>*</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,384</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,418</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 0.25in">Meituan 144A*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,750</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,618,599</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Trip.com Group, Ltd. ADR*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,218</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,029,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Yum China Holdings, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,678</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">897,463</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">8,327,794</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Household Durables &mdash; 1.4%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Man Wah Holdings, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,622,800</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,550,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Interactive Media &amp; Services &mdash; 13.2%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Baidu, Inc.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90,150</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,009</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Kuaishou Technology Co., Ltd. 144A*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">260,900</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Tencent Holdings, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273,800</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">12,637,501</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">15,100,170</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Marine Transportation &mdash; 0.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Orient Overseas International, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">967,725</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B></B></FONT></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">See
notes to schedule of investments.</FONT></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>THE
CHINA FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SCHEDULE
OF INVESTMENTS (continued)</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>July
31, 2024 (unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Name of Issuer and Title of Issue</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Shares</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Value (Note A)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>COMMON STOCK (continued)</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>HONG KONG (continued)</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Metals &amp; Mining &mdash; 0.9%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 61%; text-align: left; padding-bottom: 1pt; padding-left: 0.25in">MMG, Ltd.*</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">3,354,400</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">1,044,232</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Real Estate Management &amp; Development &mdash; 4.1%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">CIFI Holdings Group Co., Ltd.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,016,968</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">795,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">KE Holdings, Inc. ADR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">188,500</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,610,725</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Longfor Group Holdings, Ltd. 144A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">764,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">994,128</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Times China Holdings, Ltd.*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,477,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">250,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,651,055</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Textiles, Apparel &amp; Luxury Goods &mdash; 0.9%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">ANTA Sports Products, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,200</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,006,695</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt"><B>TOTAL HONG KONG &mdash;</B> (Cost $62,517,351)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">44.6</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">51,106,959</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><B>HONG KONG &mdash; "H" SHARES</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 0.125in"><B>Banks &mdash; 6.0%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">China Construction Bank Corp.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,507,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,247,478</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">China Merchants Bank Co., Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">377,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,563,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">6,810,879</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="padding-left: 0.125in"><B>Beverages &mdash; 1.2%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Tsingtao Brewery Co., Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">218,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,394,235</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Capital Markets &mdash; 4.5%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">China International Capital Corp., Ltd. 144A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,992,800</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,225,602</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">China Merchants Securities Co., Ltd. 144A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,472,200</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,171,231</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">CITIC Securities Co., Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,188,125</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">1,788,324</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">5,185,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Health Care Providers &amp; Services &mdash; 0.5%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">Sinopharm Group Co., Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,400</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">568,941</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in"><B>Insurance &mdash; 3.8%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">China Life Insurance Co., Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,296,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,800,056</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Ping An Insurance Group Co., of China Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">588,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,535,016</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">4,335,072</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Oil, Gas &amp; Consumable Fuels &mdash; 3.2%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 0.25in">PetroChina Co., Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,278,000</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,720,431</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt"><B>TOTAL HONG KONG &mdash; "H" SHARES &mdash;</B> (Cost $24,402,739)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">19.2</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">22,014,715</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-left: 30pt"><B>TOTAL HONG KONG (INCLUDING "H" SHARES) &mdash;</B> (Cost $86,920,090)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">63.8</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">73,121,674</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt"><B>TOTAL COMMON STOCK &mdash;</B> (Cost $134,171,690)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">98.9</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">113,393,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B></B></FONT></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">See
notes to schedule of investments.</FONT></P>


<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>THE
CHINA FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>SCHEDULE
OF INVESTMENTS (continued)</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>July
31, 2024 (unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Name of Issuer and Title of Issue</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Shares</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Value (Note A)</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>COLLATERAL FOR SECURITIES ON LOAN</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0.125in"><B>Money Market Funds &mdash; 0.1%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 61%; padding-left: 0.25in">Fidelity Investments Money Market Government Portfolio, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">5.26%<SUP>&infin; </SUP>(Cost
    $113,685)</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">113,685</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 11%; text-align: right; border-bottom: Black 1pt solid">113,685</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in"><B>TOTAL COLLATERAL FOR SECURITIES ON LOAN &mdash;</B> (Cost $113,685)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">0.1</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">113,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><B>Principal<BR>
    Amount</B></TD><TD><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>SHORT TERM INVESTMENTS</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><B>Time Deposits &mdash; 0.5%</B></TD><TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><B>&nbsp;</B></TD><TD STYLE="text-align: right"><B>&nbsp;</B></TD><TD STYLE="text-align: left"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 61%; text-align: left; padding-left: 0.25in; padding-bottom: 1pt">Citibank - New York, 4.68%, 8/1/2024</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: left; padding-bottom: 1pt">USD</TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> 557,736</FONT></TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="width: 11%; text-align: right; border-bottom: Black 1pt solid">557,737</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in; padding-bottom: 1pt"><B>TOTAL SHORT TERM INVESTMENTS &mdash;</B> (Cost $557,737)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">0.5</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">557,737</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><B>TOTAL INVESTMENTS &mdash;</B> (Cost $134,843,112)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">99.5</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">114,064,737</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><B>OTHER ASSETS AND LIABILITIES</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 1pt solid">0.5</TD>
    <TD>%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">581,938</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><B>NET ASSETS</B></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; border-bottom: Black 2.5pt double">100.0</TD>
    <TD STYLE="padding-bottom: 2.5pt">%</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">114,646,675</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 0.25pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Footnotes
to Schedule of Investments</U></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>*</SUP>&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Denotes
                                         non-income producing security.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>&infin;</SUP>&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Rate
                                         shown is the 7-day yield as of July 31, 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>(1)</SUP>&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
                                         security (or a portion of the security) is on loan. As of July 31, 2024, the market value
                                         of securities loaned was $110,664. The loaned securities were secured with cash collateral
                                         of $113,685. Collateral is calculated based on prior day's prices.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0pt 0; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">144A
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At July 31, 2024, these restricted securities amounted to
$12,841,055, which represented 11.20% of net assets.</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ADR
&mdash; American Depositary Receipt</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">USD
&mdash; United States dollar</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">See
notes to schedule of investments.</FONT></P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>THE
CHINA FUND, INC.</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>NOTES
TO SCHEDULE OF INVESTMENTS</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>July
31, 2024 (unaudited)</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black"><B>NOTE
A &mdash; Security Valuation:</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Security
Valuation:</B> Portfolio securities listed on recognized U.S. or foreign security exchanges are valued at the last quoted sales
price in the principal market where they are traded. Listed securities with no such sales price and unlisted securities are valued
at the mean between the current bid and asked prices, if any, from brokers. Short-term investments having maturities of sixty
days or less are valued at amortized cost (original purchase cost as adjusted for amortization of premium or accretion of discount)
which when combined with accrued interest approximates market value. Securities for which market quotations are not readily available
or are deemed unreliable are valued at fair value in good faith by or at the direction of the Board of Directors (the &ldquo;Board&rdquo;)
considering relevant factors, data and information including, if relevant, the market value of freely tradable securities of the
same class in the principal market on which such securities are normally traded. For securities listed on non-North American exchanges,
the Fund fair values those securities daily using fair value factors provided by a third-party pricing service if certain thresholds
determined by the Board are met. Direct Investments and derivatives investments, if any, are valued at fair value as determined
by or at the direction of the Board based on financial and other information supplied by the Direct Investment Manager or a third-party
pricing service.</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Factors
used in determining fair value may include, but are not limited to, the type of security, the size of the holding, the initial
cost of the security, the existence of any contractual restrictions on the security&rsquo;s disposition, the price and extent
of public trading in similar securities of the issuer or of comparable companies, the availability of quotations from broker-dealers,
the availability of values of third parties other than the Investment Manager, information obtained from the issuer, analysts,
and/or the appropriate stock exchange (if available), an analysis of the company&rsquo;s financial statements, an evaluation of
the forces that influence the issuer and the market(s) in which the security is purchased and sold and with respect to debt securities,
the maturity, coupon, creditworthiness, currency denomination, and the movement of the market in which they trade.</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring
fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the
measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs
are summarized in the three broad levels listed below:</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 1pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Level
1 &mdash; Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has
the ability to access at the measurement date;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 1pt 0pt 34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Level
2 &mdash; Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including
inputs in markets that are not considered to be active;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 1pt 0pt 34pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9744;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Level
3 &mdash; Inputs that are unobservable.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0 0pt 17pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
following is a summary of the inputs used as of July 31, 2024 in valuing the Fund&rsquo;s investments carried at value:</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>ASSETS
VALUATION INPUT</B></FONT></P>

<P STYLE="font: 11pt Arial,sans-serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><B>Description*</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Level 1</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Level 2</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><B>Level 3</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><B>Total</B></TD><TD STYLE="padding-bottom: 1pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="width: 40%; text-align: left">Common Stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">10,051,360</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">103,341,955</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">113,393,315</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Collateral For Securities On Loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,685</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Gainsboro">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Short Term Investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">557,737</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">557,737</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">TOTAL INVESTMENTS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">10,722,782</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">103,341,955</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">&mdash;</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">114,064,737</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="font: 11pt Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Please
refer to the Schedule of Investments for additional security details.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 9pt Times New Roman, Times, Serif">5</P>


<P STYLE="margin: 0"></P>



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
