GUINNESS ATKINSON CHINA & HONG KONG FUND
Schedule of Investments
at March 31, 2022 (Unaudited)
| Shares | Common Stocks: 99.7% | Value | ||||||
| Appliances: 6.2% | ||||||||
| 453,200 | Haier Electronics Group Co., Ltd.* | $ | 1,454,631 | |||||
| 181,009 | Zhejiang Supor Cookware - A Shares | 1,417,276 | ||||||
| 2,871,907 | ||||||||
| Auto/Cars - Light Trucks: 1.9% | ||||||||
| 579,000 | Geely Automobile Holdings Ltd. | 898,229 | ||||||
| Auto/Truck Parts & Equipment: 2.7% | ||||||||
| 797,480 | Weichai Power Co., Ltd. - H Shares | 1,250,685 | ||||||
| Batteries/Battery System: 3.4% | ||||||||
| 173,440 | Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares | 1,586,721 | ||||||
| Building Products: 2.7% | ||||||||
| 1,062,000 | China Lesso Group Holdings Ltd. | 1,278,991 | ||||||
| Commercial Banks: 3.6% | ||||||||
| 213,000 | China Merchants Bank Co., Ltd. - H Shares | 1,657,645 | ||||||
| Computer Data Security: 3.2% | ||||||||
| 461,650 | Venustech Group Inc. - A Shares | 1,512,720 | ||||||
| E-Commerce/Services: 12.8% | ||||||||
| 24,500 | Alibaba Group Holding Ltd. | 332,142 | ||||||
| 10,300 | Alibaba Group Holding Ltd. - ADR | 1,120,640 | ||||||
| 1,352 | JD.com Inc. | 38,985 | ||||||
| 30,400 | JD.com Inc. - ADR | 1,759,248 | ||||||
| 539,989 | Shenzhen H&T Intelligent Control Co., Ltd. | 1,489,561 | ||||||
| 479,200 | Shengyi Technology Co., Ltd. | 1,210,302 | ||||||
| 5,950,878 | ||||||||
| Energy-Alternate: 3.7% | ||||||||
| 973,987 | Xinyi Solar Holdings Ltd. | 1,709,626 | ||||||
| Finance: 3.3% | ||||||||
| 32,400 | Hong Kong Exchanges & Clearing Ltd. | 1,520,510 | ||||||
| Food-Dairy Products: 6.9% | ||||||||
| 317,800 | Chongqing Fuling Zhacai Group Co., Ltd. | 1,616,423 | ||||||
| 275,600 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 1,593,126 | ||||||
| 3,209,549 | ||||||||
| Home Furniture: 3.1% | ||||||||
| 485,700 | Suofeiya Home Collection - A Shares | 1,464,411 | ||||||
| Insurance: 6.5% | ||||||||
| 170,200 | AIA Group Ltd. | $ | 1,776,952 | |||||
| 175,500 | Ping An Insurance Group Company of China Ltd. - H Shares | 1,233,872 | ||||||
| 3,010,824 | ||||||||
| Internet Application Software: 2.8% | ||||||||
| 28,400 | Tencent Holdings Ltd. | 1,325,182 | ||||||
| Internet Content - Entertainment: 4.0% | ||||||||
| 20,875 | NetEase Inc. - ADR | 1,872,279 | ||||||
| Machinery-General Industry: 10.1% | ||||||||
| 368,200 | NARI Technology Co., Ltd. - A Shares | 1,814,392 | ||||||
| 171,454 | Shenzhen Inovance Technology Co., Ltd. | 1,529,086 | ||||||
| 501,697 | Sany Heavy Industry Co., Ltd. - A Shares | 1,374,845 | ||||||
| 4,718,323 | ||||||||
| Pharmaceuticals: 9.9% | ||||||||
| 1,096,000 | China Medical System Holdings | 1,716,097 | ||||||
| 1,366,400 | CSPC Pharmaceutical Group Ltd. | 1,570,552 | ||||||
| 2,183,500 | Sino Biopharmaceutical Ltd. | 1,355,302 | ||||||
| 4,641,951 | ||||||||
| Real Estate Operations/Development: 4.2% | ||||||||
| 660,000 | China Overseas Land & Investments Ltd. | 1,962,140 | ||||||
| Retail - Apparel/Shoe: 5.4% | ||||||||
| 2,035,000 | China Lilang Ltd. | 974,774 | ||||||
| 117,600 | Shenzhou International Group Holdings Ltd. | 1,550,905 | ||||||
| 2,525,679 | ||||||||
| Web Portals: 3.3% | ||||||||
| 11,700 | Baidu Inc.* | 1,547,910 | ||||||
| Total Common Stocks | $ | 46,516,160 | ||||||
| (cost $43,030,134) | ||||||||
| Total Investments in Securities | 46,516,160 | |||||||
| (cost $43,030,134): 99.7% | ||||||||
| Other Assets less Liabilities: 0.3% | 129,480 | |||||||
| Net Assets: 100.0% | $ | 46,645,640 | ||||||
| * | Non-income producing security. |
ADR - American Depository Receipt