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
