GUINNESS ATKINSON RENMINBI YUAN & BOND FUND
Schedule of Investments
at March 31, 2022 (Unaudited)
| Principal Amount (CNH) | Corporate Bonds: 75.9% | Value | ||||||
| Auto-Cars/Light Trucks: 11.6% | ||||||||
| 3,000,000 | BMW Finance, 2.800%, 8/11/23 | $ | 468,396 | |||||
| 1,000,000 | Volkswagen International Finance NV, 2.900%, 01/21/24 | 155,374 | ||||||
| 623,770 | ||||||||
| Commercial Banks: 29.2% | ||||||||
| 1,000,000 | Bank of China, 3.300%, 04/17/22 | 157,383 | ||||||
| 1,000,000 | Bank of China, 3.008%, 04/28/26 | 156,371 | ||||||
| 2,000,000 | CBQ Finance Ltd., 4.000%, 08/05/23 | 316,289 | ||||||
| 1,000,000 | China Construction Bank, 2.850%, 04/22/23 | 156,794 | ||||||
| 4,000,000 | First Abu Dhabi Bank, 3.400%, 08/18/25 | 624,925 | ||||||
| 1,000,000 | QNB Finance Ltd., 3.800%, 06/17/25 | 156,689 | ||||||
| 1,568,451 | ||||||||
| Diversified Banks: 2.8% | ||||||||
| 1,000,000 | HSBC Holding, 3.400%, 06/29/27 | 152,425 | ||||||
| Diversified Operations: 2.9% | ||||||||
| 1,000,000 | Wharf Finance Lrd., 3.250%, 01/14/24 | 155,773 | ||||||
| Export/Import Bank: 14.7% | ||||||||
| 1,000,000 | China Development Bank, 3.030%, 11/27/23 | 157,970 | ||||||
| 1,000,000 | China Development Bank, 3.230%, 11/27/25 | 158,566 | ||||||
| 1,000,000 | European International Bank, 2.700%, 04/22/24 | 157,358 | ||||||
| 1,000,000 | Export-Import Bank of Korea, 4.500%, 01/27/24 | 160,086 | ||||||
| 1,000,000 | Kreditanstalt Fuer Wiederaufbau, 2.700%, 03/25/24 | 156,258 | ||||||
| 790,238 | ||||||||
| Finance-Mtg Loan/Banker: 2.9% | ||||||||
| 1,000,000 | Hong Kong Mortgage Corp. Ltd., 2.700%, 02/09/24 | 156,560 | ||||||
| Municipal City: 2.9% | ||||||||
| 1,000,000 | Municipality of Shenzhen China, 2.900%, 10/19/26 | 156,259 | ||||||
| Transportation Services: 2.9% | ||||||||
| 1,000,000 | GLP China Holding Ltd., 4.000%, 02/7/24 | 153,229 | ||||||
| Real Estate Operator/Developer: 6.0% | ||||||||
| 1,000,000 | Sun Hung Kai Properties 3.200%, 08/14/27 | 151,141 | ||||||
| 1,000,000 | Wharf Real Estate Investment Company Ltd., 3.200%, 09/15/23 | 155,937 | ||||||
| 1,000,000 | Zhenro Properties Group Ltd., 7.120%, 06/30/22 | 15,735 | ||||||
| 322,813 | ||||||||
| Total Corporate Bonds | $ | 4,079,518 | ||||||
| (cost $4,076,378) | ||||||||
| Total Investments in Securities | 4,079,518 | |||||||
| (cost $4,076,378): 75.9% | ||||||||
| China Yuan (Offshore): 16.4% | 879,843 | |||||||
| Other Assets less Liabilities: 7.7% | 413,885 | |||||||
| Net Assets: 100.0% | $ | 5,373,246 | ||||||
CNH - The official currency of the People’s Republic of China.