GUINNESS ATKINSON CHINA & HONG KONG FUND
Schedule of Investments
at September 30, 2022 (Unaudited)
| | | | | | | |
| Shares | | | Common Stocks: 99.7% | | Value | |
| | | | | Appliances: 7.2% | | | | |
| | 453,200 | | | Haier Smart Home Co., Ltd. - H Shares* | | $ | 1,379,612 | |
| | 181,009 | | | Zhejiang Supor Cookware - A Shares | | | 1,165,913 | |
| | | | | | | | 2,545,525 | |
| | | | | Auto/Cars - Light Trucks: 2.2% | | | | |
| | 579,000 | | | Geely Automobile Holdings Ltd. | | | 790,156 | |
| | | | | | | | | |
| | | | | Auto/Truck Parts & Equipment: 2.1% | | | | |
| | 797,480 | | | Weichai Power Co., Ltd. - H Shares | | | 747,746 | |
| | | | | | | | | |
| | | | | Batteries/Battery System: 3.2% | | | | |
| | 173,440 | | | Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares | | | 1,144,180 | |
| | | | | | | | | |
| | | | | Commercial Banks: 2.8% | | | | |
| | 213,000 | | | China Merchants Bank Co., Ltd. - H Shares | | | 983,662 | |
| | | | | | | | | |
| | | | | Computer Data Security: 3.7% | | | | |
| | 461,650 | | | Venustech Group Inc. - A Shares | | | 1,303,264 | |
| | | | | | | | | |
| | | | | E-Commerce/Services: 7.4% | | | | |
| | 24,500 | | | Alibaba Group Holding Ltd. | | | 245,690 | |
| | 10,300 | | | Alibaba Group Holding Ltd. - ADR | | | 823,897 | |
| | 1,352 | | | JD.com Inc. | | | 34,035 | |
| | 30,400 | | | JD.com Inc. - ADR | | | 1,529,120 | |
| | | | | | | | 2,632,742 | |
| | | | | Electronic Components: 5.6% | | | | |
| | 539,989 | | | Shenzhen H&T Intelligent Control Co., Ltd. - A Shares | | | 1,103,970 | |
| | 479,200 | | | Shengyi Technology Co., Ltd. - A Shares | | | 876,538 | |
| | | | | | | | 1,980,508 | |
| | | | | Energy-Alternate: 6.2% | | | | |
| | 160,440 | | | Hangzhou First Applied Materials Co., Ltd. | | | 1,190,330 | |
| | 973,987 | | | Xinyi Solar Holdings Ltd. | | | 1,030,383 | |
| | | | | | | | 2,220,713 | |
| | | | | Finance: 3.1% | | | | |
| | 32,400 | | | Hong Kong Exchanges & Clearing Ltd. | | | 1,103,983 | |
| | | | | | | | | |
| | | | | Food-Dairy Products: 7.0% | | | | |
| | 317,800 | | | Chongqing Fuling Zhacai Group Co., Ltd. - A Shares | | | 1,205,508 | |
| | 275,600 | | | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | | | 1,271,900 | |
| | | | | | | | 2,477,408 | |
| | | | | Home Furniture: 3.2% | | | | |
| | 485,700 | | | Suofeiya Home Collection - A Shares | | | 1,137,294 | |
| | | | Insurance: 6.5% | | | |
| | 170,200 | | | AIA Group Ltd. | | $ | 1,417,978 | |
| | 175,500 | | | Ping An Insurance Group Company of China Ltd. - H Shares | | | 863,592 | |
| | | | | | | | 2,281,570 | |
| | | | | Internet Application Software: 2.7% | | | | |
| | 28,400 | | | Tencent Holdings Ltd. | | | 960,873 | |
| | | | | | | | | |
| | | | | Internet Content - Entertainment: 4.5% | | | | |
| | 20,875 | | | NetEase Inc. - ADR | | | 1,578,150 | |
| | | | | | | | | |
| | | | | Machinery-General Industry: 11.0% | | | | |
| | 441,840 | | | NARI Technology Co., Ltd. - A Shares | | | 1,531,795 | |
| | 171,454 | | | Shenzhen Inovance Technology Co., Ltd. - A Shares | | | 1,375,511 | |
| | 501,697 | | | Sany Heavy Industry Co., Ltd. - A Shares | | | 971,858 | |
| | | | | | | | 3,879,164 | |
| | | | | Pharmaceuticals: 10.4% | | | | |
| | 1,096,000 | | | China Medical System Holdings | | | 1,306,406 | |
| | 1,366,400 | | | CSPC Pharmaceutical Group Ltd. | | | 1,364,441 | |
| | 2,183,500 | | | Sino Biopharmaceutical Ltd. | | | 1,020,752 | |
| | | | | | | | 3,691,599 | |
| | | | | Real Estate Operations/Development: 4.4% | | | | |
| | 590,000 | | | China Overseas Land & Investments Ltd. | | | 1,538,547 | |
| | | | | | | | | |
| | | | | Retail - Apparel/Shoe: 2.6% | | | | |
| | 117,600 | | | Shenzhou International Group Holdings Ltd. | | | 907,369 | |
| | | | | | | | | |
| | | | | Web Portals: 3.9% | | | | |
| | 11,700 | | | Baidu Inc.* | | | 1,374,633 | |
| | | | | | | | | |
| | | | | Total Common Stocks | | $ | 35,279,086 | |
| | | | | (cost $42,093,463) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 35,279,086 | |
| | | | | (cost $42,093,463): 99.7% | | | | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 0.3% | | | 114,054 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 35,393,140 | |
| * | Non-income producing security. |
ADR - American Depository Receipt
