Guinness Atkinson Asia Focus Fund (IASMX) NPORT-P Guinness Atkinson China & Hong Kong Fund (Sep 2023 report)

GUINNESS ATKINSON CHINA & HONG KONG FUND

Schedule of Investments

at September 30, 2023 (Unaudited)

Shares		Common Stocks:  99.7%	Value
		Appliances:  7.4%
	365,400	Haier Smart Home Co., Ltd. - H Shares	$	1,150,223
	175,709	Zhejiang Supor Cookware - A Shares		1,167,332
				2,317,555
		Application Software:  3.7%
	672,000	TravelSky Technology, Ltd.		1,165,375
		Auto/Cars - Light Trucks:  3.3%
	861,000	Geely Automobile Holdings Ltd.		1,015,949
		Auto/Truck Parts & Equipment:  3.5%
	797,480	Weichai Power Co., Ltd. - H Shares		1,085,610
		Batteries/Battery System:  2.1%
	173,440	Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares		646,957
		Commercial Banks:  2.8%
	213,000	China Merchants Bank Co., Ltd. - H Shares		889,455
		Computer Data Security:  3.6%
	286,750	Venustech Group Inc. - A Shares		1,109,701
		E-Commerce/Services:  6.4%
	24,500	Alibaba Group Holding Ltd.*		267,816
	10,300	Alibaba Group Holding Ltd. - ADR*		893,422
	1,352	JD.com Inc.		19,872
	28,300	JD.com Inc. - ADR		824,379
				2,005,489
		Electronic Components:  2.4%
	376,589	Shenzhen H&T Intelligent Control Co., Ltd. - A Shares		735,910
		Energy-Alternate:  5.0%
	213,836	Hangzhou First Applied Materials Co., Ltd.		836,906
	973,987	Xinyi Solar Holdings Ltd.		728,866
				1,565,772
		Finance:  3.4%
	28,700	Hong Kong Exchanges & Clearing Ltd.		1,072,390
		Food-Dairy Products:  6.1%
	416,130	Chongqing Fuling Zhacai Group Co., Ltd. - A Shares		899,287
	275,600	Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares		1,001,969
				1,901,256
		Home Furniture:  4.0%
	476,500	Suofeiya Home Collection - A Shares		1,236,746

GUINNESS ATKINSON CHINA & HONG KONG FUND

Schedule of Investments

at September 30, 2023 (Unaudited)

Shares		Common Stocks:  99.7%	Value
		Insurance:  6.2%
	114,000	AIA Group Ltd.	$	929,528
	175,500	Ping An Insurance Group Company of China Ltd. - H Shares		1,005,162
				1,934,690
		Internet Application Software:  3.6%
	28,400	Tencent Holdings Ltd.		1,110,504
		Internet Content - Entertainment:  5.0%
	15,505	NetEase Inc. - ADR		1,552,981
		Machinery-General Industry:  11.7%
	413,568	NARI Technology Co., Ltd. - A Shares		1,257,599
	501,697	Sany Heavy Industry Co., Ltd. - A Shares		1,092,454
	142,554	Shenzhen Inovance Technology Co., Ltd. - A Shares		1,298,893
				3,648,946
		Pharmaceuticals: 9.4%
	853,000	China Medical System Holdings		1,291,904
	1,164,400	CSPC Pharmaceutical Group Ltd.		853,514
	2,183,500	Sino Biopharmaceutical Ltd.		789,108
				2,934,526
		Real Estate Operations/Development:  3.1%
	476,000	China Overseas Land & Investments Ltd.		987,165
		Retail - Apparel/Shoe:  3.4%
	111,100	Shenzhou International Group Holdings Ltd.		1,064,074
		Web Portals:  3.6%
	8,510	Baidu Inc.*		1,143,319
		Total Common Stocks	$	31,124,370
		(cost $36,127,544)
		Total Investments in Securities		31,124,370
		(cost $36,127,544): 99.7%
		Other Assets less Liabilities:  0.3%		80,117
		Net Assets: 100.0%	$	31,204,487

* Non-income producing security.

ADR - American Depository Receipt