GUINNESS ATKINSON CHINA & HONG KONG FUND
Schedule of Investments
at March 31, 2024 (Unaudited)
| | | | | | | |
| Shares | | | Common Stocks: 99.5% | | Value | |
| | | | | Appliances: 7.5% | | | | |
| | 312,400 | | | Haier Smart Home Co., Ltd. - H Shares | | $ | 971,891 | |
| | 127,909 | | | Zhejiang Supor Cookware - A Shares | | | 1,007,456 | |
| | | | | | | | 1,979,347 | |
| | | | | Application Software: 3.2% | | | | |
| | 686,000 | | | TravelSky Technology, Ltd. | | | 830,883 | |
| | | | | | | | | |
| | | | | Auto/Cars - Light Trucks: 3.9% | | | | |
| | 861,000 | | | Geely Automobile Holdings Ltd. | | | 1,016,442 | |
| | | | | | | | | |
| | | | | Auto/Truck Parts & Equipment: 3.6% | | | | |
| | 491,480 | | | Weichai Power Co., Ltd. - H Shares | | | 936,876 | |
| | | | | | | | | |
| | | | | Batteries/Battery System: 3.5% | | | | |
| | 284,540 | | | Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares | | | 932,500 | |
| | | | | | | | | |
| | | | | Commercial Banks: 3.2% | | | | |
| | 213,000 | | | China Merchants Bank Co., Ltd. - H Shares | | | 842,263 | |
| | | | | | | | | |
| | | | | Computer Data Security: 2.8% | | | | |
| | 259,550 | | | Venustech Group Inc. - A Shares | | | 744,456 | |
| | | | | | | | | |
| | | | | E-Commerce/Services: 6.5% | | | | |
| | 24,500 | | | Alibaba Group Holding Ltd. | | | 219,897 | |
| | 9,510 | | | Alibaba Group Holding Ltd. - ADR | | | 688,144 | |
| | 1,352 | | | JD.com Inc. | | | 18,638 | |
| | 28,300 | | | JD.com Inc. - ADR | | | 775,137 | |
| | | | | | | | 1,701,816 | |
| | | | | Electronic Components: 2.4% | | | | |
| | 376,589 | | | Shenzhen H&T Intelligent Control Co., Ltd. - A Shares | | | 643,529 | |
| | | | | | | | | |
| | | | | Energy-Alternate: 7.5% | | | | |
| | 213,836 | | | Hangzhou First Applied Materials Co., Ltd. | | | 830,345 | |
| | 1,489,987 | | | Xinyi Solar Holdings Ltd. | | | 1,153,619 | |
| | | | | | | | 1,983,964 | |
| | | | | Finance: 3.0% | | | | |
| | 27,000 | | | Hong Kong Exchanges & Clearing Ltd. | | | 785,823 | |
| | | | | | | | | |
| | | | | Food-Dairy Products: 6.7% | | | | |
| | 416,130 | | | Chongqing Fuling Zhacai Group Co., Ltd. - A Shares | | | 761,523 | |
| | 260,900 | | | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | | | 999,088 | |
| | | | | | | | 1,760,611 | |
| | | | | Home Furniture: 3.3% | | | | |
| | 408,800 | | | Suofeiya Home Collection - A Shares | | | 866,883 | |
GUINNESS ATKINSON CHINA & HONG KONG FUND
Schedule of Investments
at March 31, 2024 (Unaudited)
| | | | | | | |
| Shares | | | Common Stocks: 99.5% | | Value | |
| | | | | Insurance: 5.7% | | | | |
| | 114,000 | | | AIA Group Ltd. | | $ | 765,394 | |
| | 175,500 | | | Ping An Insurance Group Company of China Ltd. - H Shares | | | 741,065 | |
| | | | | | | | 1,506,459 | |
| | | | | Internet Application Software: 3.7% | | | | |
| | 25,200 | | | Tencent Holdings Ltd. | | | 978,128 | |
| | | | | | | | | |
| | | | | Internet Content - Entertainment: 3.7% | | | | |
| | 9,285 | | | NetEase Inc. - ADR | | | 960,719 | |
| | | | | | | | | |
| | | | | Machinery-General Industry: 11.1% | | | | |
| | 310,168 | | | NARI Technology Co., Ltd. - A Shares | | | 1,029,729 | |
| | 501,697 | | | Sany Heavy Industry Co., Ltd. - A Shares | | | 998,247 | |
| | 108,054 | | | Shenzhen Inovance Technology Co., Ltd. - A Shares | | | 896,154 | |
| | | | | | | | 2,924,130 | |
| | | | | Pharmaceuticals: 8.8% | | | | |
| | 625,000 | | | China Medical System Holdings Ltd. | | | 656,386 | |
| | 1,024,400 | | | CSPC Pharmaceutical Group Ltd. | | | 804,919 | |
| | 2,183,500 | | | Sino Biopharmaceutical Ltd. | | | 842,495 | |
| | | | | | | | 2,303,800 | |
| | | | | Real Estate Operations/Development: 2.6% | | | | |
| | 476,000 | | | China Overseas Land & Investments Ltd. | | | 684,783 | |
| | | | | | | | | |
| | | | | Retail - Apparel/Shoe: 3.4% | | | | |
| | 94,900 | | | Shenzhou International Group Holdings Ltd. | | | 898,446 | |
| | | | | | | | | |
| | | | | Web Portals: 3.4% | | | | |
| | 8,510 | | | Baidu Inc. - ADR* | | | 895,933 | |
| | | | | | | | | |
| | | | | Total Common Stocks | | | 26,177,791 | |
| | | | | (cost $33,859,126) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 26,177,791 | |
| | | | | (cost $33,859,126): 99.5% | | | | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 0.5% | | | 132,104 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 26,309,895 | |
| * | Non-income producing security. |
ADR - American Depository Receipt
