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