GUINNESS ATKINSON RENMINBI YUAN & BOND FUND

Schedule of Investments

at September 30, 2022 (Unaudited) 

Principal Amount (CNH)		Corporate Bonds:  86.8%	Value
		Auto-Cars/Light Trucks:  11.6%
	3,000,000	BMW Finance, 2.800%, 8/11/23	$	418,542
	1,000,000	Volkswagen International Finance NV, 2.900%, 01/21/24		138,303
				556,845
		Commercial Banks:  37.6%
	1,000,000	Bank of China, 3.080%, 04/28/26		138,686
	1,000,000	Bank of Communications Bank Co., Ltd., 3.200%, 3/21/24		140,381
	2,000,000	CBQ Finance Ltd., 4.000%, 08/05/23		281,051
	1,000,000	China Construction Bank, 2.850%, 04/22/23		139,930
	4,000,000	First Abu Dhabi Bank, 3.400%, 08/18/25		546,700
	1,000,000	QNB Finance Ltd., 3.800%, 06/17/25		138,961
	1,000,000	QNB Finance Ltd., 3.900%, 06/17/25		138,822
	2,000,000	Standard Chartered PLC 4.350%, 03/18/26		277,314
				1,801,845
		Diversified Banks:  2.8%
	1,000,000	HSBC Holding, 3.400%, 06/29/27		134,110
		Diversified Operations:  2.9%
	1,000,000	Wharf Finance Lrd., 3.250%, 01/14/24		139,294
		Export/Import Bank:  17.6%
	1,000,000	Agriculture Development Bank of China 3.400%, 11/06/24		141,401
	1,000,000	China Development Bank, 3.030%, 11/27/23		140,618
	1,000,000	China Development Bank, 3.230%, 11/27/25		140,632
	1,000,000	European International Bank, 2.700%, 04/22/24		139,623
	1,000,000	Export-Import Bank of Korea, 4.500%, 01/27/24		141,940
	1,000,000	Kreditanstalt Fuer Wiederaufbau, 2.700%, 03/25/24		139,551
				843,765
		Finance-Mtg Loan/Banker:  2.9%
	1,000,000	Hong Kong Mortgage Corp. Ltd., 2.700%, 02/09/24		139,301
		Municipal City:  2.9%
	1,000,000	Municipality of Shenzhen China, 2.900%, 10/19/26		139,014
		Transportation Services:  2.7%
	1,000,000	GLP China Holding Ltd., 4.000%, 02/7/24		133,061
		Real Estate Operator/Developer:  5.8%
	1,000,000	Sun Hung Kai Properties 3.200%, 08/14/27		133,678
	1,000,000	Wharf Real Estate Investment Company Ltd., 3.200%, 09/15/23		139,644
	1,000,000	Zhenro Properties Group Ltd., 8.000%, 03/06/23		6,083
				279,405
		Total Corporate Bonds	$	4,166,640
		(cost $4,682,525)
		Total Investments in Securities		4,166,640
		(cost $4,682,525): 86.8%
		China Yuan (Offshore): 8.4%		402,591
		Other Assets less Liabilities: 4.8%		228,650
		Net Assets: 100.0%	$	4,797,881

CNH - The official currency of the People’s Republic of China.