GUINNESS ATKINSON CHINA & HONG KONG FUND

Schedule of Investments

at March 31, 2023 (Unaudited)

Shares		Common Stocks:  99.7%	Value
		Appliances:  6.6%
	365,400	Haier Smart Home Co., Ltd. - H Shares*	$	1,147,126
	175,709	Zhejiang Supor Cookware - A Shares		1,380,959
				2,528,085
		Application Software:  3.2%
	672,000	TravelSky Technology, Ltd.		1,251,585
		Auto/Cars - Light Trucks:  2.9%
	861,000	Geely Automobile Holdings Ltd.		1,105,447
		Auto/Truck Parts & Equipment:  3.3%
	797,480	Weichai Power Co., Ltd. - H Shares		1,278,006
		Batteries/Battery System:  2.6%
	173,440	Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares		1,020,021
		Commercial Banks:  2.8%
	213,000	China Merchants Bank Co., Ltd. - H Shares		1,088,137
		Computer Data Security:  4.0%
	318,650	Venustech Group Inc. - A Shares		1,544,368
		E-Commerce/Services:  6.8%
	24,500	Alibaba Group Holding Ltd.		311,094
	10,300	Alibaba Group Holding Ltd. - ADR		1,052,454
	1,352	JD.com Inc.		29,097
	28,300	JD.com Inc. - ADR		1,242,087
				2,634,732
		Electronic Components:  2.4%
	376,589	Shenzhen H&T Intelligent Control Co., Ltd. - A Shares		934,133
		Energy-Alternate:  6.4%
	152,740	Hangzhou First Applied Materials Co., Ltd.		1,304,007
	973,987	Xinyi Solar Holdings Ltd.		1,168,190
				2,472,197
		Finance:  3.3%
	28,700	Hong Kong Exchanges & Clearing Ltd.		1,277,034
		Food-Dairy Products:  6.1%
	320,100	Chongqing Fuling Zhacai Group Co., Ltd. - A Shares		1,179,217
	275,600	Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares		1,165,531
				2,344,748
		Home Furniture:  3.5%
	476,500	Suofeiya Home Collection - A Shares		1,352,965

GUINNESS ATKINSON CHINA & HONG KONG FUND

Schedule of Investments

at March 31, 2023 (Unaudited)

Shares		Common Stocks:  99.7%	Value
		Insurance:  6.1%
	114,000	AIA Group Ltd.	$	1,195,746
	175,500	Ping An Insurance Group Company of China Ltd. - H Shares		1,137,101
				2,332,847
		Internet Application Software:  3.6%
	28,400	Tencent Holdings Ltd.		1,385,832
		Internet Content - Entertainment:  4.5%
	19,475	NetEase Inc. - ADR		1,722,369
		Internet Content - Retail:  0.1%
	2,840	Meituan - Class B*		51,807
		Machinery-General Industry:  11.2%
	382,640	NARI Technology Co., Ltd. - A Shares		1,511,668
	501,697	Sany Heavy Industry Co., Ltd. - A Shares		1,246,621
	153,454	Shenzhen Inovance Technology Co., Ltd. - A Shares		1,569,369
				4,327,658
		Pharmaceuticals: 10.2%
	1,006,000	China Medical System Holdings		1,590,223
	1,164,400	CSPC Pharmaceutical Group Ltd.		1,139,973
	2,183,500	Sino Biopharmaceutical Ltd.		1,223,231
				3,953,427
		Real Estate Operations/Development:  3.0%
	476,000	China Overseas Land & Investments Ltd.		1,149,162
		Retail - Apparel/Shoe:  3.0%
	111,100	Shenzhou International Group Holdings Ltd.		1,161,079
		Web Portals:  4.1%
	10,400	Baidu Inc.*		1,569,568
		Total Common Stocks	$	38,485,207
		(cost $37,158,063)
		Total Investments in Securities		38,485,207
		(cost $37,158,063): 99.7%
		Other Assets less Liabilities:  (0.3%)		101,229
		Net Assets: 100.0%	$	38,586,436

* Non-income producing security.

ADR - American Depository Receipt