GUINNESS ATKINSON CHINA & HONG KONG FUND
Schedule of Investments
at March 31, 2026
| Shares | Common Stocks: 99.1% | Value | ||||||
| Appliances: 10.2% | ||||||||
| 292,600 | Haier Smart Home Co., Ltd. - H Shares | $ | 783,788 | |||||
| 84,200 | Midea Group Co., Ltd. | 936,312 | ||||||
| 137,509 | Zhejiang Supor Cookware - A Shares | 877,040 | ||||||
| 2,597,140 | ||||||||
| Application Software: 2.9% | ||||||||
| 597,000 | TravelSky Technology Ltd. | 741,824 | ||||||
| Auto/Cars - Light Trucks: 3.9% | ||||||||
| 363,000 | Geely Automobile Holdings Ltd. | 982,745 | ||||||
| Auto/Trucks Parts & Equipment: 3.5% | ||||||||
| 254,480 | Weichai Power Co., Ltd. - H Shares | 900,548 | ||||||
| Automobiles: 3.6% | ||||||||
| 67,400 | BYD Co. Ltd. | 923,193 | ||||||
| Commercial Banks: 3.4% | ||||||||
| 134,500 | China Merchants Bank Co., Ltd. - H Shares | 852,536 | ||||||
| E-Commerce/Services: 7.2% | ||||||||
| 24,500 | Alibaba Group Holding Ltd. | 381,034 | ||||||
| 4,201 | Alibaba Group Holding Ltd. - ADR | 527,057 | ||||||
| 19,202 | JD.com Inc. | 282,131 | ||||||
| 21,178 | JD.com Inc. - ADR | 626,233 | ||||||
| 1,816,455 | ||||||||
| Electrical Equipment: 3.5% | ||||||||
| 217,758 | Hongfa Technology Co., Ltd. | 887,711 | ||||||
| Energy-Alternate: 4.2% | ||||||||
| 418,070 | Hangzhou First Applied Materials Co., Ltd. | 1,072,082 | ||||||
| Finance: 3.1% | ||||||||
| 15,800 | Hong Kong Exchanges & Clearing Ltd. | 795,257 | ||||||
| Food-Dairy Products: 3.6% | ||||||||
| 238,900 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 915,157 | ||||||
| Home Furnishings: 3.3% | ||||||||
| 447,200 | Suofeiya Home Collection - A Shares | 825,927 | ||||||
| Hotels, Restaurants & Leisure: 3.7% | ||||||||
| 86,300 | Meituan - Class B*,1 | 929,015 | ||||||
GUINNESS ATKINSON CHINA & HONG KONG FUND
Schedule of Investments
at March 31, 2026
| Shares | Common Stocks: 99.1% | Value | ||||||
| Insurance: 7.2% | ||||||||
| 91,200 | AIA Group Ltd. | $ | 1,004,448 | |||||
| 106,500 | Ping An Insurance Group Company of China Ltd. - H Shares | 823,150 | ||||||
| 1,827,598 | ||||||||
| Internet Application Software: 4.4% | ||||||||
| 17,600 | Tencent Holdings Ltd. | 1,108,392 | ||||||
| Internet Content - Entertainment: 2.9% | ||||||||
| 6,669 | NetEase Inc. - ADR | 746,528 | ||||||
| Machinery: 16.3% | ||||||||
| 327,000 | Haitian International Holdings Ltd. | 849,131 | ||||||
| 219,968 | NARI Technology Co., Ltd. - A Shares | 835,163 | ||||||
| 298,497 | Sany Heavy Industry Co., Ltd. - A Shares | 839,035 | ||||||
| 70,600 | Shandong Himile Mechanical Science & Technology Co., Ltd. | 817,913 | ||||||
| 81,954 | Shenzhen Inovance Technology Co., Ltd. - A Shares | 804,207 | ||||||
| 4,145,449 | ||||||||
| Pharmaceuticals: 3.4% | ||||||||
| 1,148,500 | Sino Biopharmaceutical Ltd. | 874,514 | ||||||
| Real Estate Operations/Development: 2.8% | ||||||||
| 476,000 | China Overseas Land & Investments Ltd. | 707,420 | ||||||
| Retail-Apparel: 2.8% | ||||||||
| 117,300 | Shenzhou International Group Holdings Ltd. | 710,822 | ||||||
| Web Portals: 3.2% | ||||||||
| 7,184 | Baidu Inc. - ADR* | 800,441 | ||||||
| Total Common Stock | 25,160,754 | |||||||
| (cost $24,763,967) | ||||||||
| Total Investments in Securities | 25,160,754 | |||||||
| (cost $24,763,967): 99.1% | ||||||||
| Other Assets in Excess of Liabilities: 0.9% | 224,867 | |||||||
| Net Assets: 100.0% | $ | 25,385,621 | ||||||
| * | Non-income producing security. |
ADR - American Depository Receipt
| 1 | Securities noted are exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |