GUINNESS ATKINSON ASIA PACIFIC DIVIDEND BUILDER FUND
Schedule of Investments
at September 30, 2020 (Unaudited)
| Shares | | | Common Stocks: 98.9% | | Value | |
| | | | | Australia: 8.2% | | | | |
| | 8,720 | | | Corporate Travel Management Ltd. | | $ | 109,271 | |
| | 2,927 | | | JB Hi-Fi Ltd. | | | 99,481 | |
| | 4,078 | | | Sonic Healthcare Ltd. | | | 97,085 | |
| | | | | | | | 305,837 | |
| | | | | China: 34.5% | | | | |
| | 126,000 | | | China Construction Bank Corp. - H Shares | | | 82,262 | |
| | 191,000 | | | China Lilang Ltd. | | | 105,211 | |
| | 93,000 | | | China Medical System Holdings - H Shares | | | 103,147 | |
| | 21,500 | | | China Merchants Bank Co., Ltd. - H Shares | | | 102,309 | |
| | 14,500 | | | China Mobile Ltd. | | | 93,236 | |
| | 22,000 | | | China Resources Gas Group Ltd. | | | 98,654 | |
| | 22,000 | | | Inner Mongolia Yili Industrial Group Co., Ltd. | | | 125,704 | |
| | 220 | | | NetEase In.c - ADR | | | 100,027 | |
| | 9,000 | | | Ping An Insurance Group Co of China Ltd - H Shares | | | 93,233 | |
| | 8,500 | | | Shenzhou International | | | 145,158 | |
| | 30,700 | | | Suofeiya Home Collection | | | 119,818 | |
| | 9,794 | | | Zhejiang Supor Cookware | | | 114,318 | |
| | | | | | | | 1,283,077 | |
| | | | | Hong Kong: 5.3% | | | | |
| | 35,000 | | | BOC Hong Kong Holdings Ltd. | | | 93,055 | |
| | 12,700 | | | Link REIT/The | | | 103,953 | |
| | | | | | | | 197,008 | |
| | | | | India: 2.8% | | | | |
| | 9,620 | | | Tech Mahindra Ltd. | | | 103,681 | |
| | | | | | | | | |
| | | | | Malaysia: 2.4% | | | | |
| | 23,600 | | | Public Bank Bhd | | | 89,178 | |
| | | | | | | | | |
| | | | | Singapore: 8.0% | | | | |
| | 40,168 | | | Ascendas Real Estate Investment Trust - REIT | | | 96,036 | |
| | 72,900 | | | CapitaLand Mall Trust - REIT | | | 103,701 | |
| | 6,564 | | | DBS Group Holdings Ltd. | | | 96,372 | |
| | | | | | | | 296,109 | |
| | | | | South Korea: 6.1% | | | | |
| | 11,720 | | | Hanon Systems | | | 124,149 | |
| | 1,460 | | | KT&G Corp. | | | 102,925 | |
| | | | | | | | 227,074 | |
| | | | | Taiwan: 21.5% | | | | |
| | 14,000 | | | Catcher Technology Co., Ltd. | | $ | 88,547 | |
| | 21,000 | | | Elite Material Co., Ltd. | | | 107,102 | |
| | 35,517 | | | Hon Hai Precision Industry Co., Ltd. | | | 95,572 | |
| | 800 | | | Largan Precision Co., Ltd. | | | 93,893 | |
| | 9,000 | | | Nien Made Enterprise Co., Ltd. | | | 107,822 | |
| | 11,000 | | | Novatek Microelectronics Corp. | | | 101,690 | |
| | 10,000 | | | St Shine Optical Co., Ltd. | | | 98,633 | |
| | 7,000 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 105,878 | |
| | | | | | | | 799,137 | |
| | | | | Thailand: 4.7% | | | | |
| | 83,200 | | | PTT PCL/Foreign | | | 85,377 | |
| | 43,600 | | | Tisco Financial Group PCL/Foreign | | | 88,242 | |
| | | | | | | | 173,619 | |
| | | | | United States: 5.4% | | | | |
| | 2,700 | | | Aflac Inc. | | | 98,145 | |
| | 900 | | | QUALCOMM Inc. | | | 105,912 | |
| | | | | | | | 204,057 | |
| | | | | | | | | |
| | | | | Total Common Stocks | | | 3,678,777 | |
| | | | | (cost $2,790,877) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 3,678,777 | |
| | | | | (cost $2,790,877): 98.9% | | | | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 1.1% | | | 39,986 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 3,718,763 | |
PLC - Public Limited Company
REIT - Real Estate Investment Trust
