GUINNESS ATKINSON ASIA FOCUS FUND
Schedule of Investments
at September 30, 2022 (Unaudited)
| | | | | | | |
| Shares | | | Common Stocks: 96.4% | | Value | |
| | | | | Australia: 6.8% | | | | |
| | 28,819 | | | Corporate Travel Management Ltd. | | $ | 304,658 | |
| | 19,149 | | | Sonic Healthcare Ltd. | | | 373,079 | |
| | | | | | | | 677,737 | |
| | | | | | | | | |
| | | | | China: 57.6% | | | | |
| | 8,900 | | | Alibaba Group Holding Ltd. | | | 89,251 | |
| | 1,700 | | | Alibaba Group Holding Ltd. - ADR | | | 135,983 | |
| | 16,900 | | | Autohome Inc. - ADR | | | 486,044 | |
| | 3,400 | | | Baidu Inc.* -ADR | | | 399,466 | |
| | 293,000 | | | China Medical System Holdings Ltd. | | | 349,249 | |
| | 66,500 | | | China Merchants Bank Co., Ltd. - H Shares | | | 307,106 | |
| | 205,000 | | | Geely Automobile Holdings Ltd. | | | 279,762 | |
| | 100,700 | | | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | | | 464,733 | |
| | 380 | | | JD.com In. - CL A | | | 9,566 | |
| | 9,000 | | | JD.com Inc. - ADR | | | 452,700 | |
| | 124,008 | | | NARI Technology Co., Ltd. - A Shares | | | 429,918 | |
| | 5,200 | | | NetEase Inc. - ADR | | | 393,120 | |
| | 49,000 | | | Ping An Insurance Group Company of China Ltd. - H Shares | | | 241,117 | |
| | 114,600 | | | Sany Heavy Industry Co., Ltd. - A Shares | | | 221,996 | |
| | 27,800 | | | Shenzhou International | | | 214,497 | |
| | 659,000 | | | Sino Biopharmaceutical Ltd. | | | 308,072 | |
| | 8,000 | | | Tencent Holdings Ltd. | | | 270,669 | |
| | 108,400 | | | Venustech Group Inc. - A Shares | | | 306,019 | |
| | 60,160 | | | Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares | | | 396,874 | |
| | | | | | | | 5,756,142 | |
| | | | | Singapore: 5.5% | | | | |
| | 23,862 | | | DBS Group Holdings Ltd. | | | 553,491 | |
| | | | | | | | | |
| | | | | South Korea: 9.2% | | | | |
| | 38,530 | | | Hanon Systems | | | 221,193 | |
| | 760 | | | LG Household & Health Care Ltd. | | | 331,581 | |
| | 10,050 | | | Samsung Electronics Co., Ltd. | | | 368,117 | |
| | | | | | | | 920,891 | |
| | | | | Taiwan: 9.4% | | | | |
| | 63,000 | | | Elite Material Co., Ltd. | | $ | 314,962 | |
| | 4,800 | | | Largan Precision Co., Ltd. | | | 251,735 | |
| | 2 | | | Shin Zu Shing Co., Ltd. | | | 6 | |
| | 28,000 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 371,121 | |
| | | | | | | | 937,824 | |
| | | | | United States: 7.9% | | | | |
| | 3,508 | | | Applied Materials Inc. | | | 287,410 | |
| | 1,120 | | | Broadcom Inc. | | | 497,291 | |
| | | | | | | | 784,701 | |
| | | | | | | | | |
| | | | | Total Common Stocks | | $ | 9,630,786 | |
| | | | | (cost $9,618,956) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 9,630,786 | |
| | | | | (cost $9,618,956): 96.4% | | | | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 3.6% | | | 360,724 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 9,991,510 | |
| * | Non-income producing security. |
ADR - American Depository Receipt
