GUINNESS ATKINSON ASIA FOCUS FUND
Schedule of Investments
at March 31, 2023 (Unaudited)
| | | | | | | |
| Shares | | | Common Stocks: 98.6% | | Value | |
| | | | | Australia: 6.8% | | | | |
| | 28,819 | | | Corporate Travel Management Ltd. | | $ | 351,695 | |
| | 19,149 | | | Sonic Healthcare Ltd. | | | 448,532 | |
| | | | | | | | 800,227 | |
| | | | | China: 58.9% | | | | |
| | 8,900 | | | Alibaba Group Holding Ltd. | | | 113,010 | |
| | 1,700 | | | Alibaba Group Holding Ltd. - ADR | | | 173,706 | |
| | 16,900 | | | Autohome Inc. - ADR | | | 565,643 | |
| | 3,400 | | | Baidu Inc.* -ADR | | | 513,128 | |
| | 293,000 | | | China Medical System Holdings Ltd. | | | 463,156 | |
| | 66,500 | | | China Merchants Bank Co., Ltd. - H Shares | | | 339,724 | |
| | 205,000 | | | Geely Automobile Holdings Ltd. | | | 263,202 | |
| | 100,700 | | | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | | | 425,867 | |
| | 380 | | | JD.com In. - CL A | | | 8,178 | |
| | 9,000 | | | JD.com Inc. - ADR | | | 395,010 | |
| | 800 | | | Meituan - Class B* | | | 14,593 | |
| | 124,008 | | | NARI Technology Co., Ltd. - A Shares | | | 489,909 | |
| | 5,200 | | | NetEase Inc. - ADR | | | 459,888 | |
| | 49,000 | | | Ping An Insurance Group Company of China Ltd. - H Shares | | | 317,481 | |
| | 114,600 | | | Sany Heavy Industry Co., Ltd. - A Shares | | | 284,759 | |
| | 44,300 | | | Shenzhou International | | | 462,968 | |
| | 659,000 | | | Sino Biopharmaceutical Ltd. | | | 369,182 | |
| | 8,000 | | | Tencent Holdings Ltd. | | | 390,375 | |
| | 108,400 | | | Venustech Group Inc. - A Shares | | | 525,371 | |
| | 60,160 | | | Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares | | | 353,808 | |
| | | | | | | | 6,928,958 | |
| | | | | Singapore: 5.0% | | | | |
| | 23,862 | | | DBS Group Holdings Ltd. | | | 593,593 | |
| | | | | | | | | |
| | | | | South Korea: 7.7% | | | | |
| | 38,530 | | | Hanon Systems | | | 260,334 | |
| | 330 | | | LG Household & Health Care Ltd. | | | 152,510 | |
| | 10,050 | | | Samsung Electronics Co., Ltd. | | | 495,527 | |
| | | | | | | | 908,371 | |
| | | | | Taiwan: 10.4% | | | | |
| | 63,000 | | | Elite Material Co., Ltd. | | | 378,854 | |
| | 4,800 | | | Largan Precision Co., Ltd. | | | 343,703 | |
| | 2 | | | Shin Zu Shing Co., Ltd. | | | 6 | |
| | 28,000 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 494,941 | |
| | | | | | | | 1,217,504 | |
GUINNESS ATKINSON ASIA FOCUS FUND
Schedule of Investments
at March 31, 2023 (Unaudited)
| | | | | | | |
| Shares | | | Common Stocks: 98.6% | | Value | |
| | | | | United States: 9.8% | | | | |
| | 3,508 | | | Applied Materials Inc. | | $ | 430,888 | |
| | 1,120 | | | Broadcom Inc. | | | 718,525 | |
| | | | | | | | 1,149,413 | |
| | | | | | | | | |
| | | | | Total Common Stocks | | $ | 11,598,066 | |
| | | | | (cost $9,162,867) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 11,598,066 | |
| | | | | (cost $9,162,867): 98.6% | | | | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 1.4% | | | 158,956 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 11,757,022 | |
| * | Non-income producing security. |
ADR - American Depository Receipt
