GUINNESS ATKINSON ASIA FOCUS FUND
Schedule of Investments
at September 30, 2023 (Unaudited)
| Shares | | | Common Stocks: 99.3% | | Value | |
| | | | Australia: 6.3% | | | |
| | 28,819 | | | Corporate Travel Management Ltd. | | $ | 312,192 | |
| | 19,149 | | | Sonic Healthcare Ltd. | | | 366,865 | |
| | | | | | | | 679,057 | |
| | | | | China: 55.3% | | | | |
| | 8,900 | | | Alibaba Group Holding Ltd.* | | | 97,288 | |
| | 1,700 | | | Alibaba Group Holding Ltd. - ADR* | | | 147,458 | |
| | 16,900 | | | Autohome Inc. - ADR | | | 512,915 | |
| | 3,400 | | | Baidu Inc.* | | | 456,790 | |
| | 293,000 | | | China Medical System Holdings Ltd. | | | 443,761 | |
| | 66,500 | | | China Merchants Bank Co., Ltd. - H Shares | | | 277,693 | |
| | 205,000 | | | Geely Automobile Holdings Ltd. | | | 241,893 | |
| | 100,700 | | | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | | | 366,104 | |
| | 380 | | | JD.com In. - CL A | | | 5,585 | |
| | 9,000 | | | JD.com Inc. - ADR | | | 262,170 | |
| | 800 | | | Meituan - Class B | | | 11,707 | |
| | 148,809 | | | NARI Technology Co., Ltd. - A Shares | | | 452,506 | |
| | 5,200 | | | NetEase Inc. - ADR | | | 520,832 | |
| | 49,000 | | | Ping An Insurance Group Company of China Ltd. - H Shares | | | 280,644 | |
| | 114,600 | | | Sany Heavy Industry Co., Ltd. - A Shares | | | 249,544 | |
| | 44,300 | | | Shenzhou International | | | 424,289 | |
| | 659,000 | | | Sino Biopharmaceutical Ltd. | | | 238,160 | |
| | 8,000 | | | Tencent Holdings Ltd. | | | 312,818 | |
| | 108,400 | | | Venustech Group Inc. - A Shares | | | 419,500 | |
| | 71,960 | | | Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares | | | 268,421 | |
| | | | | | | | 5,990,078 | |
| | | | | Singapore: 4.5% | | | | |
| | 19,962 | | | DBS Group Holdings Ltd. | | | 491,220 | |
| | | | | | | | | |
| | | | | South Korea: 10.2% | | | | |
| | 38,530 | | | Hanon Systems | | | 268,361 | |
| | 980 | | | LG Household & Health Care Ltd. | | | 323,531 | |
| | 10,050 | | | Samsung Electronics Co., Ltd. | | | 508,266 | |
| | | | | | | | 1,100,158 | |
| | | | | Taiwan: 13.4% | | | | |
| | 51,000 | | | Elite Material Co., Ltd. | | | 676,648 | |
| | 4,800 | | | Largan Precision Co., Ltd. | | | 317,679 | |
| | 2 | | | Shin Zu Shing Co., Ltd. | | | 5 | |
| | 28,000 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 453,951 | |
| | | | | | | | 1,448,283 | |
GUINNESS ATKINSON ASIA FOCUS FUND
Schedule of Investments
at September 30, 2023 (Unaudited)
| Shares | | | Common Stocks: 99.3% | | Value | |
| | | | United States: 9.6% | | | |
| | 3,508 | | | Applied Materials Inc. | | $ | 485,683 | |
| | 670 | | | Broadcom Inc. | | | 556,489 | |
| | | | | | | | 1,042,172 | |
| | | | | | | | | |
| | | | | Total Common Stocks | | $ | 10,750,968 | |
| | | | | (cost $9,164,978) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 10,750,968 | |
| | | | | (cost $9,164,978): 99.3% | | | | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 0.7% | | | 75,830 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 10,826,798 | |
| * | Non-income producing security. |
ADR - American Depository Receipt
