GUINNESS ATKINSON ASIA FOCUS FUND
Schedule of Investments
at March 31, 2024 (Unaudited)
| Shares | | | Common Stocks: 99.1% | | Value | |
| | | | | Australia: 6.6% | | | | |
| | 28,819 | | | Corporate Travel Management Ltd. | | $ | 319,046 | |
| | 19,149 | | | Sonic Healthcare Ltd. | | | 366,963 | |
| | | | | | | | 686,009 | |
| | | | | China: 51.8% | | | | |
| | 8,900 | | | Alibaba Group Holding Ltd. | | | 79,881 | |
| | 1,700 | | | Alibaba Group Holding Ltd. - ADR | | | 123,012 | |
| | 16,900 | | | Autohome Inc. - ADR | | | 443,118 | |
| | 3,400 | | | Baidu Inc. - ADR* | | | 357,952 | |
| | 293,000 | | | China Medical System Holdings Ltd. | | | 307,714 | |
| | 66,500 | | | China Merchants Bank Co., Ltd. - H Shares | | | 262,960 | |
| | 205,000 | | | Geely Automobile Holdings Ltd. | | | 242,010 | |
| | 100,700 | | | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | | | 385,620 | |
| | 380 | | | JD.com In. - CL A | | | 5,239 | |
| | 9,000 | | | JD.com Inc. - ADR | | | 246,510 | |
| | 800 | | | Meituan - Class B* | | | 9,894 | |
| | 148,809 | | | NARI Technology Co., Ltd. - A Shares | | | 494,032 | |
| | 5,200 | | | NetEase Inc. - ADR | | | 538,044 | |
| | 49,000 | | | Ping An Insurance Group Company of China Ltd. - H Shares | | | 206,907 | |
| | 114,600 | | | Sany Heavy Industry Co., Ltd. - A Shares | | | 228,024 | |
| | 44,300 | | | Shenzhou International | | | 419,401 | |
| | 417,000 | | | Sino Biopharmaceutical Ltd. | | | 160,898 | |
| | 8,000 | | | Tencent Holdings Ltd. | | | 310,517 | |
| | 108,400 | | | Venustech Group Inc. - A Shares | | | 310,919 | |
| | 71,960 | | | Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares | | | 235,829 | |
| | | | | | | | 5,368,481 | |
| | | | | Singapore: 4.5% | | | | |
| | 17,562 | | | DBS Group Holdings Ltd. | | | 468,624 | |
| | | | | | | | | |
| | | | | South Korea: 8.6% | | | | |
| | 65,683 | | | Hanon Systems | | | 291,016 | |
| | 10,050 | | | Samsung Electronics Co., Ltd. | | | 601,645 | |
| | | | | | | | 892,661 | |
| | | | | Taiwan: 15.0% | | | | |
| | 41,000 | | | Elite Material Co., Ltd. | | | 516,311 | |
| | 4,800 | | | Largan Precision Co., Ltd. | | | 364,477 | |
| | 2 | | | Shin Zu Shing Co., Ltd. | | | 11 | |
| | 28,000 | | | Taiwan Semiconductor Manufacturing Co., Ltd. | | | 672,833 | |
| | | | | | | | 1,553,632 | |
GUINNESS ATKINSON ASIA FOCUS FUND
Schedule of Investments
at March 31, 2024 (Unaudited)
| Shares | | | Common Stocks: 99.1% | | Value | |
| | | | | United States: 12.6% | | | | |
| | 3,190 | | | Applied Materials Inc. | | $ | 657,874 | |
| | 490 | | | Broadcom Inc. | | | 649,451 | |
| | | | | | | | 1,307,325 | |
| | | | | | | | | |
| | | | | Total Common Stocks | | | 10,276,732 | |
| | | | | (cost $8,498,796) | | | | |
| | | | | | | | | |
| | | | | Total Investments in Securities | | | 10,276,732 | |
| | | | | (cost $8,498,796): 99.1% | | | | |
| | | | | | | | | |
| | | | | Other Assets less Liabilities: 0.9% | | | 90,444 | |
| | | | | | | | | |
| | | | | Net Assets: 100.0% | | $ | 10,367,176 | |
| * | Non-income producing security. |
ADR - American Depository Receipt
