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