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