GUINNESS ATKINSON ASIA FOCUS FUND

Schedule of Investments

at March 31, 2021 (Unaudited)

Shares		Common Stocks: 99.3%	Value
		Australia: 6.4%
	40,819	Corporate Travel Management Ltd.	$	608,030
	27,471	Sonic Healthcare Ltd.		642,663
				1,250,693
		China: 63.0%
	10,600	Alibaba Group Holding Ltd. - ADR		637,305
	6,700	Autohome Inc. - ADR		624,909
	2,900	Baidu Inc.* -ADR		630,895
	87,669	Beijing Oriental Yuhong - A Shares		683,128
	276,000	China Lesso Group Holdings Ltd.		593,606
	96,000	China Merchants Bank Co., Ltd. - H Shares		629,836
	245,000	Geely Automobile Holdings Ltd.		623,369
	100,700	Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares		613,961
	7,800	JD.com Inc. - ADR		657,774
	150,700	NARI Technology Co., Ltd. - A Shares		714,755
	5,700	NetEase Inc. - ADR		588,582
	48,600	New Oriental Education & Technology Group Inc. - ADR*		680,400
	56,000	Ping An Insurance Group Company of China Ltd. - H Shares		666,680
	114,600	Sany Heavy Industry Co., Ltd. - A Shares		596,075
	27,800	Shenzhou International		576,094
	689,000	Sino Biopharmaceutical Ltd.		689,527
	8,000	Tencent Holdings Ltd.		627,729
	147,400	Venustech Group Inc. - A Shares		749,168
	55,100	Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares		662,902
				12,246,695
		Singapore: 3.5%
	31,968	DBS Group Holdings Ltd.		684,154
		South Korea: 10.4%
	38,530	Hanon Systems		603,027
	9,550	KT&G Corp.		689,320
	10,050	Samsung Electronics Co., Ltd.		725,410
				2,017,757

	Taiwan: 16.0%
79,000	Catcher Technology Co., Ltd.	$	587,087
110,000	Elite Material Co., Ltd.		653,197
4,800	Largan Precision Co., Ltd.		541,391
32,000	Novatek Microelectronics Corp.		646,521
2	Shin Zu Shing Co., Ltd.		9
33,000	Taiwan Semiconductor Manufacturing Co., Ltd.		680,640
			3,108,845
	Total Common Stocks		19,308,144
	(cost $11,060,257)
	Total Investments in Securities		19,308,144
	(cost $11,060,257):  99.3%
	Other Assets less Liabilities:  0.7%		127,628
	Net Assets: 100.0%	$	19,435,772

* Non-income producing security.

ADR - American Depository Receipt