GUINNESS ATKINSON GLOBAL INNOVATORS FUND
Schedule of Investments
at September 30, 2020 (Unaudited)
| Shares | Common Stocks: 98.3% | Value | ||||||
| Application Software: 6.4% | ||||||||
| 45,510 | Check Point Software Technologies Ltd | $ | 5,476,673 | |||||
| 30,790 | Microsoft Corp. | 6,476,061 | ||||||
| 11,952,734 | ||||||||
| Athletic Footwear: 3.6% | ||||||||
| 52,038 | NIKE Inc. | 6,532,850 | ||||||
| Cable/Satellite TV: 2.9% | ||||||||
| 117,060 | Comcast Corp. - Class A | 5,415,195 | ||||||
| Commercial Services: 3.5% | ||||||||
| 33,327 | PayPal Holdings, Inc.* | 6,566,419 | ||||||
| Diversified Manufacturing Operations: 7.1% | ||||||||
| 31,259 | Danaher Corp. | 6,731,000 | ||||||
| 14,540 | Thermo Fisher Scientific Inc. | 6,419,701 | ||||||
| 13,150,701 | ||||||||
| E-Commerce: 3.4% | ||||||||
| 2,040 | Amazon.com Inc.* | 6,423,409 | ||||||
| Electronic Components - Semiconductor: 10.8% | ||||||||
| 238,495 | Infineon Technologies AG | 6,706,570 | ||||||
| 13,704 | NVIDIA Corp. | 7,416,879 | ||||||
| 4,674 | Samsung Electronics Co., Ltd. - GDR | 5,919,304 | ||||||
| 20,042,753 | ||||||||
| Enterprise Software/Services: 7.0% | ||||||||
| 13,740 | Adobe Inc.* | 6,738,508 | ||||||
| 40,589 | SAP SE | 6,307,032 | ||||||
| 13,045,540 | ||||||||
| Finance - Other Services: 9.5% | ||||||||
| 57,973 | Intercontinental Exchange, Inc. | 5,800,199 | ||||||
| 18,270 | Mastercard Inc . | 6,178,366 | ||||||
| 28,280 | Visa Inc. | 5,655,152 | ||||||
| 17,633,717 | ||||||||
| Internet Application Software: 3.6% | ||||||||
| 98,100 | Tencent Holdings Ltd. | 6,614,512 | ||||||
| Internet Content: 3.3% | ||||||||
| 23,690 | Facebook Inc.* | 6,204,411 | ||||||
| Machinery - Electric Utility: 3.4% | ||||||||
| 253,300 | ABB Ltd. | $ | 6,434,748 | |||||
| Machinery: 3.1% | ||||||||
| 14,580 | Roper Industries, Inc. | 5,760,704 | ||||||
| Metal Instrument: 3.1% | ||||||||
| 55,640 | Medtronic PLC | 5,782,109 | ||||||
| Networking Products: 2.4% | ||||||||
| 115,767 | Cisco Systems Inc. | 4,560,062 | ||||||
| Pharmaceutical: 2.7% | ||||||||
| 82,930 | Bristol-Myers Squibb Co | 4,999,850 | ||||||
| Power Conversion/Supply Equipment: 3.5% | ||||||||
| 51,985 | Schneider Electric SE | 6,442,225 | ||||||
| Retail - Apparel: 3.4% | ||||||||
| 606,000 | ANTA Sports Products Ltd. | 6,347,340 | ||||||
| Schools: 3.0% | ||||||||
| 37,320 | New Oriental Education & Technology Group Inc. - ADR* | 5,579,340 | ||||||
| Semiconductor: 9.5% | ||||||||
| 101,740 | Applied Materials Inc. | 6,048,443 | ||||||
| 31,150 | KLA-Tencor Corp. | 6,035,001 | ||||||
| 17,020 | Lam Research Corp. | 5,646,385 | ||||||
| 17,729,829 | ||||||||
| Web Portals: 3.1% | ||||||||
| 4,000 | Alphabet Inc. - A Shares* | 5,862,400 | ||||||
| Total Common Stocks | $ | 183,080,848 | ||||||
| (cost $96,282,519) | ||||||||
| Total Investments in Securities | 183,080,848 | |||||||
| (cost $96,282,519): 98.3% | ||||||||
| Other Assets less Liabilities: 1.7% | 3,170,221 | |||||||
| Net Assets: 100.0% | $ | 186,251,069 |
| * | Non-income producing security. |
ADR - American Depository Receipt
GDR - Global Depository Receipt
PLC - Public Limited Company