# EDGAR Filing Document

**Accession Number:** 0000919160
**File Stem:** 0001398344-25-017802
**Filing Date:** 2025-9
**Character Count:** 153411
**Document Hash:** 904f91208cedeb5ffe6401a3d468149a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017802.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001398344-25-017802

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUINNESS ATKINSON FUNDS
- **CENTRAL INDEX KEY:** 0000919160

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08360
- **FILM NUMBER:** 251299291

**BUSINESS ADDRESS:**
- **STREET 1:** 251 SOUTH LAKE AVE
- **STREET 2:** SUITE 800
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101
- **BUSINESS PHONE:** 626-914-1041

**MAIL ADDRESS:**
- **STREET 1:** 251 SOUTH LAKE AVE
- **STREET 2:** SUITE 800
- **CITY:** PASADENA
- **STATE:** CA
- **ZIP:** 91101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESTEC FUNDS
- **DATE OF NAME CHANGE:** 20000927

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUINNESS FLIGHT INVESTMENT FUNDS
- **DATE OF NAME CHANGE:** 19970506

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUINNESS FLIGHT INVESTMENT FUNDS INC
- **DATE OF NAME CHANGE:** 19940217

## Series and Classes Contracts Data

### Guinness Atkinson Asia Focus Fund (Series ID: S000005893)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000016117 | Guinness Atkinson Asia Focus Fund | IASMX           |

### Guinness Atkinson China & Hong Kong Fund (Series ID: S000005894)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000016118 | Guinness Atkinson China & Hong Kong Fund | ICHKX           |

### Guinness Atkinson Global Innovators Fund (Series ID: S000005895)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000016119 | Guinness Atkinson Global Innovators Fund - Investor Class      | IWIRX           |
| C000161072 | Guinness Atkinson Global Innovators Fund - Institutional Class | GINNX           |

### Guinness Atkinson Global Energy Fund (Series ID: S000005896)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000016120 | Guinness Atkinson Global Energy Fund | GAGEX           |

### Guinness Atkinson Alternative Energy Fund (Series ID: S000009156)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000024897 | Guinness Atkinson Alternative Energy Fund | GAAEX           |

?xml version='1.0' encoding='ASCII'? Guinness Atkinson Funds TSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

 **MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-08360</u>**

**<u>GUINNESS ATKINSON FUNDS</u>**

(Exact name of registrant as specified in charter)

**251 South Lake Avenue, Suite 800**

 **Pasadena, CA 91101**

(Address of principal executive offices) (Zip code)

**James J. Atkinson, Jr.**

 **251 South Lake Avenue, Suite 800**

**Pasadena, CA 91101**

(Name and address of agent for service)

**<u>(800) 915-6566</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Report to Stockholders.</u>**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), is as follows:

---

| | |
|:---|:---|
| ![](guinness_logo.jpg) | **Guinness Atkinson Alternative Energy Fund**<br>**GAAEX**<br>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the Guinness Atkinson Alternative Energy Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/alternative-energy-fund/. You can also request this information by contacting us at (800) 915-6565.*

#### What were the Fund costs for the last six months?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Alternative Energy Fund | $58 | 1.11% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the Guinness Atkinson Alternative Energy Fund produced a total return of 12.13% vs the MSCI World Index (net return) of 9.47%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following.**

Within our portfolio, the top contributing segments were our electrical installation and electrification sectors, while underperforming segments included our solar/wind equipment and auto-exposed electrification names. We are encouraged at the diversity and breadth of contribution within the portfolio, with our top ten contributors equally split across US and Europe and representing all five of our master themes. Key discussion points were as follows:

* Our electrical equipment companies all performed well, driven by an acceleration in global electrification activity, grid spending and, in select cases (such as Legrand), exposure to the data centre sub-sector. One of the fund's top contributors was SPIE which delivered upgraded guidance at its Capital Markets Day and benefitted from higher German infrastructure spending.

* Amphenol shares performed strongly, having materially beaten revenue and operating margins expectations in 1Q results. Amphenol's IT interconnect solutions "IT Datacom" segment delivered +134% YoY growth (reflecting data centre and AI exposure) while four of its seven non-AI end markets posted mid-teens or better growth.

* Deal activity remained strong within the space, with Johnson Matthey contributing well having accepted a bid for its Catalyst Technologies division for £1.8bn from Honeywell, at an implied attractive valuation of 15x TTM EBITDA. Management plan to return ~£1.4bn (60% of current market cap) to shareholders once the deal is closed.

* Sectors and companies in the portfolio that were relatively weaker over the period included: Enphase was directly affected by the cuts in subsidy to residential solar tax credits. Gentherm suffered from auto cycle weakness and uncertainties around Trump's tariffs. Owens Corning suffered after highlighting weakness in the North America Residential market. Ameresco was weak after management noted some uncertainty around federal government projects in its $2.5 billion backlog of contracted projects.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0094683-8_sa51.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Alternative Energy Fund | 12.13% | 2.61% | 9.88% | 4.89% |
| MSCI World Index (Net Return) | 9.47% | 16.26% | 14.55% | 10.66% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/alternative-energy-fund/#fund_performance.

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $16147922 |
| Number of Portfolio Holdings | 31 |
| Portfolio Turnover Rate (%) | 12% |

---

#### What did the Fund invest in?
*(as of June 30, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Legrand SA | 5.00% |
| Iberdrola SA | 4.90% |
| Eaton Corp PLC | 4.90% |
| Schneider Electric SE | 4.80% |
| Siemens AG | 4.80% |
| Trane Technologies PLC | 4.80% |
| Hubbell Inc | 4.60% |
| Amphenol Corp | 4.30% |
| Spie SA | 4.20% |
| Nextera Energy Inc | 4.20% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0094683-8_sa52.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where can I find additional information about the Fund?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/alternative-energy-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, the Trust may mail only one copy of Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). The Trust will be sending you individual copies thirty days after receiving your request.

---

| | |
|:---|:---|
| ![](guinness_logo.jpg) | **Guinness Atkinson Asia Focus Fund**<br>**IASMX**<br>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the Guinness Atkinson Asia Focus Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/asia-focus-fund/. You can also request this information by contacting us at (800) 915-6565.*

#### What were the Fund costs for the last six months?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Asia Focus Fund | $105 | 1.98% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the Guinness Atkinson Asia Focus Fund produced a total return of 14.43% vs the MSCI AC Far East ex Japan Index (net return) of 16.88%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

* Asian markets were strong over the period, led by China, Hong Kong, Korea, Taiwan and Singapore. US fiscal and trade policies combined with high domestic stock valuations have prompted moves to diversify from heavy US stock exposure. Asia, along with Europe, has been a beneficiary.

* Leading sectors were Communication Services, Industrials, Financials, Health Care and Technology.

* Health Care was the top contributor to relative performance in the first half of 2025 with Sino Biopharmaceutical and China Medical Systems both rising around 60% on improving sentiment around China's home-grown research and development. Other significant contributors were Elite Material and Broadcom, both benefiting from the significant AI and datacenter capital expenditure plans.

* The Fund's weakest performer was Meituan, a Chinese food delivery company currently embroiled in intense competition with JD.Com, whose share price also fell over the period. Shenzhou International a textile maker and Haitian International a maker of machinery, specifically plastic injection molding machines, were both weaker on trade uncertainty.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0094683-3_sa51.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Asia Focus Fund | 14.43% | 19.02% | 2.96% | 3.95% |
| MSCI AC Far East ex Japan Index (Net Return) | 16.88% | 21.69% | 4.86% | 4.84% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/asia-focus-fund/#fund_performance.

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $10688651 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 12% |

---

#### What did the Fund invest in?
*(as of June 30, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co Ltd | 5.80% |
| Tencent Holdings Ltd | 4.30% |
| NetEase Inc - ADR | 4.30% |
| Samsung Electronics Co Ltd | 4.10% |
| China Merchants Bank Co Ltd - H Shares | 4.00% |
| China Medical System Holdings Ltd | 3.90% |
| DBS Group Holdings | 3.80% |
| Broadcom Inc | 3.50% |
| JD.com Inc | 3.40% |
| Applied Materials Inc | 3.40% |

---

*Industry Breakdown (% of net assets)*

---

| | |
|:---|:---|
| **Sector** | **% of Net Assets** |
| Electronic Components - Semiconductor | 11.10% |
| Commercial Banks | 7.80% |
| E-Commerce/Services | 6.20% |
| Semiconductor Components - Integrated Circuits | 5.80% |
| Internet Application Software | 4.30% |
| Entertainment Software | 4.30% |
| Medical Products | 3.90% |
| E-Commerce/Products | 3.60% |
| Electronic Component Miscellaneous | 3.40% |
| Machinery - Construction & Mining | 3.40% |
| Metal Processors & Fabricators | 3.30% |
| Machinery - General Industries | 3.30% |
| Internet & Direct Marketing Retail | 3.30% |
| Personal Care Products | 3.20% |
| MRI/Medical Diagnostic Imaging | 3.20% |
| Auto - Cars/Light Trucks | 3.10% |
| Photo Equipment & Supplies | 3.10% |
| Food - Dairy Products | 3.00% |
| Textile - Apparel | 3.00% |
| Building Products - Cement/Aggregates | 3.00% |
| Travel Services | 2.90% |
| Insurance | 2.90% |
| Rental Auto/Equipment | 2.70% |
| Pharmaceuticals | 2.60% |

---

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where can I find additional information about the Fund?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/asia-focus-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, the Trust may mail only one copy of Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). The Trust will be sending you individual copies thirty days after receiving your request.

---

| | |
|:---|:---|
| ![](guinness_logo.jpg) | **Guinness Atkinson China & Hong Kong Fund**<br>**ICHKX**<br>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the Guinness Atkinson China & Hong Kong Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/china-hong-kong-fund/. You can also request this information by contacting us at (800) 915-6565.*

#### What were the Fund costs for the last six months?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson China & Hong Kong Fund | $99 | 1.89% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the Guinness Atkinson China & Hong Kong Fund produced a total return of 11.70% vs the MSCI China Index (net return) of 17.33%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following:**

Areas which helped the Fund's performance were:

* Stock selection in the Health Care sector, driven by Sino Biopharmaceutical.

* Stock selection in the Industrials sector, driven by Shenzhen Inovance Technology and Sany Heavy Industry.

Areas which detracted from the Fund's relative performance were:

* The Fund's lower exposure to AI related names and large cap stocks in Hong Kong in the first quarter. Alibaba was the strongest stock in the first quarter and is the second largest stock in the MSCI China Index, accounting for 9.7% the index. In the first quarter it rose 56% due to its exposure to AI in China. The Fund is run on an equally weighted basis and so each position has a neutral weight of 3.3%. As Alibaba outperformed in the first quarter, the Fund benefited from less of its outperformance than the index.

* Ultimately, the Fund's underweight to the following large cap stocks explains most of its underperformance versus the index: Alibaba and Tencent (both held), and Xiaomi, BYD and Pinduoduo (none held at the time). In the second quarter, we reduced the Fund's underweight to large cap offshore stocks by buying BYD and Meituan.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0094683-4_sa51.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson China & Hong Kong Fund | 11.70% | 21.70% | -2.96% | 0.36% |
| MSCI China Index (Net Return) | 17.33% | 33.78% | -0.99% | 2.11% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/china-hong-kong-fund/#fund_performance.

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $24942641 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate (%) | 14% |

---

#### What did the Fund invest in?
*(as of June 30, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Tencent Holdings Ltd | 4.50% |
| NetEase Inc - ADR | 4.50% |
| Sino Biopharmaceutical Ltd | 4.50% |
| Shandong Himile Mechanical Science & Technology Co Ltd | 4.10% |
| AIA Group Ltd | 4.10% |
| Hong Kong Exchanges & CL | 3.90% |
| Geely Automobile Holdings Ltd | 3.90% |
| Shenzhen H&T Intelligent Control Co., Ltd. | 3.80% |
| China Merchants Bank Co Ltd - H Shares | 3.80% |
| Weichai Power Co Ltd - H Shares | 3.70% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0094683-4_sa52.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where can I find additional information about the Fund?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/china-hong-kong-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, the Trust may mail only one copy of Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). The Trust will be sending you individual copies thirty days after receiving your request.

---

| | |
|:---|:---|
| ![](guinness_logo.jpg) | **Guinness Atkinson Global Energy Fund**<br>**GAGEX**<br>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the Guinness Atkinson Global Energy Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/global-energy-fund/. You can also request this information by contacting us at (800) 915-6565.*

#### What were the Fund costs for the last six months?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Guinness Atkinson Global Energy Fund | $74 | 1.45% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the Guinness Atkinson Global Energy Fund produced a total return of 5.31% vs the MSCI World Index (net return) of 9.47%.

***What affected the Fund's performance?***

**Fund performance can be attributed to the following.**

Within the Global Energy Fund over the period, stronger performers included:

* **European Integrateds:** seven of the top ten contributors were European integrateds, reflecting strength in broader European stock markets and a tilting away from low carbon investments back towards growth from fossil fuels.

* **Canadian integrateds:** Canadian oil benchmarks strengthened versus WTI, boosting cashflows, whilst tensions in the Middle East provided a reminder of the energy security qualities of Canadian oil supply.

* **US refining:** tighter refining capacity kept refining margins higher. Particular beneficiaries included Valero Energy and US major, Exxon.

Sectors in the portfolio that were relatively weaker over the period included:

* **Services:** Large cap diversified service companies Halliburton, Schlumberger and Baker Hughes underperformed, driven by a declining US oil/gas rig count and continued capital discipline from E&Ps and integrated oils.

* **US E&Ps:** Oil producers such as Devon, Diamondback and Conocophillips tend to have the greatest operational leverage in the portfolio to oil prices. With the spot Brent price down by 9% since the start of the year, so cashflows for these companies have shrunk.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0094683-7_sa51.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Global Energy Fund | 5.31% | -6.07% | 18.36% | 1.56% |
| MSCI World Index (Net Return) | 9.47% | 16.26% | 14.55% | 10.66% |
| MSCI World Energy Index (Net Return) | 4.56% | -0.84% | 19.12% | 4.58% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/global-energy-fund/#fund_performance.

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $9610826 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 0% |

---

#### What did the Fund invest in?
*(as of June 30, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Shell PLC | 6.10% |
| Chevron Corp | 5.40% |
| TotalEnergies SE | 5.40% |
| Exxon Mobil Corp | 5.30% |
| Kinder Morgan Inc | 4.50% |
| Imperial Oil Ltd | 4.50% |
| Valero Energy Corp | 4.20% |
| Suncor Energy Inc | 4.20% |
| BP PLC | 4.10% |
| ConocoPhillips | 4.00% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0094683-7_sa52.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where can I find additional information about the Fund?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/global-energy-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, the Trust may mail only one copy of Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). The Trust will be sending you individual copies thirty days after receiving your request.

---

| | |
|:---|:---|
| ![](guinness_logo.jpg) | **Guinness Atkinson Global Innovators Fund**<br>**Investor Class/IWIRX**<br>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the Guinness Atkinson Global Innovators Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.*

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor Class | $65 | 1.24% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the Guinness Atkinson Global Innovators Fund – Investor Class produced a total return of 10.32% vs the MSCI World Index (net return) of 9.47%.

***What affected the Fund's performance?***

**Fund performance can be attributed to:**

* The Fund overweight position to the Information Technology sector provided the greatest tailwind to outperformance, bolstered by strong selection effects within the sector. Fund holding Amphenol delivered strong gains (+42.8% USD), though the Fund benefitted from an underweight position to Apple (-17.9% USD) as the stock has struggled in the face of tariffs and related supply chain disruptions.

* The Fund also benefitted from strong stock selection within the Consumer Discretionary and Communication Services sectors driven by off benchmark holding Anta Sports (+21.6% USD) and Netflix (50.2% USD) which delivered stellar performance.

* With the prospect of a changing regulatory environment and the threat of tariffs, stocks within the Healthcare sector struggled, creating a slight headwind to performance, namely Novo Nordisk (-18.9% USD) and Thermo Fisher (-21.9% USD).From an asset allocation perspective, the Fund benefitted from a zero-weight allocation to Energy, Consumer Staples, Materials and Real Estate.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0094683-6_sa51.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Global Innovators Fund - Investor Class | 10.32% | 11.42% | 14.91% | 13.33% |
| MSCI World Index (Net Return) | 9.47% | 16.26% | 14.55% | 10.66% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/global-innovators-fund/#fund_performance.

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $198382391 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 1% |

---

#### What did the Fund invest in?
*(as of June 30, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Netflix Inc | 4.20% |
| Amphenol Corp | 4.10% |
| NVIDIA Corp | 4.10% |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.90% |
| ANTA Sports Products Ltd | 3.90% |
| Meta Platforms Inc. - Class A | 3.80% |
| Intuit Inc | 3.80% |
| Mastercard Inc | 3.70% |
| KLA-Tencor Corp | 3.70% |
| Intercontinental Exchange Inc | 3.60% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0094683-6_sa52.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where can I find additional information about the Fund?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, the Trust may mail only one copy of Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). The Trust will be sending you individual copies thirty days after receiving your request.

---

| | |
|:---|:---|
| ![](guinness_logo.jpg) | **Guinness Atkinson Global Innovators Fund**<br>**Institutional Class/GINNX**<br>**Semi-Annual Shareholder Report** |

---

**June 30, 2025**

*This semi-annual shareholder report contains important information about the Guinness Atkinson Global Innovators Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.*

**This report describes changes to the Fund that occurred during the reporting period.**

#### What were the Fund costs for the last six months?
*(based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Institutional Class | $52 | 0.99% |

---

#### How did the Fund perform during the reporting period?
In the first half of 2025, the Guinness Atkinson Global Innovators Fund – Institutional Class produced a total return of 10.46% vs the MSCI World Index (net return) of 9.47%.

***What affected the Fund's performance?***

**Fund performance can be attributed to:**

* The Fund overweight position to the Information Technology sector provided the greatest tailwind to outperformance, bolstered by strong selection effects within the sector. Fund holding Amphenol delivered strong gains (+42.8% USD), though the Fund benefitted from an underweight position to Apple (-17.9% USD) as the stock has struggled in the face of tariffs and related supply chain disruptions.

* The Fund also benefitted from strong stock selection within the Consumer Discretionary and Communication Services sectors driven by off benchmark holding Anta Sports (+21.6% USD) and Netflix (50.2% USD) which delivered stellar performance.

* With the prospect of a changing regulatory environment and the threat of tariffs, stocks within the Healthcare sector struggled, creating a slight headwind to performance, namely Novo Nordisk (-18.9% USD) and Thermo Fisher (-21.9% USD).

* From an asset allocation perspective, the Fund benefitted from a zero-weight allocation to Energy, Consumer Staples, Materials and Real Estate.

#### Fund Performance
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund, or for the life of the Fund, if shorter. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

![Ad2 Performance Graph](fp0094683-5_sa51.jpg)

#### Average Annual Total Return

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Months (Actual)** | **1 Year** | **5 Years** | **10 Years** |
| Guinness Atkinson Global Innovators Fund - Institutional Class | 10.46% | 11.69% | 15.19% | 13.60% |
| MSCI World Index (Net Return) | 9.47% | 16.26% | 14.55% | 10.66% |

---

**The fund's past performance is not a good predictor of how the fund will perform in the future.** **The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.**

For the most recent performance information, visit https://www.gafunds.com/our-funds/global-innovators-fund/#fund_performance.

#### What are some key Fund statistics?
*(as of June 30, 2025)*

---

| | |
|:---|:---|
| Net Assets ($) | $198382391 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate (%) | 1% |

---

#### What did the Fund invest in?
*(as of June 30, 2025)*

The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Geographic Allocation exclude short-term holdings, if any.

*Top Ten Holdings (% of net assets)*

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Netflix Inc | 4.20% |
| Amphenol Corp | 4.10% |
| NVIDIA Corp | 4.10% |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.90% |
| ANTA Sports Products Ltd | 3.90% |
| Meta Platforms Inc. - Class A | 3.80% |
| Intuit Inc | 3.80% |
| Mastercard Inc | 3.70% |
| KLA-Tencor Corp | 3.70% |
| Intercontinental Exchange Inc | 3.60% |

---

*Geographic Breakdown (% of net assets)*

![Af Image](fp0094683-5_sa52.jpg)

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Where can I find additional information about the Fund?
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://www.gafunds.com/our-funds/global-innovators-fund/. You can also request this information by contacting us at (800) 915-6565.

To reduce expenses, the Trust may mail only one copy of Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 915-6565 (or contact your financial institution). The Trust will be sending you individual copies thirty days after receiving your request.

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments is included as part of the report to shareholders filed under Item 7 of
 this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

![](fp0094683-1_01.jpg)

**Guinness Atkinson™ Funds**

**June 30, 2025**

**TABLE OF CONTENTS**

### Item
7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alternative Energy Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Focus Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China & Hong Kong Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Energy Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Innovators Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27
 

*This report and the financial statements contained herein are provided for the general information of the shareholders of the Guinness Atkinson Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective shareholder report and prospectus.* 

**www.gafunds.com**

**GUINNESS ATKINSON ALTERNATIVE ENERGY FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 100.2%** | **Value** |
|  | **Electrification: 24.8%** |  |
| 7033 | Amphenol Corp. | $694509 |
| 7432 | APTIV PLC\* | 507011 |
| 14586 | Infineon Technologies AG | 621655 |
| 21588 | Johnson Matthey PLC | 513632 |
| 1894 | LG Chem Ltd. | 295917 |
| 2386 | NXP Semiconductors NV | 521317 |
| 8115 | ON Semiconductor Corp.\* | 425307 |
| 14325 | Sensata Technologies Holding | 431326 |
|  |  | 4010674 |
|  | **Energy Efficiency: 20.8%** |  |
| 12123 | Ameresco\* | 184148 |
| 27976 | Atlas Copco AB | 453999 |
| 1146 | Carlisle Cos Inc. | 427916 |
| 1801 | Hubbell Inc. | 735546 |
| 2269 | Installed Building Products Inc. | 409146 |
| 2691 | Owens Corning | 370066 |
| 1761 | Trane Technologies PLC | 770279 |
|  |  | 3351100 |
|  | **Renewable Energy Generation: 15.4%** |  |
| 468000 | China Longyuan Power Group Corp. - H Shares | 422317 |
| 41558 | Iberdrola SA | 796430 |
| 9682 | Nextera Energy Inc. | 672125 |
| 7038 | Ormat Technologies Inc. | 589503 |
|  |  | 2480375 |
|  | **Renewable Equipment Manufacturing: 39.2%** |  |
| 19579 | Canadian Solar Inc.\* | 216152 |
| 2220 | Eaton Corp PLC | 792518 |
| 3812 | Enphase Energy Inc.\* | 151146 |
| 2765 | First Solar Inc.\* | 457718 |
| 4762 | Itron Inc.\* | 626822 |
| 5994 | Legrand SA | 802710 |
| 8242 | Prysmian SpA | 584414 |
| 2920 | Schneider Electric SE | 780676 |
| 3010 | Siemens AG | 771426 |
| 12124 | Spie SA | 680516 |
| 16548 | Vestas Wind Systems A/S | 249680 |
| 686200 | Xinyi Solar Holdings Ltd. | 218594 |
|  |  | 6332372 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON ALTERNATIVE ENERGY FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 100.2%** | **Value** |
|  | **Total Common Stocks** |  |
|  | (cost $18,307,804) | 16174521 |
|  | **Total Investments in Securities** |  |
|  | (cost $18,307,804): 100.2% | $16174521 |
|  | Liabilities less Other Assets: -0.2% | (26599) |
|  | **Net Assets: 100.0%** | $**16147922** |

---

*\** *Non-income producing security.*

*PLC - Public Limited Company*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON ASIA FOCUS FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 96.4%** | **Value** |
|  | **Australia: 6.1%** |  |
| 34519 | Corporate Travel Management Ltd. | $314740 |
| 19149 | Sonic Healthcare Ltd. | 337194 |
|  |  | 651934 |
|  | **China: 59.8%** |  |
| 22600 | Alibaba Group Holding Ltd. | 319410 |
| 600 | Alibaba Group Holding Ltd. - ADR | 68046 |
| 12300 | Autohome Inc. - ADR | 317217 |
| 3400 | Baidu Inc. - ADR\* | 291584 |
| 270000 | China Medical System Holdings Ltd. | 412226 |
| 60500 | China Merchants Bank Co., Ltd. - H Shares | 423836 |
| 164000 | Geely Automobile Holdings Ltd. | 335242 |
| 111000 | Haitian International Holdings Ltd. | 289825 |
| 83400 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 324514 |
| 380 | JD.com Inc. - CL A | 6228 |
| 11260 | JD.com Inc. - ADR | 367526 |
| 21600 | Meituan - Class B\* | 346886 |
| 111909 | NARI Technology Co., Ltd. - A Shares | 350200 |
| 3400 | NetEase Inc. - ADR | 457572 |
| 49000 | Ping An Insurance Group Company of China Ltd. - H Shares | 312421 |
| 29900 | Proya Cosmetics Co., Ltd. | 345087 |
| 143200 | Sany Heavy Industry Co., Ltd. - A Shares | 359001 |
| 44600 | Shenzhou International | 318188 |
| 417000 | Sino Biopharmaceutical Ltd. | 280974 |
| 7200 | Tencent Holdings Ltd. | 463571 |
|  |  | 6389554 |
|  | **Singapore: 3.8%** |  |
| 11618 | DBS Group Holdings Ltd. | 410661 |
|  | **South Korea: 4.2%** |  |
| 10050 | Samsung Electronics Co., Ltd. | 443358 |
|  | **Taiwan: 15.5%** |  |
| 12000 | Elite Material Co., Ltd. | 364044 |
| 4000 | Largan Precision Co., Ltd. | 326624 |
| 48000 | Shin Zu Shing Co., Ltd. | 353161 |
| 17000 | Taiwan Semiconductor Manufacturing Co., Ltd. | 615473 |
|  |  | 1659302 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON ASIA FOCUS FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 96.4%** | **Value** |
|  | **United States: 7.0%** |  |
| 2003 | Applied Materials Inc. | $366689 |
| 1367 | Broadcom Inc. | 376813 |
|  |  | 743502 |
|  | **Total Common Stocks** |  |
|  | (cost $7,556,773) | 10298311 |
|  | **Total Investments in Securities** |  |
|  | <br> (cost $7,556,773): 96.4% | 10298311 |
|  | Other Assets less Liabilities: 3.6% | 390340 |
|  | **Net Assets: 100.0%** | $**10688651** |

---

*\** *Non-income producing security.*

*ADR - American Depository Receipt*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON CHINA & HONG KONG FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.9%** | **Value** |
|  | **Appliances: 9.3%** |  |
| 238800 | Haier Smart Home Co., Ltd. - H Shares | $685008 |
| 84200 | Midea Group Co., Ltd. | 848358 |
| 108709 | Zhejiang Supor Cookware - A Shares | 794763 |
|  |  | 2328129 |
|  | **Application Software: 3.2%** |  |
| 597000 | TravelSky Technology Ltd. | 801425 |
|  | **Auto/Cars - Light Trucks: 3.9%** |  |
| 472000 | Geely Automobile Holdings Ltd. | 964844 |
|  | **Auto/Truck Parts & Equipment: 3.7%** |  |
| 447480 | Weichai Power Co., Ltd. - H Shares | 910958 |
|  | **Automobiles: 2.6%** |  |
| 42000 | BYD Co. Ltd. | 653287 |
|  | **Commercial Banks: 3.8%** |  |
| 134500 | China Merchants Bank Co., Ltd. - H Shares | 942247 |
|  | **E-Commerce/Services: 6.2%** |  |
| 24500 | Alibaba Group Holding Ltd. | 346263 |
| 4201 | Alibaba Group Holding Ltd. - ADR | 476435 |
| 1352 | JD.com Inc. | 22158 |
| 21178 | JD.com Inc. - ADR | 691250 |
|  |  | 1536106 |
|  | **Electrical Equipment: 3.1%** |  |
| 250658 | Hongfa Technology Co., Ltd. | 781574 |
|  | **Electronic Components: 3.8%** |  |
| 292289 | Shenzhen H&T Intelligent Control Co., Ltd. - A Shares | 946808 |
|  | **Energy-Alternate: 2.2%** |  |
| 299370 | Hangzhou First Applied Materials Co., Ltd. | 541037 |
|  | **Finance: 3.9%** |  |
| 18300 | Hong Kong Exchanges & Clearing Ltd. | 982232 |
|  | **Food-Dairy Products: 3.0%** |  |
| 190300 | Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares | 740468 |
|  | **Home Furnishings: 2.6%** |  |
| 336900 | Suofeiya Home Collection - A Shares | 658616 |

---

The accompanying notes are an integral part of these financial statements

**GUINNESS ATKINSON CHINA & HONG KONG FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 99.9%** | **Value** |
|  | **Hotels, Restaurants & Leisure: 2.9%** |  |
| 45300 | Meituan-Class B\* | $727497 |
|  | **Insurance: 7.5%** |  |
| 114000 | AIA Group Ltd. | 1027974 |
| 134000 | Ping An Insurance Group Company of China Ltd. - H Shares | 854375 |
|  |  | 1882349 |
|  | **Internet Application Software: 4.5%** |  |
| 17600 | Tencent Holdings Ltd. | 1133173 |
|  | **Internet Content - Entertainment: 4.5%** |  |
| 8275 | NetEase Inc. - ADR | 1113650 |
|  | **Machinery: 15.9%** |  |
| 254000 | Haitian International Holdings Ltd. | 663204 |
| 225468 | NARI Technology Co., Ltd. - A Shares | 705564 |
| 298497 | Sany Heavy Industry Co., Ltd. - A Shares | 748329 |
| 124300 | Shandong Himile Mechanical Science & Technology Co., Ltd. | 1028626 |
| 91554 | Shenzhen Inovance Technology Co., Ltd. - A Shares | 824624 |
|  |  | 3970347 |
|  | **Pharmaceuticals: 4.5%** |  |
| 1647500 | Sino Biopharmaceutical Ltd. | 1110084 |
|  | **Real Estate Operations/Development: 3.3%** |  |
| 476000 | China Overseas Land & Investments Ltd. | 830303 |
|  | **Retail-Apparel: 2.6%** |  |
| 90000 | Shenzhou International Group Holdings Ltd. | 642083 |
|  | **Web Portals: 2.9%** |  |
| 8510 | Baidu Inc. - ADR\* | 729818 |
|  | **Total Common Stocks** |  |
|  | (cost $24,928,748) | 24927035 |
|  | **Total Investments in Securities** |  |
|  | (cost $24,928,748): 99.9% | 24927035 |
|  | Other Assets less Liabilities: 0.1% | 15606 |
|  | **Net Assets: 100.0%** | $**24942641** |

---

*\** *Non-income producing security.*

*ADR - American Depository Receipt* 

The accompanying notes are an integral part of these financial statements

**GUINNESS ATKINSON GLOBAL ENERGY FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 97.9%** | **Value** |
|  | **Oil & Gas - Exploration & Production: 17.5%** |  |
| 10981 | Canadian Natural Resources Ltd. | 345033 |
| 4312 | ConocoPhillips | 386959 |
| 7157 | Devon Energy Corp. | 227664 |
| 2055 | Diamondback Energy Inc. | 282357 |
| 2019 | Diversified Energy Co PLC | 29993 |
| 195196 | EnQuest PLC | 34080 |
| 2915 | EOG Resources Inc. | 348663 |
| 77272 | Pharos Energy PLC | 21766 |
|  |  | 1676515 |
|  | **Oil & Gas - Field Services: 8.0%** |  |
| 6517 | Baker Hughes Company | 249862 |
| 9809 | Halliburton Company | 199908 |
| 9762 | Helix Energy Solutions Group, Inc.\* | 60915 |
| 7586 | Schlumberger Ltd. | 256407 |
|  |  | 767092 |
|  | **Oil & Gas - Integrated: 58.3%** |  |
| 79110 | BP PLC | 394462 |
| 18759 | Cenovus Energy Inc. | 255188 |
| 3622 | Chevron Corp. | 518634 |
| 22746 | Eni SpA | 368477 |
| 13031 | Equinor ASA | 328437 |
| 4706 | Exxon Mobil Corp. | 507307 |
| 19118 | Galp Energia Sgps Sa | 350252 |
| 5387 | Imperial Oil Ltd. | 427828 |
| 6347 | OMV AG | 346466 |
| 286000 | PetroChina Co., Ltd. - H Shares | 246531 |
| 24198 | Repsol SA | 354173 |
| 16721 | Shell PLC | 589662 |
| 10744 | Suncor Energy, Inc. | 402343 |
| 8399 | Total Energies SE | 514392 |
|  |  | 5604152 |
|  | **Oil & Gas - Pipelines and Transportation: 8.3%** |  |
| 8179 | Enbridge Inc. | 370672 |
| 14661 | Kinder Morgan Inc. | 431033 |
|  |  | 801705 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON GLOBAL ENERGY FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 97.9%** | **Value** |
|  | **Oil Refining & Marketing: 5.8%** |  |
| 288000 | China Petroleum & Chemical | $151082 |
| 3004 | Valero Energy, Corp. | 403798 |
|  |  | 554880 |
|  | **Total Common Stocks** |  |
|  | (cost $10,949,946) | 9404344 |
|  | **Total Investments in Securities** |  |
|  | (cost $10,949,946): 97.9% | 9404344 |
|  | Other Assets less Liabilities: 2.1% | 206482 |
|  | **Net Assets: 100.0%** | $**9610826** |

---

*\** *Non-income producing security.*

*PLC - Public Limited Company*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON GLOBAL INNOVATORS FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.7%** | **Value** |
|  | **Application Software: 9.7%** |  |
| 9600 | Intuit Inc. | $7561248 |
| 13640 | Microsoft Corp. | 6784672 |
| 18224 | salesforce.com Inc. | 4969503 |
|  |  | 19315423 |
|  | **Computers: 2.6%** |  |
| 24696 | Apple Inc. | 5066878 |
|  | **Diversified Manufacturing Operations: 7.8%** |  |
| 27930 | Danaher Corp. | 5517292 |
| 10134 | Roper Industries, Inc. | 5744357 |
| 10334 | Thermo Fisher Scientific Inc. | 4190024 |
|  |  | 15451673 |
|  | **E-Commerce: 3.4%** |  |
| 30516 | Amazon.com Inc.\* | 6694905 |
|  | **Electronic Components - Semiconductor: 11.7%** |  |
| 82343 | Amphenol Corp. | 8131371 |
| 163761 | Infineon Technologies AG | 6979489 |
| 50938 | NVIDIA Corp. | 8047695 |
|  |  | 23158555 |
|  | **Enterprise Software/Services: 2.3%** |  |
| 12037 | Adobe Inc.\* | 4656875 |
|  | **Finance - Other Services: 14.5%** |  |
| 39309 | Intercontinental Exchange, Inc. | 7212022 |
| 47883 | London Stock Exchange Group PL | 6988526 |
| 13058 | Mastercard Inc . | 7337813 |
| 20297 | Visa Inc. | 7206450 |
|  |  | 28744811 |
|  | **Internet Content: 8.0%** |  |
| 10332 | Meta Platforms Inc. - Class A | 7625946 |
| 6224 | Netflix Inc.\* | 8334745 |
|  |  | 15960691 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON GLOBAL INNOVATORS FUND** 

**Schedule of Investments** 

**at June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **Shares** | **Common Stocks: 98.7%** | **Value** |
| | **Machinery - Electric Utility: 6.4%** | |
| 102708 | ABB Ltd. | $6138433 |
| 35740 | AMETEK Inc. | 6467510 |
|  |  | 12605943 |
|  | **Medical Instrument: 6.1%** |  |
| 71031 | Medtronic PLC | 6191772 |
| 106869 | Siemens Healthineers AG | 5933977 |
|  |  | 12125749 |
|  | **Pharmaceutical: 2.2%** |  |
| 62928 | Novo Nordisk A/S | 4347717 |
|  | **Power Conversion/Supply Equipment: 3.2%** |  |
| 23655 | Schneider Electric SE | 6324273 |
|  | **Retail - Apparel: 3.9%** |  |
| 636400 | ANTA Sports Products Ltd. | 7697517 |
|  | **Semiconductor: 13.9%** |  |
| 31311 | Applied Materials Inc. | 5732105 |
| 8172 | KLA-Tencor Corp. | 7319987 |
| 69422 | Lam Research Corp. | 6757537 |
| 34412 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 7793974 |
|  |  | 27603603 |
|  | **Web Portals: 3.0%** |  |
| 33807 | Alphabet Inc. - A Shares | 5957808 |
|  | **Total Common Stocks** |  |
|  | (cost $92,233,595) | 195712421 |
|  | **Total Investments in Securities** |  |
|  | (cost $92,233,595): 98.7% | 195712421 |
|  | Other Assets less Liabilities: 1.3% | 2669970 |
|  | **Net Assets: 100.0%** | $**198382391** |

---

*\** *Non-income producing security.*

*ADR - American Depository Receipt*

*PLC - Public Limited Company*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alternative Energy Fund** | **Asia Focus Fund** | **China & Hong Kong Fund** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $18307804 | $7556773 | $24928748 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $16174521 | $10298311 | $24927035 |
| &nbsp;&nbsp;&nbsp;Cash |  | 365385 |  |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (cost of $4,762, $40,710, and $47,472, respectively) | 4906 | 40772 | 47504 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 541 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 32998 | 20028 | 134011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim | 17393 |  |  |
| &nbsp;&nbsp;&nbsp;Due from Adviser, net | 1501 |  |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 11948 | 10572 | 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 16243808 | 10735068 | 25113437 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Overdraft due to custodian bank | 52250 |  | 44663 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 2670 |  | 54131 |
| &nbsp;&nbsp;&nbsp;Due to Adviser, net |  | 6234 | 21034 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 1286 | 246 | 2953 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing plan fees | 2520 | 2204 | 4631 |
| &nbsp;&nbsp;&nbsp;Audit fees | 10024 | 13398 | 13398 |
| &nbsp;&nbsp;&nbsp;CCO fees | 1386 | 1972 | 2677 |
| &nbsp;&nbsp;&nbsp;Custody fees | 3026 | 2379 | 3114 |
| &nbsp;&nbsp;&nbsp;Fund Accounting fees | 1785 | 4239 | 2964 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5702 | 2920 | 3800 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 657 | 598 | 753 |
| &nbsp;&nbsp;&nbsp;Printing fees | 5972 | 4987 | 5520 |
| &nbsp;&nbsp;&nbsp;Transfer Agent fees | 8461 | 7073 | 10533 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 147 | 167 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 95886 | 46417 | 170796 |
| **Net Assets** | $16147922 | $10688651 | $24942641 |
| **Composition of Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $49191474 | $6988601 | $29008445 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (33043552) | 3700050 | (4065804) |
| **Net Assets** | $16147922 | $10688651 | $24942641 |
| **Number of shares issued and outstanding** (unlimited shares authorized, no par value) | 2862220 | 612324 | 1752453 |
| **Net asset value per share** | $5.64 | $17.46 | $14.23 |

---

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**at June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Global Energy Fund** | **Global Innovators Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities, at cost | $10949946 | $92233595 |
| &nbsp;&nbsp;&nbsp;Investments in securities, at value | $9404344 | $195712421 |
| &nbsp;&nbsp;&nbsp;Cash | 150306 | 2583259 |
| &nbsp;&nbsp;&nbsp;Cash denominated in foreign currency (cost of $13,767, and $39,282, respectively) | 13775 | 39847 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold |  | 92198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest | 28124 | 169617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax reclaim | 42051 | 304058 |
| &nbsp;&nbsp;&nbsp;Due from Adviser, net | 689 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 13629 | 27282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 9652918 | 198928682 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares redeemed | 6006 | 361896 |
| &nbsp;&nbsp;&nbsp;Due to Adviser, net |  | 99836 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 907 | 3810 |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing plan fees | 2955 | 17380 |
| &nbsp;&nbsp;&nbsp;Audit fees | 13398 | 13398 |
| &nbsp;&nbsp;&nbsp;CCO fees | 1802 | 3458 |
| &nbsp;&nbsp;&nbsp;Custody fees | 784 | 867 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees | 1808 | 2205 |
| &nbsp;&nbsp;&nbsp;Legal fees | 2079 | 15608 |
| &nbsp;&nbsp;&nbsp;Miscellaneous fees | 211 | 382 |
| &nbsp;&nbsp;&nbsp;Printing fees | 5536 | 8029 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 6474 | 18014 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 132 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 42092 | 546291 |
| **Net Assets** | $9610826 | $198382391 |
| **Composition of Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $37161301 | $79644737 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (27550475) | 118737655 |
| **Net Assets** | $9610826 | $198382392 |
| **Number of shares issued and outstanding** (unlimited shares authorized, no par value) | 425118 |  |
| **Net asset value per share** | $22.61 | - |
| **Net asset value per share per Class:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding |  | $159610266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding |  | 2595988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value per share** |  | $61.48 |
| &nbsp;&nbsp;&nbsp;Institutional Class shares: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to shares outstanding |  | $38772125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest issued and outstanding |  | 616094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net asset value per share** |  | $62.93 |

---

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Alternative Energy Fund** | **Asia Focus Fund** | **China & Hong Kong Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $163431 | $140734 | $481293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 163431 | 140734 | 481293 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 65432 | 49385 | 122067 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing plan fees | 11424 | 3926 | 12050 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 13348 | 10128 | 18351 |
| &nbsp;&nbsp;&nbsp;Fund accounting fee and expenses | 1947 | 1954 | 3115 |
| &nbsp;&nbsp;&nbsp;Administration fees | 3272 | 2370 | 5824 |
| &nbsp;&nbsp;&nbsp;Custody fees and expenses | 8462 | 6446 | 9180 |
| &nbsp;&nbsp;&nbsp;Audit fees | 9927 | 13550 | 13396 |
| &nbsp;&nbsp;&nbsp;Legal fees | 11471 | 5768 | 13086 |
| &nbsp;&nbsp;&nbsp;Registration fees | 8775 | 9728 | 10731 |
| &nbsp;&nbsp;&nbsp;Printing | 5423 | 4950 | 5831 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 6119 | 4265 | 7081 |
| &nbsp;&nbsp;&nbsp;Insurance | 1062 | 626 | 1614 |
| &nbsp;&nbsp;&nbsp;CCO fees and expenses | 3424 | 3602 | 5015 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 3109 | 2931 | 2550 |
| &nbsp;&nbsp;&nbsp;Interest expense | 410 | 98 | 1011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 153605 | 119727 | 230902 |
| &nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (63225) | (21847) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 90380 | 97880 | 230902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 73051 | 42854 | 250391 |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2704066) | 964234 | (2142287) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (2261) | 1472 | (2081) |
|  | (2706327) | 965706 | (2144368) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4287150 | 367305 | 4591884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 2337 | 190 | 41 |
|  | 4289487 | 367495 | 4591925 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 1583160 | 1333201 | 2447557 |
| **Net Increase (Decrease) in Net Assets from Operations** | $1656211 | $1376055 | $2697948 |

---

*\** *Net of foreign tax withheld of $12,168**, $**7,677, and $33,559, respectively.*

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended June 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Global Energy Fund** | **Global Innovators Fund** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $238152 | $1125947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 238152 | 1125947 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees | 35594 | 724457 |
| &nbsp;&nbsp;&nbsp;Shareholder servicing plan fees | 7285 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 141337 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses | 10525 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 31882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 11063 |
| &nbsp;&nbsp;&nbsp;Fund accounting fee and expenses | 2401 | 12158 |
| &nbsp;&nbsp;&nbsp;Administration fees | 2278 | 48960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 2480 |
| &nbsp;&nbsp;&nbsp;Custody fees and expenses | 6422 | 10166 |
| &nbsp;&nbsp;&nbsp;Audit fees | 13129 | 13393 |
| &nbsp;&nbsp;&nbsp;Legal fees | 5691 | 131642 |
| &nbsp;&nbsp;&nbsp;Registration fees | 8927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 11894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 10067 |
| &nbsp;&nbsp;&nbsp;Printing | 5866 | 12041 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 4501 | 31833 |
| &nbsp;&nbsp;&nbsp;Insurance | 762 | 6874 |
| &nbsp;&nbsp;&nbsp;CCO fees and expenses | 3479 | 21479 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1987 | 8158 |
| &nbsp;&nbsp;&nbsp;Interest expense | 50 | 3379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 108897 | 1233263 |
| &nbsp;&nbsp;&nbsp;Less: fees waived and expenses absorbed | (40033) | (85865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 68864 | 1147398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 169288 | (21451) |
| **Realized and Unrealized Gain (Loss) on Investments and Foreign Currency** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (333178) | 9148961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (296) | (9285) |
|  | (333474) | 9139676 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 681982 | 9578537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 4919 | 42710 |
|  | 686901 | 9621247 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 353427 | 18760923 |
| **Net Increase (Decrease) in Net Assets from Operations** | $522715 | $18739472 |

---

*\** *Net of foreign tax withheld of $20,261, and $63,423, respectively.*

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Alternative Energy Fund** | **Alternative Energy Fund** | **Asia Focus Fund** | **Asia Focus Fund** |
|  | **Six Months Ended**<br>**June 30, 2025†** | **Year Ended**<br>**December 31, 2024** | **Six Months Ended**<br>**June 30, 2025†** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |  |  |
| **Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $73051 | $46936 | $42854 | $48185 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2704066) | 975559 | 964234 | 161046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (2261) | (1189) | 1472 | (370) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4287150 | (3865848) | 367305 | 203426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 2337 | (844) | 190 | (177) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1656211 | (2845386) | 1376055 | 412110 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions |  | (45445) |  | (149729) |
| &nbsp;&nbsp;&nbsp;Return of capital | - | (4905) | - | - |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (50350) | - | (149729) |
| **Capital Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 384156 | 3822236 | 6063 | 166160 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 48002 |  | 120327 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (4636965) | (10775504) | (481841) | (1655626) |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (4252809) | (6905266) | (475778) | (1369139) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase (decrease) in net assets** | (2596598) | (9801002) | 900277 | (1106758) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 18744520 | 28545522 | 9788374 | 10895132 |
| &nbsp;&nbsp;&nbsp;End of period | $16147922 | $18744520 | $10688651 | $9788374 |
| **Capital Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 78982 | 686712 | 374 | 10460 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment |  | 9074 |  | 7793 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (945168) | (1958257) | (29978) | (111226) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in shares outstanding** | (866186) | (1262471) | (29604) | (92973) |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **China & Hong Kong Fund** | **China & Hong Kong Fund** |
|  | **Six Months Ended**<br>**June 30, 2025†** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $250391 | $275731 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2142287) | (1433294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (2081) | 485 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4591884 | 889914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 41 | 101 |
| &nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from operations** | 2697948 | (267063) |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions | - | (270001) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (270001) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 355198 | 1227894 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 253197 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1885499) | (5785580) |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (1530301) | (4304489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total decrease in net assets** | 1167647 | (4841553) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 23774994 | 28616547 |
| &nbsp;&nbsp;&nbsp;End of period | $24942641 | $23774994 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 25180 | 91532 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment |  | 19432 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (138966) | (468850) |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (113786) | (357886) |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Global Energy Fund** | **Global Energy Fund** |
|  | **Six Months Ended**<br>**June 30, 2025†** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $169288 | $293604 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (333178) | 358726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (296) | (744) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 681982 | (709237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 4919 | (2425) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 522715 | (60076) |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions | - | (650040) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (650040) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 698830 | 1436156 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 614234 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (1379054) | (3669057) |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (680224) | (1618667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total decrease in net assets** | (157509) | (2328783) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 9768335 | 12097118 |
| &nbsp;&nbsp;&nbsp;End of period | $9610826 | $9768335 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 33562 | 60369 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment |  | 27996 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (63375) | (151182) |
| &nbsp;&nbsp;&nbsp;**Net decrease in shares outstanding** | (29813) | (62817) |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

The accompanying notes are an integral part of these financial statements.

**GUINNESS ATKINSON™ FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Global Innovators Fund** | **Global Innovators Fund** |
|  | **Six Months Ended**<br>**June 30, 2025†** | **Year Ended**<br>**December 31, 2024** |
| INCREASE/(DECREASE) IN NET ASSETS FROM: |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(21451) | $(463035) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 9148961 | 29645523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (9285) | (17668) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 9578537 | 6850200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 42710 | (21410) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | 18739472 | 35993610 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Net dividends and distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (17802827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | - | (5319820) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders** | - | (23122647) |
| **Capital Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 3278165 | 14132438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 808908 | 8569285 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 17189254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 3524512 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (15015788) | (21724823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (12602248) | (15277160) |
| &nbsp;&nbsp;&nbsp;**Net change in net assets from capital transactions** | (23530963) | 6413506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total increase in net assets** | (4791491) | 19284469 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 203173883 | 183889414 |
| &nbsp;&nbsp;&nbsp;End of period | $198382391 | $203173883 |
| **Capital Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 58089 | 240498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 14059 | 141047 |
| &nbsp;&nbsp;&nbsp;Shares issued on reinvestment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 297032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 59586 |
| &nbsp;&nbsp;&nbsp;Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (265280) | (366866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (222253) | (248209) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | (415385) | 123088 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Alternative Energy Fund** | **Six Months**<br>**Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $5.03 | $5.72 | $5.86 | $6.71 | $6.19 | $3.32 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.03 | 0.01 | (0.02) | (0.05) | (0.06) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 0.58 | (0.69) | (0.12) | (0.80) | 0.58 | 2.90 |
| Total from investment operations | 0.61 | (0.68) | (0.14) | (0.85) | 0.52 | 2.87 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | - | -<sup>(1)</sup> | - | - | - |  |
| Total distributions | - | (0.01) | - | - | - | - |
| Net asset value, end of period | $5.64 | $5.03 | $5.72 | $5.86 | $6.71 | $6.19 |
| Total return | 12.13%<sup>(2)</sup> | (11.85%) | (2.39)% | (12.67%) | 8.40% | 86.45% |
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $16.1 | $18.7 | $28.5 | $27.5 | $32.2 | $26.9 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fee waived/recaptured | 1.88%<sup>(3)</sup> | 1.76% | 1.79% | 1.90% | 1.73% | 2.46% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured <sup>(4)</sup> | 1.11%<sup>(3)(5)</sup> | 1.10% | 1.48% | 1.98% | 1.98% | 1.98% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 0.12%<sup>(3)</sup> | (0.47%) | (0.62%) | (0.79%) | (0.61%) | (1.40%) |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 0.89%<sup>(3)</sup> | 0.19% | (0.31%) | (0.87%) | (0.86%) | (0.92%) |
| Portfolio turnover rate | 12.44%<sup>(2)</sup> | 14.74% | 16.38% | 17.75% | 29.03% | 35.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

<sup>(1)</sup> *Amount represents less than $0.01 per share.*

<sup>(2)</sup> *Not annualized*

<sup>(3)</sup> *Annualized*

<sup>(4)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.10%, prior to June 1, 2023, the limit on operating expenses was 1.98%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(5)</sup> *If interest expense had been excluded, expenses would have been lowered by 0.01% for the period ended June 30, 2025.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Asia Focus Fund** | **Six Months**<br>**Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $15.25 | $14.83 | $14.17 | $20.36 | $23.76 | $20.03 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.07 | 0.08 | 0.07 | 0.02 | (0.08) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 2.14 | 0.57 | 0.76 | (5.73) | (1.46) | 5.09 |
| Total from investment operations | 2.21 | 0.65 | 0.83 | (5.71) | (1.54) | 5.10 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.07) | (0.02) |  |  | (0.10) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (0.16) | (0.15) | (0.48) | (1.86) | (1.27) |
| Total distributions | - | (0.23) | (0.17) | (0.48) | (1.86) | (1.37) |
| Redemption fee proceeds | - | - | - | - | - | -<sup>(1)</sup> |
| Net asset value, end of period | $17.46 | $15.25 | $14.83 | $14.17 | $20.36 | $23.76 |
| Total return | 14.43%<sup>(2)</sup> | 4.36% | 5.95% | (28.03)% | (6.32)% | 25.93% |
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $10.7 | $9.8 | $10.9 | $11.0 | $16.4 | $19.1 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 2.42%<sup>(3)</sup> | 2.50% | 2.43% | 2.36% | 1.89% | 2.21% |
| &nbsp;&nbsp;&nbsp;After fees waived <sup>(4)</sup> | 1.98%<sup>(3)</sup> | 1.99%<sup>(5)</sup> | 1.98% | 1.98% | 1.98% | 1.98% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 0.43%<sup>(3)</sup> | (0.04%) | (0.03%) | (0.26%) | (0.26%) | (0.24%) |
| &nbsp;&nbsp;&nbsp;After fees waived | 0.87%<sup>(3)</sup> | 0.47% | 0.42% | 0.12% | (0.35%) | (0.01%) |
| Portfolio turnover rate | 12.21%<sup>(2)</sup> | 6.18% | 4.04% | 6.00% | 29.05% | 30.24% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

<sup>(1)</sup> *Amount represents less than $0.01 per share.*

<sup>(2)</sup> *Not annualized*

<sup>(3)</sup> *Annualized*

<sup>(4)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.98%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(5)</sup> *If interest expense had been excluded, expenses would have been lowered by 0.01% for the year ended December 31, 2024.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**China & Hong Kong Fund** | **Six Months**<br>**Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.74 | $12.87 | $15.16 | $20.05 | $25.92 | $23.49 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.15 | 0.15 | 0.07 | 0.08 | 0.05 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 1.34 | (0.14) | (2.26) | (4.84) | (1.83) | 3.20 |
| Total from investment operations | 1.49 | 0.01 | (2.19) | (4.76) | (1.78) | 3.36 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (0.14) | (0.10) | (0.05) | (0.07) | (0.20) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | (0.08) | (4.02) | (0.73) |
| Total distributions | - | (0.14) | (0.10) | (0.13) | (4.09) | (0.93) |
| Redemption fee proceeds | - | -<sup>(1)</sup> | - | - | -<sup>(1)</sup> | -<sup>(1)</sup> |
| Net asset value, end of period | $14.23 | $12.74 | $12.87 | $15.16 | $20.05 | $25.92 |
| Total return | 11.70%<sup>(2)</sup> | 0.07% | (14.46%) | (23.71%) | (6.70%) | 14.54% |
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $24.9 | $23.8 | $28.6 | $38.1 | $56.7 | $66.5 |
| **Ratio of expenses to average net assets: <sup>(4)</sup>** | 1.89%<sup>(3)(5)</sup> | 1.94%<sup>(5)</sup> | 1.82%<sup>(5)</sup> | 1.71%<sup>(5)</sup> | 1.50% | 1.60%<sup>(5)</sup> |
| **Ratio of net investment income to average net assets:** | 2.05%<sup>(3)</sup> | 1.08% | 0.36% | 0.45% | 0.20% | 0.59% |
| Portfolio turnover rate | 13.77%<sup>(2)</sup> | 8.63% | 5.18% | 17.46% | 29.82% | 45.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

<sup>(1)</sup> *Amount represents less than $0.01 per share.*

<sup>(2)</sup> *Not annualized*

<sup>(3)</sup> *Annualized*

<sup>(4)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.98%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(5)</sup> *If interest expense had been excluded, expenses would have been lowered by 0.01% for the six months ended June 30, 2025 and 0.02%, 0.01%, 0.01% and 0.02% for the years ended December 31, 2024, 2023, 2022 and 2020, respectively.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Global Energy Fund** | **Six Months**<br>**Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $21.47 | $23.36 | $23.78 | $17.73 | $12.47 | $19.62 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.40 | 0.77 | 0.95 | 0.74 | 0.49 | 0.45 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | 0.74 | (1.14) | (0.36) | 5.35 | 5.23 | (7.15) |
| Total from investment operations | 1.14 | (0.37) | 0.59 | 6.09 | 5.72 | (6.70) |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  | (1.52) | (1.01) | (0.04) | (0.46) | (0.45) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | - | - | - | - | - |
| Total distributions | - | (1.52) | (1.01) | (0.04) | (0.46) | (0.45) |
| Net asset value, end of period | $22.61 | $21.47 | $23.36 | $23.78 | $17.73 | $12.47 |
| Total return | 5.31%<sup>(1)</sup> | (1.72%) | 2.60% | 34.33% | 45.98% | (34.22%) |
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $9.6 | $9.8 | $12.1 | $16.2 | $12.3 | $8.7 |
| **Ratio of expenses to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 2.29%<sup>(2)</sup> | 2.13% | 2.13% | 1.91% | 1.99% | 2.56% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured <sup>(3)</sup> | 1.45%<sup>(2)</sup> | 1.46%<sup>(4)</sup> | 1.47%<sup>(4)</sup> | 1.46%<sup>(4)</sup> | 1.46%<sup>(4)</sup> | 1.46%<sup>(4)</sup> |
| **Ratio of net investment income to average net assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 2.73%<sup>(2)</sup> | 1.91% | 2.01% | 2.55% | 2.40% | 2.39% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | 3.57%<sup>(2)</sup> | 2.58% | 2.67% | 3.00% | 2.93% | 3.49% |
| Portfolio turnover rate | 0.00%<sup>(1)</sup> | 9.97% | 10.45% | 70.54% | 49.58% | 15.49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

<sup>(1)</sup> *Not annualized*

<sup>(2)</sup> *Annualized*

<sup>(3)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund to 1.45%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

<sup>(4)</sup> *If interest expense had been excluded, expenses would have been lowered by 0.01%, 0.02%, 0.01%, 0.01% and 0.01% for the years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.* 

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>**Global Innovators Fund - Investor Class** | **Six Months**<br>**Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $55.73 | $52.25 | $39.01 | $62.04 | $60.53 | $45.66 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.02) | (0.16) | (0.14) | (0.07) | (0.20) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | $12.76 | $10.63 | 15.39 | (18.08) | 12.77 | 16.53 |
| Total from investment operations | 12.74 | 10.47 | 15.25 | (18.15) | 12.57 | 16.47 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (6.99) | (2.01) | (4.88) | (11.06) | (1.60) |
| Total distributions | (6.99) | (6.99) | (2.01) | (4.88) | (11.06) | (1.60) |
| Net asset value, end of period | $61.48 | $55.73 | $52.25 | $39.01 | $62.04 | $60.53 |
| Total return | 10.32%<sup>(1)</sup> | 19.54% | 39.34% | (29.67%) | 21.52% | 36.17% |
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $159.6 | $156.2 | $137.5 | $100.7 | $161.4 | $147.8 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | 1.30%<sup>(2)</sup> | 1.25% | 1.28% | 1.27% | 1.17% | 1.24% |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured <sup>(3)</sup> | 1.24%<sup>(2)</sup> | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived/recaptured | (0.14%)<sup>(2)</sup> | (0.29%) | (0.34%) | (0.17%) | (0.25%) | (0.10%) |
| &nbsp;&nbsp;&nbsp;After fees waived/recaptured | (0.08%)<sup>(2)</sup> | (0.28%) | (0.30%) | (0.14%) | (0.32%) | (0.10%) |
| Portfolio turnover rate | 0.92%<sup>(1)</sup> | 25.34% | 8.77% | 14.66% | 19.01% | 14.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

<sup>(1)</sup> *Not annualized.*

<sup>(2)</sup> *Annualized.*

<sup>(3)</sup> *The Adviser has contractually agreed to limit the operating expenses to 1.24% excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

The accompanying notes are an integral part of these financial statements.

**FINANCIAL HIGHLIGHTS**

**For a capital share outstanding throughout each period.**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Global Innovators Fund - Institutional Class** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| **Global Innovators Fund - Institutional Class** | **Six Months**<br>**Ended**<br>**June 30, 2025†** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $56.97 | $53.16 | $39.56 | $62.68 | $60.89 | $45.84 |
| **Income from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.05 | (0.02) | (0.02) | 0.06 | (0.04) | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments and foreign currency | $5.91 | 10.82 | 15.63 | (18.30) | 12.89 | 16.60 |
| Total from investment operations | 5.96 | 10.80 | 15.61 | (18.24) | 12.85 | 16.67 |
| **Less distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From net investment income |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;From net realized gain | - | (6.99) | (2.01) | (4.88) | (11.06) | (1.60) |
| Total distributions | - | (6.99) | (2.01) | (4.88) | (11.06) | (1.62) |
| Net asset value, end of period | $62.93 | $56.97 | $53.16 | $39.56 | $62.68 | $60.89 |
| Total return | 10.46%<sup>(1)</sup> | 19.83% | 39.70% | (29.51%) | 21.86% | 36.46% |
| **Ratios/supplemental data:** |  |  |  |  |  |  |
| Net assets, end of period (millions) | $38.8 | $47 | $46.3 | $33.6 | $64.6 | $55.2 |
| **Ratio of expenses to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | 1.17%<sup>(2)</sup> | 1.10% | 1.13% | 1.10% | 0.99% | 1.07% |
| &nbsp;&nbsp;&nbsp;After fees waived <sup>(3)</sup> | 0.99%<sup>(2)</sup> | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| **Ratio of net investment income (loss) to average net assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before fees waived | (0.01%)<sup>(2)</sup> | (0.14%) | (0.19%) | 0.01% | (0.08%) | 0.06% |
| &nbsp;&nbsp;&nbsp;After fees waived | 0.17%<sup>(2)</sup> | (0.03%) | (0.05%) | 0.12% | (0.08%) | 0.14% |
| Portfolio turnover rate | 0.92%<sup>(1)</sup> | 25.34% | 8.77% | 14.66% | 19.01% | 14.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp;† *Unaudited* 

<sup>(1)</sup> *Not annualized.*

<sup>(2)</sup> *Annualized.*

<sup>(3)</sup> *The Adviser has contractually agreed to limit the operating expenses of the Fund's Institutional Class to 0.99%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.*

The accompanying notes are an integral part of these financial statements.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025**

**Note 1 - Organization**

Guinness Atkinson™ Funds (the "Trust"), was organized on April 28, 1997 as a Delaware business trust and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Currently, the Trust offers nine separate, series portfolios, each of which has a unique investment objective and strategies. This report covers the five open-end mutual funds: Guinness Atkinson Alternative Energy Fund (the "Alternative Energy Fund"), Guinness Atkinson Asia Focus Fund (the "Asia Focus Fund"), Guinness Atkinson China & Hong Kong Fund (the "China & Hong Kong Fund"), Guinness Atkinson Global Energy Fund (the "Global Energy Fund"), and Guinness Atkinson Global Innovators Fund (the "Global Innovators Fund"), all of which (each a "Fund" and collectively, the "Funds") are covered by this report. Each Fund is a diversified Fund. The China & Hong Kong Fund began operations on June 30, 1994, the Asia Focus Fund began operations on April 29, 1996, the Global Innovators Fund began operations on December 15, 1998, the Global Energy Fund began operations on June 30, 2004, and the Alternative Energy Fund began operations on March 31, 2006. Each of the Funds is authorized to issue a single class of shares except for the Global Innovators Fund. The Global Innovators Fund is authorized to issue two classes of shares: Investor Class shares and Institutional Class shares. Institutional Class shares of the Global Innovators Fund commenced operations on December 31, 2015.

The shares of each class represent an interest in the same portfolio of investments of the Global Innovators Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income and expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights to that distribution plan.

The Alternative Energy Fund, Asia Focus Fund, Global Energy Fund, and Global Innovator Fund's investment objective is long-term capital appreciation. The China & Hong Kong Fund's investment objective is long-term capital appreciation primarily through investments in securities of China and Hong Kong.

Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown on the Statements of Operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the Notes to the Financials Statements and there are no resources allocated to the Fund based on performance measurements. The management of the Funds' Adviser is deemed to be the Chief Operating Decision Maker with respect to the Funds' investment decisions.

**Note 2 - Significant accounting policies** 

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services—Investment Companies".

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America. ("GAAP").

A. **Security Valuation.** Securities of the Funds that are traded on a principal exchange (U.S.
 or foreign) or NASDAQ are valued at the official closing price on each day that the exchanges
 are open for trading. Securities traded on an exchange for which there have been no sales,
 and other over-the-counter securities are valued at the mean between the bid and asked
 prices. Debt securities are valued based on available market quotations received from
 an independent pricing service approved by the Trust's Board of Trustees which
 may utilize both transaction data and market information such as yield, prices of securities
 of comparable quality, coupon rate, maturity, type of issue, trading characteristics
 and other market data. Securities for which quotations are not readily available are
 valued at their respective fair values as determined in good faith by the Funds'
 Valuation Committee in accordance with procedures established by the Board of Trustees.
 In determining fair value, the Funds' Valuation Committee take into account all
 relevant factors and available information. Consequently, the price of the security used
 to calculate its Net Asset Value may differ from quoted or published prices for the same
 security. Fair value pricing involves subjective judgments and there is no single standard
 for determining a security's fair value. As a result, different mutual funds could
 reasonably arrive at different fair value for the same security. It is possible that
 the fair value determined for a security is materially different from the value that
 could be realized upon the sale of that security or from the values that other mutual
 funds may determine. Short-term investments are stated at cost, combined with accrued
 interest, which approximates market value. Realized gains and losses from securities
 transactions are calculated using the identified cost method.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

Foreign securities are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rate at the end of the period. The Funds do not isolate that portion of the results of operations resulting from changes in the currency exchange rate from the fluctuations resulting from changes in the market prices of investments.

Foreign exchange gain or loss resulting from holding of a foreign currency, expiration of a currency exchange contract, difference in exchange rates between the trade date and settlement date of an investment purchased or sold, and the difference between dividends actually received compared to the amount shown in a Fund's accounting records on the date of receipt are shown as net realized gains or losses on foreign currency transactions in the respective Fund's statement of operations.

B. **Forward Foreign Currency Exchange Contracts *.*** The Funds may utilize forward foreign
 currency exchange contracts ("forward contracts") to hedge against foreign
 exchange fluctuations on foreign-denominated investments under which they are obligated
 to exchange currencies at specific future dates and at specified rates. All commitments
 are "marked-to-market" daily and any resulting unrealized gains or losses are
 included as unrealized appreciation (depreciation) on foreign currency denominated assets
 and liabilities. The Funds record realized gains or losses at the time the forward contract
 is settled. Risks may arise upon entering these contracts from the potential inability
 of a counter party to meet the terms of their contracts and from unanticipated movements
 in the value of a foreign currency relative to the U.S. dollar or other currencies. Counterparties
 to these contracts are major U.S. financial institutions. Please refer to Note 8 for
 further information on forward foreign currency contracts held in each Fund.

C. **Restricted Securities *.*** A restricted security cannot be resold to the general public without
 prior registration under the Securities Act of 1933. If the security is subsequently
 registered and resold, the issuers would typically bear the expense of all registrations
 at no cost to the Fund. Restricted securities are valued according to the guidelines
 and procedures adopted by the Funds' Board of Trustees.

D. **Illiquid Securities**. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Liquidity
 Risk Management Program ("LRMP") that requires, among other things, that
 each Fund limits its illiquid investments that are assets to no more than 15% of net
 assets. An illiquid investment is any security which may not reasonably be expected to
 be sold or disposed of in current market conditions in seven calendar days or less without
 the sale or disposition significantly changing the market value of the investment. If
 the Adviser, at any time determines that the value of illiquid securities held by a Fund
 exceeds 15% of its net asset value, the Adviser will take steps as it considers appropriate
 to reduce them as soon as reasonably practicable in accordance with the Funds'
 written LRMP.

E. **Security Transactions, Dividend Income and Distributions *.*** Security transactions are
 accounted for on the trade date. Realized gains and losses from securities transactions
 are calculated using the identified cost method. Dividend income is recorded net of applicable
 withholding taxes on the ex-dividend date and interest income is recorded on an accrual
 basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of
 which may be reclaimable) or provided for in accordance with the applicable country's
 tax rules and rates and are disclosed in the Statement of Operations. Withholding tax
 reclaims are filed in certain countries to recover a portion of the amounts previously
 withheld. The Funds record a reclaim receivable based on a number of factors, including
 a jurisdiction's legal obligation to pay reclaims as well as payment history and
 market convention. The Funds may be subject to foreign taxation related to capital gains
 on the sale of securities in the foreign jurisdictions in which they invest. When a capital
 gain tax is determined to apply, the Funds record an estimated deferred tax liability
 in an amount that may be payable if securities were disposed of on the valuation date.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

F. **Allocation of Expenses *.*** Each Fund is charged for those expenses directly attributable
 to it. Expenses that are not directly attributable to a Fund are allocated among the
 Funds in proportion to their respective assets or another appropriate method. Expenses
 such as distribution and service fees, transfer agent fees and expenses with respect
 to the Global Innovators Fund, that are specific to individual share classes are accrued
 directly to the respective share class.

G. **Cash overdraft *.*** Per the terms of an agreement with Brown Brothers Harriman &
 Co. ("BBH"), the Funds' Custodian, if a Fund has a cash overdraft on
 a given day, it will be assessed an overdraft charge of BBH Overdraft Base Rate plus
 2.00%. Payables, if any, are reflected as Overdraft Due to Custodian Bank in the Statements
 of Assets and Liabilities. Expenses from cash overdrafts are included in Interest Expense
 in the Statements of Operations.

H. **Concentration of Risk *.*** The Alternative Energy Fund invests substantially in the alternative
 energy or energy technology sectors. The Asia Focus Fund invests substantially all of
 its assets in the Asian continent. The China & Hong Kong Fund invests substantially
 all of its assets in securities that are traded in China or Hong Kong or that are issued
 by companies that do a substantial part of their business in China. The Global Energy
 Fund invests substantially in energy companies; the changes in the prices and supplies
 of oil and other energy fuels may affect the Fund's investments. The consequences
 of political, social, or economic changes in the countries or business sectors in which
 the securities are offered or the issuers conduct their operations may affect the market
 prices of the Funds' investments and any income generated, as well as the Funds' ability
 to repatriate such amounts.

I. **Other Risks *.*** 

*China Currency Risk*. The Funds' investments in Chinese issuers are subject to risks associated with China's currency, which is subject to economic objectives of China's government including devaluation. China has only comparatively recently moved from a pegged currency to a managed float. China's currency, the Renminbi Yuan, is not completely freely tradable and may not at all times reflect economic fundamentals of China's economy. The value of the Renminbi Yuan is subject to changes based on the economic objectives of the Chinese government, including devaluation in order to improve the competitiveness of Chinese goods in an effort to improve the Chinese balance of trade.

*Other Currency Risk.* Currencies of some countries in the Asia Pacific region are subject to greater volatility as compared to the US dollar. Currency volatility is relative and can be periodic. For some countries, their currency may not reflect entirely the fundamental components of a country's economy. For other countries, such as Australia (Australia Dollar), currency volatility is relatively low over longer terms. Some currencies, such as South Korea (Won), Taiwan (New Taiwan Dollar), Singapore (Singapore Dollar) and India (Rupee), trade only in local markets and may be more volatile than other currencies. The Fund could pay more if it had to acquire a foreign currency when the amplitude of its volatility is high as measured against the US Dollar.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

*Capital Controls and Sanctions Risk*. In 2022, a number of countries imposed capital controls and economic and other sanctions in response to Russia's invasion of Ukraine. The range of sanctions and their impact continues to evolve but has included asset seizures, restrictions on the transfer or exchange of currency, restrictions on asset transfers, exclusions from international banking systems, export limitations and limitations on listing shares of companies that are economically tied to Russia and Belarus, including depositary receipts on shares of affected companies. Sanctions programs have been imposed by individual countries, but also on a coordinated basis. The duration of sanctions programs and capital controls in response to the invasion of Ukraine cannot be predicted with any certainty. Capital controls and/or sanctions could adversely impact a Fund's ability to buy, sell or otherwise transfer securities or currency, negatively impact the value and/or liquidity of such instruments, adversely affect the trading market and price for Fund shares, and otherwise cause the Fund to decline in value.

J. **Use of Estimates.** The preparation of financial statements in conformity with accounting
 principles generally accepted in the United States requires management to make estimates
 and assumptions that affect the reported amounts of assets and liabilities and the disclosure
 of contingent assets and liabilities at the date of the financial statements. Actual
 results could differ from those estimates.

K. **Indemnifications.** Under the Trust's organizational documents, its current and former officers and trustees
 are indemnified against certain liabilities arising out of the performance of their duties
 to the Funds. In addition, in the normal course of business, the Funds enter into contracts
 that contain a variety of representations and warranties that provide general indemnifications.
 The Funds' maximum exposure under these arrangements is unknown as this would involve
 future claims that may be made against the Funds that have not yet occurred or that would
 be covered by other parties.

L. **Federal Income Taxes *.*** The Funds intend to comply with the requirements of Subchapter
 M of the Internal Revenue Code applicable to regulated investment companies and to distribute
 substantially all of their net investment income and any net realized gains to their
 shareholders. Therefore, no provision is made for federal income or excise taxes. Due
 to the timing of dividend distributions and the differences in accounting for income
 and realized gains and losses for financial statement and federal income tax purposes,
 the fiscal year in which amounts are distributed may differ from the year in which the
 income and realized gains and losses are recorded by the Funds.

*Accounting for Uncertainty in Income Taxes* (the "Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Funds' tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. The Income Tax Statement requires management of the Funds to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund's current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the open tax years ended December 2020 through 2023, and as of and during the year ended December 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Note 3 - Investment Advisory and Other Agreements**

The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with Guinness Atkinson Asset Management, Inc. (the "Adviser"), under which the Adviser provides the Funds with investment management services. The Adviser furnishes all investment advice, office space, facilities, and most of the personnel needed by the Funds. As compensation for its services, the Adviser is entitled to a monthly fee at the following annual rates based upon the average daily net assets of the Funds:

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

---

| | |
|:---|:---|
| Alternative Energy Fund | 0.80% |
| Asia Focus Fund | 1.00% |
| China & Hong Kong Fund | 1.00% |
| Global Energy Fund | 0.75% |
| Global Innovators Fund | 0.75% on the 1<sup>st</sup> $250 million, 0.50% thereafter |

---

The Funds are responsible for their own operating expenses. The Adviser has contractually agreed to limit each Fund's total operating expenses (excluding interest, taxes, acquired fund fees and expenses (as defined in Form N1-A), fees and expenses related to services for reclamation or recollection of foreign taxes withheld, dividends on short positions and extraordinary expenses) by reducing all or a portion of its fees and reimbursing the Fund for expenses so that its ratio of expenses to average daily net assets will not exceed the following levels:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Annual Expense Limit** | &nbsp;&nbsp;**Expiration Date** |
| Alternative Energy Fund | &nbsp;&nbsp;1.10% | &nbsp;&nbsp;June 30, 2028 |
| Asia Focus Fund | &nbsp;&nbsp;1.98% | &nbsp;&nbsp;June 30, 2028 |
| China & Hong Kong Fund | &nbsp;&nbsp;1.98% | &nbsp;&nbsp;June 30, 2028 |
| Global Energy Fund | &nbsp;&nbsp;1.45% | &nbsp;&nbsp;June 30, 2028 |
| Global Innovators Fund - Investor Class | &nbsp;&nbsp;1.24% | &nbsp;&nbsp;June 30, 2028 |
| Global Innovators Fund - Institutional Class | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;June 30, 2028 |

---

The expense ratios shown in the financial highlights may exceed these levels due to expenses incurred, but not covered by the expense limitation agreement.

To the extent that the Adviser waives fees and/or absorbs expenses it may seek repayment of a portion or all of such amounts at any time within three fiscal years after the fiscal year in which such amounts were waived or absorbed and recaptured previously waived subject to the applicable cap. For the period ended June 30, 2025, the Adviser waived fees and absorbed expenses as follows:

---

| | |
|:---|:---|
| | **Fees waived**<br> **and Expenses Absorbed** |
| Alternative Energy Fund | $63225 |
| Asia Focus Fund | 21847 |
| Global Energy Fund | 40033 |
| Global Innovators Fund | 85865 |
| &nbsp;&nbsp;&nbsp;Total | $210970 |

---

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

At June 30, 2025, the Adviser may recapture a portion of the following amounts that had been paid and/or waived on behalf of the Funds no later than the dates as stated below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **Fund** | **2025** | **2026** | **2027** | **2028** | **Total** |
| Alternative Energy Fund | $- | $69017 | $159088 | $63225 | $291330 |
| Asia Focus Fund | 47853 | 50668 | 52511 | 21847 | 172879 |
| Global Energy Fund | 74959 | 87577 | 76515 | 40033 | 279084 |
| Global Innovators Fund | 78183 | 98690 | 63891 | 85865 | 326629 |

---

Foreside Fund Services, LLC acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares.

Mutual Fund Administration, LLC (the "Administrator") acts as the Funds' administrator under an administration agreement. The fees paid to the Administrator for the period ended June 30, 2025, are reported on the Statements of Operations.

Foreside Fund Officer Services, LLC provides Chief Compliance Officer ("CCO") services to the Funds. The fees paid for CCO services for the year ended June 30, 2025, are reported on the Statements of Operations.

The fees paid to non-interested Trustees for the period ended June 30, 2025, are reported on the Statements of Operations.

Certain officers of the Trust are also officers and/or Directors of the Adviser and the Administrator. None of these officers are compensated directly by the Funds.

**Note 4 - Distribution Plan**

The Trust has adopted a Distribution Plan under Rule 12b-1 of the 1940 Act. The Board of Trustees has not authorized the Funds to make payment under the Distribution Plan. Currently, no payment is being made by the Funds.

**Note 5 - Shareholder Servicing Plan**

Each Fund has adopted a Shareholder Servicing Plan to pay a fee at an annual rate of up to 0.25% of its daily average net assets of shares serviced by shareholder servicing agents who provide administrative and support services to their customers. The Global Innovators Fund – Institutional Class shares do not participate in the Shareholder Servicing Plan.

The fees paid under the Shareholder Servicing Plan for the period ended June 30, 2025, are reported on the Statements of Operations.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

**Note 6 - Investment Transactions**

The following table presents purchases and sales of securities during the period ended June 30, 2025, excluding short-term investments, to indicate the volume of transactions in each Fund.

---

| | | |
|:---|:---|:---|
| | **Purchases** | **Sales** |
| Alternative Energy Fund | $2036306 | $6152000 |
| Asia Focus Fund | 1204462 | 1926688 |
| China & Hong Kong Fund | 3380488 | 4782395 |
| Global Energy Fund | - | 522005 |
| Global Innovators Fund | 1795827 | 25565935 |

---

The Funds did not purchase U.S. Government securities as a part of their long-term investment strategy during the period ended June 30, 2025.

**Note 7 - Fair Value Measurements and Disclosures**

*Fair Value Measurements and Disclosures* defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurements and Disclosures*, various inputs are used in determining the value of each Fund's investments. These inputs are summarized into three broad Levels as described below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that a Fund has the ability to access.

● Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of June 30, 2025, in valuing the Funds' assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Alternative Energy Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic Materials | $809548 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $809548 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 916157 | - | - | 916157 |
| &nbsp;&nbsp;&nbsp;Energy | 1293289 | - | - | 1293289 |
| &nbsp;&nbsp;&nbsp;Industrial | 8922724 | - | - | 8922724 |
| &nbsp;&nbsp;&nbsp;Technology | 1568279 | - | - | 1568279 |
| &nbsp;&nbsp;&nbsp;Utilities | 2664523 | - | - | 2664523 |
| Total Investments, at value | 16174521 | - | - | 16174521 |
| Total Assets | $16174521 | $- | $- | $16174521 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asia Focus Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications | $2180467 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $2180467 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 968170 | - | - | 968170 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 1989820 | - | - | 1989820 |
| &nbsp;&nbsp;&nbsp;Financial | 1146918 | - | - | 1146918 |
| &nbsp;&nbsp;&nbsp;Industrial | 1753030 | - | - | 1753030 |
| &nbsp;&nbsp;&nbsp;Technology | 2259906 | - | - | 2259906 |
| Total Investments, at value | 10298311 | - | - | 10298311 |
| Total Assets | $10298311 | $- | $- | $10298311 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **China & Hong Kong Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications | $4126593 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $4126593 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 6959342 | - | - | 6959342 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 2513756 | - | - | 2513756 |
| &nbsp;&nbsp;&nbsp;Energy | 541037 | - | - | 541037 |
| &nbsp;&nbsp;&nbsp;Financial | 4637131 | - | - | 4637131 |
| &nbsp;&nbsp;&nbsp;Industrial | 5035526 | - | - | 5035526 |
| &nbsp;&nbsp;&nbsp;Technology | 1113650 | - | - | 1113650 |
| Total Investments, at value | 24927035 | - | - | 24927035 |
| Total Assets | $24927035 | $- | $- | $24927035 |

---

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Global Energy Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy | $9404344 | $- | $- | $9404344 |
| Total Investments, at value | 9404344 | - | - | 9404344 |
| Total Assets | $9404344 | $- | $- | $9404344 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Innovators Fund** | | | | |
| Assets Table | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments, at value |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communications | $28613404 | $- | $- | $28613404 |
| &nbsp;&nbsp;&nbsp;Consumer, Cyclical | 7697517 | - | - | 7697517 |
| &nbsp;&nbsp;&nbsp;Consumer, Non-cyclical | 26180782 | - | - | 26180782 |
| &nbsp;&nbsp;&nbsp;Financial | 28744811 | - | - | 28744811 |
| &nbsp;&nbsp;&nbsp;Industrial | 27061588 | - | - | 27061588 |
| &nbsp;&nbsp;&nbsp;Technology | 77414319 | - | - | 77414319 |
| Total Investments, at value | 195712421 | - | - | 195712421 |
| Total Assets | $195712421 | $- | $- | $195712421 |

---

**Note 8 - Forward Foreign Currency Contracts**

In order to hedge their portfolio and to protect them against possible fluctuations in foreign exchange rates pending the settlement of securities transactions, the Funds may enter into forward foreign currency contracts that obligate them to exchange currencies at specified future dates. At the maturity of a forward contract, a Fund may either make delivery of the foreign currency from currency held, if any, or from the proceeds of the portfolio securities sold. It may also terminate its obligation to deliver the foreign currency at any time by purchasing an offsetting contract. The forward values of amounts due are netted against the forward value of the currency to be delivered, and the net amount is shown as a receivable or payable in the financial statements. The Funds do not have any outstanding forward contracts as of June 30, 2025.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

**Note 9 - Tax Matters**

As of June 30, 2025, the tax bases of investments were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Alternative Energy Fund** | **Asia Focus Fund** | **China & Hong Kong Fund** |
| Cost of investments for tax purposes | $18307804 | $7556773 | $24928748 |
| Gross tax unrealized appreciation | 3285046 | 4099655 | 5649649 |
| Gross tax unrealized depreciation | (5418329) | (1358117) | (5651362) |
| Net tax unrealized appreciation (depreciation) on investments | (2133283) | 2741538 | (1713) |

---

---

| | | |
|:---|:---|:---|
| | **Global Energy Fund** | **Global Innovators Fund** |
| Cost of investments for tax purposes | $10949946 | $92233595 |
| Gross tax unrealized appreciation | 753726 | 105261046 |
| Gross tax unrealized depreciation | (2299328) | (1782220) |
| Net tax unrealized appreciation (depreciation) on investments | (1545602) | 103478826 |

---

\* The differences between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of December 31, 2024, the Funds have the following capital loss carryforwards available to offset future realized capital gains:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Capital losses expiring in:** | **Alternative Energy Fund** | **Asia Focus Fund** | **China & Hong Kong Fund** | **Global Energy Fund** | **Global Innovators Fund** |
| No Expiration Long-term | $27723921 | $- | $1743325 | $22408387 | $- |
| No Expiration Short-term | 164750 | - | 135167 | 3362134 | - |
| &nbsp;&nbsp;&nbsp;Total | $27888671 | $- | $1878492 | $25770521 | $- |

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For the year ended December 31, 2024, the Alternative Energy Fund and the Global Energy Fund, utilized capital losses carryforwards of $1,364,040 and $409,217, respectively.

**Note 10 - New Accounting Pronouncements and Regulatory Updates**

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Funds have adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 - Continued**

**Note 11 - Events Subsequent to the Reporting Period End**

The Funds have adopted financial reporting rules regarding a subsequent event which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds' related events and transactions that occurred through the date of issuance of the Funds' financial statements.

![](fp0094683-1_02.jpg)

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not Applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies</u>.**

Not Applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

***Board Consideration of and Continuance of the Trust's Investment Advisory Agreement***

At a Board Meeting held on May 5, 2025, the Board of Trustees (the "Trustees" or the "Board") of Guinness Atkinson Funds (the "Trust") considered the annual approval of the continuation of the investment advisory agreement (the "Agreement") between the Trust, on behalf of the Alternative Energy Fund, the Asia Focus Fund, the China & Hong Kong Fund, the Global Energy Fund, and the Global Innovators Fund, and the Adviser.

At the meeting, the Trustees discussed with counsel to the Trust and independent legal counsel to the Independent Trustees, their fiduciary duties under the 1940 Act in reviewing the Agreement and their obligation to obtain and review information relevant and necessary to their consideration of the Agreement. The Trustees received a memorandum summarizing the duties of the Trustees under, and the fiduciary standards established by, the 1940 Act and applicable state law, legislative and regulatory guidance, and judicial precedent with respect to evaluating the reasonableness of fees and interpretation of the applicable fiduciary standards.

To assist the Board in its evaluation of the Agreement, the Independent Trustees received a separate report from the Adviser in advance of the meeting responding to a request for information provided on behalf of the Independent Trustees that, among other things, outlined the services provided by the Adviser to the Funds (including the relevant personnel responsible for these services and their experience); the fee rate or management fee rate payable by the Funds as compared to fees charged to a relevant peer group of each Fund and as compared to fees charged to other clients of the Adviser; the expenses of each Fund as compared to expense ratios of the funds in the respective Fund's peer group; the nature of the expenses incurred in providing services to each Fund and the potential for economies of scale, if any; financial data on the Adviser; any fall-out benefits accruing to the Adviser; and information on the Adviser's compliance programs. The Independent Trustees also met separately with their Independent Legal Counsel to discuss the information provided by the Adviser. In their deliberations, the Trustees considered the factors summarized below, and in approving the Agreement with respect to each Fund, the Trustees did not identify any single factor, or information provided with respect to any single factor, as controlling. The Trustees evaluated all information available to them on a Fund-by-Fund basis, and their determinations were made separately with respect to each Fund.

***Nature, Extent and of Quality of Services***

The Board discussed the fees payable by each Fund under the Agreement and the services provided by the Adviser to each Fund, and the Trustees considered that they receive from the Adviser and review on a regular basis over the course of the year information regarding the Funds' performance, including information about the Funds' performance in comparison to peers and benchmarks, and analyses by the Adviser of the Funds' performance. The Trustees also considered information about the nature, extent and quality of the services provided by the Adviser, including the background and experience of the Adviser's senior management and portfolio managers, and their special knowledge about the areas in which the Funds invest. The Trustees also considered information gained from their experience as Trustees of the Funds, in addition to the overall reputation and capabilities of the Adviser and its investment professionals, the Adviser's commitment to providing high quality services to the Funds, the Trustees' overall confidence in the Adviser's integrity and responsiveness to Trustee concerns, the Adviser's integrity as reflected in its adherence to compliance practices, and the Adviser's willingness and initiative in implementing changes designed to reduce Fund expenses or improve services to the Funds, including the addition of research analysts and other operational personnel to support the Funds' portfolio management and operations. The Trustees considered the impact of current market conditions on each Fund and the Fund complex. The Trustees also considered the general market performance in the prior year across market sectors and specifically in respect of each Fund's specific sector or region focus, including the particular challenges or strengths of the markets in responding to global market events during the period.

***Fund Performances, Advisory Fees and Expenses***

For each Fund and its peer group of Funds, the Trustees reviewed the performance and expense information compiled from Morningstar Inc. data regarding performance for periods ended March 31, 2025, and expense information as of March 31, 2025. The Trustees considered that they receive from the Adviser and review on a regular basis over the course of the year, data regarding the Funds' performance, including information about each Fund's performance in comparison to its peers and benchmarks, and analyses by the Adviser of the Fund's performance and factors contributing to expenses. The Trustees also considered the Funds' long-term performance records and the Adviser's continued efforts to improve the Funds' performance. The Trustees compared each Fund's performance, advisory fee and expenses with its peer group, and considered the differences between each Fund and funds in the peer group. The Trustees considered the size of each Fund in comparison to its peers, including whether the peer funds were part of a larger fund complex. The Trustees considered the following Fund-specific factors:

***<u>Alternative Energy Fund</u>***

The Fund's annual advisory fee (gross of waivers) was above the median advisory fees charged to comparable mutual funds in the Morningstar "Foreign Small/Mid Value" and annual total expenses paid by the Fund (net of fee waivers) were the same as peer group median. With respect to the performance results, the Meeting Materials indicated that the Fund's annualized total returns for the one-, three- and ten-year period were below the peer group median returns. The Fund's annualized total returns for the one-, three-, and ten-year periods were below the MSCI World NR Index returns, the Fund's benchmark index. The Fund's annualized total return for the five-year period was above the peer group median return but below the benchmark index return.

***<u>Asia Focus Fund</u>***

The Fund's annual advisory fee (gross of waivers) was above the advisory fees charged to comparable mutual funds in the Morningstar "Pacific/Asia Ex-Japan Stock" category, and annual total expenses paid by the Fund (net of fee waivers) were above the peer group median. With respect to the performance results, the Meeting Materials indicated that the Fund's annualized total return for the one-year period was above the peer group median return but below the MSCI AC Far East ex Japan Index return, the Fund's benchmark index. The Fund's annualized total returns for the three-, five-, and ten-year periods were below the peer group median returns. The Fund's annualized total returns for three-, five-, and ten-year periods were below the benchmark index returns.

***<u>China & Hong Kong Fund</u>***

The Fund's annual advisory fee (gross of waivers) was slightly above the advisory fees charged to comparable mutual funds in the Morningstar "China Region" category, and annual total expenses paid by the Fund (net of fee waivers) were above the peer group median. With respect to the performance results, the Fund's annualized total returns for the one-, three-, five-, and ten-year periods were below the peer group median returns. The Fund's annualized total returns for the one-, three-, five- and ten-year periods were below the Hang Seng Composite Index returns, its benchmark index.

***<u>Global Energy Fund</u>***

The Fund's annual advisory fee (gross of waivers) was the same as the median advisory fee charged to comparable mutual funds in the Morningstar "Equity Energy" category, and annual total expenses paid by the Fund (net of fee waivers) were slightly above the peer group median. With respect to the performance results, the Fund's annualized total returns for the one-, three-, five-, and ten-year periods were below the peer group median returns. The Fund's annualized total returns for the one-, three-, five-, and ten-year periods were below the MSCI World Energy Index returns, its benchmark index.

***<u>Global Innovators Fund</u>***

The Fund's annual advisory fee (gross of waivers) was the same as the median advisory fee charged to comparable mutual funds in the Morningstar "Large Growth" category, and annual total expenses paid by the Fund (net of fee waivers) were slightly above the peer group median. With respect to the performance results, the Fund's annualized total return for the one-year period was below the peer group return and the MSCI World NR Index return, one of its benchmark indices. The Fund's annualized total returns for the three-, five-, and ten-year periods were above the peer group returns and the MSCI World NR Index returns. The Fund's annualized total return for the three- year period was above the Nasdaq Composite Index, another one of its benchmark indices. The Fund's annualized total returns for the one-, five, and ten-year periods were below the Nasdaq Composite Index returns.

With respect to each Fund, the Board discussed the fee and performance variations, as well as the Adviser's explanations of contributing factors, and observed that the Adviser agreed to limit the Fund's expense ratio through June 30, 2028, at a level at which it can maintain the viability of the Fund and provide stability to the Fund's expenses during that period.

***Costs of Services and Profitability***

The Trustees considered the financial information provided by the Adviser, including the profitability of each Fund to the Adviser, the Adviser's profitability in general and the firm's retention of key personnel. The Trustees noted that the Adviser had waived a portion of its advisory fee for the Alternative Energy Fund, Asia Focus Fund, Global Energy Fund, and Global Innovators Fund. The Trustees also considered the Adviser's efforts to lower the overall expenses for the Funds that have produced meaningful savings. The Board concluded that the profitability of each Fund to the Adviser, when positive, was reasonable.

***Economies of Scale***

The Board considered the size of each Fund and the Adviser's willingness to use expense limitation agreements to reduce total annual fund operating expenses as evidence that the Adviser is sharing economies of scale before investment advisory fees are earned by the Adviser, for the benefit of shareholders. The Board also considered the Adviser's willingness to institute breakpoints in the advisory fees as individual Funds reach higher asset levels.

After considering the factors described above, the Board and the Independent Trustees separately determined that based on the information they had reviewed, the nature, overall quality, and extent of the management and oversight services provided by the Adviser to the Funds were satisfactory; the overall fee arrangement between the Trust, on behalf of each Fund, and the Adviser was fair and reasonable in light of the nature and quality of the services the Adviser provides to the Funds; and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders, and accordingly, approved the continuance of the Advisory Agreement through May 31, 2026.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The registrant has not made any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registrant's Principal Executive Officer and Principal Financial Officer have reviewed
 the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b)
 or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers
 have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed,
 summarized and reported and made known to them by others within the Registrant and by
 the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the Registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Act) that occurred during the period covered by this report
 that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) [(1) *Any code of ethics or amendment thereto, that is subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to the Registrant's Form N-CSR filed March 10, 2011.](https://www.sec.gov/Archives/edgar/data/919160/000110465911013535/a11-3120_2ex99dcodeeth.htm)

(a) (2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Instruction to paragraph (a)(2).* Not Applicable.

[(a) (3) A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith](fp0094683-1_ex99cert.htm)

(a) (4) Not Applicable

(a) (5) Not Applicable

[*(b)*](fp0094683-1_ex99906cert.htm) [*Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0094683-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Guinness Atkinson Funds |
| By (Signature and Title) | /s/ James J. Atkinson |
|  | James J. Atkinson, President and Principal Executive Officer |
| Date | 9/8/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ James J. Atkinson |
|  | James J. Atkinson, President and Principal Executive Officer |
| Date | 9/8/2025 |
| By (Signature and Title) | /s/ Rita Dam |
|  | Rita Dam, Treasurer and Principal Financial Officer |
| Date | 9/8/2025 |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, **James J. Atkinson**, certify that:

1. I
 have reviewed this report on Form N-CSR of  **<u>Guinness Atkinson Funds</u>** ;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule
 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrants' ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ James J. Atkinson |
|  |  | James J. Atkinson <br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, **Rita Dam**, certify that:

1. I
 have reviewed this report on Form N-CSR of  **<u>Guinness Atkinson Funds</u>** ;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in
 this report, fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the registrant as of, and for, the
 periods presented in this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule
 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
 and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Rita Dam |
|  |  | Rita Dam<br>Treasurer and Principal Financial Officer  |

---

## Exhibit 99.906

EX.99.906CERT

**Certification of CEO and CFO Pursuant to**

**18 U.S.C. Section 1350,**

 **as Adopted Pursuant to**

 **Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the report on Form N-CSR of **<u>Guinness Atkinson Funds,</u>** (the "Trust"), for the six months ended **June 30, 2025** (the "Report"), James J. Atkinson, as President and Principal Executive Officer of the Trust, and Rita Dam, as Treasurer and Principal Financial Officer of the Trust, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

(1) the
 Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) the
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

---

| | |
|:---|:---|
| Date | 9/8/2025 |
| /s/ James J. Atkinson | /s/ James J. Atkinson |
| James J. Atkinson | James J. Atkinson |
| President and Principal Executive Officer | President and Principal Executive Officer |
| /s/ Rita Dam | /s/ Rita Dam |
| Rita Dam | Rita Dam |
| Treasurer and Principal Financial Officer | Treasurer and Principal Financial Officer |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Investment Managers Series Trust for purposes of Section 18 of the Securities Exchange Act of 1934.