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Alternative Energy Fund Asia Focus Fund Asia Pacific Dividend Fund Merrill Corp - Guinness Annual Report [Funds] 12-31-2013 ED [AUX] | thunt | 25-Feb-14 13:26 | 14-1113-1.aa | Sequence: 1 CHKSUM Content: No Content Layout: 16624 Graphics: 32773 CLEAN TM December 31, 2013 Alternative Energy Fund Asia Focus Fund Asia Pacific Dividend Fund China & Hong Kong Fund Global Energy Fund Global Innovators Fund Inflation Managed Dividend FundTM Renminbi Yuan & Bond Fund JOB: 14-1113-1 CYCLE#;BL#: 5; 0 TRIM: 8.25" x 10.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: PANTONE 186 U, PANTONE 540 U, ~note-color 2 GRAPHICS: guinness_AR_cover2_13.eps V1.5 Merrill Corp - Guinness Annual Report [Funds] 12-31-2013 ED [AUX] | thunt | 25-Feb-14 13:26 | 14-1113-1.aa | Sequence: 2 CHKSUM Content: 36637 Layout: 25364 Graphics: No Graphics CLEAN 2 JOB: 14-1113-1 CYCLE#;BL#: 5; 0 TRIM: 8.25" x 10.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: PANTONE 186 U, ~note-color 2 GRAPHICS: none V1.5 Merrill Corp - Guinness Annual Report [Funds] 12-31-2013 ED [AUX] | gweiler | 03-Mar-14 17:04 | 14-1113-1.ac | Sequence: 1 CHKSUM Content: 4599 Layout: 2399 Graphics: No Graphics CLEAN Guinness AtkinsonTM Funds Annual Report December 31, 2013 TABLE OF CONTENTS 5 Letter to Shareholders 7 Expense Example 8 Alternative Energy Fund 16 Asia Focus Fund 22 Asia Pacific Dividend Fund 28 China & Hong Kong Fund 34 Global Energy Fund 42 Global Innovators Fund 49 Inflation Managed Dividend FundTM 57 Renminbi Yuan & Bond Fund 63 Statements of Assets and Liabilities 65 Statements of Operations 67 Statements of Changes in Net Assets 70 Financial Highlights 78 Notes to Financial Statements 91 Report of Independent Registered Public Accounting Firm 92 Trustee and Officer Information 95 Privacy Notice 99 Guinness Atkinson Funds Information 3 JOB: 14-1113-1 CYCLE#;BL#: 10; 0 TRIM: 8.25" x 10.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: PANTONE 186 U, PANTONE 540 U, ~note-color 2 GRAPHICS: none V1.5 Merrill Corp - Guinness Annual Report [Funds] 12-31-2013 ED [AUX] | thunt | 28-Feb-14 13:03 | 14-1113-1.ba | Sequence: 1 CHKSUM Content: 58914 Layout: 33511 Graphics: No Graphics CLEAN The table below provides total return data for each of the Funds over the one, three, five, ten and from inception periods through December 31, 2013. Also included in the table is the expense ratio data from the most recent prospectus dated May 1, 2013. Fund (inception date) 1-year 3-year 5-year 10-year From Inception Expense Ratio Alternative Energy Fund (March 31, 2006) 61.54% -7.66% -3.88% — -12.20% 2.32% gross; 2.02% net† Asia Focus (April 29, 1996) -10.38% -6.92% 12.56% 7.36% 2.58% 1.71% Asia Pacific Dividend Fund (March 31, 2006) -2.06% 1.30% 16.20% — 4.70% 3.57% gross; 1.98% net† China & Hong Kong (June 30, 1994) 6.45% -4.07% 14.45% 9.44% 7.68% 1.52% Global Energy Fund (June 30, 2004) 24.48% 3.83% 16.34% — 13.41% 1.35% Global Innovators Fund (December 15, 1998) 45.29% 17.66% 22.57% 10.42% 7.09% 1.51% Inflation Managed Dividend FundTM (March 30, 2012) 29.77% — — — 19.24% 7.05% gross; 0.68% net† Renminbi Yuan & Bond Fund (June 30, 2011) 5.26% — — — 3.70% 0.90% Periods of greater than one year are average annualized returns; one year and shorter period returns are actual returns. All returns are for the periods ending December 31, 2013. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance of the Funds may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by visiting www.gafunds.com. Each Fund imposes a 2% redemption fee on shares held less than 30 days. Performance data quoted does not reflect this fee. If it had, total return would be lower. Expense ratios are from the most recent prospectus (dated May 1, 2013) and are from the most recent audited financials (period ending December 31, 2012) at the time that prospectus was completed. †All of the Guinness Atkinson Funds have an expense cap in place and the advisor is contractually obligated to cap the Funds’ total expenses at least through June 30, 2014. For the Inflation Managed Dividend Fund, the advisor is contractually obligated to cap total expenses at least through March 31, 2015. 4 JOB: 14-1113-1 CYCLE#;BL#: 9; 0 TRIM: 8.25" x 10.75" AS: Merrill Chicago: 877-427-2185 COMPOSITE COLORS: PANTONE 186 U, PANTONE 540 U, ~note-color 2 GRAPHICS: none V1.5 Merrill Corp - Guinness Annual Report [Funds] 12-31-2013 ED [AUX] | thunt | 28-Feb-14 13:03 | 14-1113-1.ba | Sequence: 2 CHKSUM Content: 35442 Layout: 35555 Graphics: No Graphics CLEAN Dear Guinness Atkinson Funds Shareholders, Once again we’re happy to report that the world didn’t end during the previous year. In fact, 2013 was a pretty good year, particularly for shareholders in most of the Guinness Atkinson Funds. Before we get to the performance details, it might be worthwhile to once again speak out for optimism and acknowledge what we find obvious: human progress is alive and well and for the majority of the planet life has never been better. As we mentioned, we find this qualitative judgment to be a matter of fact: humans are living longer, healthier lives; earning increasingly higher amounts and are on average more educated and connected to information and entertainment than ever before. Notwithstanding that these are factual statements the majority of us believe the opposite, namely that the state of humanity is poor and declining. There is a pessimism that permeates the national and global zeitgeist. We accept that the world isn’t going to come around to our point of view no matter how loud we shout the optimistic truth. But we do feel it is important to share our view and the facts about the human condition because we believe this unfounded pessimism and angst has some effect on investment behavior. Investors with a better understanding of the true state of the human condition might be in a position to make more informed investment decisions. Investing isn’t just about the long term, of course and we are cognizant that economic events bring both the good and the bad. We are not blind to the fact that markets fluctuate or that bad things happen. That is part of the exercise. Our point is more that investing can benefit from a long term view and, importantly, it is helpful if that long term view is grounded in facts and empirical data rather than on subjective misinformation. 2013 Performance We’re delighted to acknowledge that the Guinness Atkinson Alternative Energy Fund had a stellar 2013, generating a total return of 61.54% for the year. This is particularly welcome news given the generally dismal performance of this Fund in recent years. In 2013 this Fund benefitted greatly from the strong performance of the sector. Previously this Fund had suffered greatly from the very weak performance of the sector. As the name of the Fund suggests, the Alternative Energy Fund invests in the alternative energy sector. Our philosophy for this Fund, and indeed in all of the Guinness Atkinson Funds, is to invest shareholder assets in the manner suggested by the Fund’s name. For the Alternative Energy Fund this means investing in companies that generate at least 50% of their earnings or revenues from alternative energy. Thus, when the sector was weak in recent years the Fund produced poor results. But, maintaining the course paid off handsomely in 2013. Our view on alternative energy is simple; over time the price of alternative energy will decline while conventional energy costs will rise. This formula, coupled with increasing environmental concerns should result in a dramatic increase in alternative energy generation. Put another way, our view is that over time alternative energy will become conventional. We know the short term for this industry can be extremely volatile, but our view on the long term is optimistic. The Global Innovators Fund also had an excellent 2013, generating a total return of 45.29%. In fact, this Fund has put together an exceptional long term track record (details are provided in the table above). The philosophy behind this Fund is simple: Companies that demonstrate an ability to innovate can achieve a competitive advantage. The Global Innovators Fund is populated with companies from a variety of industries that have found a competitive advantage through innovation. We believe the excellent long term track record for this Fund supports our view that innovation matters. The newest Guinness Atkinson Fund, the Inflation Managed Dividend FundTM, had an excellent year, providing a total return of 29.77% in 2013. We’re the first to admit that this Fund has an unusual name. The Fund seeks to offer a moderate dividend yield that importantly grows at a rate that is greater than the rate of inflation. In simple terms the Fund could be described as a growing dividend Fund. But central to the Fund is the principle that any rising dividend strategy needs to be cognizant of the rate of inflation. The Global Energy Fund also had a standout year, generating a total return of 24.48% over the calendar year, despite the fact that the price of oil was relatively stable over the course of 2013.
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