ThZeal - The Zeal

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 811-08360

GUINNESS ATKINSON FUNDS

(Exact name of registrant as specified in charter)

251 South Lake Avenue, Suite 800

Pasadena, CA 91101

(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

James J. Atkinson, Jr.

251 South Lake Avenue, Suite 800

Pasadena, CA 91101

Registrant’s telephone number, including area code: (800-915-6566)

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1. Report to Stockholders.

(a)

The registrant’s semi-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 Atkinson Alternative Energy Fund

NYSE ARCA GAAEX

Semi-Annual Shareholder Report

June 30, 2024

This semi-annual shareholder report contains important information about the Guinness Atkinson Alternative Energy Fund ("Fund") for the period of January 1, 2024 to June 30, 2024. 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	$54	1.11%

How did the Fund perform during the reporting period?

In the first half of 2024, the Guinness Atkinson Alternative Energy Fund produced a total return of -3.67% vs the MSCI World Index (net return) of 11.75%.

What affected the Fund's performance?

Fund performance can be attributed to the following.

Within the portfolio, the strongest performers included:

Our electrical equipment names Eaton, Hubbell, Schneider and Itron all performed strongly driven by an acceleration in global electrification activity and the resolution of supply chain issues which allowed them to pass on inflationary pressures and therefore maintain operating margins. Hubbell and Eaton delivered good earnings upgrades resulting from the re-industrialisation of the United States as well as the move to electrification. The positive order book inflection continues at Eaton.
Within displacement, Trane Technologies and Installed Building Products (IBP) delivered well. Trane was helped also by regulatory changes and its positioning with respect data centres.
In addition, First Solar shares were up 30.9% in 1H as the company was seen as a key beneficiary when local content IRA tax credit definitions were clarified while NextEra performed well after delivering an upbeat "Renewables Development Day" for investors.

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

The electrification sub sector, with EV component and lithium-ion battery manufacturers suffering from delays in EV launch schedules, margin pressure and the threat of increasing Chinese competition.
Nibe shares were under pressure as the heat pump market remains overstocked at the distributor level.
Canadian Solar delivered negative contribution as module prices reached record lows while US residential solar companies continued to face a prolonged de-stocking headwind.
A number of our generation companies delivered negative contribution as interest rate cuts did not crystalise while Sunnova weakened through the period as the US residential solar business remained under pressure.

Fund Performance

Date	Alternative Energy Fund	MSCI World Index (Net Return)
06/30/2014	10000	10000
09/30/2014	8949	9784
12/31/2014	7651	9883
03/31/2015	7942	10112
06/30/2015	7875	10143
09/30/2015	6264	9286
12/31/2015	6779	9797
03/31/2016	6264	9763
06/30/2016	5906	9861
09/30/2016	6153	10341
12/30/2016	5616	10533
03/31/2017	5884	11204
06/30/2017	6130	11655
09/30/2017	6622	12219
12/30/2017	6776	12892
03/31/2018	6821	12727
06/30/2018	6552	12948
09/30/2018	6395	13592
12/31/2018	5726	11769
03/29/2019	6513	13238
06/28/2019	6827	13767
09/30/2019	6625	13841
12/31/2019	7456	15025
03/31/2020	5906	11862
06/30/2020	7928	14159
09/30/2020	9994	15281
12/31/2020	13901	17415
03/31/2021	14080	18272
06/30/2021	14710	19687
09/30/2021	14710	19686
12/31/2021	15069	21214
03/31/2022	13654	20121
06/30/2022	11745	16864
09/30/2022	11790	15821
12/31/2022	13160	17366
03/31/2023	14373	18708
06/30/2023	14238	19986
09/30/2023	11880	19294
12/31/2023	12846	21496
03/31/2024	12779	23405
06/30/2024	12375	24021

Average Annual Total Return

	6 Months (Actual)	1 Year	5 Years	10 Years
Guinness Atkinson Alternative Energy Fund	-3.67%	-13.09%	12.63%	2.15%
MSCI World Index (Net Return)	11.75%	20.19%	11.76%	9.16%

Performance data quoted represents past performance and does not guarantee future results.

The graph and total returns reflect the reinvestment of distributions made by the Fund, if any. The deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares, and the expenses (if any) incurred in a sale of fund shares, is not reflected in the total returns.

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

What are some key Fund statistics?

(as of June 30, 2024)

Net Assets ($)	$23,784,974
Number of Portfolio Holdings	33
Portfolio Turnover Rate (%)	11%

What did the Fund invest in?

(as of June 30, 2024)

Top Ten Holdings (% of net assets)

Top 10	% of Net Assets
Iberdrola SA	4.90%
Trane Technologies PLC	4.70%
Nextera Energy Inc.	4.40%
Schneider Electric SE	4.40%
Eaton Corp PLC	4.30%
Hubbell Inc	4.20%
Legrand SA	4.10%
Siemens AG	3.90%
NXP Semiconductors NV	3.70%
Owens Corning	3.60%

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.

Geographic Breakdown (% of net assets)

Geographic Region	% of Net Assets
United States	46.80%
France	8.50%
Germany	7.40%
China	5.90%
Denmark	5.80%
South Korea	5.60%
Spain	4.90%
Netherlands	3.70%
Ireland	3.10%
United Kingdom	2.80%
Sweden	2.00%
Canada	1.80%
Israel	0.30%

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with the Fund's accountants during the reporting period.

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.

Distributed by Foreside Fund Services, LLC.

Guinness Atkinson Asia Focus Fund

NYSE ARCA IASMX

Semi-Annual Shareholder Report

June 30, 2024

This semi-annual shareholder report contains important information about the Guinness Atkinson Asia Focus Fund ("Fund") for the period of January 1, 2024 to June 30, 2024. 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	$99	1.98%

How did the Fund perform during the reporting period?

In the first half of 2024, the Guinness Atkinson Asia Focus Fund produced a total return of 0.34% vs the MSCI AC Far East ex Japan Index (net return) of 7.98%.

What affected the Fund's performance?

Fund performance can be attributed to the following:

Overall Fund performance was primarily driven by asset allocation, with overweighting to Information Technology and zero weighting to Real Estate and Materials driving the highest contributions to the Fund's total returns.

Overweighting in Health Care and Consumer Discretionary caused the largest drags to performance contribution. Communication Services was the third largest drag, although this was driven by stock selection (underweight Tencent and overweight Baidu) which more than offset positive asset allocation effects.

Stock selection in Health Care and Consumer Discretionary were also drags on performance, driven by China Medical Systems (-51.62% in USD), Corporate Travel Management (-32.90%), and Hanon Systems (-39.15%).
A positive stock selection effect was seen in Financials where China Merchants Bank (+30.34%) and DBS Group (+18.23%) both outperformed. Within Technology, we saw strong performances from TSMC (+54.88%), Applied Materials (+46.12%) and Broadcom (+44.90%). However, under allocation to TSMC caused a drag effect.

Fund Performance

Date	Asia Focus Fund	MSCI AC Far East ex Japan Index (Net Return)
06/30/2014	10000	10000
09/30/2014	9705	9796
12/31/2014	9620	9815
03/31/2015	9842	10289
06/30/2015	10244	10386
09/30/2015	8223	8508
12/31/2015	8508	8881
03/31/2016	8526	9080
06/30/2016	8904	9084
09/30/2016	10027	10049
12/30/2016	9291	9433
03/31/2017	10699	10656
06/30/2017	11407	11611
09/30/2017	12270	12433
12/30/2017	13666	13409
03/31/2018	13763	13612
06/30/2018	13008	12814
09/30/2018	12590	12622
12/31/2018	10873	11379
03/29/2019	12696	12739
06/28/2019	12599	12637
09/30/2019	12619	12077
12/31/2019	14050	13592
03/31/2020	11104	11290
06/30/2020	13040	13136
09/30/2020	14703	14481
12/31/2020	17693	17132
03/31/2021	18311	17545
06/30/2021	18213	18107
09/30/2021	16152	15912
12/31/2021	16575	15690
03/31/2022	14271	14278
06/30/2022	13311	13109
09/30/2022	10624	10855
12/31/2022	11929	12305
03/31/2023	12712	13096
06/30/2023	12577	12627
09/30/2023	12215	12049
12/31/2023	12637	12675
03/31/2024	12407	12864
06/30/2024	12680	13686

Average Annual Total Return

	6 Months (Actual)	1 Year	5 Years	10 Years
Guinness Atkinson Asia Focus Fund	0.34%	0.83%	0.13%	2.40%
MSCI AC Far East ex Japan Index (Net Return)	7.98%	8.38%	1.61%	3.19%

Performance data quoted represents past performance and does not guarantee future results.

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, 2024)

Net Assets ($)	$10,407,477
Number of Portfolio Holdings	31
Portfolio Turnover Rate (%)	2%

What did the Fund invest in?

(as of June 30, 2024)

Top Ten Holdings (% of net assets)

Top 10	% of Net Assets
Broadcom Inc.	7.60%
Taiwan Semiconductor Manufacturing Co., Ltd.	7.10%
Applied Materials Inc.	6.70%
Elite Material Co., Ltd.	5.80%
Samsung Electronics Co., Ltd.	5.70%
NetEase Inc. - ADR	4.80%
DBS Group Holdings	4.40%
NARI Technology Co., Ltd.	4.40%
Shenzhou International	4.20%
Autohome Inc.	4.00%

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.

Industry Breakdown (% of net assets)

Sector	% of Net Assets
Electronic Components - Semiconductor	19.90%
Commercial Banks	7.30%
Semiconductor Components - Integrated Circuits	7.10%
Electronic Component Miscellaneous	5.80%
E-Commerce/Services	5.70%
Entertainment Software	4.80%
Machinery - General Industries	4.40%
Textile - Apparel	4.20%
Building Products - Cement/Aggregates	4.00%
Photo Equipment & Supplies	3.90%
Internet Application Software	3.70%
Food - Dairy Products	3.40%
MRI/Medical Diagnostic Imaging	3.20%
E-Commerce/Products	3.10%
Machinery - Construction & Mining	2.50%
Computer Data Security	2.40%
Travel Services	2.40%
Medical Products	2.40%
Auto - Cars/Light Trucks	2.20%
Auto/Truck Parts & Equipment	2.20%
Insurance	2.10%
Batteries/Battery Systems	1.60%
Pharmaceuticals	1.40%
Internet & Direct Marketing Retail	0.10%
Metal Processors & Fabricators	0.00%

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with the Fund's accountants during the reporting period.

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.

Distributed by Foreside Fund Services, LLC.

Guinness Atkinson China & Hong Kong Fund

NYSE ARCA ICHKX

Semi-Annual Shareholder Report

June 30, 2024

This semi-annual shareholder report contains important information about the Guinness Atkinson China & Hong Kong Fund ("Fund") for the period of January 1, 2024 to June 30, 2024. 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	$93	1.94%

How did the Fund perform during the reporting period?

In the first half of 2024, the Guinness Atkinson China & Hong Kong Fund produced a total return of -8.16% vs the MSCI China Index (net return) of 4.74%.

What affected the Fund's performance?

Fund performance can be attributed to the following:

Areas which helped the Fund's performance were:

Individual stock returns, led by China Merchants Bank (total return +30.4%), Sany Heavy Industry (+18.7%) and Haier Smart Home (+18.4%).
Stock selection in the Real Estate sector, driven by China Overseas Land & Investment (+1.6%) compared to the sector which fell 11.4%.
Stock selection in the Consumer Staples sector, led by not holding names such as Kweichow Moutai (-15.2%), Mengniu Dairy (-30.6%) and JD Health (-45.6%).

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

Offshore stocks outperformed onshore stocks. As the Fund is underweight to the offshore market and overweight to A shares, it benefited from less of the rally in the offshore market.
The Fund has an overweight to mid-caps which, along with small caps, have significantly underperformed large caps.
Structural underweight to Tencent (total return +28.0%) which is the largest stock in the Index and so the Fund's relative performance benefited less.
Underweight to Financials, and more specifically the underweight to the large state-owned enterprise (SOE) banks. The Fund does not hold any of the large SOE banks which have been significant outperformers as a value play.
The combined underweight to Materials, Energy and Utilities which have been stronger sectors but where the Fund has no exposure.

Fund Performance

Date	China & Hong Kong Fund	MSCI China Index
06/30/2014	10000	10000
09/30/2014	9812	10142
12/31/2014	10001	10869
03/31/2015	10483	11751
06/30/2015	11051	12461
09/30/2015	8657	9631
12/31/2015	9244	10019
03/31/2016	8732	9538
06/30/2016	8827	9548
09/30/2016	10045	10878
12/30/2016	9517	10108
03/31/2017	10962	11415
06/30/2017	11775	12622
09/30/2017	12792	14472
12/30/2017	14166	15574
03/31/2018	14337	15857
06/30/2018	13755	15302
09/30/2018	12806	14153
12/31/2018	11304	12634
03/29/2019	13197	14869
06/28/2019	12940	14272
09/30/2019	12420	13597
12/31/2019	14693	15598
03/31/2020	11941	14004
06/30/2020	13310	16146
09/30/2020	14511	18163
12/31/2020	16828	20198
03/31/2021	17789	20112
06/30/2021	17569	20568
09/30/2021	15297	16831
12/31/2021	15701	15811
03/31/2022	13321	13567
06/30/2022	13963	14030
09/30/2022	10501	10874
12/31/2022	11986	12344
03/31/2023	12325	12925
06/30/2023	11290	11670
09/30/2023	10492	11444
12/31/2023	10245	10962
03/31/2024	9728	10721
06/30/2024	9410	11481

Average Annual Total Return

	6 Months (Actual)	1 Year	5 Years	10 Years
Guinness Atkinson China & Hong Kong Fund	-8.16%	-16.65%	-6.17%	-0.61%
MSCI China Index (Net Return)	4.74%	-1.62%	-4.25%	1.39%

Performance data quoted represents past performance and does not guarantee future results.

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, 2024)

Net Assets ($)	$24,557,629
Number of Portfolio Holdings	32
Portfolio Turnover Rate (%)	5%

What did the Fund invest in?

(as of June 30, 2024)

Top Ten Holdings (% of net assets)

Top 10	% of Net Assets
Tencent Holdings Ltd.	4.90%
NARI Technology Co., Ltd.	4.00%
Geely Automobile Holdings Ltd.	3.90%
China Merchants Bank Co., Ltd. - H Shares	3.90%
Weichai Power Co., Ltd. - H Shares	3.80%
Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares	3.80%
Sany Heavy Industry Co., Ltd. - A Shares	3.80%
NetEase Inc. - ADR	3.60%
Shenzhou International Group Holdings Ltd.	3.60%
Hong Kong Exchanges & Clearing Ltd.	3.50%

Geographic Breakdown (% of net assets)

Geographic Region	% of Net Assets
China	89.90%
Hong Kong	10.00%

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with the Fund's accountants during the reporting period.

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.

Distributed by Foreside Fund Services, LLC.

Guinness Atkinson Global Energy Fund

NYSE ARCA GAGEX

Semi-Annual Shareholder Report

June 30, 2024

This semi-annual shareholder report contains important information about the Guinness Atkinson Global Energy Fund ("Fund") for the period of January 1, 2024 to June 30, 2024. 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	$76	1.46%

How did the Fund perform during the reporting period?

In the first half of 2024, the Guinness Atkinson Global Energy Fund produced a total return of 10.19% vs the MSCI World Index (net return) of 11.75%.

What affected the Fund's performance?

Fund performance can be attributed to the following.

Within the portfolio, the strongest performers included:

Canadian integrateds: Holdings such as Canadian Natural Resources and Imperial Oil benefiting from operational leverage to rising oil prices, and a narrowing of the differential between Canadian and US oil benchmarks.
US exploration and production companies: Also with good leverage to rising oil prices, plus well received M&A for Diamondback Energy, as described above.
US refining: Tighter refining capacity, especially with outages in Russia, drove refining margins higher. Particular beneficiaries included Valero Energy and US major, Exxon.
Chinese majors: our holding in Petrochina performed particularly well, benefitting from lower gas prices (helping the company's gas import division) and stronger oil production.
Galp: exploration success offshore Namibia has boosted expectations of a material uplift in Galp's proven oil and gas reserves in the coming years.

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

International natural gas: Equinor, which supplies around one third of Northwest Europe's gas needs, was a notable laggard, reflecting the decline in European gas prices since the start of the year.
Services: Large cap diversified service companies Schlumberger and Baker Hughes underperformed, driven by a falling rig count in North America and a pullback in longer-term oil spending in Saudi.
Midstream: Pipeline companies Enbridge and Kinder Morgan underperformed, due to lower leverage to rising oil prices than most other parts of the portfolio.

Fund Performance

Date	Global Energy Fund	MSCI World Index (Net Return)	MSCI World Energy Index (Net Return)
06/30/2014	10000	10000	10000
09/30/2014	8772	9784	9053
12/31/2014	6686	9883	7761
03/31/2015	6507	10112	7453
06/30/2015	6447	10143	7367
09/30/2015	4898	9286	6035
12/31/2015	4883	9797	5991
03/31/2016	5083	9763	6298
06/30/2016	5615	9861	6964
09/30/2016	5689	10341	7062
12/30/2016	6203	10533	7583
03/31/2017	5729	11204	7208
06/30/2017	5260	11655	6851
09/30/2017	5799	12219	7463
12/30/2017	6138	12892	7960
03/31/2018	5892	12727	7530
06/30/2018	6830	12948	8486
09/30/2018	6878	13592	8553
12/31/2018	4976	11769	6699
03/29/2019	5728	13238	7667
06/28/2019	5594	13767	7547
09/30/2019	5264	13841	7111
12/31/2019	5493	15025	7466
03/31/2020	2803	11862	4122
06/30/2020	3239	14159	4805
09/30/2020	2760	15281	4038
12/31/2020	3613	17415	5117
03/31/2021	4442	18272	6232
06/30/2021	4895	19687	6773
09/30/2021	5089	19686	6862
12/31/2021	5276	21214	7169
03/31/2022	6421	20121	9366
06/30/2022	6091	16864	8886
09/30/2022	5865	15821	8759
12/31/2022	7087	17366	10467
03/31/2023	6822	18708	10109
06/30/2023	6777	19986	10058
09/30/2023	7653	19294	11190
12/31/2023	7271	21496	10733
03/31/2024	8012	23405	11779
06/30/2024	8012	24021	11623

Average Annual Total Return

	6 Months (Actual)	1 Year	5 Years	10 Years
Guinness Atkinson Global Energy Fund	10.19%	18.23%	7.45%	-2.19%
MSCI World Index (Net Return)	11.75%	20.19%	11.76%	9.16%
MSCI World Energy Index (Net Return)	8.29%	15.56%	9.01%	1.51%

Performance data quoted represents past performance and does not guarantee future results.

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, 2024)

Net Assets ($)	$11,678,674
Number of Portfolio Holdings	32
Portfolio Turnover Rate (%)	5%

What did the Fund invest in?

(as of June 30, 2024)

Top Ten Holdings (% of net assets)

Top 10	% of Net Assets
Shell PLC	5.70%
Exxon Mobil Corp.	5.70%
Chevron Corp.	5.50%
TotalEnergies SE	5.30%
BP PLC	4.80%
ConocoPhillips	4.70%
Valero Energy Corp.	4.50%
Imperial Oil Ltd.	4.00%
Diamondback Energy Inc.	3.90%
Suncor Energy Inc.	3.90%

Geographic Breakdown (% of net assets)

Geographic Region	% of Net Assets
United States	43.70%
Canada	17.80%
Netherlands	5.70%
United Kingdom	5.50%
France	5.30%
China	4.50%
Portugal	3.80%
Spain	3.60%
Norway	3.50%
Italy	3.30%
Austria	2.60%

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with the Fund's accountants during the reporting period.

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.

Distributed by Foreside Fund Services, LLC.

Guinness Atkinson Global Innovators Fund

NYSE ARCA Investor Class/IWIRX

Semi-Annual Shareholder Report

June 30, 2024

This semi-annual shareholder report contains important information about the Guinness Atkinson Global Innovators Fund ("Fund") for the period of January 1, 2024 to June 30, 2024. 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.

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 Innovators Fund - Investor Class	$67	1.24%

How did the Fund perform during the reporting period?

In the first half of 2024, the Guinness Atkinson Global Innovators Fund - Investor Class produced a total return of 18.35% vs the MSCI World Index (net return) of 11.75%.

What affected the Fund's performance?

Fund performance can be attributed to:

The Fund's overweight position to the Information Technology sector, and more specifically the benchmark's top performing Semiconductor industry, was the greatest tailwind to Fund outperformance, driven by both strong allocation and stock selection effects. Strength from Nvidia (+149.5% USD), off-benchmark name TSMC (+68.3% USD) and semi-cap equipment names Applied Materials (+46.1%), KLA (+42.4%) and Lam Research (+36.5%) all contributed positively to Fund outperformance.
The Fund also benefitted from strong stock selection within Industrials, where holdings ABB (+27.6% USD) and Schneider Electric (+21.3%) outperformed the broader MSCI World Industrials index by 20.1% and 13.8% respectively.
Whilst holding a relatively neutral position to both the Communication services and Healthcare sectors, strength from Meta (+42.7% USD), Alphabet (+30.3%) and Novo Nordisk (+40.5%) drove a strong stock selection effect within these sectors.
The Fund benefitted from a zero-weight allocation to Energy, Utilities, Consumer Staples, Materials and Real Estate, which all underperformed the broader benchmark.

Fund Performance

Average Annual Total Return

	6 Months (Actual)	1 Year	5 Years	10 Years
Guinness Atkinson Global Innovators Fund - Investor Class	18.35%	30.68%	16.75%	12.30%
MSCI World Index (Net Return)	11.75%	20.19%	11.76%	9.16%

Performance data quoted represents past performance and does not guarantee future results.

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, 2024)

Net Assets ($)	$217,147,704
Number of Portfolio Holdings	30
Portfolio Turnover Rate (%)	9%

What did the Fund invest in?

(as of June 30, 2024)

Top Ten Holdings (% of net assets)

Top 10	% of Net Assets
KLA-Tencor Corp.	4.50%
Amphenol Corporation	4.40%
Applied Materials Inc.	4.30%
ABB Ltd.	4.20%
Lam Research Corp.	4.10%
Microsoft Corp.	4.00%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	4.00%
Meta Platforms Inc. - Class A	3.70%
NVIDIA Corp.	3.70%
Schneider Electric SE	3.60%

Geographic Breakdown (% of net assets)

Geographic Region	% of Net Assets
United States	68.70%
Germany	5.30%
Switzerland	4.20%
Taiwan	4.00%
France	3.60%
Denmark	3.50%
Britain	3.20%
China	2.70%
Ireland	2.00%

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with the Fund's accountants during the reporting period.

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.

Distributed by Foreside Fund Services, LLC.

Guinness Atkinson Global Innovators Fund

NYSE ARCA Institutional Class/GINNX

Semi-Annual Shareholder Report

June 30, 2024

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 Innovators Fund - Institutional Class	$54	0.99%

How did the Fund perform during the reporting period?

In the first half of 2024, the Guinness Atkinson Global Innovators Fund - Institutional Class produced a total return of 18.51% vs the MSCI World Index (net return) of 11.75%.

What affected the Fund's performance?

Fund performance can be attributed to:

The Fund's overweight position to the Information Technology sector, and more specifically the benchmark's top performing Semiconductor industry, was the greatest tailwind to Fund outperformance, driven by both strong allocation and stock selection effects. Strength from Nvidia (+149.5% USD), off-benchmark name TSMC (+68.3% USD) and semi-cap equipment names Applied Materials (+46.1%), KLA (+42.4%) and Lam Research (+36.5%) all contributed positively to Fund outperformance.
The Fund also benefitted from strong stock selection within Industrials, where holdings ABB (+27.6% USD) and Schneider Electric (+21.3%) outperformed the broader MSCI World Industrials index by 20.1% and 13.8% respectively.
Whilst holding a relatively neutral position to both the Communication services and Healthcare sectors, strength from Meta (+42.7% USD), Alphabet (+30.3%) and Novo Nordisk (+40.5%) drove a strong stock selection effect within these sectors.
The Fund benefitted from a zero-weight allocation to Energy, Utilities, Consumer Staples, Materials and Real Estate, which all underperformed the broader benchmark.

Fund Performance

Average Annual Total Return

	6 Months (Actual)	1 Year	5 Years	10 Years
Guinness Atkinson Global Innovators Fund - Institutional Class	18.51%	31.02%	17.04%	12.54%
MSCI World Index (Net Return)	11.75%	20.19%	11.76%	9.16%

Performance data quoted represents past performance and does not guarantee future results.

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, 2024)

Net Assets ($)	$217,147,704
Number of Portfolio Holdings	30
Portfolio Turnover Rate (%)	9%

What did the Fund invest in?

(as of June 30, 2024)

Top Ten Holdings (% of net assets)

Top 10	% of Net Assets
KLA-Tencor Corp.	4.50%
Amphenol Corporation	4.40%
Applied Materials Inc.	4.30%
ABB Ltd.	4.20%
Lam Research Corp.	4.10%
Microsoft Corp.	4.00%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	4.00%
Meta Platforms Inc. - Class A	3.70%
NVIDIA Corp.	3.70%
Schneider Electric SE	3.60%

Geographic Breakdown (% of net assets)

Geographic Region	% of Net Assets
United States	68.70%
Germany	5.30%
Switzerland	4.20%
Taiwan	4.00%
France	3.60%
Denmark	3.50%
Britain	3.20%
China	2.70%
Ireland	2.00%

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with the Fund's accountants during the reporting period.

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.

Distributed by Foreside Fund Services, LLC.

Guinness Atkinson Renminbi Yuan & Bond Fund

NYSE ARCA GARBX

Semi-Annual Shareholder Report

June 30, 2024

This semi-annual shareholder report contains important information about the Guinness Atkinson Renminbi Yuan & Bond Fund ("Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.gafunds.com/our-funds/renminbi-yuan-bond-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
Guinness Atkinson Renminbi Yuan & Bond Fund	$46	0.93%

How did the Fund perform during the reporting period?

In the first half of 2024, the Guinness Atkinson Renminbi Yuan & Bond Fund produced a total return of -0.62% vs the Hang Seng Markit IBoxx Offshore RMB Overall Index of -0.21%.

What affected the Fund's performance?

Fund performance can be attributed to the following:

Overall Fund performance was primarily driven interest coupons and bonds price gains (+1.85%) but offset in dollar terms by a decline (-2.43%) in the value of the Renminbi vs the US Dollar.

The biggest contributor to performance was GLP China Holdings 4% 07/02/2024 (+26.7%). The bond had been exhibiting signs of distress, but the company has been raising liquidity and the price improved. The bond has since matured, on maturity date at par.
The macro environment in China has remained testing with consumer sentiment weak, inflation falling and the government very cautious about adding short-term stimulus.

Fund Performance

Average Annual Total Return

	6 Months (Actual)	1 Year	5 Years	10 Years
Guinness Atkinson Renminbi Yuan & Bond Fund	-0.62%	2.20%	0.26%	0.44%
Hang Seng Markit iBoxx Offshore RMB Overall Index (Net Return)	-0.21%	2.83%	1.94%	2.07%

Performance data quoted represents past performance and does not guarantee future results.

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

What are some key Fund statistics?

(as of June 30, 2024)

Net Assets ($)	$3,269,163
Number of Portfolio Holdings	11
Portfolio Turnover Rate (%)	21%

What did the Fund invest in?

(as of June 30, 2024)

Top Ten Holdings (% of net assets)

Top 10	% of Net Assets
Yuan Renminbi Offshore	41.20%
First Abu Dhabi Bank, 3.400%, 08/18/25	16.80%
Standard Chartered PLC 4.350%, 03/18/26	8.50%
China Development Bank, 3.230%, 11/27/25	4.20%
QNB Finance Ltd., 3.800%, 06/17/25	4.20%
HSBC Holding, 3.400%, 06/29/27	4.20%
Bank of China, 3.080%, 04/28/26	4.20%
Agriculture Development Bank of China 3.400%, 11/06/24	4.20%
Municipality of Shenzhen China, 2.900%, 10/19/26	4.20%
QNB Finance Ltd., 3.900%, 06/17/25	4.20%

Geographic Breakdown (% of net assets)

Material Fund Changes

This is a summary of certain planned changes since the beginning of the reporting period. For more complete information, you may review the Fund's prospectus at https://www.gafunds.com/our-funds/renminbi-yuan-bond-fund/ or you may request this information by contacting us at (800) 915-6565.

On June 26, 2024, the Board of Trustees of the Fund approved a proposal to liquidate the Fund. Accordingly, effective on July 3, 2024, the Fund will no longer accept purchase orders and the Fund will be terminated on August 30, 2024.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with the Fund's accountants during the reporting period.

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/renminbi-yuan-bond-fund/. You can also request this information by contacting us at (800) 915-6565.

Distributed by Foreside Fund Services, LLC.

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b)

Not Applicable.

Guinness Atkinson™ Funds

June 30, 2024

TABLE OF CONTENTS

Item 7. Financial Statements and Financial Highlights

Schedule of Investments
Alternative Energy Fund	3
Asia Focus Fund	5
China & Hong Kong Fund	7
Global Energy Fund	9
Global Innovators Fund	11
Renminbi Yuan & Bond Fund	13
Statements of Assets and Liabilities	14
Statements of Operations	16
Statements of Changes in Net Assets	18
Financial Highlights	23
Notes to Financial Statements	30

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.

https://www.gafunds.com/

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

GUINNESS ATKINSON ALTERNATIVE ENERGY FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 98.6%	Value
		Electrification: 27.1%
	10,338	APTIV PLC*	$	728,002
	10,410	Gentherm Inc.*		513,421
	22,239	Infineon Technologies AG		817,075
	33,386	Johnson Matthey PLC		661,272
	2,659	LG Chem Ltd.		665,733
	3,280	NXP Semiconductors NV		882,615
	11,144	ON Semiconductor Corp.*		763,921
	2,639	Samsung SDI Co., Ltd.		676,981
	19,883	Sensata Technologies Holding		743,425
				6,452,445
		Energy Efficiency: 19.5%
	15,522	Ameresco*		447,189
	2,746	Hubbell Inc.		1,003,608
	3,533	Installed Building Products Inc.		726,667
	114,741	Nibe Industrier AB - B Shares		486,592
	4,900	Owens Corning		851,228
	3,366	Trane Technologies PLC		1,107,178
				4,622,462
		Renewable Energy Generation: 19.2%
	626,000	China Longyuan Power Group Corp. - H Shares		562,754
	798,000	China Suntien Green Energy Corp. Ltd. - H Shares		361,754
	89,277	Iberdrola SA		1,158,384
	14,896	Nextera Energy Inc.		1,054,786
	11,027	Ormat Technologies Inc.		790,636
	12,148	Orsted AS		646,498
				4,574,812
		Renewable Equipment Manufacturing: 32.8%
	29,446	Canadian Solar Inc.*		434,329
	3,283	Eaton Corp PLC		1,029,385
	4,096	Enphase Energy Inc.*		408,412
	3,701	First Solar Inc.*		834,427
	8,113	Itron Inc.*		802,863
	9,798	Legrand SA		972,132
	4,346	Schneider Electric SE		1,044,019
	5,019	Siemens AG		933,806
	3,091	Solaredge Technologies Inc.*		78,079
	12,448	TPI Composites Inc.*		49,668
	32,101	Vestas Wind Systems A/S		743,319
	928,200	Xinyi Solar Holdings Ltd.		467,134
				7,797,573

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

Page 3

GUINNESS ATKINSON ALTERNATIVE ENERGY FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares	Common Stocks: 98.6%	Value
	Total Common Stocks (cost $28,114,906)		23,447,292

	Total Investments in Securities (cost $28,114,906): 98.6%	$	23,447,292

	Other Assets less Liabilities: 1.4%		337,682

	Net Assets: 100.0%	$	23,784,974

Non-income producing security.

PLC - Public Limited Company

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

Page 4

GUINNESS ATKINSON ASIA FOCUS FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 99.8%	Value
		Australia: 5.7%
	28,819	Corporate Travel Management Ltd.	$	254,926
	19,149	Sonic Healthcare Ltd.		335,964
				590,890
		China: 50.8%
	22,600	Alibaba Group Holding Ltd.		204,035
	1,700	Alibaba Group Holding Ltd. - ADR		122,400
	15,120	Autohome Inc. - ADR		415,044
	3,400	Baidu Inc. - ADR*		294,032
	293,000	China Medical System Holdings Ltd.		248,389
	66,500	China Merchants Bank Co., Ltd. - H Shares		301,888
	205,000	Geely Automobile Holdings Ltd.		230,754
	100,700	Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares		356,445
	380	JD.com In. - CL A		5,027
	11,260	JD.com Inc. - ADR		290,958
	800	Meituan - Class B*		11,382
	132,909	NARI Technology Co., Ltd. - A Shares		454,433
	5,200	NetEase Inc. - ADR		497,016
	49,000	Ping An Insurance Group Company of China Ltd. - H Shares		222,130
	114,600	Sany Heavy Industry Co., Ltd. - A Shares		259,024
	44,300	Shenzhou International		433,699
	417,000	Sino Biopharmaceutical Ltd.		142,579
	8,000	Tencent Holdings Ltd.		381,511
	108,400	Venustech Group Inc. - A Shares		256,296
	71,960	Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares		163,929
				5,290,971
		Singapore: 4.4%
	17,318	DBS Group Holdings Ltd.		457,088

		South Korea: 7.9%
	65,683	Hanon Systems		225,137
	10,050	Samsung Electronics Co., Ltd.		593,550
				818,687
		Taiwan: 16.8%
	41,000	Elite Material Co., Ltd.		599,065
	4,800	Largan Precision Co., Ltd.		405,303
	2	Shin Zu Shing Co., Ltd.		15
	25,000	Taiwan Semiconductor Manufacturing Co., Ltd.		742,871
				1,747,254

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

Page 5

GUINNESS ATKINSON ASIA FOCUS FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 99.8%	Value
		United States: 14.2%
	2,936	Applied Materials Inc.	$	692,867
	490	Broadcom Inc.		786,710
				1,479,577

		Total Common Stocks (cost $8,560,979)		10,384,467

		Total Investments in Securities (cost $8,560,979): 99.8%		10,384,467

		Other Assets less Liabilities: 0.2%		23,010

		Net Assets: 100.0%	$	10,407,477

Non-income producing security.

ADR - American Depository Receipt

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

Page 6

GUINNESS ATKINSON CHINA & HONG KONG FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 99.9%	Value
		Appliances: 9.9%
	238,800	Haier Smart Home Co., Ltd. - H Shares	$	798,146
	93,700	Midea Group Co., Ltd.		827,886
	118,309	Zhejiang Supor Cookware - A Shares		811,945
				2,437,977
		Application Software: 3.3%
	686,000	TravelSky Technology, Ltd.		804,687

		Auto/Cars - Light Trucks: 4.0%
	861,000	Geely Automobile Holdings Ltd.		969,169

		Auto/Truck Parts & Equipment: 3.8%
	491,480	Weichai Power Co., Ltd. - H Shares		940,294

		Batteries/Battery System: 2.6%
	284,540	Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares		648,197

		Commercial Banks: 3.9%
	213,000	China Merchants Bank Co., Ltd. - H Shares		966,948

		Computer Data Security: 2.5%
	259,550	Venustech Group Inc. - A Shares		613,667

		E-Commerce/Services: 6.7%
	24,500	Alibaba Group Holding Ltd.		221,188
	9,510	Alibaba Group Holding Ltd. - ADR		684,720
	1,352	JD.com Inc.		17,885
	28,300	JD.com Inc. - ADR		731,272
				1,655,065
		Electronic Components: 2.2%
	376,589	Shenzhen H&T Intelligent Control Co., Ltd. - A Shares		552,495

		Energy-Alternate: 5.5%
	299,370	Hangzhou First Applied Materials Co., Ltd.		602,833
	1,489,987	Xinyi Solar Holdings Ltd.		749,864
				1,352,697
		Finance: 3.5%
	27,000	Hong Kong Exchanges & Clearing Ltd.		865,084

		Food-Dairy Products: 6.6%
	416,130	Chongqing Fuling Zhacai Group Co., Ltd. - A Shares		698,291
	260,900	Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares		923,502
				1,621,793
		Home Furniture: 3.2%
	375,700	Suofeiya Home Collection - A Shares		788,959

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

Page 7

GUINNESS ATKINSON CHINA & HONG KONG FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 99.9%	Value
		Insurance: 6.4%
	114,000	AIA Group Ltd.	$	773,728
	175,500	Ping An Insurance Group Company of China Ltd. - H Shares		795,587
				1,569,315
		Internet Application Software: 4.9%
	25,200	Tencent Holdings Ltd.		1,201,760

		Internet Content - Entertainment: 3.6%
	9,285	NetEase Inc. - ADR		887,460

		Machinery-General Industry: 10.9%
	288,368	NARI Technology Co., Ltd. - A Shares		985,968
	407,797	Sany Heavy Industry Co., Ltd. - A Shares		921,720
	108,054	Shenzhen Inovance Technology Co., Ltd. - A Shares		759,328
				2,667,016
		Pharmaceuticals: 6.4%
	1,024,400	CSPC Pharmaceutical Group Ltd.		815,957
	2,183,500	Sino Biopharmaceutical Ltd.		746,572
				1,562,529
		Real Estate Operations/Development: 3.4%
	476,000	China Overseas Land & Investments Ltd.		825,340

		Retail - Apparel/Shoe: 3.6%
	90,000	Shenzhou International Group Holdings Ltd.		881,104

		Web Portals: 3.0%
	8,510	Baidu Inc. - ADR*		735,945

		Total Common Stocks (cost $33,246,951)		24,547,501

		Total Investments in Securities (cost $33,246,951): 99.9%		24,547,501

		Other Assets less Liabilities: 0.1%		10,128

		Net Assets: 100.0%	$	24,557,629

Non-income producing security.

ADR - American Depository Receipt

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

Page 8

GUINNESS ATKINSON GLOBAL ENERGY FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 99.3%	Value
		Oil & Gas - Exploration & Production: 19.9%
	12,144	Canadian Natural Resources Ltd.		432,522
	4,767	ConocoPhillips		545,249
	93,640	Deltic Energy PLC*		8,581
	7,913	Devon Energy Corp.		375,076
	2,270	Diamondback Energy Inc.		454,431
	2,075	Diversified Energy Co PLC		27,539
	213,942	EnQuest PLC*		36,723
	3,223	EOG Resources Inc.		405,679
	127,428	Pharos Energy PLC		37,046
	5,221,570	Reabold Resources PLC*		4,455
				2,327,301
		Oil & Gas - Field Services: 9.8%
	7,205	Baker Hughes Company		253,400
	10,847	Halliburton Company		366,412
	10,795	Helix Energy Solutions Group, Inc.*		128,892
	8,387	Schlumberger Ltd.		395,699
				1,144,403
		Oil & Gas - Integrated: 57.9%
	92,972	BP PLC		558,439
	20,745	Cenovus Energy Inc.		407,713
	4,116	Chevron Corp.		643,825
	25,156	Eni SpA		386,727
	14,410	Equinor ASA		410,253
	5,754	Exxon Mobil Corp.		662,401
	21,143	Galp Energia Sgps Sa		446,543
	6,832	Imperial Oil Ltd.		465,786
	7,017	OMV AG		305,568
	312,000	PetroChina Co., Ltd. - H Shares		315,638
	26,760	Repsol SA		422,305
	18,490	Shell PLC		665,275
	11,880	Suncor Energy, Inc.		452,815
	9,287	Total Energies SE		619,958
				6,763,246
		Oil & Gas - Pipelines and Transportation: 5.5%
	9,045	Enbridge Inc.		321,912
	16,213	Kinder Morgan Inc.		322,152
				644,064

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

Page 9

GUINNESS ATKINSON GLOBAL ENERGY FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 99.3%	Value
		Oil Refining & Marketing: 6.2%
	314,000	China Petroleum & Chemical	$	203,464
	3,321	Valero Energy, Corp.		520,600
				724,064

		Total Common Stocks (cost $12,448,896)		11,603,078

		Total Investments in Securities (cost $12,448,896): 99.3%		11,603,078

		Other Assets less Liabilities: 0.7%		75,596

		Net Assets: 100.0%	$	11,678,674

Non-income producing security.

PLC - Public Limited Company

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

Page 10

GUINNESS ATKINSON GLOBAL INNOVATORS FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 97.2%	Value
		Application Software: 10.7%
	11,592	Intuit Inc.	$	7,618,378
	19,542	Microsoft Corp.		8,734,297
	26,432	salesforce.com Inc.		6,795,667
				23,148,342
		Athletic Footwear: 1.6%
	47,392	NIKE Inc.		3,571,935

		Commercial Services: 2.3%
	87,549	PayPal Holdings, Inc.*		5,080,468

		Computers: 2.9%
	29,832	Apple Inc.		6,283,216

		Diversified Manufacturing Operations: 8.6%
	25,334	Danaher Corp.		6,329,700
	12,239	Roper Industries, Inc.		6,898,635
	9,612	Thermo Fisher Scientific Inc.		5,315,436
				18,543,771
		E-Commerce: 3.0%
	33,472	Amazon.com Inc.*		6,468,464

		Electronic Components - Semiconductor: 10.3%
	142,336	Amphenol Corporation		9,589,176
	133,048	Infineon Technologies AG		4,888,271
	64,466	NVIDIA Corp.		7,964,130
				22,441,577
		Enterprise Software/Services: 2.5%
	9,587	Adobe Inc.*		5,325,962

		Finance - Other Services: 12.3%
	47,490	Intercontinental Exchange, Inc.		6,500,906
	57,846	London Stock Exchange Group PL		6,873,030
	15,772	Mastercard Inc.		6,957,976
	24,518	Visa Inc.		6,435,239
				26,767,151
		Internet Content: 3.7%
	15,977	Meta Platforms Inc. - Class A		8,055,923

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

Page 11

GUINNESS ATKINSON GLOBAL INNOVATORS FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Shares		Common Stocks: 97.2%	Value
		Machinery - Electric Utility: 4.2%
	164,851	ABB Ltd.	$	9,160,020

		Medical Instrument: 5.0%
	55,777	Medtronic PLC		4,390,208
	113,749	Siemens Healthineers AG		6,554,194
				10,944,402
		Pharmaceutical: 3.5%
	52,698	Novo Nordisk A/S		7,609,852

		Power Conversion/Supply Equipment: 3.7%
	32,957	Schneider Electric SE		7,917,105

		Retail - Apparel: 2.7%
	608,800	ANTA Sports Products Ltd.		5,847,137

		Semiconductor: 16.8%
	39,188	Applied Materials Inc.		9,247,976
	11,724	KLA-Tencor Corp.		9,666,555
	8,349	Lam Research Corp.		8,890,433
	49,555	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		8,613,155
				36,418,119
		Web Portals: 3.4%
	40,841	Alphabet Inc. - A Shares*		7,439,188

		Total Common Stocks (cost $101,328,563)		211,022,632

		Total Investments in Securities (cost $101,328,563): 97.2%		211,022,632

		Other Assets less Liabilities: 2.8%		6,125,072

		Net Assets: 100.0%	$	217,147,704

Non-income producing security.

ADR - American Depository Receipt

PLC - Public Limited Company

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

Page 12

GUINNESS ATKINSON RENMINBI YUAN & BOND FUND

Schedule of Investments

at June 30, 2024 (Unaudited)

Principal Amount (CNH)		Corporate Bonds: 63.1%	Value
		Commercial Banks: 37.9%
	1,000,000	Bank of China, 3.080%, 04/28/26		137,586
	4,000,000	First Abu Dhabi Bank, 3.400%, 08/18/25		549,795
	1,000,000	QNB Finance Ltd., 3.800%, 06/17/25		137,762
	1,000,000	QNB Finance Ltd., 3.900%, 06/17/25		137,377
	2,000,000	Standard Chartered PLC 4.350%, 03/18/26		276,651
				1,239,171
		Diversified Banks: 4.2%
	1,000,000	HSBC Holding, 3.400%, 06/29/27		137,739

		Export/Import Bank: 8.4%
	1,000,000	Agriculture Development Bank of China 3.400%, 11/06/24		137,401
	1,000,000	China Development Bank, 3.230%, 11/27/25		138,260
				275,661

		Municipal City: 4.2%
	1,000,000	Municipality of Shenzhen China, 2.900%, 10/19/26		137,382

		Real Estate Operator/Developer: 4.2%
	1,000,000	Sun Hung Kai Properties 3.200%, 08/14/27		136,820
	1,000,000	Zhenro Properties Group Ltd., 8.000%, 03/06/23		1,112
				137,932
		Storage/Warehousing: 4.2%
	1,000,000	GLP China Holding Ltd., 4.000%, 07/02/24		136,112

		Total Corporate Bonds (cost $2,410,231)		2,063,997

		Total Investments in Securities (cost $2,410,231): 63.1%		2,063,997

		China Yuan (Offshore): 41.2%		1,346,038
		Liabilities less Other Assets: -4.3%		(139,760	)

		Net Assets: 100.0%	$	3,270,275

CNH - The official currency of the People’s Republic of China.

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

Page 13

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

at June 30, 2024 (Unaudited)

	Alternative Energy Fund			Asia Focus Fund		China & Hong Kong Fund
Assets
Investments in securities, at cost	$	28,114,906		$	8,560,979	$	33,246,951
Investments in securities, at value	$	23,447,292		$	10,384,467	$	24,547,501
Cash		329,357			-		-
Cash denominated in foreign currency (cost of $0, $27,033 and $245,577, respectively)		-			26,976		244,779
Receivables:
Securities sold		-			-		-
Fund shares sold		2,937			-		1,000
Dividends and interest		82,910			31,510		156,054
Tax reclaim		14,833			-		-
Due from Advisor, net		-			-		-
Prepaid expenses		13,338			11,525		9,613
Total Assets		23,890,667			10,454,478		24,958,947

Liabilities
Overdraft due to custodian bank		-			697		317,576
Payable for Fund shares redeemed		39,196			-		-
Due to Advisor, net		4,901			5,298		21,728
Accrued administration fees		2,529			739		2,772
Accrued shareholder servicing plan fees		13,441			3,065		4,877
Audit fees		9,422			12,546		12,700
CCO fees		3,037			2,136		3,448
Custody fees		4,264			3,809		5,468
Fund Accounting fees		6,863			5,931		4,389
Legal fees		7,823			2,644		10,450
Miscellaneous fees		650			417		366
Printing fees		6,282			3,898		5,023
Transfer Agent fees		7,057			5,154		10,062
Trustee fees		228			667		2,459
Total Liabilities		105,693			47,001		401,318

Net Assets	$	23,784,974		$	10,407,477	$	24,557,629

Composition of Net Assets
Paid-in capital	$	56,645,899		$	8,328,247	$	33,087,573
Total distributable earnings (loss)		(32,860,925	)		2,079,230		(8,529,944	)
Net Assets	$	23,784,974		$	10,407,477	$	24,557,629

Number of shares issued and outstanding (unlimited shares authorized, no par value)		4,313,041			699,627		2,077,722

Net asset value per share	$	5.51		$	14.88	$	11.82

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

Page 14

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

at June 30, 2024 (Unaudited)

	Global Energy Fund			Global Innovators Fund		Renminbi Yuan & Bond Fund
Assets
Investments in securities, at cost	$	12,448,896		$	101,328,563	$	2,410,231
Investments in securities, at value	$	11,603,078		$	211,022,632	$	2,063,997
Cash		7,152			5,853,993		-
Cash denominated in foreign currency (cost of $8,998, $0, and $1,358,007, respectively)		8,998			-		1,346,038
Receivables:
Fund shares sold		100			142,572		-
Dividends and interest		24,104			130,567		27,125
Tax reclaim		64,366			287,533		-
Due from Advisor, net		-			-		4,807
Prepaid expenses		14,215			32,787		11,334
Total Assets		11,722,013			217,470,084		3,453,301

Liabilities
Overdraft due to custodian bank		-			-		159,612
Payable for Fund shares redeemed		2,574			77,971		-
Due to Advisor, net		1,310			130,050		-
Accrued administration fees		1,489			15,301		927
Accrued shareholder servicing plan fees		4,763			30,141		1,034
Audit fees		12,967			12,702		6,203
CCO fees		1,900			3,229		1,833
Custody fees		1,844			6,511		1,146
Fund Accounting fees		4,415			4,634		4,157
Legal fees		5,747			21,252		1,636
Miscellaneous fees		421			583		238
Printing fees		2,294			6,550		1,541
Transfer Agent fees		3,127			12,276		2,834
Trustee fees		488			1,180		1,865
Total Liabilities		43,339			322,380		183,026

Net Assets	$	11,678,674		$	217,147,704	$	3,270,275

Composition of Net Assets
Paid-in capital	$	37,903,301		$	96,300,212	$	7,944,716
Total distributable earnings (loss)		(26,224,627	)		120,847,492		(4,674,441	)
Net Assets	$	11,678,674		$	217,147,704	$	3,270,275

Number of shares issued and outstanding (unlimited shares authorized, no par value)		453,763			-		293,835
Net asset value per share	$	25.74			-	$	11.13
Net asset value per share per Class:
Investor Class shares:
Net assets applicable to shares outstanding				$	162,742,402
Shares of beneficial interest issued and outstanding					2,631,287
Net asset value per share				$	61.85

Institutional Class shares:
Net assets applicable to shares outstanding				$	54,405,302
Shares of beneficial interest issued and outstanding					863,542
Net asset value per share				$	63.00

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

Page 15

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2024 (Unaudited)

	Alternative Energy Fund			Asia Focus Fund			China & Hong Kong Fund
Investment Income
Dividends*	$	205,360		$	125,456		$	511,315
Total income		205,360			125,456			511,315

Expenses
Advisory fees		101,645			51,616			131,732
Shareholder servicing plan fees		30,475			6,194			12,623
Transfer agent fees and expenses		19,892			13,040			24,645
Fund accounting fee and expenses		8,359			6,956			5,772
Administration fees		7,624			2,477			6,904
Custody fees and expenses		7,791			7,149			15,650
Audit fees		9,125			12,465			12,465
Legal fees		14,070			4,794			15,069
Registration fees		10,969			8,776			10,969
Printing		8,448			5,688			4,284
Trustees' fees and expenses		4,762			3,890			5,143
Insurance		1,068			630			2,171
CCO fees and expenses		5,607			3,722			4,684
Miscellaneous		3,120			2,442			2,565
Interest expense		704			68			1,883
Total expenses		233,659			129,907			256,559
Less: fees waived and expenses absorbed		(93,194	)		(27,640	)		-
Net expenses		140,465			102,267			256,559
Net Investment Income (Loss)		64,895			23,189			254,756

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net realized gain (loss) on:
Investments		998,122			342,605			658,737
Foreign currency		(1,280	)		(639	)		(97	)
		996,842			341,966			658,640
Net change in unrealized appreciation (depreciation) on:
Investments		(2,113,029	)		(347,337	)		(3,215,939	)
Foreign currency		(701	)		(202	)		(713	)
		(2,113,730	)		(347,539	)		(3,216,652	)

Net realized and unrealized gain on investments and foreign currency		(1,116,888	)		(5,573	)		(2,558,012	)
Net Increase (Decrease) in Net Assets from Operations	$	(1,051,993	)	$	17,616		$	(2,303,256	)

Net of foreign tax withheld of $15,265, $8,893, and $32,457, respectively.

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

Page 16

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2024 (Unaudited)

	Global Energy Fund			Global Innovators Fund			Renminbi Yuan & Bond Fund
Investment Income
Dividends*	$	256,165		$	1,226,141		$	-
Interest		-			-			41,396
Total income		256,165			1,226,141			41,396

Expenses
Advisory fees		44,463			754,312			9,841
Shareholder servicing plan fees		11,264			-			895
Investor Class		-			135,392			-
Transfer agent fees and expenses		10,583			-			8,324
Investor Class		-			31,157			-
Institutional Class		-			11,124			-
Fund accounting fee and expenses		5,120			12,851			4,271
Administration fees		2,846			44,643			1,359
Institutional Class		-			17,555			-
Custody fees and expenses		7,055			9,653			1,505
Audit fees		12,465			12,465			6,483
Legal fees		7,239			95,065			1,660
Registration fees		8,976			-			9,224
Investor Class		-			11,717			-
Institutional Class		-			10,123			-
Printing		4,838			9,774			3,492
Trustees' fees and expenses		3,592			25,885			4,290
Insurance		766			8,008			218
CCO fees and expenses		3,982			19,650			2,948
Miscellaneous		2,499			5,265			2,276
Interest expense		476			-			541
Total expenses		126,164			1,214,639			57,327
Less: fees waived and expenses absorbed		(39,726	)		(30,902	)		(40,682	)
Net expenses		86,438			1,183,737			16,645
Net Investment Income (Loss)		169,727			42,404			24,751

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency
Net realized gain (loss) on:
Investments		306,162			11,065,160			46,589
Foreign currency		(620	)		(16,350	)		4,271
		305,542			11,048,810			50,860
Net change in unrealized appreciation (depreciation) on:
Investments		672,530			22,643,980			(71,760	)
Foreign currency		(1,546	)		(14,922	)		(25,411	)
		670,984			22,629,058			(97,171	)

Net realized and unrealized gain (loss) on investments and foreign currency		976,526			33,677,868			(46,311	)
Net Increase (Decrease) in Net Assets from Operations	$	1,146,253		$	33,720,272		$	(21,560	)

Net of foreign tax withheld of $26,899, $86,312, and $0, respectively.

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

Page 17

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Alternative Energy Fund						Asia Focus Fund
	Six Months Ended June 30, 2024†			Year Ended December 31, 2023			Six Months Ended June 30, 2024†			Year Ended December 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment income (loss)	$	64,895		$	(95,118	)	$	23,189		$	47,650
Net realized gain (loss) on:
Investments		998,122			1,538,656			342,605			103,513
Foreign currency		(1,280	)		(8,719	)		(639	)		(1,524	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,113,029	)		(2,677,379	)		(347,337	)		486,800
Foreign currency		(701	)		1,105			(202	)		747
Net increase (decrease) in net assets resulting from operations		(1,051,993	)		(1,241,455	)		17,616			637,186

Distributions to Shareholders
Net dividends and distributions		-			-			-			(126,416	)
Total distributions to shareholders		-			-			-			(126,416	)

Capital Transactions
Proceeds from shares sold		2,345,858			11,709,728			7,944			190,960
Reinvestment of distributions		-			-			-			104,208
Cost of shares redeemed		(6,054,413	)		(9,390,945	)		(513,215	)		(927,296	)
Net change in net assets from capital transactions		(3,708,555	)		2,318,783			(505,271	)		(632,128	)

Total increase (decrease) in net assets		(4,760,548	)		1,077,328			(487,655	)		(121,358	)

Net Assets
Beginning of period		28,545,522			27,468,194			10,895,132			11,016,490
End of period	$	23,784,974		$	28,545,522		$	10,407,477		$	10,895,132

Capital Share Activity
Shares sold		420,659			1,921,700			557			13,127
Shares issued on reinvestment		-			-			-			7,454
Shares redeemed		(1,098,495	)		(1,619,638	)		(35,831	)		(63,069	)
Net increase (decrease) in shares outstanding		(677,836	)		302,062			(35,274	)		(42,488	)

†

Unaudited

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

Page 18

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	China & Hong Kong Fund
	Six Months Ended June 30, 2024†			Year Ended December 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	254,756		$	124,083
Net realized gain (loss) on:
Investments		658,737			(283,913	)
Foreign currency		(97	)		(12,816	)
Net change in unrealized appreciation (depreciation) on:
Investments		(3,215,939	)		(5,122,961	)
Foreign currency		(713	)		7,154
Net decrease in net assets resulting from operations		(2,303,256	)		(5,288,453	)

Distributions to Shareholders
Net dividends and distributions		-			(217,472	)
Total distributions to shareholders		-			(217,472	)

Capital Transactions
Proceeds from shares sold		336,598			428,509
Reinvestment of distributions		-			205,736
Cost of shares redeemed		(2,092,260	)		(4,632,033	)
Net change in net assets from capital transactions		(1,755,662	)		(3,997,788	)

Total decrease in net assets		(4,058,918	)		(9,503,713	)

Net Assets
Beginning of period		28,616,547			38,120,260
End of period	$	24,557,629		$	28,616,547

Capital Share Activity
Shares sold		26,872			28,554
Shares issued on reinvestment		-			16,498
Shares redeemed		(173,275	)		(334,631	)
Net decrease in shares outstanding		(146,403	)		(289,579	)

†

Unaudited

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

Page 19

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Global Energy Fund
	Six Months Ended June 30, 2024†			Year Ended December 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	169,727		$	355,529
Net realized gain (loss) on:
Investments		306,162			488,787
Foreign currency		(620	)		(5,773	)
Net change in unrealized appreciation (depreciation) on:
Investments		672,530			(760,540	)
Foreign currency		(1,546	)		1,572
Net increase (decrease) in net assets resulting from operations		1,146,253			79,575

Distributions to Shareholders
Net dividends and distributions		-			(503,890	)
Total distributions to shareholders		-			(503,890	)

Capital Transactions
Proceeds from shares sold		639,275			2,669,252
Reinvestment of distributions		-			479,183
Cost of shares redeemed		(2,203,972	)		(6,846,920	)
Net change in net assets from capital transactions		(1,564,697	)		(3,698,485	)

Total increase (decrease) in net assets		(418,444	)		(4,122,800	)

Net Assets
Beginning of period		12,097,118			16,219,918
End of period	$	11,678,674		$	12,097,118

Capital Share Activity
Shares sold		26,358			112,039
Shares issued on reinvestment		-			21,063
Shares redeemed		(90,343	)		(297,297	)
Net decrease in shares outstanding		(63,985	)		(164,195	)

†

Unaudited

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

Page 20

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Global Innovators Fund
	Six Months Ended June 30, 2024†			Year Ended December 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment loss	$	42,404		$	(381,497	)
Net realized gain (loss) on:
Investments		11,065,160			6,288,736
Foreign currency		(16,350	)		5,063
Net change in unrealized appreciation (depreciation) on:
Investments		22,643,980			46,157,466
Foreign currency		(14,922	)		22,558
Net increase (decrease) in net assets resulting from operations		33,720,272			52,092,326

Distributions to Shareholders
Net dividends and distributions:
Investor Class		-			(5,090,318	)
Institutional Class		-			(1,712,410	)
Total distributions to shareholders		-			(6,802,728	)

Capital Transactions
Proceeds from shares sold:
Investor Class		9,272,876			11,892,338
Institutional Class		3,380,596			6,158,411
Reinvestment of distributions:
Investor Class		-			4,925,474
Institutional Class		-			1,010,252
Cost of shares redeemed:
Investor Class		(9,268,693	)		(13,753,946	)
Institutional Class		(3,846,761	)		(5,989,757	)
Net change in net assets from capital transactions		(461,982	)		4,242,772

Total increase (decrease) in net assets		33,258,290			49,532,370

Net Assets
Beginning of period		183,889,414			134,357,044
End of period	$	217,147,704		$	183,889,414

Capital Share Activity
Shares sold:
Investor Class		161,698			244,865
Institutional Class		58,065			128,038
Shares issued on reinvestment:
Investor Class		-			98,628
Institutional Class		-			19,887
Shares redeemed:
Investor Class		(162,925	)		(293,204	)
Institutional Class		(66,388	)		(126,312	)
Net decrease in shares outstanding		(9,550	)		71,902

†

Unaudited

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

Page 21

GUINNESS ATKINSON™ FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	Renminbi Yuan & Bond Fund
	Six Months Ended June 30, 2024†			Year Ended December 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment income	$	24,751		$	85,574
Net realized gain (loss) on:
Investments		46,589			(233,328	)
Foreign currency		4,271			(23,521	)
Net change in unrealized appreciation (depreciation) on:
Investments		(71,760	)		147,559
Foreign currency		(25,411	)		9,058
Net decrease in net assets resulting from operations		(21,560	)		(14,658	)

Distributions to Shareholders
Net dividends and distributions		-			(328	)
Return of capital		-			(23,720	)
Total distributions to shareholders		-			(24,048	)

Capital Transactions
Proceeds from shares sold		7,472			308,641
Reinvestment of distributions		-			21,124
Cost of shares redeemed		(496,573	)		(1,182,680	)
Net change in net assets from capital transactions		(489,101	)		(852,915	)

Total decrease in net assets		(510,661	)		(891,621	)

Net Assets
Beginning of period		3,780,936			4,672,557
End of period	$	3,270,275		$	3,780,936

Capital Share Activity
Shares sold		670			26,692
Shares issued on reinvestment		-			1,888
Shares redeemed		(44,484	)		(105,664	)
Net decrease in shares outstanding		(43,814	)		(77,084	)

†

Unaudited

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

Page 22

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period.

	Six Months Ended			Year Ended December 31,
Alternative Energy Fund	June 30, 2024†			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	5.72		$	5.86		$	6.71		$	6.19		$	3.32		$	2.55

Income from investment operations:
Net investment income (loss)		0.02			(0.02	)		(0.05	)		(0.06	)		(0.03	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency		(0.23	)		(0.12	)		(0.80	)		0.58			2.90			0.78
Total from investment operations		(0.21	)		(0.14	)		(0.85	)		0.52			2.87			0.77

Less distributions:
From net investment income		-			-			-			-			-			-
Total distributions		-			-			-			-			-			-

Net asset value, end of period	$	5.51		$	5.72		$	5.86		$	6.71		$	6.19		$	3.32

Total return		(3.67	)%⁽¹⁾		(2.39	)%		(12.67	%)		8.40	%		86.45	%		30.20	%

Ratios/supplemental data:
Net assets, end of period (millions)	$	23.8		$	28.5		$	27.5		$	32.2		$	26.9		$	9.2

Ratio of expenses to average net assets:
Before fee waived/recaptured		1.84	%⁽²⁾		1.79	%		1.90	%		1.73	%		2.46	%		3.00	%
After fees waived/recaptured ⁽³⁾		1.11	%⁽²⁾⁽⁴⁾		1.48	%		1.98	%		1.98	%		1.98	%		1.98	%

Ratio of net investment income (loss) to average net assets:
Before fees waived/recaptured		(0.22	%)⁽²⁾		(0.62	%)		(0.79	%)		(0.61	%)		(1.40	%)		(1.15	%)
After fees waived/recaptured		0.01	⁽²⁾		(0.31	%)		(0.87	%)		(0.86	%)		(0.92	%)		(0.13	%)

Portfolio turnover rate		11.04	%⁽¹⁾		16.38	%		17.75	%		29.03	%		35.00	%		43.19	%

†

Unaudited

⁽¹⁾

Not annualized

⁽²⁾

Annualized

⁽³⁾

The Advisor 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.

⁽⁴⁾

If interest expense had been excluded, expenses would have been lowered by 0.01% for the period ended June 30, 2024.

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

Page 23

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period.

	Six Months Ended			Year Ended December 31,
Asia Focus Fund	June 30, 2024†			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	14.83		$	14.17		$	20.36		$	23.76		$	20.03		$	16.58

Income from investment operations:
Net investment income (loss)		0.04			0.07			0.02			(0.08	)		0.01			0.21
Net realized and unrealized gain (loss) on investments and foreign currency		0.01			0.76			(5.73	)		(1.46	)		5.09			4.56
Total from investment operations		0.05			0.83			(5.71	)		(1.54	)		5.10			4.77

Less distributions:
From net investment income		-			(0.02	)		-			-			(0.10	)		(0.12	)
From net realized gain		-			(0.15	)		(0.48	)		(1.86	)		(1.27	)		(1.20	)
Total distributions		-			(0.17	)		(0.48	)		(1.86	)		(1.37	)		(1.32	)

Redemption fee proceeds		-			-			-			-			-	⁽¹⁾		-	⁽¹⁾

Net asset value, end of period	$	14.88		$	14.83		$	14.17		$	20.36		$	23.76		$	20.03

Total return		0.34	%⁽²⁾		5.95%			(28.03	)%		(6.32	)%		25.93	%		29.20	%

Ratios/supplemental data:
Net assets, end of period (millions)	$	10.4		$	10.9		$	11.0		$	16.4		$	19.1		$	17.4

Ratio of expenses to average net assets:
Before fees waived		2.52	%⁽³⁾		2.43	%		2.36	%		1.89	%		2.21	%		2.27	%
After fees waived ⁽⁴⁾		1.98	%⁽³⁾		1.98	%		1.98	%		1.98	%		1.98	%		1.98	%

Ratio of net investment income (loss) to average net assets:
Before fees waived		-0.09	%⁽³⁾		-0.03	%		(0.26	%)		(0.26	%)		(0.24	%)		0.85	%
After fees waived		0.45	%⁽³⁾		0.42	%		0.12	%		(0.35	%)		(0.01	%)		1.14	%

Portfolio turnover rate		2.10	%⁽²⁾		4.04%			6.00	%		29.05	%		30.24	%		19.56	%

†

Unaudited

⁽¹⁾

Amount represents less than $0.01 per share.

⁽²⁾

Not annualized

⁽³⁾

Annualized

⁽⁴⁾

The Advisor 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.

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

Page 24

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period.

	Six Months Ended			Year Ended December 31,
China & Hong Kong Fund	June 30, 2024†			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	12.87		$	15.16		$	20.05		$	25.92		$	23.49		$	18.92

Income from investment operations:
Net investment income		0.13			0.07			0.08			0.05			0.16			0.37
Net realized and unrealized gain (loss) on investments and foreign currency		(1.18	)		(2.26	)		(4.84	)		(1.83	)		3.20			5.23
Total from investment operations		(1.05	)		(2.19	)		(4.76	)		(1.78	)		3.36			5.60

Less distributions:
From net investment income		-			(0.10	)		(0.05	)		(0.07	)		(0.20	)		(0.43	)
From net realized gain		-			-			(0.08	)		(4.02	)		(0.73	)		(0.60	)
Total distributions		-			(0.10	)		(0.13	)		(4.09	)		(0.93	)		(1.03	)

Redemption fee proceeds		-			-			-			-	⁽¹⁾		-	⁽¹⁾		-	⁽¹⁾

Net asset value, end of period	$	11.82		$	12.87		$	15.16		$	20.05		$	25.92		$	23.49

Total return		(8.16	%)⁽²⁾		(14.46	%)		(23.71	%)		(6.70	%)		14.54	%		30.00	%

Ratios/supplemental data:
Net assets, end of period (millions)	$	24.6		$	28.6		$	38.1		$	56.7		$	66.5		$	67.6

Ratio of expenses to average net assets: ⁽⁴⁾		1.95	%⁽³⁾⁽⁵⁾		1.82	%⁽⁵⁾		1.71	%⁽⁵⁾		1.50	%		1.60	%⁽⁵⁾		1.69	%

Ratio of net investment income to average net assets:		1.94	%⁽³⁾		0.36	%		0.45	%		0.20	%		0.59	%		1.61	%

Portfolio turnover rate		5.31	%		5.18	%		17.46	%		29.82	%		45.40	%		24.18	%

^†

Unaudited

⁽¹⁾

Amount represents less than $0.01 per share.

⁽²⁾

Not annualized

⁽³⁾

Annualized

⁽⁴⁾

⁽⁵⁾

If interest expense had been excluded, expenses would have been lowered by 0.02% for the period ended June 30, 2024 and 0.01% , 0.01% and 0.02% for the years ended December 31, 2023, 2022 and 2020, respectively.

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

Page 25

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period.

	Six Months Ended			Year Ended December 31,
Global Energy Fund	June 30, 2024†			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	23.36		$	23.78		$	17.73		$	12.47		$	19.62		$	18.13

Income from investment operations:
Net investment income		0.47			0.95			0.74			0.49			0.45			0.45
Net realized and unrealized gain (loss) on investments and foreign currency		1.91			(0.36	)		5.35			5.23			(7.15	)		1.42
Total from investment operations		2.38			0.59			6.09			5.72			(6.70	)		1.87

Less distributions:
From net investment income		-			(1.01	)		(0.04	)		(0.46	)		(0.45	)		(0.38	)
From net realized gain		-			-			-			-			-			-
Total distributions		-			(1.01	)		(0.04	)		(0.46	)		(0.45	)		(0.38	)

Net asset value, end of period	$	25.74		$	23.36		$	23.78		$	17.73		$	12.47		$	19.62

Total return		10.19	%⁽¹⁾		2.60	%		34.33	%		45.98	%		(34.22	%)		10.40	%

Ratios/supplemental data:
Net assets, end of period (millions)	$	11.7		$	12.1		$	16.2		$	12.3		$	8.7		$	16.8

Ratio of expenses to average net assets
Before fees waived/recaptured		2.13	%⁽²⁾		2.13	%		1.91	%		1.99	%		2.56	%		1.91	%
After fees waived/recaptured ⁽³⁾		1.46	%⁽²⁾⁽⁴⁾		1.47	%⁽⁴⁾		1.46	%⁽⁴⁾		1.46	%⁽⁴⁾		1.46	%⁽⁴⁾		1.45	%

Ratio of net investment income to average net assets
Before fees waived/recaptured		2.19	%⁽²⁾		2.01	%		2.55	%		2.40	%		2.39	%		1.65	%
After fees waived/recaptured		2.86	%⁽²⁾		2.67	%		3.00	%		2.93	%		3.49	%		2.11	%

Portfolio turnover rate		8.09	%⁽¹⁾		10.45	%		70.54	%		49.58	%		15.49	%		9.81	%

†

Unaudited

⁽¹⁾

Not annualized

⁽²⁾

Annualized

⁽³⁾

The Advisor 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.

⁽⁴⁾

If interest expense had been excluded, expenses would have been lowered by 0.01% for the period ended June 30, 2024 and 0.02%, 0.01%, 0.01% and 0.01% for the years ended December 31, 2023, 2022, 2021 and 2020, respectively.

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

Page 26

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period.

	Six Months Ended			Year Ended December 31,
Global Innovators Fund - Investor Class	June 30, 2024†			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	52.25		$	39.01		$	62.04		$	60.53		$	45.66		$	34.89

Income from investment operations:
Net investment income (loss)		(0.01	)		(0.14	)		(0.07	)		(0.20	)		(0.06	)		0.12
Net realized and unrealized gain (loss) on investments and foreign currency	$	9.61		$	15.39			(18.08	)		12.77			16.53			12.73
Total from investment operations		9.60			15.25			(18.15	)		12.57			16.47			12.85

Less distributions:
From net investment income		-			-			-			-			-			(0.11	)
From net realized gain		-			(2.01	)		(4.88	)		(11.06	)		(1.60	)		(1.97	)
Total distributions		-			(2.01	)		(4.88	)		(11.06	)		(1.60	)		(2.08	)

Net asset value, end of period	$	61.85		$	52.25		$	39.01		$	62.04		$	60.53		$	45.66

Total return		18.35	%⁽¹⁾		39.34	%		(29.67	%)		21.52	%		36.17	%		37.00	%

Ratios/supplemental data:
Net assets, end of period (millions)	$	162.7		$	137.5		$	100.7		$	161.4		$	147.8		$	134.8

Ratio of expenses to average net assets:
Before fees waived/recaptured		1.24	%⁽²⁾		1.28	%		1.27	%		1.17	%		1.24	%		1.35	%
After fees waived/recaptured ⁽³⁾		1.24	%⁽²⁾		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%

Ratio of net investment income (loss) to average net assets:
Before fees waived/recaptured		(0.02	%)⁽²⁾		(0.34	%)		(0.17	%)		(0.25	%)		(0.10	%)		0.17	%
After fees waived/recaptured		(0.02	%)⁽²⁾		(0.30	%)		(0.14	%)		(0.32	%)		(0.10	%)		0.28	%

Portfolio turnover rate		9.02	%⁽¹⁾		8.77	%		14.66	%		19.01	%		14.44	%		15.56	%

†

Unaudited

⁽¹⁾

Not annualized.

⁽²⁾

Annualized.

⁽³⁾

The Advisor 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.

Page 27

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period.

	Six Months Ended			Year Ended December 31,
Global Innovators Fund - Institutional Class	June 30, 2024†			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	53.16		$	39.56		$	62.68		$	60.89		$	45.84		$	34.99

Income from investment operations:
Net investment income (loss)		0.07			(0.02	)		0.06			(0.04	)		0.07			0.22
Net realized and unrealized gain (loss) on investments and foreign currency	$	9.77		$	15.63			(18.30	)		12.89			16.60			12.79
Total from investment operations		9.84			15.61			(18.24	)		12.85			16.67			13.01

Less distributions:
From net investment income		-			-			-			-			(0.02	)		(0.19	)
From net realized gain		-			(2.01	)		(4.88	)		(11.06	)		(1.60	)		(1.97	)
Total distributions		-			(2.01	)		(4.88	)		(11.06	)		(1.62	)		(2.16	)

Net asset value, end of period	$	63.00		$	53.16		$	39.56		$	62.68		$	60.89		$	45.84

Total return		18.51	%⁽¹⁾		39.70	%		(29.51	%)		21.86	%		36.46	%		37.35	%

Ratios/supplemental data:
Net assets, end of period (millions)	$	54.4		$	46.3		$	33.6		$	64.6		$	55.2		$	45.9

Ratio of expenses to average net assets:
Before fees waived		1.10	%⁽²⁾		1.13	%		1.10	%		0.99	%		1.07	%		1.21	%
After fees waived ⁽³⁾		0.99	%⁽²⁾		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%

Ratio of net investment income (loss) to average net assets:
Before fees waived		0.12	%⁽²⁾		-0.19	%		0.01	%		(0.08	%)		0.06	%		0.31	%
After fees waived		0.23	%⁽²⁾		-0.05	%		0.12	%		(0.08	%)		0.14	%		0.53	%

Portfolio turnover rate		9.02	%⁽¹⁾		8.77	%		14.66	%		19.01	%		14.44	%		15.56	%

†

Unaudited

⁽¹⁾

Not annualized.

⁽²⁾

Annualized.

⁽³⁾

The Advisor 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.

Page 28

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout each period.

	Six Months Ended			Year Ended December 31,
Renminbi Yuan & Bond Fund	June 30, 2024†			2023			2022			2021			2020			2019
Net asset value, beginning of period	$	11.20		$	11.27		$	12.62		$	12.50		$	11.53		$	11.25

Income from investment operations:
Net investment income		0.08			0.24			0.23			0.21			0.24			0.34
Net realized and unrealized gain (loss) on investments and foreign currency		(0.15	)		(0.25	)		(1.39	)		0.16			0.78			0.05
Total from investment operations		(0.07	)		(0.01	)		(1.16	)		0.37			1.02			0.39

Less distributions:
From net investment income		-			-	⁽¹⁾		(0.19	)		(0.25	)		(0.05	)		-
Return of capital		-			(0.06	)		-			-			-			(0.13	)
Total distributions		-			(0.06	)		(0.19	)		(0.25	)		(0.05	)		(0.13	)

Redemption fee proceeds		-			-			-			-			-	⁽¹⁾		0.02	⁽¹⁾

Net asset value, end of period	$	11.13		$	11.20		$	11.27		$	12.62		$	12.50		$	11.53

Total return		(0.6	2%)⁽²⁾		(0.09	%)		(9.20	%)		3.00	%		8.89	%		3.68	%

Ratios/supplemental data:
Net assets, end of period (millions)	$	3.3		$	3.8		$	4.7		$	5.4		$	3.9		$	1.5

Ratio of expenses to average net assets:
Before fees waived		3.21	%⁽³⁾		3.01	%		2.70	%		2.29	%		5.26	%		6.79	%
After fees waived ⁽⁴⁾		0.93	%⁽³⁾⁽⁵⁾		0.96	%⁽⁵⁾		0.90	%		0.90	%		0.91	%⁽⁵⁾		0.90	%

Ratio of net investment income (loss) to average net assets:
Before fees waived/recaptured		(0.90	%)⁽³⁾		(0.08	%)		0.14	%		0.43	%		(1.90	%)		(1.95	%)
After fees waived/recaptured		1.38	%⁽³⁾		1.97	%		1.94	%		1.82	%		2.45	%		3.94	%

Portfolio turnover rate		21.16	%⁽²⁾		0.00	%		3.78	%		31.79	%		36.26	%		0.00	%

†

Unaudited

⁽¹⁾

Amount represents less than $0.01 per share.

⁽²⁾

Not annualized

⁽³⁾

Annualized

⁽⁴⁾

The Advisor has contractually agreed to limit the operating expenses of the Fund to 0.90%, excluding interest expense, expenses related to dividends on short positions, brokerage commissions, taxes and other extraordinary expenses. See Note 3.

⁽⁵⁾

If interest expense had been excluded, expenses would have been lowered by 0.03% for the period ended June 30, 2024 and 0.06% and 0.01% for the years ended December 31, 2023 and 2020, respectively.

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

Page 29

NOTES TO FINANCIAL STATEMENTS

June 30, 2024

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 eleven separate, series portfolios, each of which has a unique investment objective and strategies. This report covers the six 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”), Guinness Atkinson Global Innovators Fund (the “Global Innovators Fund”) and Guinness Atkinson Renminbi Yuan & Bond Fund (the “Renminbi Yuan & Bond Fund”), all of which (each a “Fund” and collectively, the “Funds”) are covered by this report. Except for the Renminbi Yuan & Bond Fund, 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, the Alternative Energy Fund began operations on March 31, 2006, and the Renminbi Yuan & Bond Fund began operations on June 30, 2011. 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. The Renminbi Yuan & Bond Fund’s investment objective is to seek total return. Total return means the combination of capital appreciation and investment income, which includes changes in the value of the renminbi, the currency of China of which the yuan is the unit.

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”).

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.

Page 30

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - 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.

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.

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.

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 Advisor, at any time determines that the value of illiquid securities held by a Fund exceeds 15% of its net asset value, the Advisor will take steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Funds’ written LRMP.

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.

Page 31

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - Continued

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.

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.

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 Renminbi Yuan & Bond Fund invests in securities issued by companies economically tied to China, which exposes the Fund to greater market risk and potential monetary losses than if the Fund’s assets were diversified among other regions. 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.

Other Risks.

China Currency Risk. The Fund’s 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.

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.

Page 32

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - Continued

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.

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.

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 six months ended June 30, 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.

Page 33

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - Continued

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 “Advisor”), under which the Advisor provides the Funds with investment management services. The Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by the Funds. As compensation for its services, the Advisor is entitled to a monthly fee at the following annual rates based upon the average daily net assets of the Funds:

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^st $500 million, 0.60% thereafter
Renminbi Yuan & Bond Fund	0.55%

The Funds are responsible for their own operating expenses. The Advisor 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:

	Annual Expense Limit	Expiration Date
Alternative Energy Fund	1.10%	June 30, 2027
Asia Focus Fund	1.98%	June 30, 2027
China & Hong Kong Fund	1.98%	June 30, 2027
Global Energy Fund	1.45%	June 30, 2027
Global Innovators Fund - Investor Class	1.24%	June 30, 2027
Global Innovators Fund - Institutional Class	0.99%	June 30, 2027
Renminbi Yuan & Bond Fund	0.90%	June 30, 2027

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 Advisor 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, 2024, the Advisor waived fees and absorbed expenses as follows:

	Fees waived and Expenses Absorbed
Alternative Energy Fund	$	93,194
Asia Focus Fund		27,640
Global Energy Fund		39,726
Global Innovators Fund		30,902
Renminbi Yuan & Bond Fund		40,682
Total	$	232,144

Page 34

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - Continued

At June 30, 2024, the Advisor 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,
Fund	2024		2025		2026		2027		Total
Alternative Energy Fund	$	-	$	-	$	69,017	$	93,194	$	162,211
Asia Focus Fund		-		47,853		50,668		27,640		126,161
Global Energy Fund		62,548		74,959		87,577		39,726		264,810
Global Innovators Fund		1,211		78,183		98,690		30,902		208,986
Renminbi Yuan & Bond Fund		65,641		89,841		89,083		40,682		285,247

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, 2024, 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 period ended June 30, 2024, are reported on the Statements of Operations.

The fees paid to non-interested Trustees for the period ended June 30, 2024, are reported on the Statements of Operations.

Certain officers of the Trust are also officers and/or Directors of the Advisor 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, 2024, are reported on the Statements of Operations.

Page 35

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - Continued

Note 6 - Investment Transactions

The following table presents purchases and sales of securities during the period ended June 30, 2024, excluding short-term investments, to indicate the volume of transactions in each Fund.

	Purchases		Sales
Alternative Energy Fund	$	2,751,357	$	5,862,936
Asia Focus Fund		215,786		613,572
China & Hong Kong Fund		1,394,864		2,972,894
Global Energy Fund		539,460		1,901,955
Global Innovators Fund		17,721,059		19,870,304
Renminbi Yuan & Bond Fund		551,667		1,521,350

The Funds did not purchase U.S. Government securities as a part of their long-term investment strategy during the period ended June 30, 2024.

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.

Page 36

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - 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, 2024, 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:
Basic Materials	$	661,272	$	665,734	$	-	$	1,327,005
Consumer, Cyclical		1,968,091		676,981		-		2,645,071
Energy		1,804,914		1,210,453		-		3,015,367
Industrial		5,537,687		3,436,549		-		8,974,236
Technology		1,646,536		817,075		-		2,463,612
Utilities		2,292,610		2,729,390		-		5,022,000
Total Investments, at value		13,911,111		9,536,181		-		23,447,292
Total Assets	$	13,911,111	$	9,536,181	$	-	$	23,447,292

Asia Focus Fund
Assets Table	Level 1		Level 2		Level 3		Total
Investments, at value
Common Stocks:
Communications	$	1,122,435	$	601,955	$	-	$	1,724,390
Consumer, Cyclical		-		1,144,517		-		1,144,517
Consumer, Non-cyclical		-		1,083,378		-		1,083,378
Financial		-		981,105		-		981,105
Industrial		-		1,881,769		-		1,881,769
Technology		1,976,592		1,592,717		-		3,569,309
Total Investments, at value		3,099,027		7,285,440		-		10,384,467
Total Assets	$	3,099,027	$	7,285,440	$	-	$	10,384,467

China & Hong Kong Fund
Assets Table	Level 1		Level 2		Level 3		Total
Investments, at value
Common Stocks:
Communications	$	2,151,937	$	1,440,833	$	-		3,592,770
Consumer, Cyclical		-		6,822,190		-		6,822,190
Consumer, Non-cyclical		-		3,184,322		-		3,184,322
Energy		-		1,352,697		-		1,352,697
Financial		-		4,226,687		-		4,226,687
Industrial		-		3,867,708		-		3,867,708
Technology		887,460		613,667		-		1,501,128
Total Investments, at value		3,039,397		21,508,104		-		24,547,501
Total Assets	$	3,039,397	$	21,508,104	$	-	$	24,547,501

Page 37

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - Continued

Global Energy Fund
Assets Table	Level 1		Level 2		Level 3		Total
Investments, at value
Common Stocks:
Energy	$	7,159,020	$	4,435,477	$	-	$	11,594,497
Financial		8,581		-		-		8,581
Total Investments, at value		7,167,601		4,435,477		-		11,603,078
Total Assets	$	7,167,601	$	4,435,477	$	-	$	11,603,078

Global Innovators Fund
Assets Table	Level 1		Level 2		Level 3		Total
Investments, at value
Common Stocks:
Communications	$	21,963,575	$	-	$	-	$	21,963,575
Consumer, Cyclical		3,571,935		5,847,137		-		9,419,072
Consumer, Non-cyclical		21,115,812		14,164,047		-		35,279,859
Financial		19,894,121		6,873,030		-		26,767,151
Industrial		9,589,176		17,077,125		-		26,666,301
Technology		86,038,403		4,888,271		-		90,926,674
Total Investments, at value		162,173,023		48,849,609		-		211,022,632
Total Assets	$	162,173,023	$	48,849,609	$	-	$	211,022,632

Renminbi Yuan & Bond Fund
Assets Table	Level 1		Level 2		Level 3		Total
Investments, at value
Corporate Bonds:
Financial		-		1,652,571		-		1,652,571
Government		-		137,382		-		137,382
Real Estate		-		274,044		-		274,044
Total Investments, at value		-		2,063,997		-		2,063,997
Total Assets	$	-	$	2,063,997	$	-	$	2,063,997

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, 2024.

Page 38

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - Continued

Note 9 - Tax Matters

As of June 30, 2024, the tax bases of investments were as follows:

	Alternative Energy Fund			Asia Focus Fund			China & Hong Kong Fund
Cost of investments for tax purposes	$	28,114,906		$	8,560,979		$	33,246,951
Gross tax unrealized appreciation		3,032,323			4,489,872			4,225,861
Gross tax unrealized depreciation		(7,699,937	)		(2,666,384	)		(12,925,311	)
Net tax unrealized appreciation (depreciation) on investments*		(4,667,614	)		1,823,488			(8,699,450	)

	Global Energy Fund			Global Innovators Fund			Renminbi Yuan & Bond Fund
Cost of investments for tax purposes	$	12,448,896		$	101,328,563		$	2,410,231
Gross tax unrealized appreciation		1,278,791			110,625,233			-
Gross tax unrealized depreciation		(2,124,609	)		(931,164	)		(346,234	)
Net tax unrealized appreciation (depreciation) on investments*		(845,818	)		109,694,069			(346,234	)

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, 2023, the Funds have the following capital loss carryforwards available to offset future realized capital gains:

Capital losses expiring in:	Alternative Energy Fund		Asia Focus Fund		China & Hong Kong Fund		Global Energy Fund		Global Innovators Fund		Renminbi Yuan & Bond Fund
No Expiration Long-term	$	29,252,711	$	-	$	854,166	$	22,804,776	$	-	$	3,420,891
No Expiration Short-term		-		-		-		3,374,962		-		965,471
Total	$	29,252,711	$	-	$	854,166	$	26,179,738	$	-	$	4,386,362

For the year ended December 31, 2023, the Alternative Energy Fund and the Global Energy Fund utilized capital loss carryforwards of $1,140,627 and $478,741, respectively.

Note 10 – Fund Liquidation

On June 26, 2024, the Board of Trustees of the Guinness Atkinson Funds (the “Trust”) approved a plan to liquidate and terminate the Guinness Atkinson Renminbi Yuan & Bond Fund (the “Fund”). The plan of liquidation provides that the Fund will cease its business, liquidate its assets and distribute its liquidation proceeds to all of the Fund’s shareholders of record. Final liquidation of the Fund is currently expected to occur on August 30, 2024.

Page 39

NOTES TO FINANCIAL STATEMENTS

June 30, 2024 - 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.

Page 40

Guinness Atkinson^TMFunds Information

Board of Trustees	Contact Guinness Atkinson^TM Funds

J. Brooks Reece, Jr. Chairman	P.O. Box 701
James I. Fordwood	Milwaukee, WI 53201-0701
Timothy W.N. Guinness	Shareholder Services: 800-915-6566
Dr. Bret A. Herscher	Literature Request: 800-915-6565
Susan Penry-Williams	Website: www.gafunds.com
	Email: mail@gafunds.com

Guinness Atkinson ^TM Funds
Funds	Cusip	Ticker	Fund #
Alternative Energy Fund	402031 50 4	GAAEX	1298
Asia Focus Fund	402031 10 8	IASMX	1096
China & Hong Kong Fund	402031 20 7	ICHKX	1094
Global Energy Fund	402031 40 5	GAGEX	1098
Global Innovators Fund Investor Class	402031 30 6	IWIRX	1095
Global Innovators Fund Institutional Class	402031 88 4	GINNX	5323
Renminbi Yuan & Bond Fund	402031 70 2	GARBX	1099

Distributed by Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, ME 04101

This report is intended for shareholders of the Guinness Atkinson^TM Funds and may not be used as literature unless preceded or accompanied by a current prospectus.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not Applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not Applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Board Consideration of and Continuance of the Trust’s Investment Advisory Agreement

At a Board Meeting held on May 3, 2024, 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, the Global Innovators Fund, and the Renminbi Yuan & Bond 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, 2024, and expense information as of March 31, 2024. 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. 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:

Alternative Energy Fund

(1) The Fund’s advisory fee was higher than the median fee charged to the three pure alternative energy mutual funds in the Morningstar “Foreign Small/Mid Value” category; (2) the Fund’s total expenses were the same as peer group median; (3) the Adviser voluntarily reduced its advisory fee from 1.00% to 0.80% effective January 1, 2023; (4) the Adviser agreed to limit the Fund’s expense ratio through June 30, 2027; and (5) the Fund had the same return as the peer group median for the one-year period, outperformed its peer group median for the three- and five-year periods, underperformed its peer group for the ten-year period; and the Fund underperformed the MSCI World NR Index, one of its benchmark indices, for the one-, three-, five-, and ten-year periods.

Asia Focus Fund

(1) The Fund’s advisory fee was at the high end of the advisory fees charged to comparable mutual funds in the Morningstar “Pacific/Asia Ex-Japan Stock” category; (2) the Fund’s total expenses were at the high end of the expenses incurred by its peers; (3) the Adviser agreed to limit the Fund’s expense ratio through June 30, 2027; and (4) the Fund had the same return as the peer group median for the one-year period, and underperformed the MSCI AC Far East ex Japan Index, its benchmark index for the one-year period; and the Fund underperformed its peer group median and the MSCI AC Far East ex Japan Index for the three-, five- and ten-year periods.

China & Hong Kong Fund

(1) The Fund’s advisory fee was above the median advisory fee charged to comparable mutual funds in the Morningstar “China Region” category; (2) the Fund’s total expenses were higher than the median expenses incurred by its peers but lower than those of one peer; (3) the Adviser agreed to limit the Fund’s expense ratio through June 30, 2027; and (4) the Fund had outperformed its peer group median for the one- and three-year periods and underperformed the peer group median for the five- and ten-year periods; and the Fund had underperformed the Hang Seng Composite Index, its benchmark index, for the one-, three-, five-, and ten-year periods.

Global Energy Fund

(1) The Fund’s advisory fee was the same as the median advisory fee charged to comparable mutual funds in the Morningstar “Equity Energy” category; (2) the Fund’s total expenses were above the median expenses incurred by its peers but lower than those of two peer funds; (3) the Adviser agreed to limit the Fund’s expense ratio through June 30, 2027; and (4) the Fund underperformed its peer group median for the one-, three- and five-year periods, and had the same return as the peer group median for the ten-year period; and the Fund had outperformed the MSCI World Energy Index, its benchmark index, for the one-year period, but underperformed for the three-, five-, and ten-year periods.

Global Innovators Fund

(1) The Fund’s advisory fee was the slightly higher than the median advisory fee charged to comparable mutual funds in the Morningstar “Large Growth” category; (2) the Fund’s total expenses were slightly higher than the median of expenses incurred by the funds in its peer group but lower than those of 12 peer funds; (3) the Adviser agreed to limit the Fund’s expense ratio through June 30, 2027; and (4) the Fund had outperformed its peer group median for the one-, three-, five- and ten-year periods; the Fund had outperformed the MSCI World Index, one of its benchmark indices, for the one-, five-, and ten-year periods and underperformed the benchmark index for the three-year period; and the Fund had outperformed the Nasdaq Composite Index, another one of its benchmark indices, for the one-, and three-year periods, and underperformed the Nasdaq Composite Index for the five-, and ten-year periods.

Renminbi Yuan & Bond Fund

(1) The Fund’s advisory fee was below the median advisory fee charged to comparable mutual funds in the Morningstar “Emerging Markets Local Currency” category; (2) the Fund’s total expenses were the same as the peer group median; (3) the Adviser agreed to limit the Fund’s expense ratio through June 30, 2027; and (4) the Fund outperformed its peer group median for the ten-year period but underperformed its peer group median for the one-, three-, and five-year periods; and the Fund had underperformed the iBoxx Hang Seng Markit Offshore RMB Overall Index, its benchmark index, for the one-, three-, five-, and ten-year periods.

With respect to each Fund, the Board concluded that the Adviser’s willingness to limit the Fund’s total annual fund operating expenses through at least June 30, 2027, would 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, Global Innovators Fund, and the Renminbi Yuan & Bond Fund, and that with respect to the Renminbi Fund, the Adviser’s net advisory fee was zero due to expense reimbursements by the Adviser. 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 Trustees considered the size of each Fund and the Adviser’s willingness to institute breakpoints in the advisory fee as individual Funds reached higher asset levels and to use expense limitation agreements to reduce total annual fund operating expenses as evidence that to the extent economies of scale existed for each Fund, the Adviser was willing to share such economies of scale 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 the overall fee arrangement between the Trust, on behalf of each Fund, and the Adviser was fair and reasonable, and that continuance of the Agreement was in the best interests of each Fund and its shareholders, and accordingly, approved the continuance of the Agreement through May 31, 2025.

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

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

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.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

(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.

(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.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(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. Not Applicable.

(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.

(b) Certification pursuant to Section 906 of the Sarbanes Oxley Act of 2002. Filed herewith.

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	9/6/2024

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	9/6/2024

By (Signature and Title)	/s/ Rita Dam
	Rita Dam, Treasurer and Principal Financial Officer

Date	9/6/2024

Date	Renminbi Yuan & Bond Fund	iBoxx Hang Seng Markit Offshore RMB Overall Index
06/30/2014	10000	10000
09/30/2014	10071	10124
12/31/2014	10016	10092
03/31/2015	9976	10087
06/30/2015	10211	10383
09/30/2015	9817	10035
12/31/2015	9611	9867
03/31/2016	9826	10168
06/30/2016	9701	10059
09/30/2016	9760	10190
12/31/2016	9272	9732
03/31/2017	9491	9923
06/30/2017	9694	10209
09/30/2017	9952	10583
12/31/2017	10181	10850
03/31/2018	10606	11399
06/30/2018	10095	10927
09/30/2018	9838	10673
12/31/2018	9966	10817
03/31/2019	10417	11291
06/30/2019	10311	11150
09/30/2019	9965	10870
12/31/2019	10332	11246
03/31/2020	10206	11198
06/30/2020	10296	11329
09/30/2020	10729	11878
12/31/2020	11260	12474
03/31/2021	11233	12485
06/30/2021	11458	12774
09/30/2021	11521	12881
12/31/2021	11597	13103
03/31/2022	11396	13138
06/30/2022	10861	12529
09/30/2022	10233	11846
12/31/2022	10531	12240
03/31/2023	10746	12472
06/30/2023	10230	11937
09/30/2023	10202	11911
12/31/2023	10521	12301
03/31/2024	10464	12243
06/30/2024	10455	12275

Geographic Region	% of Net Assets
China	58.00%
United Arab Emirates	16.80%
United Kingdom	8.50%
Cayman Islands	8.40%
Hong Kong	8.40%
British Virgin Islands	4.20%