<PAGE> PAGE 1
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001 A000000 GUINNESS FLIGHT INVESTMENT FUNDS, INC.
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
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<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS, INC.
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<NAME> GUINNESS FLIGHT CHINA & HONG KONG FUND
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