GUINNESS FLIGHT INVESTMENT FUNDS INC
NSAR-B, 1996-02-26
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<PAGE>      PAGE  1
000 B000000 12/31/95
000 C000000 0000919160
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 GUINNESS FLIGHT INVESTMENT FUNDS, INC.
001 B000000 811-8360
001 C000000 8187950039
002 A000000 201 SOUTH LAKE AVENUE, STE. 510
002 B000000 PASADENA
002 C000000 CA
002 D010000 91101
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 GUINNESS FLIGHT CHINA & HONG KONG FUND
007 C030100 N
007 C010200  2
007 C020200 GUINNESS FLIGHT GLOBAL GOVERNMENT BOND FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 GUINNESS FLIGHT INVESTMENT MANAGEMENT LIMITED
008 B00AA01 A
008 C00AA01 801-39266
008 D01AA01 PASADENA
008 D02AA01 CA
008 D03AA01 91101
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION CORPORATION
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
<PAGE>      PAGE  2
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90071
015 A00AA01 INVESTORS BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02205
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020 A000004 CAPEL, JAMES, SECURITIES INC.
020 C000004   6384
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020 C000005   2857
020 A000006 CROSBY SECURITIES UK LTD/LONDON
020 C000006   2570
020 A000007 SALOMON BROTHERS INT'L
020 C000007   2282
020 A000008 MORGAN GRENFELL (ASIA & PARTNERS SEC PTE LTD)
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020 A000009 SUN HUNG KAI SECURITIES
020 C000009   3180
020 A000010 BZW SECURITIES INC., LONDON
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SIGNATURE   ERIC M. BANHAZL                              
TITLE       TREASURER           
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 1
   <NAME> CHINA & HONG KONG FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                       51,044,927
<INVESTMENTS-AT-VALUE>                      56,650,293
<RECEIVABLES>                                  350,156
<ASSETS-OTHER>                               1,686,134
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              56,686,583
<PAYABLE-FOR-SECURITIES>                       823,025
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      123,318
<TOTAL-LIABILITIES>                            946,343
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    52,234,416
<SHARES-COMMON-STOCK>                        4,086,099
<SHARES-COMMON-PRIOR>                          199,425
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             729
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        98,843
<ACCUM-APPREC-OR-DEPREC>                     3,605,396
<NET-ASSETS>                                55,740,240
<DIVIDEND-INCOME>                              656,972
<INTEREST-INCOME>                               33,783
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 390,403
<NET-INVESTMENT-INCOME>                        300,352
<REALIZED-GAINS-CURRENT>                        22,799
<APPREC-INCREASE-CURRENT>                    3,847,844
<NET-CHANGE-FROM-OPS>                        4,170,995
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      301,331
<DISTRIBUTIONS-OF-GAINS>                       123,918
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      4,513,348
<NUMBER-OF-SHARES-REDEEMED>                    656,232
<SHARES-REINVESTED>                             29,558
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<ACCUMULATED-NII-PRIOR>                            250
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<OVERDISTRIB-NII-PRIOR>                              0
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<GROSS-ADVISORY-FEES>                          197,173
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                599,863
<AVERAGE-NET-ASSETS>                        19,717,353
<PER-SHARE-NAV-BEGIN>                            11.47
<PER-SHARE-NII>                                   0.14
<PER-SHARE-GAIN-APPREC>                           2.20
<PER-SHARE-DIVIDEND>                              0.14
<PER-SHARE-DISTRIBUTIONS>                         0.03
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.64
<EXPENSE-RATIO>                                   1.98
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 2
   <NAME> GLOBAL GOVERNMENT BOND FUND
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-START>                             JAN-01-1995
<PERIOD-END>                               DEC-31-1995
<INVESTMENTS-AT-COST>                        1,037,281
<INVESTMENTS-AT-VALUE>                       1,073,828
<RECEIVABLES>                                   30,149
<ASSETS-OTHER>                                 126,208
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               1,230,185
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       76,835
<TOTAL-LIABILITIES>                             76,835
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     1,121,245
<SHARES-COMMON-STOCK>                           90,339
<SHARES-COMMON-PRIOR>                           62,621
<ACCUMULATED-NII-CURRENT>                        8,667
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        10,086
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<NET-ASSETS>                                 1,153,350
<DIVIDEND-INCOME>                                    0
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<ACCUMULATED-GAINS-PRIOR>                     (19,138)
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<GROSS-ADVISORY-FEES>                            7,425
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                215,828
<AVERAGE-NET-ASSETS>                           995,409
<PER-SHARE-NAV-BEGIN>                            12.00
<PER-SHARE-NII>                                   0.69
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<PER-SHARE-DIVIDEND>                              0.65
<PER-SHARE-DISTRIBUTIONS>                         0.28
<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                   1.73
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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