Rule 497(e)
Registration No. 33-75340
GUINNESS FLIGHT ASIA BLUE CHIP FUND
GUINNESS FLIGHT ASIA SMALL CAP FUND
GUINNESS FLIGHT CHINA & HONG KONG FUND
GUINNESS FLIGHT GLOBAL GOVERNMENT BOND FUND
Supplement Dated March 10, 1998 to
Prospectus Dated: April 28, 1997
THE FOLLOWING INFORMATION UPDATES THE PERTINENT DISCLOSURE FOUND UNDER
THE HEADING "THE FUND'S MANAGEMENT" ON PAGES 22 AND 23 OF THE PROSPECTUS AND THE
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 16, 1998, CONCERNING THE GUINNESS
FLIGHT ASIA SMALL CAP FUND AND THE GUINNESS FLIGHT CHINA & HONG KONG FUND:
The Guinness Flight Asia Small Cap Fund is no longer managed
by Nerissa Lee. The Asia Small Cap Fund is now co-managed by
Robert Conlon and Agnes Chow.
The following are biographies of Mr. Conlon and Ms. Chow:
ROBERT CONLON -- Mr. Conlon joined Guinness Flight Hambro's
Hong Kong investment team in 1998 as a Fund Manager. Prior to
joining Guinness Flight Hambro, Mr. Conlon had over 10 years
of investment management experience with Ivory & Sime,
including the last four years as Senior Investment Manager in
their Hong Kong office. In this capacity, Mr. Conlon was a
senior member of a team that managed a number of portfolios,
including a sizable investment trust in the Pacific region.
Prior to becoming Senior Investment Manager, Mr. Conlon
managed portfolios that invested in smaller U.S. companies.
Mr. Conlon graduated from Edinburgh University with First
Class Honours in Mathematical Physics. In addition to serving
as co-manager of the Asia Small Cap Fund, Mr. Conlon will
serve as chief investment officer for Guinness Flight Hambro
Asia.
AGNES CHOW -- Ms. Chow joined Hambro Pacific Fund Management,
now Guinness Flight Hambro, in 1995 as a Fund Manager. Prior
to joining Guinness Flight Hambro, she worked as an Assistant
Fund Manager at Dao Heng Fund Management from November 1994 to
August 1995. Ms. Chow began her career in 1991 as a Credit
Analyst with Sun Hung Kai Securities. In 1993, she was
promoted to Investment Analyst and then in 1994 to Assistant
Fund Manager responsible for managing just over $100 million
in Asia ex-Japan equities. Ms. Chow serves as the co-manager
of the Asia Small Cap Fund.
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Edmund Harriss is now a member of the three-person team
managing the Guinness Flight China & Hong Kong Fund. In the
spring of 1998, Mr. Harriss is transferring to Guinness
Flight's Hong Kong office, where he will continue assisting
with the management of the China & Hong Kong Fund.
The following is a biography of Mr. Harriss:
EDMUND HARRISS -- Mr. Harriss joined Guinness Flight's London
headquarters in July 1993 as a Marketing Executive and
transferred to the Far East Desk in 1994. He has assisted
Richard Farrell and Lynda Johnstone with the management of the
China & Hong Kong Fund since November, 1994. From 1991 to
1993, he was the Assistant to the Managing Director at a
computer software company, PP Systems Ltd. of Salisbury,
England. During the same time period, Mr. Harriss was also an
independent salesman. Mr. Harriss received a Master's of
Philosophy in Management Studies from Oxford University in
1991. In 1989, he received a Bachelor's of Arts with Honors in
History from the University of York in York, England. Mr.
Harriss is an Associate Member of the Institute of Management
& Research. Mr. Harriss serves as one of the managers of the
China & Hong Kong Fund.
THE FOLLOWING TEXT IS ADDED TO THE FIRST FULL PARAGRAPH UNDER THE HEADING "HOW
TO PURCHASE SHARES" ON PAGE 25 OF THE PROSPECTUS:
The Funds may, in their sole discretion, cease taking purchase
orders prior to the close of trading on the New York Stock
Exchange on any day when the Investment Adviser determines
that such action is in the best interests of the existing
shareholders.
