<PAGE> PAGE 1
000 A000000 06/30/98
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
001 B000000 811-8360
001 C000000 6267950039
002 A000000 225 SOUTH LAKE AVENUE, STE. 777
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 5
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 C020300 GUINNESS FLIGHT ASIA BLUE CHIP FUND
007 C030300 N
007 C010400 4
007 C020400 GUINNESS FLIGHT ASIA SMALL CAP FUND
007 C030400 N
007 C010500 5
007 C020500 GUINNESS FLIGHT MAINLAND CHINA FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
<PAGE> PAGE 2
007 C012000 20
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
012 A00AA01 BOSTON FINANCIAL DATA SERVICES
012 B00AA01 84-0000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02171
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 02116
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 GUINNESSFD
020 A000001 CREDIT LYONNAIS SECURITIES
020 C000001 119
020 A000002 MERRILL LYNCH
020 C000002 88
020 A000003 HOARE GOUETTE
020 C000003 55
020 A000004 JARDINE FLEMING
020 C000004 47
020 A000005 ROBERT FLEMING & CO
020 C000005 44
020 A000006 KLEINWORT BENSON INC
020 C000006 42
020 A000007 SALOMON BROTHERS INT.
020 C000007 34
020 A000008 W.I. CARR
020 C000008 34
<PAGE> PAGE 3
020 A000009 WARBURG SECURITIES
020 C000009 33
020 A000010 JAMES CAPEL
020 C000010 32
021 000000 695
022 A000001 INVESTORS BANK & TRUST COMPANY
022 C000001 140225
022 D000001 78468
022 A000002 DEUTSCHE BANK
022 C000002 6732
022 D000002 6115
022 A000003 BANK OF MONTREAL
022 C000003 8680
022 D000003 752
022 A000004 CITIBANK N.A.
022 C000004 6298
022 D000004 843
022 A000005 BANKERS TRUST
022 C000005 3823
022 D000005 671
022 A000006 KLEINWORT BENSON
022 C000006 1963
022 D000006 1972
022 A000007 CHASE MANHATTAN
022 C000007 2581
022 D000007 0
022 A000008 SWISS BANK CORP.
022 C000008 1108
022 D000008 0
022 A000009 MERRILL LYNCH
022 C000009 211
022 D000009 847
022 A000010 SALOMON BROTHERS
022 C000010 675
022 D000010 275
023 C000000 172296
023 D000000 89943
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
<PAGE> PAGE 4
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 Y
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 Y
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 2500
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
<PAGE> PAGE 5
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 Y
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 Y
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
<PAGE> PAGE 6
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 1350
081 A00AA00 Y
081 B00AA00 5
082 A00AA00 Y
082 B00AA00 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 25634
028 A020100 0
028 A030100 0
028 A040100 19945
028 B010100 48969
028 B020100 0
028 B030100 0
028 B040100 31608
028 C010100 30025
028 C020100 0
028 C030100 0
028 C040100 24033
028 D010100 11666
028 D020100 0
028 D030100 0
028 D040100 38320
028 E010100 23653
028 E020100 0
<PAGE> PAGE 7
028 E030100 0
028 E040100 15565
028 F010100 66055
028 F020100 2542
028 F030100 0
028 F040100 40710
028 G010100 206002
028 G020100 2542
028 G030100 0
028 G040100 170181
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
<PAGE> PAGE 8
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
071 A000100 136588
071 B000100 88638
071 C000100 225884
071 D000100 39
072 A000100 6
072 B000100 241
072 C000100 4639
072 D000100 0
072 E000100 0
072 F000100 1176
072 G000100 294
072 H000100 0
072 I000100 174
072 J000100 165
072 K000100 0
072 L000100 14
072 M000100 7
072 N000100 14
072 O000100 0
072 P000100 16
072 Q000100 25
072 R000100 15
072 S000100 32
072 T000100 0
072 U000100 6
072 V000100 0
072 W000100 30
072 X000100 1968
072 Y000100 0
072 Z000100 2911
<PAGE> PAGE 9
072AA000100 0
072BB000100 45827
072CC010100 0
072CC020100 62586
072DD010100 2757
072DD020100 0
072EE000100 0
073 A010100 0.1200
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 7339
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 213086
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 443
074 K000100 0
074 L000100 968
074 M000100 110
074 N000100 221946
074 O000100 1597
074 P000100 177
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 5152
074 S000100 0
074 T000100 215020
074 U010100 23237
074 U020100 0
074 V010100 9.25
074 V020100 0.00
074 W000100 0.0000
074 X000100 17547
074 Y000100 0
075 A000100 0
075 B000100 225885
076 000100 0.00
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
<PAGE> PAGE 10
025 D000207 0
025 D000208 0
028 A010200 368
028 A020200 33
028 A030200 0
028 A040200 309
028 B010200 207
028 B020200 34
028 B030200 0
028 B040200 392
028 C010200 410
028 C020200 41
028 C030200 0
028 C040200 359
028 D010200 138
028 D020200 37
028 D030200 0
028 D040200 329
028 E010200 220
028 E020200 35
028 E030200 0
028 E040200 409
028 F010200 402
028 F020200 218
028 F030200 0
028 F040200 414
028 G010200 1745
028 G020200 398
028 G030200 0
028 G040200 2212
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
<PAGE> PAGE 11
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 54.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 45.9
062 R000200 0.0
063 A000200 0
063 B000200 11.8
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
071 A000200 6997
071 B000200 6084
071 C000200 9173
071 D000200 66
072 A000200 6
072 B000200 276
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 37
072 G000200 12
<PAGE> PAGE 12
072 H000200 0
072 I000200 19
072 J000200 9
072 K000200 0
072 L000200 5
072 M000200 7
072 N000200 9
072 O000200 0
072 P000200 0
072 Q000200 20
072 R000200 11
072 S000200 5
072 T000200 0
072 U000200 6
072 V000200 0
072 W000200 3
072 X000200 143
072 Y000200 106
072 Z000200 239
072AA000200 43
072BB000200 0
072CC010200 141
072CC020200 0
072DD010200 228
072DD020200 0
072EE000200 0
073 A010200 0.2900
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 390
074 B000200 0
074 C000200 0
074 D000200 9472
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 162
074 M000200 16
074 N000200 10040
074 O000200 0
074 P000200 27
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 117
<PAGE> PAGE 13
074 S000200 0
074 T000200 9896
074 U010200 789
074 U020200 0
074 V010200 12.54
074 V020200 0.00
074 W000200 0.0000
074 X000200 226
074 Y000200 0
075 A000200 0
075 B000200 9173
076 000200 0.00
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 1406
028 A020300 0
028 A030300 0
028 A040300 347
028 B010300 1390
028 B020300 0
028 B030300 0
028 B040300 1150
028 C010300 5688
028 C020300 0
028 C030300 0
028 C040300 6849
028 D010300 4109
028 D020300 0
028 D030300 0
028 D040300 2410
028 E010300 457
028 E020300 0
028 E030300 0
028 E040300 604
028 F010300 4649
028 F020300 42
028 F030300 0
028 F040300 7009
028 G010300 17699
028 G020300 42
028 G030300 0
028 G040300 18369
028 H000300 0
045 000300 Y
<PAGE> PAGE 14
046 000300 N
047 000300 Y
048 000300 1.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
<PAGE> PAGE 15
066 B000300 N
066 C000300 Y
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 Y
069 000300 N
071 A000300 3948
071 B000300 1452
071 C000300 7425
071 D000300 20
072 A000300 6
072 B000300 17
072 C000300 108
072 D000300 0
072 E000300 0
072 F000300 40
072 G000300 10
072 H000300 0
072 I000300 23
072 J000300 23
072 K000300 0
072 L000300 8
072 M000300 7
072 N000300 10
072 O000300 0
072 P000300 0
072 Q000300 21
072 R000300 10
072 S000300 4
072 T000300 0
072 U000300 1
072 V000300 0
072 W000300 2
072 X000300 159
072 Y000300 80
072 Z000300 48
072AA000300 0
072BB000300 1557
072CC010300 0
072CC020300 2548
072DD010300 50
072DD020300 0
072EE000300 0
073 A010300 0.0400
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
<PAGE> PAGE 16
074 A000300 496
074 B000300 0
074 C000300 0
074 D000300 238
074 E000300 0
074 F000300 6653
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 51
074 M000300 13
074 N000300 7451
074 O000300 62
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 83
074 S000300 0
074 T000300 7306
074 U010300 1189
074 U020300 0
074 V010300 6.14
074 V020300 0.00
074 W000300 0.0000
074 X000300 1058
074 Y000300 0
075 A000300 0
075 B000300 7425
076 000300 0.00
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 3640
028 A020400 0
028 A030400 0
028 A040400 21904
028 B010400 6197
028 B020400 0
028 B030400 0
028 B040400 10203
028 C010400 1030
<PAGE> PAGE 17
028 C020400 0
028 C030400 0
028 C040400 499
028 D010400 17167
028 D020400 0
028 D030400 0
028 D040400 47993
028 E010400 560
028 E020400 0
028 E030400 0
028 E040400 3922
028 F010400 1172
028 F020400 0
028 F030400 0
028 F040400 432
028 G010400 29766
028 G020400 0
028 G030400 0
028 G040400 84953
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 1.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
<PAGE> PAGE 18
053 B000400 Y
053 C000400 N
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
071 A000400 9111
071 B000400 41556
071 C000400 65786
071 D000400 14
072 A000400 6
072 B000400 99
072 C000400 769
072 D000400 0
072 E000400 0
072 F000400 342
072 G000400 86
072 H000400 0
072 I000400 107
072 J000400 65
072 K000400 0
072 L000400 20
072 M000400 7
072 N000400 10
072 O000400 0
072 P000400 2
<PAGE> PAGE 19
072 Q000400 24
072 R000400 18
072 S000400 20
072 T000400 0
072 U000400 1
072 V000400 0
072 W000400 8
072 X000400 710
072 Y000400 32
072 Z000400 190
072AA000400 0
072BB000400 67278
072CC010400 0
072CC020400 27650
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 1603
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 39698
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 16
074 K000400 0
074 L000400 146
074 M000400 141
074 N000400 41604
074 O000400 324
074 P000400 34
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 74
074 S000400 0
074 T000400 41172
074 U010400 6623
074 U020400 0
074 V010400 6.22
074 V020400 0.00
074 W000400 0.0000
074 X000400 7367
074 Y000400 0
<PAGE> PAGE 20
075 A000400 0
075 B000400 65787
076 000400 0.00
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 815
028 A020500 0
028 A030500 0
028 A040500 528
028 B010500 8
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 1980
028 C020500 0
028 C030500 0
028 C040500 497
028 D010500 880
028 D020500 0
028 D030500 0
028 D040500 710
028 E010500 604
028 E020500 0
028 E030500 0
028 E040500 1602
028 F010500 589
028 F020500 124
028 F030500 0
028 F040500 909
028 G010500 4876
028 G020500 124
028 G030500 0
028 G040500 4246
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 1.000
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
<PAGE> PAGE 21
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
053 B000500 Y
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
<PAGE> PAGE 22
071 A000500 16658
071 B000500 6008
071 C000500 12358
071 D000500 49
072 A000500 6
072 B000500 111
072 C000500 214
072 D000500 0
072 E000500 0
072 F000500 85
072 G000500 21
072 H000500 0
072 I000500 17
072 J000500 20
072 K000500 0
072 L000500 8
072 M000500 7
072 N000500 9
072 O000500 0
072 P000500 0
072 Q000500 15
072 R000500 8
072 S000500 5
072 T000500 0
072 U000500 2
072 V000500 0
072 W000500 2
072 X000500 199
072 Y000500 33
072 Z000500 157
072AA000500 0
072BB000500 270
072CC010500 0
072CC020500 4185
072DD010500 131
072DD020500 0
072EE000500 0
073 A010500 0.0900
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 1105
074 B000500 0
074 C000500 0
074 D000500 118
074 E000500 0
074 F000500 11750
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
<PAGE> PAGE 23
074 K000500 7
074 L000500 96
074 M000500 83
074 N000500 13159
074 O000500 13
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 18
074 S000500 0
074 T000500 13128
074 U010500 1470
074 U020500 0
074 V010500 8.93
074 V020500 0.00
074 W000500 0.0000
074 X000500 3280
074 Y000500 0
075 A000500 0
075 B000500 12359
076 000500 0.00
SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT
<SERIES>
<NUMBER> 1
<NAME> GUINNESS FLIGHT CHINA & HONG KONG FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 275772487
<INVESTMENTS-AT-VALUE> 213086283
<RECEIVABLES> 1410801
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7449173
<TOTAL-ASSETS> 221946257
<PAYABLE-FOR-SECURITIES> 1596530
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5329138
<TOTAL-LIABILITIES> 6925668
<SENIOR-EQUITY> 213086283
<PAID-IN-CAPITAL-COMMON> 323359239
<SHARES-COMMON-STOCK> 23236706
<SHARES-COMMON-PRIOR> 18733698
<ACCUMULATED-NII-CURRENT> 174389
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (45827182)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (62685857)
<NET-ASSETS> 215020589
<DIVIDEND-INCOME> 4638654
<INTEREST-INCOME> 240987
<OTHER-INCOME> 0
<EXPENSES-NET> 1968913
<NET-INVESTMENT-INCOME> 2910728
<REALIZED-GAINS-CURRENT> (40366250)
<APPREC-INCREASE-CURRENT> (27562086)
<NET-CHANGE-FROM-OPS> (65017608)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2756724
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19295593
<NUMBER-OF-SHARES-REDEEMED> 15067292
<SHARES-REINVESTED> 274707
<NET-CHANGE-IN-ASSETS> (26787581)
<ACCUMULATED-NII-PRIOR> 20385
<ACCUMULATED-GAINS-PRIOR> (5460932)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1175762
<INTEREST-EXPENSE> 16291
<GROSS-EXPENSE> 1936747
<AVERAGE-NET-ASSETS> 225884745
<PER-SHARE-NAV-BEGIN> 12.91
<PER-SHARE-NII> .12
<PER-SHARE-GAIN-APPREC> (3.66)
<PER-SHARE-DIVIDEND> .12
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.25
<EXPENSE-RATIO> 1.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT
<SERIES>
<NUMBER> 2
<NAME> GUINNESS FLIGHT GLOBAL GOVERNMENT BOND FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 9256949
<INVESTMENTS-AT-VALUE> 9472169
<RECEIVABLES> 162164
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 406257
<TOTAL-ASSETS> 10040590
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 144404
<TOTAL-LIABILITIES> 144404
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9732365
<SHARES-COMMON-STOCK> 789010
<SHARES-COMMON-PRIOR> 809681
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 20171
<ACCUMULATED-NET-GAINS> 43273
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 140719
<NET-ASSETS> 9896186
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 276465
<OTHER-INCOME> 0
<EXPENSES-NET> 37262
<NET-INVESTMENT-INCOME> 239203
<REALIZED-GAINS-CURRENT> 46795
<APPREC-INCREASE-CURRENT> 78207
<NET-CHANGE-FROM-OPS> 364205
<EQUALIZATION> (3381)
<DISTRIBUTIONS-OF-INCOME> 227538
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140329
<NUMBER-OF-SHARES-REDEEMED> 178637
<SHARES-REINVESTED> 17637
<NET-CHANGE-IN-ASSETS> (119732)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 28455
<OVERDIST-NET-GAINS-PRIOR> 3522
<GROSS-ADVISORY-FEES> 37261
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 142460
<AVERAGE-NET-ASSETS> 9173282
<PER-SHARE-NAV-BEGIN> 12.37
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> .22
<PER-SHARE-DIVIDEND> .29
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.54
<EXPENSE-RATIO> 2.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT
<SERIES>
<NUMBER> 3
<NAME> GUINNESS FLIGHT ASIA BLUE CHIP FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 9439705
<INVESTMENTS-AT-VALUE> 6891486
<RECEIVABLES> 51087
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 508401
<TOTAL-ASSETS> 7450974
<PAYABLE-FOR-SECURITIES> 61726
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 82677
<TOTAL-LIABILITIES> 144403
<SENIOR-EQUITY> 6653086
<PAID-IN-CAPITAL-COMMON> 11402746
<SHARES-COMMON-STOCK> 1189392
<SHARES-COMMON-PRIOR> 856183
<ACCUMULATED-NII-CURRENT> 8374
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1556872)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2547677)
<NET-ASSETS> 7306571
<DIVIDEND-INCOME> 108423
<INTEREST-INCOME> 17740
<OTHER-INCOME> 0
<EXPENSES-NET> 78370
<NET-INVESTMENT-INCOME> 47523
<REALIZED-GAINS-CURRENT> (997057)
<APPREC-INCREASE-CURRENT> (905786)
<NET-CHANGE-FROM-OPS> (1855320)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 49669
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 778166
<NUMBER-OF-SHARES-REDEEMED> 451755
<SHARES-REINVESTED> 6789
<NET-CHANGE-IN-ASSETS> 389135
<ACCUMULATED-NII-PRIOR> 10520
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 559815
<GROSS-ADVISORY-FEES> 39581
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157831
<AVERAGE-NET-ASSETS> 7425302
<PER-SHARE-NAV-BEGIN> 8.08
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (1.94)
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.14
<EXPENSE-RATIO> 4.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT
<SERIES>
<NUMBER> 4
<NAME> GUINESS FLIGHT ASIA SMALL CAP FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 67347144
<INVESTMENTS-AT-VALUE> 39698476
<RECEIVABLES> 161790
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1744285
<TOTAL-ASSETS> 41604551
<PAYABLE-FOR-SECURITIES> 325131
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107645
<TOTAL-LIABILITIES> 432776
<SENIOR-EQUITY> 39698476
<PAID-IN-CAPITAL-COMMON> 136527867
<SHARES-COMMON-STOCK> 6623087
<SHARES-COMMON-PRIOR> 11154820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 427588
<ACCUMULATED-NET-GAINS> (67278427)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (27650077)
<NET-ASSETS> 41171775
<DIVIDEND-INCOME> 768718
<INTEREST-INCOME> 98726
<OTHER-INCOME> 0
<EXPENSES-NET> 677786
<NET-INVESTMENT-INCOME> 189658
<REALIZED-GAINS-CURRENT> (48242043)
<APPREC-INCREASE-CURRENT> 16346757
<NET-CHANGE-FROM-OPS> (31705628)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2725618
<NUMBER-OF-SHARES-REDEEMED> 7257351
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (67306326)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 617246
<OVERDIST-NET-GAINS-PRIOR> 19036384
<GROSS-ADVISORY-FEES> 342137
<INTEREST-EXPENSE> 2444
<GROSS-EXPENSE> 704945
<AVERAGE-NET-ASSETS> 65786972
<PER-SHARE-NAV-BEGIN> 9.73
<PER-SHARE-NII> .13
<PER-SHARE-GAIN-APPREC> (3.64)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 6.22
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT
<SERIES>
<NUMBER> 5
<NAME> GUINNESS FLIGHT MAINLAND CHINA FUND
<MULTIPLIER> 1
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> JUN-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 16053321
<INVESTMENTS-AT-VALUE> 11868227
<RECEIVABLES> 102894
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1188122
<TOTAL-ASSETS> 13159243
<PAYABLE-FOR-SECURITIES> 12931
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18077
<TOTAL-LIABILITIES> 31008
<SENIOR-EQUITY> 11749982
<PAID-IN-CAPITAL-COMMON> 17557616
<SHARES-COMMON-STOCK> 1469752
<SHARES-COMMON-PRIOR> 1391250
<ACCUMULATED-NII-CURRENT> 26201
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (270492)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4185090)
<NET-ASSETS> 13128235
<DIVIDEND-INCOME> 213561
<INTEREST-INCOME> 111265
<OTHER-INCOME> 0
<EXPENSES-NET> 167564
<NET-INVESTMENT-INCOME> 157262
<REALIZED-GAINS-CURRENT> (270813)
<APPREC-INCREASE-CURRENT> (4128411)
<NET-CHANGE-FROM-OPS> (4241962)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 131078
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 509454
<NUMBER-OF-SHARES-REDEEMED> 444790
<SHARES-REINVESTED> 13838
<NET-CHANGE-IN-ASSETS> (3273435)
<ACCUMULATED-NII-PRIOR> 17
<ACCUMULATED-GAINS-PRIOR> 132
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 84629
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198959
<AVERAGE-NET-ASSETS> 12358992
<PER-SHARE-NAV-BEGIN> 11.79
<PER-SHARE-NII> .11
<PER-SHARE-GAIN-APPREC> (2.88)
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.93
<EXPENSE-RATIO> 2.18
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
