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 January 16, 1998 to
Prospectus Dated: April 28, 1997
THE FOLLOWING INFORMATION UPDATES THE PERTINENT DISCLOSURE FOUND UNDER
THE HEADING "THE FUND'S MANAGEMENT" ON PAGE 23 OF THE PROSPECTUS CONCERNING THE
GUINNESS FLIGHT ASIA SMALL CAP FUND:
The Guinness Flight Asia Small Cap Fund is no longer managed by
Nerissa Lee. The Asia Small Cap Fund will now be managed by Guinness
Flight's Hong Kong based investment team, which includes Agnes Chow,
Adrian Fu and Lisa Chow. In addition, Richard Farrell, the head of
Guinness Flight's Asia Equity Desk, will oversee the management of
the Asia Small Cap Fund.
The following are biographies of the new investment team:
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 one of
the managers of the Asia Small Cap Fund.
ADRIAN FU -- Mr. Fu joined Hambro Pacific Fund Management, now
Guinness Flight Hambro, in 1996 as a member of the Hong Kong
investment team. Prior to joining Guinness Flight Hambro, he was an
Associate at Indo- Suez Asia Shipping Finance Services, Ltd. from
December 1994 to October 1996. Mr. Fu received his MBA from Imperial
College, London University in 1994. He also holds a Master of
Engineering (Merit) from the University of Southampton, England,
which he attended from 1989-1993. Mr. Fu serves as one of the
managers of the Asia Small Cap Fund.
LISA CHOW --Ms. Chow joined Guinness Flight in 1996 as an Investment
Manager. She has assisted with the management of the Asia Small Cap
and
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Mainland China Funds since their inception. Prior to joining
Guinness Flight, Ms. Chow was an investment analyst specializing in
Hong Kong smaller capitalization stocks at HG Asia from December
1993 to May 1995. From May 1995 to August 1996 she worked at Sassoon
Securities, where she provided in-depth research on the telecom and
energy sectors and was instrumental in initiating Sassoon's research
effort in the Philippines and Thai stock market. Ms. Chow received
her B.S. from the Massachusetts Institute of Technology in 1993,
with a major in Management Science and a minor in Economics. Ms.
Chow serves as one of the managers of the Asia Small Cap 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.
