Rule 497(c)
Registration No. 33-75340
GUINNESS FLIGHT
GUINNESS FLIGHT MAINLAND CHINA FUND
Supplement Dated March 10, 1998 to
Prospectus Dated: November 3, 1997
THE FOLLOWING INFORMATION UPDATES THE PERTINENT DISCLOSURE FOUND UNDER
THE HEADING "THE FUND'S MANAGEMENT" ON PAGE 15 OF THE PROSPECTUS AND THE
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 16, 1998:
The Guinness Flight Mainland China Fund is no longer managed
by Nerissa Lee. The Mainland China Fund is now co-managed by
Adrian Fu and Lisa Chow.
The following are biographies of Mr. Fu and Ms. Chow:
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
received a Master of Engineering (Merit) from the University
of Southampton, England, which he attended from 1989-1993. Mr.
Fu serves as the co-manager of the Mainland China 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 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 Bachelor's of Science in 1993
from the Massachusetts Institute of Technology in Cambridge,
Massachusetts, with a major in Management Science and a minor
in Economics. Ms. Chow serves as the co-manager of the
Mainland China Fund.
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THE FOLLOWING TEXT IS ADDED TO THE FIRST FULL PARAGRAPH UNDER THE
HEADING "HOW TO PURCHASE SHARES" ON PAGE 17 OF THE PROSPECTUS:
The Fund may, in its 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.
