Rule 497(e)
Registration No. 33-75340
GUINNESS FLIGHT MAINLAND CHINA FUND
Supplement Dated January 16, 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:
The Guinness Flight Mainland China Fund is no longer managed by
Nerissa Lee. The Mainland China 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 Mainland China 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 Mainland China 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 received 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 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
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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 Mainland China Fund.
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.
