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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 21
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048 K010500 0
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
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062 A000500 N
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066 A000500 Y
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066 C000500 Y
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066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
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<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
<NUMBER> 1
<NAME> GUINNESS FLIGHT CHINA & HONG KONG FUND
<CURRENCY> U.S. DOLLARS
<S> <C>
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<REALIZED-GAINS-CURRENT> 13,359,032
<APPREC-INCREASE-CURRENT> (82,562,745)
<NET-CHANGE-FROM-OPS> (65,716,722)
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
<NUMBER> 2
<NAME> GUINNESS FLIGHT GLOBAL GOVERNMENT BOND FUND
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
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<OTHER-ITEMS-LIABILITIES> 67,966
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<SHARES-COMMON-PRIOR> 516,037
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<ACCUMULATED-NET-GAINS> (3,522)
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<NET-INVESTMENT-INCOME> 392,624
<REALIZED-GAINS-CURRENT> (159,325)
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<NET-CHANGE-FROM-OPS> 256,958
<EQUALIZATION> 17,583
<DISTRIBUTIONS-OF-INCOME> 287,093
<DISTRIBUTIONS-OF-GAINS> 61,125
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<NUMBER-OF-SHARES-SOLD> 467,488
<NUMBER-OF-SHARES-REDEEMED> 206,794
<SHARES-REINVESTED> 32,950
<NET-CHANGE-IN-ASSETS> 293,644
<ACCUMULATED-NII-PRIOR> 21,798
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<PER-SHARE-NAV-BEGIN> 12.72
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
<NUMBER> 3
<NAME> GUINNESS FLIGHT ASIA BLUE CHIP FUND
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
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<SHARES-COMMON-PRIOR> 284,068
<ACCUMULATED-NII-CURRENT> 10,520
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (559,815)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,641,892
<NET-ASSETS> 6,917,436
<DIVIDEND-INCOME> 92,482
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<OTHER-INCOME> 0
<EXPENSES-NET> 106,371
<NET-INVESTMENT-INCOME> 14,862
<REALIZED-GAINS-CURRENT> 560,148
<APPREC-INCREASE-CURRENT> (1,808,974)
<NET-CHANGE-FROM-OPS> (2,354,260)
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<DISTRIBUTIONS-OF-INCOME> 5,180
<DISTRIBUTIONS-OF-GAINS> 1,407
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 982,882
<NUMBER-OF-SHARES-REDEEMED> 411,242
<SHARES-REINVESTED> 474
<NET-CHANGE-IN-ASSETS> 572,115
<ACCUMULATED-NII-PRIOR> 838
<ACCUMULATED-GAINS-PRIOR> 1,740
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53,636
<INTEREST-EXPENSE> 16
<GROSS-EXPENSE> 236,837
<AVERAGE-NET-ASSETS> 5,280,051
<PER-SHARE-NAV-BEGIN> 12.98
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (4.91)
<PER-SHARE-DIVIDEND> .01
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
<NUMBER> 4
<NAME> GUINNESS FLIGHT ASIA SMALL CAP FUND
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 147,056,226
<INVESTMENTS-AT-VALUE> 103,604,663
<RECEIVABLES> 650,890
<ASSETS-OTHER> 87,152
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 110,275,781
<PAYABLE-FOR-SECURITIES> 1,574,376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 223,304
<TOTAL-LIABILITIES> 1,797,680
<SENIOR-EQUITY> 103,604,663
<PAID-IN-CAPITAL-COMMON> 172,128,565
<SHARES-COMMON-STOCK> 11,154,820
<SHARES-COMMON-PRIOR> 3,608,723
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 617,246
<ACCUMULATED-NET-GAINS> (19,036,384)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (43,996,834)
<NET-ASSETS> 108,478,101
<DIVIDEND-INCOME> 2,422,967
<INTEREST-INCOME> 1,455,102
<OTHER-INCOME> 0
<EXPENSES-NET> 3,047,666
<NET-INVESTMENT-INCOME> 830,403
<REALIZED-GAINS-CURRENT> (20,483,138)
<APPREC-INCREASE-CURRENT> (45,878,012)
<NET-CHANGE-FROM-OPS> (65,530,747)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 23,059
<DISTRIBUTIONS-OTHER> 719,699
<NUMBER-OF-SHARES-SOLD> 16,468,454
<NUMBER-OF-SHARES-REDEEMED> 8,963,387
<SHARES-REINVESTED> 41,030
<NET-CHANGE-IN-ASSETS> 7,546,097
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 37,404
<OVERDISTRIB-NII-PRIOR> 15,240
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,692,574
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,969,757
<AVERAGE-NET-ASSETS> 169,417,912
<PER-SHARE-NAV-BEGIN> 14.10
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (4.38)
<PER-SHARE-DIVIDEND> .01
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<RETURNS-OF-CAPITAL> .05
<PER-SHARE-NAV-END> 9.73
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
<NUMBER> 5
<NAME> GUINNESS FLIGHT MAINLAND CHINA FUND
<CURRENCY> U.S. DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-1-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 5,977,906
<INVESTMENTS-AT-VALUE> 5,921,204
<RECEIVABLES> 320,602
<ASSETS-OTHER> 10,758,482
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,000,288
<PAYABLE-FOR-SECURITIES> 552,275
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,343
<TOTAL-LIABILITIES> 598,618
<SENIOR-EQUITY> 5,921,204
<PAID-IN-CAPITAL-COMMON> 16,458,011
<SHARES-COMMON-STOCK> 1,391,250
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 17
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 321
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 56,679
<NET-ASSETS> 16,401,670
<DIVIDEND-INCOME> 2,309
<INTEREST-INCOME> 60,079
<OTHER-INCOME> 0
<EXPENSES-NET> 31,980
<NET-INVESTMENT-INCOME> 30,408
<REALIZED-GAINS-CURRENT> 321
<APPREC-INCREASE-CURRENT> 56,679
<NET-CHANGE-FROM-OPS> 25,950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30,391
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,411,291
<NUMBER-OF-SHARES-REDEEMED> 26,476
<SHARES-REINVESTED> 2,435
<NET-CHANGE-IN-ASSETS> 1,387,250
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 15,705
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 43,467
<AVERAGE-NET-ASSETS> 9,833,533
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> (.71)
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.79
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT AUDITORS
To the Board of Directors of
Guinness Flight Investment Funds
In planning and performing our audit of the financial statements of
Guinness Flight Investment Funds, comprising respectively, the Guinness
Flight Asia Blue Chip Fund (the "Asia Blue Chip Fund"), Guinness Flight
Asia Small Cap Fund (the "Asia Small Cap Fund"), Guinness Flight China &
Hong Kong Fund (the "China Fund"), Guinness Flight Mainland China Fund
(the "Mainland China Fund"), and Guinness Flight Global Government Bond
Fund (the "Global Government Fund") for the fiscal year ended December 31,
1997, we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control.
The management of Guinness Flight Investment Funds is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of controls.
Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation
of internal control to future periods is subject to the risk that it
may become inadequate because of the changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily disclose
all matters in the internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of specific internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving the
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above at December 31, 1997.
This report is intended solely for the information and use of the board
of directors and management of Guinness Flight Investment Funds and
the Securities and Exchange Commission.
Los Angeles, California
February 6, 1998
