Rule 497(e)
Registration No. 33-75340
GUINNESS FLIGHT INVESTMENT FUNDS
Supplement Dated January 4, 1999
to
Prospectus Dated November 23, 1998
The following text replaces the footnote on p. 32 of the Prospectus:
*Guinness Flight is contractually obligated to cap the Fund's Total Annual Fund
Operating Expenses at 0.75% through December 31, 1999.
The following text replaces the text under the heading "How to
Purchase, Exchange and Sell Shares" on p. 46 of the Prospectus:
The Transfer Agent is open from 8am to 6pm Eastern Time for purchase, redemption
and exchange orders. Shares will be purchased, exchanged and redeemed at NAV per
share. A Fund's NAV per share is calculated by subtracting the Fund's
liabilities from its assets and dividing by the total number of Fund shares
outstanding. The transfer agent must receive your request by the close of the
New York Stock Exchange to receive the NAV of that day. If your request is
received after the close of the New York Stock Exchange, it will be processed
the next business day. With respect to the Asia Blue Chip Fund, Asia Small Cap
Fund, China & Hong Kong Fund and Mainland China Fund, this cut-off time will be
moved to 9:30 am Eastern time beginning on February 15, 1999, meaning that
purchase, exchange and redemption orders for these Funds must be received by
that time to be processed that day. This cut-off time applies to all investors,
regardless of whether you buy shares directly from Guinness Flight or indirectly
through a brokerage firm. The phone number you should call for direct account
transaction requests is (800) 915-6566.
