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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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SIGNATURE ERIC M. BANHAZL
TITLE TREASURER
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<TABLE> <S> <C>
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<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
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<NUMBER> 6
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<PERIOD-START> JAN-01-1998
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REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees 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, Guinness Flight Asia Small Cap Fund, Guinness Flight China
& Hong Kong Fund, Guinness Flight Mainland China Fund, Guinness Flight
Wired Index Fund, Guinness Flight New Europe Fund and Guinness Flight
Global Government Bond Fund for the fiscal year ended December 31, 1998,
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 the 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, 1998.
This report is intended solely for the information and use of the
Board of Trustees and management of Guinness Flight Investment Funds
and the Securities and Exchange Commission.
ERNST & YOUNG LLP
Los Angeles, California
February 10, 1999
