GUINNESS FLIGHT INVESTMENT FUNDS
NSAR-A, 1999-08-25
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<PAGE>      PAGE  1
000 A000000 06/30/99
000 C000000 0000919160
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 GUINNESS FLIGHT INVESTMENT FUNDS
001 B000000 811-8360
001 C000000 6267950039
002 A000000 225 SOUTH LAKE AVENUE, STE. 777
002 B000000 PASADENA
002 C000000 CA
002 D010000 91101
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  7
007 C010100  1
007 C020100 GUINNESS FLIGHT CHINA & HONG KONG FUND
007 C030100 N
007 C010200  2
007 C020200 GUINNESS FLIGHT GLOBAL GOVERNMENT BOND FUND
007 C030200 N
007 C010300  3
007 C020300 GUINNESS FLIGHT ASIA BLUE CHIP FUND
007 C030300 N
007 C010400  4
007 C020400 GUINNESS FLIGHT ASIA SMALL CAP FUND
007 C030400 N
007 C010500  5
007 C020500 GUINNESS FLIGHT MAINLAND CHINA FUND
007 C030500 N
007 C010600  6
007 C020600 GUINNESS FLIGHT NEW EUROPE FUND
007 C030600 N
007 C010700  7
007 C020700 GUINNESS FLIGHT WIRED INDEX FUND
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 GUINNESS FLIGHT GLOBAL ASSET MGMT
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
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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  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  12
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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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075 B000300     8427
076  000300     0.00
024  000400 N
025 D000401       0
025 D000402       0
025 D000403       0
025 D000404       0
025 D000405       0
025 D000406       0
025 D000407       0
025 D000408       0
028 A010400      1710
028 A020400         0
028 A030400         0
028 A040400      4276
028 B010400       118
028 B020400         0
028 B030400         0
028 B040400     10430
028 C010400       352
028 C020400         0
028 C030400         0
028 C040400      1758
028 D010400       736
028 D020400         0
028 D030400         0
<PAGE>      PAGE  19
028 D040400      2438
028 E010400       963
028 E020400         0
028 E030400         0
028 E040400       887
028 F010400      1747
028 F020400         0
028 F030400         0
028 F040400      1227
028 G010400      5626
028 G020400         0
028 G030400         0
028 G040400     21016
028 H000400         0
045  000400 Y
046  000400 N
047  000400 Y
048  000400  1.000
048 A010400        0
048 A020400 0.000
048 B010400        0
048 B020400 0.000
048 C010400        0
048 C020400 0.000
048 D010400        0
048 D020400 0.000
048 E010400        0
048 E020400 0.000
048 F010400        0
048 F020400 0.000
048 G010400        0
048 G020400 0.000
048 H010400        0
048 H020400 0.000
048 I010400        0
048 I020400 0.000
048 J010400        0
048 J020400 0.000
048 K010400        0
048 K020400 0.000
049  000400 N
050  000400 N
051  000400 N
052  000400 N
053 A000400 Y
053 B000400 Y
062 A000400 N
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
<PAGE>      PAGE  20
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067  000400 N
068 A000400 N
068 B000400 Y
069  000400 N
071 A000400     10735
071 B000400     26092
071 C000400     37391
071 D000400   29
072 A000400  6
072 B000400        3
072 C000400      459
072 D000400        0
072 E000400        0
072 F000400      182
072 G000400       46
072 H000400        0
072 I000400       83
072 J000400       55
072 K000400        0
072 L000400       18
072 M000400        5
072 N000400        7
072 O000400        0
072 P000400       11
072 Q000400       26
072 R000400        9
072 S000400        7
072 T000400        0
072 U000400        1
072 V000400        0
072 W000400       10
<PAGE>      PAGE  21
072 X000400      460
072 Y000400       98
072 Z000400      100
072AA000400        0
072BB000400     9616
072CC010400    16522
072CC020400        0
072DD010400        0
072DD020400        0
072EE000400        0
073 A010400   0.0000
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400      532
074 B000400        0
074 C000400        0
074 D000400        0
074 E000400        0
074 F000400    40718
074 G000400        0
074 H000400        0
074 I000400        0
074 J000400        0
074 K000400        0
074 L000400       94
074 M000400      111
074 N000400    41455
074 O000400      335
074 P000400        1
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       86
074 S000400        0
074 T000400    41033
074 U010400     4779
074 U020400        0
074 V010400     8.59
074 V020400     0.00
074 W000400   0.0000
074 X000400     5022
074 Y000400        0
075 A000400        0
075 B000400    36671
076  000400     0.00
024  000500 N
025 D000501       0
025 D000502       0
025 D000503       0
<PAGE>      PAGE  22
025 D000504       0
025 D000505       0
025 D000506       0
025 D000507       0
025 D000508       0
028 A010500       568
028 A020500         0
028 A030500         0
028 A040500       594
028 B010500       157
028 B020500         0
028 B030500         0
028 B040500       295
028 C010500       298
028 C020500         0
028 C030500         0
028 C040500       286
028 D010500       285
028 D020500         0
028 D030500         0
028 D040500       706
028 E010500       382
028 E020500         0
028 E030500         0
028 E040500       375
028 F010500      1909
028 F020500         0
028 F030500         0
028 F040500       496
028 G010500      3599
028 G020500         0
028 G030500         0
028 G040500      2752
028 H000500         0
045  000500 Y
046  000500 N
047  000500 Y
048  000500  1.000
048 A010500        0
048 A020500 0.000
048 B010500        0
048 B020500 0.000
048 C010500        0
048 C020500 0.000
048 D010500        0
048 D020500 0.000
048 E010500        0
048 E020500 0.000
048 F010500        0
048 F020500 0.000
048 G010500        0
<PAGE>      PAGE  23
048 G020500 0.000
048 H010500        0
048 H020500 0.000
048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500        0
048 K020500 0.000
049  000500 N
050  000500 N
051  000500 N
052  000500 N
053 A000500 Y
053 B000500 Y
062 A000500 N
062 B000500   0.0
062 C000500   0.0
062 D000500   0.0
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500   0.0
062 N000500   0.0
062 O000500   0.0
062 P000500   0.0
062 Q000500   0.0
062 R000500   0.0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067  000500 N
068 A000500 N
068 B000500 Y
069  000500 N
071 A000500      4347
071 B000500      3966
071 C000500      9654
071 D000500   41
072 A000500  6
072 B000500        9
072 C000500      209
<PAGE>      PAGE  24
072 D000500        0
072 E000500        0
072 F000500       47
072 G000500       12
072 H000500        0
072 I000500       46
072 J000500       23
072 K000500        0
072 L000500        7
072 M000500        3
072 N000500        8
072 O000500        0
072 P000500        0
072 Q000500       21
072 R000500        8
072 S000500        2
072 T000500        0
072 U000500        2
072 V000500        0
072 W000500        4
072 X000500      183
072 Y000500       89
072 Z000500      124
072AA000500        0
072BB000500     1684
072CC010500     4916
072CC020500        0
072DD010500        0
072DD020500        0
072EE000500        0
073 A010500   0.0000
073 A020500   0.0000
073 B000500   0.0000
073 C000500   0.0000
074 A000500     1029
074 B000500        0
074 C000500        0
074 D000500        0
074 E000500        0
074 F000500    13732
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500        0
074 K000500        4
074 L000500      110
074 M000500       32
074 N000500    14907
074 O000500      329
074 P000500        0
074 Q000500        0
<PAGE>      PAGE  25
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500       24
074 S000500        0
074 T000500    14554
074 U010500     1239
074 U020500        0
074 V010500    11.74
074 V020500     0.00
074 W000500   0.0000
074 X000500     2296
074 Y000500        0
075 A000500        0
075 B000500     9536
076  000500     0.00
024  000600 N
025 D000601       0
025 D000602       0
025 D000603       0
025 D000604       0
025 D000605       0
025 D000606       0
025 D000607       0
025 D000608       0
028 A010600       445
028 A020600         0
028 A030600         0
028 A040600        48
028 B010600       105
028 B020600         0
028 B030600         0
028 B040600        34
028 C010600        96
028 C020600         0
028 C030600         0
028 C040600       126
028 D010600        91
028 D020600         0
028 D030600         0
028 D040600        43
028 E010600        38
028 E020600         0
028 E030600         0
028 E040600        45
028 F010600        11
028 F020600         0
028 F030600         0
028 F040600        25
028 G010600       786
028 G020600         0
<PAGE>      PAGE  26
028 G030600         0
028 G040600       321
028 H000600         0
045  000600 Y
046  000600 N
047  000600 Y
048  000600  1.000
048 A010600        0
048 A020600 0.000
048 B010600        0
048 B020600 0.000
048 C010600        0
048 C020600 0.000
048 D010600        0
048 D020600 0.000
048 E010600        0
048 E020600 0.000
048 F010600        0
048 F020600 0.000
048 G010600        0
048 G020600 0.000
048 H010600        0
048 H020600 0.000
048 I010600        0
048 I020600 0.000
048 J010600        0
048 J020600 0.000
048 K010600        0
048 K020600 0.000
049  000600 N
050  000600 N
051  000600 N
052  000600 N
053 A000600 Y
053 B000600 Y
062 A000600 N
062 B000600   0.0
062 C000600   0.0
062 D000600   0.0
062 E000600   0.0
062 F000600   0.0
062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600   0.0
062 N000600   0.0
062 O000600   0.0
062 P000600   0.0
<PAGE>      PAGE  27
062 Q000600   0.0
062 R000600   0.0
066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067  000600 N
068 A000600 N
068 B000600 Y
069  000600 N
071 A000600       635
071 B000600       130
071 C000600       710
071 D000600   18
072 A000600  6
072 B000600        1
072 C000600        7
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072 E000600        0
072 F000600        4
072 G000600        1
072 H000600        0
072 I000600       11
072 J000600       13
072 K000600        0
072 L000600        0
072 M000600        2
072 N000600        8
072 O000600        0
072 P000600        0
072 Q000600       13
072 R000600        8
072 S000600        1
072 T000600        0
072 U000600        0
072 V000600        0
072 W000600        2
072 X000600       63
072 Y000600       56
072 Z000600        1
072AA000600        2
072BB000600        0
072CC010600        0
072CC020600       45
072DD010600        0
072DD020600        0
072EE000600        0
073 A010600   0.0000
<PAGE>      PAGE  28
073 A020600   0.0000
073 B000600   0.0000
073 C000600   0.0000
074 A000600        8
074 B000600        0
074 C000600        0
074 D000600        0
074 E000600        0
074 F000600      805
074 G000600        0
074 H000600        0
074 I000600        0
074 J000600       34
074 K000600        0
074 L000600        2
074 M000600       12
074 N000600      861
074 O000600        4
074 P000600        7
074 Q000600        0
074 R010600        0
074 R020600        0
074 R030600        0
074 R040600       18
074 S000600        0
074 T000600      832
074 U010600       65
074 U020600        0
074 V010600    12.85
074 V020600     0.00
074 W000600   0.0000
074 X000600      175
074 Y000600        0
075 A000600        0
075 B000600      791
076  000600     0.00
024  000700 N
025 D000701       0
025 D000702       0
025 D000703       0
025 D000704       0
025 D000705       0
025 D000706       0
025 D000707       0
025 D000708       0
028 A010700     20210
028 A020700         0
028 A030700         0
028 A040700      1117
028 B010700     16166
028 B020700         0
<PAGE>      PAGE  29
028 B030700         0
028 B040700      1954
028 C010700     17655
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028 C030700         0
028 C040700      1671
028 D010700     21649
028 D020700         0
028 D030700         0
028 D040700      2013
028 E010700     17019
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028 E030700         0
028 E040700      3228
028 F010700     11187
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028 F040700      2342
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045  000700 Y
046  000700 N
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048 K010700   500000
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049  000700 N
050  000700 N
<PAGE>      PAGE  30
051  000700 N
052  000700 N
053 A000700 Y
053 B000700 Y
062 A000700 N
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700   0.0
062 P000700   0.0
062 Q000700   0.0
062 R000700   0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067  000700 N
068 A000700 N
068 B000700 N
069  000700 N
071 A000700     93701
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<PAGE>      PAGE  31
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073 A010700   0.0000
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<PAGE>      PAGE  32
074 X000700     5869
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SIGNATURE   ERIC BANHAZL
TITLE       TREASURER



<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 3
   <NAME> GUINNESS FLIGHT ASIA BLUE CHIP FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          7562156
<INVESTMENTS-AT-VALUE>                         9377399
<RECEIVABLES>                                    18258
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            376372
<TOTAL-ASSETS>                                 9772029
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        26913
<TOTAL-LIABILITIES>                              26913
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      11118688
<SHARES-COMMON-STOCK>                          1054758
<SHARES-COMMON-PRIOR>                          1108198
<ACCUMULATED-NII-CURRENT>                        37169
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (3225995)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       1815254
<NET-ASSETS>                                   9745116
<DIVIDEND-INCOME>                                80583
<INTEREST-INCOME>                                13286
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   83447
<NET-INVESTMENT-INCOME>                          10422
<REALIZED-GAINS-CURRENT>                        662363
<APPREC-INCREASE-CURRENT>                      1500763
<NET-CHANGE-FROM-OPS>                          2173548
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        5543340
<NUMBER-OF-SHARES-REDEEMED>                    5821200
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         1895688
<ACCUMULATED-NII-PRIOR>                          26747
<ACCUMULATED-GAINS-PRIOR>                    (3888358)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            41739
<INTEREST-EXPENSE>                                1364
<GROSS-EXPENSE>                                 136455
<AVERAGE-NET-ASSETS>                           8427479
<PER-SHARE-NAV-BEGIN>                             7.08
<PER-SHARE-NII>                                   0.01
<PER-SHARE-GAIN-APPREC>                           2.15
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.24
<EXPENSE-RATIO>                                   1.98


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 1
   <NAME> GUINNESS FLIGHT CHINA & HONG KONG FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        114006843
<INVESTMENTS-AT-VALUE>                       147671405
<RECEIVABLES>                                  1350490
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             54480
<TOTAL-ASSETS>                               149076376
<PAYABLE-FOR-SECURITIES>                        371055
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      1151657
<TOTAL-LIABILITIES>                            1522712
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     198044798
<SHARES-COMMON-STOCK>                         10530327
<SHARES-COMMON-PRIOR>                         13632135
<ACCUMULATED-NII-CURRENT>                      1146185
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     (85301882)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      33664562
<NET-ASSETS>                                 147553663
<DIVIDEND-INCOME>                              2443112
<INTEREST-INCOME>                                11151
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 1359775
<NET-INVESTMENT-INCOME>                        1094488
<REALIZED-GAINS-CURRENT>                       1732145
<APPREC-INCREASE-CURRENT>                     34807876
<NET-CHANGE-FROM-OPS>                         37634509
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                       30819305
<NUMBER-OF-SHARES-REDEEMED>                   67709969
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          743845
<ACCUMULATED-NII-PRIOR>                          51696
<ACCUMULATED-GAINS-PRIOR>                   (87034027)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           698815
<INTEREST-EXPENSE>                               27060
<GROSS-EXPENSE>                                1319068
<AVERAGE-NET-ASSETS>                         140923867
<PER-SHARE-NAV-BEGIN>                            10.77
<PER-SHARE-NII>                                   0.11
<PER-SHARE-GAIN-APPREC>                           3.13
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              14.01
<EXPENSE-RATIO>                                   1.95


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 2
   <NAME> GUINNESS FLIGHT GLOBAL GOVERNMENT BOND FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                          9620930
<INVESTMENTS-AT-VALUE>                         9162067
<RECEIVABLES>                                   187476
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                           1018582
<TOTAL-ASSETS>                                10368125
<PAYABLE-FOR-SECURITIES>                        194539
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        25344
<TOTAL-LIABILITIES>                             219883
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      10700298
<SHARES-COMMON-STOCK>                           839910
<SHARES-COMMON-PRIOR>                           826769
<ACCUMULATED-NII-CURRENT>                         6359
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          73510
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (631925)
<NET-ASSETS>                                  10148242
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               253054
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   40527
<NET-INVESTMENT-INCOME>                         212527
<REALIZED-GAINS-CURRENT>                      (104244)
<APPREC-INCREASE-CURRENT>                    (1162129)
<NET-CHANGE-FROM-OPS>                        (1053846)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       206001
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        2975848
<NUMBER-OF-SHARES-REDEEMED>                    2932659
<SHARES-REINVESTED>                             164314
<NET-CHANGE-IN-ASSETS>                       (1052510)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       177754
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            40533
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 127303
<AVERAGE-NET-ASSETS>                          10894342
<PER-SHARE-NAV-BEGIN>                            13.55
<PER-SHARE-NII>                                   0.25
<PER-SHARE-GAIN-APPREC>                         (1.48)
<PER-SHARE-DIVIDEND>                              0.24
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.08
<EXPENSE-RATIO>                                   0.75


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 5
   <NAME> GUINNESS FLIGHT MAINLAND CHINA FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                         11185881
<INVESTMENTS-AT-VALUE>                        13731967
<RECEIVABLES>                                   110128
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                           1065429
<TOTAL-ASSETS>                                14907523
<PAYABLE-FOR-SECURITIES>                        329105
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        23962
<TOTAL-LIABILITIES>                             353067
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      16083912
<SHARES-COMMON-STOCK>                          1239306
<SHARES-COMMON-PRIOR>                          1184123
<ACCUMULATED-NII-CURRENT>                       125943
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      (4201419)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       2546021
<NET-ASSETS>                                  14554457
<DIVIDEND-INCOME>                               209342
<INTEREST-INCOME>                                 8565
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   93467
<NET-INVESTMENT-INCOME>                         124440
<REALIZED-GAINS-CURRENT>                     (1684327)
<APPREC-INCREASE-CURRENT>                      4916388
<NET-CHANGE-FROM-OPS>                          3356501
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        3598528
<NUMBER-OF-SHARES-REDEEMED>                    2753691
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         4201338
<ACCUMULATED-NII-PRIOR>                           1503
<ACCUMULATED-GAINS-PRIOR>                    (2517092)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                            47175
<INTEREST-EXPENSE>                                 112
<GROSS-EXPENSE>                                 182649
<AVERAGE-NET-ASSETS>                           9536412
<PER-SHARE-NAV-BEGIN>                             8.74
<PER-SHARE-NII>                                   0.10
<PER-SHARE-GAIN-APPREC>                           2.90
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.74
<EXPENSE-RATIO>                                   1.98


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 6
   <NAME> GUINNESS FLIGHT NEW EUROPE FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           833077
<INVESTMENTS-AT-VALUE>                          804640
<RECEIVABLES>                                    36046
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             20550
<TOTAL-ASSETS>                                  861236
<PAYABLE-FOR-SECURITIES>                          3618
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        25450
<TOTAL-LIABILITIES>                              29068
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        858473
<SHARES-COMMON-STOCK>                            64737
<SHARES-COMMON-PRIOR>                            30534
<ACCUMULATED-NII-CURRENT>                          565
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           1716
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       (28586)
<NET-ASSETS>                                    832168
<DIVIDEND-INCOME>                                 7113
<INTEREST-INCOME>                                 1132
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                    7680
<NET-INVESTMENT-INCOME>                            565
<REALIZED-GAINS-CURRENT>                          1629
<APPREC-INCREASE-CURRENT>                      (44874)
<NET-CHANGE-FROM-OPS>                          (42680)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         786378
<NUMBER-OF-SHARES-REDEEMED>                     320503
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                          423195
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                           87
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             3867
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  63247
<AVERAGE-NET-ASSETS>                            782226
<PER-SHARE-NAV-BEGIN>                            13.39
<PER-SHARE-NII>                                   0.01
<PER-SHARE-GAIN-APPREC>                         (0.55)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.85
<EXPENSE-RATIO>                                   1.98


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 4
   <NAME> GUINNESS FLIGHT ASIA SMALL CAP FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                         34665243
<INVESTMENTS-AT-VALUE>                        40717920
<RECEIVABLES>                                    94450
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                            642779
<TOTAL-ASSETS>                                41455149
<PAYABLE-FOR-SECURITIES>                        335610
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        86174
<TOTAL-LIABILITIES>                             421784
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     126202979
<SHARES-COMMON-STOCK>                          4778711
<SHARES-COMMON-PRIOR>                          7348159
<ACCUMULATED-NII-CURRENT>                        99750
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     (91314256)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       6044892
<NET-ASSETS>                                  41033365
<DIVIDEND-INCOME>                               458652
<INTEREST-INCOME>                                 2948
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  361850
<NET-INVESTMENT-INCOME>                          99750
<REALIZED-GAINS-CURRENT>                       9615734
<APPREC-INCREASE-CURRENT>                     16521792
<NET-CHANGE-FROM-OPS>                          7005808
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        5626856
<NUMBER-OF-SHARES-REDEEMED>                   21016175
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       (8383511)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   (81698522)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           182075
<INTEREST-EXPENSE>                               10959
<GROSS-EXPENSE>                                 444067
<AVERAGE-NET-ASSETS>                          36670744
<PER-SHARE-NAV-BEGIN>                             6.73
<PER-SHARE-NII>                                   0.02
<PER-SHARE-GAIN-APPREC>                           1.84
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               8.59
<EXPENSE-RATIO>                                   1.98


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 7
   <NAME> GUINNESS FLIGHT WIRED INDEX FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-START>                             JAN-01-1999
<PERIOD-END>                               JUN-30-1999
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                        100060916
<INVESTMENTS-AT-VALUE>                       109791785
<RECEIVABLES>                                   467833
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                           1298817
<TOTAL-ASSETS>                               111558435
<PAYABLE-FOR-SECURITIES>                       1261087
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       109796
<TOTAL-LIABILITIES>                            1370883
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     100580540
<SHARES-COMMON-STOCK>                          6288348
<SHARES-COMMON-PRIOR>                           676105
<ACCUMULATED-NII-CURRENT>                     (215183)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          91326
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       9730869
<NET-ASSETS>                                 110187552
<DIVIDEND-INCOME>                               164743
<INTEREST-INCOME>                                38455
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  419636
<NET-INVESTMENT-INCOME>                       (216438)
<REALIZED-GAINS-CURRENT>                         90295
<APPREC-INCREASE-CURRENT>                      9318883
<NET-CHANGE-FROM-OPS>                          9192740
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      103886439
<NUMBER-OF-SHARES-REDEEMED>                   12324924
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                       100754255
<ACCUMULATED-NII-PRIOR>                           1255
<ACCUMULATED-GAINS-PRIOR>                         1031
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           280445
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 436303
<AVERAGE-NET-ASSETS>                          63396653
<PER-SHARE-NAV-BEGIN>                            13.95
<PER-SHARE-NII>                                 (0.04)
<PER-SHARE-GAIN-APPREC>                           3.61
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.52
<EXPENSE-RATIO>                                   1.35


</TABLE>


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