<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000919160
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
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 8
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 C020800 GUINNESS FLIGHT INTERNET.COM INDEX FUND
007 C030800 N
007 C010900 9
007 C011000 10
008 A00AA01 INVESTEC GUINNESS FLIGHT GLOBAL ASSET MGMT
008 B00AA01 A
008 C00AA01 801-39266
<PAGE> PAGE 2
008 D01AA01 PASADENA
008 D02AA01 CA
008 D03AA01 91101
010 A00AA01 INVESTMENT COMPANY ADMINISTRATION, LLC.
010 C01AA01 GLENDORA
010 C02AA01 CA
010 C03AA01 91741
011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
011 B00AA01 8-42809
011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 BOSTON FINANCIAL DATA SERVICES
012 B00AA01 84-0000
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02171
013 A00AA01 ERNST & YOUNG, LLP
013 B01AA01 LOS ANGELES
013 B02AA01 CA
013 B03AA01 90071
015 A00AA01 INVESTORS BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02116
015 E01AA01 X
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015 B00AA02 S
015 C01AA02 VICTORIA
015 D01AA02 AUSTRALIA
015 E04AA02 X
015 A00AA03 PARIBAS
015 B00AA03 S
015 C01AA03 BRUSSELS
015 D01AA03 BELGIUM
015 E04AA03 X
015 A00AA04 STANDARD CHARTERED BANK
015 B00AA04 S
015 C01AA04 SHANGHAI
015 D01AA04 CHINA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 SHENZHEN
015 D01AA05 CHINA
015 E04AA05 X
015 A00AA06 UNIBANK, A.S.
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015 C01AA06 COPENHAGEN
015 D01AA06 DENMARK
<PAGE> PAGE 3
015 E04AA06 X
015 A00AA07 EUROCLEAR OPERATIONS CENTRE
015 B00AA07 S
015 C01AA07 BRUSSELS
015 D01AA07 FINLAND
015 E04AA07 X
015 A00AA08 PARIBAS
015 B00AA08 S
015 C01AA08 PARIS
015 D01AA08 FRANCE
015 E04AA08 X
015 A00AA09 STANDARD CHARTERED BANK
015 B00AA09 S
015 C01AA09 CENTRAL HONG KONG
015 D01AA09 HONG KONG
015 E04AA09 X
015 A00AA10 STANDARD CHARTERED BANK
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015 C01AA10 JAKARTA
015 D01AA10 INDONESIA
015 E04AA10 X
015 A00AA11 PARIBAS
015 B00AA11 S
015 C01AA11 MILAN
015 D01AA11 ITALY
015 E04AA11 X
015 A00AA12 STANDARD CHARTERED BANK
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015 D01AA12 KOREA
015 E04AA12 X
015 A00AA13 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B00AA13 S
015 C01AA13 KUALA LUMPUR
015 D01AA13 MALAYSIA
015 E04AA13 X
015 A00AA14 MEESPIERSON
015 B00AA14 S
015 C01AA14 AMSTERDAM
015 D01AA14 NETHERLANDS
015 E04AA14 X
015 A00AA15 UNION BANK OF NORWAY
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015 D01AA15 NORWAY
015 E04AA15 X
015 A00AA16 STANDARD CHARTERED BANK
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015 D01AA16 PHILIPPINES
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<PAGE> PAGE 4
015 A00AA17 CITIBANK PORTUGAL S.A.
015 B00AA17 S
015 C01AA17 LISBOA
015 D01AA17 PORTUGAL
015 E04AA17 X
015 A00AA18 STANDARD CHARTERED BANK
015 B00AA18 S
015 C01AA18 SINGAPORE
015 D01AA18 SINGAPORE
015 E04AA18 X
015 A00AA19 PARIBAS
015 B00AA19 S
015 C01AA19 MADRID
015 D01AA19 SPAIN
015 E04AA19 X
015 A00AA20 SVENSKA HANDELSBANKEN
015 B00AA20 S
015 C01AA20 STOCKHOLM
015 D01AA20 SWEDEN
015 E04AA20 X
015 A00AA21 BANK LEU, LTD.
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015 C01AA21 ZURICH
015 D01AA21 SWITZERLAND
015 E04AA21 X
015 A00AA22 STANDARD CHARTERED BANK
015 B00AA22 S
015 C01AA22 TAIPEI
015 D01AA22 TAIWAN
015 E04AA22 X
015 A00AA23 STANDARD CHARTERED BANK
015 B00AA23 S
015 C01AA23 BANGKOK
015 D01AA23 THAILAND
015 E04AA23 X
015 A00AA24 MIDLAND BANK PLC
015 B00AA24 S
015 C01AA24 LONDON
015 D01AA24 UNITED KINGDOM
015 E04AA24 X
015 A00AA25 CITIBANK, N.A.
015 B00AA25 S
015 C01AA25 BUENOS AIRES
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015 E04AA25 X
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015 C01AA26 VIENNA
015 D01AA26 AUSTRIA
015 E04AA26 X
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<PAGE> PAGE 5
015 B00AA27 S
015 C01AA27 DHAKA
015 D01AA27 BANGLADESH
015 E04AA27 X
015 A00AA28 BANK OF BERMUDA LIMITED
015 B00AA28 S
015 C01AA28 HAMILTON
015 D01AA28 BERMUDA
015 E04AA28 X
015 A00AA29 BARCLAYS BANK OF BOTSWANA
015 B00AA29 S
015 C01AA29 GABORONE
015 D01AA29 BOTSWANA
015 E04AA29 X
015 A00AA30 ROYAL BANK OF CANADA
015 B00AA30 S
015 C01AA30 TORONTO
015 D01AA30 CANADA
015 E04AA30 X
015 A00AA31 BANKBOSTON
015 B00AA31 S
015 C01AA31 SANTIAGO
015 D01AA31 CHILE
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015 A00AA32 CITITRUST COLOMBIA S.A.
015 B00AA32 S
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015 D01AA32 COLOMBIA
015 E04AA32 X
015 A00AA33 BANCO BCT S.A.
015 B00AA33 S
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015 D01AA33 COSTA RICA
015 E04AA33 X
015 A00AA34 CITIBANK A.S.
015 B00AA34 S
015 C01AA34 PRAHA
015 D01AA34 CZECH REPUBLIC
015 E04AA34 X
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015 B00AA35 S
015 C01AA35 CAIRO
015 D01AA35 EGYPT
015 E04AA35 X
015 A00AA36 HANSABANK
015 B00AA36 S
015 C01AA36 TALLINN
015 D01AA36 ESTONIA
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015 A00AA37 BARCLAYS BANK OF GHANA
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<PAGE> PAGE 6
015 C01AA37 ACCRA
015 D01AA37 GHANN
015 E04AA37 X
015 A00AA38 PARIBAS
015 B00AA38 S
015 C01AA38 ATHENS
015 D01AA38 GREECE
015 E04AA38 X
015 A00AA39 CITIBANK N.A.
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015 C01AA39 BUDAPEST
015 D01AA39 HUNGARY
015 E04AA39 X
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015 C01AA40 MUMBAI
015 D01AA40 INDIA
015 E04AA40 X
015 A00AA41 BANK OF IRELAND
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015 D01AA44 JORDAN
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<PAGE> PAGE 7
015 D01AA47 LATVIA
015 E04AA47 X
015 A00AA48 VILNIAUS BANKAS A.B.
015 B00AA48 S
015 C01AA48 VILNAIUS
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015 C01AA51 CASABLANCA
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015 A00AA52 NATIONAL NOMINEES LTD.
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015 A00AA53 HSBC BANK MIDDLE EAST
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015 C01AA53 RUWI
015 D01AA53 OMAN
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015 A00AA54 STANDARD CHARTERED BANK
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015 D01AA54 PAKISTAN
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015 D01AA55 PANAMA
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015 A00AA56 CITIBANK N.A.
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015 D01AA56 PERU
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015 A00AA57 BANK POLSKA KASA OPIEKI
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<PAGE> PAGE 8
015 E04AA57 X
015 A00AA58 BANK AUSTRIA
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015 C01AA58 BUCHAREST
015 D01AA58 ROMANIA
015 E04AA58 X
015 A00AA59 CREDIT SUISSE MOSCOW
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015 A00AA60 CESKOSLOVENSKA OBCHODNI BANK S.A.
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<PAGE> PAGE 9
015 A00AA68 BARCLAYS BANK OF ZIMBABWE LTD.
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020 A000010 CREDIT SUISSE FIRST BOSTON
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<PAGE> PAGE 10
022 C000005 8663
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<PAGE> PAGE 11
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<PAGE> PAGE 12
070 K01AA00 Y
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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 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE RITA DAM
TITLE ASSISTANT TREASURER
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<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
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<NAME> GUINNESS FLIGHT ASIA BLUE CHIP FUND
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<TABLE> <S> <C>
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<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
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<TABLE> <S> <C>
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<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
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<TABLE> <S> <C>
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<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
<NUMBER> 6
<NAME> GUINNESS FLIGHT NEW EUROPE FUND
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<CIK> 0000919160
<NAME> GUINNESS FLIGHT INVESTMENT FUNDS
<SERIES>
<NUMBER> 7
<NAME> GUINNESS FLIGHT WIRED INDEX FUND
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<CURRENCY> US DOLLARS
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</TABLE>
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
IndexTM Fund, Guinness Flight New Europe Fund,
Guinness Flight internet.com IndexTM Fund and
Guinness Flight Global Government Bond Fund for
the fiscal year ended December 31, 1999, 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
misstatements caused by error 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 internal
control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above at December 31, 1999.
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 and is not intended to be
and should not be used by anyone other than these
specified parties.
Los Angeles, California
February 4, 2000
