GUINNESS FLIGHT GLOBAL STRATEGY FUND LIMITED
20 August 1999
To: Company Announcements Office
Guinness Flight Global Strategy Fund Limited - Interim Report & Accounts
1. We are pleased to advise that a meeting of the Board of Directors of the
above named Company held in Zurich on Thursday 19 August 1999, the Interim
Report to 30 June 1999 was approved.
Below is a copy of the Revenue Account which contains comparative figures
for the equivalent period in 1998.
2. Dividends payable by Guinness Flight Global Strategy Fund Limited, for the
quarter ending 30 June 1999 are as per the attached schedule, and were
approved by the Board at the above meeting.
Revenue Account
for the period ended 30th June 1999
Period ended
30th June U.S.
1998 1999 Dollar Sterling Euro
Total US$000's Total Money Money Money
US$000's Notes US$000's US$000's US$000's
REVENUE
7,582 Dividends receivable 5(f),6(a) 6,143 - - -
17,924 Income from fixed interest 15,203 - - -
securities 5(f),6(b)
5,831 Interest receivable 5(f),6(c) 5,163 840 358 154
31,337 TOTAL REVENUE 26,509 840 358 154
EXPENSES
6,118 Management fee 6,073 86 32 26
796 Custodian fee 789 - - -
58 Directors's fee 58 1 1 1
32 Auditors' remuneration 58 1 1 1
939 Promotional contribution 915 - - -
69 Safe custody charges 159 - - -
332 Registration expenses 322 9 3 3
331 Administration, legal and other 489 13 5 5
expenses
1 Guernsey exempt company fee 1 - - -
74 Interest payable 9 - - -
8,750 8,873 110 42 36
NET REVENUE/(DEFICIT) BEFORE
22,587 EQUALISATION 17,636 730 316 118
Net equalisation received/(paid)
(367) on applications and redemptions 7 (106) 75 33 9
22,220 NET REVENUE FOR THE FINANCIAL
PERIOD 17,530 805 349 127
182 RETAINED REVENUE BROUGHT FORWARD 290 - 10 -
- Transfer from/(to) capital reserves - - - -
22,402 TOTAL DISTRIBUTABLE REVENUE 17,820 805 359 127
20,156 DIVIDENDS 15 17,514 797 348 124
$2,246 RETAINED REVENUE CARRIED FORWARD $306 $8 £11 EUR3
Period ended
30th June EMMA EMMA
1998 Managed Dollar Sterling Emerging
Total US$000's Currency Managed Managed Currency
US$000's EUR000's US$000's US$000's £000's
REVENUE
7,582 Dividends receivable 5(f),6(a) - - - -
17,924 Income from fixed interest 447 235 675 271
securities 5(f),6(b)
5,831 Interest receivable 5(f),6(c) 1,035 148 437 110
31,337 TOTAL REVENUE 1,482 383 1,112 381
EXPENSES
6,118 Management fee 232 51 138 46
796 Custodian fee 40 9 24 6
58 Directors's fee 3 1 3 -
32 Auditors' remuneration 3 1 3 -
939 Promotional contribution 46 10 27 7
69 Safe custody charges 2 1 2 1
332 Registration expenses 15 3 9 2
331 Administration, legal and other 24 5 12 4
expenses
1 Gurnsey exempt company fee - - - -
74 Interest payable 6 - - -
8,750 371 81 218 66
NET REVENUE/(DEFICIT) BEFORE
22,587 EQUALISATION 1,111 302 894 315
Net equalisation received/(paid)
(367) on applications and redemptions 7 (34) 10 74 (2)
22,220 NET REVENUE FOR THE FINANCIAL
PERIOD 1,077 312 968 313
182 RETAINED REVENUE BROUGHT FORWARD 9 5 11 3
- Transfer from/(to) capital reserves - - - -
22,402 TOTAL DISTRIBUTABLE REVENUE 1,806 317 979 316
20,156 DIVIDENDS 15 1,072 303 975 311
$2,246 RETAINED REVENUE CARRIED FORWARD $14 $14 £4 $5
Global Gilt European
High U.S. and High
Global Income Dollar Sterling European Income
Bond Bond Bond Bond Bond Bond
US$000's US$000's US$000's £000's US$000's £000's
- - - - - -
3,139 1,932 1,345 3,097 775 210
441 230 38 222 38 7
3,580 2,162 1,383 3,319 813 217
711 300 181 368 208 41
91 38 31 64 27 5
7 3 2 4 2 -
7 3 2 4 2 -
106 45 36 73 31 6
10 5 4 5 3 1
36 15 13 24 10 2
56 23 18 37 16 3
- - - - - -
1 - - - 2 -
1,025 432 287 579 301 58
2,555 1,730 1,096 2,740 512 159
(271) 32 (63) (2) (3) (3)
2,284 1,762 1,033 2,738 509 156
31 11 15 67 1 3
- - - - - -
2,315 1,773 1,048 2,805 510 159
2,274 1,766 1,040 2,756 497 157
$41 $7 $8 £49 $13 £2
Asian
Pacific
Currency Global American American
and Balanced Global Blue Smaller U.K.
Bond Growth Equity Chip Companies Fund
US$000's US$000's US$000's US$000's US$000's £000's
- 46 882 78 17 825
728 54 - - - -
49 110 97 15 5 33
777 210 979 93 22 858
114 62 566 90 51 248
15 8 73 12 7 33
1 - 5 1 - 2
1 - 5 1 - 2
17 9 85 13 8 37
1 4 12 2 1 3
6 4 28 5 3 12
9 4 43 7 4 19
- - - - - -
- - - - - -
164 91 817 131 74 356
613 119 162 (38) (52) 502
(80) 90 - - - (23)
533 209 162 (38) (52) 479
11 - 2 - - 1
- - - - - -
544 209 164 (38) (52) 480
539 206 150 - - 469
$5 $3 $14 $(38) $(52) £11
Asian Japan
Smaller Hong Smaller
Asia Malaysia Companies Kong Japan Companies European
US$000's US$000's US$000's US$000's US$000's US$000's US$000's
228 11 91 252 57 38 939
- - - - - - -
13 4 5 6 22 14 19
241 15 96 258 79 52 958
132 9 54 74 83 57 577
17 1 5 10 11 7 75
1 - - 1 1 - 5
1 - - 1 1 - 5
20 1 5 12 13 9 86
5 - 3 3 1 2 18
7 - 2 4 4 3 29
10 1 3 5 6 4 44
- - - - - - -
- - - - - - -
193 12 72 110 120 82 839
48 3 24 148 (41) (30) 119
5 - 5 (2) - - -
53 3 29 146 (41) (30) 119
12 1 - - - - -
- - - - - - -
65 4 29 146 (41) (30) 119
- - - 144 - - 106
$65 $4 $29 $2 $(41) $(30) $13
European Global Global
Smaller Emerging Global Global Global Smaller
Companies Markets Energy Gold Privatisation Companies
US$000's US$000's US$000's US$000's US$000's US$000's
77 144 31 37 1,875 41
- - - - - -
8 25 - 3 55 7
85 169 31 40 1,930 48
50 88 16 12 855 36
6 11 2 2 86 5
- - - - 6 -
- - - - 6 -
7 13 2 2 98 5
3 9 - - 52 1
2 4 1 1 33 2
4 7 1 1 51 3
- - - - - -
- - - - - -
72 132 22 18 1,187 52
13 37 9 22 743 (4)
5 12 - (2) (16) -
18 49 9 20 727 (4)
- 6 - 1 26 1
- - - - - -
18 55 9 21 753 (3)
- - 8 20 732 -
$18 $55 $1 $1 $21 $(3)
NAME DEC. DATE PAY DATE AMOUNT
GEF Guinness Flight Euro Money Fund 30/06/1999 14/07/1999 EUR 0.27
GGB Guinness Flight Sterling Money Fund 30/06/1999 14/07/1999 £0.25
GGS Guinness Flight Gilt & Sterling Bond
Fund 30/06/1999 14/07/1999 £0.18
GEH Guinness Flight European High Inc.
Bond Fund 30/06/1999 14/07/1999 £0.18
GUK Guinness Flight U.K. Fund 30/06/1999 14/07/1999 £0.46
GMS Guinness Flight EMMA Sterling Managed
Fund 30/06/1999 14/07/1999 £0.16
GUS Guinness Flight U.S.Dollar Money Fund 30/06/1999 14/07/1999 $0.43
GMC Guinness Flight Managed Currency Fund 30/06/1999 14/07/1999 $0.62
GBO Guinness Flight Global Bond Fund 30/06/1999 14/07/1999 $0.63
GHI Guinness Flight Global High Inc. Bond
Fund 30/06/1999 14/07/1999 $0.25
GDB Guinness Flight U.S. Dollar Bond Fund 30/06/1999 14/07/1999 $0.59
GEB Guinness Flight European Bond Fund 30/06/1999 14/07/1999 $0.34
GAC Guinness Flight Asian Currency & Bond
Fund 30/06/1999 14/07/1999 $0.47
GEQ Guinness Flight Global Equity Fund 30/06/1999 14/07/1999 $0.20
GAS Guinness Flight American Smaller
Companies 30/06/1999 -
GEU Guinness Flight European Fund 30/06/1999 14/07/1999 $0.24
GEN Guinness Flight Global Energy Fund 30/06/1999 14/07/1999 $0.13
GAB Guinness Flight American Blue Chip
Fund 30/06/1999 -
GJF Guinness Flight Japan Fund 30/06/1999 -
GJS Guinness Flight Japan Smaller
Companies Fund 30/06/1999 -
GHK Guinness Flight Hong Kong Fund 30/06/1999 14/07/1999 $0.60
GAF Guinness Flight Asean Fund 30/06/1999 -
GGO Guinness Flight Global Gold Fund 30/06/1999 14/07/1999 $0.15
GPR Guinness Flight Global Privatisation
Fund 30/06/1999 14/07/1999 $0.23
GEM Guinness Flight Global Emerging
Markets Fund 30/06/1999 -
GBG Guinness Flight Global Balanced
Growth Fund 30/06/1999 14/07/1999 $0.23
GSA Guinness Flight Asian Smaller Companies
Fund 30/06/1999 -
GMD Guinness Flight EMMA Dollar Managed
Fund 30/06/1999 14/07/1999 $0.22
GAA Guinness Flight Asia Equity Fund 30/06/1999 -
GSC Guinness Flight Global Smaller
Companies 30/06/1999 -
GES Guinness Flight European Smaller
Companies 30/06/1999 -
GEC Guinness Flight Emerging Currency
Fund 30/06/1999 14/07/1999 $0.31
From
David Martin
Manager, Compliance and Training
Investeco Guinness Flight