Guinness Flight Global Strategy Fnd
14 March 2000
Guiness Flight Global Strategy Fund Limited
At a meeting of the Board of Directors of the above-named company held in Paris
on Friday 10th March, 2000, the Annual Report to 31st December, 1999, as agreed
with the Company's auditors, was approved.
Below is a copy of the Revenue Account which contains comparative figures for
the equivalent period in 1998.
REVENUE ACCOUNT
For the year ended 31st December, 1999
Year ended Notes 1999 U.S. Sterling Euro
31st December Total Dollar Money Money
1998
Total US$000's US$000's US$000,s £000's EUR000's
REVENUE
Dividends
11,109 receivable 5(f),6(a) 10,159 - - -
Income from
Fixed interest
35,361 securities 5(f),6(b) 31,537 - - -
Interest
11,765 receivable 5(f),6(c) 11,252 2,031 892 393
58,235 TOTAL REVENUE 52,948 2,031 892 393
EXPENSES
12,000 Management fee 13 12,526 193 82 69
1,564 Custodian fee 1,571 - - -
117 Directors' fee 117 3 1 1
47 Auditors' renumeration 60 2 1 1
1,856 Promotional contribution 1,884 - - -
197 Safe custody charges 296 - - -
655 Registration expenses 13 668 19 8 7
Administration, legal and
872 other expenses 1,066 31 13 13
1 Guernsey exempt company fee 1 - - -
141 Interest payable 122 9 - -
17,450 18,311 257 105 91
NET REVENUE/(DEFICIT)BEFORE
40,785 EQUALISATION 34,637 1,774 787 302
Net equalisation received/
(paid) on applications
(411) and redemptions 7 270 276 402 63
NET REVENUE FOR THE
40,374 FINANCIAL YEAR 34,907 2,050 1,189 365
182 RETAINED REVENUE BROUGHT FORWARD 290 - 10 -
Transfer from capital
392 reserves 3 1,780 - - -
40,948 TOTAL DISTRIBUTABLE REVENUE 36,977 2,050 1,199 365
40,658 DIVIDENDS 11 36,666 2,044 1,164 365
$290 RETAINED REVENUE CARRIED
FORWARD $311 $6 £35 EUR-
Year ended Notes Managed EMMA EMMA EMMA
31st December Currency Dollar Sterling Emerging
1998 Managed Managed Currency
Total US$000's US$000's US$000,s £000's EUR000's
REVENUE
Dividends
11,109 receivable 5(f),6(a) - - - -
Income from
Fixed interest
35,361 securities 5(f),6(b) 1,061 449 1,326 597
Interest
11,765 receivable 5(f),6(c) 2,006 359 842 194
58,235 Total Revenue 3,067 808 2,168 791
Expenses
12,000 Management fee 13 454 107 276 87
1,564 Custodian fee 76 18 46 11
117 Directors' fee 5 1 6 1
47 Auditors' renumeration 3 1 3 0
1,856 Promotional contribution 91 21 55 13
197 Safe custody charges 4 1 2 1
655 Registration expenses 13 30 7 18 4
Administration, legal and
872 other expenses 48 11 26 7
1 Guernsey exempt company fee - - - -
141 Interest payable 6 - - -
17,450 717 167 432 124
NET REVENUE/(DEFICIT) BEFORE
40,785 EQUALISATION 2,350 641 1,736 667
Net equalisation received/
(paid) on applications
(411) and redemptions 7 (64) 47 (26) (44)
NET REVENUE FOR THE
40,374 FINANCIAL YEAR 2,286 688 1,710 623
182 RETAINED REVENUE BROUGHT FORWARD 9 5 11 4
Transfer from capital
392 reserves 3 - - - -
40,948 TOTAL DISTRIBUTABLE REVENUE 2,295 693 1,721 627
40,658 DIVIDENDS 11 2,283 680 1,681 627
$290 RETAINED REVENUE CARRIED
FORWARD $12 $13 £40 $-
Global Global U.S. Gilt European European Asian Global
Bond High Dollar and Bond High Pacific Balanced
Income Bond Sterling Income Currency Growth
Bond Bond Bond and Bond
US$000's US$000's US$000's £ 000's US$000's £ 000's US$000's US$000's
- - - - - - - 109
6,038 4,803 2,428 6,159 1,602 506 1,389 290
809 482 224 447 155 34 86 293
6,847 5,285 2,652 6,606 1,757 540 1,475 692
1,304 603 340 722 401 80 204 207
162 75 57 121 50 10 26 26
11 5 4 8 3 1 2 2
6 3 2 4 2 - 1 1
195 90 68 144 60 12 31 31
20 9 8 12 6 1 4 6
65 30 23 48 20 4 10 11
102 47 34 75 31 6 15 18
- - - - - - - -
2 1 2 1 4 1 7 1
1,867 863 538 1,135 577 115 300 303
4,980 4,422 2,114 5,471 1,180 425 1,175 389
(433) (30) (189) 13 25 (4) (121) 102
4,547 4,392 1,925 5,484 1,205 421 1,054 491
31 11 15 67 1 3 11 -
- - - - - - - -
4,578 4,403 1,940 5,551 1,206 424 1,065 491
4,559 4,389 1,934 5,528 1,193 422 1,057 484
$19 $14 $6 £23 $13 £2 $8 $7
Global American American U.K.
Equity Blue Smaller
Chip Companies
US$000's US$000's US$000's £ 000's
1,446 154 38 1,398
- - - -
148 26 12 61
1,594 180 50 1,459
1,144 175 97 487
144 22 12 62
10 2 1 4
5 1 - 2
172 27 15 73
27 4 1 6
57 9 5 24
90 14 8 38
- - - -
5 - - 5
1,654 255 139 701
(60) (75) (89) 758
- - - 3
(60) (75) (89) 761
2 - - 1
208 75 89 -
150 - - 762
150 - - 755
$- $- $- £7
Asia Malaysia Asian Hong Japan Japan European
Smaller Kong Smaller
Companies Companies
US$000's US$000's US$000's US$000's US$000's US$000's US$000's
710 29 216 556 126 60 1,224
- - - - - - -
32 1 9 10 55 28 51
742 30 225 566 181 88 1,295
310 16 134 163 265 145 1,179
39 2 11 21 34 18 148
3 1 1 1 2 1 10
1 1 - 1 1 1 5
46 2 13 25 40 22 177
17 - 7 7 6 3 40
16 1 4 8 13 7 59
25 12 7 13 22 12 94
- - - - - - -
1 - 14 4 - - 27
458 35 191 243 383 209 1,739
284 (5) 34 323 (202) (121) (444)
20 - - (3) - - 1
304 (5) 34 320 (202) (121) (443)
12 1 - - - - -
- 4 - - 202 121 549
316 - 34 320 - - 106
284 - 33 319 - - 106
$32 $- $1 $1 $- $- $-
European Global Global Global Global Global Wired
Smaller Emerging Energy Gold Privatis Smaller Index
Companies Markets -ation Companies Fund
US$000's US$000's US$000's US$000's US$000's US$000's US$000's
96 268 60 56 2,644 59 25
- - - - - - -
35 24 3 6 81 30 -
131 292 63 62 2,725 99 25
147 202 39 24 1,656 89 120
18 27 5 3 166 11 6
1 - - - 11 1 1
1 - - - 6 - 1
22 31 6 4 194 13 17
6 16 1 1 64 2 2
7 10 2 1 65 4 5
12 19 3 2 102 7 11
- - - - - - -
1 2 1 1 9 2 13
215 307 57 36 2,273 129 176
(84) (15) 6 26 452 (30) (151)
5 13 - (3) (16) - -
(79) (2) 6 23 436 (30) (151)
- 6 - 1 26 1 -
79 - 2 - 270 29 151
- 4 8 24 732 - -
- 4 8 23 732 - -
$- $- $- $1 $- $- $-