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Guin. Flight Global (88GY)

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Wednesday 15 March, 2000

Guin. Flight Global

Revenue Account

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          $-        $-          $-


                              

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