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Guinness Flight Intl (77GY)

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Monday 22 November, 1999

Guinness Flight Intl

Interim Results

Guinness Flight Intl Acc Fund Ld
19 November 1999



UNAUDITED REVENUE ACCOUNT
FOR THE PERIOD ENDED 30th SEPTEMBER, 1999

                            
Period ended                                                           U.S.
30 September,                                               1999     Dollar 
        1998                                               Total      Money    
   Total US$                                  Notes          US$        US$    

              REVENUE
    501,729   Dividends receivable          1(f),2(b)    475,963         -
  3,154,124   Income from fixed interest    1(f),2(b)  2,254,780         -      
              securities
  4,154,821   Interest receivable           1(f),2(c)  4,155,991    989,764
  7,810,674   TOTAL REVENUE                            6,886,734    989,764

              EXPENSES
  1,092,908   Management fee                           1,076,866     97,238 
    121,402   Custodian fee                              110,276         -   
     29,000   Directors' fee                              29,000      3,834   
     12,688   Auditors' remuneration                      15,982      2,113   
    145,684   Promotional contribution                   132,152         -     
     17,888   Safe custody charges                        17,293         -    
     71,985   Registration expenses                       73,531      9,724  
    115,408   Administration, legal and other 
               expenses                                  166,776     22,047
        500   Guernsey exempt company fee                    500         66     
      9,373   Interest payable                            35,909      7,432   
  
  1,616,836                                            1,658,285    142,454 

  6,193,838   NET REVENUE FOR THE FINANCIAL PERIOD     5,228,449    847,310 

115,418,599   RETAINED REVENUE BROUGHT FORWARD        126,932,652  5,480,802    
     
$121,612,437  RETAINED REVENUE CARRIED FORWARD       $132,161,101 $6,328,112


                                                                      Swiss
                                                Sterling      Euro    Franc 
                                                   Money     Money    Money     
                                    Notes             £      Euro     SwFr

REVENUE
Dividends receivable                 1(f),2(b)         -         -        -
Income from fixed interest           1(f),2(b)         -         -        -
Interest receivable                  1(f),2(c) 1,085,702    62,244   27,642 
TOTAL REVENUE                                  1,085,702    62,244   27,642

EXPENSES
Management fee                                   105,972    12,053   15,389
Custodian fee                                          -         -        -
Directors' fee                                     4,188       541      605   
Auditors' remuneration                             2,308       298      333 
Promotional contribution                               -         -        -
Safe custody charges                                   -         -        -
Registration expenses                             10,597     1,205    1,534
Administration, legal and other                   24,085     2,643    3,473
  expenses                                 
Guernsey exempt company fee                           72        10       11     
Interest payable                                       -         -        -
                                                 147,222    16,750   21,295
NET REVENUE FOR THE FINANCIAL PERIOD             938,480    45,494    6,347
RETAINED REVENUE BROUGHT FORWARD              17,996,694 1,301,524  863,106
RETAINED REVENUE CARRIED FORWARD         £18,935,174 EURO1,347,018 SwFr869,453




                                   Managed    Interna-     Interna-     
                                   Currency   tional       tional       
                                       US$    Prime        High         
                                              Bond         Yield        
                                              US$          Bond         
                                                           US$          
REVENUE
Dividends receivable                   -        -           -            
Income from fixed interest 
 securities                      457,568     555,394      217,433         
Interest receivable              978,980      67,798        9,196         
TOTAL REVENUE                    436,548     623,192      226,629 

EXPENSES        
Management fee                   215,663     115,169       24,357       
Custodian fee                     35,933      14,407        3,029        
Directors' fee                     5,665       2,264          479     
Auditors' remuneration             3,122       1,248          264         
Promotional contribution          43,132      17,275        3,654           
Safe custody charges               2,484       2,135          814        
Registration expenses             14,377       5,758        1,218          
Administration, legal and other   32,576      13,023        2,758           
 expenses
Guernsey exempt company fee           98          39            8        
Interest payable                   6,183      16,659          945           
                                 359,288     187,977       37,526       
NET REVENUE FOR THE FINANCIAL 
 PERIOD                          077,315     435,215      189,103      
RETAINED REVENUE BROUGHT FORWARD 242,548  18,058,367    8,053,400     
RETAINED REVENUE CARRIED FORWARD 319,863 $18,493,582   $8,242,503   


                                 Euro-       U.S. Dollar   Sterling   
                                 pean        High          High Yield
                                 High        Yield         Bond
                                 Yield       Bond          £
                                 Bond        US$            
                                 US$          

REVENUE
Dividends receivable               -          -              -
Income from fixed interest      
 securities                   120,648     181,405       334,871    
Interest receivable             8,043       4,208        24,233    
TOTAL REVENUE                 128,691     185,613       359,104 
   
EXPENSES        
Management fee                 17,884      19,082        37,757  
Custodian fee                   2,237       3,184         6,297   
Directors' fee                    353         502           992           
Auditors' remuneration            194         277           547          
Promotional contribution         2,683       3,816         7,551   
Safe custody charges               548         866         1,038         
Registration expenses              894       1,272         2,517        
Administration, legal and other
 expenses                        2,028       2,889         5,706   
Guernsey exempt company fee          6           9            17           
Interest payable                    84       1,230             -      
                                26,911      33,127        62,422 
NET REVENUE FOR THE FINANCIAL 
 PERIOD                        101,780     152,486       296,682 
RETAINED REVENUE BROUGHT 
 FORWARD                     2,801,890   2,739,911     4,340,709 
RETAINED REVENUE CARRIED 
 FORWARD                    $2,903.670  $2,892,397    £4,637,391 


            
                         International       International       European
                         Balanced            Equity              Equity
                         Growth              US$                 £
                         US$         
REVENUE
Dividends receivable     103,760              172,764            121,100
Income from fixed interest      
 securities              170,833                  -                 -    
Interest receivable      155,388               11,878              4,447
TOTAL REVENUE            429,981              184,642            125,547

EXPENSES        
Management fee           129,892              117,828             48,569
Custodian fee             16,294               14,775              6,100
Directors' fee             2,562                2,319                959
Auditors' remuneration     1,412                1,278                528
Promotional contribution  19,484               17,674              7,285
Safe custody charges       3,403                3,491              1,119
Registration expenses      6,495                5,891              2,429
Administration, legal and other
 expenses                 14,736               13,338              5,515
Guernsey exempt company fee   44                   40                 16
Interest payable             466                  234              1,625
                         194,788              176,868             74,145
NET REVENUE FOR THE FINANCIAL 
 PERIOD                  235,193                7,774             51,402
RETAINED REVENUE BROUGHT 
 FORWARD               4,628,442              232,222            491,293
RETAINED REVENUE CARRIED 
 FORWARD              $4,863,635             $239,996           £542,695


Name                                    DEC. DATE      PAY DATE      AMOUNT

GGS   Guinness Flight  Gilt & Sterling
                       Bond Fund        30/09/1999     11/10/1999    £0.18
GEH   Guinness Flight  European High
                       Inc. Bond Fund   30/09/1999     11/10/1999    £0.31

GHI   Guinness Flight  Global High
                       Income Bond
                       Fund             30/09/1999     11/10/1999    $0.41
GEC   Guinness Flight  Global Emerging
                       Currency Fund    30/09/1999     11/10/1999    $0.45

                           

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