Investec Intl. Acc

Revenue Account

Investec Intl. Accumulation Fund Ld
5 June 2001



Revenue Account

for the year ended 31 March 2001

   Year ended                                                  U.S.
     31 March                                     2001       Dollar     Sterling
         2000                                    Total        Money        Money
    Total US$                         Notes        US$          US$            £

              Revenue 
                        
      950,301 Dividends receivable 1(f),2(b)   815,777            -           -
    4,651,448 Income from fixed    1(f),2(b) 4,925,462      284,076     252,518
              interest securities              
    8,349,153 Interest receivable  1(f),2(c) 7,491,050    2,343,448   2,098,744
   13,950,902 Total revenue                 13,232,289    2,627,524   2,351,262
                    

              Expenses
                    
    2,142,535 Management fee                 2,030,236      206,539     198,661
      220,322 Custodian fee                    199,129            -           -
       58,000 Directors' fee                    58,000        8,919       8,839
       41,863 Auditors remuneration             30,568        4,700       4,659
              Promotional 
      263,863 contributions                    238,609            -           -
              Safe custody 
       29,816 charges                           32,286          220         253
              Registration                 
      145,336 expenses                         135,075       20,654      19,866
              Administration,              
              legal and other              
      327,990 expenses                         338,574       52,062      51,599
              Guernsey exempt              
        1,120 company fee                        1,003          154         153
       55,397 Interest payable                   9,264          426           -

    3,286,242                                3,072,744      293,674     284,030
                    
              Net revenue/               
              (deficit) before                    
   10,644,660 tax                           10,159,544    2,333,850   2,067,232
      176,517 Taxation                1(f)     213,271            -           -

              Net revenue for 
   10,488,143 the financial year             9,946,273    2,333,850   2,067,232
              Appropriation                     
              Redemption of                     
            - shares                       (14,376,663)           -           -
 
              Retained revenue / 
              (deficit) for the 
   10,488,143 financial year                (4,430,390)   2,333,850   2,067,232
              Retained revenue                    
  126,932,652 brought forward              137,420,795    7,332,234  19,990,873
                   
              Retained revenue                    
 $137,420,795 carried forward             $132,990,405   $9,666,084 £22,058,105




   Year ended                                                  Swiss
     31 March                                       Euro       Franc     Managed
         2000                                      Money       Money    Currency
    Total US$                            Notes       EUR        SwFr         US$

              Revenue 
                        
      950,301 Dividends receivable   1(f),2(b)         -           -           -
    4,651,448 Income from fixed      1(f),2(b)    47,303       2,741   1,472,562

              interest securities    
    8,349,153 Interest receivable    1(f),2(c)   468,809     164,679   1,119,192
     
   13,950,902 Total revenue                   EUR516,112     167,420   2,591,754

     
              Expenses    
     
    2,142,535 Management fee                    56,705       28,128     301,987
      220,322 Custodian fee                          -            -      50,262
       58,000 Directors' fee                     2,850        1,143       8,795
       41,863 Auditors remuneration              1,502          602       4,635
              Promotional     
      263,863 contribution                           -            -      60,397
              Safe custody     
       29,816 charges                               64            -       5,007
              Registration     
      145,336 expenses                           5,671        2,813      20,132
              Administration,     
              legal and other     
      327,990 expenses                          16,633        6,674      51,343
              Guernsey exempt     
        1,120 company fee                           50           19         153
       55,397 Interest payable                     529            -         690
     
    3,286,242                                   84,004       39,379     503,401
     
              Net revenue/     
              (deficit) before     
   10,644,660 tax                              432,108      128,040   2,088,353
      176,517 Taxation                 1(f)          -            -           -
              Net revenue for     
   10,488,143 the financial year               432,108      128,040   2,088,353
              Appropriation     
              Redemption of     
            - shares                                 -            -           -
              Retained revenue /     
              (deficit) for the     
   10,488,143 financial year                   432,108      128,040   2,088,353
              Retained revenue     
  126,932,652 brought forward                1,412,664      889,038  48,487,251
     
              Retained revenue    
 $137,420,795 carried forward             EUR1,844,772SwFr1,017,078 $50,575,604

                                                            Inter-       
                                                          national      European
              Year ended                                      High          High
                31 March                         Global      Yield         Yield
                    2000                           Bond       Bond          Bond
               Total US$             Notes          US$        US$           EUR

              Revenue 
                                               
      950,301 Dividends receivable 1(f),2(b)         -           -             -
    4,651,448 Income from fixed
              interest securities  1(f),2(b) 1,220,332      82,303        78,697
    8,349,153 Interest receivable  1(f),2(c)    93,229         391         2,131

   13,950,902 Total revenue                  1,313,561      82,694        80,828

              Expenses

    2,142,535 Management fee                   234,408       8,570        10,465
      220,322 Custodian fee                     29,350       1,070         1,310
       58,000 Directors' fee                     4,837         174           213
       41,863 Auditors remuneration              2,549          92           112
              Promotional 
      263,863 contributions                     35,161       1,286         1,571
              Safe custody                                        
       29,816 charges                            5,244          89            81
              Registration                                        
      145,336 expenses                          11,721         428           523
              Administration,                                        
              legal and other                                        
      327,990 expenses                          28,234       1,017         1,243
              Guernsey exempt                                        
        1,120 company fee                           84           3             3
       55,397 Interest payable                   1,262       2,517         1,114

    3,286,242                                  352,850      15,246        16,635
                                                 
              Net revenue/ 
              (deficit) before 
   10,644,660 tax                              960,711      67,448        64,193
      176,517 Taxation                 1(f)      8,361           -            -
              Net revenue for 
   10,488,143 the financial year               952,350      67,448        64,193
              Appropriation 
              Redemption of                                        
            - shares                                 -  (8,477,133)  (3,123,113)
              Retained revenue /                                        
              (deficit) for the                                        
   10,488,143 financial year                   952,350   (8,409,685) (3,058,920)
              Retained revenue                                        
  126,932,652 brought forward               18,856,589    8,409,685   3,058,920

              Retained revenue                                       
 $137,420,795 Carried forward             $19,808,939            $-        EUR-


                                              US Dollar    Sterling 
             Year ended                            High        High
               31 March                           Yield       Yield       Global
                   2000                            Bond        Bond     Balanced
              Total US$              Notes          US$           £          US$

              Revenue
          
      950,301 Dividends receivable   1(f),2(b)          -     7,763     166,728
    4,651,448 Income from fixed      1(f),2(b)     89,379   501,548     590,985
              interest securities              
    8,349,153 Interest receivable    1(f),2(c)      1,156     9,385     209,681
   13,950,902 Total revenue                        90,535   518,696     967,394

              Expenses
          
    2,142,535 Management fee                        8,087    58,270     274,937
      220,322 Custodian fee                         1,346     8,070      34,892
       58,000 Directors' fee                          219     1,317       5,836
       41,863 Auditors remuneration                   115       694       3,076
              Promotional 
      263,863 contributions                         1,617     9,682      41,780
              Safe custody 
       29,816 charges                                 123       573       5,080
              Registration 
      145,336 expenses                                538     3,227      13,927
              Administration, 
              legal and other 
      327,990 expenses                              1,279     7,688      34,064
              Guernsey exempt 
        1,120 company fee                               4        23         101
       55,397 Interest payable                          -     1,541           8
          
    3,286,242                                      13,328    91,085     413,701
          
              Net revenue/ 
             (deficit) before 
   10,644,660 tax                                  77,207   427,611     553,693
      176,517 Taxation               1(f)               -       776      55,318
              Net revenue for 
   10,488,143 the financial year                   77,207   426,835     498,375
              Appropriation 
              Redemption of 
            - shares                           (3,138,698)        -           -
              Retained revenue / 
             (deficit) for the 
   10,488,143 financial year                   (3,061,491)  426,835     498,375
              Retained revenue 
  126,932,652 brought forward                   3,061,491 4,925,728   5,103,504
          
              Retained revenue
 $137,420,795 Carried forward                         $- £5,352,563  $5,601,879

             Year ended 
               31 March                         Global          Pan
                   2000                         Growth     European
               Total US$              Notes        US$          EUR

              Revenue 
                        
      950,301 Dividends receivable   1(f),2(b)   396,347    169,984
    4,651,448 Income from fixed
              interest securities    1(f),2(b)       796          -
    8,349,153 Interest receivable    1(f),2(c)   188,577     18,660
   13,950,902 Total revenue                      585,720    188,644

        Expenses

    2,142,535 Management fee                     363,838    134,288
      220,322 Custodian fee                       45,599     16,865
       58,000 Directors' fee                       7,497      2,754
       41,863 Auditors remuneration                3,951      1,451
              Promotional 
      263,863 contributions                       54,576     20,143
              Safe custody 
       29,816 charges                              9,407      4,088
              Registration 
      145,336 expenses                            18,192      6,714
              Administration, 
              legal and other 
      327,990 expenses                            43,765     16,075
              Guernsey exempt 
        1,120 company fee                            131         48
       55,397 Interest payable                       478        168

    3,286,242                                    547,434    202,594

              Net revenue/ 
              (deficit) before 
   10,644,660 tax                               38,286      (13,950)
      176,517 Taxation                1(f)      92,602       39,309
              Net revenue for 
   10,488,143 the financial year               (54,316)     (53,259)
              Appropriation 
              Redemption of 
            - shares                                 -            -
              Retained revenue / 
              (deficit) for the 
   10,488,143 financial year                   (54,316)     (53,259)
              Retained revenue 
  126,932,652 brought forward                  165,490      498,704

              Retained revenue
 $137,420,795 Carried forward                 $111,174     £445,445