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Investec Glob Str Fd (88GY)

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Thursday 19 September, 2002

Investec Glob Str Fd

Interim Report to 30.6.02

Investec Global Strategy Fund Ld
19 September 2002




The Interim Report to 30 June 2002 of Investec Global Strategy Fund Limited
has been approved at a Directors Board Meeting.

Statement of Total Return

for the period ended 30 June 2002

                                                                                     Asia       Hong
                                                Global      American      U.K.        New       Kong
                                                Equity        Equity    Equity    Economy      Equity
                                Notes          US$000s       US$000s     £000s    US$000s     US$000s

Revenue

Dividends receivable         1(f),2(a)             865           217       860        253        250

Income from fixed interest
securities                   1(f),2(b)               -             -         -          -          -
Interest receivable          1(f),2(c)              45            13        21          7          2

Total revenue                                      910           230       881        260        252

Expenses

Management fee                                     534           162       294        191         92
Custodian fee                                       11             4         6          4          2
Directors' fee                                       4             1         2          1          1
Auditors' remuneration                               1             -         1          -          -
Promotional contribution                            63            21        37         23         11
Safe custody charges                                 9             2         3         14          4
Registration expenses                               63            21        37         23         11
Administration, legal
and other expenses                                  23             8        14          8          4
Guernsey exempt company fee                          -             -         -          -          -
Interest payable                                     8             3         8         20          3

                                                   716           222       402        284        128

Net revenue/(deficit)
before equalisation                                194             8       480        (26)       124
Taxation                                          (189)          (66)      (23)       (50)        (2)
Net equalisation received/
(paid) on applications
and redemptions                                      -             -        (9)         -         (1)

Net income for the
financial period                                     5           (58)      448        (76)       121

Net gains/(losses) on investments
realised                                        (4,311)         (660)   (1,364)    (3,403)    (1,043)
Net gains/(losses) on
investments unrealised                           1,020        (1,691)   (1,950)     4,312        885
Net gains/(losses) on foreign
exchange realised                               (1,259)            -         -        (22)         -
Net gains/(losses) on foreign
exchange unrealised                              1,305             1         1         32          1
Transfer from/(to) share
premium/capital reserves                             -             -         -          -          -
Currency adjustment         (1e)                     -             -         -          -          -

Total return for the period                     (3,240)       (2,408)   (2,865)       843        (36)

Dividends                    17                      -             -       442          -        122

Net increase/(decrease)
in shareholders'
funds from investment
activities                                     $(3,240)      $(2,408)  £(3,307)      $843      $(158)


Statement of Total Return

for the period ended 30 June 2002

                                                          European      Global                                    Wired
                                     Japan  Continental    Smaller    Emerging     Global    Global      Global   Index 
                                    Equity     European  Companies     Markets     Energy      Gold Privatisation  Fund
                          Notes    US$000s      US$000s    US$000s     US$000s    US$000s   US$000s   US$000s    US$000s
                           
Revenue                           

Dividends receivable      1(f),2(a)     72        2,263        186          90         161        24     1,631       571
Income from fixed interest
securities                1(f),2(b)      -            -          -           -           -         -         -         -
Interest receivable                      2           56          6           2           1         7         8         6

Total revenue                           74        2,319        192          92         162        31     1,639       577

Expenses

Management fee                         109        1,143         54          39          86        26      674        716
Custodian fee                            2           22          1           1           2         1       12         19
Directors' fee                           1            8          -           -           1         -        4          6
Auditors' remuneration                   -            3          -           -           -         -        1          2
Promotional contribution                13          135          8           5          11         3       70         98
Safe custody charges                     4           29          2           6           2         1       23         14
Registration expenses                   13          135          8           5          11         3       70         98
Administration, legal
and other expenses                       4           49          3           2           4         1       26         39
Guernsey exempt company fee              -            -          -           -           -         -        -          -
Interest payable                         5           17          1           3           5         4       14        (7)

                                       151        1,541         77          61         122        39      894       985

Net revenue/(deficit)
before equalisation                    (77)         778        113          31          41        (8)     747      (408)
Taxation                               (14)        (566)       (44)        (11)        (38)       (3)    (345)      (90)
Net equalisation received/
(paid) on applications
and redemptions                          -            -         (2)         (2)          -         -       (1)        -

Net income for the
financial period                       (91)         212         67          18           3       (11)     401      (498)

Net gains/(losses) on
investments realised                (7,650)      (5,778)       (48)       (396)        629        60   (1,486)  (20,746)
Net gains/(losses) on
investments unrealised               8,076        4,791        909         576       1,239     1,533   10,569   (20,060)
Net gains/(losses) on
foreign exchange realised           (1,382)       1,142       (130)        (13)       (103)       31       58         -
Net gains/(losses( on
foreign exchange unrealised          1,408         (901)       137          19         111       (29)    (552)        6
Transfer from/(to) share
premium/capital reserves                 -            -          -           -           -         -        -         -
Currency adjustment      (1e)            -            -          -           -           -         -        -         -

Total return for the period            361         (534)       935         204       1,879     1,584    8,990   (41,298)
Dividends                17              -            -          -           -           -         -        -         -

Net increase/(decrease) in
shareholders' funds from
investment activities                 $361        $(534)      $935        $204      $1,879    $1,584   $8,990  $(41,298)




                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                   

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