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Investec Glob Str Fd (88GY)

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Tuesday 22 August, 2000

Investec Glob Str Fd

Interim Results

Investec Global Strategy Fund Ld
18 August 2000


LETTER TO COMPANY ANNOUNCEMENTS OFFICE

Re Investec Global Strategy Fund Limited - Interim Report & Accounts (Formerly
known as Guinness Flight Global Strategy Fund Limited)

We are pleased to advise that the Interim Report to 30 June 2000 of Investec
Global Strategy Fund Limited was today approved by a Directors sub-committee (as
requested at a Board Meeting of the above Company held in Zurich on Friday 11th
August 2000).

A copy of the Revenue Account, which contains comparative figures for the
equivalent period 1999, follows.

Dividends payable by Investec Global Strategy Fund Limited, as previously
advised, were approved by the Board at that Meeting.

FROM INVESTEC ASSET MANAGEMENT GUERNSEY LIMITED

REVENUE ACCOUNT

for the period ended 30 June 2000


Year ended                                       U.S.
30 June                                 2000     Dollar    Sterling   Euro
1999                                    Total    Money     Money      Money
Total US$000's                 Notes    US$000's US$000's  £000's     EUR000's

       Revenue
 7,747 Dividends receivable  5(f).6(a)  7,846     -         -          -
15,203 Income from fixed     5(f).6(b) 16,246     -         -          -
       interest securities
 5,163 Interest receivable   5(f).6(c)  6,677   1,430     1,491        328

28,113 Total revenue                   30,769   1,430     1,491        328

       Expenses
 6,073 Management fee                   7,241     115       125         43
   789 Custodian fee                      820      -         -          -
    58 Directors' fee                      58       2         2          1
    58 Auditors' remuneration              52       2         2          1
   915 Promotional contribution           985      -         -          -
   159 Safe custody charges               163      -         -          -
   322 Registration expenses              380      11        12          4
   489 Administration, legal              526      16        17          6
       and other expenses
     1 Guernsey exempt company fee          1      -          -         -
     9 Interest payable                   135       2         -         -
 8,873                                 10,361     148       158         55

       Net revenue/(deficit) before tax
19,240 and equalisation                20,408   1,202     1,333        273
(1,604) Withholding taxation           (1,573)                          -
       Net equalisation received/
       (paid) on applications and 
  (106) redemptions              7       (717)    204     (354)         23

17,530 Net revenue for the             18,118   1,486      979         296
       financial period

   290 Retained revenue brought forward   312       6       35          -
    -  Transfer from/(to)
       share premium/
       capital reserves          3        106      -        -           -

17,820 Total distributable revenue     18,536   1,492    1,014         296

17,514 Dividends                16     18,290   1,438      994         292

  $306 Retained revenue carried forward  $216     $54      £20        EUR4

                                                                      
Year ended                                                           Global
30 June                                 Managed  Dollar   Sterling   Emerging 
1999                                    Currency Managed  Managed    Currency
Total US$000's                          US$000's US$000's  £000's    US$000's

       Revenue
 7,747 Dividends receivable                 -        -        -          -
15,203 Income from fixed                  845     220      608         228
       interest securities
 5,163 Interest receivable                713     206      276          54

28,113 Total revenue                    1,558     426      884         282

       Expenses
 6,073 Management fee                     201      53      101          33
   789 Custodian fee                       32       9       17           4
    58 Directors' fee                       2       1        2           -
    58 Auditors' remuneration               2      -         1           -
   915 Promotional contribution            37      10       19           4
   159 Safe custody charges                 2      -         1           -
   322 Registration expenses               13       3        7           2
   489 Administration, legal               17       5        8           2
       and other expenses
     1 Guernsey exempt company fee          -       -        -           - 
     9 Interest payable                     -       -        -           -
 8,873                                    309      81      156          45

       Net revenue/(deficit)
       before tax
19,240 and equalisation                 1,249     345      728         237
(1,604) Withholding taxation              -        -        -           -
       Net equalisation received/
       (paid) on 
  (106) applications and                  (87)   (148)     (88)        (20)
       redemptions

17,530 Net revenue for the              1,162     197      610         217
       financial period

   290 Retained revenue                    13      12       41         -
       brought forward
    -  Transfer from/(to)
       share premium/capital reserves     -        -        -          (1)

17,820 Total distributable              1,175     209      681        216
       revenue

17,514 Dividends                        1,152     205      659        216

  $306 Retained revenue carried forward   $23      $4      £22         $


                                   U.S.
           Global                  Dollar
           High        U.S.        High
Global     Income      Dollar      Income      Sterling     European
Bond       Bond        Bond        Bond        Bond         Bond
US$000's   US$000's    US$000's    US$000's    £000's       EUR000's

   -          -          -          -            -             -
2,396      2,945       1,334           4       3,428        1,025
   67         45         105        -             88           68
2,463      2,990       1,439           4       3,516        1,093

  449        295         170        -            364          188
   56         35          28        -             60           24
    3          2           2        -              3            1
    3          2           2        -              3            1
   64         40          32        -             68           27
    7          5           4        -              3            2
   22         14          12           1          24            9
   31         19          15        -             33           13
   -          -           -         -              -           -
   14         32          -         -              4           -
  649        444         265           1         562          265

1,814      2,546       1,174           3       2,954          828
   (9)                              -                         (19)
 (244)       (46)        252                                   36
1,561      2,500       1,426           3       2,954          845

   19         14           6        -             23           13
   -         -           -          -            -             -
1,580      2,514       1,432           3       2,977          858
1,574      2,502       1,407        -          2,899          849
   $6        $12         $25          $3         £78          EUR9



                Asia &
European       Pacific
    High      Currency       Global                        American
  Income           and     Balanced    Global   American   Smaller     UK
    Bond          Bond       Growth    Equity     Equity  Companies Equity
 EUR000's     US$000's     US$000's  US$000's    US$000's  US$000's £000's


       -             -          100      783         108        24     759
     447           469          257        1           -         -       1
     188            14          181       46          11         5      39

     635           483          538      830         119        29     799 


      68            78          150      576         102        40     263
       9             9           19       71          13         5      33
       0             1            1        4           1         -       2
       0             1            1        4           1         -       2
      10            11           21       81          14         6      37
       1             1            2       14           2         1       2
       3             4            8       28           5         2      13
       5             5           11       39           7         4      18
       -             -            -        -           -         -       -
       -             9            -        5           -         -       3

      96           119          213      822         145        58     373


     539           364          325        8         (26)      (29)    426
       -             -          (25)    (183)        (31)       (7)    (75)
      26           (55)          (5)       -           -         -      (2)

     565           309          295     (175)        (57)      (36)    349

       2             8            7        -                             7
       -            (7)           -        -           -        36       -
     567           310          302     (175)        (57)        -     356
     563           310          297        -           -         -     350
    EUR4            $-           $5    $(175)       $(57)       $-      £6
     

Asia      Asian     Hong       Japan     Japan       Continental
New       Smaller   Kong       Equity    Smaller     European
Economy   Companies Equity               Companies    
US$000's  US$000's  US$000's  US$000's   US$000's     US$000's

    238       89       230       120        57        1,744
     -        -          4         1        -             -                     
     21        1         7        14         5          155

    259       90       241       135        62        1,899

    211       75        97       205        81          801

     26        6        12        26        10           98
  
      2        -         1         2         1            6
     
      1        -         1         1         1            5

     30        7        15        29        11          112

     13        3         4         4         2           26

     10        2         5        10         4           39

     14        3         7        14         5           54

      -                                      -            -

      1        1         2                                -
    308       97       144       291       115        1,141

    (49)      (7)       97      (156)      (53)         758

    (20)      (7)        -       (24)      (11)       (458)

      -        -         2         -         -          33

    (69)     (14)       99      (180)      (64)        333

     32        -         1         -         -           -

      -       14         -         -        64           -

    (37)       -       100      (180)        -         333

      -        -       100        -          -           -

  $ (37)    $ -       $ -     $(180)      $ -         $333  




European   Global                                      Global     Wired
Smaller    Emerging    Global   Global   Global        Smaller    Index
Companies  Markets     Energy   Gold     Privatisation Companies  Fund
US$000's   US$000's    US$000's US$000's US$000's      US$000's   US$000's

  169        85          59       36       2,286           108       457
    -         5           -        -           -             1         -
   46        10           2        5          75            23         -

  215       100          61       41       2,361           132       457

  146       114          27       11         849            61       714

   18        14           3        1          84             8        37

    1         -           -        -           5             1         5

    1         -           -        -           5             1         5

   20        16           3        2          96             9        90

    4        11           1        -          28             1        15

    7         6           1        1          33             3        33

   10         9           2        1          46             5        49

    -         -           -        -           -             -         -

    0         5           3        -          20             -        30

  207       175          40       16       1,166            89       978


    8       (75)         21       25       1,195            43      (521)

  (43)      (11)        (14)      (2)       (488)          (18)      (91)

    -         -           -        -           -            (8)        -

  (35)      (86)          7       23         707            17      (612)

    -         -           -        1           -             -         -

    -         -           -        -           -            (1)        -

  (35)      (86)          7       24         707            16      (612)

    -         -           -        -           -            16         -

  $(35)   $(86)         $7       $24        $707            $-     $(612)



                                                                                
                                                                                
                            

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