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Investec Glob Str Fd (88GY)

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Wednesday 14 March, 2001

Investec Glob Str Fd

Revenue Account

Investec Global Strategy Fund Ld
13 March 2001


Letter to Company Announcements Office
12 March 2001

           INVESTEC GLOBAL STRATEGY FUND LIMITED REPORT AND ACCOUNTS

We are pleased to advise that at a meeting of the Board of Directors of the
above-named company held in Guernsey on Friday 9th March, 2001, the Annual
Report to 31st December 2000, 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 1999.

Dividends payable by the Company are as per the schedule below, and were
approved by the Board at the above meeting.

Letter from Investec Asset Management Guernsey Limited


NAME         SHARE CLASS                        DEC.DATE    PAY DATE    AMOUNT

GEF  Investec      A      Euro Money Fund       31/12/2000  17/01/2001  EUR0.51
GGB  Investec      A      Sterling Money Fund   31/12/2000  17/01/2001    £0.28
GGS  Investec      A      Sterling Bond Fund    31/12/2000  17/01/2001    £0.17
GEH  Investec      A      European High Inc.    31/12/2000  17/01/2001  EUR0.51
                          Bond Fund
GUK  Investec      A      U.K. Equity Fund      31/12/2000  17/01/2001    £0.11
GMS  Investec      A      Sterling Managed Fund 31/12/2000  17/01/2001    £0.20
GSH  Investec      A      Sterling High Income  31/12/2000  17/01/2001    £0.30
                          Bond Fund
GUS  Investec      A      U.S.Dollar Money Fund 31/12/2000  17/01/2001    $0.62
GMC  Investec      A      Managed Currency Fund 31/12/2000  17/01/2001    $0.86
GBO  Investec      A      Global Bond Fund      31/12/2000  17/01/2001    $0.64
GHI  Investec      A      Global High Inc.Bond  31/12/2000  17/01/2001    $0.41
                          Fund                                                 
GDB  Investec      A      U.S.Dollar Bond Fund  31/12/2000  17/01/2001    $0.68
GEB  Investec      A      European Bond Fund    31/12/2000  17/01/2001  EUR0.51
GEN  Investec      A      Energy Fund           31/12/2000  17/01/2001   $0.019
GHK  Investec      A      Hong Kong Equity Fund 31/12/2000  17/01/2001    $0.38
GBG  Investec      A      Global Balanced Fund  31/12/2000  17/01/2001    $0.22
GMD  Investec      A      Dollar Managed Fund   31/12/2000  17/01/2001    $0.26
GGO  Investec      A      Global Gold Fund      31/12/2000  17/01/2001   $0.045
GPR  Investec      A      Privatisation Fund    31/12/2000  17/01/2001    $0.03
GDH  Investec      A      US Dollar High Income 31/12/2000  17/01/2001    $0.72
                          Bond Fund
GMC  Investec      C      Managed Currency Fund 31/12/2000  17/01/2001    $0.36
GBO  Investec      C      Global Bond Fund      31/12/2000  17/01/2001    $0.28
GHI  Investec      C      Global High Inc.Bond  31/12/2000  17/01/2001    $0.37
                          Fund
GDB  Investec      C      U.S.Dollar Bond Fund  31/12/2000  17/01/2001    $0.47
GBG  Investec      C      Global Balanced Fund  31/12/2000  17/01/2001    $0.08
                                       


Revenue Account

for the year ended 31 December 2000


    Year
   ended
      31                                                 U.S.
December                                       2000    Dollar   Sterling    Euro
    1999                                      Total     Money      Money   Money
 US$000s                           Notes    US$000s   US$000s      £000s    000s

        Revenue

12,171  Dividends
         receivable             1(f), 2(a)    11,505         -          -      -

31,780  Income from fixed              
         interest securities    1(f), 2(b)    33,757       576         71     20

11,252  Interest receivable     1(f), 2(c)    11,213     2,870      2,207    691
 

55,203  Total revenue                         56,475     3,446      2,278    711



        Expenses

12,526  Management fee                        14,718       268        191     85
              
 1,571  Custodian fee                          1,647         -          -      -

   117  Directors' fee                           117         4          4      2

    60  Auditors' remuneration                    90         3          3      1

 1,884  Promotional contribution               1,918         -          -      -

   296  Safe custody charges                     473         -          -      -

   668  Registration expenses                    769        27         19      8
 
 1,066  Administration, legal 
         and other expenses                    1,285        47         30     20

     1  Guernsey exempt
         company fee                               1         -          -      -

   122  Interest payable                         318         3          -      -


18,311                                        21,336       352        247    116


        Net revenue/(deficit) before

36,894  Equalisation                          35,139     3,094      2,031    595


(2,255) Taxation                              (2,034)        -          -      -

        Net equalisation received/
        (paid) on applications
   270  and redemptions                  3      (881)      491       (556)    14



34,909  Net revenue for the financial
         year                                 32,224     3,585      1,475    609

   290  Retained revenue brought
         forward                                 311         6         35      -

 1,780  Transfer from/(to)
         capital reserves                6     3,956         -          -      -


36,979  Total distributable revenue           36,491     3,591      1,510    609

36,666  Dividends                       18    36,272     3,561      1,503    605


  $311  Retained revenue carried
         forward                                $219       $30         £7     E4





    Year
   ended
      31                                                  U.S.
December                                     Managed    Dollar   Sterling   
    1999                                    Currency   Managed      Money       
 US$000s                         Notes       US$000s   US$000s      £000s    

        Revenue

12,171  Dividends
         receivable             1(f), 2(a)         -         -          -      

31,780  Income from fixed              
         interest securities    1(f), 2(b)     1,959       445      1,432     

11,252  Interest receivable     1(f), 2(c)     1,193       221        313    
 

55,203  Total revenue                          3,152       666      1,745    



        Expenses

12,526  Management fee                           395        81        188     
              
 1,571  Custodian fee                             62        13         31      

   117  Directors' fee                             4         1          4      

    60  Auditors' remuneration                     3         1          3      

 1,884  Promotional contribution                  68        13         34      

   296  Safe custody charges                       5         1          2      

   668  Registration expenses                     25         5         13      
 
 1,066  Administration, legal 
         and other expenses                       44         9         22     

     1  Guernsey exempt
         company fee                               -         -          -      

   122  Interest payable                           -         1          6      


18,311                                           606       125        303    


        Net revenue/(deficit) before

36,894  Equalisation                           2,546       541      1,442    

(2,255) Taxation                                   -        -          -      

        Net equalisation received/
         (paid) on applications
   270   and redemptions                 3      (185)     (203)      (125)    


34,909  Net revenue for the financial
         year                                  2,361       338      1,317    

   290  Retained revenue brought
         forward                                  13        16         41      

 1,780  Transfer from/(to)
         capital reserves                6         -         -          -      


36,979  Total distributable revenue            2,374       354      1,358    

36,666  Dividends                       18     2,371       351      1,354    


  $311  Retained revenue carried
         forward                                  $3        $3         £4     


                            Global                    U.S.Dollar
  Global                      High          U.S.            High
Emerging       Global       Income        Dollar          Income     Sterling
Currency         Bond         Bond          Bond            Bond         Bond
 US$000s      US$000s      US$000s       US$000s         US$000s       £000's


       -            -            -             -               -            -
     227        4,390        6,064         2,926             209        6,835
      57          144           57           296               5          212
     284        4,534        6,121         3,222             214        7,047


      33          808          576           377              18          751
       4          100           69            63               3          125
       -            6            4             4               -           11
       -            5            3             3               -            8
       4          109           75            68               4          136
       -           17           20            10               1            9
       2           40           28            26               2           50
       2           65           46            41               3           74
       -            -            -             -               -            -
       -           19          124             -               -            8
      45        1,169          945           592              31        1,172   
           

     239        3,365        5,176         2,630             183        5,875
       -           (9)           -             -               -            -
     (21)        (294)        (206)          270              20           35
     218        3,062        4,970         2,900             203        5,910
       -           19           14             6               -           23
       (4)          -            -             -               -            -
      214       3,081        4,984         2,906             203        5,933
      214       3,067        4,967         2,905             203        5,884
       $-         $14          $17            $1              $-          £49


Sterling                    European          Asian
High                            High          Pacific     
Income         European       Income          Currency     Global
Bond               Bond         Bond          and Bond     Balanced
£000s             E000s        E000s          US$000s      US$000s

    -                 -           -                  -        168
 63               2,329        1,211               478        567
 19                 123          192                24        283
 82               2,452        1,403               502      1,018


  7                 425          148                79        294
  1                  53           19                 9         37
  -                   3            1                 -          2
  -                   2            1                 -          2
  2                  58           20                10         40
  -                   8            8                 1          7 
  1                  21            7                 4         15
  1                  37           13                 5         25
  -                   -            -                 -          -
  -                   4            7                14          -
 12                 611          224               122        422

 
 70               1,841        1,179               380        596
  -                  (49)         (1)                 -       (57)
 12                  178          29               (56)        12
 82                1,970       1,207               324        551
  -                   13          13                 8          7
  -                    -           -                 -          -
 82                1,983       1,220                332       558
 80                1,964       1,215                332       555
 £2                  E19          E5                 $-        $3

                                            American          Asia      Asian
                           Global American  Smaller    U.K.    New     Smaller
                           Equity   Equity  Companies  Equity  Economy Companies

                    Notes  US$000s   US$000s   US$000s  £000s    US$000s US$000s


Revenue
Dividend receivable  1(f),   1,318     253         25   1,204       449       90
                     2(a)
Income from fixed    1(f),
 interest securities 2(b)        5       6          -       -         -        -

Interest receivable   1(f),    138      85         12      69        72        3
                      2(c)
Total Revenue                1,461     344         37   1,273       521       93

Expenses
Management fee               1,152     265         41     554       446       76
Custodian fee                  142      32          5      70        55        6
Directors' fee                   8       2          -       6         3        -
Auditors' remuneration           6       1          -       5         2        -
Promotional contribution       153      35          6      75        59        6
Safe custody charges            30       5          1       5        51        3
Registration expenses           57      13          2      28        22        3
Administration, legal and
  other expenses                90      21          4      41        35        4
Guernsey exempt company
  fee                            -       -          -       -         -        -
Interest payable                 5       -          -       3         1        2
                             1,643     374         59     787       674      100


Net revenue (deficit) 
before
Equalisation                  (182)    (30)       (22)    486      (153)     (7)
Taxation                      (281)    (73)        (7)     (6)      (45)     (7)
Net equalisation 
received
/(paid) on 
applications and
redemptions          3           -       -          -       9         -       -

Net revenue for the 
financial
year                          (463)   (103)       (29)    489      (198)    (14)
Retained revenue brought
forward                          -       -          -       8        32       -
Transfer from/(to)
capital reserves     6          463    103         33       -       166      14

Total distributable 
revenue                           -      -          4     497         -       -
Dividends           18            -      -          4     487         -       -

Retained revenue carried 
forward                          $-     $-         $-     £10        $-      $- 



      Hong                  Japan                    European      Global
      Kong      Japan      Smaller    Continental      Smaller    Emerging
    Equity     Equity    Companies       European    Companies     Markets
   US$000s    US$000s      US$000s        US$000s      US$000s     US$000s

      458        255           61          2,297          217         155
        4          1            -              6            -           -
        9         25            4            322           65          13
      471        281           65          2,625          282         168 


      202        473           81          1,718          247         166 
       25         59           10            211           31          21
        1          3            1             12            2           1 
        1          3            -              9            1           1
       27         63           11            226           33          22 
        8         10            2             60            8          52
       10         23            4             84           12           8 
       16         37            6            135           19          13 
        -          -            -              -            -           -
        2          -            -              1            -          13 
      292        671          115          2,456          353         297


      179       (390)         (50)           169          (71)       (129)
        -        (51)         (12)          (605)         (55)        (23)
        3          -            -             56            -           -

      182       (441)         (62)          (380)        (126)       (152)
        1          -            -              -            -           -
        1        441           62            380          126         152

      184          -            -              -                        -
      184          -            -              -            -           -

       $-         $-           $-             $-           $-          $-



                                                     Global         Wired(R)
       Global       Global             Global        Smaller        Index
       Energy         Gold      Privatisation      Companies         Fund
      US$000s      US$000s            US$000s        US$000s      US$000s

         106           35              2,788            111          921
           -            -                  -              -            -
           3            6                115             29            3
         109           41              2,903            140          924

          57           20              1,629             61        2,008
           7            3                162              8          104
           -            -                  9              1           15
           -            -                  7              -           12
           8            2                174              9          251
           1            1                 94              1           45
           3            1                 64              3           91
           4            2                102              6          166
           -            -                  -              -            -
           5            2                 21              3           67
          85           31              2,262             92        2,759

          24           10                641             48       (1,835)
         (24)          (4)              (534)           (19)        (174)
           1           (2)               (32)            (8)           -
 
           1            4                 75             21       (2,009)
           -            1                  -              -          (11)
           -            -                  1             (2)       2,020
           
           1            5                 76             19            -
           1            5                 76             19            -

          $-           $-                 $-             $-           $-


                                                  

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