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Investec Glob Str Fd (88GY)

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Tuesday 26 March, 2002

Investec Glob Str Fd

Revenue Account

Investec Global Strategy Fund Ld
21 March 2002

Letter to Company Announcements Office - Dated 20th March 2002

We are pleased to advise that the Annual Report to 31st December 2001 of the 
Investec Global Strategy Fund Limited was today approved by a Directors 
sub-committee (as requested at a Board Meeting of the above-named company held 
in Guernsey on Friday 8th March 2002).

Below is a copy of the Revenue Account which contains comparative figures for 
the equivalent period in 2000.

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

From:  Mrs Kellie Blondel 
Head of Secretarial Services.
Investec Asset Management Guernsey Limited                          


Revenue Account
for the year ended 31 December 2001


Year ended                                                                U.S.                                     U.S.
31 December                                                     2001    Dollar    Sterling   Euro     Managed    Dollar
2000                                                           Total    Money      Money     Money    Currency   Managed
US$000s  
                                                    Notes    US$000s  US$000s      £000s     €000s     US$000s   US$000s
        Revenue
11,505  Dividends receivable                      1(f). 2(a)   7,464        -         -         -         -         -
33,757  Income from fixed interest securities     1(f). 2(b)  36,718      112       318        75       995        67
11,213  Interest receivable                       1(f). 2(c)  10,099    3,915     1,302     1,023       931       163

56,475  Total revenue                                         54,281    4,027     1,620     1,098     1,926       230

        Expenses
14,718  Management fee                                        13,853      469       155       129       297        32
 1,647  Custodian fee                                          1,016        -         -         -        33         4
   117  Directors' fee                                           120        8         3         2         3         -
    90  Auditors' remuneration                                    53        3         1         1         1         
 1,918  Promotional contribution                               1,907        -         -         -        58         6
   473  Safe custody charges                                     293        4         1         1         4         -
   769  Registration expenses                                  1,185       47        15        13        19         2
 1,285  Administration, legal and other expenses               1,015       66        21        20        27         3
     1  Guernsey exempt company fee                                1        -         -         -         -         -
   318  Interest payable                                          62        -         -         -         -         -

21,336                                                        19,505      597       196       166       442        47


35,139  Net revenue/(deficit) before Equalisation             34,776    3,430     1,424       932     1,484       183
(2,034) Taxation                                              (2,431)       -         -         -         -         -
        Net equalisation received/(paid) on
  (881) applications and redemptions                             710      605       372        63       (63)      (28)

32,224  Net revenue for the financial year                    33,055    4,035     1,796       995     1,421       155
   311  Retained revenue brought forward                         219       30         7         4         3         3
 3,956  Transfer from/(to) capital reserves         9          2,581        -         -         -         -         -

36,491  Total distributable revenue                           35,855    4,065     1,803       999     1,424       158
36,272  Dividends                                  18         35,532    4,055     1,732       994     1,412       158

  $219  Retained revenue carried forward                        $323      $10      £71         €5       $12        $-


     
                          Global                U.S. Dollar                  Sterling                 European  Global
                           High         U.S.         High                      High                     High    balance
Sterling     Global       Income       Dollar       Income      Sterling      Income     European      Income   $000s
Managed       Bond         Bond         Bond         Bond         Bond         Bond        Bond         Bond
£000s        US$000s      US$000s      US$000s      US$000s       £000s        £000s       €000s        €000s

     -            -            -                         -            -                       -            -        273
   996        3,069        5,485         2,997        1,340       6,163      1,152        2,920        1,891        808
   329          107           58           122           33         211         26           68           38        158

 1,325        3,176        5,543         3,119        1,373       6,374      1,178        3,008        1,929      1,239



   158          630          482           431          110         709         88          558          190        363
    18           52           42            47           10          81          9           46           15         28
     2            5            4             5            1           8          1            5            2          3
     1            2            2             2            -           3          -            2            1          1
    31           94           72            86           22         142         17           83           29         51
     3            6           (5)            8            6          10          4            7           (6)         9
    10           57           41            53           15          84         11           51           19         32
    15           43           33            39            8          65          8           39           13         23
     -           -             -             -            -           -          -            -            -          -
     -            1           20             1            -           1          -            -            3          -

   238          890          691           672          172       1,103        138          791          266        510


 1,087        2,286        1,852         2,447        1,201       5,271      1,040        2,217        1,663        729

     -          (52)         (93)            -           (1)          -        (10)         (88)         (40)       (77)

   (24)         (87)        (172)         (119)         138        (157)        72          (18)         109         18

 1,063        2,147        4,587         2,328        1,335       5,114      1,102        2,111        1,732        670

     4           14           17             1            -          49          2           19            5          3

     -            -           -              -            -            -          -            -            -          -

 1,067        2,161        4,604         2,329        1,335       5,163      1,104        2,130        1,737        673
 
 1,057        2,160        4,584         2,318        1,333       5,109      1,103        2,125        1,732        666

   £10           $1          $20           $11           $2         £54         £1           €5           €5         $7



                                                                                                  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)    1,793           321            1,310            518          447
Income from fixed interest
 securities                         1(f), 2(b)        -             -                -              -            -
Interest receivable                 1(f), 2(c)      130            95               65             36            6

Total revenue                                     1,923           416            1,375            554          453


Expenses
Management fee                                    1,029           288              533            341          188
Custodian fee                                        80            23               43             27           15
Directors' fee                                        8             2                4              3            1
Auditors' remuneration                                3             1                2              1            1
Promotional contribution                            140            39               74             46           25
Sale custody charges                                 23             4                4             26            5
Registration expenses                                83            23               44             27           14
Administration, legal and other expenses             64            18               34             21           12
Guernsey exempt company fee                           -             -                -              -            -
Interest payable                                      -             -                3              -            -

                                                  1,430           398              741            492          261


Net revenue/(deficit) before Equalisation           493            18              634             62          192
Taxation                                           (383)          (97)              (3)           (68)          (6)
Net equalisation received/(paid) on
 applications and redemptions                        (1)                           (19)            (4)           6
Net revenue for the financial year                  109           (79)             612            (10)         192
Retained revenue brought forward                      -             -               10              -            -
Transfer from/(to) capital reserves        9          -            79                -             10            -
Total distributable revenue                         109                            622              -          192
Dividends                                 18        106             -              620              -          190
Retained revenue carried forward                     $3            $-               £2             $-           $2



                             European          Global                                                       Wired (R)
Japan      Continental        Smaller        Emerging        Global        Global             Global        Index
Equity      European        Companies         Markets        Energy          Gold       Privatisation        Fund
US$000s      US$000s          US$000s         US$000s        US$000s       US$000s           US$000s       US$000s


  252          2,254             254             161            206            29            2,705           1,284
                   -               -               -                            -                -               -
    9            375              16              17             13            15               48              17

  261          2,629             270             178            219            44            2,753           1,301



  391          1,789             147              84            127            25            1,479           1,997
   31            134              14               7              8             2               97              89
    3             13               1               1              1             -                9              17
    1              6               1               -              -             -                4               8
   53            239              22              11             17             4              166             272
    7             59               6              11              2             1               46              37
   31            145              12               7             12             3               96             152
   25            112              10               5              7             2               76             146
    -              -               -               -              -             -                -               -
    -              5               -                              2             -                4              19

  542          2,502             213             126            176            37            1,977           2,737


(281)            127              57              52             43             7              776          (1,436)
 (50)           (588)            (55)            (18)           (48)           (3)            (480)           (274)
   -              10              (2)             (1)             7             5              (94)              -

(331)           (451)                             33              2             9              202          (1,710)
   -               -               -               -              -             -                -               -
 331             451               -               -              -             -                -           1,710)

   -               -               -              33              2             9              202               -
                   -               -              31              2             9              185               -

  $-              $-              $-              $2             $-            $-              $17              $1
                         

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