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Investec Intl. Acc (77GY)

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Wednesday 28 July, 2004

Investec Intl. Acc

Final Results

Investec Intl. Accumulation Fund Ld
28 July 2004

Letter to RNS

Re:  Investec International Accumulation Fund Limited
     - Annual Report & Accts

We are pleased to advise that the Annual Report to 31st March 2004 of the
Investec International Accumulation Fund Limited has been approved by a
Directors sub-committee (as requested at a Board Meeting of the above-named
company held in Guernsey on 2nd June 2004).

Below is a copy of the Statement of Total Return which contains comparative
figures for the equivalent period in 2003.

From:  Kellie Blondel
       Corporate Secretarial Services
       Investec Asset Management Guernsey Limited



STATEMENT OF TOTAL RETURN

for the year ended 31 March 2004

                                                                               U.S.
Year ended                                                         2004      Dollar      Sterling           Euro
31 March 2003                                                     Total       Money         Money          Money
Total US$                                           Notes           US$         US$             £              €

(5,493,142)   Net gain/(losses)on
              investments during the year              9     16,729,441     (160,382)     (82,306)       (36,695)

              Net gain/(losses) on
33,968,166    foreign exchange during the year               42,338,402            2            -            477


14,763,066    Gross income                            10     14,068,941    1,624,944    2,856,636      2,050,614

(4,043,385)   Expenses                                11     (4,473,334)    (821,368)    (498,361)      (572,623)


10,719,681    Net income/(expenses) before taxation           9,595,607      803,576    2,358,275      1,477,991 

  (198,162)   Taxation                                         (139,825)           -            -              -


10,521,519    Net income/(expenses) after taxation            9,455,782      803,576    2,358,275      1,477,991 


              Net increase/(decrease) in shareholders'
$38,996,543   funds from investment activities              $68,523,625     $643,196   £2,275,969     €1,441,773



                                                           Swiss                                  Sterling
                                                           Franc      Managed         Global    High Yield
(Cont...)                                                  Money     Currency           Bond          Bond
                                                            SwFr          US$            US$             £

(5,493,142)   Net gain/(losses) on                      (29,845)      529,841      1,713,690       398,390
              investments during the year     

              Net gain/(losses) on
33,968,166    foreign exchange during the year              108     2,293,927        970,147       247,947


14,763,066    Gross Income                               41,392       984,578      1,093,162       578,190

(4,043,385)   Expenses                                  (12,395)     (404,770)      (386,142)      (90,085)


10,719,681    Net income/(expenses) before taxation      28,997       579,808        707,020       488,105

  (198,162)   Taxation                                        -             -              -             -


10,521,519    Net income/(expenses) after taxation       28,997       579,808        707,020       488,105


              Net increase/(decrease) in shareholders'
$38,996,543   funds from investment activities         SwFr(740)   $3,403,576     $3,390,857     £1,134,442






                                                            Global       Global    Pan European
                                                          Balanced       Equity          Equity
(Cont...)                                                      US$          US$               £
                                                     
(5,493,142)   Net gain/(losses) on                     
              investments during the year                6,581,204    5,631,894       1,045,243

              Net gain/(losses) on
33,968,166    foreign exchange during the year             839,382       (5,570)         47,787


14,763,066    Gross income                                 942,053      250,011         168,133

(4,043,385)   Expenses                                    (637,460)    (236,694)       (104,458)

10,719,681    Net income/(expenses) before taxation        304,593       13,317          63,675

  (198,162)   Taxation                                     (44,697)     (41,569)        (29,143)


10,521,519    Net Income/(expenses) after taxation         259,896      (28,252)        (34,532)


              Net increase/(decrease) in shareholders'
$38,996,543   funds from investment activities          $7,680,482   $5,598,072      £1,127,562



                      This information is provided by RNS
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