Investec Intl. Accumulation Fund Ld
21 December 2004
Sterling Pan
Managed Global High-Yield Global Global European
Currency Bond Bond Balanced Equity Equity
US$ US$ £ US$ US$ £
(502,878) (503,523) 168,043 (983,018) (39,043) 203,672
5,003 - - 245,169 (38,544) 13,519
--------- --------- -------- ----------- --------- --------
694,504 452,544 325,938 680,211 188,916 106,992
(259,849) (173,489) (49,780) (494,526) (164,736) (48,102)
29,886 (8,319) (5,014) (26,268) (25) (4,626)
--------- --------- --------- ----------- ---------- --------
464,541 270,736 271,144 159,417 24,155 54,264
- - - (35,559) (31,807) (21,767)
-------- -------- -------- ----------- ----------- ---------
464,541 270,736 271,144 123,858 (7,652) 32,497
-------- -------- -------- ----------- --------- ---------
$(33,334) $(232,787) £439,187 $(613,991) $(85,239) £1,249,688
UNAUDITED STATEMENT OF TOTAL RETURN
FOR THE PERIOD ENDED 30 SEPTEMBER 2004
Period ended 30 September 2003 US
Total US$ 2004 Dollar Sterling Euro
Total Money Money Money
Notes US$000 US$ £ €
8,026,799 Net gains (losses) on
investments during the
period/year 9 (1,176,760) (2,389) 51,331 70,462
Other gains(losses)
7,396,350 Net gains (losses) on
foreign exchange during
the period/year (913,956) - - -
__________ __________ _______ _______ _______
6,816,548 Gross income 10 7,274,675 607,264 1,640,225 719,817
(1,988,891) Expenses 11 (2,414,850) (339,342) (260,973) (267,580)
- Equalisation (106,346) (17,008) (21,710) (22,367)
__________ __________ _______ _______ _______
4,827,657 Net income (expenses)
before taxation 4,753,479 250,914 1,357,542 429,870
(82,797) Taxation (106,804) - - -
__________ __________ _______ _______ _______
4,744,860 Net income after taxation
for the period 4,646,675 250,914 1,357,542 429,870
$20,168,009 Net increase (decrease) in
shareholders' funds from
investment activities $2,555,959 $248,525 £1,408,873 €500,333
__________ __________ _______ _______ _______
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