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Investec Intl. Acc (77GY)

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Friday 15 December, 2000

Investec Intl. Acc

Interim Results

Investec Intl. Accumulation Fund Ld
14 December 2000





INVESTEC INTERNATIONAL ACCUMULATION FUND LIMITED - INTERIM REPORT AND ACCOUNTS

For the period ended 30 September 2000

   Period 
    ended
       30 
September                                  U.S.                           Swiss
     1999                        2000    Dollar    Sterling        Euro   Franc 

    Total                       Total     Money      Money        Money   Money
      US$             Notes       US$       US$          £          EUR    SwFr
          Revenue 
       
  600,350 Dividends   1(f),   480,058         -          -           -        - 
          receivable  2(b)   
                        

2,254,780     Income  1(f), 2,563,662   230,749          -           -        - 
                from  2(b) 
               fixed 
            interest   
          securities    
                                                                 
4,155,991   Interest  1(f), 3,725,101   919,900  1,186,151     211,152   74,103
          receivable  2(c) 
          
7,011,121      Total 
             revenue        6,768,821 1,150,649  1,186,151     211,152   74,103


                    
            Expenses

1,076,866 Management        1,017,939    88,277     99,037      24,879   13,376
                 fee

  110,276  Custodian          102,689         -         71           -        -
                 fee

   29,000 Directors'           29,000     3,859      4,416       1,040      532
                 fee

   15,982  Auditors'
          remuneration         15,568     2,072      2,371         559      285

  132,152  Promotional        122,867         -          -           -        -
          contribution

   17,293  Safe custody        10,431         -          -           -        -
                charges

   73,531  Registration        67,397     8,828      9,904       2,488    1,338
               expenses

  166,776 Administration,     173,442    23,080     26,412       8,451    3,187
           legal and other
           expenses

      500 Guernsey exempt         500        67         76          18        9
           company fee 

   35,909  Interest payable     6,817         -          -           -        -

1,658,285                   1,546,650   126,183    142,287      37,435   18,727

5,352,836  Net revenue      5,222,171 1,024,466  1,043,864     173,717   55,376
          (deficit)before
           tax 

  124,387  Withholding        129,355         -          -           -        - 
           taxation

5,228,449  Net revenue for  5,092,816 1,024,466  1,043,864     173,717   55,376
           the financial
           period

           Appropriation
        -  Redemption of  (14,371,666)        -          -           -        -
           shares

5,228,449  Retained        (9,278,850)1,024,466  1,043,864     173,717   55,376
           revenue for 
           the financial
           period

126,932,652 Retained      137,420,795 7,332,234 19,990,873   1,412,664  889,038
            revenue 
            brought 
            forward
                                                                         SwFr
$132,161,101 Retained   $128,141,945 $8,356,700 $21,034,737  1,586,381  944,414
            revenue 
            carried 
            forward




                                       International     European   U.S. Dollar 
                     Managed     Global   High Yield   High Yield    High Yield 
                     Currency     Bond          Bond         Bond          Bond
                          US$     US$            US$          EUR           US$
Revenue                              
Dividends receivable       -          -            -            -             - 
Income from fixed    890,070     552,209      88,195       77,500        84,974 
interest securities             
Interest receivable  494,566      60,179           -        1,854           965
    
Total Revenue      1,384,636     612,388      88,195       79,354        85,939

Expenses
Management fee       161,438     111,235       7,888        8,979         7,420
Custodian fee         26,874      13,955         985        1,114         1,237
Directors' fee         4,828       2,273         157          158           197
Auditors' renumeration 2,592       1,220          84           85           106
Promotional 
  contribution        32,288      16,685       1,183        1,347         1,484
Safe custody charges   1,645       1,497          93           82           125
Registration expenses 10,763       5,562         394          449           495
Administration,legal                         
and other expenses    28,877      13,592         939        1,101         1,178
Guernsey exempt 
 company fee              83          39           3            3             3
Interest payable          50          59       4,450            -             -
                     269,438     166,117      16,176       13,318        12,245
Net revenue/(deficit)
before tax         1,115,198     446,271      72,019       66,036        73,694
Withholding taxation       -           -           -            -             -
Net revenue for the
financial period   1,115,198     446,271      72,019       66,036        73,694

Appropriation
Redemption of shares       -           -  (8,477,133)  (3,123,113)   (3,138,698)

Retained revenue for
the financial 
 period            1,115,198     446,271  (8,405,114)  (3,057,077)   (3,065,004)
Retained revenue 
brought forward   48,487,251  18,856,589   8,405,114    3,057,077     3,065,004
Retained revenue
carried forward  $49,602,449 $19,302,860         $ -        EUR -            $ -




                       Sterling       
                       High Yield     Global      Global      Pan
                       Bond           Balanced    Growth     European
                        £              US$          US$         £  

Revenue
Dividends receivable          -         89,089     227,581   110,509
Income from fixed
 interest securities    252,783        275,339           -         -
Interest receivable       6,047        142,857     100,519     8,536

Total revenue           258,830        507,285     328,100   119,045

Expenses
Management fee           27,218        139,896     192,348    57,595
Custodian fee             4,182         17,524      24,134     7,243
Directors' fee              667          2,925       3,892     1,155
Auditors' remuneration      358          1,570       2,089       620
Promotional contribution  5,024         20,985      28,852     8,639
Safe custody charges         92          1,862       3,762       838
Registration expenses     1,675          6,995       9,618     2,880
Administration, legal
and other expenses        3,988         17,495      23,278     6,911
Guernsey exempt company 
 fee                         11             50          67        20
Interest payable          1,486              1          17        29
                         44,701        209,303     288,057    85,930
Net revenue/(deficit)
 before tax             214,129        297,982      40,043    33,115
Withholding tax               -         37,745      52,625    26,368

Net revenue for the
 financial period       214,129        260,237     (12,582)    6,747

Appropriation
Redemption of shares          -             -           -         -

Retained revenue for
 the financial period   214,129        260,237     (12,582)    6,747
Retained revenue brought
 forward              4,925,728      5,103,504     165,490   498,704
Retained revenue carried
 forward             £5,139,857     $5,363,741    $152,908  £505,451


                                    

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