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Investec Intl. Acc (77GY)

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Tuesday 29 July, 2003

Investec Intl. Acc

Revenue Account/Result of EGM

Investec Intl. Accumulation Fund Ld
29 July 2003

STATEMENT OF TOTAL RETURN
for the period ended 31 March 2003


Year ended                                                                              U.S.
31 March                                                                   2003       Dollar       Sterling        Euro 
2002                                                                      Total        Money          Money       Money
Total US$                                           Notes                   US$          US$              £           €

(4,161,658)     Net gain/(losses) on
                investments during the year             9            (5,493,142)     (49,234)       (35,605)      5,751
                Other gains/(losses):
                Net gains/(losses) on
658,357           foreign exchange during the year                   33,968,166            -              -           -

13,481,847      Gross income                           10            14,763,066    2,124,767      2,842,155   2,950,677

(3,351,570)     Expenses                               11            (4,043,385)    (781,092)      (459,207)   (597,370)

10,130,277      Net income/(expenses) before taxation                10,719,680    1,343,675      2,382,948   2,353,307

(243,357)       Taxation                                               (198,162)           -              -         (96)

9,886,920       Net income/(expenses) after taxation                 10,521,518    1,343,675      2,382,948   2,353,211

                Net income/(decrease) in shareholders'
$6,383,619        funds from investment activities                  $38,996,543   $1,294,441     £2,347,343   €2,358,962



STATEMENT OF TOTAL RETURN
for the year ended 31 March 2003

                                                                                         
Year ended                                 Swiss                           Sterling 
31 March                                   Franc   Managed      Global   High Yield     Global       Global         Pan
2002                                       Money  Currency        Bond         Bond   Balanced       Growth    European
Total US$                                   SwFr       US$         US$            £        US$          US$           £
                                                                                          
Net gain/(losses) on
investments during the year            (106,717)   972,510   3,500,725    (379,776)    190,762   (2,924,871) (4,082,847)

Other gains/(losses):                         -          -           -           -           -            -           -

Net gains/(losses) on
  foreign exchange during the year            -  3,725,201   1,011,192    (249,868)    170,357       11,185      15,062

Gross income                            216,652  1,029,648   1,216,187     640,268     921,233      272,398     198,699

Expenses                                (66,711)  (369,825)   (367,351)   (104,222)   (472,803)    (233,661)   (143,499)

Net income/(expenses) before taxation   149,941    659,823     848,836     536,046     448,430       38,737      55,200

Taxation                                      -          -     (28,023)        (92)    (55,302)     (60,480)    (34,230)

Net income/(expenses) after taxation    149,941    659,823     820,813     535,954     393,128      (21,743)     20,970

Net income/(decrease) in shareholders'
  funds from investment activities   SwFr43,224 $5,357,534  $5,332,730    £(93,690)   $754,247  $(2,935,429 £(4,046,815)


       
Investec Asset Management Guernsey Limited as secretary to the Investec Global
Strategy Fund Limited and Investec International Accumulation Fund Limited
announces that the following resolutions were successfully passed at a series of
Extraordinary General Meetings on Friday 30th May 2003. It was resolved and
agreed that:

• The change of name and investment objective of the Investec Global Strategy
  Fund Limited - Asia New Economy Fund to Asian Equity Fund took effect on 16th
  June 2003.

• The proposed change of investment objective and policy, and consequential
  change of name, of Investec Global Strategy Fund Limited - Global 
  Privatisation Fund to Global Strategic Value Fund took effect on 16th June 
  2003.

• The proposed change of investment objective and policy, and consequential
  change of name, of Investec Global Strategy Fund Limited - Wired Index(R) Fund 
  to Global Growth Fund took effect on 16th June 2003.

• The change of name of the Investec Global Strategy Fund Limited - Continental
  European Fund to Continental European Equity Fund took effect on 16th June 
  2003.

• The proposed merger of the Investec Global Strategy Fund Limited - Global
  Emerging Markets Fund into Investec Global Strategy Fund Limited - Asian 
  Equity Fund took effect on 19th June 2003.

• The proposed merger of the Investec Global Strategy Fund Limited - European
  Smaller Companies Fund into Investec Global Strategy Fund Limited - 
  Continental European Equity Fund took effect on 19th June 2003.

• The proposed merger of the Investec Global Strategy Fund Limited - U.S. Dollar
  Managed Fund into Investec Global Strategy Fund Limited - Managed Currency 
  Fund took effect on 26th June 2003.

• The proposed merger of the Investec Global Strategy Fund Limited - Hong Kong
  Equity Fund into Investec Global Strategy Fund Limited - Asian Equity Fund 
  took effect on 26th June 2003.

• The proposed merger of the Investec International Accumulation Fund Limited -
  Swiss Franc Money Fund into Investec International Accumulation Fund Limited -
  Euro Money Fund took effect on 26th June 2003.

• The proposed change of investment objective and policy of Investec
  International Accumulation Fund Limited - Sterling High Yield Bond Fund took
  effect on 1st July 2003.

• The change of name of the Investec International Accumulation Fund Limited -
  Global Growth Fund to Global Equity Fund took effect on 1st July 2003.

• The change of name of the Investec International Accumulation Fund Limited -
  Pan European Fund to Pan European Equity Fund took effect on 1st July 2003.


The Secretary
                    


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