GSF

Investec Global Strategy Fund Simplified Prospectus | December 2011

Investec Global Strategy Fund

This simplified prospectus (the “Simplified Prospectus”) contains only key information about the Investec Global Strategy Fund (the “Fund”). The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities (“UCITS”) under Article 1 paragraph 2, points a) and b) of the Directive 2009/65/EC of 13 July 2009 of the European Parliament and the Council (the “Directive 2009/65/EC”), and may therefore be offered for sale in European Union (“EU”) Member States (subject to registration in EU Member States other than Luxembourg). In addition, applications to register the Fund may be made in other countries. For more information, including the Articles of Incorporation of the Fund, the latest full Prospectus with the latest annual and semi-annual reports that describe in detail the Fund’s objectives, fees and expenses, risks and other matters of interest, please contact your financial advisor or request the latest full Prospectus with the latest annual and semi-annual reports at the following address: 49, Avenue J.F. Kennedy, L-1855 Luxembourg. Such documents are available, at any time, free of charge, for existing and future investors at the registered office of the Fund or via the Promoter’s website (www.investecassetmanagement.com). “Investec Asset Management Limited started more than 20 years ago in South Africa. Right from the beginning, as with the new South Africa from which our firm emerged, we believed we could do things differently. This attitude was central to our new firm, and, like the founding leadership team, it remains intact today. Although we now manage approximately US$83bn (as at 30 September 2011) on behalf of clients from around the world we continue to pride ourselves on being honestly ambitious and plain speaking. A pioneer spirit holds us together and is maintained by organising the firm in small specialist teams, each accountable for their own area of performance. Our culture is not negotiable. It is our source of strength in tough times and it gives us the necessary humility in good times. “Our product range is intentionally innovative. Roots in Africa have given us expertise in frontier markets and investment in commodities, while our established presence in London provides us with a perfect vantage point for global investing. To us clients and Shareholders are partners in this adventure. We know that only consistently outstanding long-term investment performance and ‘out of the ordinary’ service will satisfy investors. We also know that we cannot guarantee results in the short term. What we can promise is that we will give our very best every step of the way”. Hendrik du Toit, CEO, Investec Asset Management.

The Investec Premier Funds PCC Limited Global Opportunity Equity Fund transferred and merged all its assets and liabilities with the Fund’s Global Opportunity Equity Fund on 3 December 2010. Investec Global Energy Long Short Fund Limited transferred and merged all of its assets and liabilities with the Fund’s Global Energy Long Short Fund on 24 June 2011. The Fund’s Global Growth Fund transferred and merged all of its assets and liabilities with the Fund’s Global Dynamic Fund on 1 July 2011. The Fund’s Currency Alpha Fund transferred and merged all of its assets and liabilities with the Fund’s Sterling Money Fund on 9 December 2011. Important information Name and registered office: Custodian: Investec Global Strategy Fund State Street Bank Luxembourg S.A. 49 Avenue J.F. Kennedy 49 Avenue J.F. Kennedy, L-1855 Luxembourg L-1855 Luxembourg Auditor: Legal structure: KPMG Audit S.à.r.l. Umbrella SICAV offering several sub-funds (each the “Sub-Fund” or 9, Allée Scheffer, L-2520 Luxembourg together the “Sub-Funds” with different Classes of Shares organized Legal Advisor: under Part I of the law of 17 December 2010 relating to Arendt & Medernach, undertakings for collective investment (the “Law of 2010”) for an 14, rue Erasme, L-2082 Luxembourg unlimited duration. As a self-managed SICAV, the Fund complies with the requirements of Article 27 of the Law of 2010. Administrator and Domiciliary Agent: State Street Bank Luxembourg S.A. Promoter: 49, Avenue J.F. Kennedy, L-1855 Luxembourg Investec Asset Management Limited 2 Gresham Street, London EC2V 7QP, United Kingdom Registrar and Transfer Agent: RBC Dexia Investor Services Bank S.A. Investment Manager: 14, Porte de France, L-4360 Luxembourg Investec Asset Management Limited 2 Gresham Street, London EC2V 7QP, United Kingdom Independent Party: FirstRand Bank Limited Sub-Investment Managers: Bankcity, 3 First Place, 1st Floor, Cnr Simmonds and Jeppe Streets, Investec Asset Management (Pty) Limited P O Box 7713, Johannesburg 2000, South Africa 36 Hans Strijdom Avenue, Foreshore, Cape Town 8001 South Africa Supervisory Authority: Commission de Surveillance du Secteur Financier (www.cssf.lu) Thornburg Investment Management Inc 2300 North Ridgetop Road, Santa Fe, New Mexico, 87506 Website: USA www.investecassetmanagement.com Compass Group LLC 135 East 57th Street, 30th Floor, New York, New York 10022 U.S.A. Global Distributor and Service Provider: Investec Asset Management Guernsey Limited Glategny Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 3QH, Channel Islands Investec Global Strategy Fund Simplified Prospectus 1 Investec Global Strategy Fund continued

The Board of Directors may decide to create different Classes of Shares within each Sub-Fund whose assets will be invested in accordance with the specific investment policy of the relevant Sub-Fund but which may have any of the combination of features as set out in Section 5.2 of the full Prospectus. The Board of Directors may, in its absolute discretion, decide to close a Class of Shares (by merger with another Share Class) where (i) the assets attributable to that Share Class are less than US$50,000,000 (or its equivalent in other currencies); or (ii) if a change in the economic or political situation relating to the Sub-Fund concerned would justify such closure. A detailed list of the Share Classes available as at the date of this Simplified Prospectus is set out in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of currently available Share Classes may be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. The Fund has legal personality under Luxembourg Law. Each Sub-Fund shall be treated as a separate entity for purposes of segregating income, expenses, assets, and liabilities without having a legal personality under Luxembourg law. Each Sub-Fund is only liable for its own debts and obligations. The liability of any Shareholder is limited to the Shares it holds in a Sub-Fund. General Investment Objective and Policy of the Fund The objective of the Fund is to invest its assets in Transferable Securities, Money Market Instruments (including near cash), cash, exchange traded and over the counter derivative instruments (“OTC derivatives”), deposits and units in collective investment schemes (and may also include use of stock lending, hedging and other investment techniques), with the aim of spreading investment risk and giving Shareholders the benefit of the results of the management of the assets. The Fund invests each Sub-Fund’s assets in accordance with the investment objectives and policies described below. Sub-Funds which have in their name a reference to an investment category (bonds or equity instruments etc.), a country, continent or region, a currency or a particular market or market sector will invest “primarily” (which means at least two-thirds of their assets) in the referenced category. Sub-Funds which have in their name a reference to more than one investment category, country, continent or region, a currency or a particular market or market sector will invest “primarily” (at least two-thirds of their assets) in the referenced categories, cumulatively . Where a currency is indicated in brackets after the word “Fund” this rule shall not apply and the currency indicates the Reference Currency and not necessarily how the assets of a Sub-Fund will be invested. An investment in a company shall be corresponding to a country, continent or region if such company is domiciled or exercising the predominant part of its economic activity in such country, continent or region. An investment shall be corresponding to a currency if the investment is permanently denominated in such currency. Sub-Funds which carry the words “Bond”, “Income” or “Debt” in their names will respect all the following limitations for investments in the financial assets set out below which may in aggregate not exceed one-third of the assets of a Sub-Fund. These restrictions will only apply to the extent that the relevant Sub-Fund is permitted by its investment objective and policy to invest in the relevant asset class: i. a maximum of 25 percent of the assets of a Sub-Fund may be invested in convertible bonds or bonds with warrants attached (subject always to the investment restrictions set out in Section 10 of the full Prospectus); ii. a maximum of one-third of the assets of a Sub-Fund may be invested in Money Market Instruments; iii. a maximum of 10 percent of the assets of a Sub-Fund may be invested in equities. Derivatives may be used for the purposes of hedging and/or efficient portfolio management of each of the Sub-Funds. If derivatives are used for investment purposes, this will be stated for the relevant Sub-Funds under their Investment Objectives and Policy. Where derivatives are used, investment risks are expected to arise as a result of such usage. Unless specified in the relevant Sub-Fund’s investment objective and policy described below, no Sub-Fund may invest more than 20% of its assets in mortgage-backed securities and asset-backed securities. Any investment by a Sub-Fund in structured products, and in particular ETCs, will be made in compliance with the Grand-Ducal Regulation of 8 February 2008 relating to certain definitions of the amended law of 20 December 2002 on undertakings for collective investment and implementing Commission Directive 2007/16/EC of 19 March 2007 implementing Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions.

2 Investec Global Strategy Fund Simplified Prospectus Investment Information The Fund offers the possibility to invest in several different Sub-Funds, which are the following: A. Money Sub-Funds 1. U.S. Dollar Money Fund Investment Objectives and Policy Reference Currency The Sub-Fund aims to give holders of the relevant Shares access US Dollar to income at wholesale Eurocurrency market interest rates in Fees and Dividend Frequency U.S. Dollars. This Sub-Fund is a short term money market fund and while the Sub-Fund aims to preserve capital, this is not Class Dividend Initial Management Administration Distribution guaranteed. Frequency Charge Fee Servicing Fee The Sub-Fund normally comprises deposits repayable within six for income % % per Fee % per months and other short-term financial instruments available on the classes annum % per annum annum Eurocurrency markets and on the relevant domestic markets (where interest is earned free of withholding tax) having a life to maturity of A Semi-Annually 0.00% 0.50% 0.05% 0.00% less than twelve months. The average life to maturity of the deposits C Semi-Annually 0.00% 1.90% 0.05% 0.00% is generally unlikely to exceed ninety days. The Sub Fund’s portfolio consists of short-term deposits placed in the Eurocurrency inter- D Semi-Annually 0.00% 0.65% 0.05% 0.00% bank markets (maximum maturity six months) and certificates of F Semi-Annually 0.00% 0.45% 0.05% 0.10% deposit and other negotiable money market instruments (including I Semi-Annually 5.26% 0.25% 0.00% 0.00% bank acceptances, commercial paper, liquid short-term debt S Semi-Annually 11.11% 0.00% 0.00% 0.00% securities including treasury bills, bonds, floating rate notes and other debt securities) (maximum maturity twelve months) and short- term fixed interest securities. For the purposes of efficient portfolio The Initial Charge is a percentage of the Net Asset Value per management, the Sub-Fund may hold or engage in repurchase Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net agreements and securities lending in respect of assets held by the Asset Value per Share shown in the table above are respectively Sub-Fund. However, when, in the opinion of the Investment equivalent to an Initial Charge of 5%, 3% or 10% of the gross Manager, interest rates either appear or are judged stable or likely to amount subscribed. rise, a shorter average life to maturity may be selected and the converse may apply when there is a prospect of a general fall in The Global Distributor and Service Provider may rebate part or interest rates. all of the Initial Charge to various sub-distributors, intermediaries, A conservative and rigorous approach to credit assessment is dealers and professional investors. adopted and specific limits are established for each bank and institution with which deposits in respect of the Sub-Fund are made. The Management Fee, Administration Servicing Fee and Distribution Fee are calculated as percentages of the average Although the investments comprising the Sub-Fund are usually denominated in U.S. Dollars, investments may be made which are net assets of each Class, accrued on each Valuation Day and denominated in another currency provided that a forward currency payable monthly in arrears. The Global Distributor and Service sale into the relevant currency of the principal amount of the Provider may remit or rebate, part or all of the fees (excluding investment, plus the expected interest to maturity, is undertaken. In the Performance Fee) to various sub-distributors, intermediaries, this way, advantage may be taken of opportunities to maximise the dealers and professional investors. return in a particular currency, whilst adhering to the principle that there should be no currency risk outside the currency of Other Fees and Expenses denomination within the Sub- Fund. The Sub-Fund is subject to other fees and expenses which include, The Sub-Fund may enter into OTC derivatives limited to foreign but are not limited to, custody, legal and audit fees, printing exchange forward contracts and for efficient portfolio management expenses, the Luxembourg asset-based taxe d’abonnement, fees purposes only. and expenses incurred by the Board of Directors and Conducting Persons; initial and ongoing listing fees; and costs of registration in The Sub-Fund may borrow up to 10% of its net assets, provided countries other than Luxembourg and other expenses permitted to that such borrowings are made only on a temporary basis and are be paid out of the assets of the Sub-Fund as set out in the full permitted only to meet the Sub-Fund’s obligations in relation to (i) Prospectus. the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of Shares in Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” the Sub-Fund. Collateral arrangements with respect to the writing of TER: as at 30 June 2011: A Accumulation Shares 0.12%; options or the purchase or sale of forward or futures contracts are A Income Shares: 0.12%; C Income Shares: 1.52%; not deemed to constitute “borrowings” for the purpose of this D Accumulation Shares: 0.27%; D Income Shares: 0.27%; restriction. F Accumulation Shares: 0.36%; I Accumulation Shares: 0.19% Profile of the Typical Investor The TER for a hedged share class is expected to be up to 0.10% The Sub-Fund is suitable for an investor who wishes to have the higher than the equivalent non-hedged share class. However, this investment exposure as set out in the Sub-Fund’s investment figure may vary without prior written notice to Shareholders. objective and policy and is comfortable taking on the risks as set out PTR: -257.12% for 12 months to 30 June 2011 in Appendix 1 entitled ‘Risk Factors’. It may be suitable for investors managing their longer term cash positions or their short term liquidity. Risk Warnings Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Income Yield Risk, Inflation Risk and Money Market Instruments Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of currently available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com.

Investec Global Strategy Fund Simplified Prospectus 3 Investment Information continued 2. Sterling Money Fund*

Investment Objectives and Policy Available Share Classes The Sub-Fund aims to give holders of the relevant Shares access A detailed list of the Share Classes available as at the date of this to income at wholesale Eurocurrency market interest rates in Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list Sterling. This Sub-Fund is a short term money market fund of Share Classes in Appendix 2 will be updated accordingly upon and while the Sub-Fund aims to preserve capital, this is not the next issuance of a Simplified Prospectus. A complete list of the guaranteed. available Share Classes may also be requested from your usual The Sub-Fund normally comprises deposits repayable within six Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com months and other short-term financial instruments available on the Eurocurrency markets and on the relevant domestic markets Reference Currency (where interest is earned free of withholding tax) having a life to Sterling maturity of less than twelve months. The average life to maturity Fees and Dividend Frequency of the deposits is generally unlikely to exceed ninety days. The Sub-Fund’s portfolio consists of short-term deposits placed in the Class Dividend Initial Management Administration Distribution Eurocurrency inter-bank markets (maximum maturity six months) Frequency Charge Fee Servicing Fee and certificates of deposit and other negotiable money market for income % % per Fee % per instruments (including bank acceptances, commercial paper, classes annum % per annum annum liquid short-term debt securities including treasury bills, bonds, floating rate notes and other debt securities) (maximum maturity A Semi-Annually 0.00% 0.50% 0.05% 0.00% twelve months) and short-term fixed interest securities. For the C Semi-Annually 0.00% 1.90% 0.05% 0.00% purposes of efficient portfolio management, the Sub-Fund may D Semi-Annually 0.00% 0.65% 0.05% 0.00% hold or engage in repurchase agreements and securities lending F Semi-Annually 0.00% 0.45% 0.05% 0.25% in respect of assets held by the Sub-Fund. However, when, in the I Semi-Annually 5.26% 0.25% 0.00% 0.00% opinion of the Investment Manager, interest rates either appear or S Semi-Annually 11.11% 0.00% 0.00% 0.00% are judged stable or likely to rise, a shorter average life to maturity may be selected and the converse may apply when there is a The Initial Charge is a percentage of the Net Asset Value per prospect of a general fall in interest rates. Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net A conservative and rigorous approach to credit assessment is Asset Value per Share shown in the table above are respectively adopted and specific limits are established for each bank and equivalent to an Initial Charge of 5%, 3% or 10% of the gross institution with which deposits in respect of the Sub-Fund are amount subscribed. made. The Global Distributor and Service Provider may rebate part or Although the investments comprising the Sub-Fund are usually all of the Initial Charge to various sub-distributors, intermediaries, denominated in Sterling, investments may be made which are dealers and professional investors. denominated in another currency provided that a forward currency The Management Fee, Administration Servicing Fee and sale into the relevant currency of the principal amount of the Distribution Fee are calculated as percentages of the average investment, plus the expected interest to maturity, is undertaken. net assets of each Class, accrued on each Valuation Day and In this way, advantage may be taken of opportunities to maximise payable monthly in arrears. The Global Distributor and Service the return in a particular currency, whilst adhering to the principle Provider may remit or rebate, part or all of the fees (excluding that there should be no currency risk outside the currency of the Performance Fee) to various sub-distributors, intermediaries, denomination within the Sub-Fund. dealers and professional investors. The Sub-Fund may enter into OTC derivatives limited to * The Fund’s Currency Alpha Fund transferred and merged all of foreign exchange forward contracts and for efficient portfolio its assets and liabilities with the Fund’s Sterling Money Fund on management purposes only. 9 December 2011. The Sub-Fund may borrow up to 10% of its net assets, provided Other Fees and Expenses that such borrowings are made only on a temporary basis and are The Sub-Fund is subject to other fees and expenses which include, permitted only to meet the Sub-Fund’s obligations in relation to but are not limited to, custody, legal and audit fees, printing (i) the administration of the Sub-Fund relating to purchase or sale expenses, the Luxembourg asset-based taxe d’abonnement, fees and expenses incurred by the Board of Directors and Conducting transactions; and/or (ii) the redemption or cancellation of Shares in Persons; initial and ongoing listing fees; and costs of registration in the Sub-Fund. Collateral arrangements with respect to the writing countries other than Luxembourg and other expenses permitted to of options or the purchase or sale of forward or futures contracts be paid out of the assets of the Sub-Fund as set out in the full are not deemed to constitute “borrowings” for the purpose of this Prospectus. restriction. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Profile of the Typical Investor TER: as at 30 June 2011: A Accumulation Shares: 0.52%; The Sub-Fund is suitable for an investor who wishes to have the A Income Shares: 0.52%; C Income Shares: 1.91%; investment exposure as set out in the Sub-Fund’s investment D Accumulation Shares: 0.67%; D Income Shares: 0.67%. objective and policy and is comfortable taking on the risks as set out The TER for a hedged share class is expected to be up to 0.10% in Appendix 1 entitled ‘Risk Factors’. It may be suitable for investors higher than the equivalent non-hedged share class. However, this managing their longer term cash positions or their short term figure may vary without prior written notice to Shareholders. liquidity. PTR: -62.29% for 12 months to 30 June 2011 Risk Warnings Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Income Yield Risk, Inflation Risk and Money Market Instruments Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund.

4 Investec Global Strategy Fund Simplified Prospectus 3. Euro Money Fund

Investment Objectives and Policy Reference Currency The Sub-Fund aims to give holders of the relevant Shares access Euro to income at wholesale Eurocurrency market interest rates in Euro. Fees and Dividend Frequency This Sub-Fund is a short term money market fund and while the Sub-Fund aims to preserve capital, this is not guaranteed. Class Dividend Initial Management Administration Distribution The Sub-Fund normally comprises deposits repayable within six Frequency Charge Fee Servicing Fee months and other short-term financial instruments available on the for income % % per Fee % per Eurocurrency markets and on the relevant domestic markets (where classes annum % per annum annum interest is earned free of withholding tax) having a life to maturity of less than twelve months. The average life to maturity of the A Semi-Annually 0.00% 0.50% 0.05% 0.00% deposits is generally unlikely to exceed ninety days. The Sub-Fund’s C Semi-Annually 0.00% 1.90% 0.05% 0.00% portfolio consists of short-term deposits placed in the Eurocurrency D Semi-Annually 0.00% 0.65% 0.05% 0.00% inter-bank markets (maximum maturity six months) and certificates of deposit and other negotiable money market instruments F Semi-Annually 0.00% 0.45% 0.05% 0.25% (including bank acceptances, commercial paper, liquid short-term I Semi-Annually 5.26% 0.25% 0.00% 0.00% debt securities including treasury bills, bonds, floating rate notes S Semi-Annually 11.11% 0.00% 0.00% 0.00% and other debt securities) (maximum maturity twelve months) and The Initial Charge is a percentage of the Net Asset Value per Share. short-term fixed interest securities. For the purposes of efficient An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value portfolio management, the Sub-Fund may hold or engage in per Share shown in the table above are respectively equivalent to an repurchase agreements and securities lending in respect of assets Initial Charge of 5%, 3% or 10% of the gross amount subscribed. held by the Sub-Fund. However, when, in the opinion of the Investment Manager, interest rates either appear or are judged The Global Distributor and Service Provider may rebate part or all of stable or likely to rise, a shorter average life to maturity may be the Initial Charge to various sub-distributors, intermediaries, dealers selected and the converse may apply when there is a prospect of a and professional investors. general fall in interest rates. The Management Fee, Administration Servicing Fee and Distribution A conservative and rigorous approach to credit assessment is Fee are calculated as percentages of the average net assets of each adopted and specific limits are established for each bank and Class, accrued on each Valuation Day and payable monthly in institution with which deposits in respect of the Sub-Fund are made. arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding the Performance Fee) to Although the investments comprising the Sub-Fund are usually various sub-distributors, intermediaries, dealers and professional denominated in Euro, investments may be made which are investors. denominated in another currency provided that a forward currency sale into the relevant currency of the principal amount of the Other Fees and Expenses investment, plus the expected interest to maturity, is undertaken. In The Sub-Fund is subject to other fees and expenses which include, this way, advantage may be taken of opportunities to maximise the but are not limited to, custody, legal and audit fees, printing return in a particular currency, whilst adhering to the principle that expenses, the Luxembourg asset-based taxe d’abonnement, fees there should be no currency risk outside the currency of and expenses incurred by the Board of Directors and Conducting denomination within the Sub-Fund. Persons; initial and ongoing listing fees; and costs of registration in The Sub-Fund may enter into OTC derivatives limited to foreign countries other than Luxembourg and other expenses permitted to exchange forward contracts and for efficient portfolio management be paid out of the assets of the Sub-Fund as set out in the full purposes only. Prospectus. The Sub-Fund may borrow up to 10% of its net assets, provided Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” that such borrowings are made only on a temporary basis and are TER: as at 30 June 2011: A Accumulation Shares: 0.39%; permitted only to meet the Sub-Fund’s obligations in relation to (i) A Income Shares: 0.39; C Income Shares: 1.77%; D Accumulation the administration of the Sub-Fund relating to purchase or sale Shares: 0.54%; D Income Shares: 0.54%. transactions; and/or (ii) the redemption or cancellation of Shares in The TER for a hedged share class is expected to be up to 0.10% the Sub-Fund. Collateral arrangements with respect to the writing of higher than the equivalent non-hedged share class. However, this figure options or the purchase or sale of forward or futures contracts are may vary without prior written notice to Shareholders. not deemed to constitute “borrowings” for the purpose of this restriction. PTR: -78.82% for 12 months to 30 June 2011 Profile of the Typical Investor The Sub-Fund is suitable for an investor who wishes to have the investment exposure as set out in the Sub-Fund’s investment objective and policy and is comfortable taking on the risks as set out in Appendix 1 entitled ‘Risk Factors’. It may be suitable for investors managing their longer term cash positions or their short term liquidity. Risk Warnings Investors should read, be aware of and consider Section 4.3 of the Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Currency Denomination Risk, Income Yield Risk, Inflation Risk, and Money Market Instruments Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com.

Investec Global Strategy Fund Simplified Prospectus 5 4. Emerging Markets Currency Fund

Investment Objectives and Policy The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund aims to maximise total returns over the long-term Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net primarily through investment in both liquid and illiquid emerging Asset Value per Share shown in the table above are respectively market currencies accessed via currency forwards, currency equivalent to an Initial Charge of 5%, 3% or 10% of the gross swaps, non-deliverable forwards, money market instruments, amount subscribed. bonds, cash deposits and exchange traded and over the counter The Global Distributor and Service Provider may rebate part or derivatives. all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund will primarily invest in a diversified portfolio of dealers and professional investors. Investment Grade and Non-Investment Grade debt securities either issued by companies which have their registered office in emerging The Management Fee, Administration Servicing Fee and markets or which are issued or guaranteed by governments, Distribution Fee are calculated as percentages of the average government agencies or supranational bodies of those countries. net assets of each Class, accrued on each Valuation Day and payable monthly in arrears. The Global Distributor and Service The Sub-Fund may not invest in UCIs and/or UCITS where such UCI and/or UCITS is itself a fund of funds or a feeder fund. Provider may remit or rebate, part or all of the fees (excluding the Performance Fee) to various sub-distributors, intermediaries, The Sub-Fund will be allowed to use derivatives for efficient portfolio dealers and professional investors. management, hedging and/or investment purposes. Other Fees and Expenses The exposure to mortgage-backed securities and asset-backed securities combined will not represent more than 20% of the assets The Sub-Fund is subject to other fees and expenses which include, of the Sub-Fund. but are not limited to, custody, legal and audit fees, printing expenses, the Luxembourg asset-based taxe d’abonnement, fees Profile of the Typical Investor and expenses incurred by the Board of Directors and Conducting The Sub-Fund is suitable for an investor who wishes to have Persons; initial and ongoing listing fees; and costs of registration in the investment exposure as set out above in the Sub-Fund’s countries other than Luxembourg and other expenses permitted to investment objective and policy and is comfortable taking on the be paid out of the assets of the Sub-Fund as set out in the full risks as set out in Appendix 1 entitled ‘Risk Factors’. Although an Prospectus. investor can redeem Shares at any time (subject to the conditions Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” described in Section 5.5 and 6.7 of the full Prospectus), this Sub- TER: as at 30 June 2011: A Accumulation Shares: 1.75%; Fund is only suitable where the intended investment horizon is C Accumulation Shares: 2.77%; F Income Shares: 2.18%; long-term. Investing in any fund involves a risk to capital that could I Accumulation Shares: 0.90%; S Accumulation Shares: 0.24%; S Accumulation (EUR) Shares: 0.24% be large or small depending on various market conditions and Shareholders must understand this volatility. Please note, as this Sub-Fund was launched during the year, the TER includes costs associated with its launch. Risk Warnings The TER for a hedged share class is expected to be up to 0.10% Investors should read, be aware of and consider Section 4.3 of the higher than the equivalent non-hedged share class. However, this full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. figure may vary without prior written notice to Shareholders. The following risks set out in Appendix 1 may be more relevant for PTR: -3.46% for 5 months to 30 June 2011 this Sub-Fund: Accounting Risk, Concentration Risk, Counterparty Risk, Credit Risk, Derivative Basis Risk, Emerging Markets Risk, Exchange Rate Fluctuation Risk, High Yield Debt Securities Risk, Income Yield Risk, Interest Rate Risk, Leverage Risk, New Sub- Fund Risk, OTC Derivatives Instruments Risk, Political Risk and Pricing & Liquidity Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency U.S. Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Monthly 5.26% 1.20% 0.30% 0.00% C Monthly 3.09% 2.20% 0.30% 0.00% F Monthly 5.26% 0.95% 0.25% 0.75% I Monthly 5.26% 0.60% 0.15% 0.00% S Monthly 11.11% 0.00% 0.00% 0.00%

Investec Global Strategy Fund Simplified Prospectus 6 Investment Information continued 5. Emerging Markets Currency Alpha Fund

Investment Objectives and Policy The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund aims to provide long term absolute returns, from Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net actively managed positions in emerging market currencies Asset Value per Share shown in the table above are respectively (although other currencies may also be used from time to time). equivalent to an Initial Charge of 5%, 3% or 10% of the gross The Sub-Fund will invest in liquid and illiquid currencies by taking amount subscribed. long and short positions. The Sub-Fund may also invest in The Global Distributor and Service Provider may rebate part or currency futures and forward contracts, credit linked notes as all of the Initial Charge to various sub-distributors, intermediaries, well as in swap and option contracts relating to debt securities dealers and professional investors. or currencies. Within a particular currency, investments may also The Management Fee, Administration Servicing Fee and be held in the form of bank deposits, certificates of deposit, fixed Distribution Fee are calculated as percentages of the average and floating rate notes and bonds or other short-term maturity net assets of each Class, accrued on each Valuation Day and instruments. Interest-bearing securities purchased will be those payable monthly in arrears. The Global Distributor and Service issued by governments, governmental agencies, supranational Provider may remit or rebate, part or all of the fees (excluding institutions, companies and other institutions. the Performance Fee) to various sub-distributors, intermediaries, The Sub-Fund will be allowed to use derivatives for efficient dealers and professional investors. portfolio management, hedging and/or investment purposes. Performance Fee Profile of the Typical Investor The Sub-Fund is suitable for an investor who wishes to have the Applicable share Participation Hurdle investment exposure as set out in the Sub-Fund’s investment classes Rate Performance Crystallisation Period objective and policy and is comfortable taking on the risks is comfortable taking on the risks as set out in Appendix 1 entitled A; C; F; I 20% 1 month USD Annually (in accordance with LIBOR** the financial year ending 31 ‘Risk Factors’. Although an investor can redeem Shares at any December) time (subject to the conditions described in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is only suitable where the * The Hurdle Performance will be hedged in the case of Hedged intended investment horizon is long-term. Investing in any fund Share Classes involves a risk to capital that could be large or small depending More details of the performance fee can be found in Appendix 3 on various market conditions and investors must understand this and Section 9.3 of the full Prospectus. volatility. The Performance Fee is accrued and payable as described in Risk Warnings Appendix 3 below. The Global Distributor and Service Provider Investors should read, be aware of and consider Section 4.3 of shall co-ordinate and administer the Fund’s payment of the the full Prospectus and all of the ‘Risk Factors’ set out in Appendix Performance Fee to the Investment Manager and/or other relevant 1. The following risks set out in Appendix 1 may be more relevant parties. for this Sub-Fund: Active Management Risk, Concentration Risk, Credit Default Swaps and Other Synthetic Securities Risk, Other Fees and Expenses Currency Denomination Risk, Counterparty Risk, Derivative Basis The Sub-Fund is subject to other fees and expenses which Risk, Emerging Market Risk, Exchange Rate Fluctuation Risk, include, but are not limited to, custody, legal and audit Hedged Share Classes Risk, Income Yield Risk, Inflation Risk, fees, printing expenses, the Luxembourg asset-based taxe Leverage Risk, OTC Derivative Risk and Short Exposure Risk. d’abonnement, fees and expenses incurred by the Board of Investors should be aware that other risks may also be relevant to Directors and Conducting Persons; initial and ongoing listing fees; this Sub-Fund. and costs of registration in countries other than Luxembourg and other expenses permitted to be paid out of the assets of the Sub- Available Share Classes Fund as set out in the full Prospectus. A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Class is made available, or if a Share Class has been closed, the list TER: as at 30 June 2011 of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the Share Class TER ex Performance TER available Share Classes may also be requested from your usual Performance Fee Investec Representative or the Administrator. A copy of this list may Fee be downloaded at www.investecassetmanagement.com. A Accumulation Shares 1.96% 0.02% 1.95% Reference Currency A Accumulation (EUR) Shares 2.02% 0.00% 2.02% U.S. Dollar F Accumulation Shares 2.33% 0.00% 2.33% Fees and Dividend Frequency S Accumulation Shares 0.07% 0.00% 0.07% S Accumulation (EUR) Shares 0.16% 0.00% 0.16% Class Dividend Initial Management Administration Distribution S Accumulation (GBP) Shares 0.12% 0.00% 0.12% Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum Please note, as this Sub-Fund was launched during the year, the classes % per annum TER includes costs associated with its launch. A Annually 5.26% 1.50% 0.30% 0.00% The TER for a hedged share class is expected to be up to 0.10% C Annually 3.09% 2.50% 0.30% 0.00% higher than the equivalent non-hedged share class. However, this F Annually 5.26% 1.25% 0.25% 0.75% figure may vary without prior written notice to Shareholders. I Annually 5.26% 1.00% 0.15% 0.00% PTR: -57.58% for 12 months to 30 June 2011 S Annually 11.11% 0.00% 0.00% 0.00%

7 Investec Global Strategy Fund Simplified Prospectus 6. Managed Currency Fund

Investment Objectives and Policy The Initial Charge is a percentage of the Net Asset Value per Share. The Sub-Fund is designed to protect and to maximise the value An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value of liquid assets in terms of their international purchasing power, per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed. through the management and diversification of currency exposure. The composition of the portfolio is determined by a continuing The Global Distributor and Service Provider may rebate part or all of the Initial Charge to various sub-distributors, intermediaries, dealers analysis of the financial, economic, political and other factors and professional investors. affecting international exchange rates. Investments are made mostly in the world’s major currencies and held principally in bank The Management Fee, Administration Servicing Fee and Distribution Fee are calculated as percentages of the average net assets of each deposits or short-term monetary instruments Class, accrued on each Valuation Day and payable monthly in The Sub-Fund may enter into OTC derivatives limited to foreign arrears. The Global Distributor and Service Provider may remit or exchange forward contracts and for efficient portfolio management rebate, part or all of the fees (excluding the Performance Fee) to purposes only. various sub-distributors, intermediaries, dealers and professional investors. The Sub-Fund may borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis and are Other Fees and Expenses permitted only to meet the Sub-Fund’s obligations in relation to (i) The Sub-Fund is subject to other fees and expenses which include, the administration of the Sub-Fund relating to purchase or sale but are not limited to, custody, legal and audit fees, printing transactions; and/or (ii) the redemption or cancellation of Shares in expenses, the Luxembourg asset-based taxe d’abonnement, fees the Sub-Fund. Collateral arrangements with respect to the writing of and expenses incurred by the Board of Directors and Conducting options or the purchase or sale of forward or futures contracts are Persons; initial and ongoing listing fees; and costs of registration in not deemed to constitute “borrowings” for the purpose of this countries other than Luxembourg and other expenses permitted to restriction. be paid out of the assets of the Sub-Fund as set out in the full Prospectus. Profile of the Typical Investor The Sub-Fund is suitable for an investor who wishes to have the Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” investment exposure as set out in the Sub-Fund’s investment TER: as at 30 June 2011: A Accumulation Shares: 1.05%, objective and policy and is comfortable taking on the risks as set A Income Shares: 1.05%, C Income Shares: 2.05%, out in Appendix 1 entitled ‘Risk Factors’. Although an investor can F Accumulation Shares: 1.21%, F Income Shares: 1.21%, I Accumulation Shares: 0.61% redeem Shares at any time (subject to the conditions described in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this only suitable where the intended investment horizon is long-term. figure may vary without prior written notice to Shareholders. Investing in any fund involves a risk to capital that could be large or PTR: -85.91% for 12 months to 30 June 2011 small depending on various market conditions and investors must understand this volatility. Risk Warnings Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Active Management Risk, Counterparty Risk, Exchange Rate Fluctuation Risk, Income Yield Risk, Inflation Risk, OTC Derivative Instruments Risk, and Short Exposure Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Semi-Annually 5.26% 0.75% 0.20% 0.00% C Semi-Annually 3.09% 1.75% 0.20% 0.00% F Semi-Annually 5.26% 0.60% 0.15% 0.35% I Semi-Annually 5.26% 0.40% 0.15% 0.00% S Semi-Annually 11.11% 0.00% 0.00% 0.00%

Investec Global Strategy Fund Simplified Prospectus 8 Investment Information continued

C. Bond Sub-Funds 7. Global Defensive Bond Fund Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve total returns in US dollars, which Class Dividend Initial Management Administration Distribution include income generation, capital growth and currency gains Frequency Charge Fee Servicing Fee whilst cognisant of the downside risk parameters, through a for income % % per annum Fee % per annum flexible portfolio of global interest bearing assets and related classes % per annum derivatives. A Quarterly 5.26% 1.00% 0.30% 0.00% The blend of investments will be unrestricted. The Sub-Fund may C Monthly 3.09% 2.00% 0.30% 0.00% invest in developed, emerging and frontier types of markets. The F Monthly 5.26% 0.75% 0.25% 0.60% Sub-Fund may hold other transferable securities, money market I Quarterly 5.26% 0.50% 0.15% 0.00% instruments, cash or near cash, deposits and units in collective S Quarterly 11.11% 0.00% 0.00% 0.00% investment schemes.

The Sub-Fund may not invest in UCIs and/or UCITS where such The Initial Charge is a percentage of the Net Asset Value per UCI and/or UCITS is itself a fund of funds or a feeder fund. The Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Sub-Fund may borrow up to 10% of its net assets, provided that Asset Value per Share shown in the table above are respectively such borrowings are made only on a temporary basis. Collateral equivalent to an Initial Charge of 5%, 3% or 10% of the gross arrangements with respect to the writing of options or the amount subscribed. purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction. The Global Distributor and Service Provider may rebate part or all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund will be allowed to use derivatives for efficient dealers and professional investors. portfolio management, hedging and/or investment purposes. The Management Fee, Administration Servicing Fee and Profile of the Typical Investor Distribution Fee are calculated as percentages of the average The Sub-Fund is suitable for an investor who wishes to have the net assets of each Class, accrued on each Valuation Day and investment exposure as set out in the Sub-Fund’s investment payable monthly in arrears. The Global Distributor and Service objective and policy and is comfortable taking on the risks as set Provider may remit or rebate, part or all of the fees (excluding out in Appendix 1 entitled ‘Risk Factors’. Although an investor can the Performance Fee) to various sub-distributors, intermediaries, redeem Shares at any time (subject to the conditions described dealers and professional investors. in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is only suitable where the intended investment horizon is long-term. Other Fees and Expenses Investing in any fund involves a risk to capital that could be large or The Sub-Fund is subject to other fees and expenses which small depending on various market conditions and investors must include, but are not limited to, custody, legal and audit understand this volatility. fees, printing expenses, the Luxembourg asset-based taxe d’abonnement, fees and expenses incurred by the Board of Risk Warning Directors and Conducting Persons; initial and ongoing listing fees; Investors should read, be aware of and consider Section 4.3 of and costs of registration in countries other than Luxembourg and the full Prospectus and all of the ‘Risk Factors’ set out in Appendix other expenses permitted to be paid out of the assets of the Sub- 1. The following risks set out in Appendix 1 may be more relevant Fund as set out in the full Prospectus. for this Sub-Fund: Ability to Trade or Settle Risk, Accounting Risk, Active Management Risk, Concentration Risk, Custody Risk, Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Not available. Derivative Basis Risk, Emerging Markets Risk, Fraud Risk, Future Risk, Hedged Share Classes Risk (where Hedged Share Classes are offered), Interest Rate Risk, Leverage Risk, New Sub-Fund Risk, OTC Derivative Instruments Risk, Risk of Market Closure, Pricing & Dilution Risk, Pricing & Liquidity Risk, Prudency Risk and Risk of Remittance Restrictions. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

9 Investec Global Strategy Fund Simplified Prospectus 8. Global Bond Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims both to provide income and to protect and Class Dividend Initial Management Administration Distribution maximise the real asset value of its investments in terms of their Frequency Charge Fee Servicing Fee international purchasing power by means of the management for income % % per annum Fee % per annum and diversification of currency exposure and investment in fixed classes % per annum interest bearing securities of varying maturities. The majority of the A Semi- Annually 5.26% 1.00% 0.30% 0.00% Sub-Fund’s assets will be denominated in major currencies and C Monthly 3.09% 2.00% 0.30% 0.00% exposure to minor currencies will be managed on a cautious basis. D Semi-Annually 5.26% 1.50% 0.30% 0.00% The currency mix of denominations will be varied, reflecting F Quarterly 5.26% 0.50% 0.25% 0.50% the Investment Manager’s assessment of likely exchange rate I Semi-Annually 5.26% 0.50% 0.15% 0.00% movements. When, in the opinion of the Investment Manager, S Semi-Annually 11.11% 0.00% 0.00% 0.00% the general trend in interest rates is upwards, a substantial portion of the Sub-Fund’s assets is likely to be held in the form The Initial Charge is a percentage of the Net Asset Value per of short-dated bonds and other short-term instruments, such as Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net certificates of deposit. Asset Value per Share shown in the table above are respectively Careful attention is paid to the quality and marketability of equivalent to an Initial Charge of 5%, 3% or 10% of the gross the securities held by the Sub-Fund. When interest bearing amount subscribed. instruments are included in the portfolio, at least 90% of the value The Global Distributor and Service Provider may rebate part or of the Sub-Fund must consist of Investment Grade instruments. all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund may enter into over the counter OTC derivatives dealers and professional investors. limited to foreign exchange forward contracts and for efficient The Management Fee, Administration Servicing Fee and portfolio management purposes only. Distribution Fee are calculated as percentages of the average The Sub-Fund may borrow up to 10% of its net assets, provided net assets of each Class, accrued on each Valuation Day and that such borrowings are made only on a temporary basis and are payable monthly in arrears. The Global Distributor and Service permitted only to meet the Sub-Fund’s obligations in relation to Provider may remit or rebate, part or all of the fees (excluding (i) the administration of the Sub-Fund relating to purchase or sale the Performance Fee) to various sub-distributors, intermediaries, transactions; and/or (ii) the redemption or cancellation of Shares in dealers and professional investors the Sub-Fund. Collateral arrangements with respect to the writing Other Fees and Expenses of options or the purchase or sale of forward or futures contracts The Sub-Fund is subject to other fees and expenses which are not deemed to constitute “borrowings” for the purpose of this include, but are not limited to, custody, legal and audit restriction. fees, printing expenses, the Luxembourg asset-based taxe Profile of the Typical Investor d’abonnement, fees and expenses incurred by the Board of The Sub-Fund is suitable for an investor who wishes to have the Directors and Conducting Persons; initial and ongoing listing fees; investment exposure as set out in the Sub-Fund’s investment and costs of registration in countries other than Luxembourg and objective and policy and is comfortable taking on the risks as set other expenses permitted to be paid out of the assets of the Sub- out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Fund as set out in the full Prospectus. redeem Shares at any time (subject to the conditions described Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is TER: as at 30 June 2011: A Accumulation Shares: 1.45%; A Income only suitable where the intended investment horizon is long-term. Shares: 1.43%; C Income Shares: 2.43%; D Income Shares: 1.93%; Investing in any fund involves a risk to capital that could be large or F Accumulation Shares: 1.38% Accumulation Shares: 0.63% small depending on various market conditions and investors must The TER for a hedged share class is expected to be up to 0.10% understand this volatility. higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. Risk Warning PTR: 67.57% for 12 months to 30 June 2011 Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Active Management Risk, Credit Risk, Exchange Rate Fluctuation Risk, Income Yield Risk, Interest Rate Risk, Investment Grade Risk and OTC Derivative Instruments Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 10 Investment Information continued 9. Global Strategic Income Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund has, as its primary objective, the generation of Class Dividend Initial Management Administration Distribution a high level of current income by means of investment in high Frequency Charge Fee Servicing Fee yielding fixed and floating rate securities of varying maturities for income % % per annum Fee % per annum denominated in a spread of the world’s major and minor traded classes % per annum currencies. A Quarterly 5.26% 1.00% 0.30% 0.00% Capital appreciation is sought only when the Investment Manager C Monthly 3.09% 2.00% 0.30% 0.00% feels it is consistent with the primary income objective of the Sub- F Monthly 5.26% 0.75% 0.25% 0.60% Fund. This could arise as the result of a specific or general fall in I Quarterly 5.26% 0.50% 0.15% 0.00% interest rates, through the improvement in the credit ratings of S Quarterly 11.11% 0.00% 0.00% 0.00% individual or groups of fixed interest bearing securities or by means The Initial Charge is a percentage of the Net Asset Value per of positive relative currency movements. Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net The securities purchased will mainly consist of higher yielding Asset Value per Share shown in the table above are respectively issues by worldwide (including emerging countries) governments, equivalent to an Initial Charge of 5%,3% or 10% of the gross government agencies, supranational institutions and companies. amount subscribed. The currency mix of denominations will be varied, reflecting The Global Distributor and Service Provider may rebate part or the Investment Manager’s assessment of likely exchange rate all of the Initial Charge to various sub-distributors, intermediaries, movements. dealers and professional investors. The Sub-Fund may use derivatives for the purposes of hedging The Management Fee, Administration Servicing Fee and and/or efficient portfolio management. Distribution Fee are calculated as percentages of the average When, in the opinion of the Investment Manager, the general trend net assets of each Class, accrued on each Valuation Day and in interest rates is upward, a substantial portion of the Sub-Fund’s payable monthly in arrears. The Global Distributor and Service assets is likely to be held in the form of short dated bonds and Provider may remit or rebate, part or all of the fees (excluding other short-term instruments, such as certificates of deposit. the Performance Fee) to various sub-distributors, intermediaries, dealers and professional investors. Profile of the Typical Investor The Sub-Fund is suitable for an investor who wishes to have the Other Fees and Expenses investment exposure as set out in the Sub-Fund’s investment The Sub-Fund is subject to other fees and expenses which objective and policy and is comfortable taking on the risks as set include, but are not limited to, custody, legal and audit out in Appendix 1 entitled ‘Risk Factors’. Although an investor can fees, printing expenses, the Luxembourg asset-based taxe redeem Shares at any time (subject to the conditions described d’abonnement, fees and expenses incurred by the Board of in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Directors and Conducting Persons; initial and ongoing listing fees; only suitable where the intended investment horizon is long-term. and costs of registration in countries other than Luxembourg and Investing in any fund involves a risk to capital that could be large or other expenses permitted to be paid out of the assets of the Sub- small depending on various market conditions and investors must Fund as set out in the full Prospectus. understand this volatility. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Risk Warning TER: as at 30 June 2011: Accumulation Shares: 1.45%; A Income Investors should read, be aware of and consider Section 4.3 of Shares: 1.44%; C Income Shares: 2.44%; F Accumulation Shares: 1.74%; F Income Shares: 1.74%; F Income (EUR) Shares: 1.77%; the full Prospectus and all of the ‘Risk Factors’ set out in Appendix I Accumulation Shares: 0.85%; S Accumulation Shares: 0.10%; 1. The following risks set out in Appendix 1 may be more relevant S Accumulation (EUR Hedged) Shares: 0.18%. for this Sub-Fund: Active Management Risk, Charges to Capital The TER for a hedged share class is expected to be up to 0.10% Risk, Credit Risk, Exchange Rate Fluctuation Risk, High Yield higher than the equivalent non-hedged share class. However, this Debt Securities Risk, Income Yield Risk, Interest Rate Risk, OTC figure may vary without prior written notice to Shareholders. Derivative Instruments Risk and Pricing & Liquidity Risk. Investors PTR: 31.08% for 12 months to 30 June 2011 should be aware that other risks may also be relevant to this Sub- Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

11 Investec Global Strategy Fund Simplified Prospectus 10. Investment Grade Corporate Bond

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to generate a high level of income, with the Class Dividend Initial Management Administration Distribution opportunity for capital gain, from a diversified portfolio of fixed Frequency Charge Fee Servicing Fee and floating rate securities, normally denominated in U.S. Dollars for income % % per annum Fee % per annum and issued by governments, institutions and corporations in both classes % per annum developing and developed countries. When judged appropriate, A Quarterly 5.26% 0.75% 0.30% 0.00% the portfolio may be held in fixed interest securities denominated C Monthly 3.09% 1.75% 0.30% 0.00% in currencies other than U.S. Dollars, with the relevant currency D Semi-Annually 5.26% 1.25% 0.30% 0.00% exposure hedged back into U.S. Dollars. The Sub-Fund may use F Monthly 5.26% 0.75% 0.25% 0.50% derivatives for the purposes of hedging and/or efficient portfolio I Semi-Annually 5.26% 0.40% 0.15% 0.00% management. S Quarterly 11.11% 0.00% 0.00% 0.00% Careful attention is paid to the quality and marketability of The Initial Charge is a percentage of the Net Asset Value per the securities held by the Sub-Fund. When interest bearing Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net instruments are included in the portfolio, at least 90% of the value Asset Value per Share shown in the table above are respectively of the Sub-Fund must consist of Investment Grade instruments. equivalent to an Initial Charge of 10%, 5% or 3% of the gross The Sub-Fund may enter into OTC derivatives limited to amount subscribed. foreign exchange forward contracts and for efficient portfolio The Global Distributor and Service Provider may rebate part or management purposes only. all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund may borrow up to 10% of its net assets, provided dealers and professional investors. that such borrowings are made only on a temporary basis and are The Management Fee, Administration Servicing Fee and permitted only to meet the Sub-Fund’s obligations in relation to Distribution Fee are calculated as percentages of the average (i) the administration of the Sub-Fund relating to purchase or sale net assets of each Class, accrued on each Valuation Day and transactions; and/or (ii) the redemption or cancellation of Shares in payable monthly in arrears. The Global Distributor and Service the Sub-Fund. Collateral arrangements with respect to the writing Provider may remit or rebate, part or all of the fees (excluding of options or the purchase or sale of forward or futures contracts the Performance Fee) to various sub-distributors, intermediaries, are not deemed to constitute “borrowings” for the purpose of this dealers and professional investors. restriction. Other Fees and Expenses Profile of the Typical Investor The Sub-Fund is subject to other fees and expenses which The Sub-Fund is suitable for an investor who wishes to have the include, but are not limited to, custody, legal and audit investment exposure as set out in the Sub-Fund’s investment fees, printing expenses, the Luxembourg asset-based taxe objective and policy and is comfortable taking on the risks as set d’abonnement, fees and expenses incurred by the Board of out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Directors and Conducting Persons; initial and ongoing listing fees; redeem Shares at any time (subject to the conditions described and costs of registration in countries other than Luxembourg and in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is other expenses permitted to be paid out of the assets of the Sub- only suitable where the intended investment horizon is long-term. Fund as set out in the full Prospectus. Investing in any fund involves a risk to capital that could be large or small depending on various market conditions and investors must Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” TER: as at 30 June 2011: A Accumulation Shares: 1.21%; understand this volatility. A Income Shares: 1.17%; A Income (EUR Hedged) Shares: 1.22%; Risk Warning A Income (GBP Hedged) Shares: 1.22%; C Income Shares: 2.17%; Investors should read, be aware of and consider Section 4.3 of C Income (EUR Hedged) Shares: 2.22%; D Income Shares: 1.67%; F Accumulation Shares: 1.62%; F Income Shares: 1.62%; the full Prospectus and all of the ‘Risk Factors’ set out in Appendix I Accumulation Shares: 0.75; S Accumulation Shares: 0.08%; 1. The following risks set out in Appendix 1 may be more relevant S Income (GBP Hedged) Shares: 0.14% for this Sub-Fund: Charges to Capital Risk, Credit Risk, High The TER for a hedged share class is expected to be up to 0.10% Yield Debt Securities Risk, Income Priority Risk, Income Yield higher than the equivalent non-hedged share class. However, this Risk, Interest Rate Risk, Investment Grade Risk, OTC Derivative figure may vary without prior written notice to Shareholders. Instruments Risk, and Pricing & Liquidity Risk. Investors should be PTR: 9.50% for 12 months to 30 June 2011 aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 12 Investment Information continued 11. High Income Bond Fund

Investment Objectives and Policy The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund aims to provide an income return in excess of Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net prevailing short-term interest rates, and an opportunity for capital Asset Value per Share shown in the table above are respectively gains. It will hold a diversified portfolio of higher interest rate equivalent to an Initial Charge of 5%, 3% or 10% of the gross bearing fixed interest securities, including Investment Grade and amount subscribed. Non-Investment Grade debt securities, denominated in major The Global Distributor and Service Provider may rebate part or global currencies. The currency mix of denominations will be all of the Initial Charge to various sub-distributors, intermediaries, varied, reflecting the Investment Manager’s assessment of likely dealers and professional investors. exchange rate movements. The Management Fee, Administration Servicing Fee and When, in the opinion of the Investment Manager, the general trend Distribution Fee are calculated as percentages of the average in interest rates is upward, a substantial portion of the Sub-Fund’s net assets of each Class, accrued on each Valuation Day and assets is likely to be held in the form of short-dated bonds and payable monthly in arrears. The Global Distributor and Service other short-term instruments, such as certificates of deposit. Provider may remit or rebate, part or all of the fees (excluding The Sub-Fund may use derivatives for the purposes of hedging the Performance Fee) to various sub-distributors, intermediaries, and/or efficient portfolio management. dealers and professional investors. The securities purchased will be primarily hedged or denominated Other Fees and Expenses in the Sub-Fund’s reference currency. The Sub-Fund is subject to other fees and expenses which Profile of the Typical Investor include, but are not limited to, custody, legal and audit The Sub-Fund is suitable for an investor who wishes to have the fees, printing expenses, the Luxembourg asset-based taxe investment exposure as set out in the Sub-Fund’s investment d’abonnement, fees and expenses incurred by the Board of objective and policy and is comfortable taking on the risks as set Directors and Conducting Persons; initial and ongoing listing fees; out in Appendix 1 entitled ‘Risk Factors’. Although an investor can and costs of registration in countries other than Luxembourg and redeem Shares at any time (subject to the conditions described other expenses permitted to be paid out of the assets of the Sub- in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Fund as set out in the full Prospectus. only suitable where the intended investment horizon is long-term. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Investing in any fund involves a risk to capital that could be large or TER: as at 30 June 2011: A Accumulation (GBP Hedged) Shares: small depending on various market conditions and investors must 1.47%; A Income Shares: 1.43%; A Income (GBP Hedged) Shares: 1.47%; C Income Shares: 2.42%; F Accumulation Shares: 1.72%; understand this volatility. F Accumulation (USD) Shares: 1.73%; Risk Warning F Income (USD) Shares: 1.77%; F Income (USD Hedged) Shares: Investors should read, be aware of and consider Section 4.3 of 1.82%; I Accumulation Shares: 0.74%; S Accumulation Shares: the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 0.08% 1. The following risks set out in Appendix 1 may be more relevant The TER for a hedged share class is expected to be up to 0.10% for this Sub-Fund: Charges to Capital Risk, Credit Risk, Currency higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. Denomination Risk, High Yield Debt Securities Risk, Income Priority Risk, Income Yield Risk, Interest Rate Risk, OTC Derivative PTR: 74.06% for 12 months to 30 June 2011 Instruments Risk and Pricing & Liquidity Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency Euro Shareholders should note that the non-Euro denominated assets of the Sub-Fund may be hedged in Euros when it is deemed appropriate to do so by the Investment Manager. Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Semi-Annually 5.26% 1.00% 0.30% 0.00% C Monthly 3.09% 2.00% 0.30% 0.00% F Monthly 5.26% 0.75% 0.25% 0.60% I Semi-Annually 5.26% 0.50% 0.15% 0.00% S Semi-Annually 11.11% 0.00% 0.00% 0.00%

13 Investec Global Strategy Fund Simplified Prospectus 12. Emerging Markets Local Currency Dynamic Debt Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long term total returns primarily Class Dividend Initial Management Administration Distribution through investment in public sector, sovereign and corporate Frequency Charge Fee Servicing Fee bonds issued by emerging market borrowers or that derive a for income % % per annum Fee % per annum predominant part of their economic activity from emerging market classes % per annum countries. A Monthly 5.26% 1.50% 0.30% 0.00% The Sub-Fund will primarily invest in what the Investment Manager C Monthly 3.09% 2.25% 0.30% 0.00% believes to be more liquid (i.e. relatively higher tradability in the F Monthly 5.26% 1.00% 0.25% 0.75% market) and/or strategic investment opportunities in a portfolio I Monthly 5.26% 0.75% 0.15% 0.00% of Investment Grade and Non-Investment Grade debt securities S Monthly 11.11% 0.00% 0.00% 0.00% either issued by companies which have their registered office in emerging markets or which are issued or guaranteed by The Initial Charge is a percentage of the Net Asset Value per governments, government agencies or supranational bodies of Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net those countries. Asset Value per Share shown in the table above are respectively Whilst the Sub-Fund will focus on more liquid and/or strategic equivalent to an Initial Charge of 5%, 3% or 10% of the gross investments, these will not form restrictions in respect of the amount subscribed. securities in which the Sub-Fund may invest. The Global Distributor and Service Provider may rebate part or The Sub-Fund will be allowed to use derivatives for efficient all of the Initial Charge to various sub-distributors, intermediaries, portfolio management, hedging and/or investment purposes. dealers and professional investors. The exposure to mortgage-backed securities and asset-backed The Management Fee, Administration Servicing Fee and securities combined will not represent more than 20% of the Distribution Fee are calculated as percentages of the average assets of the Sub-Fund. net assets of each Class, accrued on each Valuation Day and Profile of the Typical Investor payable monthly in arrears. The Global Distributor and Service The Sub-Fund is suitable for an investor who wishes to have Provider may remit or rebate, part or all of the fees (excluding the investment exposure as set out above in the Sub-Fund’s the Performance Fee) to various sub-distributors, intermediaries, investment objective and policy and is comfortable taking on the dealers and professional investors. risks as set out in Appendix 1 entitled ‘Risk Factors’.and policy. Other Fees and Expenses Although an investor can redeem Shares at any time (subject The Sub-Fund is subject to other fees and expenses which to the conditions described in Section 5.5 and 6.7 of the full include, but are not limited to, custody, legal and audit Prospectus) this Sub-Fund is only suitable where the intended fees, printing expenses, the Luxembourg asset-based taxe investment horizon is long-term. Investing in any fund involves a d’abonnement, fees and expenses incurred by the Board of risk to capital that could be large or small depending on various Directors and Conducting Persons; initial and ongoing listing fees; market conditions and investors must understand this volatility. and costs of registration in countries other than Luxembourg and Risk Warning other expenses permitted to be paid out of the assets of the Sub- Investors should read, be aware of and consider Section 4.3 of Fund as set out in the full Prospectus. the full Prospectus and all of the ‘Risk Factors’ set out in Appendix Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” 1. The following risks set out in Appendix 1 may be more relevant TER: as at 30 June 2011: A Accumulation Shares: 2.13%; for this Sub-Fund: Charges to Capital Risk, Concentration Risk, A Accumulation (GBP) Shares: 2.11%; A Income Shares: 2.09%; Counterparty Risk, Credit Risk, Derivative Basis Risk, Emerging A Income (GBP) Shares: 2.03%; C Income Shares: 2.84%; F Accumulation Shares: 2.28%; F Income Shares: 2.30%; Markets Risk, Exchange Rate Fluctuation Risk, High Yield Debt I Accumulation Shares: 1.08%; I Accumulation (GBP) Shares: Securities Risk, Income Yield Risk, Interest Rate Risk, Leverage 1.16%; I Income Shares: 1.13%; I Income (GBP) Shares: 1.14%; Risk, New Sub-Fund Risk, OTC Derivatives Instruments Risk, S Accumulation Shares: 0.17%; S Accumulation (EUR) Shares: Political Risk and Pricing & Liquidity Risk. Investors should be 0.15%; S Accumulation (GBP) Shares: 0.25% aware that other risks may also be relevant to this Sub-Fund. Please note, as this Sub-Fund was launched during the year, the Available Share Classes TER includes costs associated with its launch. A detailed list of the Share Classes available as at the date of this The TER for a hedged share class is expected to be up to 0.10% Simplified Prospectus can be found in Appendix 2. If a new Share higher than the equivalent non-hedged share class. However, this Class is made available, or if a Share Class has been closed, the figure may vary without prior written notice to shareholders. list of Share Classes in Appendix 2 will be updated accordingly PTR: 12.15% for 5 months to 30 June 2011. upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 14 Investment Information continued 13. Emerging Markets Local Currency Debt Fund

Investment Objectives and Policy The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund aims to achieve long term total returns primarily Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net through investment in public sector, sovereign and corporate Asset Value per Share shown in the table above are respectively bonds issued by emerging market borrowers. These securities will equivalent to an Initial Charge of 5%, 3% or 10% of the gross be primarily denominated in the currencies of emerging market amount subscribed. countries. The Global Distributor and Service Provider may rebate part or The Sub-Fund will invest at least two-thirds of its assets in a all of the Initial Charge to various sub-distributors, intermediaries, diversified portfolio of Investment Grade and Non-Investment dealers and professional investors. Grade debt securities (e.g. bonds) either issued by companies The Management Fee, Administration Servicing Fee and which have their registered office in emerging markets or which Distribution Fee are calculated as percentages of the average are issued or guaranteed by governments, government agencies net assets of each Class, accrued on each Valuation Day and or supranational bodies of those countries and derivatives which payable monthly in arrears. The Global Distributor and Service offer exposure to such debt securities. Provider may remit or rebate, part or all of the fees (excluding The Sub-Fund may also invest up to one-third of its assets in other the Performance Fee) to various sub-distributors, intermediaries, fixed interest securities, including bonds issued by borrowers dealers and professional investors. based in non-emerging markets. In addition, the Sub-Fund may Other Fees and Expenses use derivatives (including currency, interest rate and credit default The Sub-Fund is subject to other fees and expenses which swaps) and forward transactions for purposes that are limited to include, but are not limited to, custody, legal and audit efficient portfolio management. fees, printing expenses, the Luxembourg asset-based taxe The Sub-Fund may use derivatives for the purposes of hedging d’abonnement, fees and expenses incurred by the Board of and/or efficient portfolio management. Directors and Conducting Persons; initial and ongoing listing fees; Profile of the Typical Investor and costs of registration in countries other than Luxembourg and The Sub-Fund is suitable for an investor who wishes to have other expenses permitted to be paid out of the assets of the Sub- the investment exposure as set out above in the Sub-Fund’s Fund as set out in the full Prospectus. investment objective and policy and is comfortable taking on the Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” risks as set out in Appendix 1 entitled ‘Risk Factors’. Although an TER: as at 30 June 2011: A Accumulation Shares: 2.00%; investor can redeem Shares at any time (subject to the conditions A Income Shares: 1.99%; C Income Shares: 2.74%; F Accumulation Shares: 2.19%; F Income Shares: 2.19%; F Income described in Section 5.5 and 6.7 of the full Prospectus), this Sub- (EUR) Shares: 2.21%; I Accumulation Shares: 0.89%; Fund is only suitable where the intended investment horizon is I Accumulation (EUR) Shares: 0.89%; I Income Shares: 0.89%; long-term. Investing in any fund involves a risk to capital that could S Accumulation Shares: 0.14%; S Accumulation (GBP) Shares: be large or small depending on various market conditions and 0.15%; S Income Shares: 0.15% investors must understand this volatility. The TER for a hedged share class is expected to be up to 0.10% Risk Warning higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. PTR: -51.12% for 12 months to 30 June 2011 The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Counterparty Risk, Credit Risk, Emerging Markets Risk, Exchange Rate Fluctuation Risk, High Yield Debt Securities Risk, Income Priority Risk, Income Yield Risk, Interest Rate Risk, “OTC” Derivatives Instruments Risk, Political Risk and Pricing & Liquidity Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Quarterly 5.26% 1.50% 0.30% 0.00% C Monthly 3.09% 2.25% 0.30% 0.00% F Monthly 5.26% 1.00% 0.25% 0.75% I Monthly 5.26% 0.75% 0.15% 0.00% S Quarterly 11.11% 0.00% 0.00% 0.00%

15 Investec Global Strategy Fund Simplified Prospectus 14. Emerging Markets Hard Currency Debt Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long term total returns primarily Class Dividend Initial Management Administration Distribution through investment in public sector, sovereign and corporate Frequency Charge Fee Servicing Fee bonds issued by emerging market borrowers or borrowers for income % % per annum Fee % per annum that derive a predominant part of their economic activities from classes % per annum emerging market countries. These securities will be primarily A Monthly 5.26% 1.50% 0.30% 0.00% denominated in hard currencies (currencies that are globally C Monthly 3.09% 2.25% 0.30% 0.00% traded currencies and widely accepted around the world, usually F Monthly 5.26% 1.00% 0.25% 0.75% because they are the currencies of countries with large and stable I Monthly 5.26% 0.75% 0.15% 0.00% markets). S Monthly 11.11% 0.00% 0.00% 0.00% The Sub-Fund will invest primarily in a diversified portfolio of Investment Grade and Non-Investment Grade rated securities The Initial Charge is a percentage of the Net Asset Value per (e.g. bonds) which are either issued by companies which have Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net their registered office in emerging markets or issued or guaranteed Asset Value per Share shown in the table above are respectively by governments, government agencies or supranational bodies of equivalent to an Initial Charge of 5%, 3% or 10% of the gross such emerging markets. amount subscribed. The exposure to mortgage-backed securities and asset-backed The Global Distributor and Service Provider may rebate part or securities combined will not represent more than 20% of the all of the Initial Charge to various sub-distributors, intermediaries, assets of the Sub-Fund. dealers and professional investors. The Sub-Fund will be allowed to use derivatives for efficient The Management Fee, Administration Servicing Fee and portfolio management, hedging and/or investment purposes. Distribution Fee are calculated as percentages of the average Profile of the Typical Investor net assets of each Class, accrued on each Valuation Day and The Sub-Fund is suitable for an investor who wishes to have the payable monthly in arrears. The Global Distributor and Service investment exposure as set out in the Sub-Fund’s investment Provider may remit or rebate, part or all of the fees (excluding objective and policy and is comfortable taking on the risks as set the Performance Fee) to various sub-distributors, intermediaries, out in Appendix 1 entitled ‘Risk Factors’. Although an investor can dealers and professional investors. redeem Shares at any time (subject to the conditions described Other Fees and Expenses in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is The Sub-Fund is subject to other fees and expenses which only suitable where the intended investment horizon is long-term. include, but are not limited to, custody, legal and audit Investing in any fund involves a risk to capital that could be large or fees, printing expenses, the Luxembourg asset-based taxe small depending on various market conditions and investors must d’abonnement, fees and expenses incurred by the Board of understand this volatility. Directors and Conducting Persons; initial and ongoing listing fees; Risk Warning and costs of registration in countries other than Luxembourg and Investors should read, be aware of and consider Section 4.3 of other expenses permitted to be paid out of the assets of the Sub- the full Prospectus and all of the ‘Risk Factors’ set out in Appendix Fund as set out in the full Prospectus. 1. The following risks set out in Appendix 1 may be more relevant Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” for this Sub-Fund: Counterparty Risk, Credit Risk, Derivative TER: as at 30 June 2011; A Accumulation Shares: 2.05%; Basis Risk, Emerging Markets Risk, Exchange Rate Fluctuation A Income Shares: 2.01%; C Accumulation Shares: 2.76%; Risk, High Yield Debt Securities Risk, Income Yield Risk, Interest C Income Shares: 2.95%; F Accumulation Shares: 2.22%; Rate Risk, Leverage Risk, New Sub-Fund Risk, OTC Derivatives F Income Shares: 2.22%; I Accumulation Shares: 1.10%; Instruments Risk, Political Risk, and Pricing & Liquidity Risk. I Accumulation (EUR) Shares: 0.89%; I Income Shares: 1.06%; Investors should be aware that other risks may also be relevant to S Accumulation Shares: 0.19%; S Accumulation (GBP) Shares: 0.15% this Sub-Fund. Please note, as this Sub-Fund was launched during the year, the Available Share Classes TER includes costs associated with its launch. A detailed list of the Share Classes available as at the date of this The TER for a hedged share class is expected to be up to 0.10% Simplified Prospectus can be found in Appendix 2. If a new Share higher than the equivalent non-hedged share class. However, this Class is made available, or if a Share Class has been closed, the figure may vary without prior written notice to shareholders. list of Share Classes in Appendix 2 will be updated accordingly PTR: 9.03% for 3 months to 30 June 2011 upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 16 Investment Information continued 15. Emerging Markets Blended Debt Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long term total returns primarily Class Dividend Initial Management Administration Distribution through investment in public sector, sovereign and corporate Frequency Charge Fee Servicing Fee bonds issued by emerging market borrowers or that derive a for income % % per annum Fee % per annum predominant part of their economic activity from emerging market classes % per annum countries. These securities may be denominated in either local A Quarterly 5.26% 1.50% 0.30% 0.00% currencies or hard currencies (globally traded currencies that C Monthly 3.09% 2.25% 0.30% 0.00% are widely accepted around the world, usually because they are F Monthly 5.26% 1.00% 0.25% 0.75% currencies of countries with large and stable markets). I Monthly 5.26% 0.75% 0.15% 0.00% The Sub-Fund will primarily invest in a diversified portfolio of S Quarterly 11.11% 0.00% 0.00% 0.00% Investment Grade and Non-Investment Grade debt securities (e.g. The Initial Charge is a percentage of the Net Asset Value per bonds) either issued by companies which have their registered Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net office in countries that are, or in the previous five years have been, Asset Value per Share shown in the table above are respectively classified as low or medium income by the World Bank or which equivalent to an Initial Charge of 5%, 3% or 10% of the gross are issued or guaranteed by governments, government agencies amount subscribed. or supranational bodies of those countries. The Global Distributor and Service Provider may rebate part or The exposure to mortgage-backed securities and asset-backed all of the Initial Charge to various sub-distributors, intermediaries, securities combined will not represent more than 20% of the dealers and professional investors. assets of the Sub-Fund. The Management Fee, Administration Servicing Fee and The Sub-Fund will be allowed to use derivatives for efficient Distribution Fee are calculated as percentages of the average portfolio management, hedging and/or investment purposes. net assets of each Class, accrued on each Valuation Day and Profile of the Typical Investor payable monthly in arrears. The Global Distributor and Service The Sub-Fund is suitable for an investor who wishes to have the Provider may remit or rebate, part or all of the fees (excluding investment exposure as set out in the Sub-Fund’s investment the Performance Fee) to various sub-distributors, intermediaries, objective and policy and is comfortable taking on the risks as set dealers and professional investors. out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Other Fees and Expenses redeem Shares at any time (subject to the conditions described The Sub-Fund is subject to other fees and expenses which in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is include, but are not limited to, custody, legal and audit only suitable where the intended investment horizon is long-term. fees, printing expenses, the Luxembourg asset-based taxe Investing in any fund involves a risk to capital that could be large or d’abonnement, fees and expenses incurred by the Board of small depending on various market conditions and investors must Directors and Conducting Persons; initial and ongoing listing fees; understand this volatility. and costs of registration in countries other than Luxembourg and Risk Warning other expenses permitted to be paid out of the assets of the Sub- Investors should read, be aware of and consider Section 4.3 of the Fund as set out in the full Prospectus. full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” The following risks set out in Appendix 1 may be more relevant for TER: as at 30 June 2011: A Accumulation Shares: 2.15%; A this Sub-Fund: Counterparty Risk, Credit Risk, Derivative Basis Income Shares: 2.16%; F Accumulation Shares: 2.32%; F Income Risk, Emerging Markets Risk, Exchange Rate Fluctuation Risk, Shares: 2.32%; I Accumulation Shares: 1.05%; I Income Shares: High Yield Debt Securities Risk, Income Priority Risk, Income Yield 1.03%; S Accumulation Shares: 0.29% Risk, Interest Rate Risk, Leverage Risk, New Sub-Fund Risk, OTC The TER for a hedged share class is expected to be up to 0.10% Derivatives Instruments Risk, Political Risk and Pricing & Liquidity higher than the equivalent non-hedged share class. However, this Risk. Investors should be aware that other risks may also be figure may vary without prior written notice to Shareholders. relevant to this Sub-Fund. PTR: 71.72% for 12 months to 30 June 2011 Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. Reference Currency US Dollar

17 Investec Global Strategy Fund Simplified Prospectus 16. Emerging Markets Corporate Debt Fund

Investment Objectives and Policy Available Share Classes The Sub-Fund aims to provide long term total returns primarily A detailed list of the Share Classes available as at the date of this through investment in a diversified portfolio of debt securities (e.g. Simplified Prospectus can be found in Appendix 2. If a new Share bonds) issued by companies which have their registered office in Class is made available, or if a Share Class has been closed, the emerging markets, companies which have their registered office list of Share Classes in Appendix 2 will be updated accordingly outside of emerging markets but which carry out a significant upon the next issuance of a Simplified Prospectus. A complete list proportion of their operations in emerging markets and/or of the available Share Classes may also be requested from your companies which have their registered office outside of emerging usual Investec Representative or the Administrator. A copy of this markets which are controlled by entities established in emerging list may be downloaded at www.investecassetmanagement.com. markets. The Sub-Fund may invest in derivatives which offer Reference Currency exposure to such debt securities. US Dollar The Sub-Fund may also invest in debt securities issued or guaranteed by governments, government agencies or Fees and Dividend Frequency supranational bodies of those countries. Class Dividend Initial Management Administration Distribution These securities may be denominated in local currencies as well Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum as hard currencies (currencies that are globally traded currencies classes % per annum and widely accepted around the world, usually because they are the currencies of countries with large and stable markets). A Monthly 5.26% 1.50% 0.30% 0.00% C Monthly 3.09% 2.25% 0.30% 0.00% The exposure to mortgage-backed securities and asset-backed F Monthly 5.26% 1.00% 0.25% 0.75% securities combined will not represent more than 20% of the I Monthly 5.26% 0.75% 0.15% 0.00% assets of the Sub-Fund. S Monthly 11.11% 0.00% 0.00% 0.00% The Sub-Fund may hold other transferable securities, money The Initial Charge is a percentage of the Net Asset Value per market instruments, cash or near cash, deposits and units in Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net collective investment schemes. Asset Value per Share shown in the table above are respectively The Sub-Fund may not invest in UCIs and/or UCITS where such equivalent to an Initial Charge of 5%, 3% or 10% of the gross UCI and/or UCITS is itself a fund of funds or a feeder fund. amount subscribed. The Sub-Fund may borrow up to 10% of its net assets, provided The Global Distributor and Service Provider may rebate part or that such borrowings are made only on a temporary basis. all of the Initial Charge to various sub-distributors, intermediaries, Collateral arrangements with respect to the writing of options dealers and professional investors. or the purchase or sale of forward or futures contracts are The Management Fee, Administration Servicing Fee and not deemed to constitute “borrowings” for the purpose of this Distribution Fee are calculated as percentages of the average restriction. net assets of each Class, accrued on each Valuation Day and The Sub-Fund will be allowed to use derivatives for efficient payable monthly in arrears. The Global Distributor and Service portfolio management, hedging and/or investment purposes. Provider may remit or rebate, part or all of the fees (excluding the Performance Fee) to various sub-distributors, intermediaries, Profile of the Typical Investor dealers and professional investors. The Sub-Fund is suitable for an investor who wishes to have the investment exposure as set out in the Sub-Fund’s investment Other Fees and Expenses objective and policy and is comfortable taking on the risks as set The Sub-Fund is subject to other fees and expenses which out in Appendix 1 entitled ‘Risk Factors’. Although an investor can include, but are not limited to, custody, legal and audit redeem Shares at any time (subject to the conditions described fees, printing expenses, the Luxembourg asset-based taxe in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is d’abonnement, fees and expenses incurred by the Board of only suitable where the intended investment horizon is long-term. Directors and Conducting Persons; initial and ongoing listing fees; Investing in any fund involves a risk to capital that could be large or and costs of registration in countries other than Luxembourg and small depending on various market conditions and investors must other expenses permitted to be paid out of the assets of the Sub- understand this volatility. Fund as set out in the full Prospectus. Risk Warning Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Investors should read, be aware of and consider Section 4.3 of the TER: as at 30 June 2011: A Accumulation Shares: 2.01%; C Accumulation Shares: 2.84%; F Accumulation Shares: 2.20%; full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. I Accumulation Shares: 1.06%; S Accumulation Shares: 0.17%; The following risks set out in Appendix 1 may be more relevant for S Accumulation (GBP) Shares: 0.16% this Sub-Fund: Investors should read, be aware of and consider Please note, as this Sub-Fund was launched during the year, the Section 4.3 of the Prospectus and all of the ‘Risk Factors’ set out TER includes costs associated with its launch. in Appendix 2. The following risks set out in the Prospectus may be more relevant for this Sub-Fund: Counterparty Risk, Credit The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this Risk, Derivative Basis Risk, Emerging Markets Risk, Exchange figure may vary without prior written notice to shareholders. Rate Fluctuations Risk, High Yield Debt Securities Risk, Income PTR: 30.29% for 3 months to 30 June 2011 Yield Risk, Interest Rate Risk, Leverage Risk, New Sub-Fund Risk, OTC Derivative Instrument Risk, Political Risk, and Pricing & Liquidity Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund.

Investec Global Strategy Fund Simplified Prospectus 18 Investment Information continued 17. Emerging Markets Investment Grade Debt Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long term total returns primarily Class Dividend Initial Management Administration Distribution through investment in public sector and sovereign investment Frequency Charge Fee Servicing Fee grade bonds issued by emerging market borrowers or that derive for income % % per annum Fee % per annum a predominant part of their economic activity from emerging classes % per annum market countries. A Monthly 5.26% 1.40% 0.30% 0.00% Careful attention is paid to the quality and marketability of C Monthly 3.09% 1.90% 0.30% 0.00% securities that are held by the Sub-Fund. A maximum of 10% of F Monthly 5.26% 0.90% 0.25% 0.75% the value of the Sub-Fund may consist of Non-Investment Grade I Monthly 5.26% 0.70% 0.15% 0.00% instruments. S Monthly 11.11% 0.00% 0.00% 0.00% Although the majority of the Sub-Fund’s investments will be issued The Initial Charge is a percentage of the Net Asset Value per in the currencies of emerging market countries, the Sub-Fund may Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net hold up to 20% in aggregate in investment in corporate bonds and Asset Value per Share shown in the table above are respectively any bonds issued in hard currency (currencies that are globally equivalent to an Initial Charge of 5%, 3% or 10% of the gross traded currencies and widely accepted around the world, usually amount subscribed. because they are the currencies of countries with large and stable The Global Distributor and Service Provider may rebate part or markets). all of the Initial Charge to various sub-distributors, intermediaries, The exposure to mortgage-backed securities and asset-backed dealers and professional investors. securities combined will not represent more than 20% of the The Management Fee, Administration Servicing Fee and assets of the Sub-Fund. Distribution Fee are calculated as percentages of the average The Sub-Fund will be allowed to use derivatives for efficient net assets of each Class, accrued on each Valuation Day and portfolio management, hedging and/or investment purposes. payable monthly in arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding Profile of the Typical Investor the Performance Fee) to various sub-distributors, intermediaries, The Sub-Fund is suitable for an investor who wishes to have the dealers and professional investors. investment exposure as set out in the Sub-Fund’s investment objective and policy and is comfortable taking on the risks as set Other Fees and Expenses out in Appendix 1 entitled ‘Risk Factors’. Although an investor can The Sub-Fund is subject to other fees and expenses which redeem Shares at any time (subject to the conditions described include, but are not limited to, custody, legal and audit in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is fees, printing expenses, the Luxembourg asset-based taxe only suitable where the intended investment horizon is long-term. d’abonnement, fees and expenses incurred by the Board of Investing in any fund involves a risk to capital that could be large or Directors and Conducting Persons; initial and ongoing listing fees; small depending on various market conditions and investors must and costs of registration in countries other than Luxembourg and understand this volatility. other expenses permitted to be paid out of the assets of the Sub- Fund as set out in the full Prospectus. Risk Warning Investors should read, be aware of and consider Section 4.3 of the Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. TER: as at 30 June 2011: I Accumulation Shares: 1.13% The following risks set out in Appendix 1 may be more relevant for Please note, as this Sub-Fund was launched during the year, the this Sub-Fund: Counterparty Risk, Credit Risk, Derivative Basis TER includes costs associated with its launch. Risk, Emerging Markets Risk, Exchange Rate Fluctuation Risk, The TER for a hedged share class is expected to be up to 0.10% High Yield Debt Securities Risk, Income Priority Risk, Income higher than the equivalent non-hedged share class. However, this Yield Risk, Interest Rate Risk, Investment Grade Risk, Length to figure may vary without prior written notice to shareholders. Maturity Risk, New Sub-Fund Risk, OTC Derivatives Instruments PTR: -5.41% for 1 month to 30 June 2011 Risk, Political Risk and Pricing & Liquidity Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

19 Investec Global Strategy Fund Simplified Prospectus 18. Latin American Corporate Debt Fund

Investment Objectives and Policy Available Share Classes The Sub-Fund will aim to achieve a high level of income, with the A detailed list of the Share Classes available as at the date of this opportunity for capital gain, from a diversified portfolio of fixed Simplified Prospectus can be found in Appendix 2. If a new Share and floating rate securities issued by Latin American governments Class is made available, or if a Share Class has been closed, the and institutions, companies incorporated in Latin America and list of Share Classes in Appendix 2 will be updated accordingly companies incorporated outside of Latin America but which upon the next issuance of a Simplified Prospectus. A complete list carry out a significant proportion of their operations (more than of the available Share Classes may also be requested from your 50%) in Latin America and/or companies incorporated outside of usual Investec Representative or the Administrator. A copy of this Latin America which are controlled by entities established in Latin list may be downloaded at www.investecassetmanagement.com. America. These securities may be denominated in Latin American Reference Currency local currencies as well as hard currencies (globally traded US Dollar currencies that are widely accepted around the world, usually because they are currencies of countries with large and stable Fees and Dividend Frequency markets and can serve as reliable stores of value). Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee The Sub-Fund will invest primarily in Latin American corporate for income % % per annum Fee % per annum debt instruments and will actively manage the currency and classes % per annum interest rate exposures to enhance the returns achieved by the Sub- Fund. A Monthly 5.26% 1.50% 0.30% 0.00% C Monthly 3.09% 2.25% 0.30% 0.00% The Sub-Fund will seek to invest a minimum of two-thirds in Latin F Monthly 5.26% 1.00% 0.25% 0.75% American corporate debt instruments. I Monthly 5.26% 1.00% 0.15% 0.00% The Sub-Fund may hold other transferable securities, money S Monthly 11.11% 0.00% 0.00% 0.00% market instruments, cash or near cash, deposits and units in The Initial Charge is a percentage of the Net Asset Value per collective investment schemes. Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net The Sub-Fund may borrow up to 10% of its net assets, provided Asset Value per Share shown in the table above are respectively that such borrowings are made only on a temporary basis and are equivalent to an Initial Charge of 5%, 3% or 10% of the gross permitted only to meet the Sub-Fund’s obligations in relation to amount subscribed. (i) the administration of the Sub-Fund relating to purchase or sale The Global Distributor and Service Provider may rebate part or transactions; and/or (ii) the redemption or cancellation of Shares in all of the Initial Charge to various sub-distributors, intermediaries, the Sub-Fund. Collateral arrangements with respect to the writing dealers and professional investors. of options or the purchase or sale of forward or futures contracts The Management Fee, Administration Servicing Fee and are not deemed to constitute “borrowings” for the purpose of this Distribution Fee are calculated as percentages of the average restriction. net assets of each Class, accrued on each Valuation Day and The Sub-Fund may not invest in UCIs and/or UCITS where such payable monthly in arrears. The Global Distributor and Service UCI and/or UCITS is itself a fund of funds or a feeder fund. Provider may remit or rebate, part or all of the fees (excluding The Sub-Fund may use derivatives for the purposes of hedging the Performance Fee) to various sub-distributors, intermediaries, only. dealers and professional investors. Sub-Investment Manager Other Fees and Expenses This Sub-Fund is managed by Compass Group LLC. The Sub-Fund is subject to other fees and expenses which include, but are not limited to, custody, legal and audit Profile of the Typical Investor fees, printing expenses, the Luxembourg asset-based taxe The Sub-Fund is suitable for an investor who wishes to have the d’abonnement, fees and expenses incurred by the Board of investment exposure as set out in the Sub-Fund’s investment Directors and Conducting Persons; initial and ongoing listing fees; objective and policy and is comfortable taking on the risks as set and costs of registration in countries other than Luxembourg and out in Appendix 1 entitled ‘Risk Factors’. Although an investor can other expenses permitted to be paid out of the assets of the Sub- redeem Shares at any time (subject to the conditions described Fund as set out in the full Prospectus. in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is only suitable where the intended investment horizon is long-term. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Investing in any fund involves a risk to capital that could be large or TER: as at 30 June 2011: A Accumulation Shares: 1.98%; A Income Shares: 1.97%; C Income Shares: 2.76%; F Income small depending on various market conditions and investors must Shares: 2.19%; I Accumulation Shares: 1.27% understand this volatility. The TER for a hedged share class is expected to be up to 0.10% Risk Warning higher than the equivalent non-hedged share class. However, this Investors should read, be aware of and consider Section 4.3 of the figure may vary without prior written notice to Shareholders. full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. PTR: 23.15% for 12 months to 30 June 2011 The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Credit Risk, Counterparty Risk, Emerging Markets Risk, Exchange Rate Fluctuation Risk, High Yield Debt Securities Risk, Income Priority Risk, Income Yield Risk, Interest Rate Risk, Investment Grade Risk, OTC Derivative Instrument Risk, Pricing and Liquidity Risk, Political Risk, Sector and Geographical Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund.

Investec Global Strategy Fund Simplified Prospectus 20 Investment Information continued 19. Africa High Income Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund will aim to achieve long term total returns primarily Class Dividend Initial Management Administration Distribution through investment in high yielding fixed income instruments Frequency Charge Fee Servicing Fee which are issued by borrowers who are either domiciled in Africa for income % % per annum Fee % per annum or carry out a significant, and/or growing, proportion of their classes % per annum operations in African countries. A Monthly 5.26% 1.50% 0.30% 0.00% The Sub-Fund may hold other transferable securities, money C Monthly 3.09% 2.50% 0.30% 0.00% market instruments, cash or near cash, deposits and units in F Monthly 5.26% 1.00% 0.25% 0.75% collective investment schemes. I Monthly 5.26% 0.75% 0.15% 0.00% S Monthly 11.11% 0.00% 0.00% 0.00% The Sub-Fund may not invest in UCIs and/or UCITS where such UCI and/or UCITS is itself a fund of funds or a feeder fund. The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund may borrow up to 10% of its net assets, provided Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net that such borrowings are made only on a temporary basis. Asset Value per Share shown in the table above are respectively Collateral arrangements with respect to the writing of options equivalent to an Initial Charge of 5%, 3% or 10% of the gross or the purchase or sale of forward or futures contracts are amount subscribed. not deemed to constitute “borrowings” for the purpose of this restriction. The Global Distributor and Service Provider may rebate part or all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund may use derivatives for the purposes of hedging dealers and professional investors. only. The Management Fee, Administration Servicing Fee and Sub-Investment Manager Distribution Fee are calculated as percentages of the average This Sub-Fund is managed by Investec Asset Management (Pty) Limited. net assets of each Class, accrued on each Valuation Day and payable monthly in arrears. The Global Distributor and Service Profile of the Typical Investor Provider may remit or rebate, part or all of the fees (excluding The Sub-Fund is suitable for an investor who wishes to have the the Performance Fee) to various sub-distributors, intermediaries, investment exposure as set out in the Sub-Fund’s investment dealers and professional investors. objective and policy and is comfortable taking on the risks as set out in Appendix 1 entitled ‘Risk Factors’. Although an investor can The launch date is to be determined by the Board of Directors and redeem Shares at any time (subject to the conditions described this Simplified Prospectus will be updated accordingly. The initial in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is subscription price will be US dollar 20, Euro 20, GBP 20 or JPY only suitable where the intended investment horizon is long-term. 2,000 depending on the Currency Denomination of the relevant Investing in any fund involves a risk to capital that could be large or Share Class. Thereafter Shares will be issued at Net Asset Value. small depending on various market conditions and investors must The Share Classes set out above may not be available at the understand this volatility. date of this Simplified Prospectus. A complete list of the available Risk Warning Share Classes may also be requested from your usual Investec Investors should read, be aware of and consider Section 4.3 of Representative or the Administrator. the full Prospectus and all of the ‘Risk Factors’ set out in Appendix Other Fees and Expenses 1. The following risks set out in Appendix 1 may be more relevant The Sub-Fund is subject to other fees and expenses which for this Sub-Fund: Ability to Trade or Settle Risk, Accounting Risk, include, but are not limited to, custody, legal and audit Active Management Risk, Concentration Risk, Counterparty Risk, fees, printing expenses, the Luxembourg asset-based taxe Custody Risk, Credit Risk, Emerging Markets Risk, Exchange d’abonnement, fees and expenses incurred by the Board of Rate Fluctuation Risk, Fraud Risk, Future Risk, Hedged Share Directors and Conducting Persons; initial and ongoing listing fees; Classes Risk (where Hedged Share Classes are offered), High and costs of registration in countries other than Luxembourg and Yield Debt Securities Risk, Income Yield, Interest Rate Risk, New other expenses permitted to be paid out of the assets of the Sub- Sub-Fund Risk, Risk of Market Closure, Political Risk, Pricing Fund as set out in the full Prospectus & Dilution Risk, Pricing & Liquidity Risk, Prudency Risk, Risk of Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Remittance Restrictions, Sector and Geographical Risk and Risk Not available. of Suspension. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com Reference Currency US Dollar

21 Investec Global Strategy Fund Simplified Prospectus D. Balanced Sub-Funds 20. Global Strategic Managed Fund

Investment Objectives and Policy Reference Currency The Sub-Fund aims to provide long-term total returns through US Dollar investment in a diversified and actively managed portfolio Fees and Dividend Frequency consisting of any combination of cash instruments, fixed income securities, convertible securities and quoted equity securities on Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee an international basis. Normally, the maximum equity content will for income % % per annum Fee % per annum be limited to 75 per cent of the Sub-Fund. classes % per annum Exchange traded options and market index futures may be utilised A Semi-Annually 5.26% 1.50% 0.30% 0.00% in the management of risk exposure for the purposes of efficient C Semi-Annually 3.09% 2.25% 0.30% 0.00% portfolio management. Exchange traded bond options and D Semi-Annually 5.26% 2.00% 0 .30% 0.00% futures contracts may also be utilised for such purposes in the F Semi-Annually 5.26% 1.00% 0.25% 0.75% management of market risk. In addition, exchange traded interest I Semi-Annually 5.26% 0.75% 0.15% 0.00% rate futures and options may be used for those same purposes S Semi-Annually 11.11% 0.00 0.00% 0.00% and may also be used in conjunction with cash and short-term The Initial Charge is a percentage of the Net Asset Value per money market securities in order to create combinations of Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net securities whose market behaviour is similar to conventional fixed Asset Value per Share shown in the table above are respectively interest securities. equivalent to an Initial Charge of 5%, 3% or 10% of the gross The Sub-Fund may not invest in UCIs and/or UCITS where such amount subscribed. UCI and/or UCITS is itself a fund of funds or a feeder fund. The Global Distributor and Service Provider may rebate part or The Sub-Fund may invest in aggregate up to 30% of its assets in all of the Initial Charge to various sub-distributors, intermediaries, units or shares of other UCITS or other UCIs as further detailed in dealers and professional investors. Section 10. 1 C. (a) (12) of the full Prospectus. The Management Fee, Administration Servicing Fee and The Sub-Fund may enter into OTC derivatives limited to foreign Distribution Fee are calculated as percentages of the average exchange forward transactions and for efficient portfolio net assets of each Class, accrued on each Valuation Day and management purposes only 90% of the equity content of the Sub- payable monthly in arrears. The Global Distributor and Service Fund must be listed on an exchange which is a full member of the Provider may remit or rebate, part or all of the fees (excluding World Federation of Exchanges. the Performance Fee) to various sub-distributors, intermediaries, The Sub-Fund may borrow up to 10% of its net assets, provided dealers and professional investors. that such borrowings are made only on a temporary basis and are Other Fees and Expenses permitted only to meet the Sub-Fund’s obligations in relation to The Sub-Fund is subject to other fees and expenses which (i) the administration of the Sub-Fund relating to purchase or sale include, but are not limited to, custody, legal and audit transactions; and/or (ii) the redemption or cancellation of Shares in fees, printing expenses, the Luxembourg asset-based taxe the Sub-Fund. Collateral arrangements with respect to the writing d’abonnement, fees and expenses incurred by the Board of of options or the purchase or sale of forward or futures contracts Directors and Conducting Persons; initial and ongoing listing fees; are not deemed to constitute “borrowings” for the purpose of this and costs of registration in countries other than Luxembourg and restriction. other expenses permitted to be paid out of the assets of the Sub- Profile of the Typical Investor Fund as set out in the full Prospectus. The Sub-Fund is suitable for an investor who wishes to have the Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” investment exposure as set out in the Sub-Fund’s investment TER: as at 30 June 2011: A Accumulation Shares: 1.92%; objective and policy and is comfortable taking on the risks as set A Income Shares: 1.92%; C Income Shares: 2.67%; out in Appendix 1 entitled ‘Risk Factors’. Although an investor can D Accumulation Shares: 2.42%; D Income Shares: 2.42%; F Accumulation Shares: 2.12%; F Accumulation (EUR Hedged) redeem Shares at any time (subject to the conditions described Shares: 2.23%; F Income Shares: 2.12%; F Income (EUR Hedged) in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Shares: 2.22%; F Income (GBP Hedged) Shares: 2.23%; only suitable where the intended investment horizon is long-term. I Accumulation Shares: 0.93% Investing in any fund involves a risk to capital that could be large or The TER for a hedged share class is expected to be up to 0.10% small depending on various market conditions and investors must higher than the equivalent non-hedged share class. However, this understand this volatility. figure may vary without prior written notice to Shareholders. Risk Warning PTR: 68.05% for 12 months to 30 June 2011 Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Active Management Risk, Risk of higher TER and/or Ongoing Charges when investing in funds and Credit Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com.

Investec Global Strategy Fund Simplified Prospectus 22 Investment Information continued 21. Multi-Asset Protector Fund (USD)

Investment Objectives and Policy and Risk of higher TER and/or Ongoing Charges when investing The Sub-Fund aims to provide long term capital growth from a in funds. Investors should be aware that other risks may also be multi-asset portfolio and to deliver protection at 80% of the Sub- relevant to this Sub-Fund: Fund’s highest Net Asset Value per Share ever achieved. • Risk of 80% protection level not being achieved: the Sub- The Sub-Fund may take investment exposure to equities, bonds, Fund aims to provide protection at 80% of the highest Net property, commodities, cash and alternative assets denominated Asset Value per Share ever achieved in the Sub-Fund, in any currency and related to any geographic location. Any such however, this aim is not guaranteed. exposures could be gained by direct investment, other than • Risk of underperformance relative to markets: there is a property or commodities, or through investment in UCIs and/ risk that at times the Sub-Fund may hold large proportions or UCITS. The Sub-Fund may invest up to 100% of its assets in of cash and low risk interest bearing investments for UCIs and/or UCITS as detailed in Section 10.1 C(a)(12) of the full considerable periods of time, which could underperform Prospectus. The Sub-Fund will not invest directly in property and/ markets when they are rising. or commodities but will make indirect investment via UCIs and/ or UCITs, exchange traded commodities (“ETC’s”) qualifying as • Risk of the Net Asset Value per Share of the Sub-Fund falling eligible transferable securities pursuant to Luxembourg law or below the 80% protection level: there is a risk in the following exchange traded funds (“ETF’s”). circumstances: From time to time, and particularly in times of declining markets, -- Where no derivative contract is in place to support the the Sub-Fund may increase its allocation to cash and low risk 80% protection level (where one derivative transaction has interest bearing investments which is designed to deliver the 80% ended and a new one is in the process of negotiation). protection. The closer the Sub-Fund’s current Net Asset Value per Where this is the case the Sub- Fund will only be relying on Share moves downward towards the protected level, that is 80% its asset allocation policy to provide the 80% protection, or of the highest ever Net Asset Value per Share, the greater the level -- Where the counterparty to the derivative contract has of cash or low risk interest bearing investments held. Depending become insolvent or is unable to meet its obligations, or on market performance the Sub-Fund may at times be 100% -- Where there is a change in tax law or practice which invested in cash. means that a new or increased tax liability is met from The Sub-Fund intends to also enter in a derivative contract which the Sub-Fund’s assets and causes its Net Asset Value will provide further protection against the risk of a decline in its Net per Share to fall below the 80% protection level then Asset Value per Share below 80% of its highest Net Asset Value the Net Asset Value per Share of the Sub-Fund will per Share ever achieved. not be protected at 80% of its highest level. In such In addition to the provisions of Section 10.1 C.(a)(12) of the full circumstances the extent of protection of the highest Net Prospectus, the Sub-Fund will not invest in target UCITS and/ Asset Value per Share of the Sub-Fund will be less than or UCIs that levy management fees of more than 3% p.a. The 80% to the extent attributable only to the tax liability. annual report of the Fund will indicate the maximum proportion of management fees charged both to the Sub-Fund and to the • Risk of the Sub-Fund being liquidated – the Board of UCITS and/or UCIs in which it invests. Directors may liquidate the Sub-Fund pursuant to Section The Sub-Fund may borrow up to 10% of its net assets, provided 6.9 of the full Prospectus in the case of a change in political that such borrowings are made only on a temporary basis. or economic situation relating to the Sub-Fund. This would in Collateral arrangements with respect to the writing of options particular be the case in the following circumstances: or the purchase or sale of forward or futures contracts are -- Where the Sub-Fund has a large allocation to cash and/ not deemed to constitute “borrowings” for the purpose of this or low risk interest bearing investments and market restriction. conditions are such that it is not appropriate to re-invest in The exposure to mortgage-backed securities and asset-backed the markets in the reasonably foreseeable future, or securities combined will not represent more than 20% of the -- Investors should note that it is intended that the 80% assets of the Sub-Fund. protection feature for this Sub-Fund will, in addition to The Sub-Fund will be allowed to use derivatives for efficient relying on its asset allocation policy, be further underwritten portfolio management, hedging and/or investment purposes. by a derivative contract with a single counterparty. Where the agreement with this single counterparty is terminated, Profile of the Typical Investor the Sub-Fund may not be able to enter into another The Sub-Fund is suitable for an investor who wishes to have the agreement on the same terms or for the same degree of investment exposure as set out in the Sub-Fund’s investment protection, or objective and policy and is comfortable taking on the risks as set -- Where the Sub-Fund is unable to meet its investment out in Appendix 1 entitled ‘Risk Factors’. Although an investor can objective due to economic or market conditions or a redeem Shares at any time (subject to the conditions described change in regulation or taxation, or in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is only suitable where the intended investment horizon is long-term. -- Where the Sub-Fund is no longer viable to run and its Investing in any fund involves a risk to capital that could be large or continued operation is detrimental to the interests of its small depending on various market conditions and investors must Shareholders. understand this volatility. Should such circumstances arise, the Board of Directors will Risk Warning only liquidate the Sub-Fund once it has considered alternative Investors should read, be aware of and consider Section 4.3 of options and subject always to its obligations to consider the best the full Prospectus and all of the ‘Risk Factors’ set out in Appendix interests of its Shareholders. Liquidation of the Sub-Fund would 1. The following risks set out in Appendix 1 may be more relevant result in Shares being cancelled and the Shareholders at that time for this Sub-Fund: Active Management Risk, Counterparty Risk, receiving the net proceeds of such liquidation (Section 6.9 of the Credit Risk, Currency Denomination Risk, New Sub-Fund Risk full Prospectus).

23 Investec Global Strategy Fund Simplified Prospectus 21. Multi-Asset Protector Fund (USD) continued

Available Share Classes is closer to the investment Net Asset Value per Share, as the A detailed list of the Share Classes available as at the date of this consequence of being closer to the protection level is that the Simplified Prospectus can be found in Appendix 2. If a new Share Sub-Fund will most likely have a higher proportion of its assets Class is made available, or if a Share Class has been closed, the invested defensively, which means that it will have less upside list of Share Classes in Appendix 2 will be updated accordingly potential in the near term. upon the next issuance of a Simplified Prospectus. A complete list Example 3 – Net Asset Value per Share rises and then falls of the available Share Classes may also be requested from your sharply usual Investec Representative or the Administrator. A copy of this The Sub-Fund is launched with a starting Net Asset Value per list may be downloaded at www.investecassetmanagement.com Share of 100. Over three years it rises to a peak of 160, to create Reference Currency a protection level of 80% of 160, or 128. There is now a severe US Dollar bear market and the Net Asset Value per Share falls to 128. The Fees and Dividend Frequency Net Asset Value per Share is protected at this level, and provided that the Fund remains in business and the counterparty to the Class Dividend Initial Management Administration Distribution derivative contract fulfils its obligation, the Net Asset Value per Frequency Charge Fee Servicing Fee Share will not fall further, even if the investment markets weaken for income % % per annum Fee % per annum classes % per annum from that point. An investor buying at that point has full capital protection on their investment (after charges), provided that the A N/A 5.26% 1.60% 0.30% 0.00% Fund remains in business and the counterparty to the derivative contract fulfils its obligation. However, it is not necessarily a better In addition to the fees above, the Sub-Fund will pay a premium situation to buy the Sub-Fund when the Net Asset Value per Share for the derivative contract. The premium will depend on market is at the protection level, as the Sub-Fund will be wholly invested conditions and further information can be obtained from the in cash instruments, which means that it will have less upside relevant marketing materials. potential in the near term than a more aggressively invested fund. The Initial Charge is a percentage of the Net Asset Value per Shareholders should note, however, that the Board of Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Directors has the discretion to liquidate the Sub-Fund in certain Asset Value per Share shown in the table above are respectively circumstances as set out above. equivalent to an Initial Charge of 5%, 3% or 10% of the gross Other Fees and Expenses amount subscribed. The Sub-Fund is subject to other fees and expenses which The Global Distributor and Service Provider may rebate part or include, but are not limited to, custody, legal and audit all of the Initial Charge to various sub-distributors, intermediaries, fees, printing expenses, the Luxembourg asset-based taxe dealers and professional investors. d’abonnement, fees and expenses incurred by the Board of Directors and Conducting Persons; initial and ongoing listing fees; The Management Fee, Administration Servicing Fee and and costs of registration in countries other than Luxembourg and Distribution Fee are calculated as percentages of the average other expenses permitted to be paid out of the assets of the Sub- net assets of each Class, accrued on each Valuation Day and Fund as set out in the full Prospectus. payable monthly in arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” the Performance Fee) to various sub-distributors, intermediaries, TER: as at 30 June 2011 dealers and professional investors. A Accumulation Shares: 3.15% Please note, as this Sub-Fund was launched during the year, the Example Scenarios TER includes costs associated with its launch. The following examples are designed to show how the 80% protection feature works in relation to investors who invest at The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this different points in time, at different levels of the Net Asset Value per figure may vary without prior written notice to Shareholders. Share, subject always to the risk warnings set out above and in Appendix 1. PTR: 14.81% for 7 months to 30 June 2011 Example 1 – Net Asset Value per Share is rising The Sub-Fund is launched with a starting Net Asset Value per Share of 100. The initial protection level, below which the Net Asset Value per Share cannot fall, is 80. After 1 year the Net Asset Value per Share has risen to a peak of 125. The protection level is now 80% of 125 or 100. An investor buying the Share at 125 can be assured that the Net Asset Value per Share will not fall below 100. Of course, for an investor who bought at launch, they now, in effect, have 100% capital protection as 80% of the peak Net Asset Value per Share is now equal to their initial investment Net Asset Value per Share. Example 2 – Net Asset Value per Share rises then falls a modest amount The Sub-Fund is launched with a starting Net Asset Value per Share of 100. Over two years it rises to a peak of 150, to create a protection level of 80% of 150, or 120. The Net Asset Value per Share now falls to 130. The protection level is measured from the highest Net Asset Value per Share of 150 and so remains at 120 even though the Net Asset Value per Share has fallen. An investor who buys at 130 is protected at 120, so their effective protection level is at 92% (120 divided by 130). However, it is not necessarily a better situation to buy the Sub-Fund when the protection level

Investec Global Strategy Fund Simplified Prospectus 24 Investment Information continued 22. Emerging Markets Multi-Asset Fund

Investment Objectives and Policy Available Share Classes The Sub-Fund aims to provide long-term total returns primarily A detailed list of the Share Classes available as at the date of this through investing in a balanced portfolio of emerging markets Simplified Prospectus can be found in Appendix 2. If a new Share investments. Class is made available, or if a Share Class has been closed, the The Sub-Fund aims to meet its investment objective by taking list of Share Classes in Appendix 2 will be updated accordingly investment exposure to equities, bonds, property, commodities, upon the next issuance of a Simplified Prospectus. A complete list money market instruments, cash or near cash, deposits, other of the available Share Classes may also be requested from your transferable securities and alternative assets (such as transferable usual Investec Representative or the Administrator. A copy of this securities and money market instruments other than those list may be downloaded at www.investecassetmanagement.com. referred to in Article 41 paragraph (1) of the Law of 2010), where Reference Currency the issuers are domiciled in emerging markets or outside emerging US Dollar markets but carry out a significant proportion of their economic activities in emerging markets. Any such exposures may be Fees and Dividend Frequency gained directly, other than in property or commodities, or indirectly Class Dividend Initial Management Administration Distribution through investment in other financial instruments such as units Frequency Charge Fee Servicing Fee in UCIs and/or UCITS. The Sub-Fund will not invest directly in for income % % per annum Fee % per annum property and/or commodities but will make indirect investment via classes % per annum units in UCIs and/or UCITs, exchange traded products (such as A Semi-Annually 5.26% 1.80% 0.30% 0.00% ETCs) and other eligible financial instruments (e.g. shares in listed C Semi-Annually 3.09% 2.60% 0.30% 0.00% property companies and transferable securities on commodities F Semi-Annually 5.26% 1.30% 0.25% 0.75% that do not embed a derivative). I Semi-Annually 5.26% 0.90% 0.15% 0.00% The Sub-Fund may invest up to 100% of its assets in units in UCIs S Semi-Annually 11.11% 0.00% 0.00% 0.00% and/or UCITS as detailed in Section 10.1 of the Prospectus. The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund may also invest in other transferable securities, Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net money market instruments, cash and near cash, derivatives and Asset Value per Share shown in the table above are respectively forward transactions, deposits and units in collective investment equivalent to an Initial Charge of 5%, 3% or 10% of the gross schemes. amount subscribed. Normally, the Sub-Fund’s maximum equity exposure will be limited The Global Distributor and Service Provider may rebate part or to 75% of its assets. all of the Initial Charge to various sub-distributors, intermediaries, dealers and professional investors. The Sub-Fund may borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis. The Management Fee, Administration Servicing Fee and Collateral arrangements with respect to the writing of options Distribution Fee are calculated as percentages of the average or the purchase or sale of forward or futures contracts are net assets of each Class, accrued on each Valuation Day and not deemed to constitute “borrowings” for the purpose of this payable monthly in arrears. The Global Distributor and Service restriction. Provider may remit or rebate, part or all of the fees (excluding the Performance Fee) to various sub-distributors, intermediaries, The exposure to mortgage-backed securities and asset-backed dealers and professional investors. securities combined will not represent more than 20% of the assets of the Sub-Fund. The Sub-Fund was launched on 5 December 2011 at an initial subscription price of US dollars 20 or the approximate equivalent The Sub-Fund will be allowed to use derivatives for efficient in another approved currency. Thereafter shares shall be issued at portfolio management, hedging and/or investment purposes. Net Asset Value. Profile of the Typical Investor Other Fees and Expenses The Sub-Fund is suitable for an investor who wishes to have the The Sub-Fund is subject to other fees and expenses which investment exposure as set out in the Sub-Fund’s investment include, but are not limited to, custody, legal and audit objective and policy and is comfortable taking on the risks as set fees, printing expenses, the Luxembourg asset-based taxe out in Appendix 1 entitled ‘Risk Factors’. Although an investor can d’abonnement, fees and expenses incurred by the Board of redeem Shares at any time (subject to the conditions described Directors and Conducting Persons; initial and ongoing listing fees; in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is and costs of registration in countries other than Luxembourg and only suitable where the intended investment horizon is long-term. other expenses permitted to be paid out of the assets of the Sub- Investing in any fund involves a risk to capital that could be large or Fund as set out in the full Prospectus. small depending on various market conditions and investors must understand this volatility. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Not available. Risk Warning Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Accounting Risk, Active Management Risk, Concentration Risk, Counterparty Risk, Credit Risk, Currency Denomination Risk, Derivative Basis Risk, Emerging Markets Risk, Exchange Rate Fluctuation Risk, Fraud Risk, High Yield Debt Securities Risk, Income Yield Risk, Interest Rate Risk, Investment in Russia Risk, Leverage Risk, New Sub-Fund Risk, OTC Derivatives Instruments Risk, Political Risk, Pricing & Liquidity Risk, , Risk of Remittance Restrictions and Sector and Geographical Risk, Investors should be aware that other risks may also be relevant to this Sub-Fund.

25 Investec Global Strategy Fund Simplified Prospectus E. Equity Sub-Funds 23. Global Equity Fund

Investment Objectives and Policy The Global Distributor and Service Provider may rebate part or The Sub-Fund aims to achieve capital growth by primarily all of the Initial Charge to various sub-distributors, intermediaries, investing in shares of companies on a global basis. dealers and professional investors. The Sub-Fund may not invest in UCIs and/or UCITS where such The Management Fee, Administration Servicing Fee and UCI and/or UCITS is itself a fund of funds or a feeder fund. Distribution Fee are calculated as percentages of the average The Sub-Fund may enter into OTC derivatives limited to foreign net assets of each Class, accrued on each Valuation Day and exchange forward transactions and for efficient portfolio payable monthly in arrears. The Global Distributor and Service management purposes only. 90% of the equity content of the Provider may remit or rebate, part or all of the fees (excluding Sub-Fund must be listed on an exchange which is full member of the Performance Fee) to various sub-distributors, intermediaries, the World Federation of Exchanges. dealers and professional investors. The Sub-Fund may borrow up to 10% of its net assets, provided Other Fees and Expenses that such borrowings are made only on a temporary basis and are The Sub-Fund is subject to other fees and expenses which permitted only to meet the Sub-Fund’s obligations in relation to include, but are not limited to, custody, legal and audit (i) the administration of the Sub-Fund relating to purchase or sale fees, printing expenses, the Luxembourg asset-based taxe transactions; and/or (ii) the redemption or cancellation of Shares in d’abonnement, fees and expenses incurred by the Board of the Sub-Fund. Collateral arrangements with respect to the writing Directors and Conducting Persons; initial and ongoing listing fees; of options or the purchase or sale of forward or futures contracts and costs of registration in countries other than Luxembourg and are not deemed to constitute “borrowings” for the purpose of this other expenses permitted to be paid out of the assets of the Sub- restriction. Fund as set out in the full Prospectus. Profile of the Typical Investor Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” TER: as at 30 June 2011: A Accumulation Shares: 1.94%; The Sub-Fund is suitable for an investor who wishes to have the A Accumulation (EUR) Shares: 1.93%; A Income Shares: 1.92%; investment exposure as set out in the Sub-Fund’s investment C Income Shares: 2.67%; D Accumulation Shares: 2.42%; objective and policy and is comfortable taking on the risks as set D Income Shares: 2.42%; F Accumulation Shares: 2.13%; I Income out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Shares: 0.93% redeem Shares at any time (subject to the conditions described The TER for a hedged share class is expected to be up to 0.10% in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is higher than the equivalent non-hedged share class. However, this only suitable where the intended investment horizon is long-term. figure may vary without prior written notice to Shareholders. Investing in any fund involves a risk to capital that could be large or PTR: 90.35% for 12 months to 30 June 2011 small depending on various market conditions and investors must understand this volatility. Risk Warning Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per Fee % per classes annum % per annum annum A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.25% 0.30% 0.00% D Annually 5.26% 2.00% 0.30% 0.00% F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00% The Initial Charge is a percentage of the Net Asset Value per Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed.

Investec Global Strategy Fund Simplified Prospectus 26 24. Global Strategic Equity Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to provide long-term capital growth primarily Class Dividend Initial Management Administration Distribution through investment in equities of listed companies from around the Frequency Charge Fee Servicing Fee world, which are expected to enhance underlying profitability and for income % % per annum Fee % per annum Shareholder value through operational or structural improvements classes % per annum to their businesses. The Sub-Fund will be managed actively, A Annually 5.26% 1.50% 0.30% 0.00% with a long-term investment horizon. At least two-thirds of the C Annually 3.09% 2.50% 0.30% 0.00% investments of this Sub-Fund shall be made in the equities D Annually 5.26% 2.10% 0.30% 0.00% of companies anywhere in the world that are experiencing a F Annually 5.26% 1.25% 0.25% 0.75% significant change in ownership or business conditions, for I Annually 5.26% 0.75% 0.15% 0.00% example, through privatisation, demutualisation, deregulation or S Annually 11.11% 0.00% 0.00% 0.00% divestment from larger entities. The country and stock selection process will be research driven, taking into account both macro- The Initial Charge is a percentage of the Net Asset Value per economic developments and stock and country specific factors. Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Country, stock and sector selection are likely to be the most Asset Value per Share shown in the table above are respectively important drivers of the Sub-Fund’s performance over time. equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed. The Sub-Fund may not invest in UCIs and/or UCITS where such UCI and/or UCITS is itself a fund of funds or a feeder fund. The Global Distributor and Service Provider may rebate part or all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund may enter into OTC derivatives limited to foreign dealers and professional investors. exchange forward transactions and for efficient portfolio management purposes only, 90% of the equity content of the The Management Fee, Administration Servicing Fee and Sub-Fund must be listed on an exchange which is a full member Distribution Fee are calculated as percentages of the average of the World Federation of Exchanges. net assets of each Class, accrued on each Valuation Day and payable monthly in arrears. The Global Distributor and Service The Sub-Fund may borrow up to 10% of its net assets, provided Provider may remit or rebate, part or all of the fees (excluding that such borrowings are made only on a temporary basis and are the Performance Fee) to various sub-distributors, intermediaries, permitted only to meet the Sub-Fund’s obligations in relation to dealers and professional investors. (i) the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of Shares in Other Fees and Expenses the Sub-Fund. Collateral arrangements with respect to the writing The Sub-Fund is subject to other fees and expenses which of options or the purchase or sale of forward or futures contracts include, but are not limited to, custody, legal and audit are not deemed to constitute “borrowings” for the purpose of this fees, printing expenses, the Luxembourg asset-based taxe restriction. d’abonnement, fees and expenses incurred by the Board of Directors and Conducting Persons; initial and ongoing listing fees; Profile of the Typical Investor and costs of registration in countries other than Luxembourg and The Sub-Fund is suitable for an investor who wishes to have the other expenses permitted to be paid out of the assets of the Sub- investment exposure as set out in the Sub-Fund’s investment Fund as set out in the full Prospectus. objective and policy and is comfortable taking on the risks as set out in Appendix 1 entitled ‘Risk Factors’. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Although an investor can redeem Shares at any time (subject TER: as at 30 June 2011: A Accumulation Shares: 2.00%; to the conditions described in Section 5.5 and 6.7 of the full A Accumulation (EUR) Shares: 1.93%; A Income Shares: 1.93%; Prospectus), this Sub-Fund is only suitable where the intended C Income Shares: 2.93%; D Income Shares: 2.53%; investment horizon is long-term. Investing in any fund involves a F Accumulation Shares: 2.38%; I Accumulation Shares: 1.10%; risk to capital that could be large or small depending on various I Income Shares: 1.09%; S Income Shares: 0.09% market conditions and investors must understand this volatility. The TER for a hedged share class is expected to be up to 0.10% Risk Warning higher than the equivalent non-hedged share class. However, this Investors should read, be aware of and consider Section 4.3 of the figure may vary without prior written notice to Shareholders. full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. PTR: 99.01% for 12 months to 30 June 2011 The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Active Management Risk and Emerging Markets Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

27 Investec Global Strategy Fund Simplified Prospectus 25. Global Opportunity Equity Fund

Investment Objectives and Policy Share. An Initial Charge of 5.26% or 3.09% of the Net Asset Value The Sub-Fund aims to achieve long-term capital growth primarily per Share shown in the table above are respectively equivalent to through investment in shares of companies around the world. The an Initial Charge of 5% or 3% of the gross amount subscribed. Sub-Fund will have a blend of investments and will be unrestricted The Global Distributor and Service Provider may rebate part or in its choice of companies either by size or industry, or the all of the Initial Charge to various sub-distributors, intermediaries, geographical make-up of the portfolio. The Sub-Fund will focus dealers and professional investors. investment on stocks deemed by the Investment Manager to be of high quality. The Management Fee, Administration Servicing Fee and Distribution Fee are calculated as percentages of the average The Sub-Fund may enter into “OTC” derivatives limited to net assets of each Class, accrued on each Valuation Day and foreign exchange forward transactions and for efficient portfolio payable monthly in arrears. The Global Distributor and Service management purposes only. 90% of the equity content of the Provider may remit or rebate, part or all of the fees (excluding Sub-Fund must be listed on an exchange which is a full member the Performance Fee) to various sub-distributors, intermediaries, of the World Federation of Exchanges. dealers and professional investors. The Sub-Fund may borrow up to 10% of its net assets, provided The Investec Premier Funds PCC Limited, Global Opportunity that such borrowings are made only on a temporary basis and are Equity Fund (“Guernsey GOEF”) transferred and merged all of its permitted only to meet the Sub-Fund’s obligations in relation to assets and liabilities with the Fund’s Global Opportunity Equity (i) the administration of the Sub-Fund relating to purchase or sale Fund on 3 December 2010. The Fund may publish performance transactions; and/or (ii) the redemption or cancellation of Shares in information for this Sub-Fund which will include the past the Sub-Fund. performance records of the Guernsey GOEF. The investment The Sub-Fund may not invest in UCIs and/or UCITS where such policy of the Guernsey GOEF was substantially the same as UCI and/or UCITS is itself a fund of funds or a feeder fund. this Sub-Fund’s investment policy and the Guernsey GOEF was Sub-Investment Manager managed by the same investment management company with This Sub-Fund is managed by Investec Asset Management (Pty) similar investment policies and strategies as this Sub-Fund. Limited. Other Fees and Expenses Profile of the Typical Investor The Sub-Fund is subject to other fees and expenses which The Sub-Fund is suitable for an investor who wishes to have the include, but are not limited to, custody, legal and audit investment exposure as set out in the Sub-Fund’s investment fees, printing expenses, the Luxembourg asset-based taxe objective and policy and is comfortable taking on the risks as set d’abonnement, fees and expenses incurred by the Board of out in Appendix 1. Although an investor can redeem Shares at any Directors and Conducting Persons; initial and ongoing listing fees; time (subject to the conditions described in Section 5.5 and 6.7 and costs of registration in countries other than Luxembourg and of the full Prospectus), this Sub-Fund is only suitable where the other expenses permitted to be paid out of the assets of the Sub- intended investment horizon is long-term. Investing in any fund Fund as set out in the full Prospectus. involves a risk to capital that could be large or small depending Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” on various market conditions and investors must understand this TER: as at 30 June 2011: A Income Shares: 1.96%; I Income volatility. Shares: 1.10%; S Income Shares: 0.11% Risk Warning Please note, as this Sub-Fund was launched during the year, the TER includes costs associated with its launch. Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The TER for a hedged share class is expected to be up to 0.10% The following risks set out in Appendix 1 may be more relevant for higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. this Sub-Fund: Active Management Risk, Concentration Risk and Emerging Markets Risk. Investors should be aware that other risks PTR: -0.65% for 7 months to 30 June 2011 may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.50% 0.30% 0.00% F Annually 5.26% 1.25% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00%

The Initial Charge is a percentage of the Net Asset Value per

Investec Global Strategy Fund Simplified Prospectus 28 Investment Information continued 26. Global Dynamic Fund

Investment Objectives and Policy The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund aims to provide long-term capital growth primarily Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net through investment in global equities. The Sub-Fund will be Asset Value per Share shown in the table above are respectively managed actively and at least two-thirds of its investments will be equivalent to an Initial Charge of 5%, 3% or 10% of the gross in equity instruments. amount subscribed. The Sub-Fund may not invest in UCIs and/or UCITS where such The Global Distributor and Service Provider may rebate part or UCI and/or UCITS is itself a fund of funds or a feeder fund. all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund may enter into “OTC” derivatives limited to dealers and professional investors. foreign exchange forward transactions and for efficient portfolio The Management Fee, Administration Servicing Fee and management purposes only, 90% of the equity content of the Distribution Fee are calculated as percentages of the average Sub-Fund must be listed on an exchange which is a full member net assets of each Class, accrued on each Valuation Day and of the World Federation of Exchanges. payable monthly in arrears. The Global Distributor and Service The Sub-Fund may borrow up to 10% of its net assets, provided Provider may remit or rebate, part or all of the fees (excluding that such borrowings are made only on a temporary basis and are the Performance Fee) to various sub-distributors, intermediaries, permitted only to meet the Sub-Fund’s obligations in relation to dealers and professional investors. (i) the administration of the Sub-Fund relating to purchase or sale The Investec Global Strategy Fund – Global Growth Fund transactions; and/or (ii) the redemption or cancellation of Shares in transferred and merged all of its assets and liabilities with this Sub- the Sub-Fund. Collateral arrangements with respect to the writing Fund on 1 July 2011. of options or the purchase or sale of forward or futures contracts Other Fees and Expenses are not deemed to constitute “borrowings” for the purpose of this The Sub-Fund is subject to other fees and expenses which restriction. include, but are not limited to, custody, legal and audit Profile of the Typical Investor fees, printing expenses, the Luxembourg asset-based taxe The Sub-Fund is suitable for an investor who wishes to have the d’abonnement, fees and expenses incurred by the Board of investment exposure as set out in the Sub-Fund’s investment Directors and Conducting Persons; initial and ongoing listing fees; objective and policy and is comfortable taking on the risks as set and costs of registration in countries other than Luxembourg and out in Appendix 1 entitled ‘Risk Factors’. Although an investor can other expenses permitted to be paid out of the assets of the Sub- redeem Shares at any time (subject to the conditions described Fund as set out in the full Prospectus. in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” only suitable where the intended investment horizon is long-term. TER: as at 30 June 2011: A Accumulation Shares: 1.93%; Investing in any fund involves a risk to capital that could be large or A Income Shares: 1.93%; C Income Shares: 2.93%; small depending on various market conditions and investors must F Accumulation Shares: 2.14%; I Accumulation Shares: 1.09%; understand this volatility. S Income Shares: 0.09% Risk Warning The TER for a hedged share class is expected to be up to 0.10% Investors should read, be aware of and consider Section 4.3 of the higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for PTR: 105.29% for 12 months to 30 June 2011 this Sub-Fund: Active Management Risk and Concentration Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.50% 0.30% 0.00% D Annually 5.26% 2.10% 0.30% 0.00% F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00% Z Annually 3.09% 1.00% 0.30% 0.00%

29 Investec Global Strategy Fund Simplified Prospectus 27. Global Contrarian Equity Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long-term capital growth primarily Class Dividend Initial Management Administration Distribution through investment in shares of companies around the world. The Frequency Charge Fee Servicing Fee Sub- Fund will have a blend of investments and will be unrestricted for income % % per annum Fee % per annum in its choice of companies either by size or industry, or in terms classes % per annum of the geographical make-up of its portfolio. The Sub-Fund will A Annually 5.26% 1.50% 0.30% 0.00% use a contrarian approach in selecting investments and will focus C Annually 3.09% 2.50% 0.30% 0.00% on companies deemed by the Investment Manager to be of high F Annually 5.26% 1.25% 0.25% 0.75% quality. The primary idea behind the contrarian approach is to I Annually 5.26% 0.75% 0.15% 0.00% isolate potential investments with relatively unattractive market S Annually 11.11% 0.00% 0.00% 0.00% sentiment which are then, in turn, placed under further scrutiny in order to identify investment opportunities. The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund may also invest in other transferable securities, Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net money market instruments, cash and near cash, derivatives and Asset Value per Share shown in the table above are respectively forward transactions, deposits and units in collective investment equivalent to an Initial Charge of 5%, 3% or 10% of the gross schemes. amount subscribed. The Sub-Fund may use derivatives for the purposes of hedging The Global Distributor and Service Provider may rebate part or and/or efficient portfolio management. The Sub-Fund may all of the Initial Charge to various sub-distributors, intermediaries, enter into “OTC” derivatives limited to foreign exchange forward dealers and professional investors. transactions and for efficient portfolio management purposes only. The Management Fee, Administration Servicing Fee and 90% of the equity content of the Sub-Fund must be listed on Distribution Fee are calculated as percentages of the average an exchange which is a full member of the World Federation of net assets of each Class, accrued on each Valuation Day and Exchanges. payable monthly in arrears. The Global Distributor and Service The Sub-Fund may borrow up to 10% of its net assets, provided Provider may remit or rebate, part or all of the fees (excluding that such borrowings are made only on a temporary basis and are the Performance Fee) to various sub-distributors, intermediaries, permitted only to meet the Sub-Fund’s obligations in relation to dealers and professional investors. (i) the administration of the Sub-Fund relating to purchase or sale The Sub-Fund was launched on 28 November 2011 at an initial transactions; and/or (ii) the redemption or cancellation of Shares in subscription price of US dollars 20 or the approximate equivalent the Sub-Fund. Collateral arrangements with respect to the writing in another approved currency. Thereafter Shares will be issued at of options or the purchase or sale of forward or futures contracts Net Asset Value. are not deemed to constitute “borrowings” for the purpose of this Other Fees and Expenses restriction. The Sub-Fund is subject to other fees and expenses which Profile of the Typical Investor include, but are not limited to, custody, legal and audit The Sub-Fund is suitable for an investor who wishes to have the fees, printing expenses, the Luxembourg asset-based taxe investment exposure as set out in the Sub-Fund’s investment d’abonnement, fees and expenses incurred by the Board of objective and policy and is comfortable taking on the risks as set Directors and Conducting Persons; initial and ongoing listing fees; out in Appendix 1 entitled ‘Risk Factors’. Although an investor can and costs of registration in countries other than Luxembourg and redeem Shares at any time (subject to the conditions described other expenses permitted to be paid out of the assets of the Sub- in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Fund as set out in the full Prospectus. only suitable where the intended investment horizon is long-term. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Investing in any fund involves a risk to capital that could be large or Not available. small depending on various market conditions and investors must understand this volatility. Risk Warning Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Active Management Risk, Concentration Risk, Emerging Markets Risk and New Sub-Fund Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 30 Investment Information continued 28. Global Franchise Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long-term capital growth primarily Class Dividend Initial Management Administration Distribution through investment in shares of companies around the world. The Frequency Charge Fee Servicing Fee Sub-Fund will have a blend of investments and will be unrestricted for income % % per annum Fee % per annum in its choice of companies either by size or industry, or in terms classes % per annum of the geographical make-up of the portfolio. The Sub-Fund will A Annually 5.26% 1.50% 0.30% 0.00% focus investment on stocks deemed to be of high quality which C Annually 3.09% 2.50% 0.30% 0.00% are typically associated with global brands or franchises. F Annually 5.26% 1.25% 0.25% 0.75% The Sub-Fund may enter into OTC derivatives limited to foreign I Annually 5.26% 0.75% 0.15% 0.00% exchange forward transactions and for efficient portfolio S Annually 11.11% 0.00% 0.00% 0.00% management purposes only, 90% of the equity content of the The Initial Charge is a percentage of the Net Asset Value per Sub-Fund must be listed on an exchange which is a full member Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net of the World Federation of Exchanges. Asset Value per Share shown in the table above are respectively The Sub-Fund may borrow up to 10% of its net assets, provided equivalent to an Initial Charge of 5%, 3% or 10% of the gross that such borrowings are made only on a temporary basis and are amount subscribed. permitted only to meet the Sub-Fund’s obligations in relation to The Global Distributor and Service Provider may rebate part or all of (i) the administration of the Sub-Fund relating to purchase or sale the Initial Charge to various sub-distributors, intermediaries, dealers transactions; and/or (ii) the redemption or cancellation of Shares in and professional investors. the Sub-Fund. Collateral arrangements with respect to the writing The Management Fee, Administration Servicing Fee and Distribution of options or the purchase or sale of forward or futures contracts Fee are calculated as percentages of the average net assets of each are not deemed to constitute “borrowings” for the purpose of this Class, accrued on each Valuation Day and payable monthly in restriction. arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding the Performance Fee) to The Sub-Fund may not invest in UCIs and/or UCITS where such various sub-distributors, intermediaries, dealers and professional UCI and/or UCITS is itself a fund of funds or a feeder fund. investors. Sub-Investment Manager Other Fees and Expenses This Sub-Fund is managed by Investec Asset Management (Pty) The Sub-Fund is subject to other fees and expenses which Limited. include, but are not limited to, custody, legal and audit fees, printing expenses, the Luxembourg asset-based taxe Profile of the Typical Investor d’abonnement, fees and expenses incurred by the Board of The Sub-Fund is suitable for an investor who wishes to have the Directors and Conducting Persons; initial and ongoing listing fees; investment exposure as set out in the Sub-Fund’s investment and costs of registration in countries other than Luxembourg and objective and policy and is comfortable taking on the risks as set other expenses permitted to be paid out of the assets of the Sub- out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Fund as set out in the full Prospectus. redeem Shares at any time (subject to the conditions described in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” only suitable where the intended investment horizon is long-term. TER: as at 30 June 2011: A Accumulation Shares: 1.94%; Investing in any fund involves a risk to capital that could be large or A Income Shares: 1.93%; C Accumulation Shares: 2.89%; C Income Shares: 2.93%; F Accumulation Shares: 2.37%; small depending on various market conditions and investors must I Accumulation Shares: 1.08%; I Income Shares 1.08%; understand this volatility. S Accumulation Shares: 0.08%; S Income Shares: 0.08% Risk Warning The TER for a hedged share class is expected to be up to 0.10% Investors should read, be aware of and consider Section 4.3 of the higher than the equivalent non-hedged share class. However, this full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. figure may vary without prior written notice to Shareholders. The following risks set out in Appendix 1 may be more relevant for PTR: 24.04% for 12 months to 30 June 2011 this Sub-Fund: Active Management Risk and Concentration Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

31 Investec Global Strategy Fund Simplified Prospectus 29. EAFE Fund

Investment Objectives and Policy Other Fees and Expenses The Sub-Fund aims to achieve long term capital growth primarily The Sub-Fund is subject to other fees and expenses which through investment in the quoted equity securities of companies include, but are not limited to, custody, legal and audit in all economic sectors in any part of the world except the United fees, printing expenses, the Luxembourg asset-based taxe States of America. At least two-thirds of the Sub-Fund’s assets d’abonnement, fees and expenses incurred by the Board of will be invested in the equities of companies domiciled in Europe, Directors and Conducting Persons; initial and ongoing listing fees; Australasia and the Far East. and costs of registration in countries other than Luxembourg and The Sub-Fund may use derivatives for the purposes of hedging other expenses permitted to be paid out of the assets of the Sub- and/or efficient portfolio management. Fund as set out in the full Prospectus. The Sub-Fund may not invest in UCIs and/or UCITS where such Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” UCI and/or UCITS is itself a fund of funds or a feeder fund. TER: as at 30 June 2011: A Income Shares: 2.09%; F Accumulation Shares: 2.26%; S Income Shares: 0.22% Profile of the Typical Investor The TER for a hedged share class is expected to be up to 0.10% The Sub-Fund is suitable for an investor who wishes to have the higher than the equivalent non-hedged share class. However, this investment exposure as set out in the Sub-Fund’s investment figure may vary without prior written notice to Shareholders. objective and policy and is comfortable taking on the risks as set PTR: 227.81% for 12 months to 30 June 2011 out in Appendix 1 entitled ‘Risk Factors’. Although an investor can redeem Shares at any time (subject to the conditions described in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is only suitable where the intended investment horizon is long-term. Investing in any fund involves a risk to capital that could be large or small depending on various market conditions and investors must understand this volatility. Risk Warning Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Emerging Markets Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.25% 0.30% 0.00% F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00% The Initial Charge is a percentage of the Net Asset Value per Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed. The Global Distributor and Service Provider may rebate part or all of the Initial Charge to various sub-distributors, intermediaries, dealers and professional investors. The Management Fee, Administration Servicing Fee and Distribution Fee are calculated as percentages of the average net assets of each Class, accrued on each Valuation Day and payable monthly in arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding the Performance Fee) to various sub-distributors, intermediaries, dealers and professional investors.

Investec Global Strategy Fund Simplified Prospectus 32 Investment Information continued 30. American Equity Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve capital growth through investment Class Dividend Initial Management Administration Distribution principally in large US companies traded on the New York Frequency Charge Fee Servicing Fee Stock Exchange, although investment is also permitted in larger for income % % per annum Fee % per annum U.S. companies traded on the American Stock Exchange and classes % per annum NASDAQ. A Annually 5.26% 1.50% 0.30% 0.00% The Sub-Fund may not invest in UCIs and/or UCITS where such C Annually 3.09% 2.25% 0.30% 0.00% UCI and/or UCITS is itself a fund of funds or a feeder fund. F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% The Sub-Fund may enter into OTC derivatives limited to foreign S Annually 11.11% 0.00% 0.00% 0.00% exchange forward transactions and for efficient portfolio management purposes only, 90% of the equity content of the Sub-Fund must be listed on an exchange which is a full member The Initial Charge is a percentage of the Net Asset Value per of the World Federation of Exchanges. Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net The Sub-Fund may borrow up to 10% of its net assets, provided Asset Value per Share shown in the table above are respectively that such borrowings are made only on a temporary basis and are equivalent to an Initial Charge of 5%, 3% or 10% of the gross permitted only to meet the Sub-Fund’s obligations in relation to amount subscribed. (i) the administration of the Sub-Fund relating to purchase or sale The Global Distributor and Service Provider may rebate part or transactions; and/or (ii) the redemption or cancellation of Shares in all of the Initial Charge to various sub-distributors, intermediaries, the Sub-Fund. Collateral arrangements with respect to the writing dealers and professional investors. of options or the purchase or sale of forward or futures contracts The Management Fee, Administration Servicing Fee and are not deemed to constitute “borrowings” for the purpose of this Distribution Fee are calculated as percentages of the average restriction. net assets of each Class, accrued on each Valuation Day and Sub-Investment Manager payable monthly in arrears. The Global Distributor and Service This Sub-Fund is managed by Thornburg Investment Provider may remit or rebate, part or all of the fees (excluding Management Inc. the Performance Fee) to various sub-distributors, intermediaries, dealers and professional investors. Profile of the Typical Investor The Sub-Fund is suitable for an investor who wishes to have the Other Fees and Expenses investment exposure as set out in the Sub-Fund’s investment The Sub-Fund is subject to other fees and expenses which objective and policy and is comfortable taking on the risks as set include, but are not limited to, custody, legal and audit out in Appendix 1 entitled ‘Risk Factors’. Although an investor can fees, printing expenses, the Luxembourg asset-based taxe redeem Shares at any time (subject to the conditions described d’abonnement, fees and expenses incurred by the Board of in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Directors and Conducting Persons; initial and ongoing listing fees; only suitable where the intended investment horizon is long-term. and costs of registration in countries other than Luxembourg and Investing in any fund involves a risk to capital that could be large or other expenses permitted to be paid out of the assets of the Sub- small depending on various market conditions and investors must Fund as set out in the full Prospectus. understand this volatility. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Risk Warning TER: as at 30 June 2011: A Accumulation Shares: 1.96%, Investors should read, be aware of and consider Section 4.3 of A Income Shares: 1.91%; C Income Shares: 2.67%; the full Prospectus and all of the ‘Risk Factors’ set out in Appendix F Accumulation Shares: 2.12%; I Accumulation Shares: 0.94%; I Income Shares: 0.92% 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Hedged Share Classes Risk, and Sector and The TER for a hedged share class is expected to be up to 0.10% Geographical Risk. Investors should be aware that other risks may higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. also be relevant to this Sub-Fund. PTR: 7.12% for 12 months to 30 June 2011 Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

33 Investec Global Strategy Fund Simplified Prospectus 31. U.K. Equity Fund

Investment Objectives and Policy The Global Distributor and Service Provider may rebate part or all of The Sub-Fund aims to achieve capital appreciation primarily the Initial Charge to various sub-distributors, intermediaries, dealers through investment in quoted U.K. equity securities. and professional investors. The Management Fee, Administration Servicing Fee and Distribution The Sub-Fund may not invest in UCIs and/or UCITS where such Fee are calculated as percentages of the average net assets of each UCI and/or UCITS is itself a fund of funds or a feeder fund. Class, accrued on each Valuation Day and payable monthly in The Sub-Fund may enter into OTC derivatives limited to foreign arrears. The Global Distributor and Service Provider may remit or exchange forward transactions and for efficient portfolio rebate, part or all of the fees (excluding the Performance Fee) to various sub-distributors, intermediaries, dealers and professional management purposes only, 90% of the equity content of the investors. Sub-Fund must be listed on an exchange which is a full member of the World Federation of Exchanges. Other Fees and Expenses The Sub-Fund is subject to other fees and expenses which The Sub-Fund may borrow up to 10% of its net assets, provided include, but are not limited to, custody, legal and audit that such borrowings are made only on a temporary basis and are fees, printing expenses, the Luxembourg asset-based taxe permitted only to meet the Sub-Fund’s obligations in relation to d’abonnement, fees and expenses incurred by the Board of (i) the administration of the Sub-Fund relating to purchase or sale Directors and Conducting Persons; initial and ongoing listing fees; transactions; and/or (ii) the redemption or cancellation of Shares in and costs of registration in countries other than Luxembourg and the Sub-Fund. Collateral arrangements with respect to the writing other expenses permitted to be paid out of the assets of the Sub- of options or the purchase or sale of forward or futures contracts Fund as set out in the full Prospectus. are not deemed to constitute “borrowings” for the purpose of this restriction. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” TER: 30 June 2011: A Accumulation Shares: 1.93%; A Income Profile of the Typical Investor Shares: 1.93%; C Income Shares: 2.68%; F Accumulation (USD) The Sub-Fund is suitable for an investor who wishes to have the Shares: 2.13% investment exposure as set out in the Sub-Fund’s investment objective and policy and is comfortable taking on the risks as set The TER for a hedged share class is expected to be up to 0.10% out in Appendix 1 entitled ‘Risk Factors’. Although an investor can higher than the equivalent non-hedged share class. However, this redeem Shares at any time (subject to the conditions described figure may vary without prior written notice to Shareholders. in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is PTR: 59.27% for 12 months to 30 June 2011 only suitable where the intended investment horizon is long-term. Investing in any fund involves a risk to capital that could be large or small depending on various market conditions and investors must understand this volatility. Risk Warning Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Hedged Share Classes Risk, and Sector and Geographical Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency Sterling Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.25% 0.30% 0.00% F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00% The Initial Charge is a percentage of the Net Asset Value per Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed.

Investec Global Strategy Fund Simplified Prospectus 34 Investment Information continued 32. Asian Equity Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to provide long-term capital growth primarily Class Dividend Initial Management Administration Distribution through investment in equities of companies established and Frequency Charge Fee Servicing Fee listed on a recognised exchange in Asia, excluding Japan. The for income % % per annum Fee % per annum Sub-Fund will invest primarily in the markets of Hong Kong, classes % per annum Singapore, Malaysia, Thailand, Taiwan, South Korea, The A Annually 5.26% 1.50% 0.30% 0.00% Philippines, Indonesia, China and India, but may also invest in C Annually 3.09% 2.25% 0.30% 0.00% the region’s other markets such as Australia and New Zealand. F Annually 5.26% 1.00% 0.25% 0.75% The stock selection process will be research driven, taking into I Annually 5.26% 0.75% 0.15% 0.00% account both macroeconomic developments and stock specific S Annually 11.11% 0.00% 0.00% 0.00% factors. Country, economic sector and stock selection are likely to be important drivers of the Sub-Fund’s performance over time. The Initial Charge is a percentage of the Net Asset Value per Where investments are made in assets not denominated in U.S. Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Dollars, efficient portfolio management techniques may be used to Asset Value per Share shown in the table above are respectively minimise any currency risk. At least two-thirds of the investments equivalent to an Initial Charge of 5%, 3% or 10% of the gross shall be made in the equities described above. amount subscribed. The Sub-Fund may not invest in UCIs and/or UCITS where such The Global Distributor and Service Provider may rebate part or UCI and/or UCITS is itself a fund of funds or a feeder fund. all of the Initial Charge to various sub-distributors, intermediaries, dealers and professional investors. The Sub-Fund may enter into OTC derivatives limited to foreign exchange forward transactions and for efficient portfolio The Management Fee, Administration Servicing Fee and management purposes only, 90% of the equity content of the Distribution Fee are calculated as percentages of the average Sub-Fund must be listed on an exchange which is a full member net assets of each Class, accrued on each Valuation Day and of the World Federation of Exchanges. payable monthly in arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding The Sub-Fund may borrow up to 10% of its net assets, provided the Performance Fee) to various sub-distributors, intermediaries, that such borrowings are made only on a temporary basis and are dealers and professional investors. permitted only to meet the Sub-Fund’s obligations in relation to (i) the administration of the Sub-Fund relating to purchase or sale Other Fees and Expenses transactions; and/or (ii) the redemption or cancellation of Shares in The Sub-Fund is subject to other fees and expenses which the Sub-Fund. Collateral arrangements with respect to the writing include, but are not limited to, custody, legal and audit of options or the purchase or sale of forward or futures contracts fees, printing expenses, the Luxembourg asset-based taxe are not deemed to constitute “borrowings” for the purpose of this d’abonnement, fees and expenses incurred by the Board of restriction. Directors and Conducting Persons; initial and ongoing listing fees; Profile of the Typical Investor and costs of registration in countries other than Luxembourg and The Sub-Fund is suitable for an investor who wishes to have the other expenses permitted to be paid out of the assets of the Sub- investment exposure as set out in the Sub-Fund’s investment Fund as set out in the full Prospectus. objective and policy and is comfortable taking on the risks as set Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” out in Appendix 1 entitled ‘Risk Factors’. Although an investor can TER: as at 30 June 2011: A Accumulation Shares: 2.00%; A redeem Shares at any time (subject to the conditions described Income Shares: 1.98%; C Income Shares: 2.73%; in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is F Accumulation Shares: 2.19%; I Accumulation Shares: 0.99% only suitable where the intended investment horizon is long-term. The TER for a hedged share class is expected to be up to 0.10% Investing in any fund involves a risk to capital that could be large or higher than the equivalent non-hedged share class. However, this small depending on various market conditions and investors must figure may vary without prior written notice to Shareholders. understand this volatility. PTR: 45.40% for 12 months to 30 June 2011 Risk Warning Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Accounting Risk, Emerging Markets Risk, Fraud Risk, Future Risk, Hedged Share Classes Risk, Political Risk, Pricing & Liquidity Risk, Risk of Remittance Restrictions and Sector and Geographical Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

35 Investec Global Strategy Fund Simplified Prospectus 33. Asia Pacific Equity Fund

Fees and Dividend Frequency Investment Objectives and Policy Class Dividend Initial Management Administration Distribution The Sub-Fund aims to provide long-term capital growth primarily Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum through investment in equities of companies established and listed classes % per annum on a recognised exchange in Asia Pacific, excluding Japan. The Sub-Fund will invest primarily in the markets of Australia, Hong A Annually 5.26% 1.50% 0.30% 0.00% Kong, Singapore, Malaysia, Thailand, Taiwan, South Korea, the C Annually 3.09% 2.25% 0.30% 0.00% Philippines, Indonesia, China, India and New Zealand. F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% The Sub-Fund may not invest in UCIs and/or UCITS where such UCI and/or UCITS is itself a fund of funds or a feeder fund. S Annually 11.11% 0.00% 0.00% 0.00% The Sub-Fund may enter into OTC derivatives limited to foreign The Initial Charge is a percentage of the Net Asset Value per exchange forward transactions and for efficient portfolio Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net management purposes only. 90% of the equity content of the Asset Value per Share shown in the table above are respectively Sub-Fund must be listed on an exchange which is a full member equivalent to an Initial Charge of 5%, 3% or 10% of the gross of the World Federation of Exchanges. amount subscribed. The Sub-Fund may borrow up to 10% of its net assets, provided The Global Distributor and Service Provider may rebate part or that such borrowings are made only on a temporary basis and are all of the Initial Charge to various sub-distributors, intermediaries, permitted only to meet the Sub-Fund’s obligations in relation to dealers and professional investors. (i) the administration of the Sub-Fund relating to purchase or sale The Management Fee, Administration Servicing Fee and transactions; and/or (ii) the redemption or cancellation of Shares in Distribution Fee are calculated as percentages of the average the Sub-Fund. Collateral arrangements with respect to the writing net assets of each Class, accrued on each Valuation Day and of options or the purchase or sale of forward or futures contracts payable monthly in arrears. The Global Distributor and Service are not deemed to constitute “borrowings” for the purpose of this Provider may remit or rebate, part or all of the fees (excluding restriction. the Performance Fee) to various sub-distributors, intermediaries, Investments in the Chinese A-share market will only be made dealers and professional investors. indirectly through other instruments such as participatory notes, Other Fees and Expenses equity linked notes, structured notes, other UCI’s and UCITS The Sub-Fund is subject to other fees and expenses which and any other related instrument whose performance is linked include, but are not limited to, custody, legal and audit to Chinese securities. In this respect, the Sub-Fund may, as a fees, printing expenses, the Luxembourg asset-based taxe general principle, not have an exposure of more than 10% of its d’abonnement, fees and expenses incurred by the Board of net assets to Chinese A-shares. Directors and Conducting Persons; initial and ongoing listing fees; Profile of the Typical Investor and costs of registration in countries other than Luxembourg and The Sub-Fund is suitable for an investor who wishes to have the other expenses permitted to be paid out of the assets of the Sub- investment exposure as set out in the Sub-Fund’s investment Fund as set out in the full Prospectus. objective and policy and is comfortable taking on the risks as set Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” out in Appendix 1 entitled ‘Risk Factors’. Although an investor can TER: as at 30 June 2011: A Accumulation Shares: 1.98%, redeem Shares at any time (subject to the conditions described A Income Shares: 2.04%; C Income Shares: 2.98%; in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is F Accumulation Shares: 2.22%; I Accumulation Shares: 1.01%; only suitable where the intended investment horizon is long-term. S Accumulation Shares: 0.19% Investing in any fund involves a risk to capital that could be large or The TER for a hedged share class is expected to be up to 0.10% small depending on various market conditions and investors must higher than the equivalent non-hedged share class. However, this understand this volatility. figure may vary without prior written notice to Shareholders. Risk Warning PTR: 81.63% for 12 months to 30 June 2011 Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Accounting Risk, Concentration Risk, Emerging Markets Risk, Fraud Risk, Future Risk, Hedged Share Classes Risk, Political Risk, Pricing & Liquidity Risk, Risk of Remittance Restrictions and Sector and Geographical Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 36 Investment Information continued 34. Emerging Markets Equity Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund will aim to achieve long term capital growth Class Dividend Initial Management Administration Distribution primarily through investment in equities or equity-related securities Frequency Charge Fee Servicing Fee of companies established and/or listed on an exchange in for income % % per annum Fee % per annum emerging markets, or companies which are established and/or classes % per annum listed on exchanges outside emerging markets but which carry A Annually 5.26% 1.50% 0.30% 0.00% out a significant proportion of their economic activity in emerging C Annually 3.09% 2.50% 0.30% 0.00% markets and/or are controlled by entities established and/or listed F Annually 5.26% 1.25% 0.25% 0.75% in emerging markets. I Annually 5.26% 0.75% 0.15% 0.00% The Sub-Fund may hold other transferable securities, money S Annually 11.11% 0.00% 0.00% 0.00% market instruments, cash or near cash, deposits and units in The Initial Charge is a percentage of the Net Asset Value per collective investment schemes. Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net The Sub-Fund may not invest in UCIs and/or UCITS where any Asset Value per Share shown in the table above are respectively such UCI and/or UCITS is itself a fund of funds or a feeder fund. equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed. The Sub-Fund may borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis. The Global Distributor and Service Provider may rebate part or Collateral arrangements with respect to the writing of options all of the Initial Charge to various sub-distributors, intermediaries, or the purchase or sale of forward or futures contracts are dealers and professional investors. not deemed to constitute “borrowings” for the purpose of this The Management Fee, Administration Servicing Fee and restriction. Distribution Fee are calculated as percentages of the average The Sub-Fund may use derivatives for the purposes of hedging net assets of each Class, accrued on each Valuation Day and only. payable monthly in arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding Investments in the China A-Share market will only be made the Performance Fee) to various sub-distributors, intermediaries, indirectly. In this respect, the Sub-Fund may, as a general dealers and professional investors. principle, not have an indirect exposure of more than 10% of its net assets to China A-Shares. Other Fees and Expenses The Sub-Fund is subject to other fees and expenses which Profile of the Typical Investor include, but are not limited to, custody, legal and audit The Sub-Fund is suitable for an investor who wishes to have the fees, printing expenses, the Luxembourg asset-based taxe investment exposure as set out in the Sub-Fund’s investment d’abonnement, fees and expenses incurred by the Board of objective and policy and is comfortable taking on the risks as set Directors and Conducting Persons; initial and ongoing listing fees; out in Appendix 1 entitled ‘Risk Factors’. Although an investor can and costs of registration in countries other than Luxembourg and redeem Shares at any time, this Sub-Fund is only suitable where other expenses permitted to be paid out of the assets of the Sub- the intended investment horizon is long-term. Investing in any fund Fund as set out in the full Prospectus. involves a risk to capital that could be large or small depending on various market conditions and investors must understand this Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” volatility. TER: as at 30 June 2011: A Accumulation Shares: 2.02%; C Accumulation Shares: 3.44%; F Accumulation Shares: 2.40%; Risk Warning I Accumulation Shares: 0.98%; S Accumulation Shares: 0.20% Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix Please note, as this Sub-Fund was launched during the year, the 1. The following risks set out in Appendix 1 may be more relevant TER includes costs associated with its launch. for this Sub-Fund: Accounting Risk, Active Management Risk, The TER for a hedged share class is expected to be up to 0.10% Concentration Risk, Currency Denomination Risk, Emerging higher than the equivalent non-hedged share class. However, this Markets Risk, Exchange Rate Fluctuation Risk, Fraud Risk, Future figure may vary without prior written notice to shareholders. Risk, Investment in Russia Risk, New Sub-Fund, Political Risk, Pricing & Liquidity Risk, Risk of Remittance Restrictions and PTR: 32.18% for 3 months to 30 June 2011 Sector and Geographical Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

37 Investec Global Strategy Fund Simplified Prospectus 35. Latin American Equity Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund will aim to achieve long term capital growth Class Dividend Initial Management Administration Distribution primarily through investment in equities or equity-related securities Frequency Charge Fee Servicing Fee of companies incorporated in Latin America, companies for income % % per annum Fee % per annum incorporated outside of Latin America but which carry out a classes % per annum significant proportion (more than 50%) of their operations in Latin A Annually 5.26% 1.50% 0.30% 0.00% America and/or companies incorporated outside of Latin America C Annually 3.09% 2.50% 0.30% 0.00% which are controlled by entities established in Latin America. F Annually 5.26% 1.25% 0.25% 0.75% The Sub-Fund may hold other transferable securities, money I Annually 5.26% 1.00% 0.15% 0.00% market instruments, cash or near cash, deposits and units in S Annually 11.11% 0.00% 0.00% 0.00% collective investment schemes. The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund may not invest in UCIs and/or UCITS where such Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net UCI and/or UCITS is itself a fund of funds or a feeder fund. Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross The Sub-Fund may borrow up to 10% of its net assets, provided amount subscribed. that such borrowings are made only on a temporary basis and are permitted only to meet the Sub-Fund’s obligations in relation to (i) The Global Distributor and Service Provider may rebate part or the administration of the Sub-Fund. relating to purchase or sale all of the Initial Charge to various sub-distributors, intermediaries, transactions; and/or (ii) the redemption or cancellation of Shares in dealers and professional investors. the Sub-Fund. Collateral arrangements with respect to the writing The Management Fee, Administration Servicing Fee and of options or the purchase or sale of forward or futures contracts Distribution Fee are calculated as percentages of the average are not deemed to constitute “borrowings” for the purpose of this net assets of each Class, accrued on each Valuation Day and restriction. payable monthly in arrears. The Global Distributor and Service The Sub-Fund may use derivatives for the purposes of hedging Provider may remit or rebate, part or all of the fees (excluding only. the Performance Fee) to various sub-distributors, intermediaries, dealers and professional investors. Sub-investment Manager This Sub-Fund is managed by Compass Group LLC. Other Fees and Expenses The Sub-Fund is subject to other fees and expenses which Profile of the Typical Investor include, but are not limited to, custody, legal and audit The Sub-Fund is suitable for an investor who wishes to have the fees, printing expenses, the Luxembourg asset-based taxe investment exposure as set out in the Sub-Fund’s investment d’abonnement, fees and expenses incurred by the Board of objective and policy and is comfortable taking on the risks as set Directors and Conducting Persons; initial and ongoing listing fees; out in Appendix 1 entitled ‘Risk Factors’. Although an investor can and costs of registration in countries other than Luxembourg and redeem Shares at any time (subject to the conditions described other expenses permitted to be paid out of the assets of the Sub- in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Fund as set out in the full Prospectus. only suitable where the intended investment horizon is long-term. Investing in any fund involves a risk to capital that could be large or Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” small depending on various market conditions and investors must TER: as at 30 June 2011: A Accumulation Shares: 2.04%; understand this volatility. C Accumlation Shares: 3.00%; F Accumulation Shares: 2.50%; I Accumulation Shares: 1.34% Prospective investors should note that any days which are public holidays in Brazil to cover the Carnival Holiday Period are not The TER for a hedged share class is expected to be up to 0.10% business days and subscriptions, redemptions and conversion will higher than the equivalent non-hedged share class. However, this not be facilitated on those days. figure may vary without prior written notice to Shareholders. Risk Warning PTR: 172.20% for 8 months to 30 June 2011 Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Active Management Risk, Currency Denomination Risk, Emerging Market Risk, Sector and Geographical Risk and Smaller Company Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 38 Investment Information continued 36. Continental European Equity Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve capital growth by investing mainly Class Dividend Initial Management Administration Distribution in continental European-quoted equity instruments of companies Frequency Charge Fee Servicing Fee domiciled in, or established in another country but carrying out for income % % per annum Fee % per annum their business activities predominantly in, continental Europe, classes % per annum including those of France, Germany, Spain, Italy and Switzerland. A Annually 5.26% 1.50% 0.30% 0.00% Shareholders should note that the dividend yield from this C Annually 3.09% 2.25% 0.30% 0.00% Sub-Fund is likely to be very low since dividend yields on many D Annually 5.26% 2.00% 0.30% 0.00% European equities are minimal. F Annually 5.26% 1.00% 0.25% 0.75% The Sub-Fund may not invest in UCIs and/or UCITS where such I Annually 5.26% 0.75% 0.15% 0.00% UCI and/or UCITS is itself a fund of funds or a feeder fund. S Annually 11.11% 0.00% 0.00% 0.00% The Sub-Fund may enter into OTC derivatives limited to foreign The Initial Charge is a percentage of the Net Asset Value per exchange forward transactions and for efficient portfolio Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net management purposes only, 90% of the equity content of the Asset Value per Share shown in the table above are respectively Sub-Fund must be listed on an exchange which is a full member equivalent to an Initial Charge of 5%, 3% or 10% of the gross of the World Federation of Exchanges. amount subscribed. The Sub-Fund may borrow up to 10% of its net assets, provided The Global Distributor and Service Provider may rebate part or that such borrowings are made only on a temporary basis and are all of the Initial Charge to various sub-distributors, intermediaries, permitted only to meet the Sub-Fund’s obligations in relation to dealers and professional investors. (i) the administration of the Sub-Fund relating to purchase or sale The Management Fee, Administration Servicing Fee and transactions; and/or (ii) the redemption or cancellation of Shares in Distribution Fee are calculated as percentages of the average the Sub-Fund. Collateral arrangements with respect to the writing net assets of each Class, accrued on each Valuation Day and of options or the purchase or sale of forward or futures contracts payable monthly in arrears. The Global Distributor and Service are not deemed to constitute “borrowings” for the purpose of this Provider may remit or rebate, part or all of the fees (excluding restriction. the Performance Fee) to various sub-distributors, intermediaries, Profile of the Typical Investor dealers and professional investors. The Sub-Fund is suitable for an investor who wishes to have the Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” investment exposure as set out in the Sub-Fund’s investment TER: as at 30 June 2011: A Accumulation Shares: 2.22%; objective and policy and is comfortable taking on the risks as set A Accumulation (EUR) Shares: 1.94%; A Income Shares: 1.94%; out in Appendix 1 entitled ‘Risk Factors’. Although an investor can C Income Shares: 2.69%; D Income Shares: 2.44%; redeem Shares at any time (subject to the conditions described F Accumulation Shares: 2.14% in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is The TER for a hedged share class is expected to be up to 0.10% only suitable where the intended investment horizon is long-term. higher than the equivalent non-hedged share class. However, this Investing in any fund involves a risk to capital that could be large or figure may vary without prior written notice to Shareholders. small depending on various market conditions and investors must PTR: 57.04% for 12 months to 30 June 2011 understand this volatility. Risk Warning Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Sector and Geographical Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

39 Investec Global Strategy Fund Simplified Prospectus 37. Africa Opportunities Fund

Investment Objectives and Policy The Global Distributor and Service Provider may rebate part or The investment objective of the Sub-Fund is to achieve long term all of the Initial Charge to various sub-distributors, intermediaries, total returns primarily through investment in equities of companies dealers and professional investors. which are either domiciled in Africa, or which are established The Management Fee, Administration Servicing Fee and elsewhere but which are expecting a meaningful or growing Distribution Fee are calculated as percentages of the average proportion of their business activities to be exposed to African net assets of each Class, accrued on each Valuation Day and opportunities. payable monthly in arrears. The Global Distributor and Service The Sub-Fund may also invest in units in collective investment Provider may remit or rebate, part or all of the fees (excluding schemes, money market instruments, cash and deposits. the Performance Fee) to various sub-distributors, intermediaries, The Sub-Fund may use derivatives for the purposes of hedging dealers and professional investors. only. Other Fees and Expenses Sub-Investment Manager The Sub-Fund is subject to other fees and expenses which This Sub-Fund is managed by Investec Asset Management (Pty) include, but are not limited to, custody, legal and audit Limited. fees, printing expenses, the Luxembourg asset-based taxe Profile of the Typical Investor d’abonnement, fees and expenses incurred by the Board of The Sub-Fund is suitable for an investor who wishes to have the Directors and Conducting Persons; initial and ongoing listing fees; investment exposure as set out in the Sub-Fund’s investment and costs of registration in countries other than Luxembourg and objective and policy and is comfortable taking on the risks as set other expenses permitted to be paid out of the assets of the Sub- out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Fund as set out in the full Prospectus. redeem Shares at any time (subject to the conditions described Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is TER: as at 30 June 2011: A Accumulation Shares: 2.55%; only suitable where the intended investment horizon is long-term. C Accumulation Shares: 3.44%; F Accumulation Shares: 3.01%; Investing in any fund involves a risk to capital that could be large or I Accumulation Shares: 1.35%; I Accumulation (JPY) Shares: small depending on various market conditions and investors must 1.31% understand this volatility. The TER for a hedged share class is expected to be up to 0.10% Risk Warning higher than the equivalent non-hedged share class. However, this Investors should read, be aware of and consider Section 4.3 of figure may vary without prior written notice to Shareholders. the full Prospectus and all of the ‘Risk Factors’ set out in Appendix PTR: 22.07% for 12 months to 30 June 2011 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Ability to Trade or Settle Risk, Accounting Risk, Active Management Risk, Custody Risk, Emerging Markets Risk, Fraud Risk, Future Risk, Hedged Share Classes Risk, Initial Public Offering Risk, Risk of Market Closure, Political Risk, Pricing & Dilution Risk, Pricing & Liquidity Risk, Prudency Risk, Risk of Remittance Restrictions, Sector and Geographical Risk, Smaller Companies Risk and Risk of Suspension. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Dividend Initial Management Administration Distribution Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Annually 5.26% 2.00% 0.30% 0.00% C Annually 3.09% 2.75% 0.30% 0.00% F Annually 5.26% 1.75% 0.25% 0.75% I Annually 5.26% 1.00% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00% The Initial Charge is a percentage of the Net Asset Value per Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed.

Investec Global Strategy Fund Simplified Prospectus 40 Investment Information continued 38. Africa & Middle East Fund

Investment Objectives and Policy Fees and Dividend Frequency The investment objective of the Sub-Fund is to achieve long term Class Dividend Initial Management Administration Distribution total returns primarily through investment in equities of companies Frequency Charge Fee Servicing Fee which are either domiciled in Africa or the Middle East, or which for income % % per annum Fee % per annum are established elsewhere but which carry out a significant classes % per annum proportion of their operations from Africa and/or the Middle East. A Annually 5.26% 2.25% 0.30% 0.00% At least two-thirds of the Sub-Fund’s total assets will be invested C Annually 3.09% 3.00% 0.30% 0.00% in equities of companies which are either domiciled in Africa or the F Annually 5.26% 2.00% 0.25% 0.75% Middle East or which are established elsewhere but which carry I Annually 5.26% 0.95% 0.15% 0.00% out a significant proportion of their operations from Africa and/or S Annually 11.11% 0.00% 0.00% 0.00% the Middle East. Up to one-third of the Sub-Fund’s total assets may be invested in The Initial Charge is a percentage of the Net Asset Value per the equities of companies domiciled or operating outside Africa Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net and/or the Middle East, or in other transferable securities. Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross The Sub-Fund may also invest in units in collective investment amount subscribed. schemes, money market instruments, cash and deposits. The Global Distributor and Service Provider may rebate part or The Sub-Fund may use derivatives for the purposes of hedging all of the Initial Charge to various sub-distributors, intermediaries, and/or efficient portfolio management. dealers and professional investors. Sub-Investment Manager The Management Fee, Administration Servicing Fee and This Sub-Fund is managed by Investec Asset Management (Pty) Distribution Fee are calculated as percentages of the average net Limited. assets of each Class, accrued on each Valuation Day and payable Profile of the Typical Investor monthly in arrears. The Global Distributor and Service Provider The Sub-Fund is suitable for an investor who wishes to have the may remit or rebate, part investment exposure as set out in the Sub-Fund’s investment Other Fees and Expenses objective and policy and is comfortable taking on the risks as set The Sub-Fund is subject to other fees and expenses which out in Appendix 1 entitled ‘Risk Factors’. Although an investor can include, but are not limited to, custody, legal and audit redeem Shares at any time (subject to the conditions described fees, printing expenses, the Luxembourg asset-based taxe in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is d’abonnement, fees and expenses incurred by the Board of only suitable where the intended investment horizon is long-term. Directors and Conducting Persons; initial and ongoing listing fees; Investing in any fund involves a risk to capital that could be large or and costs of registration in countries other than Luxembourg and small depending on various market conditions and investors must other expenses permitted to be paid out of the assets of the Sub- understand this volatility. Fund as set out in the full Prospectus. Prospective investors should note that Fridays and any days which Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” are public holidays in the Middle East to cover the Post Ramadan TER: as at 30 June 2011: A Accumulation Shares: 2.94%; F Holiday period and the Hajj Season (Pilgrimage Holiday) are not Accumulation Shares: 3.36%; I Accumulation Shares: 1.39%; business days and subscriptions, redemptions and conversions S Accumulation Shares: 0.31% will not be facilitated on those days. The TER for a hedged share class is expected to be up to 0.10% Risk Warning higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix PTR: 109.86% for 12 months to 30 June 2011 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Ability to Trade or Settle Risk, Accounting Risk, Active Management Risk, Custody Risk, Emerging Markets Risk, Fraud Risk, Future Risk, Hedged Share Classes Risk, Initial Public Offering Risk, Risk of Market Closure, Political Risk, Pricing & Dilution Risk, Pricing & Liquidity Risk, Prudency Risk, Risk of Remittance Restrictions, Sector and Geographical Risk, Smaller Companies Risk and Risk of Suspension. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

41 Investec Global Strategy Fund Simplified Prospectus 39. Middle East & North Africa Fund

Investment Objectives and Policy Fees and Dividend Frequency The investment objective of the Sub-Fund is to achieve long term Class Frequency Charge Fee Servicing Fee total returns primarily through investment in equities of companies for income % % per annum Fee % per annum which are either domiciled in the Middle East or North Africa or classes % per annum which are established elsewhere but which carry out a significant proportion of their operations from the Middle East and/or North A Annually 5.26% 2.00% 0.30% 0.00% C Annually 3.09% 2.75% 0.30% 0.00% Africa. F Annually 5.26% 1.75% 0.25% 0.75% At least two-thirds of the Sub-Fund’s total assets will be invested I Annually 5.26% 1.00% 0.15% 0.00% in the equities of companies which are either domiciled in the S Annually 11.11% 0.00% 0.00% 0.00% Middle East or North Africa or which are established elsewhere but The Initial Charge is a percentage of the Net Asset Value per which carry out a significant proportion of their operations from the Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Middle East and/or North Africa. Asset Value per Share shown in the table above are respectively Up to one-third of the Sub-Fund’s total assets may be invested equivalent to an Initial Charge of 5%, 3% or 10% of the gross in the equities of companies domiciled or operating outside the amount subscribed. Middle East and/or North Africa, or in other transferable securities. The Global Distributor and Service Provider may rebate part or The Sub-Fund may also invest in units in collective investment all of the Initial Charge to various sub-distributors, intermediaries, schemes, money market instruments, cash and deposits. dealers and professional investors. The Sub-Fund may use derivatives for the purposes of hedging The Management Fee, Administration Servicing Fee and and/or efficient portfolio management. Distribution Fee are calculated as percentages of the average Profile of the Typical Investor net assets of each Class, accrued on each Valuation Day and The Sub-Fund is suitable for an investor who wishes to have the payable monthly in arrears. The Global Distributor and Service investment exposure as set out in the Sub-Fund’s investment Provider may remit or rebate, part or all of the fees (excluding objective and policy and is comfortable taking on the risks as set the Performance Fee) to various sub-distributors, intermediaries, out in Appendix 1 entitled ‘Risk Factors’. Although an investor can dealers and professional investors. redeem Shares at any time (subject to the conditions described Other Fees and Expenses in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is The Sub-Fund is subject to other fees and expenses which only suitable where the intended investment horizon is long-term. include, but are not limited to, custody, legal and audit Investing in any fund involves a risk to capital that could be large or fees, printing expenses, the Luxembourg asset-based taxe small depending on various market conditions and investors must d’abonnement, fees and expenses incurred by the Board of understand this volatility. Directors and Conducting Persons; initial and ongoing listing fees; Prospective investors should note that Fridays and any days which and costs of registration in countries other than Luxembourg and are public holidays in the Middle East to cover the Post Ramadan other expenses permitted to be paid out of the assets of the Sub- Holiday period and the Hajj Season (Pilgrimage Holiday) are not Fund as set out in the full Prospectus. business days and subscriptions, redemptions and conversions Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” will not be facilitated on those days. TER: as at 30 June 2011: A Accumulation Shares: 2.75%; F Accumulation Shares: 3.14%; S Accumulation Shares: 0.34% Risk Warning Investors should read, be aware of and consider Section 4.3 of The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this the full Prospectus and all of the ‘Risk Factors’ set out in Appendix figure may vary without prior written notice to Shareholders. 1. The following risks set out in Appendix 1 may be more relevant PTR: 175.80% for 12 months to 30 June 2011 for this Sub-Fund: Accounting Risk, Active Management Risk, Custody Risk, Emerging Markets Risk, Fair Value Accounting Risk, Fraud Risk, Future Risk, Hedged Share Classes Risk, Initial Public Offering Risk, Risk of Market Closure, Political Risk, Pricing & Liquidity Risk, Risk of Remittance Restrictions, Sector and Geographical Risk, Smaller Company Risk and Risk of Suspension. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

Investec Global Strategy Fund Simplified Prospectus 42 Investment Information continued 40. Global Energy Fund

Investment Objectives and Policy The Global Distributor and Service Provider may rebate part or The Sub-Fund aims to achieve capital growth by investing in the all of the Initial Charge to various sub-distributors, intermediaries, equity instruments of internationally quoted companies throughout dealers and professional investors. the world involved in the exploration, production or distribution of The Management Fee, Administration Servicing Fee and oil, gas and other energy sources. In addition, investments may Distribution Fee are calculated as percentages of the average also be made in companies which service the energy industry. net assets of each Class, accrued on each Valuation Day and The Sub-Fund may not invest in UCIs and/or UCITS where such payable monthly in arrears. The Global Distributor and Service UCI and/or UCITS is itself a fund of funds or a feeder fund. Provider may remit or rebate, part or all of the fees (excluding The Sub-Fund may enter into OTC derivatives for hedging and/ the Performance Fee) to various sub-distributors, intermediaries, or efficient portfolio management purposes. 90% of the equity dealers and professional investors. content of the Sub-Fund must be listed on an exchange which is a Other Fees and Expenses full member of the World Federation of Exchanges. The Sub-Fund is subject to other fees and expenses which The Sub-Fund may borrow up to 10% of its net assets, provided include, but are not limited to, custody, legal and audit that such borrowings are made only on a temporary basis and are fees, printing expenses, the Luxembourg asset-based taxe permitted only to meet the Sub-Fund’s obligations in relation to d’abonnement, fees and expenses incurred by the Board of (i) the administration of the Sub-Fund relating to purchase or sale Directors and Conducting Persons; initial and ongoing listing fees; transactions; and/or (ii) the redemption or cancellation of Shares in and costs of registration in countries other than Luxembourg and the Sub-Fund. Collateral arrangements with respect to the writing other expenses permitted to be paid out of the assets of the Sub- of options or the purchase or sale of forward or futures contracts Fund as set out in the full Prospectus. are not deemed to constitute “borrowings” for the purpose of this Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” restriction. TER: as at 30 June 2011: A Accumulation Shares: 1.95%; Profile of the Typical Investor A Accumulation (EUR) Shares: 1.93%; A Accumulation The Sub-Fund is suitable for an investor who wishes to have the (SGD Hedged) Shares: 2.18%; A Income Shares: 1.92%; C investment exposure as set out in the Sub-Fund’s investment Accumulation (SGD Hedged) Shares: 2.74%; C Income Shares: objective and policy and is comfortable taking on the risks as set 2.67%; F Accumulation Shares: 2.13%; F Accumulation (EUR) out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Shares: 2.13%; F Accumulation (SGD Hedged) Shares: 2.21%; redeem Shares at any time (subject to the conditions described F Income (GBP) Shares: 2.13%; I Accumulation Shares: 0.98%; in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is I Accumulation (EUR) Shares: 0.99%; I Income Shares: 0.98%; only suitable where the intended investment horizon is long-term. S Accumulation Shares: 0.08% Investing in any fund involves a risk to capital that could be large or The TER for a hedged share class is expected to be up to 0.10% small depending on various market conditions and investors must higher than the equivalent non-hedged share class. However, this understand this volatility. figure may vary without prior written notice to Shareholders. Risk Warning PTR: -9.80% for 12 months to 30 June 2011 Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Sector and Geographical Risk and Smaller Company Risk. Investors should be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.25% 0.30% 0.00% F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00% The Initial Charge is a percentage of the Net Asset Value per Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed.

43 Investec Global Strategy Fund Simplified Prospectus 41. Enhanced Global Energy Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long term capital growth primarily Class Frequency Charge Fee Servicing Fee through investment in a globally diversified portfolio of securities for income % % per annum Fee % per annum of energy related assets. Investments may include securities in classes % per annum companies involved in exploration, development, production, extraction, refining, processing, distribution, marketing, transport A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.50% 0.30% 0.00% or other activity relating to energy products and sources and/ F Annually 5.26% 1.25% 0.25% 0.75% or derivatives where the underlying asset is linked to the above I Annually 5.26% 1.00% 0.15% 0.00% companies. It may also include derivatives where the underlying S Annually 11.11% 0.00% 0.00% 0.00% reference asset is linked to energy indices (e.g. ETCs). The Initial Charge is a percentage of the Net Asset Value per Share. The Sub-Fund may not invest in UCIs and/or UCITS where such An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value UCI and/or UCITS is itself a fund of funds or a feeder fund. per Share shown in the table above are respectively equivalent to an The Sub-Fund will be allowed to hold other transferable securities, Initial Charge of 5%, 3% or 10% of the gross amount subscribed. money market instruments, cash or near cash, deposits and units The Global Distributor and Service Provider may rebate part or all of in collective investment schemes or instruments that offer short the Initial Charge to various sub-distributors, intermediaries, dealers exposure to the above assets. and professional investors. The Sub-Fund may borrow up to 10% of its net assets, provided The Management Fee, Administration Servicing Fee and Distribution that such borrowings are made only on a temporary basis and are Fee are calculated as percentages of the average net assets of permitted only to meet the Sub-Fund’s obligations in relation to each Class, accrued on each Valuation Day and payable monthly (i) the administration of the Sub-Fund relating to purchase or sale in arrears. The Global Distributor and Service Provider may remit transactions; and/or (ii) the redemption or cancellation of Shares in or rebate, part or all of the fees (excluding the Performance Fee) to the Sub-Fund. Collateral arrangements with respect to the writing various sub-distributors, intermediaries, dealers and professional of options or the purchase or sale of forward or futures contracts investors. are not deemed to constitute “borrowings” for the purpose of this restriction. Performance Fee The Sub-Fund will be allowed to use derivatives for efficient Applicable Participation Hurdle Crystallisation Period portfolio management, hedging and/or investment purposes. share Rate Performance classes Profile of the Typical Investor A; C; F; I 20% 1 month USD Annually (in accordance The Sub-Fund is suitable for an investor who wishes to have the LIBOR plus with the financial year investment exposure as set out in the Sub-Fund’s investment 4%** ending 31 December) objective and policy and is comfortable taking on the risks as set out in Appendix 1 entitled ‘Risk Factors’. Although an investor can * The Hurdle Performance will be hedged in the case of Hedged redeem Shares at any time (subject to the conditions described Share Classes in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is More details of the performance fee can be found in Appendix 3 and only suitable where the intended investment horizon is long-term. Section 9.3 of the full Prospectus. Investing in any fund involves a risk to capital that could be large or small depending on various market conditions and investors must The Performance Fee is accrued and payable as described in understand this volatility. Appendix 3 below. The Global Distributor and Service Provider shall co-ordinate and administer the Fund’s payment of the Performance Risk Warning Fee to the Investment Manager and/or other relevant parties. Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix Other Fees and Expenses 1. The following risks set out in Appendix 1 may be more relevant The Sub-Fund is subject to other fees and expenses which for this Sub-Fund: Concentration Risk, Credit Default Swaps and include, but are not limited to, custody, legal and audit fees, printing Other Synthetic Securities Risk, Counterparty Risk, Derivative Basis expenses, the Luxembourg asset-based taxe d’abonnement, fees Risk, Leverage Risk, OTC Derivative Risk, and Short Exposure and expenses incurred by the Board of Directors and Conducting Risk, Sector and Geographical Risk and Smaller Company Risk. Persons; initial and ongoing listing fees; and costs of registration in Investors should be aware that other risks may also be relevant to countries other than Luxembourg and other expenses permitted this Sub-Fund. to be paid out of the assets of the Sub-Fund as set out in the full Prospectus. Available Share Classes A detailed list of the Share Classes available as at the date of this Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Simplified Prospectus can be found in Appendix 2. If a new Share TER: as at 30 June 2011: Class is made available, or if a Share Class has been closed, the list TER ex Performance of Share Classes in Appendix 2 will be updated accordingly upon Share Class Fee Performance Fee TER the next issuance of a Simplified Prospectus. A complete list of A Acc Shares 1.97% 0.00% 1.97% the available Share Classes may also be requested from your usual F Acc Shares 2.40% 0.00% 2.40% Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. I Acc Shares 1.23% 0.29% 1.52% Reference Currency I Inc (GBP) Shares 1.28% 0.00% 1.28% U.S. Dollar S Acc Shares 0.08% 0.00% 0.08%

The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. PTR: 295.75% for 12 months to 30 June 2011

Investec Global Strategy Fund Simplified Prospectus 44 Investment Information continued 42. Global Energy Long Short Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long term capital growth primarily Class Frequency Charge Fee Servicing Fee through investment in a globally diversified long-short portfolio for income % % per annum Fee % per annum of energy related assets. Investments may include securities classes % per annum of companies engaged in: the exploration, development and production of energy and energy sources; the extraction, A Annually 5.26% 1.50% 0.30% 0.00% G Annually 5.26% 2.40% 0.15% 0.00% refining, processing, distribution, marketing, transportation and S Annually 11.11% 0.00% 0.00% 0.00% transmission of energy products; the research, experimentation and development of such products; the ownership or control of leases, rights or royalty interests in such products; the The Initial Charge is a percentage of the Net Asset Value per manufacture and supply of equipment, components, parts or Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net services related to such products; or any other activity relating Asset Value per Share shown in the table above are respectively to energy products and sources. Investments may also include equivalent to an Initial Charge of 5%, 3% or 10% of the gross derivatives where the underlying asset is linked to the above amount subscribed. companies or to energy indices (e.g. ETCs). The Global Distributor and Service Provider may rebate part or The Sub-Fund will be allowed to hold other transferable securities, all of the Initial Charge to various sub-distributors, intermediaries, money market instruments, cash or near cash, deposits and units dealers and professional investors. in collective investment schemes or instruments that offer short The Management Fee, Administration Servicing Fee and exposure to the above assets. Distribution Fee are calculated as percentages of the average The Sub-Fund may not invest in UCIs and/or UCITS where such net assets of each Class, accrued on each Valuation Day and UCI and/or UCITS is itself a fund of funds or a feeder fund. payable monthly in arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding The Sub-Fund may borrow up to 10% of its net assets, provided the Performance Fee) to various sub-distributors, intermediaries, that such borrowings are made only on a temporary basis. dealers and professional investors. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or futures contracts are Applicable Participation Hurdle Crystallisation Period share Rate Performance not deemed to constitute “borrowings” for the purpose of this classes restriction. A 20% 0% Annually (in accordance The Sub-Fund will be allowed to use derivatives for efficient with the financial year portfolio management, hedging and/or investment purposes. ending 31 December) Profile of the Typical Investor The Sub-Fund is suitable for an investor who wishes to have the More details of the performance fee can be found in Appendix 3 investment exposure as set out in the Sub-Fund’s investment and Section 9.3 of the full Prospectus. objective and policy and is comfortable taking on the risks as set The Performance Fee is accrued and payable as described in out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Appendix 3 below. The Global Distributor and Service Provider redeem Shares at any time (subject to the conditions described shall co-ordinate and administer the Fund’s payment of the in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Performance Fee to the Investment Manager and/or other relevant only suitable where the intended investment horizon is long-term. parties. Investing in any fund involves a risk to capital that could be large or small depending on various market conditions and investors must The Investec Global Energy Long Short Fund Limited (the understand this volatility. “Guernsey GELS”) transferred and merged all of its assets and liabilities with the Fund’s Global Energy Long Short Fund on 24 Risk Warning June 2011. The Fund may publish performance information for Investors should read, be aware of and consider Section 4.3 of this Sub-Fund which will include the past performance records of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix the Guernsey GELS. The investment policy of the Guernsey GELS 1. The following risks set out in Appendix 1 may be more relevant was substantially the same as this Sub-Fund’s investment policy for this Sub-Fund: Concentration Risk, Counterparty Risk, Credit and the Guernsey GELS was managed by the same investment Default Swaps and Other Synthetic Securities Risk, Derivative management company with similar investment policies and Basis Risk, Leverage Risk, New Sub-Fund Risk, OTC Derivative strategies as this Sub-Fund. Risk, Sector and Geographical Risk, Short Exposure Risk and Smaller Company Risk. Investors should be aware that other risks Other Fees and Expenses may also be relevant to this Sub-Fund. The Sub-Fund is subject to other fees and expenses which include, but are not limited to, custody, legal and audit Available Share Classes fees, printing expenses, the Luxembourg asset-based taxe A detailed list of the Share Classes available as at the date of this d’abonnement, fees and expenses incurred by the Board of Simplified Prospectus can be found in Appendix 2. If a new Share Directors and Conducting Persons; initial and ongoing listing fees; Class is made available, or if a Share Class has been closed, the and costs of registration in countries other than Luxembourg and list of Share Classes in Appendix 2 will be updated accordingly other expenses permitted to be paid out of the assets of the Sub- upon the next issuance of a Simplified Prospectus. A complete list Fund as set out in the full Prospectus. of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency U.S. Dollar

45 Investec Global Strategy Fund Simplified Prospectus 42. Global Energy Long Short Fund continued

Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” TER: as at 30 June 2011: Share Class TER ex Performance Performance TER Fee Fee A Accumulation Shares 2.70% 0.06% 2.76% S Accumulation Shares 0.29% 0.00% 0.29%

Please note, as this Sub-Fund was launched during the year, the TER includes costs associated with its launch. The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to shareholders. PTR: -0.32% for 1 month to 30 June 2011

Investec Global Strategy Fund Simplified Prospectus 46 Investment Information continued 43. Global Gold Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund aims to achieve long term capital growth primarily Class Frequency Charge Fee Servicing Fee through investment in equities issued by companies around the for income % % per annum Fee % per annum globe involved in gold mining. The Sub-Fund may also invest, up classes % per annum to one-third, in companies around the globe that are involved in mining for other precious metals and other minerals and metals. A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.25% 0.30% 0.00% The Sub-Fund may not invest in UCIs and/or UCITS where such F Annually 5.26% 1.00% 0.25% 0.75% UCI and/or UCITS is itself a fund of funds or a feeder fund. I Annually 5.26% 0.75% 0.15% 0.00% The Sub-Fund may enter into OTC derivatives limited to foreign S Annually 11.11% 0.00% 0.00% 0.00% exchange forward transactions and for efficient portfolio The Initial Charge is a percentage of the Net Asset Value per management purposes only, 90% of the equity content of the Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Sub-Fund must be listed on an exchange which is a full member Asset Value per Share shown in the table above are respectively of the World Federation of Exchanges. equivalent to an Initial Charge of 5%, 3% or 10% of the gross The Sub-Fund may borrow up to 10% of its net assets, provided amount subscribed. that such borrowings are made only on a temporary basis and are The Global Distributor and Service Provider may rebate part or permitted only to meet the Sub-Fund’s obligations in relation to all of the Initial Charge to various sub-distributors, intermediaries, (i) the administration of the Sub-Fund relating to purchase or sale dealers and professional investors. transactions; and/or (ii) the redemption or cancellation of Shares in The Management Fee, Administration Servicing Fee and the Sub-Fund. Collateral arrangements with respect to the writing Distribution Fee are calculated as percentages of the average of options or the purchase or sale of forward or futures contracts net assets of each Class, accrued on each Valuation Day and are not deemed to constitute “borrowings” for the purpose of this payable monthly in arrears. The Global Distributor and Service restriction. Provider may remit or rebate, part or all of the fees (excluding Sub-Investment Manager the Performance Fee) to various sub-distributors, intermediaries, This Sub-Fund is managed by Investec Asset Management (Pty) dealers and professional investors. Limited. Other Fees and Expenses Profile of the Typical Investor The Sub-Fund is subject to other fees and expenses which The Sub-Fund is suitable for an investor who wishes to have the include, but are not limited to, custody, legal and audit investment exposure as set out in the Sub-Fund’s investment fees, printing expenses, the Luxembourg asset-based taxe objective and policy and is comfortable taking on the risks as set d’abonnement, fees and expenses incurred by the Board of out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Directors and Conducting Persons; initial and ongoing listing fees; redeem Shares at any time (subject to the conditions described and costs of registration in countries other than Luxembourg and in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is other expenses permitted to be paid out of the assets of the Sub- only suitable where the intended investment horizon is long-term. Fund as set out in the full Prospectus. Investing in any fund involves a risk to capital that could be large or Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” small depending on various market conditions and investors must TER: as at 30 June 2011: A Accumulation Shares: 1.97%; understand this volatility. A Income Shares: 1.92%; C Income Shares: 2.67%; F Accumulation Shares: 2.12%; I Accumulation Shares: 1.02%; Risk Warning S Income Shares: 0.08% Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this 1. The following risks set out in Appendix 1 may be more relevant figure may vary without prior written notice to Shareholders. for this Sub-Fund: Hedged Share Classes Risk, Sector and Geographical Risk and Smaller Company Risk. Investors should PTR: -49.34% for 12 months to 30 June 2011 be aware that other risks may also be relevant to this Sub-Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

47 Investec Global Strategy Fund Simplified Prospectus 44. Global Dynamic Resources Fund

Investment Objectives and Policy the Performance Fee) to various sub-distributors, intermediaries, The Sub-Fund aims to achieve long term capital growth primarily dealers and professional investors. through investment in equities issued by companies around the Other Fees and Expenses globe that are expected to benefit from a long term increase in the The Sub-Fund is subject to other fees and expenses which prices of commodities and natural resources. At least two-thirds include, but are not limited to, custody, legal and audit of the companies invested in will be involved in mining, extracting, fees, printing expenses, the Luxembourg asset-based taxe producing, processing or transporting a natural resource or d’abonnement, fees and expenses incurred by the Board of commodity or will be companies which provide services to such Directors and Conducting Persons; initial and ongoing listing fees; companies. and costs of registration in countries other than Luxembourg and The Sub-Fund may use derivatives for the purposes of hedging other expenses permitted to be paid out of the assets of the Sub- and/or efficient portfolio management. Fund as set out in the full Prospectus. Profile of the Typical Investor Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” The Sub-Fund is suitable for an investor who wishes to have the TER: as at 30 June 2011: A Accumulation Shares: 1.97%; investment exposure as set out in the Sub-Fund’s investment A Accumulation (HKD) Shares: 1.99%; A Accumulation (SGD Hedged) Shares: 2.18%; A Income Shares: 1.94%; A Income (HKD) objective and policy and is comfortable taking on the risks as set Shares: 2.42%; C Accumulation (SGD Hedged) Shares: 2.74%; C out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Income Shares: 2.68%; F Accumulation Shares: 2.14%; redeem Shares at any time (subject to the conditions described F Accumulation (SGD Hedged) Shares: 2.19%; I Accumulation in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is Shares: 0.98%; I Accumulation (EUR) Shares: 1.01%; only suitable where the intended investment horizon is long-term. S Accumulation Shares: 0.08% Investing in any fund involves a risk to capital that could be large or The TER for a hedged share class is expected to be up to 0.10% small depending on various market conditions and investors must higher than the equivalent non-hedged share class. However, this understand this volatility. figure may vary without prior written notice to Shareholders. Risk Warning PTR: -33.26% for 12 months to 30 June 2011 Investors should read, be aware of and consider Section 4.3 of the full Prospectus and all of the ‘Risk Factors’ set out in Appendix 1. The following risks set out in Appendix 1 may be more relevant for this Sub-Fund: Active Management Risk, Concentration Risk, Counterparty Risk, Hedged Share Classes Risk, OTC Derivative Instruments Risk and Sector and Geographical Risk. Investors should be aware that other risks may also be relevant to this Sub- Fund. Available Share Classes A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, or if a Share Class has been closed, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar Fees and Dividend Frequency

Class Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum classes % per annum A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.25% 0.30% 0.00% F Annually 5.26% 1.00% 0.25% 0.75% I Annually 5.26% 0.75% 0.15% 0.00% S Annually 11.11% 0.00% 0.00% 0.00% The Initial Charge is a percentage of the Net Asset Value per Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net Asset Value per Share shown in the table above are respectively equivalent to an Initial Charge of 5%, 3% or 10% of the gross amount subscribed. The Global Distributor and Service Provider may rebate part or all of the Initial Charge to various sub-distributors, intermediaries, dealers and professional investors. The Management Fee, Administration Servicing Fee and Distribution Fee are calculated as percentages of the average net assets of each Class, accrued on each Valuation Day and payable monthly in arrears. The Global Distributor and Service Provider may remit or rebate, part or all of the fees (excluding

Investec Global Strategy Fund Simplified Prospectus 48 Investment Information continued 45. Enhanced Natural Resources Fund

Investment Objectives and Policy Fees and Dividend Frequency The Sub-Fund will aim to achieve long term capital growth, Class Frequency Charge Fee Servicing Fee primarily through investment in a globally diversified portfolio of for income % % per annum Fee % per annum securities of commodity and natural resource related assets. classes % per annum Investments may include shares in companies involved in exploration, development, production, extraction, refining, A Annually 5.26% 1.50% 0.30% 0.00% C Annually 3.09% 2.50% 0.30% 0.00% processing, distribution, marketing, transport or other activity F Annually 5.26% 1.25% 0.25% 0.75% relating to commodity and natural resources products and sources G Annually 5.26% 1.75% 0.15% 0.00% and/or derivatives where the underlying asset is linked to the I Annually 5.26% 1.00% 0.15% 0.00% above companies and derivatives where the underlying reference S Annually 11.11% 0.00% 0.00% 0.00% asset is linked to commodity indices (e.g. ETCs). The Initial Charge is a percentage of the Net Asset Value per The Sub-Fund may not invest in UCIs and/or UCITS where such Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net UCI and/or UCITS is itself a fund of funds or a feeder fund. Asset Value per Share shown in the table above are respectively The Sub-Fund will be allowed to hold other transferable securities, equivalent to an Initial Charge of 5%, 3% or 10% of the gross money market instruments, cash or near cash, deposits and units amount subscribed. in collective investment schemes or instruments that offer short The Global Distributor and Service Provider may rebate part or exposure to the above assets. all of the Initial Charge to various sub-distributors, intermediaries, The Sub-Fund may borrow up to 10% of its net assets, provided dealers and professional investors. that such borrowings are made only on a temporary basis and are The Management Fee, Administration Servicing Fee and permitted only to meet the Sub-Fund’s obligations in relation to Distribution Fee are calculated as percentages of the average (i) the administration of the Sub-Fund relating to purchase or sale net assets of each Class, accrued on each Valuation Day and transactions; and/or (ii) the redemption or cancellation of Shares in payable monthly in arrears. The Global Distributor and Service the Sub-Fund. Collateral arrangements with respect to the writing Provider may remit or rebate, part or all of the fees (excluding of options or the purchase or sale of forward or futures contracts the Performance Fee) to various sub-distributors, intermediaries, are not deemed to constitute “borrowings” for the purpose of this dealers and professional investors. restriction. Performance Fee The Sub-Fund will be allowed to use derivatives for efficient portfolio management, hedging and/or investment purposes. Applicable Participation Hurdle Crystallisation Period Profile of the Typical Investor share Rate Performance classes The Sub-Fund is suitable for an investor who wishes to have the investment exposure as set out in the Sub-Fund’s investment A; C; F; I 20% 1 month USD Annually (in accordance objective and policy and is comfortable taking on the risks as set LIBOR plus with the financial year out in Appendix 1 entitled ‘Risk Factors’. Although an investor can 4%* ending 31 December) redeem Shares at any time (subject to the conditions described in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is * The Hurdle Performance will be hedged in the case of Hedged only suitable where the intended investment horizon is long-term. Share Classes Investing in any fund involves a risk to capital that could be large or More details of the performance fee can be found in Appendix 3 small depending on various market conditions and investors must and Section 9.3 of the full Prospectus. understand this volatility. The Performance Fee is accrued and payable as described in Risk Warning Appendix 3 below. The Global Distributor and Service Provider Investors should read, be aware of and consider Section 4.3 of shall co-ordinate and administer the Fund’s payment of the the full Prospectus and all of the ‘Risk Factors’ set out in Appendix Performance Fee to the Investment Manager and/or other relevant 1. The following risks set out in Appendix 1 may be more relevant parties. for this Sub-Fund: Concentration Risk, Credit Default Swaps and Other Synthetic Securities Risk, Counterparty Risk, Derivative Other Fees and Expenses Basis Risk, Leverage Risk, OTC Derivative Risk, Short Exposure The Sub-Fund is subject to other fees and expenses which Risk, Sector and Geographical Risk and Smaller Company Risk. include, but are not limited to, custody, legal and audit Investors should be aware that other risks may also be relevant to fees, printing expenses, the Luxembourg asset-based taxe this Sub-Fund. d’abonnement, fees and expenses incurred by the Board of Available Share Classes Directors and Conducting Persons; initial and ongoing listing fees; A detailed list of the Share Classes available as at the date of this and costs of registration in countries other than Luxembourg and Simplified Prospectus can be found in Appendix 2. If a new Share other expenses permitted to be paid out of the assets of the Sub- Class is made available, or if a Share Class has been closed, the Fund as set out in the full Prospectus. list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator. A copy of this list may be downloaded at www.investecassetmanagement.com. Reference Currency US Dollar

49 Investec Global Strategy Fund Simplified Prospectus 45. Enhanced Natural Resources Fund continued

Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR”

TER ex Performance Performance Share Class Fee Fee TER A Acc Shares 1.98% 0.15% 2.13% A Acc (EUR Hedged) Shares 2.06% 0.07% 2.13% F Acc Shares 2.40% 0.01% 2.41% G Acc Shares 2.01% 0.00% 2.01% I Acc Shares 1.24% 0.11% 1.35% I Acc (EUR Hedged) Shares 1.37% 0.00% 1.37% S Acc Shares 0.09% 0.00% 0.09%

The TER for a hedged share class is expected to be up to 0.10% higher than the equivalent non-hedged share class. However, this figure may vary without prior written notice to Shareholders. PTR: 83.03% for 12 months to 30 June 2011

Investec Global Strategy Fund Simplified Prospectus 50 46. Dynamic Commodities Fund

Investment Objectives and Policy Risk Warning The Sub-Fund aims to achieve long term capital growth primarily Investors should read, be aware of and consider Section 4.3 of by gaining exposure to a range of commodity sectors, including the full Prospectus and all of the ‘Risk Factors’ set out in Appendix energy, agriculture, base metals, bulk metals and precious metals. 1. The following risks set out in Appendix 1 may be more relevant The Sub-Fund’s investments may consist of commodity related for this Sub-Fund: Concentration Risk, Counterparty Risk, Credit derivative instruments whose underlying assets are eligible Default Swaps and Other Synthetic Securities Risk, Derivative commodity indices or sub-indices. The Sub-Fund will not acquire Basis Risk, New Sub-Fund Risk, OTC Derivative Risk and Sector physical commodities directly, nor will it invest directly in any and Geographical Risk. Investors should be aware that other risks derivative that has physical commodities as an underlying asset. may also be relevant to this Sub-Fund. The Sub-fund may also invest in exchange traded products (such Available Share Classes as ETCs) to meet its investment objective. A detailed list of the Share Classes available as at the date of this The Sub-Fund may also invest in other transferable securities, Simplified Prospectus can be found in Appendix 2. If a new Share money market instruments, cash and near cash, derivatives and Class is made available, or if a Share Class has been closed, the forward transactions, deposits and units in collective investment list of Share Classes in Appendix 2 will be updated accordingly schemes. upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your The Sub-Fund may borrow up to 10% of its net assets, provided usual Investec Representative or the Administrator. . A copy of that such borrowings are made only on a temporary basis. this list may be downloaded at www.investecassetmanagement. Collateral arrangements with respect to the writing of options com. or the purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for the purpose of this Reference Currency restriction. US Dollar The Sub-Fund will be allowed to use derivatives for efficient Fees and Dividend Frequency portfolio management, hedging and/or investment purposes. Class Frequency Charge Fee Servicing Fee for income % % per annum Fee % per annum Investment Construction classes % per annum In constructing the investments of the Sub-Fund, the Investment Manager may invest up to 100% of the Sub-Fund’s assets in the A Annually 5.26% 1.50% 0.30% 0.00% Dow Jones-UBS Commodity IndexSM (the “DJ-UBSCISM”), with C Annually 3.09% 2.50% 0.30% 0.00% the remaining portion of the Sub-Fund’s assets being invested F Annually 5.26% 1.25% 0.25% 0.75% in other composite and/or single eligible commodity indices, as I Annually 5.26% 0.75% 0.15% 0.00% a means to obtain exposure to a range of commodity sectors. S Annually 11.11% 0.00% 0.00% 0.00% However, the Sub-Fund is not managed to track the DJ-UBSCISM, The Initial Charge is a percentage of the Net Asset Value per nor are the Sub-Fund’s commodity weightings influenced by the Share. An Initial Charge of 5.26%, 3.09% or 11.11% of the Net composition of the DJ-UBSCISM. Asset Value per Share shown in the table above are respectively The DJ-UBSCISM is a diversified index composed of futures equivalent to an Initial Charge of 5%, 3% or 10% of the gross contracts on commodities. The DJ-UBSCISM is intended to reflect amount subscribed. the performance of a number of underlying commodities (currently, The Global Distributor and Service Provider may rebate part or 19), which are weighted to account for economic significance and all of the Initial Charge to various sub-distributors, intermediaries, market liquidity. The underlying commodities currently represent dealers and professional investors. the following commodity sectors: energy, precious metals, The Management Fee, Administration Servicing Fee and industrial metals, livestock and agriculture. The DJ-UBSCISM Distribution Fee are calculated as percentages of the average is a sufficiently diversified index for the purposes of Article 53 net assets of each Class, accrued on each Valuation Day and of Directive 2009/65/EC. As at the date of this Prospectus payable monthly in arrears. The Global Distributor and Service the DJ-UBSCISM complies with Article 9 of the Grand Ducal Provider may remit or rebate, part or all of the fees (excluding Regulation of 8 February 2008 and CSSF Circular 08/380. In any the Performance Fee) to various sub-distributors, intermediaries, case the exposure of the Sub-Fund to any single commodity will dealers and professional investors. not exceed 20% or 35% of the Sub-Fund’s net assets respectively. The exposure of the Sub-Fund to single commodity indices will not Performance Fee exceed the 5%, 10% and 40% rule. Applicable Participation Hurdle Crystallisation Period Profile of the Typical Investor share Rate Performance The Sub-Fund is suitable for an investor who wishes to have the classes investment exposure as set out in the Sub-Fund’s investment A; C; F; I 15% Dow Jones Annually (in accordance objective and policy and is comfortable taking on the risks as set UBS with the financial year out in Appendix 1 entitled ‘Risk Factors’. Although an investor can Commodity ending 31 December) redeem Shares at any time (subject to the conditions described Index Total in Section 5.5 and 6.7 of the full Prospectus), this Sub-Fund is ReturnSM** only suitable where the intended investment horizon is long-term. * The Hurdle Performance will be hedged in the case of Hedged Investing in any fund involves a risk to capital that could be large or Share Classes small depending on various market conditions and investors must understand this volatility. ** Shareholders should note that a Performance Fee may

Investec Global Strategy Fund Simplified Prospectus 51 still be payable where the Sub-Fund’s performance over the Crystallisation Period is negative. More details of the performance fee can be found in Appendix 3 and Section 9.3 of the full Prospectus. The Performance Fee is accrued and payable as described in Appendix 3 below. The Global Distributor and Service Provider shall co-ordinate and administer the Fund’s payment of the Performance Fee to the Investment Manager and/or other relevant parties. The Sub-Fund will be launched on 19 December 2011. The initial subscription price will be US dollars 20 or the approximate equivalent in another approved currency. Thereafter Shares will be issued at Net Asset Value. Other Fees and Expenses The Sub-Fund is subject to other fees and expenses which include, but are not limited to, custody, legal and audit fees, printing expenses, the Luxembourg asset-based taxe d’abonnement, fees and expenses incurred by the Board of Directors and Conducting Persons; initial and ongoing listing fees; and costs of registration in countries other than Luxembourg and other expenses permitted to be paid out of the assets of the Sub- Fund as set out in the full Prospectus. Total Expense Ratio “TER” & Portfolio Turnover Rate “PTR” Not available.

Investec Global Strategy Fund Simplified Prospectus 52 Appendix 1 – Risk Factors

The following risk factors may be relevant to the Sub-Funds of the Fund. This list details those risks identified at the time of the issue of this document. Risks may arise in the future which could not have been anticipated in advance. Risk factors may apply to each Sub-Fund to varying degrees, and this exposure will also vary over time.

Risk factor name Risk factor description Ability to Trade There may be occasions where a Sub-Fund may not be able to initiate or settle trades in underlying securities or Settle Risk as and when required. This includes but is not limited to illiquidity of the underlying instruments and counterparty default. This risk may also arise due to market or other circumstances. Accounting Risk Accounting, auditing and financial reporting standards, practices and disclosure requirements vary between countries and can change and this can be a source of uncertainty in the true value of investments and can lead to a loss of capital or income. Active Management Risk The Investment Manager has discretion to purchase and sell assets of the Sub-Funds in accordance with each Sub-Fund’s investment policy which is further described in the relevant Sub-Fund section. It may be as a consequence of the Investment Manager actively electing to deviate from the constituents of any related market benchmark that a Sub-Fund may not participate in the general upward move as measured by that market’s benchmark and that a Sub-Fund’s value may decline even while any related benchmark is rising. Basis Risk This may occur when the prices of two assets which normally follow an established relationship to one another show a large change in their relative prices. This could lead to capital losses for the Sub-Fund if it has positions in both and they move in an unfavourable direction. Cash Flow Risk A Sub-Fund may have insufficient cash to meet the margin calls necessary to sustain its position in a derivatives contract. This may result in the Sub-Fund having to close a position (or sell other securities to raise the cash) at a time and / or on terms that it may otherwise not have done. This could lead to capital losses for the Sub-Fund. Charges to Capital Risk Where the income on a Sub-Fund is not sufficient to offset the charges and expenses of a Sub-Fund they may instead be deducted from the capital of the Sub-Fund. This will constrain the rate of capital growth. Concentration Risk Sub-Funds which invest in a concentrated portfolio of holdings may be more volatile than more broadly diversified funds. Conflicts of Interest Risk The Global Distributor and Service Provider, the Investment Manager and other companies within the Investec Group may, from time to time, act as investment managers or advisers to other funds, sub-funds or other client mandates which are competitors to this Fund because they follow similar investment objectives to the Sub-Funds of the Fund. It is therefore possible that the Global Distributor and Service Provider and the Investment Manager may in the course of their business dealings have potential conflicts of interest with the Fund or a particular Sub- Fund. Each of the Global Distributor and Service Provider and the Investment Manager will, however, have regard in such event to their regulatory and contractual obligations and to their overall duty to act in a commercially reasonable manner to act in the best interests of all customers and to treat all customers fairly when undertaking any investment business where potential conflicts of interest may arise. Counterparty Risk The Sub-Funds may enter into transactions with counterparties, thereby exposing them to the counterparties’ credit worthiness and their ability to perform and fulfil their financial obligations. This risk may arise at any time the Sub-Funds’ assets are deposited, extended, committed, invested or otherwise exposed through actual or implied contractual agreements. In addition, the Fund may enter into contracts with service providers and other third party contractors (the “Service Providers”). This risk means that in certain circumstances (including but not limited to force majeure events) the Service Providers may not be able to perform or fulfil their contractual obligations to the Fund. This could result in periods where the normal trading activity of the Fund may be affected or disrupted. Credit Risk Where the value of an investment depends on a party (which could be a company, government or other institution) fulfilling an obligation to pay, there exists a risk that the obligation will not be satisfied. This risk is greater the weaker the financial strength of the party. The Net Asset Value of a Sub-Fund could be affected by any actual or feared breach of the party’s obligations, while the income of the Sub-Fund would be affected only by an actual failure to pay, which is known as a default. Credit Default Swaps and A portion of a Sub-Fund’s investments may consist of credit default swaps and other synthetic securities Other Synthetic the reference obligations of which may be leveraged loans, high-yield debt securities or similar securities. Securities Risk Investments in such types of assets through the purchase of credit default swaps and other synthetic securities present risks in addition to those resulting from direct purchases of such investments. With respect to each synthetic security, the Sub-Fund will usually have a contractual relationship only with the counterparty of such synthetic security, and not the reference obligor on the reference obligation. The Sub-Fund generally will have no right directly to enforce compliance by the reference obligor with the terms of the reference obligation nor any rights of set-off against the reference obligor, may be subject to set-off rights exercised by the reference obligor against the counterparty or another person or entity, and generally will not have any voting or other contractual rights of ownership with respect to the reference obligation. In addition, the Sub-Fund will not directly benefit from any collateral supporting the reference obligation and will not have the benefit of the remedies that would normally be available to a holder of such reference obligation. In addition, in the event of the insolvency of the counterparty, the Sub-Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference obligation. Consequently, the Sub-Fund will be subject to the credit risk of

Investec Global Strategy Fund Simplified Prospectus 53 Appendix 1– Risk Factors continued

Risk factor name Risk factor description

the counterparty as well as that of the reference obligor. As a result, concentrations of synthetic securities entered into with any one counterparty will subject the Sub-Fund to an additional degree of risk with respect to defaults by such counterparty as well as by the reference obligor. Additionally, while the Investment Manager expects that the returns on a synthetic security will generally reflect those of the related reference obligation, as a result of the terms of the synthetic security and the assumption of the credit risk of the synthetic security counterparty, a synthetic security may have a different expected return, a different (and potentially greater) probability of default and expected loss characteristics following a default, and a different expected recovery following default. Additionally, when compared to the reference obligation, the terms of a synthetic security may provide for different maturities, distribution dates, interest rates, interest rate references, credit exposures, or other credit or non-credit related characteristics. Upon maturity, default, acceleration or any other termination (including a put or call) other than pursuant to a credit event (as defined therein) of the synthetic security, the terms of the synthetic security may permit or require the issuer of such synthetic security to satisfy its obligations under the synthetic security by delivering to the relevant Sub-Fund securities other than the reference obligation or an amount different than the then current market value of the reference obligation. Currency Denomination Risk The Currency Denomination of a Share Class in a Sub-Fund may not necessarily be an indicator of the currency risk to which its Shareholders are exposed. Currency risk derives from the currency exposures of the underlying assets of a Sub-Fund, while the Currency Denomination of a Share Class only indicates the currency in which subscriptions and redemptions are made for that Share Class. It is also particularly important to be aware of the difference between a Share Class that is denominated in a given currency and a Share Class that is hedged into that currency. Custody Risk The Fund’s securities are generally held for the benefit of the Fund’s Shareholders off the Custodian or its sub-custodian’s balance sheet and are generally not co-mingled with the Custodian or the sub-custodian’s assets. This provides protection for the Fund’s securities in the event of the insolvency of either the Custodian or its sub-custodian. However, in certain markets a risk may arise where due to local market conditions segregation is not possible, and the securities are co-mingled with the sub-custodian’s assets. The Fund’s securities may also be pooled with the securities of other clients of the sub-custodian. In this circumstance, if there were problems with the settlement or custody of any security in the pool then the loss would be spread across all clients in the pool and would not be restricted to the client whose securities were subject to loss. Cash held on deposit with a Custodian or its sub-custodian is co-mingled with the assets of that Custodian or its sub-custodian and is held at the Fund’s risk. In addition, the Fund may be required to place assets outside of the Custodian and the sub-custodian’s safekeeping network in order for the Fund to trade in certain markets. In such circumstances the Custodian remains in charge of monitoring where and how such assets are held. However in the event of a loss neither the Custodian, having fulfilled its monitoring function, and/or the sub-custodian shall be liable and the Fund’s ability to receive back its cash and securities may be restricted and the Fund may suffer a loss as a result. In such markets, Shareholders should note that there may be delays in settlement and/or uncertainty in relation to the ownership of a Sub-Fund’s investments which could affect the Sub-Fund’s liquidity and which could lead to investment losses. Risk of Deferred Settlement The Board of Directors may decide that the settlement of redemption requests may be deferred with the on Redemptions approval of the affected Shareholder. In addition, in the case of individual or collective redemptions which are in aggregate in excess of 10% of the Shares in issue in a specific Sub-Fund, the Board of Directors may decide without Shareholder approval to defer settlement of redemptions for a period not exceeding 30 days. Shareholders should note that deferred settlement means that Shareholders will need to wait for a time period before they can receive their redemption proceeds. Depositary Receipts Risk As well as taking on the economic risk of the underlying stock, investments in depositary receipts involves the extra risk that the depositary receipt’s price movement may not track the price movement of the underlying stock. Derivative Basis Risk The value of a derivative typically depends on the value of an underlying asset. The value of the derivative may not be 100% correlated with the value of the underlying asset and therefore a change in the value of the asset may not be matched by a proportionate corresponding change in the value of the derivative. Discount / Premium Risk From time to time the prices of closed ended investment company shares can trade at either a premium or discount to their underlying value. This can create volatility in the price of a Sub-Fund that invests in closed ended investment company shares in excess of the volatility of the underlying markets in which the investment trust invests in and this consequently poses a greater risk to capital. Dividend Risk Sub-Funds may be dependent on the dividend income of underlying securities, and therefore the profitability of the underlying company and its dividend policy. There may be occasions where companies that previously paid dividends do not issue a dividend or reduce dividends resulting in less income generation for the Sub-Fund.

54 Investec Global Strategy Fund Simplified Prospectus Risk factor name Risk factor description

Emerging Market Risk Certain Sub-Funds may invest in securities of emerging market country governments, their political subdivisions and other issuers whose principal activities are located in emerging market countries. Investments in emerging markets may be more volatile than investments in more developed markets. Some of these markets may have relatively unstable governments, economies based on only a few industries, and securities markets that trade only a limited number of securities. Many emerging markets do not have well- developed regulatory systems and disclosure standards may be less stringent than those of developed markets. The risk of expropriation, confiscatory taxation, nationalisation and social, political and economic instability are greater in emerging markets than in developed markets. In addition to withholding taxes on investment income, some emerging markets may impose different capital gains taxes on foreign investors. A number of attractive emerging markets restrict, to varying degrees, foreign investment in securities. Further, some attractive equity securities may not be available to one or more of the Sub-Funds because foreign Shareholders hold the maximum amount permissible under current law. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some emerging markets and may be subject to currency exchange control restrictions. Such restrictions may increase the risks of investing in certain of the emerging markets. Unless otherwise specified within the Sub- Fund’s investment objective and policy, a Sub-Fund will only invest in markets where these restrictions are considered acceptable by the Board of Directors. Generally accepted accounting, auditing and financial reporting practices in emerging markets may be significantly different from those in developed markets. Compared to developed markets, some emerging markets may have a low level of regulation, enforcement of regulations and monitoring of investors’ activities, including trading on material non-public information. The securities markets of emerging countries may have substantially less trading volume, resulting in a lack of liquidity and high price volatility. There may be a high concentration of market capitalisation and trading volume in a small number of issuers representing a limited number of industries as well as a high concentration of investors and financial intermediaries. These factors may adversely affect the timing and pricing of a Sub- Fund’s acquisition or disposal of securities. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed countries because broker and counterparties in such countries may be less well-capitalised and custody and registration of assets in some countries may be unreliable. Delays in settlement could result in investment opportunities being missed if a Sub-Fund is unable to acquire or dispose of a security. There may be less publicly available information about certain financial instruments than some investors would find customary and entities in some countries may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which certain investors may be accustomed. Certain financial markets, while generally growing in volume, have for the most part, substantially less volume than more developed markets, and securities of many companies are less liquid and their prices more volatile than securities of comparable companies in more developed markets. There are also varying levels of government supervision and regulation of exchanges, financial institutions and issuers in various countries. In addition, the manner in which foreign investors may invest in securities in certain countries, as well as limitations on such investments, may affect the investment operations of certain of the Sub-Funds. Emerging country debt will be subject to high risk and will not be required to meet a minimum rating standard and may not be rated for creditworthiness by any internationally recognised credit rating organisation. The issuer or governmental authority that controls the repayment of an emerging country’s debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. As a result of the foregoing, a government obligor may default on its obligations. If such an event occurs, the Fund may have limited legal recourse against the issuer and/or guarantor. Exchange Derivatives Risk Futures contracts may have restricted liquidity due to certain commodity exchanges limiting fluctuations in certain futures contract prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits”. These prevent trades from being executed at prices beyond the daily limits during a single trading day. Also, once the price of a contract for a futures contract has increased or decreased by an amount equal to the daily limit, positions in the future can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Exchange Rate Currency fluctuations may adversely affect the value of a Sub-Fund’s investments and the income thereon. Currency Fluctuation Risk fluctuations may also adversely affect the profitability of an underlying company in which a Sub-Fund invests. Fair Value Pricing Risk Fair value pricing adjustments may be made to the price of an underlying asset of a Sub-Fund, at the absolute discretion of the Board of Directors, to reflect predicted changes in the last available price between the market close and the Valuation Point. There is, however, a risk that this predicted price is not consistent with the subsequent opening price of that security. Dividend Risk Sub-Funds may be dependent on the dividend income of underlying securities, and therefore the profitability of the underlying company and its dividend policy. There may be occasions where companies that previously paid dividends do not issue a dividend or reduce dividends resulting in less income generation for the Sub-Fund.

Investec Global Strategy Fund Simplified Prospectus 55 Appendix 1– Risk Factors continued

Risk factor name Risk factor description

Emerging Market Risk Certain Sub-Funds may invest in securities of emerging market country governments, their political subdivisions and other issuers whose principal activities are located in emerging market countries. Investments in emerging markets may be more volatile than investments in more developed markets. Some of these markets may have relatively unstable governments, economies based on only a few industries, and securities markets that trade only a limited number of securities. Many emerging markets do not have well- developed regulatory systems and disclosure standards may be less stringent than those of developed markets. The risk of expropriation, confiscatory taxation, nationalisation and social, political and economic instability are greater in emerging markets than in developed markets. In addition to withholding taxes on investment income, some emerging markets may impose different capital gains taxes on foreign investors. A number of attractive emerging markets restrict, to varying degrees, foreign investment in securities. Further, some attractive equity securities may not be available to one or more of the Sub-Funds because foreign Shareholders hold the maximum amount permissible under current law. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some emerging markets and may be subject to currency exchange control restrictions. Such restrictions may increase the risks of investing in certain of the emerging markets. Unless otherwise specified within the Sub- Fund’s investment objective and policy, a Sub-Fund will only invest in markets where these restrictions are considered acceptable by the Board of Directors. Generally accepted accounting, auditing and financial reporting practices in emerging markets may be significantly different from those in developed markets. Compared to developed markets, some emerging markets may have a low level of regulation, enforcement of regulations and monitoring of investors’ activities, including trading on material non-public information. The securities markets of emerging countries may have substantially less trading volume, resulting in a lack of liquidity and high price volatility. There may be a high concentration of market capitalisation and trading volume in a small number of issuers representing a limited number of industries as well as a high concentration of investors and financial intermediaries. These factors may adversely affect the timing and pricing of a Sub- Fund’s acquisition or disposal of securities. Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed countries because broker and counterparties in such countries may be less well-capitalised and custody and registration of assets in some countries may be unreliable. Delays in settlement could result in investment opportunities being missed if a Sub-Fund is unable to acquire or dispose of a security. There may be less publicly available information about certain financial instruments than some investors would find customary and entities in some countries may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which certain investors may be accustomed. Certain financial markets, while generally growing in volume, have for the most part, substantially less volume than more developed markets, and securities of many companies are less liquid and their prices more volatile than securities of comparable companies in more developed markets. There are also varying levels of government supervision and regulation of exchanges, financial institutions and issuers in various countries. In addition, the manner in which foreign investors may invest in securities in certain countries, as well as limitations on such investments, may affect the investment operations of certain of the Sub-Funds. Emerging country debt will be subject to high risk and will not be required to meet a minimum rating standard and may not be rated for creditworthiness by any internationally recognised credit rating organisation. The issuer or governmental authority that controls the repayment of an emerging country’s debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. As a result of the foregoing, a government obligor may default on its obligations. If such an event occurs, the Fund may have limited legal recourse against the issuer and/or guarantor. Exchange Derivatives Risk Futures contracts may have restricted liquidity due to certain commodity exchanges limiting fluctuations in certain futures contract prices during a single day by regulations referred to as “daily price fluctuation limits” or “daily limits”. These prevent trades from being executed at prices beyond the daily limits during a single trading day. Also, once the price of a contract for a futures contract has increased or decreased by an amount equal to the daily limit, positions in the future can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Exchange Rate Currency fluctuations may adversely affect the value of a Sub-Fund’s investments and the income thereon. Currency Fluctuation Risk fluctuations may also adversely affect the profitability of an underlying company in which a Sub-Fund invests. Fair Value Pricing Risk Fair value pricing adjustments may be made to the price of an underlying asset of a Sub-Fund, at the absolute discretion of the Board of Directors, to reflect predicted changes in the last available price between the market close and the Valuation Point. There is, however, a risk that this predicted price is not consistent with the subsequent opening price of that security. Fraud Risk The Sub-Fund’s assets may be subject to fraud. This includes but is not limited to fraudulent acts at the sub- custodian level such that the sub-custodian does not maintain books and records that reflect the beneficial ownership of the Fund to its assets. Fraud may also arise with regards to counterparty default and/or fraudulent acts of other third parties. In such events there is no certainty that Shareholders will be compensated in full or at all for any losses suffered by the Sub-Fund.

56 Investec Global Strategy Fund Simplified Prospectus Risk factor name Risk factor description

Fund Legal Action Risk There is no certainty that any legal action taken by the Fund against its Service Providers, agents, counterparties or other third parties will be successful and Shareholders may not receive compensation in full or at all for any losses incurred. Recourse through the legal system can be lengthy, costly and protracted. Depending on the circumstances, the Fund may decide not to take legal action and/or the Fund may decide to enter into settlement negotiations which may or may not be successful. Future Risk Investments in growth orientated sectors, e.g. technology/Asia, benefit from investor optimism about the future and their value can fall sharply if sentiment deteriorates. Hedged Share Classes Risk The Investment Manager will implement a hedging strategy to limit exposure to the currency position of the Sub-Fund’s Reference Currency to the currency the Hedged Share Class (‘HSC’) is denominated in. However, there can be no assurance that the strategy chosen by the Investment Manager will be successful. The hedging transactions will be entered into regardless of whether the Reference Currency is declining or increasing in value relative to the HSC Currency. Consequently, while such hedging will largely protect Shareholders in the relevant HSC against a decrease in the value of the Reference Currency relative to the HSC Currency, it will also mean that Shareholders of the HSC will not benefit from an increase in the value of the Reference Currency relative to the HSC Currency. Due to the impossibility of forecasting future market values the currency hedging will not be perfect and the returns of the HSC, measured in the HSC Currency, will not be exactly the same as the returns of an equivalent Share Class denominated in and measured in the Reference Currency. Shareholders should also note that liabilities arising from one Share Class in a Sub-Fund may affect the net asset value of the other Share Classes in that Sub-Fund. High Yield Debt High yield debt securities, that is those that are rated BB+ by Standard & Poor’s or Ba1 by Moody’s or lower, Securities Risk are subject to greater risk of loss of income and principal due to default by the issuer than are higher-rated debt securities. It may also be more difficult to dispose of, or to determine the value of, high yield debt securities. High yield debt securities rated BB+ or Ba1 or lower are described by the ratings agencies as “predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions”. Income Priority Risk For the Sub-Funds indicated in Section 7.1 of the Prospectus, the Management Fee, the Administration Servicing Fee, the Distribution Fee on F Shares, the Custodian’s fee and all other expenses attributable to that Sub-Fund will be charged against the capital of that Sub-Fund. This process has been adopted to maximise the amount of income (which may be taxable) available for distribution to Shareholders in the Sub-Fund concerned but may constrain capital growth and future income growth. Income Yield Risk The level of any yield for a Sub-Fund may be subject to fluctuations and is not guaranteed. Inflation Risk Inflation erodes the real value of all investments and changes in the anticipated rate of inflation could lead to capital losses in the Sub-Fund’s investments. Initial Charges Risk Where an Initial Charge is made, investors who sell their Shares may not, even in the absence of a fall in the value of the Shares, recover the total amount originally subscribed. Initial Public Offerings When a Sub-Fund subscribes for an IPO there is a (potentially lengthy) period between the Sub-Fund submitting (IPO) Risk its application and finding out whether the application has been successful. If the Sub-Fund is not allocated the full amount subscribed for, this may result in a sudden change in the Sub-Fund’s price to reflect the level of allocation actually received when this is finally discovered. There is also the opportunity cost of having cash committed to the subscription (and therefore out of the market), and not receiving the full allocation. Interest Rate Risk The earnings or market value of a Sub-Fund may be affected by changes in interest rates. This risk can be particularly relevant for Sub-Funds holding fixed-rate debt securities (such as bonds), since their values may fall if interest rates rise. Furthermore, Sub-Funds holding fixed-rate debt securities with a long time until maturity may be more sensitive to changes in interest rates than shorter-dated debt securities, for example a small rise in long-term interest rates may result in a more than proportionate fall in the price of a long-dated debt security. Investment Grade Risk Investment Grade debt securities, like other types of debt securities, involve credit risk. Investment Grade debt securities also face the risk that their ratings can be downgraded by the ratings agencies during when these securities are invested by a particular Sub-Fund. Investment in Russia Risk Investments in Russia are currently subject to certain heightened risks when dealt through the Russian Stock Exchange with regard to the ownership and custody of securities. Ownership of Russian securities is evidenced by entries in the books of a company or its registrar (which is neither an agent of, nor responsible to, the Custodian). No certificates representing ownership of Russian companies will be held by the Custodian or any of its local correspondents or in an effective central depository system. As a result of this system, as well as the uncertainties around the efficacy and enforcement of state regulation, the Sub-Fund could lose its registration and ownership of Russian securities through fraud, negligence or otherwise. In addition, Russian custodian level such that the sub-custodian does not maintain books and records that reflect the beneficial ownership of the Fund to its assets. Fraud may also arise with regards to counterparty default and/or fraudulent acts of other third parties. In such events there is no certainty that Shareholders will be compensated in full or at all for any losses suffered by the Sub-Fund.

Investec Global Strategy Fund Simplified Prospectus 57 Appendix 1– Risk Factors continued

Risk factor name Risk factor description

Fund Legal Action Risk There is no certainty that any legal action taken by the Fund against its Service Providers, agents, counterparties or other third parties will be successful and Shareholders may not receive compensation in full or at all for any losses incurred. Recourse through the legal system can be lengthy, costly and protracted. Depending on the circumstances, the Fund may decide not to take legal action and/or the Fund may decide to enter into settlement negotiations which may or may not be successful. Future Risk Investments in growth orientated sectors, e.g. technology/Asia, benefit from investor optimism about the future and their value can fall sharply if sentiment deteriorates. Hedged Share Classes Risk The Investment Manager will implement a hedging strategy to limit exposure to the currency position of the Sub-Fund’s Reference Currency to the currency the Hedged Share Class (‘HSC’) is denominated in. However, there can be no assurance that the strategy chosen by the Investment Manager will be successful. The hedging transactions will be entered into regardless of whether the Reference Currency is declining or increasing in value relative to the HSC Currency. Consequently, while such hedging will largely protect Shareholders in the relevant HSC against a decrease in the value of the Reference Currency relative to the HSC Currency, it will also mean that Shareholders of the HSC will not benefit from an increase in the value of the Reference Currency relative to the HSC Currency. Due to the impossibility of forecasting future market values the currency hedging will not be perfect and the returns of the HSC, measured in the HSC Currency, will not be exactly the same as the returns of an equivalent Share Class denominated in and measured in the Reference Currency. Shareholders should also note that liabilities arising from one Share Class in a Sub-Fund may affect the net asset value of the other Share Classes in that Sub-Fund. High Yield Debt High yield debt securities, that is those that are rated BB+ by Standard & Poor’s or Ba1 by Moody’s or lower, Securities Risk are subject to greater risk of loss of income and principal due to default by the issuer than are higher-rated debt securities. It may also be more difficult to dispose of, or to determine the value of, high yield debt securities. High yield debt securities rated BB+ or Ba1 or lower are described by the ratings agencies as “predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions”. Income Priority Risk For the Sub-Funds indicated in Section 7.1 of the Prospectus, the Management Fee, the Administration Servicing Fee, the Distribution Fee on F Shares, the Custodian’s fee and all other expenses attributable to that Sub-Fund will be charged against the capital of that Sub-Fund. This process has been adopted to maximise the amount of income (which may be taxable) available for distribution to Shareholders in the Sub-Fund concerned but may constrain capital growth and future income growth. Income Yield Risk The level of any yield for a Sub-Fund may be subject to fluctuations and is not guaranteed. Inflation Risk Inflation erodes the real value of all investments and changes in the anticipated rate of inflation could lead to capital losses in the Sub-Fund’s investments. Initial Charges Risk Where an Initial Charge is made, investors who sell their Shares may not, even in the absence of a fall in the value of the Shares, recover the total amount originally subscribed. Initial Public Offerings When a Sub-Fund subscribes for an IPO there is a (potentially lengthy) period between the Sub-Fund (IPO) Risk submitting its application and finding out whether the application has been successful. If the Sub-Fund is not allocated the full amount subscribed for, this may result in a sudden change in the Sub-Fund’s price to reflect the level of allocation actually received when this is finally discovered. There is also the opportunity cost of having cash committed to the subscription (and therefore out of the market), and not receiving the full allocation. Interest Rate Risk The earnings or market value of a Sub-Fund may be affected by changes in interest rates. This risk can be particularly relevant for Sub-Funds holding fixed-rate debt securities (such as bonds), since their values may fall if interest rates rise. Furthermore, Sub-Funds holding fixed-rate debt securities with a long time until maturity may be more sensitive to changes in interest rates than shorter-dated debt securities, for example a small rise in long-term interest rates may result in a more than proportionate fall in the price of a long-dated debt security. Investment Grade Risk Investment Grade debt securities, like other types of debt securities, involve credit risk. Investment Grade debt securities also face the risk that their ratings can be downgraded by the ratings agencies during when these securities are invested by a particular Sub-Fund.

58 Investec Global Strategy Fund Simplified Prospectus Risk factor name Risk factor description

Investment in Russia Risk Investments in Russia are currently subject to certain heightened risks when dealt through the Russian Stock Exchange with regard to the ownership and custody of securities. Ownership of Russian securities is evidenced by entries in the books of a company or its registrar (which is neither an agent of, nor responsible to, the Custodian). No certificates representing ownership of Russian companies will be held by the Custodian or Risk factor name Risk factor description Investec Global Strategy Fund Simplified Prospectus 59 any of its local correspondents or in an effective central depository system. As a result of this system, as well as the uncertainties around the efficacy and enforcement of state regulation, the Sub-Fund could lose its registration and ownership of Russian securities through fraud, negligence or otherwise. In addition, Russian securities have an increased custodial risk associated with them as such securities are, in accordance with market practice, held in custody with Russian institutions which may not have adequate insurance coverage to cover losses due to theft, destruction or default while such assets are in custody. Investments in Russia are currently limited to the Russian Trading System stock exchange and on the Moscow Interbank Currency Exchange. Large Flow Sub-Fund Large flows into and out of a Sub-Fund may result in the Sub-Fund being forced to buy or sell a significant Disruption Risk volume of an asset relative to the liquidity normally available in the market for that asset. This may affect the price at which that asset is bought or sold and this would impact the value of the Sub-Fund and the other

Investec Global Strategy Fund Simplified Prospectus 59 Risk factor name Risk factor description

Investec Global Strategy Fund Simplified Prospectus 60 Risk factor name Risk factor description

Investec Global Strategy Fund Simplified Prospectus 61 Appendix 2 – List of Available Share Classes

Currency Share Class Income Shares Accumulation Shares Sub - Fund of Denom. Hedging

Money Sub-Funds Euro Money Fund Euro - A C D A D Sterling Money Fund Sterling - A C D A D U.S. Dollar Money Fund USD - A C D A D F I

Multi-Currency Sub-Funds Emerging Markets Currency Fund USD F A C I S EUR - S Emerging Markets Currency Alpha Fund USD - A F S Euro Euro A S Sterling Sterling S Managed Currency Fund USD - A C F A F I S

Bond Sub-Funds Global Bond Fund USD - A C D A F I Global Defensive Bond Fund USD - C F S Global Strategic Income Fund USD - A C F A F I S Euro Euro S Euro - F Investment Grade Corporate Bond Fund USD - A C D F A F I S Euro Euro A C Sterling Sterling A S High Income Bond Fund Euro - A C F I S Sterling Sterling A A USD USD F USD - F F Emerging Markets Local Currency USD - A C F I S A F I S Dynamic Debt Fund Euro - S Sterling - A I A I S Emerging Markets Local Currency Debt USD - A C F I S A F I S Fund Euro - F I Sterling - S Emerging Markets Hard Currency Debt USD A C F I A C F I S Fund Sterling - S Emerging Markets Blended Debt Fund USD - A F I A F I S Emerging Markets Corporate Debt Fund USD A C F I S Sterling - S Emerging Markets Investment Grade Debt USD - I Fund Latin American Corporate Debt Fund USD - A C F A I Africa High Income Fund USD - A I JPY - I

Balanced Sub-Funds Global Strategic Managed Fund USD - A C D F A D F I S USD A C D F A D F I S Euro Euro F F Sterling Sterling F Multi-Asset Protector Fund (USD) USD - A Emerging Markets Multi-Asset Fund* USD

Equity Sub-Funds Global Equity Fund USD - A C D I A D F Euro - A Global Strategic Equity Fund USD - A C D I S A F I Euro - A Global Dynamic Fund USD - A C D I S Z A F I Global Contrarian Equity Fund* USD Global Franchise Fund USD - A C I S A C F I S

62 Investec Global Strategy Fund Simplified Prospectus Appendix 2 – List of Available Share Classes continued

Currency Share Class Income Shares Accumulation Shares Sub - Fund of Denom. Hedging Global Opportunity Equity Fund USD - A I S EAFE Fund USD - A S F American Equity Fund USD - A C I A F I U.K. Equity Fund Sterling - A C A S USD - F I Asian Equity Fund USD - A C A F I Asia Pacific Equity Fund USD - A C A F I S Emerging Markets Equity Fund USD - A C F I S Latin American Equity Fund USD - A C F I Continental European Equity Fund USD - A C D A F Euro - A Africa Opportunities Fund USD - A C F I S JPY - I Africa & Middle East Fund USD - A F I S Middle East & North Africa Fund USD - A F S Global Energy Fund USD - A C I A F I S Euro - A F I Sterling - F SGD SGD C F Enhanced Global Energy Fund USD - A F I S Sterling - I Global Energy Long Short Fund USD - A S Global Gold Fund USD - A C S A F I Global Dynamic Resources Fund USD - A C A F I S Euro - I HKD - A A SGD SGD C F Enhanced Natural Resources Fund USD - A F G I S Euro - A I Specialist Sub-Funds Dynamic Commodities Fund* USD

*These Share Classes will be available at the launch date of the Sub-Funds.

Investec Global Strategy Fund Simplified Prospectus 63 Appendix 3 – Performance Fees

Certain Sub-Funds as specified under the Investment Information sections may have Performance Fees. The methodology of the Performance Fees is described below. Performance Fee method The amount per Share of the Performance Fee, due to be paid by the relevant Share Class and in relation to a Crystallisation Period, is a proportion (known as the “Participation Rate”) of the net gain in Adjusted Net Asset Value per Share, with a minimum of zero. • The Adjusted Net Asset Value per Share is the Net Asset Value per Share adjusted for any dividends and before any Performance Fees accrued in the Net Asset Value per Share. • The net gain in Adjusted Net Asset Value per Share is calculated as the Adjusted Net Asset Value per Share less the greater of the Hurdle and the High Water Mark. • The Hurdle is the notional Adjusted Net Asset Value per Share had the Share Class enjoyed an investment return equal to the Hurdle Performance over the Crystallisation Period. The Hurdle Performance is the rate the Share Class must achieve before any Performance Fee is payable and is specified for each Sub-Fund as stated under the Investment Information section. • The High Water Mark is the Adjusted Net Asset Value per Share at the start of the previous Crystallisation Period, adjusted for investment returns equal to the Hurdle Performance over the relevant Crystallisation Periods. If there is no previous Crystallisation Period, then there is no High Water Mark. Where the Hurdle Performance is positive, the High Water Mark will be higher than the Adjusted Net Asset Value per Share at the start of the previous Crystallisation Period. • For the Dynamic Commodities Fund, where the Hurdle Performance may be negative, there is no High Water Mark. In its place the Dynamic Commodities Fund has an Extended Hurdle equal to the Adjusted Net Asset Value per Share at the start of the previous Crystallisation Period, adjusted for investment returns equal to the Hurdle Performance over the relevant Crystallisation Periods. Please note that, as the Hurdle Performance may be negative, the Extended Hurdle may be lower than the Adjusted Net Asset Value per Share at the start of the previous Crystallisation Period. • A Crystallisation Period corresponds to the financial year, ending 31 December. If a Crystallisation Period commences after 1 January, the Crystallisation Period will be less than 12 months. The amount of Performance Fee payable (if any) is calculated and accrued in the Net Asset Value per Share on each Valuation Day, one day in arrears. The accrual can rise as well as fall during a Crystallisation Period, depending on the daily performance of the Share Class in relation to its Hurdle and High Water Mark/Extended Hurdle. The Performance Fee (if any) will become payable by the Share Class annually at the end of the Crystallisation Period. Once a Performance Fee is paid, it is not refundable. The performance fee calculations are carried out by the Administrator and are reviewed annually by the Fund’s auditors. The Board of Directors have the discretion to make adjustments to the accruals as they deem fit to ensure that fair and accurate performance fees are accrued and payable. In the event of a liquidation or merger of a Sub-Fund or a Share Class of a Sub-Fund where performance fees are applicable, the Crystallisation Period will end at the date of the liquidation or merger and the performance fee (if any) will become payable before the liquidation or merger. Note that the Performance Fee is calculated per Share and not per Shareholder, and Performance Fee equalisation is not applied. The amount of the Performance Fee applicable to an individual Shareholder may therefore vary, depending on when they invested. For example, when the Adjusted Net Asset Value per Share is below either the Hurdle or the High Water Mark/Extended Hurdle, both existing and new Shareholders can enjoy a gain in Net Asset Value per Share without a Performance Fee being accrued. Similarly, when the Adjusted Net Asset Value per Share is above both the Hurdle and the High Water Mark/Extended Hurdle, a decrease in accrued Performance Fees will benefit new Shareholders, diluting the benefit to older Shareholders. The Board of Directors has the discretion to limit such variations by directing new investments to a new series of the relevant Share Class. Performance Fee basis Sub-Fund Hurdle Performance* Participation rate Emerging Markets Currency Alpha Fund USD 1 month LIBOR 20% Enhanced Natural Resources Fund USD 1 month LIBOR plus 4% 20% Enhanced Global Energy Fund USD 1 month LIBOR plus 4% 20% Global Energy Long Short Fund Nil 20% Dynamic Commodities Fund Dow Jones UBS Commodity Index Total 15% Return** * The Hurdle Performance will be hedged in case of Hedged Share Classes. ** Shareholders should note that a Performance Fee may still be payable where the Sub-Fund’s performance over the Crystallisation Period is negative. Performance Fee examples The examples below are shown for illustration purposes only and may contain simplifications. Example 1: the Share Class outperforms the Hurdle Performance over the first year At the start of the year, the Adjusted Net Asset Value per Share is $100. Over the year, the Adjusted Net Asset Value per Share grows to $110. The Hurdle Performance is 4% over the same year. Had the Share Class returned the same return as the Hurdle Performance, its notional Adjusted Net Asset Value per Share would have risen to $104, being the Hurdle. The net gain for the year is the difference between the Adjusted Net Asset Value per Share and the Hurdle i.e. $110 less $104 which equals $6 per Share. The Performance Fee would be calculated as 20% (the Participation Rate) of that net gain i.e. 20% of $6 which equals $1.20 per Share. Example 2: the Share Class underperforms the Hurdle Performance in the second year At the start of the second year, the Adjusted Net Asset Value per Share is $110. Over the year, the Adjusted Net Asset Value per Share falls to $105. The Hurdle Performance is 6% over the year. Had the Share Class returned the same return as the Hurdle Performance, the notional Adjusted Net Asset Value per Share would have risen to $116.60, being the Hurdle. The High Water Mark is the Adjusted Net Asset Value per

64 Investec Global Strategy Fund Simplified Prospectus Share at the start of the first year plus the Hurdle Performance i.e. $110.24. The net gain for the year is the difference between the Adjusted Net Asset Value per Share and the greater of the Hurdle and the High Water Mark i.e. $105 less $116.60 which is less than zero. No Performance Fee is therefore payable in the second year.

Example 3: the Share Class outperforms the Hurdle Performance in the third year but is below the High Water Mark At the start of the third year, the Adjusted Net Asset Value per Share is $105. Over the year, the Adjusted Net Asset Value per Share grows to $120. The Hurdle Performance is 5% over the year. Had the Share Class returned the same return as the Hurdle Performance, the notional Adjusted Net Asset Value per Share would have risen to $110.25, being the Hurdle. The High Water Mark is the Adjusted Net Asset Value per Share at the start of the second year plus the Hurdle Performance i.e. $122.43. The net gain for the year is the difference between the Adjusted Net Asset Value per Share and the greater of the Hurdle and the High Water Mark i.e. $120 less $122.43 which is less than zero. No Performance Fee is therefore payable in the third year even though the Share Class outperformed the Hurdle Performance because it is below its High Water Mark. Summary of the above examples Time (years) Adjusted Net Asset Hurdle High Water Mark Net gain Performance Fee Value per Share per Share per Share 0 $100 1 $110 $104 n/a $6 $1.20 2 $105 $116.60 $110.24 n/a nil 3 $120 $110.25 $122.43 n/a nil

Investec Global Strategy Fund Simplified Prospectus 65 Appendix 3 – Performance Fees continued

A. Shareholders’ Subscriptions, Redemptions, Conversions and Fees 1. How to buy Shares ” Subscriptions” The Board of Directors reserves the right at any time, without notice, to discontinue the issue and sale of Shares of any Class in any or all Sub-Funds. Initial and subsequent applications must be made on the Fund’s application form or in a format acceptable to the Fund containing the information required by the Fund and must be forwarded to the Global Distributor and Service Provider, or to any distributor indicated on the Application Form (where applicable please refer to the specfic Country Supplements). The Fund reserves the right to reject any application for Shares in whole or in part. All applications made are subject to the full Prospectus, this Simplified Prospectus, the latest annual report, the Fund’s Articles of Incorporation and Application Form. Except where indicated below, payment for subscriptions (net of all transfer costs/charges, if any) must be delivered to the Global Distributor and Service Provider’s bank account by wire transfer of immediately available funds by 4:00pm New York City time which is normally 10:00pm Luxembourg time provided that the valuation point is not before 4:00pm New York City time (the Trade Order Cut Off Time) on a Business Day. A Business Day is a day on which banks are normally open for business in both Luxembourg and the United Kingdom save for the 24 December of every year. Payment for Shares must be in the currency in which the relevant Share Class is denominated, from a bank account in the investor’s own name. However an investor may request that payment be made in an alternate currency other than the currency in which the relevant Share Class is denominated. The details of acceptable currencies are listed on the Application Form. In such circumstances the Global Distributor and Service Provider will arrange for the conversion of the subscription proceeds received into the currency of the denomination of the relevant Class. The foreign exchange transactions applied to such currency conversions will be at commercial market rates applicable on the relevant Business Day. The foreign exchange transaction will be at the cost and risk of the relevant investor. Shareholders must be aware that when they apply for a conversion of subscription proceeds, the returns received on investments may be different to the return calculated by reference to the currency in which the relevant Share Class is denominated. This may be as a consequence of fluctuations in the currency markets which may affect the returns on investments. Prospective investors should note that in respect of the Africa & Middle East Fund and the Middle East & North Africa Fund, Fridays and any days which are public holidays in the Middle East to cover the Post Ramadan Holiday period and the Hajj Season (Pilgrimage Holiday) are not business days and subscriptions, redemptions and conversions will not be facilitated on those days. Furthermore, in respect of the Latin American Equity Fund, prospective investors should note that any days which are public holidays in Brazil to cover the Carnival Holiday Period are not business days and subscriptions, redemptions and conversions may not be facilitated on those days. Shareholders are required to provide evidence required by any applicable laws and regulations relating to anti-money laundering checks. Subscriptions shall not be processed until such information is received. 2. How to sell Shares “Redemptions” Applications for redemptions must include i) the monetary amount the Shareholder wishes to redeem or convert (please refer to conversions below), or (ii) the number of Shares the Shareholder wishes to redeem. In addition, the application must include the Shareholder’s personal details and Shareholder’s account number. Failure to provide any of this information may result in a delay whilst verification is being sought. Redemption applications must be received by the Global Distributor and Service Provider no later than the Trade Order Cut-Off Time on the Business Day on which the redemption shall be effected (where applicable please refer to the specific Country Supplements). Redemption payments will be made in the currency in which the relevant Share Class is denominated. Payment for Shares redeemed will normally be effected within 3 Business Days after the relevant redemption request. However an investor may request that redemption payment may be made in an alternate currency, the details of acceptable currencies are listed on the Application Form, other than the Currency in which the relevant Share Class is denominated. The exchange rates used for such currency conversions and the effect on any potential returns on investments are detailed above (How to buy Shares). Shares of all Classes of Shares of all Sub-Funds may be redeemed without charge, although the Board of Directors reserve the right to impose a redemption fee of up to 2% on the value of a redemption which the Board of Directors at their absolute discretion believe to arise from active trading in the Fund. 3. Conversion of Shares Conversion applications must be received by the Global Distributor and Service Provider no later than the Trade Order Cut-Off Time on the Business Day on which the conversion shall be effected (where applicable please refer to the specific Country Reference Guide). The right to convert Shares is subject to compliance with any conditions (including any minimum subscription amounts) applicable to the Class into which the conversion is to be effected. The conversion of Shares of any Class from one Sub-Fund for Shares of the same Class in another Sub-Fund is based on the respective Net Asset Value of the relevant Class. If, as a result of a conversion, the value of a Shareholder’s holding in the new Class would be less than the minimum subscription amount (please refer to the section entitled Minimum Subscription and Shareholding Amounts), the Shareholder may be deemed (if the Board of Directors so decides) to have requested the conversion of all of his Shares. 4. The price at which Shares are bought, sold and converted. The price of a Share is based on the Net Asset Value of the Share. The net asset value is the value of the assets of any Sub-Fund less the liabilities of the Sub-Fund. The Net Asset Value is calculated on each Valuation Day, being any day on which banks in both Luxembourg and the United Kingdom are open for normal banking business save for the 24 December in each year, and may be obtained at the registered office of the Fund in Luxembourg. The Subscription Price of the Share Class within the relevant Sub-Fund is based on the Net Asset Value per Share of such Share Class within such Sub-Fund in the currency in which the relevant share class is denominated plus an initial charge as detailed in each Sub-Fund’s investment profile.

66 Investec Global Strategy Fund Simplified Prospectus The redemption price per Share is the Net Asset Value per Share in the currency in which the relevant Shares Class is denominated. The conversion price per Share is the Net Asset Value per Share in the currency in which the converted Share Class is denominated. The actual cost of acquiring or disposing assets and investments in the Sub-Funds may deviate from the mid-market prices normally used in calculating their relevant Net Asset Value, due to dealing charges, taxes, and any spread between acquisition and disposal prices of assets dealt in that Sub-Fund on that Business Day. These costs could have an adverse effect on the Net Asset Value of the Sub-Funds, known as “dilution”. In order to mitigate the effect of dilution the Directors may at their discretion, adjust the Net Asset Value per Share in the Sub-Funds to take into account the possible effects of dilution. Such adjustment will be made in accordance with criteria set by the Directors from time to time including whether the costs of investing or divesting the net inflows into or outflows from a Sub-Fund on a Business Day will create in their opinion a material dilutive impact. Such adjustments may only be exercised for the purpose of reducing dilution in the Sub-Funds. In the case of the Multi-Asset Protector Fund (USD) a dilution adjustment will not apply, instead the Directors may impose a dilution levy on the Subscription, Redemption or Conversion of Shares in the Multi-Asset Protector Fund (USD). Such dilution levy will be determined in accordance with criteria set by the Board of Directors from time to time including whether the costs of investing or divesting the net inflows or outflows from the Multi- Asset Protector Fund (USD) on a Business Day will create in their opinion a material dilutive impact. The rate of any dilution levy will vary from time to time to reflect the current market conditions and will be levied at the same rate for relevant Shareholders subscribing, converting or redeeming Shares respectively to best protect existing or remaining Shareholders. The dilution levy will be credited to the Multi-Asset Protector Fund (USD) for the benefit of its existing or remaining Shareholders.

B. Fund’s Fees, Expenses and Ratios The Fund’s operational expenses and other fees are detailed in each Sub-Fund’s investment profile. A further explanation of the fees is listed below: 1. Management Fee, Administration Servicing Fee and Distribution Fee The Management Fee, Administration Servicing Fee and Distribution Fee are calculated on the basis of the net assets of the relevant Share Class and are accrued daily and payable monthly in arrears. Commission payments to Shareholders’ agents are paid from the Management Fee and/or Distribution Fee. The Global Distributor and Service Provider shall co-ordinate and administer the Fund’s payment of the fees to the relevant parties subject to and in accordance with the terms of the full Prospectus. 2. Performance Fee The Fund pays a performance fee (the “Performance Fee”) calculated as a percentage of the Net Asset Value of each Share Class under its management. The Global Distributor and Service Provider shall co-ordinate and administer the Fund’s payment of the Performance Fee to the Investment Manager and/or other relevant parties subject to and in accordance with the terms of the full Prospectus. The Performance Fee is as specified in the relevant sections for each Sub-Fund. The method of calculation of the Performance Fee is set out in Appendix 3 above. 3. Custodian Fee and Independent Party Fee The Custodian is entitled to receive out of the assets of each Sub-Fund a fee of up to 0.05% of the Net Asset Value of each Sub-Fund payable monthly in arrears. In addition, the Custodian is entitled to be reimbursed by the Fund for its reasonable out-of-pocket expenses and disbursements and for charges of any sub-custodian or agent (as applicable). The fees of the Custodian are calculated by reference to the net assets of the relevant Sub-Fund and accrued daily. Fees paid to the Independent Party will be borne by each of the Sub-Funds. The Custodian Fee paid by each Sub-Fund will be reduced by the amount of fee owed by that Sub-Fund to the Independent Party (being a fee of 0.0025% of the average net assets per Sub-Fund per annum) and therefore the Sub-Funds will not bear any additional cost in connection with the appointment of the Independent Party. 4. Total Expense Ratio “TER”. The TER is a measure of the total costs associated with managing a Sub-Fund. These costs mainly include the management fee and additional expenses such as trading fees, legal fees, auditor fees and other operational expenses. The total costs of each Sub-Fund are divided by the Sub-Fund’s total assets to arrive at a percentage figure, which represents the TER. 5. Portfolio Turnover Rate “PTR” The PTR is a measurement of how frequently assets within a Sub-Fund are bought and sold by the investment managers. It is calculated by taking the total amount of new securities purchased and the total amount of securities sold, adjusted for total subscriptions and redemptions in Shares of the Sub-Fund over a particular period, divided by the average monthly Net Asset Value (NAV) of the Sub-Fund. The measurement is reported for a 12-month time period. 6. Rebate Arrangements Subject to applicable law and regulations, the Global Distributor and Service Provider, may at its discretion, on a negotiated basis, enter into private arrangements with a various sub-distributors, intermediaries, dealers and professional investors pursuant to which the Global Distributor and Service Provider may make payments to or for the benefit of such persons which represent a rebate of all or part of the fees paid by the Fund to the Investment Manager. In addition, subject to applicable law and regulations, the Global Distributor and Service Provider may at its discretion, on a negotiated basis, enter into private arrangements with various a sub-distributors, intermediaries, dealers and professional investors holder or prospective holder of Shares pursuant to which the Global Distributor and Service Provider is entitled to make payments to such persons of part or all of such fees. Consequently, the effective net fees payable by a Shareholder who is a beneficiary is entitled to receive a rebate under the arrangements described above may be lower than the fees payable by a Shareholder who does not benefit from such arrangements. Such arrangements reflect terms privately agreed between parties other than the Fund, and for the avoidance of doubt, the Fund cannot, and is under no duty to, enforce equality of treatment between Shareholders by other entities, including those service providers of the Fund that it has appointed. .

Investec Global Strategy Fund Simplified Prospectus 67 Commercial Information

Accredited Investor means any natural person who meets one of the following criteria:- (i) individual net worth or joint net worth with their spouse US$ 1,000,000 on the day of subscription; or (ii) individual income in excess of US$200,000 in each of the two most recent years and has a reasonable expectation of reaching the same income level in the current year; or (iii) joint income with their spouse of more than US$300,000 in each of the two most recent years and has a reasonable expectation of reaching the same income level in the current year. In addition, the Accredited Investor must satisfy the following criteria:- (i) be a natural person who has individually or jointly with their spouse at least US$2,500,000 in investible assets on the day of subscription; and (ii) invest a minimum of US$1,000,000 in the Fund.

Available Share Classes The Board of Directors may decide to create different Classes of Shares within each Sub-Fund whose assets will be invested in accordance with the specific investment policy of the relevant Sub-Fund: • Each Sub-Fund may contain A, C, D, F, G, I, IX, S and Z Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount, eligibility requirements, and the fees and expenses applicable to them as listed for each Sub-Fund. For Sub- Funds that charge a Performance Fee, the Board of Directors has the discretion to close Share Classes to new investments and open further series of such Share Classes as detailed in Appendix 3 above. • Each Class of Shares, where available, may be offered in the Reference Currency of the relevant Sub-Fund, or may have a different Currency Denomination which may include U.S. Dollar, Sterling, Euro or Yen. • Each Class of Shares may be either hedged (see definition of “Hedged Share Class” in the section “Definition”) or unhedged. • Each Class of Shares, where available, may also have different dividend policies as described in the main part of the full Prospectus under the section Dividend Policy: A detailed list of the Share Classes available as at the date of this Simplified Prospectus can be found in Appendix 2. If a new Share Class is made available, the list of Share Classes in Appendix 2 will be updated accordingly upon the next issuance of a Simplified Prospectus. A complete list of the available Share Classes may also be requested from your usual Investec Representative or the Administrator.

Investec Representative means the representatives listed in the full and this Simplified Prospectus and the local representative agents that the Fund may appoint from time to time

Minimum Subscription and Shareholding Amounts Minimum Initial and Additional Subscription and Shareholding Amounts Classes Available and Eligibility for Shares Class A, C, D, F, IX and Z Shares are available for all investors. Class G, I and S Shares may only be purchased by Institutional Investors as defined by Luxembourg regulations from time to time. Minimum Subscription and Shareholding

Share Class A C D F G I / IX S Z Minimum initial US$3,000 or the US$100,000,000 US$1,000,000 or US$100,000,000 US$10,000,000 subscription approximate equivalent or the approximate the approximate or the approximate or the approximate amount* in another approved equivalent in another equivalent in another equivalent in another equivalent in another currency except for approved currency approved currency approved currency approved currency an Accredited Investor as defined in this Prospectus Minimum US$750 or the US$250,000 or US$250,000 or As per investment N/A subsequent approximate equivalent the approximate the approximate management subscription in another approved equivalent in another equivalent in another agreement amount* currency approved currency approved currency *Where the minimum initial and subsequent subscription amounts for a Sub-Fund are different to those stated above, these will be specified in Appendix 1 of the full Prospectus. Currently, the Fund’s Emerging Markets Currency Alpha Fund and the Dynamic Commodities Fund have different minimum initial and subsequent subscription amounts to those stated above. The Board of Directors may, in its absolute discretion, accept a subscription which is below the normal minimum investment level for any Class of Shares. As S Shares are reserved for Institutional Investors who enter into a separate investment management agreement, the Board of Directors, may, in its absolute discretion either reject or accept subscriptions from Institutional Investors for S Shares. Redemptions may be for any amount, provided that the value of the Shares is not reduced below the normal minimum subscription applicable to the relevant Class. If the value of a shareholding falls below the relevant normal minimum subscription, the Board of Directors reserves the right to compulsorily redeem the shareholding after giving notice to the Shareholder.

68 Investec Global Strategy Fund Simplified Prospectus The Board of Directors may, at its discretion, convert a Shareholder’s I, IX or S Share into A Shares if, as a result of redemption, the value of a Shareholder’s I or S Shares falls below the minimum investment level. The Board of Directors will not convert I, IX or S Shares to A Shares because of a decrease in value of a Shareholder’s investment below the prescribed minimum subscription level as a result of the performance of the Sub-Fund. The Board of Directors may, at any time, decide to compulsorily redeem all Shares from Shareholders whose shareholding is less than the minimum subscription amount specified above who consequently fail to satisfy any other applicable eligibility requirements set out above. In such case, the Shareholder concerned will receive one month’s prior notice so as to be able to increase his/her holding above such amount or otherwise satisfy the eligibility requirements. Distribution Policy Income Shares The Board of Directors has determined that the distribution policy of the overall Fund is to distribute the whole of the income attributable to each Class of Income Shares to Shareholders of that class after the deduction of the Management Fee, the Administration Servicing Fee, the Distribution Fee where relevant, the Custodian’s Fee and all other expenses attributable to that Class of Income Shares. All unclaimed dividends may be invested or otherwise made use of by the Board of Directors for the benefit of the relevant Sub-Fund until claimed. No unclaimed dividend will bear interest against the Sub-Fund. Dividends unclaimed for more than 5 years from the date of declaration will be forfeited. Any dividend which amounts to US$50 (or its currency equivalent) or less (the “Minimum Dividend”) will automatically be reinvested into further Income Shares in the Class of Income Shares from which the income was received. Shareholders who reinvest their dividends but wish to convert their total holding from one Sub-Fund to income Shares or Accumulation Shares or another Sub-Fund will receive their dividend entitlements from the first Sub-Fund in the form of cash and not in the form of a reinvestment in the second Sub-Fund. Shareholders who reinvest their dividends and who redeem or transfer their total holding in a particular Sub-Fund after the ex-dividend date of the Sub-Fund will receive dividend entitlements in the form of cash and not in the form of a reinvestment in the Sub-Fund. Accumulation Shares Shareholders holding Accumulation Shares will not receive dividend payments from the Sub-Fund. Instead, any income will be accrued daily in the Net Asset Value per Share of the relevant Class. European Union Savings Directive Council Directive 2003/48/EC ( the “EU Savings Directive”) applies where a paying agent domiciled in an EU member state makes a distribution from or a redemption of Shares in Sub-Funds, to a beneficiary which is an individual or a residual entity (as defined by the EU Savings Directive) residing in another EU member state. In such circumstances, the paying agent may be required to report income received by Shareholders to the relevant tax authority or to withhold an appropriate amount of tax on the income element of distribution and redemption proceeds. Further details of the EU Savings Directive are set out in the full Prospectus. Shareholders should inform themselves of, and where appropriate take advice on, the impact of the EU Savings Directive on their investment. As from 1 January 2010, paying agents established in Belgium no longer have to levy withholding tax. Indeed, in the Official Gazette of 1 October 2009, a Decree of 27 September 2009 on a modification of the application of the Savings Directive 2003/48/EC was published. Said Decree provides that with effect from 1 January 2010, the withholding tax of 20% on interest withheld by resident paying agents paying interest to or securing the payment of interest for the immediate benefit of individuals who are residents in another EU Member State or in an associated and dependent territory will be replaced by an automatic exchange of information. Performance The performance of each of the Sub-Funds is attached as separate document to this Simplified Prospectus. Past performance is not indicative of future results. Complaints If you have a complaint to make about the operation of the Fund please submit it in writing to the Global Distributor and Service Provider at PO Box 250, Glategny Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 3QH, Channel Islands (marked for the attention of Ms Anne Gallagher). The details of the Fund’s complaints handling procedures may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg. Best Execution The Fund’s best execution policy sets out the basis upon which the Fund will effect transactions and place orders in relation to the Fund whilst complying with its obligations under the CSSF Regulation No. 10-4 and the CSSF Circular 11/508 to obtain the best possible result for the Fund and its Shareholders. Details of the Fund’s best execution policy may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg. Strategy for the Exercise of Voting Rights The Fund has a strategy for determining when and how voting rights attached to ownership of the Fund’s investments are to be exercised for the exclusive benefit of the Fund. A summary of this strategy may be obtained free of charge during normal office hours at the registered office of the Fund in Luxembourg and is available on the Promoter’s website at www.investecassetmanagement.com, as are the details of the actions taken on the basis of this strategy in relation to each Sub-Fund. Compensation in the U.K. Although the Fund is regulated by the FSA, potential investors in the UK are advised that the rules made under FSMA do not in general apply to the Fund in relation to its investment business. In particular the rules made under FSMA for the protection of retail customers (for example, those conferring rights to cancel or withdraw from certain investment agreements) do not apply, and the Financial Services Compensation Scheme will not be available, in connection with an investment in the Fund.

Investec Global Strategy Fund Simplified Prospectus 69 Your contact persons

In Luxembourg State Street Bank Luxembourg S.A. 49 Avenue J.F. Kennedy P.O. Box 275 L-2012 Luxembourg Grand Duchy of Luxembourg In Hong Kong Investec Asset Management Asia Limited Suites 2604-06 Tower 2, The Gateway Harbour City Tsimshatsui Kowloon Hong Kong In Ireland J.P. Morgan Bank Administration Services (Ireland) Limited J.P. Morgan House International Financial Services Centre Dublin 1 Ireland In Taiwan Investec Asset Management Taiwan Limited Unit C, 49/F Taipei 101 Tower No.7 Section 5 Xin Yi Road Taipei Taiwan In Switzerland RBC Dexia Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch Badenerstrasse 567 P.O. Box 101 8066 Zurich Switzerland In South Africa Investec Fund Managers SA Limited 100 Grayston Drive Sandton 2146 South Africa In the United Kingdom Investec Asset Management Limited 2 Gresham Street London EC2V 7QP United Kingdom 07554 – 11/11

70 Investec Global Strategy Fund Simplified Prospectus