GSF

Investec Global Strategy Fund R.C.S. Luxembourg B139420 Investment Fund under Luxembourg Law Annual report and accounts | For the year ended 31 December 2012

Investec Global Strategy Fund

Registered address 49 Avenue J.F. Kennedy, L-1855 Luxembourg Grand Duchy of Luxembourg

Correspondence address – Global Distributor c/o Investec Asset Management Guernsey Limited P.O. Box 250, Glategny Court, Glategny Esplanade St. Peter Port, Guernsey GY1 3QH Channel Islands

Investment Fund under Luxembourg Law

Annual report and accounts For the year ended 31 December 2012

Contents

Market overview 2-3 Material changes to the Fund 4 Annualised performance over 5 years 5-8 Calendar year performance over 5 years 9-10 The Fund 11-13 Directors of the Fund 14 Report of the Directors 15 Statistical Information 16-22 Portfolio details – Schedule of Investments 23-231 Statement of Operations 232-239 Statement of Changes in Shareholders’ Equity 240-247 Statement of Assets and Liabilities 240-247 Notes forming part of the financial statements 248-297 Independent Auditor’s report to the Shareholders 298 Performance Records 300-317 Investment objectives and policy 318-327 Risk considerations 328-334 Risk Management 335-338 Fair Value Hierarchy 339-347 Additional Information for Investors in the Federal Republic of Germany 348 Notice to investors in Switzerland 348 Notice of Meeting 349 Portfolio Turnover 350 European Union Savings Directive 351 Report of the custodian 351 Administration of the Fund 352 How to contact Investec 353

Investec Global Strategy Fund | 1 Market overview

All returns and indices are in US dollar terms, 1 January 2012 to 31 December subsequent eleventh hour deal to avoid the fi scal cliff, helped 2012, unless otherwise stated. bolster markets with the MSCI USA NDR Index ending the year up 15.3%. Overview The United Kingdom remained under pressure from government For the most part, 2012 was dominated by uncertainty spending cuts and poor credit availability. The economy surrounding the fate of the euro zone, China’s growth trajectory contracted by 0.3% in the fi rst quarter of 2012, according to and the outcome of the United States fi scal cliff of automatic data from the Offi ce for National Statistics (ONS), supporting the spending cuts and tax increases, leaving markets subject to Bank of England’s decision to approve a further £50 billion of wide fl uctuations. Nonetheless, with a perceived decline in the quantitative easing in February. The economy offi cially emerged risk of a euro-zone break-up, a last minute deal to avoid the from recession in the three months to September, thanks to fi scal cliff (for now) and a strong fourth quarter rebound in China’s the ‘Olympic effect’, with gross domestic product (GDP) data economic data, investor sentiment improved notably into year confi rming growth of 1.0%. While ONS data indicated that end. This drove a broad rally in shares, commodities, corporate household expenditure and net trade showed signs of a strong bonds, and emerging market currencies, with markets overall upturn, economists warned that the improvements might be posting robust positive returns. temporary. Against this backdrop, equities made steady gains through July to December, and fi nished the year up 17.5% as Much like the preceding year, 2012 began optimistically, measured by the FTSE All-Share Index. with companies reporting good earnings, economies slowly recovering and the global fi nancial crisis receding from memories. In Europe, the euro-zone crisis dominated newsfl ow as However, markets failed to carry on the positive momentum and policymakers struggled to restore confi dence in the future of the global equity markets saw their fi rst downturn of 2012 in April, single currency. In July, ECB president Mario Draghi’s promise to as policy paralysis in Europe continued to concern investors. save the euro boosted investor confi dence, sparking a ‘risk-on’1 The MSCI AC World NDR Index fell by 1.1% over the month. rally, with European equities such as Spain, Portugal, Italy and Negative sentiment was driven by problems in the euro zone; Greece particularly benefi ting. European shares also climbed in in particular, Greece’s inability to elect a government clearly in November on news that the International Monetary Fund and favour of implementing the terms of its bailout agreement, and euro-zone fi nance ministers had reached a bailout deal for the dramatic increasing of provisions at Spanish bank, Bankia. Greece. Although data indicated that unemployment reached new highs and that the euro zone fell back into recession for The sell-off continued into May, though on a smaller scale than the fi rst time in three years during the third quarter of 2012, in 2011. Sentiment improved in June after the Greek election, there was a perceived decline in euro-zone break-up risk. The which was widely viewed as a de facto referendum on the region posted strong returns over the year with the MSCI Europe country’s future in the European Monetary Union and turned ex-UK NDR Index returning 21.3%. out to be positive, calming Greek exit fears. Improved sentiment continued throughout July, underpinned by comments from A strong fourth quarter concluded a good year for Asian equity European Central Bank (ECB) governor Mario Draghi that he markets, ending the period up 22.4% (MSCI AC Asia ex Japan would do “whatever it takes” to save the euro. NDR Index). The region benefi ted from an overall improvement in investor risk sentiment on tentative signs of progress in the In September, policy moves by the so-called ‘big three’ kicked global economy, in particular indications that China’s slowdown off with the ECB announcing unlimited bond buying via its may have bottomed out. There were signs of revival after a Outright Monetary Transactions (OMT) programme, signifi cantly sluggish year, including improvement in the manufacturing bolstering markets. The following week, US Federal Reserve purchasing managers’ index, industrial production data and (the Fed) chairman Ben Bernanke committed to a third round retail sales. The country posted strong returns in the fourth of quantitative easing (QE3), purchasing fi nancial assets with quarter, with the MSCI China NDR Index rising 12.9%, resulting newly created money to stimulate the national economy. The in annual returns of 22.7%. fi nal push for markets came when the Bank of Japan decided to extend its own asset purchasing programme. Japan had mixed fortunes during 2012. After a strong performance in the fi rst quarter (MSCI Japan NDR Index By the end of 2012, the mood was picking up as economic rising 11.3%), the country suffered from a stronger yen and data stabilised, particularly in the United States and China, disappointing earnings news in April. In May, the MSCI Japan while the actions of G3 (Europe, Japan and United States) NDR Index reached the lows seen in 2008. In October, policymakers helped calm investor nerves. However, tensions ongoing tensions with China over the sovereignty of the began to show in the markets after the re-election of President Senkaku/Diaoyu Islands, together with the perception of poor Barack Obama in November and the approach of the fi scal cliff corporate governance and weak growth, weighed on the at the end of December. The United States narrowly avoided market. However, the election of the new Liberal Democratic falling back into recession after a last-minute deal was reached. Party (LDP) government, led by prime minister Shinzo Abe The announcement was welcomed by global markets, with the in December created expectations of additional fi scal and MSCI AC World NDR Index closing the year up 16.1%. monetary stimulus leading to a rally in the Japanese market, with the MSCI Japan NDR Index returning 8.2% over the year. Global Equities Fixed Income While the United States market sold off in April/May, it strengthened in June, returning 9.1% in the fi rst six months of The fi rst quarter of 2012 saw a signifi cant rally in government 2012 (MSCI USA NDR Index). The key driver of the strong equity bond markets, following the ECB’s enormous injection of performance was the strength of corporate earnings, refl ected liquidity (cash) into the banking sector at the tail-end of 2011, in both the fi rst quarter’s results and positive economic trends. and activity from several central banks around the world at the Equities reacted well to the Fed’s announcement in September beginning of the year. Italian bonds, in particular, benefi ted, while of unlimited quantitative easing, which is set to continue until the ‘safe-haven’ markets of Germany and the United Kingdom employment numbers improve. This announcement, and the saw little change. 1 Investors buy perceived riskier assets when they feel more optimistic about the future (risk-on). 2 | Investec Global Strategy Fund In April/May, when the euro-zone crisis overheated once again, 7.1% over the year, while Brent crude ended at $111.11 per barrel, yields of ‘safe-haven’ government bonds collapsed, as nervous a rise of 3.5% during the year. Brent prices were supported by investors sought to preserve capital on the back of global growth the intensifying of the Israel/Palestinian confl ict, which increased and euro-zone crisis fears. The recapitalisation of the Spanish concerns of supply constraints from the Middle East. banking sector led to yields on Spanish two-year bonds also rising, to end June at 4.3%. Coal and gas consumption increased during the summer heat wave in the US, driving a surge in air conditioning use. The United States and United Kingdom continued to hold interest The ensuing drought also led to strong performance by the rates across the year, while the ECB cut its main interest rate agricultural & softs subsector, as crop supply fell. from 1.0% to a historic low of 0.75% in July. This was followed in September by the unveiling of its OMT bond-buying plan, Outlook aimed at easing the euro zone’s debt crisis. Although yields in some peripheral European countries had risen to unsustainably While the decisive policy actions by central banks over the course high levels during the second quarter, notably in Spain, the third of 2012 managed to calm frayed nerves over the more extreme quarter saw a slight recovery after this announcement from the and disruptive economic scenarios and improve investor risk ECB. The Citigroup World Government Bond Index All Maturities appetite, the growth outlook remains clouded by uncertainty. returned 1.6% over the year. Volatile market conditions are expected to continue, as global growth looks lacklustre and many countries work through their Corporate bonds enjoyed strong total returns during the fi rst debt problems. Two principal factors continue to bear down on two months of 2012, as the market continued to price in the investor confi dence: the medium-term prospects for the euro ECB’s liquidity injection, but performance faltered in March on the zone and the fi scal cliff. increasing euro-zone tensions. The new issue market picked up, although premiums fell signifi cantly in investment grade issuance, Subsequent negotiations over the United States debt ceiling while the quality of new issuers in the high yield2 markets became have been scheduled for the end of February. The market is more variable. In the second half of the year, corporate bond yield likely to remain focused on this in the near term. Meanwhile any spreads (the difference between yields on corporate bonds and notable developments from the euro zone, whether positive or treasury bonds) rallied despite volatility (wide fl uctuations) in the negative, should continue to drive the performance of risk assets markets. The BofA Merrill Lynch Sterling Broad Market Total (typically equities and higher yielding bonds). Return Index gained 11.0%, while the BofA Merrill Lynch Global High Yield Index returned 19.3% over the reporting period. Political muddle, mistakes and self-delusion are likely be as much of a feature of the investment landscape in 2013 as in 2012 and Emerging markets (EM) debt enjoyed strong returns during the hopefully no barrier to similarly solid returns. We expect equity fi rst quarter of 2012 as investors adopted a more risk-on mode, markets to grind higher into the fi rst half of 2013, on the back of but, by the end of June, performance was generally weighed improving demand sentiment and supply constraints, but with down by developments emanating from the developed world. macroeconomic uncertainty keeping demand growth controlled. This included a focus on the weaker data from the United States and China, as well as the impact of tumbling commodity prices. In terms of threats and risks, persistent infl ation is a growing However, the asset class enjoyed a relatively strong fi nish to 2012 danger – even with an endless depression in much of the euro with an agreement on Greece’s next round of aid and plans for a zone, infl ation is expected to remain around 2%. In the United banking union supervised by the ECB proving supportive for the States and United Kingdom, infl ation is likely to be higher. The asset class. The asset class enjoyed record infl ows in 2012 of risks are to the upside; near-zero interest rates and continued US$94 billion (according to fi gures from JP Morgan), exceeding quantitative easing will be very diffi cult to reverse in a timely the US$80 billion reached in 2010 with hard currency debt manner if growth resumes. Infl ation may not be a problem this attracting the bulk of infl ows (75%). Over the year under review, year but could be hereafter if action is not taken to increase the JP Morgan GBI-EM Global Diversifi ed Index returned 16.8%. interest rates in 2013.

Commodities With 10-year government bonds in the United States, United Kingdom and Germany yielding well below 2% and infl ation Commodities and resource equities had a diffi cult year relative continuing to be stubborn, these bonds offer negative real to the general market, with investors faced with diffi culty in yields on any timescale. While developed market government assessing how potential world imbalances would affect pricing bonds and low-risk corporate bonds look expensive, we believe and input costs. The Dow Jones UBS Commodity Index medium-risk corporate bonds, high yield and EM sovereign declined 1.1% over the year, while the MSCI ACWI Energy and debt offer reasonable value. Government bonds in emerging Materials NDR Indices returned 2.5% and 11.0%, respectively, markets offer yield premiums over developed market bonds, and the MSCI ACWI NDR Index returned 16.1%. despite sounder government fi nances, while corporate bond issuances by EM companies seem to offer an additional yield During the year, gold coin consumption fell to levels not out of proportion to any additional risk. seen since the beginning of the fi nancial crisis. However, the commodity subsequently rallied ahead of September’s monetary Headlines in 2012 refl ected fears over falling demand for policy announcements. Meanwhile, industrial unrest that began commodities, with many investors of the view that the commodity between feuding unions at Lonmin’s Marikana platinum mine super-cycle may be over as China enters a new phase of escalated across many precious metals operations in South slower growth. We believe there is a possibility for commodity Africa. With so much production lost, platinum and palladium prices to surprise to the upside due to production consensus prices continued to be supported. estimates being overly generous. Supply disruptions of the last year included the labour strikes on platinum operations in South The oil price fl uctuated throughout 2012 along with the Africa; capital delays on copper mines in Chile, and droughts macroeconomic uncertainties. Demand dropped at the end of in the US corn belt. When these operations restart, they may October due to the effects of Hurricane Sandy on the US, the be unable to produce at their previous capacity, and may be at world’s largest oil consumer. West Texas Intermediate crude oil fell higher costs of production than current operations. 2 Bonds with credit ratings below BBB. Investec Global Strategy Fund | 3 Material changes to the Fund

The following material changes to the Fund were undertaken during the year ended 31 December 2012, having received prior approval from the Board of Directors and the CSSF, “the Luxembourg regulator”. Where appropriate, notices were sent to shareholders notifying them of the respective changes: Sub-Fund Launches • Launch of the Latin American Smaller Companies Fund on 11 June 2012. • Launch of the Global Endurance Equity Fund on 30 November 2012. Sub-Fund Mergers • Merger of the Africa & Middle East Fund into the Africa Opportunities Fund on 15 June 2012. • Merger of the Middle East & North Africa Fund into the Africa Opportunities Fund on 15 June 2012. Sub-Fund Liquidation • Liquidation of the Multi-Asset Protector Fund (USD) on 30 November 2012. Other Material Changes • Name change of the Global Dynamic Resources Fund to Global Natural Resources Fund on 31 May 2012. • Name change of the Continental European Equity Fund to the European Equity Fund on 30 November 2012. • Termination of the sub-investment management agreement between Thornburg Investment Management Inc. and Investec Asset Management Limited, in respect of the investment management of the American Equity Fund on 8 October 2012. The American Equity Fund has been managed directly by Investec Asset Management Limited from that date.

4 | Investec Global Strategy Fund Sub-Fund performance record (Annualised performance over 5 years)

Currency, Fixed Interest and Multi-Asset Sub-Funds 2 year 3 year 5 year 3 year Base 1 year annualised annualised annualised volatility currency % change % change % change % change annualised Sub-Funds and sector average % Money Sub-Funds Euro Money Fund EUR (0.06) 0.21 0.16 1.01 0.09 Lipper Global Money Market EUR Average EUR 1.34 0.89 0.75 1.29 0.55 Sterling Money Fund GBP 0.08 0.16 0.17 1.19 0.19 Lipper Global Money Market GBP Average GBP 0.47 0.46 0.43 1.39 0.09 U.S. Dollar Money Fund US$ 0.11 0.14 0.17 0.65 0.03 Lipper Global Money Market US$ Average US$ 0.30 0.12 0.13 0.46 0.19 Multi Currency Sub-Funds Emerging Markets Currency Alpha Fund ‡ US$ (1.19) (2.64) (1.34) – 5.07 Lipper Alternative Currency Strategies Average US$ 3.32 0.20 0.90 1.36 10.95 Emerging Markets Currency Fund US$ 6.10 – – – – Lipper Alternative Currency Strategies Average US$ 3.32 0.20 0.90 1.36 10.95 Managed Currency Fund US$ 0.51 (2.01) (1.26) (0.25) 6.02 Lipper Global Money Market Global Average US$ 1.37 (0.38) 0.02 (0.32) 7.66 Bond Sub-Funds Africa High Income Fund * US$ 4.68 – – – – Lipper Bond Emerging Markets Global LC Average US$ 14.40 5.14 7.21 5.33 12.21 Emerging Markets Blended Debt Fund US$ 16.18 7.16 – – – Lipper Bond Emerging Markets Global LC Average US$ 14.40 5.14 7.21 5.33 12.21 Emerging Markets Corporate Debt Fund US$ 16.64 – – – – Lipper Bond Emerging Markets Global HC Average US$ 16.90 9.19 9.49 7.00 10.14 Emerging Markets Hard Currency Debt Fund * US$ 16.74 – – – – Lipper Bond Emerging Markets Global HC Average US$ 16.90 9.19 9.49 7.00 10.14 Emerging Markets Investment Grade Debt Fund * US$ 15.39 – – – – Lipper Bond Emerging Markets Global LC Average US$ 14.40 5.14 7.21 5.33 12.21 Emerging Markets Local Currency Debt Fund US$ 16.29 5.34 8.32 7.96 13.08 Lipper Bond Emerging Markets Global LC Average US$ 14.40 5.14 7.21 5.33 12.21 Emerging Markets Local Currency Dynamic Debt Fund US$ 15.03 – – – – Lipper Bond Emerging Markets Global LC Average US$ 14.40 5.14 7.21 5.33 12.21 Global Bond Fund US$ 3.24 2.38 3.97 5.91 5.63 Lipper Global Bond Global Average US$ 8.01 3.80 3.31 3.52 8.81 Global Defensive Bond Fund US$ 3.98 – – – – Lipper Absolute Return US$ Low Average US$ 4.73 2.04 2.21 2.25 2.28 Global Strategic Income Fund * US$ 8.82 3.02 5.16 6.04 7.29 Lipper Global Bond Global Average US$ 8.01 3.80 3.31 3.52 8.81 High Income Bond Fund * † EUR 18.50 6.94 8.75 7.07 9.94 Lipper Global Bond EUR High Yield Average EUR 21.12 7.70 9.40 6.76 9.65 Investment Grade Corporate Bond Fund ▲ US$ 9.35 4.36 5.11 – 4.41 Lipper Global Bond US$ Corporates Average US$ 10.00 7.24 7.42 5.35 4.79 Latin American Corporate Debt Fund US$ 14.61 7.83 – – – Lipper Bond Emerging Markets Latin American Average US$ 11.78 6.35 8.40 6.57 10.13 Balanced Sub-Funds Emerging Market Multi-Asset Fund US$ 15.07 – – – – Lipper Global Mixed Asset US$ Bal - Global Average US$ 6.80 (0.33) 1.86 (1.72) 11.35 Global Strategic Managed Fund US$ 11.40 1.28 5.32 (0.02) 12.41 Lipper Global Mixed Asset US$ Bal - Global Average US$ 6.80 (0.33) 1.86 (1.72) 11.35

‡ The Emerging Markets Currency Alpha Fund was launched on 04.01.10 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from a predecessor fund of the same name which was domiciled in Guernsey. † This performance shows the performance of the High Income Bond Fund (Euro), which changed its name to High Income Bond Fund on 29.05.09. ▲ This performance shows the performance of the High Income Bond Fund (U.S. Dollar), which changed its name to the Investment Grade Corporate Bond Fund on 23.03.09. The sector average is based on the sector in which the High Income Bond Fund (U.S. Dollar) was classified.

Investec Global Strategy Fund | 5 Sub-Fund performance record (Annualised performance over 5 years) (continued)

Currency, Fixed Interest and Multi-Asset Sub-Funds (continued) 2 year 3 year 5 year 3 year Base 1 year annualised annualised annualised volatility currency % change % change % change % change annualised Market indicators Bond markets Regions Citigroup World Govt. Bond All Maturities Global US$ 1.65 3.97 4.37 5.27 5.59 Citigroup World Govt. Bond Euro Europe EUR 9.71 7.88 6.21 5.86 4.60 Citigroup World Govt. Bond UK UK GBP 2.73 9.58 8.80 7.73 5.70 Citigroup World Govt. Bond US US US$ 1.97 5.72 5.75 5.34 3.62 JPMorgan Japan Govt. Bond Japan Yen 1.77 2.01 2.17 2.25 1.53 Money markets Citigroup Euro 1m Eurodeposits EUR 0.28 0.67 0.57 1.38 0.12 Citigroup Sterling 1m Eurodeposits GBP 0.57 0.55 0.52 1.45 0.02 Citigroup US dollar 1m Eurodeposits US$ 0.25 0.23 0.24 0.79 0.02 Currencies Sterling vs US dollar 4.59 1.89 0.22 (3.97) 8.80 Euro vs US dollar 1.56 (0.87) (2.78) (2.05) 12.27 Yen vs US dollar (11.02) (3.15) 2.49 5.26 8.98

Past performance should not be taken as a guide to the future. Performance would have been lower had any initial charge been included. Performance will vary between different Share Classes reflecting the fee levels of those Share Classes. As with any investment it is possible to lose capital and any yields will vary over time. Investment benefits to individual shareholders will vary in accordance with personal circumstances. Performance shown is of A Accumulation Shares except * which are A Income Shares. The performance of the Africa High Income Fund and Global Defensive Bond Fund is of F Income Shares. The performance of the Emerging Markets Investment Grade Debt Fund is of I Accumulation. Lipper Global sector percentage averages are those of relevant Lipper Global sectors filtered to include only the funds on the Lipper Offshore Mutual Funds (Major Offshore Domiciles) database. Source: Lipper, NAV based, gross income reinvested (with the exception of Global Gold Fund which has no income reinvested), measured in Sub-Fund base currency as indicated. All periods and measures to 31.12.2012 based on the prices issued to the market at that date. All market indicators are total return. Three year volatility is annualised volatility as measured by standard deviation of monthly returns.

6 | Investec Global Strategy Fund Equity Sub-Funds 2 year 3 year 5 year 3 year Base 1 year annualised annualised annualised volatility currency % change % change % change % change annualised Sub-Funds and sector average % Equity Sub-Funds Africa Opportunities Fund US$ 18.78 (4.67) – – – Lipper Equity Emerging Markets Other Average US$ 20.77 (3.80) 3.46 (5.45) 18.59 American Equity Fund US$ 6.50 (4.70) (0.25) (4.31) 20.91 Lipper Equity US Average US$ 12.58 4.72 7.30 (1.02) 16.69 Asia Pacific Equity Fund * US$ 23.72 1.74 – – – Lipper Global Equity Asia Pacific Ex Japan Average US$ 20.51 (0.87) 5.07 (0.97) 21.16 Asian Equity Fund US$ 22.48 1.32 8.78 0.48 20.57 Lipper Global Equity Asia Pacific Ex Japan Average US$ 20.51 (0.87) 5.07 (0.97) 21.16 EAFE Fund * US$ 20.49 0.22 3.91 (4.92) 21.14 Lipper Global Equity Global ex US Average US$ 15.97 2.91 5.62 (1.78) 19.25 Emerging Markets Equity Fund US$ 18.28 – – – – Lipper Equity Emerging Markets Global Average US$ 16.56 (4.16) 2.55 (3.25) 21.55 Enhanced Global Energy Fund US$ 0.12 (10.68) – – – Lipper Global Equity Sector Natural Resource Average US$ (2.93) (10.92) (1.89) (7.16) 27.75 Enhanced Natural Resources Fund US$ 0.21 (8.98) – – – Lipper Global Equity Sector Natural Resource Average US$ (2.93) (10.92) (1.89) (7.16) 27.75 European Equity Fund „ US$ 29.84 3.43 5.61 (4.92) 24.46 Global Contrarian Equity Fund  US$ 8.49 (0.76) 3.23 0.45 15.26 Lipper Global Equity Global Average US$ 12.57 (0.62) 2.26 (4.28) 18.78 Global Dynamic Fund US$ 17.93 4.90 7.45 (2.61) 19.62 Lipper Global Equity Global Average US$ 12.57 (0.62) 2.26 (4.28) 18.78 Global Energy Fund US$ 3.22 (5.57) (0.44) (4.24) 25.46 Lipper Global Equity Sector Natural Resource Average US$ (2.93) (10.92) (1.89) (7.16) 27.75 Global Energy Long Short Fund • US$ (0.71) (10.44) (6.99) – 12.44 Lipper Alternative Long/Short Equity Average US$ 5.44 (3.54) (8.05) (10.16) 18.34 Global Equity Fund US$ 14.92 3.38 6.24 (3.38) 18.97 Lipper Global Equity Global Average US$ 12.57 (0.62) 2.26 (4.28) 18.78 Global Franchise Fund ˆ US$ 14.71 11.00 9.28 3.65 11.62 Lipper Global Equity Global Average US$ 12.57 (0.62) 2.26 (4.28) 18.78 Global Gold Fund US$ (7.39) (14.24) 2.50 0.94 25.98 Lipper Global Equity Sector Gold & Precious Metals Average US$ (15.00) (20.40) (3.26) (5.75) 30.29 Global Natural Resources Fund US$ (0.77) (11.66) 1.26 – 24.13 Lipper Global Equity Sector Natural Resource Average US$ (2.93) (10.92) (1.89) (7.16) 27.75 Global Opportunity Equity Fund * § US$ 14.20 9.92 8.67 2.86 12.47 Lipper Global Equity Global Average US$ 12.57 (0.62) 2.26 (4.28) 18.78 Global Strategic Equity Fund US$ 19.67 4.14 6.17 (4.40) 20.43 Lipper Global Equity Global Average US$ 12.57 (0.62) 2.26 (4.28) 18.78 Latin American Equity Fund US$ 20.11 (6.38) – – – Lipper Equity Emerging Markets Latin American Average US$ 11.88 (7.33) (0.14) (0.72) 24.16 U.K. Equity Fund GBP 13.57 3.10 7.74 2.08 15.16 Lipper Global Equity UK Average GBP 14.23 4.01 7.40 2.04 14.22 Specialist Sub-Fund Dynamic Commodities Fund US$ (1.89) – – – – Dow Jones UBS Commodity TR US$ (1.06) (7.39) 0.07 (5.17) 17.91

„ The performance record shown is that of the Continental European Equity Fund, which changed its name to European Equity Fund on 30.11.12. The Fund’s objective was changed on 30.11.12 and therefore no performance comparison index has been shown.  The Global Contrarian Equity Fund was launched on 28.11.11 within the Investec Global Strategy Fund umbrella. The performance record shown has been synthesised from the UK domiciled Global Special Situations Fund, which is managed in the same way. The synthesised performance takes account of the difference in the total fees of the two Funds. • The Global Energy Long Short Fund was launched on 24.06.11 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from a predecessor fund of the same name which was domiciled in Guernsey. ˆ The Global Franchise Fund was launched on 04.07.09 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from its predecessor fund known as the Investec Global Select Equity Fund. § The Global Opportunity Equity Fund was launched on 03.12.10 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from a predecessor fund of the same name within the Premier Funds PCC Limited umbrella. No performance has been shown for the Global Endurance Equity Fund and Latin American Smaller Companies Fund as these Funds were launched during the year under review.

Investec Global Strategy Fund | 7 Sub-Fund performance record (Annualised performance over 5 years) (continued)

Equity Sub-Funds (continued) 2 year 3 year 5 year 3 year Base 1 year annualised annualised annualised volatility currency % change % change % change % change annualised Market indicators Equity markets Regions Dow Jones UBS Commodity US US$ (1.06) (7.39) 0.07 (5.17) 17.91 FTSE All Share UK GBP 12.30 4.12 7.48 2.51 13.54 Hang Seng Hong Kong US$ 27.71 2.77 4.58 (0.70) 20.46 MSCI Europe Europe EUR 17.29 3.83 6.20 (2.34) 13.25 MSCI Europe ex UK Europe US$ 21.28 1.38 1.44 (5.50) 24.36 MSCI AC Asia ex Japan Hong Kong US$ 22.36 0.59 6.57 (0.16) 20.71 MSCI AC Far East ex Japan Hong Kong US$ 22.02 1.97 7.49 0.73 20.43 MSCI AC World Global US$ 16.13 3.73 6.63 (1.16) 17.37 MSCI World Global US$ 15.83 4.60 6.93 (1.18) 16.98 NASDAQ Composite # US US$ 15.91 6.69 9.99 2.63 18.09 S&P 500 US US$ 15.22 8.13 10.17 0.98 15.31 Topix Japan US$ 7.54 (3.00) 2.93 (3.51) 14.25 Past performance should not be taken as a guide to the future. Performance would have been lower had any initial charge been included. Performance will vary between different Share Classes reflecting the fee levels of those Share Classes. As with any investment it is possible to lose capital and any yields will vary over time. Investment benefits to individual shareholders will vary in accordance with personal circumstances. Performance shown is of A Accumulation Shares except * which are A Income Shares. Lipper Global sector percentage averages are those of relevant Lipper Global sectors filtered to include only the funds on the Lipper Offshore Mutual Funds (Major Offshore Domiciles) database. Source: Lipper, NAV based, gross income reinvested (with the exception of Global Gold Fund which has no income reinvested), measured in Sub-Fund base currency as indicated. All periods and measures to 31.12.2012 based on the prices issued to the market at that date. All market indicators are total return indices except # which are price indices with no income reflected. Three year volatility is annualised volatility as measured by standard deviation of monthly returns.

8 | Investec Global Strategy Fund Sub-Fund performance record (Calendar year performance over 5 years)

Currency, Fixed Interest and Multi-Asset Sub-Funds Base 31.12.11 31.12.10 31.12.09 31.12.08 31.12.07 currency 31.12.12 31.12.11 31.12.10 31.12.09 31.12.08 Money Sub-Funds Euro Money Fund EUR (0.06) 0.48 0.05 0.63 4.00 Sterling Money Fund GBP 0.08 0.25 0.18 0.68 4.83 U.S. Dollar Money Fund US$ 0.11 0.17 0.23 0.33 2.46 Multi Currency Sub-Funds Emerging Markets Currency Alpha Fund ‡ US$ (1.19) (4.06) 1.30 7.90 – Emerging Markets Currency Fund US$ 6.10 – – – – Managed Currency Fund US$ 0.51 (4.47) 0.26 7.85 (4.86) Bond Sub-Funds Africa High Income Fund * US$ 4.68 – – – – Emerging Markets Blended Debt Fund US$ 16.18 (1.15) – – – Emerging Markets Corporate Debt Fund US$ 16.64 – – – – Emerging Markets Hard Currency Debt Fund * US$ 16.74 – – – – Emerging Markets Investment Grade Debt Fund * US$ 15.39 – – – – Emerging Markets Local Currency Debt Fund US$ 16.29 (4.58) 14.52 27.14 (9.24) Emerging Markets Local Currency Dynamic Debt Fund US$ 15.03 – – – – Global Bond Fund US$ 3.24 1.53 7.21 14.30 3.73 Global Defensive Bond Fund US$ 3.98 – – – – Global Strategic Income Fund * US$ 8.82 (2.47) 9.57 30.23 (11.47) High Income Bond Fund * † EUR 18.50 (3.50) 12.47 44.62 (24.34) Investment Grade Corporate Bond Fund *▲ US$ 9.35 (0.34) 6.62 17.35 (21.48) Latin American Corporate Debt Fund US$ 14.61 1.46 – – – Balanced Sub-Funds Emerging Market Multi-Asset Fund US$ 15.07 – – – – Global Strategic Managed Fund US$ 11.40 (7.92) 13.89 29.19 (33.81)

‡ The Emerging Markets Currency Alpha Fund was launched on 04.01.10 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from a predecessor fund of the same name which was domiciled in Guernsey. † This performance shows the performance of the High Income Bond Fund (Euro), which changed its name to High Income Bond Fund on 29.05.09. ▲ This performance shows the performance of the High Income Bond Fund (U.S. Dollar), which changed its name to the Investment Grade Corporate Bond Fund on 23.03.09. Past performance should not be taken as a guide to the future. Performance would have been lower had any initial charge been included. Performance will vary between different Share Classes reflecting the fee levels of those Share Classes. As with any investment it is possible to lose capital and any yields will vary over time. Investment benefits to individual shareholders will vary in accordance with personal circumstances. Performance shown is of A Accumulation Shares except * which are A Income Shares. The performance of the Africa High Income Fund and Global Defensive Bond Fund is of F Income Shares. The performance of the Emerging Markets Investment Grade Debt Fund is of I Accumulation. Source: Lipper, NAV based, gross income reinvested (with the exception of Global Gold Fund which has no income reinvested), measured in Sub-Fund base currency as indicated.

Investec Global Strategy Fund | 9 Sub-Fund performance record (Calendar year performance over 5 years) (continued)

Equity Sub-Funds Base 31.12.11 31.12.10 31.12.09 31.12.08 31.12.07 currency 31.12.12 31.12.11 31.12.10 31.12.09 31.12.08 Equity Sub-Funds Africa Opportunities Fund US$ 18.78 (23.50) – – – American Equity Fund US$ 6.50 (14.72) 9.27 41.52 (42.89) Asia Pacific Equity Fund * US$ 23.72 (16.34) – – – Asian Equity Fund US$ 22.48 (16.18) 25.39 67.94 (52.63) EAFE Fund * US$ 20.49 (16.64) 11.69 28.79 (46.22) Emerging Markets Equity Fund US$ 18.28 – – – – Enhanced Global Energy Fund US$ 0.12 (20.32) – – – Enhanced Natural Resources Fund US$ 0.21 (17.33) – – – European Equity Fund „ US$ 29.84 (17.61) 10.11 28.67 (48.73) Global Contrarian Equity Fund  US$ 8.49 (9.21) 11.69 36.70 (31.98) Global Dynamic Fund US$ 17.93 (6.69) 12.75 27.58 (44.66) Global Energy Fund US$ 3.22 (13.61) 10.67 48.43 (45.04) Global Energy Long Short Fund • US$ (0.71) (19.22) 0.31 20.49 – Global Equity Fund US$ 14.92 (7.00) 12.19 28.68 (45.43) Global Franchise Fund ˆ US$ 14.71 7.40 5.93 36.06 (6.74) Global Gold Fund US$ (7.39) (20.59) 46.42 52.36 (36.12) Global Natural Resources Fund US$ (0.77) (21.36) 33.03 71.72 – Global Opportunity Equity Fund *§ US$ 14.20 5.80 6.20 27.96 (29.86) Global Strategic Equity Fund US$ 19.67 (9.37) 10.34 29.98 (48.66) Latin American Equity Fund US$ 20.11 (27.03) – – – U.K. Equity Fund GBP 13.57 (6.40) 17.64 22.59 (27.69) Specialist Sub-Fund Dynamic Commodities Fund US$ (1.89) – – – –

„ The performance record shown is that of the Continental European Equity Fund, which changed its name to European Equity Fund on 30.11.12. The Fund’s objective was changed on 30.11.12 and therefore no performance comparison index has been shown.  The Global Contrarian Equity Fund was launched on 28.11.11 within the Investec Global Strategy Fund umbrella. The performance record shown has been synthesised from the UK domiciled Global Special Situations Fund, which is managed in the same way. The synthesised performance takes account of the difference in the total fees of the two Funds. • The Global Energy Long Short Fund was launched on 24.06.11 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from a predecessor fund of the same name which was domiciled in Guernsey. ˆ The Global Franchise Fund was launched on 04.07.09 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from its predecessor fund known as the Investec Global Select Equity Fund. § The Global Opportunity Equity Fund was launched on 03.12.10 within the Investec Global Strategy Fund umbrella; however, its performance record has been carried over from a predecessor fund of the same name within the Premier Funds PCC Limited umbrella. No performance has been shown for the Global Endurance Equity Fund and Latin American Smaller Companies Fund as these Funds were launched during the year under review. Past performance should not be taken as a guide to the future. Performance would have been lower had any initial charge been included. Performance will vary between different Share Classes reflecting the fee levels of those Share Classes. As with any investment it is possible to lose capital and any yields will vary over time. Investment benefits to individual shareholders will vary in accordance with personal circumstances. Performance shown is of A Accumulation Shares except * which are A Income Shares. Source: Lipper, NAV based, gross income reinvested (with the exception of Global Gold Fund which has no income reinvested), measured in Sub-Fund base currency as indicated.

10 | Investec Global Strategy Fund The Fund

The Fund Investec Global Strategy Fund (the “Fund”) was initially established in Guernsey on 5 January 1984 and was re-domiciled to Luxembourg on 1 July 2008. The Fund is authorised under Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (loi concernant les organismes de placement collectif). As a self-managed société d’investissement à capital variable (SICAV), the Fund complies with the requirements of Article 27 of the Law of 2010. 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, and may therefore be offered for sale in 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.

The Fund consisted of the following 45 Sub-Funds as at 31 December 2012: Money Sub-Funds: Euro Money Fund Sterling Money Fund U.S. Dollar Money Fund Multi-Currency Sub-Funds: Emerging Markets Currency Alpha Fund Emerging Markets Currency Fund Managed Currency Fund Bond Sub-Funds: Africa High Income Fund Emerging Markets Blended Debt Fund Emerging Markets Corporate Debt Fund Emerging Markets Hard Currency Debt Fund Emerging Markets Investment Grade Debt Fund Emerging Markets Local Currency Debt Fund Emerging Markets Local Currency Dynamic Debt Fund Global Bond Fund Global Defensive Bond Fund Global Strategic Income Fund High Income Bond Fund Investment Grade Corporate Bond Fund Latin American Corporate Debt Fund Balanced Sub-Funds: Emerging Markets Multi-Asset Fund Global Strategic Managed Fund Equity Sub-Funds: Africa Opportunities Fund American Equity Fund Asia Pacific Equity Fund Asian Equity Fund EAFE Fund Emerging Markets Equity Fund Enhanced Global Energy Fund Enhanced Natural Resources Fund European Equity Fund Global Contrarian Equity Fund Global Dynamic Fund Global Endurance Equity Fund Global Energy Fund Global Energy Long Short Fund Global Equity Fund Global Franchise Fund Global Gold Fund Global Natural Resources Fund Global Opportunity Equity Fund Global Strategic Equity Fund Latin American Equity Fund Latin American Smaller Companies Fund U.K. Equity Fund Specialist Sub-Fund: Dynamic Commodities Fund

Investec Global Strategy Fund | 11 Filing Matrix

As at 31 December 2012, the Investec Global Strategy Fund was registered for distribution in the following countries as outlined in the table below. † ■

▲ Sub-Fund Austria Botswana Chile Denmark Finland France Germany Hong Kong* Ireland Italy** Luxembourg Macau Netherlands Norway Peru Singapore South Africa Spain Sweden Switzerland Taiwan UK Euro Money Fund • ••••••••••• ••••••• Sterling Money Fund • ••••••••••• ••••••• U.S. Dollar Money Fund • ••••••••••• ••••••• Emerging Markets Currency • •••• ••• •• ••• • Alpha Fund Emerging Markets Currency Fund •••• ••• •• • ••• • Managed Currency Fund •••••••••••••• •••••• Africa High Income Fund •••• ••• •• • ••• • Emerging Markets Blended •••• ••• •• ••• • Debt Fund Emerging Markets Corporate • •••••••••••• • ••• • Debt Fund Emerging Markets Hard Currency •••• ••• •• ••• • Debt Fund Emerging Markets Investment •••• ••• •• ••• • Grade Debt Fund Emerging Markets Local Currency ••••••••••••• • ••••• Debt Fund Emerging Markets Local Currency ••••••••••• • ••• • Dynamic Debt Fund Global Bond Fund ••••••••••••• ••••••• Global Defensive Bond Fund •••• ••• •• ••• • Global Strategic Income Fund ••••••••••••••• ••••• High Income Bond Fund • ••••••••••• ••••• Investment Grade Corporate ••••••••••••• • ••••• Bond Fund Latin American Corporate Debt Fund ••••••••••••••• ••• • Emerging Markets Multi-Asset Fund •••• ••• •• • •• • Global Strategic Managed Fund ••••••••••••• ••••••• Africa Opportunities Fund ••••••• ••• •• • ••• • American Equity Fund ••••••••••••••••••••• Asia Pacifi c Equity Fund ••••••••••••• • ••• • Asian Equity Fund ••••••••••••••••••••• EAFE Fund • •••• ••• •• ••• • Emerging Markets Equity Fund ••••••••••• • ••• • Enhanced Global Energy Fund •• •••• ••• •• • ••• • Enhanced Natural Resources Fund •• •••• ••• •• • ••• • European Equity Fund • •••••••••••• •••••• Global Contrarian Equity Fund •••• ••• •• •••• • Global Dynamic Fund •••••••••••••• •••••• Global Endurance Equity Fund •• • Global Energy Fund •••••••••••••••• •••••

12 | Investec Global Strategy Fund † ■

▲ Sub-Fund Austria Botswana Chile Denmark Finland France Germany Hong Kong* Ireland Italy** Luxembourg Macau Netherlands Norway Peru Singapore South Africa Spain Sweden Switzerland Taiwan UK Global Energy Long Short Fund •••• ••• •• ••• • Global Equity Fund ••••••••••••••••••• • Global Franchise Fund •••••••••••••• ••••• • Global Gold Fund •••••••••••••••••••••• Global Natural Resources Fund •••••••••••••• • ••••• Global Opportunity Equity Fund •••••••• •••• Global Strategic Equity Fund ••••••••••••••••••••• Latin American Equity Fund • ••••••••••• ••• • Latin American Smaller ••••• ••• ••• •• • Companies Fund U.K. Equity Fund • ••••••••••• •••••• Dynamic Commodities Fund •••• ••• •• • • •

Footnotes Chile To be distributed to AFPs (Pension Funds) only Hong Kong * ‘D’, ‘G’, ‘GX’, ‘I’ ‘IX’ & ‘S’ shares are not available to the public of Hong Kong ** For Institutional Investors Only. ‘A’ , ‘F’, ‘I’ & ‘IX’ shares are registered for sale + ‘G’ and ‘GX’ shares for Italy Enhanced Natural Resources Fund Norway † For Institutional Investors only Peru To be distributed to AFPs (Pension Funds) only Spain ▲ Only ‘A’ , ‘F’, ‘I’ & ‘IX’ shares are registered for sale + ‘G’ and ‘GX’ shares for Enhanced Natural Resources Fund Singapore Recognised as restricted foreign schemes (available to institutions and accredited investors only) Taiwan ■ Only ‘A’ Inc, ‘C’ Inc and ‘F’ Acc Shares are registered for sale

Investec Global Strategy Fund | 13 Directors of the Fund

The directors who held office during the year are as follows:

Hendrik Jacobus du Toit (Chairman) Kim Mary McFarland c/o Investec Asset Management Limited c/o Investec Asset Management Limited Woolgate Exchange Woolgate Exchange 25 Basinghall Street 25 Basinghall Street London EC2V 5HA London EC2V 5HA United Kingdom United Kingdom Grant David Cameron Claude Niedner c/o Investec Asset Management Guernsey Limited Partner, Arendt & Medernach PO Box 250, Glategny Court, Glategny Esplanade 14, rue Erasme St. Peter Port, Guernsey GY1 3QH L-2082 Luxembourg Channel Islands Grand Duchy of Luxembourg Gregory David Cremen Michael Edward Charles Ryder Richardson 19 rue de Bitbourg c/o Investec Asset Management Limited L-1273 Luxembourg Woolgate Exchange Grand Duchy of Luxembourg 25 Basinghall Street London EC2V 5HA John Conrad Green United Kingdom c/o Investec Asset Management (Pty) Limited 36 Hans Strijdom Avenue Foreshore Cape Town 8001 South Africa

14 | Investec Global Strategy Fund Report of the Directors

The Directors submit their Report and the Audited Accounts The Directors are responsible for keeping proper accounting for the year ended 31 December 2012. records which disclose, with reasonable accuracy at any time, the financial position of the Company and to enable Results them to ensure that the financial statements have been properly prepared in accordance with Luxembourg law The results for the year are shown in the Statement of on Undertakings for Collective Investment. They are also Operations on pages 232 to 239. responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and Directors detection of fraud and other irregularities. The Directors of the Fund as at 31 December 2012 are set Auditors out on page 14. There are no service contracts proposed or in existence between any of the Directors and the Company, A resolution for the re-appointment of KPMG Luxembourg but the Directors may receive remuneration as provided in the S.à r.l., Luxembourg will be proposed at the forthcoming Articles of Incorporation. There are no contracts of significance annual general meeting. during or at the end of the year in which a Director of the Company is or was materially interested.

Directors’ responsibilities The Directors are responsible for preparing financial The Board of Directors statements for each financial year which give a true and 24 April 2013 fair view of the state of affairs of the Company and of the Statement of Operations of the Company for that year and are in accordance with applicable laws. In preparing those financial statements the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and • prepare financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

Investec Global Strategy Fund | 15 Statistical Information as at 31 December 2012

Outstanding Shares as at Net Asset Value per Share as at Net Assets as at Currency 31-Dec-12 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-12 31-Dec-11 31-Dec-10 Euro Money Fund Class A ACC Base EUR 395,654 69.01 69.05 68.72 27,303,065 29,806,294 41,311,818 Class A INC Base EUR 168,944 26.10 26.12 26.12 4,409,525 6,052,324 10,149,311 Class C INC Base EUR 83 20.56 20.86 21.05 1,697 5,903 2,200,552 Class D ACC Base EUR 25,738 68.14 68.28 68.06 1,753,662 2,145,965 1,935,539 Class D INC Base EUR 18,357 26.00 26.05 26.05 477,262 517,501 561,322 Class F ACC Non-Base US$ – – – 29.02 – – 290 Sterling Money Fund Class A ACC Base GBP 896,638 56.43 56.38 56.24 50,593,813 62,811,846 70,577,768 Class A INC Base GBP 1,107,765 9.96 9.96 9.96 11,032,410 14,399,568 8,821,097 Class C INC Base GBP – – 9.84 9.94 – 1,256 671,275 Class D ACC Base GBP 37,782 55.52 55.57 55.51 2,097,474 1,562,264 1,299,713 Class D INC Base GBP 27,350 10.00 10.00 10.00 273,467 500,986 539,010 U.S. Dollar Money Fund Class A ACC Base US$ 1,982,872 65.62 65.55 65.44 130,112,382 152,747,132 115,071,104 Class A INC Base US$ 1,150,859 20.05 20.05 20.06 23,077,869 29,450,665 30,968,469 Class C INC Base US$ 29,260 19.97 20.23 20.48 584,309 762,188 2,431,313 Class D ACC Base US$ 2,043,817 64.67 64.70 64.69 132,182,936 20,734,960 10,944,583 Class D INC Base US$ 16,749 20.07 20.08 20.08 336,111 307,709 278,585 Class F ACC Base US$ 166,805 21.63 21.62 21.61 3,607,716 7,914,826 8,632,993 Class I ACC Base US$ 1,140,961 20.06 20.00 – 22,886,588 6,412,545 – Currency Alpha Fund Class A INC Base GBP – – – 6.21 – – 11,104,726 Class C INC Base GBP – – – 6.20 – – 71 Emerging Markets Currency Alpha Fund Class A ACC Base US$ 82,852 19.14 19.37 20.19 1,586,153 2,124,962 6,424,046 Class A ACC Non-Base Hedged EUR – – – 19.11 – – 702,809 Class F ACC Base US$ – – – 19.00 – – 950 Class I ACC Base US$ – – – 20.52 – – 1,026 Class S ACC Base US$ 1,681,971 20.54 20.40 20.86 34,545,609 44,932,634 59,619,178 Class S ACC Non-Base Hedged EUR 544,926 20.45 20.42 20.89 11,143,209 481,031 14,938,593 Class S ACC Non-Base Hedged GBP 666,381 18.91 18.77 19.19 12,601,258 12,508,224 12,789,334 Emerging Markets Currency Fund Class A ACC Base US$ 141,737 20.19 19.03 – 2,861,890 1,771,647 – Class C ACC Base US$ 15,319 19.81 18.85 – 303,533 145,245 – Class F INC Base US$ 4,770 18.93 18.46 – 90,296 23,102 – Class I ACC Base US$ 2,979,137 20.50 19.17 – 61,078,089 52,720,635 – Class S ACC Base US$ 2,080,476 20.80 19.30 – 43,279,214 21,400,865 – Class S ACC Non-Base EUR 731,048 21.55 20.36 – 15,755,663 16,933,367 – Managed Currency Fund Class A ACC Base US$ 525,068 130.15 129.49 135.55 68,338,191 78,390,829 87,916,577 Class A INC Base US$ 567,737 35.11 34.94 36.57 19,934,939 35,033,769 58,790,111 Class C INC Base US$ 72,507 17.56 17.65 18.66 1,273,160 2,200,175 3,798,266 Class F ACC Base US$ 12,828 21.65 21.57 22.62 277,742 555,556 359,996 Class F INC Base US$ 1,670 20.29 20.22 21.20 33,896 317,105 245,694 Class I ACC Base US$ 19,335 19.64 19.46 20.28 379,759 3,120,893 3,173,755 Class S ACC Base US$ 2,025 19.09 18.81 – 38,648 941 – Africa High Income Fund Class C INC Base US$ – – 18.60 – – 9,314 – Class F INC Base US$ 537 18.24 18.59 – 9,789 9,335 – Class S INC Base US$ 551,332 18.47 18.59 – 10,180,991 9,394,618 – Emerging Markets Blended Debt Fund Class A ACC Base US$ 12,124 22.98 19.78 20.01 278,570 157,585 127,239 Class A INC Base US$ 2,680 20.58 18.64 19.92 55,166 27,199 19,920 Class C INC Base US$ 88,623 20.24 18.50 – 1,794,082 9,440 – Class F ACC Base US$ 164,875 22.89 19.74 20.01 3,774,346 129,232 20,008 Class F INC Base US$ 128,168 20.51 18.62 19.93 2,628,124 58,884 19,928 Class I ACC Base US$ – – 20.01 20.03 – 20,006 20,030 Class I INC Base US$ – – 18.87 19.94 – 19,912 19,940 Class IX INC Base US$ 500 20.23 – – 10,116 – – Class S ACC Base US$ 5,503,566 23.88 20.18 20.04 131,447,311 50,924,259 50,563,122

16 | Investec Global Strategy Fund Outstanding Shares as at Net Asset Value per Share as at Net Assets as at Currency 31-Dec-12 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-12 31-Dec-11 31-Dec-10 Emerging Markets Corporate Debt Fund Class A ACC Base US$ 87,857 22.64 19.41 – 1,989,199 192,909 – Class A INC Base US$ 502 20.53 – – 10,316 – – Class A INC Non-Base HKD 780 102.59 – – 79,978 – – Class C ACC Base US$ 697,068 22.36 19.32 – 15,586,933 9,658 – Class C INC Base US$ 324,257 21.37 – – 6,927,972 – – Class F ACC Base US$ 715,959 22.58 19.40 – 16,168,012 141,873 – Class F INC Base US$ 93,392 21.36 – – 1,994,904 – – Class I ACC Base US$ 325,673 23.02 19.55 – 7,496,097 9,774 – Class IX INC Base US$ 500 20.13 – – 10,065 – – Class S ACC Base US$ 6,505,233 23.38 19.67 – 152,060,573 48,608,955 – Class S ACC Non-Base GBP 481,933 23.80 20.97 – 11,469,187 10,081,828 – Emerging Markets Hard Currency Debt Fund Class A ACC Base US$ – – 21.02 – – 10,509 – Class A INC Base US$ 157,813 23.25 20.55 – 3,669,825 29,208 – Class C ACC Base US$ – – 20.91 – – 10,454 – Class C INC Base US$ 520 23.25 20.55 – 12,089 10,437 – Class F ACC Base US$ – – 20.99 – – 10,496 – Class F INC Base US$ 1,590 23.24 20.54 – 36,951 10,468 – Class I ACC Base US$ 500 24.92 21.15 – 12,462 883,031 – Class I INC Base US$ – – 20.55 – – 10,543 – Class IX INC Base US$ 500 20.06 – – 10,029 – – Class S ACC Base US$ 1,052,334 25.32 21.29 – 26,640,758 22,356,451 – Class S ACC Non-Base GBP 1,412,727 25.88 22.79 – 36,563,901 32,203,086 – Emerging Markets Investment Grade Debt Fund Class I ACC Base US$ 12,727,128 20.47 17.74 – 260,541,009 221,974,308 – Class IX INC Base US$ 500 20.53 – – 10,263 – – Emerging Markets Local Currency Debt Fund Class A ACC Base US$ 1,890,431 29.05 24.98 26.18 54,924,587 63,257,889 51,110,269 Class A INC Base US$ 3,197,091 20.37 18.71 20.86 65,118,241 65,174,635 6,728,444 Class C ACC Base US$ 171,911 21.26 – – 3,655,678 – – Class C INC Base US$ 9,547,593 19.69 18.22 20.46 187,978,132 158,587,824 121,484,599 Class F ACC Base US$ 1,810,410 28.79 24.80 26.05 52,119,868 48,139,649 37,424,405 Class F INC Base US$ 4,489,874 20.17 18.58 20.75 90,577,955 92,740,870 45,415,956 Class F INC Non-Base EUR 10,197 20.55 19.27 – 209,523 220,728 – Class I ACC Base US$ 19,160,031 30.15 25.68 26.66 577,666,274 593,990,751 461,088,801 Class I ACC Non-Base EUR 11,884,776 31.64 27.45 27.62 376,048,272 259,712,131 219,756,256 Class I INC Base US$ 6,361,372 21.45 19.52 21.53 136,439,919 157,880,802 74,277,658 Class IX INC Base US$ 500 20.39 – – 10,193 – – Class S ACC Base US$ 8,380,386 31.92 26.95 27.73 267,499,018 303,319,527 666,898,398 Class S ACC Non-Base GBP 5,162,352 22.04 19.48 – 113,759,766 100,543,992 – Class S INC Base *US$ 5,287,150 96.07 17.33 – 507,939,299 339,337,541 – Emerging Markets Local Currency Dynamic Debt Fund Class A ACC Base US$ 718,726 22.04 19.16 – 15,841,459 54,856 – Class A ACC Non-Base EUR 879 21.17 – – 18,606 – – Class A ACC Non-Base GBP – – 19.79 – – 9,895 – Class A INC Base US$ 556 19.73 18.20 – 10,971 9,545 – Class A INC Non-Base GBP 17,137 19.46 18.78 – 333,408 139,427 – Class C INC Base US$ 25,318 19.47 18.08 – 492,833 77,523 – Class F ACC Base US$ 1,605 21.98 19.13 – 35,280 125,201 – Class F INC Base US$ 6,946 19.67 18.17 – 136,661 72,847 – Class I ACC Base US$ 13,056,374 22.43 19.32 – 292,908,310 101,915,194 – Class I ACC Non-Base EUR 50 21.28 – – 1,064 – – Class I ACC Non-Base GBP 500 22.13 19.96 – 11,066 9,980 – Class I INC Base US$ 969,046 20.10 18.36 – 19,477,206 9,628 – Class I INC Non-Base GBP 555 19.82 18.96 – 11,007 9,937 – Class IX INC Base US$ 500 20.38 – – 10,192 – – Class S ACC Base US$ 16,979,737 22.84 19.49 – 387,897,973 17,386,791 – Class S ACC Non-Base EUR 8,239,299 23.67 20.56 – 194,983,394 91,985,703 – Class S ACC Non-Base GBP 505,100 22.52 20.12 – 11,375,860 11,428,457 –

* A share consolidation with ratio 5:1 took place on 2 March 2012.

Investec Global Strategy Fund | 17 Statistical Information (continued) as at 31 December 2012

Outstanding Shares as at Net Asset Value per Share as at Net Assets as at Currency 31-Dec-12 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-12 31-Dec-11 31-Dec-10 Global Bond Fund Class A ACC Base US$ 673,475 100.70 97.54 96.07 67,819,630 51,651,947 36,641,664 Class A INC Base US$ 784,926 45.68 44.74 44.87 35,855,270 36,308,187 30,150,145 Class C INC Base US$ 556,397 26.54 26.00 26.11 14,765,439 5,686,091 2,848,713 Class D INC Base US$ 8,253 45.99 45.06 45.18 379,545 491,590 624,875 Class F ACC Base US$ 626,268 29.62 28.67 28.22 18,548,400 9,003,806 2,964,438 Class I ACC Base US$ 3,447,642 27.29 26.25 25.66 94,089,962 45,098,986 13,438,728 Class S ACC Base US$ 346,887 20.30 19.40 – 7,042,360 6,752,940 – Global Defensive Bond Fund Class A INC Base US$ – – 19.21 – – 9,626 – Class C INC Base US$ – – 19.17 – – 9,595 – Class F INC Base US$ 24,214 19.69 19.17 – 476,842 9,616 – Class S INC Base US$ 1,553,322 19.69 19.17 – 30,581,554 28,876,268 – Global Strategic Income Fund Class A ACC Base US$ 2,399,138 26.52 24.37 25.00 63,615,365 63,906,620 35,521,234 Class A INC Base US$ 2,446,042 21.02 20.08 21.56 51,425,688 104,799,378 126,410,344 Class C ACC Base US$ 111,779 20.74 – – 2,318,505 – – Class C INC Base US$ 8,656,844 19.06 18.38 19.93 164,986,778 201,106,743 235,142,123 Class F ACC Base US$ 1,058,207 28.22 26.02 26.76 29,863,320 28,882,513 24,267,104 Class F INC Base US$ 1,811,025 20.73 19.85 21.37 37,538,325 32,885,975 30,406,789 Class F INC Non-Base EUR – – 20.29 – – 7,274 – Class I ACC Base US$ 3,408,054 24.91 22.74 23.18 84,902,948 99,639,584 69,252,875 Class I INC Base US$ 508 20.45 – – 10,400 – – Class IX INC Base US$ 500 20.07 – – 10,035 – – Class S ACC Base US$ 3,031,429 31.91 28.94 29.29 96,734,167 152,529,735 94,587,637 Class S ACC Non-Base Hedged EUR 5,893,569 21.73 19.78 – 128,070,183 47,086,189 – High Income Bond Fund Class A ACC Non-Base Hedged GBP 73,441 70.61 59.42 61.83 5,185,943 4,664,438 6,796,679 Class A INC Base EUR 464,233 19.27 17.44 19.52 8,944,285 7,819,595 8,823,084 Class A INC Non-Base Hedged GBP 268,766 17.24 15.53 17.43 4,634,443 4,269,815 4,862,345 Class C INC Base EUR 745,219 18.45 16.87 19.19 13,749,540 13,092,027 18,986,200 Class C INC Non-Base US$ 69,839 19.12 17.18 – 1,335,561 8,793 – Class F ACC Base EUR 4,428 27.27 23.08 23.98 120,762 102,221 106,195 Class F ACC Non-Base US$ 42,246 36.20 30.09 32.23 1,529,453 654,779 736,976 Class F INC Non-Base US$ 302,617 23.07 20.57 23.77 6,981,206 2,794,673 482,739 Class F INC Non-Base Hedged US$ 9,296 19.53 17.72 19.95 181,511 966,332 1,222,708 Class I ACC Base EUR – – 24.34 25.00 – 243 1,251,458 Class S ACC Base EUR 1,305,737 38.08 31.71 32.41 49,720,058 42,383,862 41,382,551 Investment Grade Corporate Bond Fund Class A ACC Base US$ 507,122 21.16 19.35 19.43 10,728,648 9,570,255 6,045,221 Class A INC Base US$ 701,092 29.75 28.40 29.96 20,856,804 25,818,827 30,958,736 Class A INC Non-Base Hedged EUR 511,231 22.08 21.14 22.22 11,288,114 9,607,379 11,171,839 Class A INC Non-Base Hedged GBP 668,226 21.84 20.83 21.91 14,595,172 42,715,442 64,491,991 Class C INC Base US$ 2,150,823 28.58 27.54 29.34 61,464,302 38,867,561 56,041,243 Class C INC Non-Base Hedged EUR 32,485 23.76 22.98 24.34 771,848 673,378 1,899,285 Class D INC Base US$ 2,186 31.60 30.31 32.13 69,075 102,609 131,612 Class F ACC Base US$ 774,781 21.66 19.90 20.06 16,783,685 15,424,787 18,429,500 Class F INC Base US$ 846,495 15.02 14.41 15.25 12,716,762 7,291,327 17,387,108 Class I ACC Base US$ 841,078 21.83 19.87 19.85 18,364,378 31,893,993 33,220,549 Class S ACC Base US$ 757,475 26.88 24.32 24.14 20,360,461 15,782,356 14,512,640 Class S INC Non-Base Hedged GBP 5,759 23.01 21.70 22.63 132,518 119,643 3,815,574 Latin American Corporate Debt Fund Class A ACC Base US$ 5,363,622 25.50 22.25 21.93 136,754,433 81,468,946 78,212,405 Class A INC Base US$ 1,789,469 20.23 18.74 19.90 36,196,686 4,615,319 995 Class C ACC Base US$ 693,632 21.36 – – 14,817,841 – – Class C INC Base US$ 9,040,532 19.99 18.67 19.87 180,719,498 31,136,405 676,147 Class F ACC Base US$ 2,648,326 22.03 19.25 – 58,337,219 3,552,841 – Class F INC Base US$ 12,523,969 21.56 20.02 21.18 269,958,787 82,765,486 8,407,670 Class I ACC Base US$ 14,683,115 24.40 21.14 20.67 358,225,488 133,091,877 17,900,568 Class I INC Base US$ 189,523 20.38 18.76 – 3,862,184 513,587 – Class IX INC Base US$ 500 20.21 – – 10,104 – –

18 | Investec Global Strategy Fund Outstanding Shares as at Net Asset Value per Share as at Net Assets as at Currency 31-Dec-12 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-12 31-Dec-11 31-Dec-10 Emerging Markets Multi-Asset Fund Class A ACC Base US$ 13,136 22.29 19.37 – 292,774 9,686 – Class A INC Base US$ 504 22.00 19.37 – 11,081 9,686 – Class C ACC Base US$ 500 22.09 19.36 – 11,046 9,681 – Class F ACC Base US$ 500 22.23 19.37 – 11,117 9,685 – Class I ACC Base US$ 500 22.55 19.39 – 11,273 9,694 – Class I ACC Non-Base GBP 4,097 21.71 19.55 – 88,919 6,281 – Class IX INC Base US$ 500 20.62 – – 10,311 – – Class S ACC Base US$ 751,583 22.79 19.40 – 17,130,704 19,401,496 – Class S ACC Non-Base GBP 3,236,429 21.95 19.57 – 71,050,292 6,286 – Global Strategic Managed Fund Class A ACC Base US$ 1,680,719 98.81 88.70 96.33 166,073,130 192,727,846 161,726,017 Class A INC Base US$ 1,364,234 43.16 38.83 42.24 58,880,807 102,794,111 131,056,161 Class C INC Base US$ 512,698 41.46 37.49 41.03 21,254,321 22,288,177 67,211,195 Class D ACC Base US$ 175,128 93.44 84.30 92.01 16,364,355 16,784,919 19,599,908 Class D INC Base US$ 134,682 42.72 38.54 42.07 5,754,267 6,335,076 7,405,297 Class F ACC Base US$ 1,085,551 21.66 19.48 21.20 23,515,632 27,806,054 17,784,675 Class F ACC Non-Base Hedged EUR 176,623 27.06 24.51 26.80 4,780,064 4,193,889 2,044,638 Class F INC Base US$ 36,594 27.60 24.83 27.04 1,010,098 1,439,646 2,662,118 Class F INC Non-Base Hedged EUR 2,565 23.44 21.26 23.25 60,127 96,757 213,147 Class F INC Non-Base Hedged GBP 158,764 27.13 24.45 26.74 4,307,138 6,171,648 5,060,926 Class I ACC Base US$ 9,546,095 20.21 17.97 19.33 192,908,621 130,058,739 127,132,371 Class IX INC Base US$ 500 20.43 – – 10,214 – – Class S ACC Base US$ 78,284 20.52 18.08 – 1,606,597 541,384 – Multi-Asset Protector Fund (USD) Class A ACC Base US$ – – 18.87 20.39 – 3,777,879 3,059,068 Africa & Middle East Fund Class A ACC Base US$ – – 14.75 21.43 – 5,595,888 10,605,981 Class F ACC Base US$ – – 14.58 21.26 – 1,775,096 3,156,610 Class I ACC Base US$ – – 14.20 20.30 – 851,136 1,015 Class S ACC Base US$ – – 16.21 22.94 – 17,612,944 23,192,298 Africa Opportunities Fund Class A ACC Base US$ 512,492 20.11 16.93 22.13 10,305,027 456,749 518,284 Class C ACC Base US$ 12,187 19.77 16.77 22.09 240,977 160,676 1,104 Class F ACC Base US$ 71,631 19.90 16.83 22.10 1,425,604 365,513 318,093 Class I ACC Base US$ 1,623,423 19.87 16.53 – 32,254,398 13,858,764 – Class I ACC Non-Base JPY 1,311,578 24.73 20.56 26.55 32,433,300 62,449,195 124,165,892 Class IX INC Base US$ 50 21.73 – – 1,087 – – Class S ACC Base US$ 1,322,869 20.63 16.96 – 27,296,768 94,908 – American Equity Fund Class A ACC Base US$ 269,226 15.73 14.77 17.32 4,234,815 2,885,830 2,856,531 Class A INC Base US$ 550,623 73.57 69.05 80.91 40,509,134 68,667,850 167,111,619 Class C INC Base US$ 146,088 42.83 40.50 47.82 6,257,206 8,224,269 3,568,679 Class F ACC Base US$ 401,981 15.81 14.87 17.46 6,355,333 9,662,197 9,721,392 Class I ACC Base US$ 4,262 16.48 15.33 17.80 70,230 5,508,558 7,684,345 Class I INC Base US$ 76,654 15.72 14.62 16.98 1,205,246 63,494,757 17,198,414 Asia Pacifi c Equity Fund Class A ACC Base US$ 4,412,067 26.70 21.58 25.80 117,795,268 48,119,803 225,486 Class A INC Base US$ 83,172 26.21 21.35 25.77 2,180,063 867,501 221,750 Class C INC Base US$ 3,764 26.03 21.21 25.54 97,976 1,060 1,277 Class F ACC Base US$ 33,542 26.61 21.55 25.79 892,614 1,077 1,290 Class I ACC Base US$ – – – 25.99 – – 1,300 Class I ACC Base US$ 8,272,274 20.59 16.48 – 170,288,058 72,689,755 – Class I ACC Non-Base EUR 50 23.05 – – 1,153 – – Class I INC Non-Base GBP 2,403,126 21.46 – – 51,579,414 – – Class IX INC Base US$ 50 20.91 – – 1,046 – – Class S ACC Base US$ 1,396,431 28.01 22.22 26.08 39,118,254 27,620,528 13,039,113 Asian Equity Fund Class A ACC Base US$ 13,370,037 20.43 16.68 19.90 273,189,058 336,302,046 132,835,296 Class A INC Base US$ 6,645,332 29.86 24.46 29.31 198,412,482 245,855,922 355,138,264 Class C INC Base US$ 855,569 40.80 33.55 40.34 34,905,756 34,773,762 37,370,287 Class F ACC Base US$ 2,227,487 31.19 25.51 30.50 69,472,852 44,819,638 36,274,614 Class I ACC Base US$ 77,792,795 21.33 17.25 20.38 1,659,067,087 912,397,419 1,002,651,628 Class S ACC Base US$ 2,206,316 20.32 – – 44,841,354 – –

Investec Global Strategy Fund | 19 Statistical Information (continued) as at 31 December 2012

Outstanding Shares as at Net Asset Value per Share as at Net Assets as at Currency 31-Dec-12 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-12 31-Dec-11 31-Dec-10 EAFE Fund Class A INC Base US$ 4,602 15.88 13.22 15.93 73,064 61,180 126,274 Class F ACC Base US$ 2,368 16.33 13.58 16.33 38,678 32,170 38,761 Class S INC Base US$ 630,085 26.00 21.61 26.09 16,384,566 13,295,407 15,725,967 Emerging Markets Equity Fund Class A ACC Base US$ 13,313 18.38 15.54 – 244,753 75,307 – Class C ACC Base US$ 346 18.08 15.43 – 6,246 772 – Class F ACC Base US$ 8,958 18.26 15.49 – 163,601 775 – Class I ACC Base US$ 225,438 18.70 15.65 – 4,214,889 6,253,336 – Class IX INC Base US$ 50 21.15 – – 1,058 – – Class S ACC Base US$ 5,413,547 18.99 15.75 – 102,805,492 89,194,372 – Class S ACC Non-Base EUR 1,158,725 23.95 20.23 – 27,756,690 1,012 – Class S ACC Non-Base GBP 3,796,679 20.47 – – 77,729,774 – – Class S INC Non-Base AUD 1,510,656 21.10 18.13 – 31,879,331 27,208,323 – Enhanced Global Energy Fund Class A ACC Base US$ 14,543 16.37 16.35 20.52 237,996 428,893 386,782 Class F ACC Base US$ 62,515 16.29 16.34 20.92 1,018,204 1,175,256 1,046 Class I ACC Base US$ 374,907 16.76 16.63 20.68 6,284,118 28,937,677 37,990,229 Class I INC Non-Base Hedged GBP 625,668 15.95 15.86 19.99 9,977,536 11,048,417 10,023,350 Class IX INC Base US$ 50 20.34 – – 1,017 – – Class S ACC Base US$ 836,435 17.34 17.00 20.91 14,502,864 14,222,538 17,194,020 Enhanced Natural Resources Fund Class A ACC Base US$ 340,844 19.31 19.27 23.31 6,582,343 8,901,020 26,441,681 Class A ACC Non-Base Hedged EUR 3,106 17.87 18.03 22.13 55,512 180,739 153,450 Class C ACC Base US$ – – – 25.92 – – 1,296 Class F ACC Base US$ 299,139 19.17 19.20 23.43 5,733,918 6,536,695 236,194 Class G ACC Base US$ 1,066,839 17.91 17.88 21.61 19,106,318 19,074,031 14,996,326 Class GX ACC Base US$ 50 21.02 – – 1,051 – – Class I ACC Base US$ 2,715,955 19.73 19.54 23.45 53,585,134 79,489,326 48,975,001 Class I ACC Non-Base Hedged EUR 144,185 18.30 18.33 22.32 2,637,993 3,469,758 304,237 Class IX INC Base US$ 50 20.22 – – 1,011 – – Class S ACC Base US$ 1,294,826 21.11 20.67 24.51 27,336,060 26,464,952 29,795,195 European Equity Fund Class A ACC Base US$ 1,119,238 15.49 11.93 14.48 17,336,373 13,461,789 127,261 Class A ACC Non-Base EUR 119,614 26.87 21.08 24.81 3,213,616 2,765,104 3,432,144 Class A INC Base US$ 119,913 367.71 285.19 349.79 44,093,653 33,854,223 63,125,659 Class C INC Base US$ 53,988 53.05 41.20 50.46 2,863,839 2,097,616 3,038,930 Class D INC Base US$ 544 358.64 278.38 340.97 194,973 181,515 255,384 Class F ACC Base US$ 35,245 17.78 13.72 16.69 626,669 34,691 193,490 Global Contrarian Equity Fund Class A ACC Base US$ 8,044 22.24 20.50 – 178,913 25,623 – Class C ACC Base US$ 50 22.00 20.47 – 1,100 1,024 – Class F ACC Base US$ 50 22.12 20.49 – 1,106 1,024 – Class I ACC Base US$ 1,562,626 22.47 20.51 – 35,110,168 18,613,995 – Class IX INC Base US$ 50 20.42 – – 1,021 – – Class S ACC Base US$ 1,146,310 22.69 20.53 – 26,012,645 12,383,565 – Global Dynamic Fund Class A ACC Base US$ 147,957 103.77 87.99 94.30 15,353,273 14,452,048 15,714,232 Class A INC Base US$ 49,486 102.71 87.33 93.59 5,082,612 5,023,957 3,898,197 Class C INC Base US$ 621,061 23.28 19.94 21.58 14,457,343 15,079,857 39,900,276 Class D INC Base US$ 3,257 23.09 19.69 – 75,196 74,969 – Class F ACC Base US$ 107,290 17.38 14.76 15.85 1,864,264 1,812,327 616,066 Class I ACC Base US$ 19,469,598 18.18 15.27 16.22 353,876,449 212,297,418 70,148,347 Class I INC Base US$ 175,566 24.73 21.01 – 4,341,074 4,392,767 – Class IX INC Base US$ 50 20.64 – – 1,032 – – Class S INC Base US$ 12,881,541 20.39 17.31 18.57 262,611,487 163,635,684 217,818,727 Class Z INC Base US$ 1,325,481 24.00 20.39 – 31,806,569 29,897,733 – Global Endurance Equity Fund Class IX INC Base US$ 2,762 19.93 – – 55,042 – – Class S ACC Base US$ 849,321 20.44 – – 17,362,451 – –

20 | Investec Global Strategy Fund Outstanding Shares as at Net Asset Value per Share as at Net Assets as at Currency 31-Dec-12 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-12 31-Dec-11 31-Dec-10 Global Energy Fund Class A ACC Base US$ 8,396,737 17.30 16.76 19.40 145,267,386 181,025,337 138,827,996 Class A ACC Non-Base EUR 727,260 13.11 12.94 14.52 9,534,530 14,204,423 13,321,117 Class A ACC Non-Base Hedged SGD 5,170 16.68 16.31 – 86,259 1,019 – Class A INC Base US$ 1,105,348 303.90 294.39 341.32 335,912,481 472,057,712 649,906,155 Class C ACC Non-Base Hedged SGD – – 15.14 – – 927 – Class C INC Base US$ 1,601,034 278.93 272.25 317.43 446,578,974 389,085,398 620,024,482 Class F ACC Base US$ 1,485,349 21.88 21.24 24.62 32,498,165 36,162,041 28,374,829 Class F ACC Non-Base EUR 7,230 19.57 19.34 21.75 141,459 413,730 139,200 Class F ACC Non-Base Hedged SGD 9,595 15.52 15.19 – 148,903 117,302 – Class F INC Non-Base GBP 37,149 18.63 18.94 21.90 692,276 588,768 22,995 Class I ACC Base US$ 9,862,876 18.13 17.40 19.95 178,855,454 201,016,592 108,814,868 Class I ACC Non-Base EUR 702,399 13.61 13.31 14.79 9,560,903 35,750,095 9,664,653 Class I INC Base US$ 1,326,232 18.31 17.70 20.55 24,280,253 36,316,424 31,225,343 Class IX INC Base US$ 50 20.54 – – 1,027 – – Class S ACC Base US$ 6,967 22.37 21.28 24.17 155,884 35,111 165,545,335 Global Energy Long Short Fund Class A ACC Base US$ 1,016 16.80 16.92 – 17,073 1,882,893 – Class S ACC Base US$ 1,123,778 20.82 20.60 – 23,402,143 23,148,587 – Global Equity Fund Class A ACC Base US$ 171,562 235.51 204.93 220.36 40,403,859 25,681,126 15,337,243 Class A ACC Non-Base EUR 1,161 178.41 158.13 164.90 207,053 301,613 254,806 Class A INC Base US$ 248,682 233.40 203.21 218.51 58,043,624 68,204,438 94,951,082 Class C INC Base US$ 11,311 45.34 39.75 43.06 512,802 463,245 1,692,258 Class D ACC Base US$ 7,048 223.39 195.35 211.12 1,574,347 1,586,368 1,415,897 Class D INC Base US$ 2,686 222.30 194.41 210.11 597,158 645,134 764,373 Class F ACC Base US$ 34,255 18.81 16.40 17.67 644,192 497,535 218,643 Class I ACC Base US$ 13,861,559 20.74 – – 287,430,341 – – Class I INC Base US$ 10,259,331 17.33 15.07 16.19 177,777,236 406,721,362 397,130,554 Class IX INC Base US$ 50 20.59 – – 1,029 – – Class S ACC Base US$ 552,511 23.19 19.81 – 12,811,544 7,189,092 – Global Franchise Fund Class A ACC Base US$ 7,068,027 32.12 28.00 26.07 227,041,061 40,891,214 29,395,059 Class A ACC Non-Base EUR 73,033 20.05 – – 1,464,258 – – Class A ACC Non-Base Hedged SGD 50 19.97 – – 999 – – Class A INC Base US$ 297,473 31.65 27.68 25.96 9,416,488 2,121,161 1,561,626 Class C ACC Base US$ 545,775 27.06 23.81 22.40 14,768,672 95,741 1,120 Class C INC Base US$ 805,274 26.95 23.72 22.31 21,704,266 5,481,787 2,307,818 Class F ACC Base US$ 3,386,222 31.46 27.54 25.75 106,531,286 18,438,869 4,245,698 Class F INC Base US$ – – – 25.74 – – 1,287 Class I ACC Base US$ 9,933,514 33.14 28.61 26.40 329,234,531 173,712,836 122,087,227 Class I INC Base US$ 96,078 31.72 27.72 26.01 3,047,265 1,086,883 1,378,421 Class IX INC Base US$ 50 19.98 – – 999 – – Class S ACC Base US$ 818,138 34.25 29.30 26.79 28,024,393 8,916,143 53,932,729 Class S INC Base US$ 622,086 31.78 27.75 26.03 19,767,700 8,690,711 7,043,648 Global Gold Fund Class A ACC Base US$ 2,880,038 21.18 22.87 28.80 60,987,712 31,719,418 40,199,861 Class A INC Base US$ 1,545,753 76.32 82.42 103.76 117,965,839 185,253,035 208,695,945 Class C INC Base US$ 2,646,227 70.67 76.90 97.53 187,013,642 134,205,314 363,697,311 Class F ACC Base US$ 3,149,832 28.05 30.35 38.28 88,339,635 34,210,407 32,024,028 Class I ACC Base US$ 2,026,446 22.17 23.72 29.58 44,919,594 64,774,529 69,659,232 Class IX INC Base US$ 50 19.25 – – 963 – – Class S INC Base US$ 1,431,847 29.32 31.32 39.04 41,985,723 44,387,247 55,121,362 Global Growth Fund Class A INC Base US$ – – – 30.82 – – 1,344,367 Class C INC Base US$ – – – 20.16 – – 1,262,240 Class D INC Base US$ – – – 21.39 – – 112,534 Class I INC Base US$ – – – 22.62 – – 3,969,502 Class Z INC Base US$ – – – 22.00 – – 34,682,745

Investec Global Strategy Fund | 21 Statistical Information (continued) as at 31 December 2012

Outstanding Shares as at Net Asset Value per Share as at Net Assets as at Currency 31-Dec-12 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-12 31-Dec-11 31-Dec-10 Global Natural Resources Fund Class A ACC Base US$ 8,562,248 10.34 10.42 13.25 88,508,631 93,144,415 33,505,441 Class A ACC Non-Base Hedged CHF 1,230 20.75 – – 25,527 – – Class A ACC Non-Base HKD 487 77.05 77.79 – 37,560 6,052 – Class A ACC Non-Base Hedged SGD 39,443 15.75 16.02 – 621,356 512,281 – Class A INC Base US$ 8,159,049 10.34 10.42 13.25 84,337,295 111,374,494 33,012,799 Class A INC Non-Base HKD 78 77.31 78.04 – 6,015 6,071 – Class C ACC Non-Base Hedged SGD – – 14.99 – – 924 – Class C INC Base US$ 13,593,694 9.96 10.11 12.95 135,389,600 148,199,678 115,098,107 Class F ACC Base US$ 10,350,306 10.24 10.34 13.17 105,998,447 137,558,523 57,690,546 Class F ACC Non-Base Hedged SGD 36,943 14.77 15.04 – 545,528 507,605 – Class I ACC Base US$ 7,574,673 10.94 10.92 13.75 82,835,561 85,085,657 28,231,686 Class I ACC Non-Base EUR 131,188 39.87 40.54 49.53 5,229,888 7,504,304 4,445,817 Class IX INC Base US$ 391,343 20.50 – – 8,023,537 – – Class S ACC Base US$ 4,221,619 11.31 11.19 13.97 47,749,062 41,659,622 25,532,015 Global Opportunity Equity Fund Class A INC Base US$ 446,276 24.43 21.47 20.34 10,902,414 7,052,846 107,736 Class I ACC Base US$ 23,763,929 20.87 – – 495,838,872 – – Class I INC Base US$ 10,405,168 24.48 21.49 20.36 254,681,094 554,629,703 297,308,162 Class IX INC Base US$ 50 19.93 – – 997 – – Class S INC Base US$ 93,030 24.49 21.50 20.36 2,278,002 1,626,288 660,982 Global Strategic Equity Fund Class A ACC Base US$ 4,697,881 16.55 13.83 15.26 77,772,524 63,082,361 19,287,113 Class A ACC Non-Base EUR 34,262 12.60 10.72 11.47 431,595 355,490 438,116 Class A INC Base US$ 4,890,570 90.02 75.20 82.99 440,243,433 415,076,201 547,118,317 Class C INC Base US$ 7,390,913 77.78 65.61 73.13 574,876,252 536,179,344 701,962,611 Class D INC Base US$ 53,401 86.49 72.67 80.67 4,618,709 4,697,655 6,039,106 Class F ACC Base US$ 236,282 17.50 14.68 16.28 4,135,810 3,473,099 3,903,092 Class I ACC Base US$ 1,850,259 16.64 13.77 15.06 30,786,961 44,676,105 233,889,816 Class I INC Base US$ 3,049,700 16.56 13.82 15.23 50,505,450 46,884,818 65,317,900 Class IX INC Base US$ 50 20.64 – – 1,032 – – Class S INC Base US$ 523,277 18.11 15.10 16.64 9,476,645 8,571,191 9,142,854 Latin American Equity Fund Class A ACC Base US$ 1,082,167 21.56 17.95 24.60 23,335,043 34,649,572 63,053,268 Class C ACC Base US$ 11,148 17.98 15.11 20.92 200,434 23,379 1,046 Class F ACC Base US$ 146,636 21.31 17.81 24.52 3,124,996 2,105,852 837,859 Class I ACC Base US$ 720,945 18.70 15.46 21.02 13,484,396 13,724,920 6,645,006 Class IX INC Base US$ 50 21.31 – – 1,065 – – Latin American Smaller Companies Fund Class A ACC Base US$ 404,038 26.24 – – 10,603,359 – – Class C ACC Base US$ 13,107 24.10 – – 315,875 – – Class F ACC Base US$ 118,454 26.18 – – 3,101,392 – – Class I ACC Base US$ 10,523,933 26.35 – – 277,325,148 – – Middle East & North Africa Fund Class A ACC Base US$ – – 13.13 17.31 – 1,191,548 3,890,612 Class F ACC Base US$ – – 12.97 17.16 – 62,639 167,238 Class S ACC Base US$ – – 14.30 18.40 – 15,128,200 19,537,670 U.K. Equity Fund Class A ACC Base GBP 175,377 11.13 9.80 10.47 1,952,241 2,014,794 1,750,930 Class A INC Base GBP 364,383 61.15 54.69 59.31 22,282,048 21,949,192 29,968,549 Class C INC Base GBP 8,855 57.96 51.87 56.23 513,256 787,676 749,349 Class F ACC Non-Base US$ 1,663 18.89 15.92 17.13 31,409 55,195 2,385,956 Class I ACC Non-Base US$ 99,573 21.81 18.17 – 2,171,541 1,962,529 – Class S ACC Base GBP – – 18.90 – – 945 – Dynamic Commodities Fund Class S ACC Base US$ 508,662 19.76 20.14 – 10,050,197 10,071,521 –

22 | Investec Global Strategy Fund Portfolio details Euro Money Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) EUR Equity Transferable securities dealt in another regulated market Money Market Instruments – 56.85% Euro 1,500,000 Aviva Plc. ZCP 0.000% 11/04/13 1,499 4.42 1,500,000 Bank of China Ltd. ZCP 0.000% 10/01/13 1,500 4.42 1,500,000 Bank of Tokyo Mitsubishi CD 0.050% 08/01/13 1,500 4.42 1,500,000 Caterpillar International Finance Ltd. ZCP 0.000% 11/03/13 1,500 4.42 1,500,000 DZ Bank AG CD 0.020% 11/02/13 1,500 4.42 1,500,000 Erste Abwicklungsanstalt ZCP 0.000% 03/04/13 1,499 4.42 1,000,000 Fingrid OYJ ZCP 0.000% 16/04/13 1,000 2.94 1,000,000 Lloyds TSB Bank Plc. CD 0.020% 18/02/13 1,000 2.94 1,500,000 Mizuho Corporate Bank ZCP 0.000% 13/02/13 1,500 4.42 1,000,000 Nationwide Building Society CD 0.040% 25/02/13 1,000 2.95 500,000 Pohjola Bank Plc. ZCP 0.000% 15/01/13 500 1.47 1,500,000 Rabobank Nederland ZCP 0.000% 28/01/13 1,500 4.42 1,000,000 Standard Chartered Bank ZCP 0.000% 12/03/13 1,000 2.94 1,300,000 Svenska Handelsbanken AB ZCP 0.000% 26/02/13 1,300 3.83 1,500,000 Wells Fargo Bank International CD 0.150% 11/04/13 1,500 4.42

19,298 56.85 TOTAL MONEY MARKET INSTRUMENTS (cost (000) EUR 19,298) 19,298 56.85 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) EUR 19,298) 19,298 56.85 MARKET VALUE OF INVESTMENTS (cost (000) EUR 19,298) 19,298 56.85 OTHER ASSETS AND LIABILITIES 14,647 43.15 SHAREHOLDERS’ EQUITY 33,945 100.00

Investec Global Strategy Fund | 23 Portfolio details

Euro Money Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) EUR (000) EUR Allianz SE ZCP 0.000% 20/12/12 1,500 1,500 ASB Finance Ltd. ZCP 0.000% 23/04/12 1,499 1,500 Aviva Plc. ZCP 0.000% 12/06/12 999 1,000 Aviva Plc. ZCP 0.000% 11/04/13 1,500 – Bank of China Ltd. ZCP 0.000% 10/01/13 1,500 – Bank of Nova Scotia CD 0.470% 06/02/12 – 1,500 Bank of Tokyo Mitsubishi CD 0.530% 20/03/12 – 1,500 Bank of Tokyo Mitsubishi CD 0.280% 21/06/12 1,000 1,000 Bank of Tokyo Mitsubishi CD 0.230% 04/10/12 1,000 1,000 Bank of Tokyo Mitsubishi CD 0.050% 08/01/13 1,500 – Bank of Western Australia ZCP 0.000% 09/10/12 999 1,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 09/01/12 – 1,500 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 11/04/12 1,499 1,500 Barclays Bank Plc. CD 0.930% 13/02/12 – 1,500 Barclays Bank Plc. CD 0.920% 14/05/12 1,000 1,000 Caisse Amortissement de la Dette ZCP 0.000% 09/01/12 – 1,500 Caisse Amortissement de la Dette ZCP 0.000% 10/04/12 1,499 1,500 Caisse Amortissement de la Dette ZCP 0.000% 12/10/12 1,498 1,500 Caisse des Depots et Consignations ZCP 0.000% 07/03/12 – 1,500 Caterpillar International Finance Ltd. ZCP 0.000% 12/01/12 – 1,500 Caterpillar International Finance Ltd. ZCP 0.000% 05/12/12 1,500 1,500 Caterpillar International Finance Ltd. ZCP 0.000% 11/03/13 1,500 – Clearstream International S.A. ZCP 0.000% 16/01/12 – 1,500 Credit Suisse AG ZCP 0.000% 10/04/12 1,499 1,500 Deutsche Bank AG ZCP 0.000% 19/01/12 – 1,500 Deutsche Bank AG ZCP 0.000% 20/03/12 1,499 1,500 Deutsche Bank AG ZCP 0.000% 11/07/12 1,499 1,500 Deutsche Bank AG ZCP 0.000% 19/12/12 1,500 1,500 DNB Bank ASA CD 0.760% 10/02/12 – 1,500 DNB Bank ASA CD 0.420% 14/05/12 1,500 1,500 DNB Bank ASA CD 0.390% 17/09/12 1,500 1,500 DNB Bank ASA CD 0.000% 22/10/12 1,500 1,500 DZ Bank AG CD 0.250% 26/07/12 1,500 1,500 DZ Bank AG ZCP 0.000% 12/04/12 1,499 1,500 DZ Bank AG ZCP 0.000% 11/02/13 1,500 – E.ON AG ZCP 0.000% 06/06/12 1,000 1,000 E.ON AG ZCP 0.000% 18/09/12 999 1,000 Erste Abwicklungsanstalt ZCP 0.000% 25/05/12 1,498 1,500 Erste Abwicklungsanstalt ZCP 0.000% 11/09/12 1,499 1,500 Erste Abwicklungsanstalt ZCP 0.000% 03/04/13 1,499 – Fingrid OYJ ZCP 0.000% 18/06/12 995 1,000 Fingrid OYJ ZCP 0.000% 16/04/13 999 – Finland Treasury Bill ZCP 0.000% 10/01/12 – 4,000 FMS Wertmanagement ZCP 0.000% 31/01/12 – 1,500 FMS Wertmanagement ZCP 0.000% 02/05/12 1,499 1,500 FMS Wertmanagement ZCP 0.000% 22/08/12 1,499 1,500 GE Capital European Funding ZCP 0.000% 16/03/12 – 1,500 GE Capital European Funding ZCP 0.000% 19/06/12 999 1,000 GE Capital European Funding ZCP 0.000% 20/11/12 999 1,000 HSBC Bank Plc. CD 0.180% 14/09/12 1,000 1,000 HSBC Bank Plc. ZCP 0.000% 07/02/12 – 1,500 Industrial And Commercial Bank ZCP 0.000% 09/07/12 1,000 1,000 ING Bank NV CD 0.430% 11/10/12 1,000 1,000 ING Bank NV ZCP 0.000% 19/01/12 – 1,500 ING Bank NV ZCP 0.000% 03/12/12 1,500 1,500 JPMorgan Chase Bank NA CD 0.280% 22/06/12 1,000 1,000 Kiwibank Ltd. ZCP 0.000% 20/04/12 1,499 1,500 Lloyds TSB Bank Plc. CD 0.900% 12/03/12 1,500 1,500 Lloyds TSB Bank Plc. CD 0.420% 21/05/12 1,000 1,000 Lloyds TSB Bank Plc. CD 0.480% 04/10/12 1,000 1,000 Mizuho Corporate Bank CD 0.250% 18/06/12 1,500 1,500 Mizuho Corporate Bank CD 0.260% 20/09/12 1,000 1,000

24 | Investec Global Strategy Fund Euro Money Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) EUR (000) EUR Mizuho Corporate Bank ZCP 0.000% 12/04/12 1,000 1,000 Mizuho Corporate Bank ZCP 0.000% 12/11/12 1,500 1,500 Mizuho Corporate Bank ZCP 0.000% 13/02/13 1,500 – Nationwide Building Society CD 0.520% 19/06/12 1,000 1,000 Nationwide Building Society CD 0.040% 25/02/13 1,000 – Nordea Bank Finland Plc. CD 0.300% 10/09/12 1,500 1,500 Nordea Bank Finland Plc. CD 0.320% 13/12/12 1,501 1,500 NRW Bank ZCP 0.000% 03/01/12 – 1,500 NRW Bank ZCP 0.000% 10/04/12 1,499 1,500 Oversea-Chinese Banking Corp., Ltd. ZCP 0.000% 07/05/12 1,499 1,500 Pohjola Bank Plc. ZCP 0.000% 23/05/12 1,498 1,500 Rabobank Nederland CD 0.980% 09/07/12 1,500 1,500 Rabobank Nederland ZCP 0.000% 06/01/12 – 1,500 Rabobank Nederland ZCP 0.000% 28/01/13 1,499 – Royal Bank of Scotland Plc. CD 0.900% 06/02/12 1,500 1,500 Royal Bank of Scotland Plc. CD 0.300% 10/09/12 1,000 1,000 Royal Bank of Scotland Plc. ZCP 0.000% 18/06/12 1,499 1,500 Royal Bank of Scotland Plc. ZCP 0.000% 18/02/13 1,000 – Skandinaviska Enskilda Banken CD 0.250% 12/06/12 1,500 1,500 Skandinaviska Enskilda Banken ZCP 0.000% 11/01/12 – 1,500 Skandinaviska Enskilda Banken ZCP 0.000% 10/04/12 1,498 1,500 Skandinaviska Enskilda Banken ZCP 0.000% 13/09/12 1,499 1,500 StadsHypotek AB ZCP 0.000% 23/01/12 – 1,500 Standard Chartered Bank CD 0.400% 12/04/12 1,500 1,500 Standard Chartered Bank ZCP 0.000% 12/03/13 1,000 – Svenska Handelsbanken AB CD 1.050% 09/02/12 – 1,500 Svenska Handelsbanken AB CD 0.520% 11/06/12 1,500 1,500 Svenska Handelsbanken AB CD 0.400% 12/11/12 1,500 1,500 Svenska Handelsbanken AB ZCP 0.000% 26/02/13 1,300 – Toronto-Dominion Bank CD 0.400% 09/03/12 – 1,500 UBS AG CD 1.300% 04/01/12 – 1,500 UBS AG CD 0.470% 10/02/12 1,500 1,500 Unilever NV ZCP 0.000% 18/04/12 – 1,500 Unilever NV ZCP 0.000% 23/07/12 1,499 1,500 Wells Fargo Bank International CD 0.200% 20/08/12 1,500 1,500 Wells Fargo Bank International CD 0.150% 11/04/13 1,500 – Other securities purchased and sold under (000) EUR 771 1,498 1,000 101,762 119,500

Investec Global Strategy Fund | 25 Portfolio details Sterling Money Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) GBP Equity Transferable securities dealt in another regulated market Money Market Instruments – 89.84% British Pound Sterling 3,000,000 Bank of China Ltd. ZCP 0.000% 18/02/13 2,998 4.68 3,000,000 Bank of Tokyo Mitsubishi CD 0.470% 11/03/13 3,000 4.69 3,000,000 Barclays Bank Plc. CD 0.480% 06/03/13 3,000 4.69 3,000,000 Caisse des Depots et Consignations ZCP 0.000% 16/01/13 2,999 4.68 3,000,000 Commonwealth Bank of Australia CD 0.350% 22/01/13 3,000 4.69 3,000,000 Deutsche Bank AG CD 0.450% 22/02/13 3,000 4.69 2,000,000 DNB Bank ASA ZCP 0.000% 25/01/13 1,999 3.12 3,000,000 DZ Bank AG CD 0.400% 16/01/13 3,000 4.69 2,000,000 Erste Abwicklungsanstalt ZCP 0.000% 18/02/13 1,999 3.12 1,000,000 GE Capital UK Funding ZCP 0.000% 21/01/13 1,000 1.56 3,000,000 HSBC Bank Plc. CD 0.440% 14/01/13 3,000 4.69 3,000,000 JPMorgan Chase Bank NA CD 0.400% 18/03/13 3,000 4.69 3,000,000 Kiwibank Ltd. ZCP 0.000% 18/01/13 2,999 4.69 3,000,000 Lloyds TSB Bank Plc. CD 0.520% 03/01/13 3,000 4.69 3,000,000 Mizuho Corporate Bank Ltd. ZCP 0.000% 16/01/13 2,999 4.69 2,500,000 Nationwide Building Society CD 0.510% 28/02/13 2,500 3.90 3,000,000 Nordea Bank Finland Plc. CD 0.660% 20/02/13 3,000 4.69 2,000,000 Standard Chartered Bank Plc. CD 0.820% 28/02/13 2,001 3.13 3,000,000 Svenska Handelsbanken AB CD 0.430% 26/03/13 3,000 4.69 3,000,000 Transport for London ZCP 0.000% 06/03/13 2,998 4.68 3,000,000 Wells Fargo Bank International CD 0.500% 11/03/13 3,000 4.69

57,492 89.84 TOTAL MONEY MARKET INSTRUMENTS (cost (000) GBP 57,492) 57,492 89.84 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) GBP 57,492) 57,492 89.84 MARKET VALUE OF INVESTMENTS (cost (000) GBP 57,492) 57,492 89.84 OTHER ASSETS AND LIABILITIES 6,505 10.16 SHAREHOLDERS’ EQUITY 63,997 100.00

26 | Investec Global Strategy Fund Sterling Money Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) GBP (000) GBP Aviva Plc. ZCP 0.000% 14/09/12 2,995 3,000 Aviva Plc. ZCP 0.000% 14/12/12 2,996 3,000 Bank Nederlandse Gemeenten ZCP 0.000% 29/02/12 – 3,000 Bank of China Ltd. ZCP 0.000% 21/09/12 2,994 3,000 Bank of China Ltd. ZCP 0.000% 18/02/13 2,997 – Bank of Montreal CD 0.490% 17/01/12 – 3,000 Bank of Nova Scotia CD 0.950% 07/06/12 – 2,500 Bank of Tokyo Mitsubishi CD 0.900% 06/01/12 – 3,000 Bank of Tokyo Mitsubishi CD 1.000% 10/04/12 3,000 3,000 Bank of Tokyo Mitsubishi CD 0.720% 10/07/12 3,000 3,000 Bank of Tokyo Mitsubishi CD 0.640% 10/10/12 3,000 3,000 Bank of Tokyo Mitsubishi CD 0.460% 10/12/12 3,000 3,000 Bank of Tokyo Mitsubishi CD 0.470% 11/03/13 3,000 – Bank of Western Australia Ltd. ZCP 0.000% 25/01/12 – 3,000 Bank of Western Australia Ltd. ZCP 0.000% 09/10/12 2,994 3,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 30/01/12 – 3,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 25/10/12 2,996 3,000 Barclays Bank Plc. CD 1.010% 13/02/12 – 3,000 Barclays Bank Plc. CD 1.060% 14/05/12 3,000 3,000 Barclays Bank Plc. CD 0.920% 14/09/12 3,000 3,000 Barclays Bank Plc. CD 0.480% 06/03/13 3,000 – Caisse Amortissement de la Dette ZCP 0.000% 07/02/12 – 3,000 Caisse des Depots et Consignations ZCP 0.000% 16/02/12 – 3,000 Caisse des Depots et Consignations ZCP 0.000% 17/05/12 2,994 3,000 Caisse des Depots et Consignations ZCP 0.000% 16/01/13 2,990 – Commonwealth Bank of Australia CD 0.350% 22/01/13 3,000 – Credit Suisse First Boston CD 0.900% 18/04/12 2,500 2,500 Den Norske Bank CD 0.690% 31/07/12 3,000 3,000 Deutsche Bank AG CD 0.900% 26/01/12 – 3,000 Deutsche Bank AG CD 0.920% 30/04/12 3,000 3,000 Deutsche Bank AG CD 0.700% 22/08/12 3,000 3,000 Deutsche Bank AG CD 0.500% 22/11/12 3,000 3,000 Deutsche Bank AG CD 0.450% 22/02/13 3,000 – DNB Bank ASA ZCP 0.000% 23/04/12 2,994 3,000 DNB Bank ASA ZCP 0.000% 25/01/13 1,998 – DZ Bank AG CD 0.620% 16/04/12 2,500 2,500 DZ Bank AG CD 0.650% 16/07/12 2,500 2,500 DZ Bank AG CD 0.540% 16/10/12 3,000 3,000 DZ Bank AG CD 0.400% 16/01/13 3,000 – Erste Abwicklungsanstalt ZCP 0.000% 24/05/12 2,994 3,000 Erste Abwicklungsanstalt ZCP 0.000% 21/08/12 2,995 3,000 Erste Abwicklungsanstalt ZCP 0.000% 18/02/13 1,998 – FMS Wertmanagement ZCP 0.000% 13/02/12 – 3,200 FMS Wertmanagement ZCP 0.000% 14/05/12 2,993 3,000 FMS Wertmanagement ZCP 0.000% 17/08/12 2,995 3,000 FMS Wertmanagement ZCP 0.000% 20/11/12 2,996 3,000 GE Capital UK Funding ZCP 0.000% 10/05/12 2,993 3,000 GE Capital UK Funding ZCP 0.000% 11/09/12 2,992 3,000 HSBC Bank Plc. CD 0.440% 14/01/13 3,000 – JPMorgan Chase Bank NA CD 0.500% 16/11/12 2,500 2,500 JPMorgan Chase Bank NA CD 0.400% 18/03/13 3,000 – Kiwibank Ltd. ZCP 0.000% 20/07/12 2,996 3,000 Kiwibank Ltd. ZCP 0.000% 18/01/13 2,995 – Korea Development Bank CD 0.700% 12/09/12 3,000 3,000 Lloyds TSB Bank Plc. CD 0.820% 02/04/12 3,000 3,000 Lloyds TSB Bank Plc. CD 0.800% 13/06/12 2,500 2,500 Lloyds TSB Bank Plc. CD 0.850% 25/09/12 3,000 3,000 Lloyds TSB Bank Plc. CD 0.520% 03/01/13 3,000 – Mizuho Corporate Bank ZCP 0.000% 07/09/12 2,995 3,000 Mizuho Corporate Bank ZCP 0.000% 16/01/13 2,998 – National Australia Bank Ltd. CD 0.700% 16/01/12 – 3,000 National Australia Bank Ltd. CD 0.950% 16/07/12 2,500 2,500

Investec Global Strategy Fund | 27 Portfolio details

Sterling Money Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) GBP (000) GBP Nationwide Building Society CD 1.050% 20/01/12 – 3,100 Nationwide Building Society CD 1.040% 23/04/12 3,000 3,000 Nationwide Building Society CD 0.950% 25/07/12 3,000 3,000 Nationwide Building Society CD 0.600% 30/10/12 2,500 2,500 Nationwide Building Society CD 0.510% 28/02/13 2,500 – Nordea Bank Finland Plc. CD 1.010% 14/02/12 – 3,000 Nordea Bank Finland Plc. CD 0.640% 16/05/12 2,000 2,000 Nordea Bank Finland Plc. CD 0.620% 20/08/12 3,000 3,000 Nordea Bank Finland Plc. CD 0.660% 20/02/13 3,000 – NRW Bank ZCP 0.000% 12/09/12 2,497 2,500 NRW Bank ZCP 0.000% 18/12/12 2,997 3,000 Oversea-Chinese Banking Corp., Ltd. CD 0.900% 18/01/12 – 3,000 Oversea-Chinese Banking Corp., Ltd. CD 0.750% 18/04/12 3,000 3,000 Oversea-Chinese Banking Corp., Ltd. CD 0.520% 23/07/12 2,500 2,500 Oversea-Chinese Banking Corp., Ltd. CD 0.400% 28/11/12 3,000 3,000 Rabobank International CD 0.950% 09/03/12 – 3,000 Rabobank International CD 0.950% 10/09/12 2,500 2,500 Royal Bank of Scotland Plc. CD 0.700% 27/06/12 3,000 3,000 Royal Bank of Scotland Plc. CD 0.600% 28/08/12 3,000 3,000 Skandinaviska Enskilda Banken CD 0.720% 06/02/12 3,000 3,000 Skandinaviska Enskilda Banken ZCP 0.000% 23/03/12 1,998 2,000 Skandinaviska Enskilda Banken ZCP 0.000% 06/12/12 2,998 3,000 Standard Chartered Bank CD 1.000% 06/01/12 – 3,000 Standard Chartered Bank CD 1.000% 11/04/12 3,000 3,000 Standard Chartered Bank CD 0.700% 12/10/12 3,000 3,000 Standard Chartered Bank CD 0.820% 28/02/13 2,002 – Sumitomo Mitsui Banking Corp. CD 0.550% 13/04/12 2,500 2,500 Sumitomo Mitsui Banking Corp. CD 0.580% 13/09/12 3,000 3,000 Sumitomo Mitsui Banking Corp. CD 0.510% 14/11/12 3,000 3,000 Svenska Handelsbanken AB CD 0.880% 26/01/12 – 3,000 Svenska Handelsbanken AB CD 1.030% 26/06/12 3,000 3,000 Svenska Handelsbanken AB CD 0.650% 26/11/12 2,500 2,500 Svenska Handelsbanken AB CD 0.430% 26/03/13 3,000 – Toyota Motor Finance ZCP 0.000% 15/02/12 – 2,000 Toyota Motor Finance ZCP 0.000% 25/10/12 1,998 2,000 Transport for London ZCP 0.000% 10/02/12 – 3,000 Transport for London ZCP 0.000% 20/06/12 2,999 3,000 Transport for London ZCP 0.000% 19/10/12 2,999 3,000 Transport for London ZCP 0.000% 06/03/13 2,997 – United Kingdom Treasury Bill ZCP 0.000% 27/02/12 – 3,000 United Kingdom Treasury Bill ZCP 0.000% 28/05/12 2,997 3,000 Wells Fargo Bank International CD 0.570% 13/03/12 3,000 3,000 Wells Fargo Bank International CD 0.620% 25/06/12 3,000 3,000 Wells Fargo Bank International CD 0.500% 11/03/13 3,000 – Westpac Bank Corp. ZCP 0.000% 13/07/12 2,986 3,000 Other securities purchased and sold under (000) GBP 1,586 1,599 600 246,955 251,400

28 | Investec Global Strategy Fund U.S. Dollar Money Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Money Market Instruments – 95.73% US Dollar 14,000,000 ASB Finance Ltd. ZCP 0.000% 12/03/13 14,000 4.48 13,000,000 Bank Nederlandse Gemeenten ZCP 0.000% 28/02/13 12,995 4.15 13,000,000 Bank of China Ltd. ZCP 0.000% 14/01/13 12,999 4.16 12,000,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 21/02/13 11,996 3.83 13,000,000 BNZ International Funding ZCP 0.000% 11/01/13 12,999 4.16 10,500,000 Clearstream Bank ZCP 0.000% 21/02/13 10,496 3.35 13,000,000 Erste Abwicklungsanstalt ZCP 0.000% 06/02/13 12,997 4.15 13,000,000 FMS Wertmanagement ZCP 0.000% 15/03/13 12,993 4.15 12,500,000 Kiwibank Ltd. ZCP 0.000% 08/04/13 12,489 3.99 12,500,000 Kommunekredit ZCP 0.000% 17/01/13 12,499 4.00 12,000,000 Korea Development Bank ZCP 0.000% 22/01/13 11,998 3.84 13,000,000 Kreditanstalt fuer Wiederaufbau ZCP 0.000% 10/01/13 12,999 4.16 13,000,000 Lloyds TSB Bank Plc. CD 0.250% 10/01/13 13,000 4.16 13,000,000 Municipality Finance Plc. ZCP 0.000% 18/01/13 12,999 4.15 10,000,000 Nederlandse Waterschapsbank ZCP 0.000% 22/01/13 9,999 3.20 13,000,000 Oesterreichische Kontrollbank AG ZCP 0.000% 25/01/13 12,998 4.15 13,000,000 Oversea-Chinese Banking Corp. CD 0.235% 20/02/13 13,000 4.16 5,500,000 Pohjola Bank Plc. ZCP 0.000% 10/01/13 5,500 1.76 3,000,000 Pohjola Bank Plc. ZCP 0.000% 19/02/13 2,999 0.96 13,500,000 Rabobank Nederland ZCP 0.000% 31/01/13 13,498 4.31 11,500,000 Toronto-Dominion Bank CD 0.270% 11/03/13 11,500 3.68 13,000,000 Toyota Motor Finance ZCP 0.000% 25/02/13 12,995 4.15 13,000,000 UOB Australia Ltd. ZCP 0.000% 19/02/13 12,996 4.15 10,000,000 Wells Fargo Bank International Plc. CD 0.380% 25/03/13 10,000 3.20 4,000,000 Wells Fargo Bank International Plc. CD 0.400% 25/03/13 4,000 1.28 12,500,000 Western Australian Treasury Corp. ZCP 0.000% 17/01/13 12,499 4.00

299,443 95.73 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 299,429) 299,443 95.73 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 299,429) 299,443 95.73 MARKET VALUE OF INVESTMENTS (cost (000) US$ 299,429) 299,443 95.73 OTHER ASSETS AND LIABILITIES 13,345 4.27 SHAREHOLDERS’ EQUITY 312,788 100.00

Investec Global Strategy Fund | 29 Portfolio details

U.S. Dollar Money Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Allianz SE ZCP 0.000% 28/08/12 8,998 9,000 Allianz SE ZCP 0.000% 28/08/12 5,985 6,000 ASB Finance Ltd. ZCP 0.000% 23/03/12 – 8,000 ASB Finance Ltd. ZCP 0.000% 12/03/13 13,975 – Australia and New Zealand Bank ZCP 0.000% 05/04/12 – 8,500 Aviva Plc. ZCP 0.000% 12/03/12 6,994 7,000 Aviva Plc. ZCP 0.000% 12/07/12 8,486 8,500 Bank Nederlandse Gemeenten ZCP 0.000% 26/04/12 7,990 8,000 Bank Nederlandse Gemeenten ZCP 0.000% 28/02/13 12,991 – Bank of China Ltd. ZCP 0.000% 14/05/12 7,993 8,000 Bank of China Ltd. ZCP 0.000% 06/06/12 8,998 9,000 Bank of China Ltd. ZCP 0.000% 25/09/12 9,984 10,000 Bank of China Ltd. ZCP 0.000% 14/01/13 12,985 – Bank of East Asia Ltd. CD 0.250% 11/12/12 13,000 13,000 Bank of Montreal CD 0.340% 12/03/12 – 8,500 Bank of Nova Scotia CD 0.310% 03/02/12 – 7,500 Bank of Tokyo Mitsubishi CD 0.480% 20/03/12 – 8,000 Bank of Tokyo Mitsubishi CD 0.370% 05/07/12 8,500 8,500 Bank of Tokyo Mitsubishi CD 0.340% 23/11/12 13,500 13,500 Bank of Western Australia Ltd. ZCP 0.000% 24/09/12 4,997 5,000 Bank of Western Australia ZCP 0.000% 19/01/12 – 9,000 Bank of Western Australia ZCP 0.000% 24/04/12 8,491 8,500 Bank of Western Australia ZCP 0.000% 31/07/12 8,992 9,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 28/02/12 – 8,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 12/06/12 7,990 8,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 04/09/12 9,492 9,500 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 12/10/12 4,995 5,000 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 21/02/13 11,990 – Barclays Bank Plc. CD 0.480% 14/02/12 – 9,000 Barclays Bank Plc. CD 0.480% 16/05/12 8,500 8,500 BNZ International Funding Ltd. ZCP 0.000% 11/01/13 12,993 – Caisse Amortissement de la Dette ZCP 0.000% 30/01/12 – 8,000 Caisse Amortissement de la Dette ZCP 0.000% 30/04/12 8,490 8,500 Caisse Amortissement de la Dette ZCP 0.000% 10/10/12 9,991 10,000 Caisse des Depots et Consignations ZCP 0.000% 17/01/12 – 9,000 Caisse des Depots et Consignations ZCP 0.000% 20/03/12 8,994 9,000 Caisse des Depots et Consignations ZCP 0.000% 21/06/12 8,491 8,500 Caisse des Depots et Consignations ZCP 0.000% 27/09/12 9,990 10,000 Caisse des Depots et Consignations ZCP 0.000% 28/11/12 6,995 7,000 Cedel Bank S.A. ZCP 0.000% 17/08/12 13,996 14,000 Cedel Bank S.A. ZCP 0.000% 20/11/12 13,489 13,500 Clearstream Bank ZCP 0.000% 21/02/13 10,492 – Clearstream International S.A. ZCP 0.000% 17/01/12 – 8,000 Credit Suisse AG ZCP 0.000% 19/04/12 8,498 8,500 Credit Suisse AG ZCP 0.000% 19/06/12 8,496 8,500 Credit Suisse AG ZCP 0.000% 19/10/12 11,988 12,000 Deutsche Bahn AG ZCP 0.000% 31/07/12 7,994 8,000 Deutsche Bahn AG ZCP 0.000% 05/12/12 8,995 9,000 Deutsche Bank AG CD 0.400% 25/06/12 8,500 8,500 Deutsche Bank AG CD 0.360% 19/11/12 12,000 12,000 DNB Bank ASA CD 0.400% 16/02/12 – 8,000 DNB Bank ASA CD 0.290% 13/09/12 8,500 8,500 DNB Bank ASA CD 0.450% 19/10/12 10,000 10,000 DNB Bank ASA CD 0.225% 14/12/12 13,000 13,000 Erste Abwicklungsanstalt ZCP 0.000% 22/08/12 7,493 7,500 Erste Abwicklungsanstalt ZCP 0.000% 26/10/12 4,999 5,000 Erste Abwicklungsanstalt ZCP 0.000% 06/02/13 12,991 – FMS Wertmanagement ZCP 0.000% 18/04/12 8,489 8,500 FMS Wertmanagement ZCP 0.000% 19/07/12 8,491 8,500 FMS Wertmanagement ZCP 0.000% 27/09/12 5,996 6,000 FMS Wertmanagement ZCP 0.000% 15/10/12 6,998 7,000 FMS Wertmanagement ZCP 0.000% 15/11/12 11,499 11,500 FMS Wertmanagement ZCP 0.000% 15/03/13 12,991 –

30 | Investec Global Strategy Fund U.S. Dollar Money Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ ING Bank NV CD 0.000% 20/08/12 10,000 10,000 Kiwibank Ltd. ZCP 0.000% 06/03/12 – 7,500 Kiwibank Ltd. ZCP 0.000% 05/07/12 8,493 8,500 Kiwibank Ltd. ZCP 0.000% 12/10/12 12,990 13,000 Kiwibank Ltd. ZCP 0.000% 08/04/13 12,488 – Kommunekredit ZCP 0.000% 15/03/12 – 8,000 Kommunekredit ZCP 0.000% 10/09/12 8,496 8,500 Kommunekredit ZCP 0.000% 24/09/12 4,998 5,000 Kommunekredit ZCP 0.000% 17/01/13 12,497 – Korea Development Bank CD 0.510% 05/10/12 10,000 10,000 Korea Development Bank ZCP 0.000% 22/01/13 11,996 – Kreditanstalt fuer Wiederaufbau ZCP 0.000% 28/02/12 – 8,000 Kreditanstalt fuer Wiederaufbau ZCP 0.000% 27/09/12 9,994 10,000 Kreditanstalt fuer Wiederaufbau ZCP 0.000% 10/01/13 12,993 – Lloyds TSB Bank Plc. CD 0.350% 19/03/12 8,500 8,500 Lloyds TSB Bank Plc. CD 0.310% 13/06/12 8,500 8,500 Lloyds TSB Bank Plc. CD 0.440% 09/10/12 10,000 10,000 Lloyds TSB Bank Plc. CD 0.250% 10/01/13 13,000 – Mizuho Corporate Bank ZCP 0.000% 09/03/12 4,999 5,000 Mizuho Corporate Bank ZCP 0.000% 23/04/12 8,498 8,500 Mizuho Corporate Bank ZCP 0.000% 01/06/12 7,998 8,000 Municipality Finance Plc. ZCP 0.000% 20/06/12 7,998 8,000 Municipality Finance Plc. ZCP 0.000% 18/01/13 12,992 – National Australia Bank Ltd. ZCP 0.000% 09/01/12 – 7,500 National Australia Bank Ltd. ZCP 0.000% 23/11/12 12,996 13,000 Nationwide Building Society CD 0.470% 03/02/12 – 8,500 Nationwide Building Society CD 0.600% 08/05/12 9,000 9,000 Nationwide Building Society CD 0.500% 22/10/12 10,000 10,000 Nederlandse Waterschapsbank ZCP 0.000% 17/01/12 – 6,500 Nederlandse Waterschapsbank ZCP 0.000% 30/04/12 8,494 8,500 Nederlandse Waterschapsbank ZCP 0.000% 09/10/12 10,995 11,000 Nederlandse Waterschapsbank ZCP 0.000% 22/01/13 9,994 – Network Rail Infrastructure Finance Plc. ZCP 0.000% 17/12/12 12,995 13,000 New South Wales Treasury Corp. ZCP 0.000% 17/12/12 12,997 13,000 Nordea Bank Finland Plc. CD 0.610% 28/08/12 8,000 8,000 NRW Bank ZCP 0.000% 13/04/12 8,493 8,500 NRW Bank ZCP 0.000% 25/07/12 5,999 6,000 NRW Bank ZCP 0.000% 02/08/12 7,999 8,000 NRW Bank ZCP 0.000% 20/11/12 13,491 13,500 Oesterreichische Kontrollbank AG ZCP 0.000% 06/02/12 – 7,000 Oesterreichische Kontrollbank AG ZCP 0.000% 05/07/12 8,497 8,500 Oesterreichische Kontrollbank AG ZCP 0.000% 18/09/12 7,497 7,500 Oesterreichische Kontrollbank AG ZCP 0.000% 25/01/13 12,993 – Oversea-Chinese Banking Corp., Ltd. CD 0.280% 06/08/12 9,000 9,000 Oversea-Chinese Banking Corp., Ltd. CD 0.230% 08/11/12 9,000 9,000 Oversea-Chinese Banking Corp., Ltd. CD 0.235% 20/02/13 13,000 – Oversea-Chinese Banking Corp., Ltd. ZCP 0.000% 03/05/12 8,492 8,500 Pohjola Bank Plc. ZCP 0.000% 17/02/12 – 5,000 Pohjola Bank Plc. ZCP 0.000% 17/09/12 4,996 5,000 Pohjola Bank Plc. ZCP 0.000% 22/10/12 4,994 5,000 Pohjola Bank Plc. ZCP 0.000% 10/01/13 5,496 – Rabobank Nederland CD 0.440% 28/02/12 – 8,500 Rabobank Nederland CD 1.000% 28/08/12 6,482 6,500 Rabobank Nederland ZCP 0.000% 27/11/12 13,491 13,500 Rabobank Nederland ZCP 0.000% 31/01/13 13,496 – Royal Bank of Scotland Plc. ZCP 0.000% 19/01/12 – 9,000 Skandinaviska Enskilda Banken CD 0.440% 09/08/12 9,000 9,000 Skandinaviska Enskilda Banken CD 0.330% 13/11/12 9,000 9,000 Skandinaviska Enskilda Banken ZCP 0.000% 08/05/12 5,996 6,000 Standard Chartered Bank CD 0.320% 09/01/12 – 6,000 Standard Chartered Bank CD 0.600% 10/04/12 8,000 8,000 Standard Chartered Bank CD 0.530% 11/10/12 8,500 8,500 State of the Netherlands ZCP 0.000% 30/07/12 14,999 15,000

Investec Global Strategy Fund | 31 Portfolio details

U.S. Dollar Money Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ State of the Netherlands ZCP 0.000% 31/10/12 12,994 13,000 Svenska Handelsbanken AB CD 0.330% 03/01/12 – 8,500 Svenska Handelsbanken AB CD 0.500% 05/04/12 8,500 8,500 Svenska Handelsbanken AB CD 0.290% 11/09/12 8,500 8,500 Svenska Handelsbanken AB CD 0.000% 12/09/12 4,999 5,000 Toronto-Dominion Bank CD 0.270% 11/03/13 11,500 – Toyota Motor Finance ZCP 0.000% 17/09/12 7,995 8,000 Toyota Motor Finance ZCP 0.000% 25/02/13 12,993 – Unilever NV ZCP 0.000% 20/08/12 8,995 9,000 UOB Australia Ltd. ZCP 0.000% 19/02/13 12,991 – Wells Fargo Bank International CD 0.290% 16/04/12 8,500 8,500 Wells Fargo Bank International CD 0.350% 17/07/12 8,500 8,500 Wells Fargo Bank International CD 0.800% 25/03/13 10,000 – Western Australian Treasury Corp. ZCP 0.000% 30/01/12 – 9,000 Western Australian Treasury Corp. ZCP 0.000% 15/08/12 6,997 7,000 Western Australian Treasury Corp. ZCP 0.000% 29/11/12 12,998 13,000 Western Australian Treasury Corp. ZCP 0.000% 17/01/13 12,498 – Westpac Bank Corp. ZCP 0.000% 24/05/12 7,999 8,000 Westpac Bank Corp. ZCP 0.000% 26/10/12 4,995 5,000 Other securities purchased and sold under (000) US$ 4,367 19,973 15,500 1,171,404 1,073,500

32 | Investec Global Strategy Fund Emerging Markets Currency Alpha Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 6.32% US Dollar 1,500,000 Credit Suisse USA, Inc. 0.593% 12/04/13 1,493 2.09 3,000,000 Standard Chartered Plc. 1.260% 12/05/14 3,018 4.23

4,511 6.32 TOTAL CORPORATE BONDS (cost (000) US$ 4,494) 4,511 6.32 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 9.82% US Dollar 7,000,000 Investec Liquidity Funds Plc. - US$ Liquidity Fund “S” 7,000 9.82 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 7,000) 7,000 9.82 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 11,494) 11,511 16.14 Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 47.45% US Dollar 2,370,000 Australia & New Zealand Banking Group Ltd. 0.980% 24/09/13 2,381 3.34 3,320,000 BNP Paribas S.A. 0.751% 08/04/13 3,321 4.66 2,000,000 Citigroup, Inc. 0.593% 05/11/14 1,983 2.78 3,200,000 Commonwealth Bank of Australia 1.038% 17/03/14 3,221 4.52 2,140,000 General Electric Capital Corp. 1.139% 20/12/13 2,150 3.01 3,290,000 HSBC Bank Plc. 0.960% 12/08/13 3,302 4.63 3,280,000 JPMorgan Chase & Co. 0.962% 26/02/13 3,284 4.61 4,329,000 National Australia Bank Ltd. 1.067% 11/04/14 4,358 6.61 1,600,000 Royal Bank of Canada 1.013% 30/10/14 1,615 2.26 3,000,000 Toronto-Dominion Bank 0.494% 26/07/13 3,003 4.21 2,500,000 Wells Fargo & Co. 0.513% 28/10/15 2,472 3.47 2,726,000 Westpac Banking Corp. 1.041% 31/03/14 2,744 3.85

33,834 47.45 TOTAL CORPORATE BONDS (cost (000) US$ 33,736) 33,834 47.45

Money Market Instruments – 32.53% US Dollar 2,500,000 United States Treasury Bill ZCP 0.000% 07/03/13 2,500 3.51 5,700,000 United States Treasury Bill ZCP 0.000% 10/01/13 5,700 7.99 4,500,000 United States Treasury Bill ZCP 0.000% 31/01/13 4,500 6.31 4,500,000 United States Treasury Bill ZCP 0.000% 21/02/13 4,500 6.31 6,000,000 United States Treasury Bill ZCP 0.000% 28/03/13 5,999 8.41

23,199 32.53 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 23,196) 23,199 32.53 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 56,932) 57,033 79.98 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 68,426) 68,544 96.12

Investec Global Strategy Fund | 33 Portfolio details

Emerging Markets Currency Alpha Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts – (0.74%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 MYR 75,370,000 US$ 24,395,533 229 0.32 20/02/2013 CLP 390,000,000 US$ 805,902 4 0.01 20/02/2013 COP 1,490,000,000 US$ 816,403 23 0.03 20/02/2013 INR 936,110,000 US$ 16,756,146 170 0.24 20/02/2013 KZT 1,430,000,000 US$ 9,407,895 33 0.05 20/02/2013 PHP 29,330,000 US$ 714,495 0 0.00 19/03/2013 US$ 3,686,821 EGP 23,960,151 72 0.10 20/03/2013 EUR 10,760,000 US$ 14,066,890 146 0.20 20/03/2013 MXN 112,710,000 US$ 8,637,443 21 0.03 20/03/2013 RUB 343,660,000 US$ 10,947,201 161 0.23 20/03/2013 TRY 30,930,000 US$ 17,102,571 62 0.09 20/03/2013 US$ 22,074,105 SGD 26,892,992 60 0.08 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 981 1.38 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 306,090 MXN 4,020,000 (5) (0.01) 16/01/2013 US$ 3,323,019 MYR 10,215,000 (14) (0.02) 04/02/2013 BRL 17,030,000 US$ 8,295,178 (13) (0.02) 20/02/2013 IDR 160,521,000,000 US$ 16,566,390 (6) (0.01) 20/02/2013 US$ 11,775,934 CLP 5,676,000,000 (3) (0.01) 20/02/2013 US$ 9,301,945 COP 17,050,000,000 (308) (0.43) 20/02/2013 US$ 10,706,339 ILS 41,000,000 (252) (0.35) 20/02/2013 US$ 10,909,091 PEN 28,500,000 (226) (0.32) 20/02/2013 US$ 17,189,682 PHP 706,410,000 (23) (0.03) 18/03/2013 EGP 32,348,433 US$ 5,015,261 (132) (0.19) 20/03/2013 EUR 6,293,961 PLN 26,290,000 (116) (0.16) 20/03/2013 HUF 20,000,000 US$ 91,258 (1) (0.00) 20/03/2013 SGD 950,000 US$ 778,410 (1) (0.00) 20/03/2013 US$ 10,833,505 CZK 209,476,661 (195) (0.27) 20/03/2013 US$ 12,478,050 EUR 9,542,712 (127) (0.18) 20/03/2013 US$ 16,871,860 TRY 30,560,000 (87) (0.12) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (1,509) (2.12)

Forward Currency Contracts on Hedged Share Classes – 0.16% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 EUR 11,344,309 US$ 14,958,603 19 0.02 31/01/2013 GBP 12,586,635 US$ 20,347,428 97 0.14 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 116 0.16 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 US$ 336,389 EUR 254,965 (0) (0.00) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES (0) (0.00) MARKET VALUE OF INVESTMENTS (cost (000) US$ 68,426) 68,132 95.54 OTHER ASSETS AND LIABILITIES 3,178 4.46 SHAREHOLDERS’ EQUITY 71,310 100.00

34 | Investec Global Strategy Fund Emerging Markets Currency Alpha Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Australia and New Zealand Banking Group Ltd. 1.000% 24/09/13 2,386 – Bank of Nova Scotia CD 1.000% 18/10/12 – 3,300 Canadian Imperial Bank of Commerce CD 1.000% 04/05/12 – 3,300 Citigroup, Inc. 1.000% 05/11/14 1,976 – Credit Agricole Corporate and Investment Bank CD 1.000% 13/04/12 – 3,300 Credit Suisse USA, Inc. 1.000% 12/04/13 1,481 – National Australia Bank Ltd. 1.000% 15/06/12 – 3,300 National Australia Bank Ltd. 1.000% 11/04/14 2,379 – Nordea Bank AB 1.000% 16/11/12 2,001 2,000 Royal Bank of Canada 1.000% 30/10/14 3,229 – Standard Chartered Plc. 1.000% 12/05/14 2,997 – Toronto-Dominion Bank 1.000% 26/07/13 3,007 – United States Treasury Bill ZCP 0.000% 12/01/12 – 2,700 United States Treasury Bill ZCP 0.000% 26/01/12 – 3,000 United States Treasury Bill ZCP 0.000% 02/02/12 – 4,500 United States Treasury Bill ZCP 0.000% 23/02/12 – 4,500 United States Treasury Bill ZCP 0.000% 08/03/12 – 2,500 United States Treasury Bill ZCP 0.000% 29/03/12 – 6,000 United States Treasury Bill ZCP 0.000% 12/04/12 2,700 2,700 United States Treasury Bill ZCP 0.000% 26/04/12 3,000 3,000 United States Treasury Bill ZCP 0.000% 03/05/12 4,499 4,500 United States Treasury Bill ZCP 0.000% 24/05/12 4,499 4,500 United States Treasury Bill ZCP 0.000% 07/06/12 2,500 2,500 United States Treasury Bill ZCP 0.000% 12/07/12 2,699 2,700 United States Treasury Bill ZCP 0.000% 26/07/12 2,999 3,000 United States Treasury Bill ZCP 0.000% 02/08/12 4,499 4,500 United States Treasury Bill ZCP 0.000% 23/08/12 4,499 4,500 United States Treasury Bill ZCP 0.000% 06/09/12 2,500 2,500 United States Treasury Bill ZCP 0.000% 27/09/12 5,996 6,000 United States Treasury Bill ZCP 0.000% 11/10/12 2,699 2,700 United States Treasury Bill ZCP 0.000% 25/10/12 2,999 3,000 United States Treasury Bill ZCP 0.000% 01/11/12 4,499 4,500 United States Treasury Bill ZCP 0.000% 23/11/12 4,499 4,500 United States Treasury Bill ZCP 0.000% 06/12/12 2,499 2,500 United States Treasury Bill ZCP 0.000% 10/01/13 5,699 – United States Treasury Bill ZCP 0.000% 31/01/13 4,499 – United States Treasury Bill ZCP 0.000% 21/02/13 4,499 – United States Treasury Bill ZCP 0.000% 07/03/13 2,500 – United States Treasury Bill ZCP 0.000% 28/03/13 5,996 – Wells Fargo & Co. 1.000% 28/10/15 2,446 – Investec Liquidity Funds Plc. - US$ Liquidity Fund “S” – – 1,430 1,000 Other securities purchased and sold under (000) US$ 1,342 – 2,000 104,110 99,000

Investec Global Strategy Fund | 35 Portfolio details Emerging Markets Currency Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 5.90% US Dollar 1,500,000 Credit Suisse USA, Inc. 0.593% 12/04/13 1,493 1.16 3,050,000 Nordea Bank AB 1.240% 14/01/14 3,066 2.39 3,000,000 Standard Chartered Plc. 1.260% 12/05/14 3,018 2.35

7,577 5.90 TOTAL CORPORATE BONDS (cost (000) US$ 7,548) 7,577 5.90

Government Bonds – 24.02% Argentine Peso 5,460,000 Republic of Argentina 2.000% 30/09/14 1,082 0.84 Hungarian Forint 80,000,000 Republic of Hungary 5.500% 12/02/14 362 0.28 Indonesian Rupiah 12,500,000,000 Government of Indonesia 11.000% 15/10/14 1,443 1.13 Mexican Peso 68,500,000 Republic of Mexico 8.000% 19/12/13 5,474 4.26 Thailand Baht 185,000,000 Bank of Thailand 3.050% 17/02/13 6,049 4.71 Turkish Lira 3,000,000 Republic of Turkey 0.000% 20/02/13 1,668 1.30 15,000,000 Republic of Turkey 0.000% 11/09/13 8,067 6.28 10,800,000 Republic of Turkey 10.000% 04/12/13 6,261 4.88 750,000 Republic of Turkey 9.000% 05/03/14 435 0.34

16,431 12.80 TOTAL GOVERNMENT BONDS (cost (000) US$ 30,505) 30,841 24.02

Supranationals – 3.47% New Russian Ruble 136,000,000 European Investment Bank 6.250% 11/03/13 4,450 3.47 TOTAL SUPRANATIONALS (cost (000) US$ 4,810) 4,450 3.47 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 42,863) 42,868 33.39

Transferable securities dealt in another regulated market Corporate Bonds – 34.82% US Dollar 3,030,000 Australia & New Zealand Banking Group Ltd. 0.980% 24/09/13 3,044 2.37 1,330,000 BNP Paribas S.A. 0.751% 08/04/13 1,330 1.04 3,000,000 Citigroup, Inc. 1.160% 15/02/13 2,995 2.33 4,000,000 Citigroup, Inc. 0.593% 05/11/14 3,965 3.09 1,500,000 Credit Suisse 1.300% 14/01/14 1,510 1.18 3,800,000 Deutsche Bank AG 0.975% 18/01/13 3,801 2.96 3,000,000 General Electric Capital Corp. 1.212% 22/05/13 3,011 2.34 4,000,000 General Electric Capital Corp. 0.568% 15/09/14 3,993 3.11 1,320,000 HSBC Bank Plc. 0.960% 12/08/13 1,325 1.03 3,000,000 ING Bank NV 1.358% 15/03/13 3,005 2.34 1,320,000 JPMorgan Chase & Co. 0.962% 26/02/13 1,322 1.03

36 | Investec Global Strategy Fund Emerging Markets Currency Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds continued US Dollar continued 4,871,000 National Australia Bank Ltd. 1.067% 11/04/14 4,904 3.81 1,950,000 Royal Bank of Canada 1.013% 30/10/14 1,968 1.53 3,000,000 Toronto-Dominion Bank 0.494% 26/07/13 3,003 2.34 3,000,000 Wells Fargo & Co. 0.513% 28/10/15 2,966 2.31 2,559,000 Westpac Banking Corp. 1.041% 31/03/14 2,576 2.01

44,718 34.82 TOTAL CORPORATE BONDS (cost (000) US$ 44,661) 44,718 34.82

Government Bonds – 12.77% Malaysian Ringgit 5,000,000 Government of Malaysia 5.094% 30/04/14 1,680 1.31 Philippines Peso 141,000,000 Government of Philippines 6.250% 24/09/14 3,674 2.86 Yuan Renminbi 22,000,000 China Development Bank Corp. 2.700% 11/11/13 3,526 2.75 22,000,000 Export-Import Bank of China 2.650% 02/12/13 3,524 2.74 25,000,000 Export-Import Bank of China 2.700% 07/04/14 3,998 3.11

11,048 8.60 TOTAL GOVERNMENT BONDS (cost (000) US$ 15,875) 16,402 12.77

Money Market Instruments – 2.58% Hungarian Forint 732,280,000 Hungary Treasury Bills ZCP 0.000% 16/01/13 3,309 2.58 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 3,317) 3,309 2.58 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 63,853) 64,429 50.17 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 106,716) 107,297 83.56

Investec Global Strategy Fund | 37 Portfolio details

Emerging Markets Currency Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts – 0.31% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 MXN 81,635,000 US$ 6,215,831 92 0.07 16/01/2013 MYR 31,900,000 US$ 10,325,295 97 0.08 16/01/2013 TWD 264,200,000 US$ 8,966,305 132 0.10 04/02/2013 BRL 17,859,000 US$ 8,579,007 107 0.08 20/02/2013 CNY 10,500,000 US$ 1,668,982 10 0.01 20/02/2013 ILS 6,133,520 US$ 1,599,166 40 0.03 20/02/2013 INR 786,840,000 US$ 14,110,648 117 0.09 20/02/2013 KZT 389,800,000 US$ 2,565,881 8 0.01 20/02/2013 NGN 172,400,000 US$ 1,059,293 20 0.02 20/02/2013 PEN 2,646,440 US$ 1,012,991 21 0.02 07/03/2013 GHS 2,527,427 US$ 1,266,379 14 0.01 19/03/2013 US$ 750,408 EGP 4,876,830 15 0.01 20/03/2013 ARS 2,750,000 US$ 529,967 1 0.00 20/03/2013 CZK 17,115,651 US$ 885,170 16 0.01 20/03/2013 EUR 1,090,000 US$ 1,425,791 14 0.01 20/03/2013 MXN 23,340,761 US$ 1,788,701 4 0.00 20/03/2013 PLN 15,962,451 US$ 5,025,874 92 0.07 20/03/2013 RON 6,202,084 US$ 1,764,462 57 0.05 20/03/2013 RUB 306,110,000 US$ 9,770,148 125 0.10 20/03/2013 THB 78,550,000 US$ 2,527,563 29 0.02 20/03/2013 TRY 1,516,228 US$ 838,126 3 0.00 20/03/2013 US$ 5,036,399 HUF 1,115,493,086 25 0.02 20/03/2013 ZAR 23,010,000 US$ 2,575,610 110 0.09 19/06/2013 CNY 24,000,000 US$ 3,806,503 6 0.00 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 1,155 0.90 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 3,292,922 HUF 732,280,000 (19) (0.01) 16/01/2013 US$ 1,556,434 MXN 20,500,000 (28) (0.02) 16/01/2013 US$ 1,081,237 TWD 31,850,000 (16) (0.01) 20/02/2013 IDR 81,278,000,000 US$ 8,386,890 (2) (0.00) 20/02/2013 US$ 1,103,734 CLP 532,000,000 (0) (0.00) 20/02/2013 US$ 3,916,229 CNY 24,590,000 (17) (0.01) 20/02/2013 US$ 1,224,049 COP 2,243,620,000 (40) (0.03) 20/02/2013 US$ 2,643,943 ILS 10,125,000 (62) (0.05) 20/02/2013 US$ 7,192,727 PHP 295,550,000 (9) (0.01) 20/02/2013 US$ 3,172,146 THB 97,940,000 (21) (0.02) 20/02/2013 US$ 1,044,267 ZMK 5,600,000,000 (23) (0.02) 18/03/2013 EGP 6,600,000 US$ 1,036,107 (40) (0.03) 20/03/2013 EUR 1,627,955 PLN 6,800,000 (30) (0.02) 20/03/2013 HKD 39,114,999 US$ 5,047,942 (0) (0.00) 20/03/2013 HUF 1,700,000,000 US$ 7,730,635 (93) (0.07) 20/03/2013 SGD 8,810,000 US$ 7,231,135 (19) (0.02) 20/03/2013 US$ 3,719,897 EUR 2,842,622 (35) (0.03) 20/03/2013 US$ 4,201,402 TRY 7,610,000 (22) (0.02) 17/04/2013 UGX 2,860,000,000 US$ 1,036,983 (11) (0.01) 17/04/2013 US$ 1,017,541 UGX 2,859,999,999 (8) (0.01) 11/09/2013 US$ 7,903,056 TRY 15,000,000 (239) (0.19) 21/11/2013 US$ 1,267,976 KES 118,000,000 (19) (0.01) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (753) (0.59) MARKET VALUE OF INVESTMENTS (cost (000) US$ 106,716) 107,699 83.87 OTHER ASSETS AND LIABILITIES 20,711 16.13 SHAREHOLDERS’ EQUITY 128,410 100.00

38 | Investec Global Strategy Fund Emerging Markets Currency Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Australia and New Zealand Banking Group Ltd. 1.000% 24/09/13 3,050 – Bank of Nova Scotia CD 1.000% 27/02/14 3,717 3,714 Bank of Thailand 2.200% 17/06/12 – 2,412 Citigroup, Inc. 1.000% 05/11/14 3,971 – Czech Republic Ministry of Finance Bill ZCP 0.000% 01/06/12 – 2,878 Deutsche Bank AG 1.000% 18/01/13 3,808 – European Investment Bank 6.500% 15/12/15 4,201 3,744 Export-Import Bank of China 1.950% 02/12/12 – 3,533 Export-Import Bank of China 2.700% 07/04/14 3,925 – General Electric Capital Corp. 1.000% 15/09/14 3,996 – Government of Czech Republic 3.550% 18/10/12 – 3,103 Government of Czech Republic 3.700% 16/06/13 259 2,764 Government of Israel 4.000% 30/03/12 – 3,885 Government of Peru 9.910% 05/05/15 – 3,474 Hungary Treasury Bills ZCP 0.000% 29/02/12 – 3,129 Hungary Treasury Bills ZCP 0.000% 12/12/12 3,691 3,945 Hungary Treasury Bills ZCP 0.000% 16/01/13 3,273 – Korea Treasury Bond 4.250% 10/12/12 – 2,039 Kreditanstalt fuer Wiederaufbau 6.350% 22/05/12 – 4,071 National Australia Bank Ltd. 1.000% 11/04/14 3,042 – Nordea Bank AB 1.000% 14/01/14 3,050 – Republic of Hungary 6.000% 24/10/12 – 3,946 Republic of Mexico 8.000% 19/12/13 5,460 – Republic of Romania 6.250% 25/07/13 3,055 2,865 Republic of Romania 11.000% 05/03/14 2,983 2,799 Republic of Turkey 10.000% 15/02/12 150 7,509 Republic of Turkey 0.000% 11/09/13 7,778 – Republic of Turkey 10.000% 04/12/13 3,896 – Romania Treasury Bills 0.000% 29/08/12 3,003 2,805 Royal Bank of Canada 1.000% 30/10/14 1,968 – Standard Chartered Bank Plc. 1.000% 12/05/14 2,997 – Toronto-Dominion Bank 1.000% 26/07/13 3,007 – Wells Fargo & Co. 1.000% 28/10/15 2,935 – Other securities purchased and sold under (000) US$ 1,960 8,687 15,534 85,902 78,149

Investec Global Strategy Fund | 39 Portfolio details Managed Currency Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Money Market Instruments – 91.95% British Pound Sterling 2,500,000 Bank of China Ltd. ZCP 0.000% 18/02/13 4,059 4.49 2,500,000 Bank of Tokyo Mitsubishi CD 0.470% 11/03/13 4,061 4.50 2,500,000 Barclays Bank Plc. CD 0.480% 06/03/13 4,061 4.50 3,000,000 Caisse des Depots et Consignations ZCP 0.000% 16/01/13 4,873 5.40 2,500,000 Commonwealth Bank of Australia CD 0.350% 22/01/13 4,061 4.50 2,500,000 Deutsche Bank AG London CD 0.450% 22/02/13 4,061 4.50 2,500,000 DZ Bank AG CD 0.400% 16/01/13 4,061 4.50 2,000,000 HSBC Bank Plc. CD 0.440% 14/01/13 3,249 3.60 2,500,000 JPMorgan Chase Bank NA CD 0.400% 18/03/13 4,061 4.50 2,500,000 Kiwibank Ltd. ZCP 0.000% 18/01/13 4,060 4.49 2,500,000 Lloyds TSB Bank Plc. CD 0.520% 03/01/13 4,061 4.50 2,000,000 Mizuho Corporate Bank Ltd. ZCP 0.000% 16/01/13 3,248 3.59 2,500,000 Nationwide Building Society CD 0.510% 28/02/13 4,061 4.50 2,600,000 Rabobank International CD 1.470% 25/01/13 4,224 4.68 2,000,000 Standard Chartered Bank Plc. CD 0.820% 28/02/13 3,249 3.60 2,500,000 Svenska Handelsbanken AB CD 0.430% 26/03/13 4,061 4.50

63,511 70.35 US Dollar 3,000,000 Clearstream Bank ZCP 0.000% 21/02/13 2,999 3.32 3,000,000 Municipality Finance Plc. ZCP 0.000% 18/01/13 3,000 3.33 3,000,000 Oversea-Chinese Banking Corp. CD 0.235% 20/02/13 3,000 3.32 3,500,000 Toronto-Dominion Bank CD 0.270% 11/03/13 3,500 3.88 4,000,000 Wells Fargo Bank International CD 0.380% 25/03/13 4,000 4.43 3,000,000 Western Australian Treasury Corp. ZCP 0.000% 17/01/13 3,000 3.32

19,499 21.60 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 82,041) 83,010 91.95 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 82,041) 83,010 91.95 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 82,041) 83,010 91.95

Forward Currency Contracts – (0.44%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity

16/01/2013 COP 3,356,514,107 US$ 1,830,160 68 0.08 16/01/2013 KRW 4,579,833,768 US$ 4,140,076 134 0.15 16/01/2013 MXN 47,341,000 US$ 3,604,626 54 0.06 16/01/2013 MYR 22,599,000 US$ 7,314,776 69 0.08 16/01/2013 TWD 156,987,847 US$ 5,372,422 34 0.04 04/02/2013 BRL 6,832,000 US$ 3,306,948 16 0.02 20/02/2013 CNY 7,905,000 US$ 1,258,958 5 0.01 20/02/2013 ILS 2,411,834 US$ 628,827 16 0.02 20/02/2013 INR 331,203,000 US$ 5,932,348 56 0.06 20/02/2013 PEN 460,000 US$ 175,506 4 0.00 20/02/2013 PHP 14,230,000 US$ 346,397 0 0.00 20/02/2013 THB 24,494,124 US$ 793,332 5 0.01 20/02/2013 US$ 462,438 IDR 4,476,400,000 1 0.00 20/03/2013 ARS 1,148,000 US$ 218,871 3 0.00 20/03/2013 CHF 379,481 GBP 254,000 3 0.00 20/03/2013 CHF 2,830,335 US$ 3,080,595 18 0.02

40 | Investec Global Strategy Fund Managed Currency Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 CZK 7,826,000 US$ 411,919 0 0.00 20/03/2013 EUR 316,000 CAD 415,524 0 0.00 20/03/2013 EUR 312,000 GBP 251,657 3 0.00 20/03/2013 EUR 14,097,137 US$ 18,434,247 186 0.21 20/03/2013 GBP 259,304 EUR 318,000 1 0.00 20/03/2013 GBP 2,500,000 US$ 4,026,675 33 0.04 20/03/2013 ILS 1,368,000 US$ 360,890 5 0.01 20/03/2013 MXN 47,924,666 US$ 3,671,600 10 0.01 20/03/2013 NOK 7,357,789 US$ 1,307,121 13 0.01 20/03/2013 NZD 5,850,096 US$ 4,775,871 35 0.04 20/03/2013 PLN 7,316,590 US$ 2,305,245 41 0.05 20/03/2013 RON 979,626 US$ 278,699 9 0.01 20/03/2013 RUB 119,147,000 US$ 3,795,397 56 0.06 20/03/2013 SEK 5,467,000 US$ 823,415 16 0.02 20/03/2013 TRY 9,547,117 US$ 5,279,025 19 0.02 20/03/2013 US$ 6,228,613 AUD 6,012,134 20 0.02 20/03/2013 US$ 2,442,616 EUR 1,849,000 0 0.00 20/03/2013 US$ 1,055,395 MXN 13,700,000 3 0.00 20/03/2013 US$ 414,698 NZD 498,000 5 0.01 20/03/2013 US$ 299,420 PLN 930,000 1 0.00 20/03/2013 US$ 6,252,537 SGD 7,617,497 17 0.02 20/03/2013 US$ 393,119 TWD 11,369,000 2 0.00 20/03/2013 ZAR 32,385,650 US$ 3,615,785 165 0.18 21/03/2013 AUD 781,000 JPY 67,153,494 31 0.03 21/03/2013 US$ 1,595,281 JPY 133,158,869 57 0.06 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 1,214 1.35 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 1,434,718 KRW 1,567,725,000 (29) (0.03) 16/01/2013 US$ 491,456 MYR 1,510,000 (2) (0.00) 16/01/2013 US$ 3,800,571 TWD 110,831,382 (16) (0.02) 20/02/2013 IDR 56,012,253,000 US$ 5,780,420 (2) (0.00) 20/02/2013 US$ 3,013,414 CLP 1,452,465,357 (1) (0.00) 20/02/2013 US$ 124,224 CNY 780,000 (1) (0.00) 20/02/2013 US$ 3,971,337 COP 7,279,263,000 (132) (0.15) 20/02/2013 US$ 2,981,694 ILS 11,438,000 (75) (0.08) 20/02/2013 US$ 410,983 INR 22,900,000 (3) (0.00) 20/02/2013 US$ 2,933,759 PEN 7,664,445 (61) (0.07) 20/02/2013 US$ 4,747,536 PHP 195,100,000 (6) (0.01) 20/03/2013 AUD 2,570,000 US$ 2,663,618 (10) (0.01) 20/03/2013 AUD 1,300,000 ZAR 11,674,627 (20) (0.02) 20/03/2013 CAD 406,983 NZD 497,000 (0) (0.00) 20/03/2013 CAD 2,812,241 US$ 2,824,527 (2) (0.00) 20/03/2013 CZK 25,243,410 MXN 17,318,000 (1) (0.00) 20/03/2013 EUR 1,745,024 PLN 7,289,000 (32) (0.04) 20/03/2013 HUF 112,393,718 US$ 512,839 (8) (0.01) 20/03/2013 NZD 489,065 CAD 406,000 (5) (0.01) 20/03/2013 SGD 175,000 US$ 143,643 (0) (0.00) 20/03/2013 US$ 391,179 CAD 390,000 (0) (0.00) 20/03/2013 US$ 618,944 CHF 573,000 (8) (0.01) 20/03/2013 US$ 4,907,181 CZK 94,831,650 (85) (0.09) 20/03/2013 US$ 66,929,018 GBP 41,585,837 (609) (0.67) 20/03/2013 US$ 1,213,681 KRW 1,320,060,449 (14) (0.02) 20/03/2013 US$ 2,428,392 NOK 13,734,606 (36) (0.04)

Investec Global Strategy Fund | 41 Portfolio details

Managed Currency Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 US$ 2,956,314 SEK 19,663,455 (62) (0.07) 20/03/2013 US$ 4,534,312 TRY 8,213,000 (24) (0.03) 20/03/2013 US$ 1,597,071 ZAR 14,251,000 (67) (0.07) 21/03/2013 JPY 787,756,837 US$ 9,401,534 (303) (0.34) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (1,614) (1.79) MARKET VALUE OF INVESTMENTS (cost (000) US$ 82,041) 82,610 91.51 OTHER ASSETS AND LIABILITIES 7,666 8.49 SHAREHOLDERS’ EQUITY 90,276 100.00

42 | Investec Global Strategy Fund Managed Currency Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Allianz SE ZCP 0.000% 28/08/12 2,992 3,000 Australia and New Zealand Bank ZCP 0.000% 05/04/12 – 4,500 Aviva Plc. ZCP 0.000% 12/07/12 3,494 3,500 Aviva Plc. ZCP 0.000% 14/12/12 4,057 4,044 Bank Nederlandse Gemeenten ZCP 0.000% 29/02/12 – 5,579 Bank of China Ltd. ZCP 0.000% 14/05/12 3,997 4,000 Bank of China Ltd. ZCP 0.000% 06/06/12 3,999 4,000 Bank of China Ltd. ZCP 0.000% 18/02/13 4,023 – Bank of Montreal CD 0.340% 12/03/12 – 4,500 Bank of Nova Scotia CD 0.950% 07/06/12 – 4,668 Bank of Tokyo Mitsubishi CD 0.900% 06/01/12 – 4,628 Bank of Tokyo Mitsubishi CD 1.000% 10/04/12 4,622 4,759 Bank of Tokyo Mitsubishi CD 0.720% 10/07/12 4,751 4,654 Bank of Tokyo Mitsubishi CD 0.640% 10/10/12 4,649 4,815 Bank of Tokyo Mitsubishi CD 0.460% 10/12/12 4,001 4,017 Bank of Tokyo Mitsubishi CD 0.470% 11/03/13 4,019 – Bank of Western Australia Ltd. ZCP 0.000% 09/10/12 4,661 4,800 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 30/01/12 – 4,707 Banque et Caisse d’Epargne de l’Etat ZCP 0.000% 25/10/12 3,873 4,030 Barclays Bank Plc. CD 1.060% 14/05/12 4,738 4,831 Barclays Bank Plc. CD 0.920% 14/09/12 4,831 4,868 Barclays Bank Plc. CD 0.480% 06/03/13 4,025 – Caisse Amortissement de la Dette ZCP 0.000% 07/02/12 – 4,766 Caisse des Depots et Consignations ZCP 0.000% 16/02/12 – 5,527 Caisse des Depots et Consignations ZCP 0.000% 17/05/12 4,716 4,744 Caisse des Depots et Consignations ZCP 0.000% 16/01/13 4,611 – Cedel Bank S.A. ZCP 0.000% 17/08/12 3,999 4,000 Clearstream Bank ZCP 0.000% 21/02/13 2,998 – Commonwealth Bank of Australia CD 0.350% 22/01/13 4,003 – Credit Suisse First Boston CD 0.900% 18/04/12 3,831 4,006 Deutsche Bahn AG ZCP 0.000% 12/09/12 3,997 4,000 Deutsche Bank AG CD 0.900% 26/01/12 – 4,707 Deutsche Bank AG CD 0.920% 30/04/12 4,700 4,871 Deutsche Bank AG CD 0.360% 19/11/12 3,000 3,000 Deutsche Bank AG CD 0.450% 22/02/13 3,987 – DNB Bank ASA CD 0.400% 16/02/12 – 4,000 DNB Bank ASA CD 0.290% 13/09/12 3,500 3,500 DNB Bank ASA CD 0.225% 14/12/12 4,000 4,000 DZ Bank AG CD 0.650% 16/07/12 4,753 4,625 DZ Bank AG CD 0.400% 16/01/13 4,025 – Erste Abwicklungsanstalt ZCP 0.000% 24/05/12 4,736 4,696 Erste Abwicklungsanstalt ZCP 0.000% 21/08/12 4,684 4,736 Finland Treasury Bill ZCP 0.000% 10/01/12 – 8,946 FMS Wertmanagement ZCP 0.000% 17/08/12 4,768 4,708 FMS Wertmanagement ZCP 0.000% 20/11/12 4,706 4,781 GE Capital UK Funding ZCP 0.000% 10/05/12 4,732 4,847 GE Capital UK Funding ZCP 0.000% 11/09/12 4,029 4,017 HSBC Bank Plc. CD 0.440% 14/01/13 3,207 – ING Bank NV CD 0.850% 12/10/12 4,626 4,832 JPMorgan Chase Bank NA CD 0.500% 16/11/12 3,148 3,176 JPMorgan Chase Bank NA CD 0.400% 18/03/13 4,062 – Kiwibank Ltd. ZCP 0.000% 20/07/12 4,799 4,685 Kiwibank Ltd. ZCP 0.000% 18/01/13 4,055 – Korea Development Bank CD 0.700% 12/09/12 4,664 4,832 Lloyds TSB Bank Plc. CD 0.520% 03/01/13 4,064 – Mizuho Corporate Bank ZCP 0.000% 16/01/13 3,174 – Municipality Finance Plc ZCP 0.000% 18/01/13 2,998 – National Australia Bank Ltd. CD 0.700% 16/01/12 – 4,597 National Australia Bank Ltd. CD 0.950% 16/07/12 4,597 4,691 National Australia Bank Ltd. ZCP 0.000% 23/11/12 3,999 4,000 Nationwide Building Society CD 0.600% 30/10/12 4,704 4,831 Nationwide Building Society CD 0.510% 28/02/13 4,019 – Nordea Bank Finland Plc. CD 0.610% 28/08/12 4,000 4,000

Investec Global Strategy Fund | 43 Portfolio details

Managed Currency Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ NRW Bank ZCP 0.000% 13/04/12 2,498 2,500 NRW Bank ZCP 0.000% 18/12/12 4,059 4,062 Oversea-Chinese Banking Corp., Ltd. CD 0.900% 18/01/12 – 4,626 Oversea-Chinese Banking Corp., Ltd. CD 0.750% 18/04/12 4,622 4,807 Oversea-Chinese Banking Corp., Ltd. CD 0.520% 23/07/12 4,012 3,880 Oversea-Chinese Banking Corp., Ltd. CD 0.235% 20/02/13 3,000 – Rabobank International CD 1.470% 25/01/13 5,612 1,619 Skandinaviska Enskilda Banken ZCP 0.000% 06/12/12 4,047 4,012 Standard Chartered Bank CD 0.820% 28/02/13 3,191 – Standard Chartered Bank Plc. CD 1.000% 11/04/12 4,628 4,772 Standard Chartered Bank Plc. CD 0.700% 12/10/12 4,791 4,832 Sumitomo Mitsui Banking Corp. CD 0.550% 13/04/12 4,701 4,754 Sumitomo Mitsui Banking Corp. CD 0.580% 13/09/12 4,626 4,840 Sumitomo Mitsui Banking Corp. CD 0.510% 14/11/12 4,029 3,965 Svenska Handelsbanken AB CD 0.880% 26/01/12 – 4,707 Svenska Handelsbanken AB CD 1.030% 26/06/12 4,710 4,689 Svenska Handelsbanken AB CD 0.650% 26/11/12 4,689 4,815 Svenska Handelsbanken AB CD 0.430% 26/03/13 4,006 – Toronto-Dominion Bank CD 0.270% 11/03/13 3,500 – Toyota Motor Finance ZCP 0.000% 17/09/12 3,498 3,500 Transport for London ZCP 0.000% 10/02/12 – 4,719 Transport for London ZCP 0.000% 20/06/12 3,159 3,145 Transport for London ZCP 0.000% 19/10/12 4,066 4,003 United Kingdom Treasury Bill ZCP 0.000% 27/02/12 – 11,073 United Kingdom Treasury Bill ZCP 0.000% 28/05/12 11,106 10,976 United Kingdom Treasury Bill ZCP 0.000% 03/09/12 8,635 8,690 Wells Fargo Bank International CD 0.570% 13/03/12 4,746 4,717 Wells Fargo Bank International CD 0.380% 25/03/13 4,000 – Western Australian Treasury Corp. ZCP 0.000% 08/03/12 – 4,000 Western Australian Treasury Corp. ZCP 0.000% 17/01/13 2,999 – Westpac Bank Corp. ZCP 0.000% 13/07/12 4,576 4,670 Other securities purchased and sold under (000) US$ 2,392 775 3,836 328,904 342,230

44 | Investec Global Strategy Fund Africa High Income Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 12.07% South African Rand 3,396,250 Anglo American S.A. Finance Ltd. 9.770% 11/05/15 431 4.23 1,800,000 Barloworld Ltd. 11.670% 02/10/15 232 2.28 1,800,000 Capitec Bank Ltd. 14.100% 02/11/16 253 2.48 400,000 FirstRand Bank Ltd. 9.125% 20/12/16 47 0.46 1,800,000 Growthpoint Properties Ltd. 6.145% 13/05/16 215 2.11 400,000 Nedbank Ltd. 10.550% 15/09/15 52 0.51

1,230 12.07 TOTAL CORPORATE BONDS (cost (000) US$ 1,380) 1,230 12.07

Government Bonds – 38.45% Nigerian Naira 30,000,000 Government of Nigeria 16.390% 27/01/22 238 2.34 South African Rand 2,800,000 Republic of South Africa 7.500% 15/01/14 338 3.32 3,200,000 Republic of South Africa 8.750% 21/12/14 403 3.95 5,500,000 Republic of South Africa 13.500% 15/09/15 780 7.65 3,000,000 Republic of South Africa 8.250% 15/09/17 390 3.82 2,000,000 Republic of South Africa 8.000% 21/12/18 259 2.54 2,200,000 Republic of South Africa 7.250% 15/01/20 274 2.69 1,500,000 Republic of South Africa 6.750% 31/03/21 181 1.78 4,670,000 Republic of South Africa 10.500% 21/12/26 705 6.92 1,600,000 Republic of South Africa 7.000% 28/02/31 175 1.72 1,800,000 Republic of South Africa 6.500% 28/02/41 175 1.72

3,680 36.11 TOTAL GOVERNMENT BONDS (cost (000) US$ 4,234) 3,918 38.45 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 6.57% South African Rand 5,279,403 Investec Fund Managers S.A., Ltd. - Corporate Bond Fund Z 670 6.57 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 717) 670 6.57 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 6,331) 5,818 57.09

Investec Global Strategy Fund | 45 Portfolio details

Africa High Income Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Government Bonds – 9.32% Botswana Pula 1,100,000 Republic of Botswana 10.000% 12/09/18 165 1.62 Ghana Cedi 670,000 Republic of Ghana 13.300% 30/09/13 338 3.31 Uganda Schilling 1,280,000,000 Republic of Uganda 10.250% 09/10/14 447 4.39 TOTAL GOVERNMENT BONDS (cost (000) US$ 960) 950 9.32 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 960) 950 9.32 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 7,291) 6,768 66.41

Forward Currency Contracts – (0.13%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 KES 11,500,000 US$ 132,336 1 0.01 16/01/2013 ZMK 2,200,000,000 US$ 418,251 4 0.04 20/02/2013 BWP 152,000 US$ 18,818 1 0.01 20/02/2013 GHS 678,357 US$ 320,938 26 0.25 20/02/2013 KES 35,000,450 US$ 402,767 1 0.01 20/02/2013 MAD 650,000 US$ 74,032 2 0.02 20/02/2013 MUR 3,800,000 US$ 120,923 3 0.03 20/02/2013 NGN 12,008,611 US$ 73,786 1 0.01 20/02/2013 TND 340,609 US$ 212,019 6 0.06 20/02/2013 US$ 174,436 EGP 1,102,434 6 0.06 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 51 0.50 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 20/02/2013 EGP 4,204,585 US$ 672,734 (29) (0.28) 20/02/2013 US$ 73,531 UGX 202,716,000 (1) (0.01) 17/04/2013 UGX 285,000,000 US$ 103,336 (1) (0.01) 19/06/2013 US$ 259,326 KES 26,000,000 (33) (0.33) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (64) (0.63) MARKET VALUE OF INVESTMENTS (cost (000) US$ 7,291) 6,755 66.28 OTHER ASSETS AND LIABILITIES 3,436 33.72 SHAREHOLDERS’ EQUITY 10,191 100.00

46 | Investec Global Strategy Fund Africa High Income Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Absa Bank Ltd. 1.000% 16/07/12 – 438 Anglo American S.A. Finance Ltd. 9.770% 11/05/15 49 – Botswana Government Bond 10.000% 12/09/18 3 – Ghana Government Bond 13.300% 30/09/13 155 – Government of Nigeria ZCP 0.000% 12/10/12 – 394 Nedbank Ltd. 10.550% 15/09/15 51 – Nigeria Treasury Bond 16.390% 27/01/22 200 199 Nigeria Treasury Bond 16.390% 27/01/22 199 – On the Cards Investments II Pty Ltd. 10.090% 30/04/17 – 237 Republic of Kenya ZCP 0.000% 08/02/12 – 422 Republic of South Africa 7.500% 15/01/14 177 – Republic of South Africa 8.750% 21/12/14 198 – Republic of South Africa 13.500% 15/09/15 218 – Republic of South Africa 8.250% 15/09/17 131 – Republic of South Africa 10.500% 21/12/26 70 – Republic of Zambia ZCP 0.000% 09/05/12 – 243 Investec Fund Managers S.A., Ltd. - Corporate Bond Fund Z – – 58 – Other securities purchased and sold under (000) US$ 188 – – 1,509 1,933

Investec Global Strategy Fund | 47 Portfolio details Emerging Markets Blended Debt Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 4.86% Brazilian Real 1,250,000 Morgan Stanley 11.500% 22/10/20 717 0.51 US Dollar 306,000 Abu Dhabi National Energy Co. 5.875% 13/12/21 365 0.26 200,000 Export Credit Bank of Turkey 5.375% 04/11/16 218 0.16 100,000 Intergas Finance BV 6.375% 14/05/17 115 0.08 800,000 JSC Georgian Railway 7.750% 11/07/22 912 0.65 250,000 KazMunayGas Finance Sub BV 7.000% 05/05/20 312 0.22 220,000 KazMunayGas Finance Sub BV 6.375% 09/04/21 271 0.19 700,000 Majapahit Holding BV 7.750% 20/01/20 882 0.63 750,000 Perusahaan Listrik Negara PT 5.500% 22/11/21 848 0.61 180,000 Petronas Capital Ltd. 5.250% 12/08/19 215 0.16 180,000 Petronas Capital Ltd. 7.875% 22/05/22 258 0.18 760,000 Sinochem Overseas Capital Co., Ltd. 4.500% 12/11/20 819 0.59 200,000 Talent Yield Investments Ltd. 4.500% 25/04/22 219 0.16 530,000 Vnesheconombank Via VEB Finance Plc. 6.902% 09/07/20 649 0.46

6,083 4.35 TOTAL CORPORATE BONDS (cost (000) US$ 6,470) 6,800 4.86

Government Bonds – 59.70% Brazilian Real 322,100 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 1,656 1.19 250,000 Republic of Brazil 12.500% 05/01/22 185 0.13

1,841 1.32 Chilean Peso 35,000,000 Bonos de la Tesoreria de la Republica en Pesos 6.000% 01/01/20 76 0.05 Colombian Peso 330,000,000 Republic of Colombia 12.000% 22/10/15 228 0.16 180,000,000 Republic of Colombia 9.850% 28/06/27 159 0.12

387 0.28 Czech Koruna 7,800,000 Government of Czech Republic 5.700% 25/05/24 560 0.40 Euro 350,000 Republic of Montenegro 7.250% 08/04/16 468 0.33 Hungarian Forint 177,600,000 Republic of Hungary 6.750% 24/11/17 834 0.60 49,200,000 Republic of Hungary 6.500% 24/06/19 230 0.16 400,790,000 Republic of Hungary 7.000% 24/06/22 1,930 1.38 9,000,000 Republic of Hungary 6.750% 22/10/28 43 0.03

3,037 2.17 Indonesian Rupiah 2,991,000,000 Government of Indonesia 6.250% 15/04/17 330 0.24 486,000,000 Government of Indonesia 10.000% 15/07/17 61 0.04 3,496,000,000 Government of Indonesia 12.800% 15/06/21 551 0.39 12,313,000,000 Government of Indonesia 7.000% 15/05/22 1,452 1.04 526,000,000 Government of Indonesia 10.250% 15/07/22 74 0.05 1,112,000,000 Government of Indonesia 8.375% 15/09/26 142 0.10 16,786,000,000 Government of Indonesia 7.000% 15/05/27 1,926 1.38 723,000,000 Government of Indonesia 10.250% 15/07/27 106 0.08 721,000,000 Government of Indonesia 10.000% 15/02/28 105 0.07

48 | Investec Global Strategy Fund Emerging Markets Blended Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Indonesian Rupiah continued 316,000,000 Government of Indonesia 10.500% 15/08/30 48 0.03 4,119,000,000 Government of Indonesia 9.500% 15/07/31 586 0.42 400,000,000 Government of Indonesia 8.250% 15/06/32 51 0.04

5,432 3.88 Mexican Peso 15,000,000 Republic of Mexico 9.000% 20/06/13 1,186 0.85 30,790,000 Republic of Mexico 8.000% 19/12/13 2,460 1.76 30,400,000 Republic of Mexico 8.500% 13/12/18 2,760 1.97 3,100,000 Republic of Mexico 8.000% 11/06/20 282 0.20 1,790,000 Republic of Mexico 8.000% 07/12/23 168 0.12 590,000 Republic of Mexico 7.500% 03/06/27 53 0.04 8,830,000 Republic of Mexico 8.500% 31/05/29 863 0.62 30,000 Republic of Mexico 7.750% 29/05/31 3 0.00 360,000 Republic of Mexico 7.750% 13/11/42 33 0.02

7,808 5.58 New Russian Ruble 111,000,000 Russian Federal Bond — OFZ 7.350% 20/01/16 3,741 2.67 1,000,000 Russian Federal Bond — OFZ 6.900% 03/08/16 33 0.02 16,100,000 Russian Federal Bond — OFZ 7.400% 19/04/17 547 0.39 10,152,000 Russian Federal Bond — OFZ 7.400% 14/06/17 345 0.25 12,917,000 Russian Federal Bond — OFZ 7.500% 15/03/18 443 0.31 21,000,000 Russian Federal Bond — OFZ 7.500% 27/02/19 724 0.52 44,032,000 Russian Federal Bond — OFZ 7.600% 14/04/21 1,525 1.09 35,055,000 Russian Federal Bond — OFZ 8.150% 03/02/27 1,269 0.91

8,627 6.16 Nigerian Naira 47,180,000 Government of Nigeria 16.000% 29/06/19 355 0.25 9,978,000 Government of Nigeria 16.390% 27/01/22 79 0.06

434 0.31 Philippines Peso 7,000,000 Government of Philippines 4.950% 15/01/21 188 0.13 12,000,000 Government of Philippines 3.900% 26/11/22 304 0.22

492 0.35 Polish Zloty 5,500,000 Government of Poland 5.250% 25/10/17 1,937 1.39 3,090,000 Government of Poland 4.000% 25/10/23 1,023 0.73 2,300,000 Government of Poland 5.750% 25/04/29 915 0.65

3,875 2.77 Romanian Leu 360,000 Republic of Romania 5.900% 26/07/17 105 0.08 South African Rand 2,300,000 Republic of South Africa 8.750% 21/12/14 290 0.21 8,700,000 Republic of South Africa 13.500% 15/09/15 1,235 0.88 1,905,000 Republic of South Africa 6.750% 31/03/21 230 0.16 1,760,000 Republic of South Africa 7.750% 28/02/23 222 0.16 17,650,000 Republic of South Africa 10.500% 21/12/26 2,665 1.90 8,560,000 Republic of South Africa 7.000% 28/02/31 936 0.67 5,610,000 Republic of South Africa 8.750% 28/02/48 700 0.50

6,278 4.48

Investec Global Strategy Fund | 49 Portfolio details

Emerging Markets Blended Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Thailand Baht 2,691,000 Bank of Thailand 3.050% 30/01/15 88 0.06 6,500,000 Government of Thailand 4.250% 13/03/13 213 0.15 8,200,000 Government of Thailand 3.625% 22/05/15 273 0.20 1,600,000 Government of Thailand 3.125% 11/12/15 53 0.04 13,400,000 Government of Thailand 4.125% 18/11/16 457 0.33 17,100,000 Government of Thailand 3.875% 13/06/19 579 0.41 4,200,000 Government of Thailand 6.150% 07/07/26 169 0.12 439,000 Government of Thailand 4.875% 22/06/29 16 0.01

1,848 1.32 Turkish Lira 2,680,000 Republic of Turkey 0.000% 20/02/13 1,491 1.06 1,500,000 Republic of Turkey 0.000% 11/09/13 807 0.58 2,650,000 Republic of Turkey 9.000% 05/03/14 1,535 1.10 5,200,000 Republic of Turkey 11.000% 06/08/14 3,134 2.24 2,800,000 Republic of Turkey 9.000% 08/03/17 1,721 1.23 1,034,000 Republic of Turkey 10.500% 15/01/20 710 0.51 1,090,000 Republic of Turkey 9.500% 12/01/22 734 0.52

10,132 7.24 US Dollar 100,000 Dominican Republic 7.500% 06/05/21 117 0.08 1,575,000 Government of Indonesia 6.875% 17/01/18 1,921 1.37 350,000 Government of Indonesia 8.500% 12/10/35 562 0.40 70,000 Government of Panama 9.375% 01/04/29 120 0.09 330,000 Government of Panama 9.375% 01/04/29 565 0.40 215,000 Government of Panama 6.700% 26/01/36 306 0.22 100,000 Government of Peru 8.375% 03/05/16 123 0.09 300,000 Government of Peru 7.125% 30/03/19 394 0.28 450,000 Government of Peru 8.750% 21/11/33 784 0.56 380,000 Government of Philippines 7.750% 14/01/31 580 0.41 618,000 Government of Qatar 5.250% 20/01/20 740 0.53 120,000 Government of Qatar 9.750% 15/06/30 217 0.15 300,000 Government of Qatar 6.400% 20/01/40 420 0.30 355,000 Government of Sri Lanka 6.250% 04/10/20 388 0.28 1,159,000 Government of Sri Lanka 6.250% 27/07/21 1,268 0.91 400,000 Government of Ukraine 9.250% 24/07/17 435 0.31 150,000 Government of Ukraine 7.750% 23/09/20 154 0.11 41,025 Republic of Argentina 8.280% 31/12/33 28 0.02 250,000 Republic of Brazil 6.000% 17/01/17 297 0.21 1,500,000 Republic of Brazil 4.875% 22/01/21 1,810 1.29 165,000 Republic of Brazil 10.125% 15/05/27 304 0.22 505,000 Republic of Brazil 12.250% 06/03/30 1,033 0.74 65,000 Republic of Brazil 8.250% 20/01/34 110 0.08 1,604,000 Republic of Chile 3.875% 05/08/20 1,813 1.29 660,000 Republic of Colombia 4.375% 12/07/21 765 0.55 194,000 Republic of Colombia 10.375% 28/01/33 361 0.26 120,000 Republic of Colombia 7.375% 18/09/37 187 0.13 145,000 Republic of Colombia 6.125% 18/01/41 199 0.14 1,220,000 Republic of Croatia 6.250% 27/04/17 1,341 0.96 300,000 Republic of Croatia 6.750% 05/11/19 344 0.25 1,050,000 Republic of Croatia 6.375% 24/03/21 1,195 0.85 90,000 Republic of El Salvador 7.750% 24/01/23 107 0.08 350,000 Republic of El Salvador 8.250% 10/04/32 420 0.30

50 | Investec Global Strategy Fund Emerging Markets Blended Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued US Dollar continued 300,000 Republic of Georgia 6.875% 12/04/21 348 0.25 380,000 Republic of Hungary 7.625% 29/03/41 441 0.31 600,000 Republic of Latvia 2.750% 12/01/20 594 0.42 100,000 Republic of Mexico 11.375% 15/09/16 137 0.10 815,000 Republic of Mexico 8.300% 15/08/31 1,327 0.95 350,000 Republic of Mexico 7.500% 08/04/33 537 0.38 528,000 Republic of South Africa 5.500% 09/03/20 628 0.45 383,000 Republic of South Africa 4.665% 17/01/24 432 0.31 107,000 Republic of South Africa 6.250% 08/03/41 143 0.10 400,000 Republic of Turkey 9.500% 15/01/14 435 0.31 390,000 Republic of Turkey 7.250% 15/03/15 436 0.31 250,000 Republic of Turkey 7.500% 14/07/17 306 0.22 280,000 Republic of Turkey 5.625% 30/03/21 333 0.24 1,440,000 Republic of Turkey 6.250% 26/09/22 1,801 1.29 110,000 Republic of Turkey 7.375% 05/02/25 149 0.11 100,000 Republic of Uruguay 6.875% 28/09/25 140 0.10 82,000 Republic of Uruguay 7.875% 15/01/33 128 0.09 290,625 Republic of Uruguay 4.125% 20/11/45 292 0.21 245,000 Republic of Venezuela 7.750% 13/10/19 230 0.16 900,000 Republic of Venezuela 8.250% 13/10/24 827 0.59 500,000 Republic of Venezuela 9.250% 07/05/28 491 0.35 850,000 Republic of Venezuela 11.950% 05/08/31 964 0.69 600,000 Russian Foreign Bond – Eurobond 3.250% 04/04/17 639 0.46 100,000 Russian Foreign Bond – Eurobond 5.000% 29/04/20 118 0.08 600,000 Russian Foreign Bond – Eurobond 4.500% 04/04/22 687 0.49 100,000 Russian Foreign Bond – Eurobond 12.750% 24/06/28 203 0.15

32,174 22.98 TOTAL GOVERNMENT BONDS (cost (000) US$ 80,970) 83,574 59.70

Supranationals – 0.28% New Russian Ruble 11,800,000 European Investment Bank 6.750% 13/06/17 398 0.28 TOTAL SUPRANATIONALS (cost (000) US$ 368) 398 0.28 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 9.38% US Dollar 561,319 Investec Global Strategy Fund - Emerging Markets Corporate Debt Fund 13,124 9.38 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 12,608) 13,124 9.38 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 100,416) 103,896 74.22

Investec Global Strategy Fund | 51 Portfolio details

Emerging Markets Blended Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 4.26% US Dollar 1,900,000 BNP Paribas S.A. 1.250% 10/01/14 1,907 1.36 1,900,000 Credit Suisse 1.300% 14/01/14 1,912 1.37 1,850,000 National Australia Bank Ltd. 1.263% 25/07/14 1,857 1.33 240,000 Petronas Capital Ltd. 5.250% 12/08/19 287 0.20

5,963 4.26 TOTAL CORPORATE BONDS (cost (000) US$ 5,970) 5,963 4.26

Government Bonds – 7.71% Malaysian Ringgit 654,000 Government of Malaysia 5.094% 30/04/14 220 0.16 1,763,000 Government of Malaysia 4.012% 15/09/17 595 0.42 7,590,000 Government of Malaysia 4.378% 29/11/19 2,630 1.88 2,398,000 Government of Malaysia 4.160% 15/07/21 823 0.59 5,126,000 Government of Malaysia 3.418% 15/08/22 1,665 1.19 2,600,000 Government of Malaysia 3.892% 15/03/27 869 0.62

6,802 4.86 Peruvian Nouveau Sol 3,600,000 Government of Peru 9.910% 05/05/15 1,635 1.17 230,000 Government of Peru 7.840% 12/08/20 114 0.08 915,000 Government of Peru 8.200% 12/08/26 504 0.36 700,000 Government of Peru 6.950% 12/08/31 346 0.25

2,599 1.86 Philippines Peso 35,800,000 Government of Philippines 8.750% 03/03/13 884 0.63 Romanian Leu 1,740,000 Romania Government Bond 5.800% 26/10/15 511 0.36 TOTAL GOVERNMENT BONDS (cost (000) US$ 10,528) 10,796 7.71 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 16,498) 16,759 11.97 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 116,914) 120,655 86.19

Futures – 0.00% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity KRW (19) Korea Treasury Bond Futures 10YR 19/03/13 Short 2 0.00 US$ (12) US Treasury Notes 10YR 19/03/13 Short 5 0.00 9 US Treasury Notes 2YR 28/03/13 Long 1 0.00

6 0.00 ZAR 14 Republic of South Africa Bond 07/02/13 Long 9 0.01 145 Republic of South Africa Bond 07/02/13 Long 13 0.01

22 0.02 UNREALISED GAIN ON FUTURES 30 0.02

52 | Investec Global Strategy Fund Emerging Markets Blended Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Futures continued Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (3) German Federal Republic Bonds 5YR 07/03/13 Short (4) (0.00) KRW (51) Korea Treasury Bond Futures 3YR 19/03/13 Short (6) (0.01) US$ 11 US Treasury Notes 30YR 19/03/13 Long (15) (0.01) 23 US Treasury Notes 5YR 28/03/13 Long (2) (0.00)

(17) (0.01) UNREALISED LOSS ON FUTURES (27) (0.02)

Forward Currency Contracts – 0.09% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 MYR 15,617,000 US$ 5,078,914 23 0.02 04/02/2013 BRL 13,884,274 US$ 6,621,963 131 0.09 20/02/2013 COP 1,460,098,425 US$ 800,915 22 0.02 20/02/2013 IDR 48,690,600,000 US$ 5,012,764 11 0.01 20/02/2013 NGN 135,900,000 US$ 844,784 6 0.00 20/02/2013 THB 97,335,000 US$ 3,159,373 14 0.01 20/02/2013 US$ 3,995,902 PHP 163,897,000 2 0.00 20/02/2013 US$ 163,802 SGD 200,000 0 0.00 20/03/2013 EUR 2,460,000 US$ 3,217,156 32 0.02 20/03/2013 MXN 31,398,303 US$ 2,410,547 1 0.00 20/03/2013 PLN 12,251,775 US$ 3,839,911 88 0.06 20/03/2013 RUB 70,274,000 US$ 2,236,923 35 0.03 20/03/2013 TRY 2,145,175 US$ 1,185,338 5 0.00 20/03/2013 US$ 3,641,365 SGD 4,440,000 7 0.01 20/03/2013 ZAR 29,187,328 US$ 3,288,202 119 0.09 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 496 0.36

Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 1,223,826 MXN 16,073,000 (18) (0.01) 16/01/2013 US$ 666,342 MYR 2,050,000 (3) (0.00) 16/01/2013 US$ 113,243 NGN 18,662,494 (6) (0.01) 20/02/2013 INR 165,850,000 US$ 2,999,065 (0) (0.00) 20/02/2013 US$ 1,593,799 CLP 770,574,038 (5) (0.00) 20/02/2013 US$ 1,874,517 ILS 7,190,000 (47) (0.03) 20/02/2013 US$ 2,854,153 PEN 7,410,000 (41) (0.03) 20/03/2013 HUF 286,398,043 US$ 1,304,791 (18) (0.01) 20/03/2013 US$ 2,190,650 CZK 42,344,870 (39) (0.03) 20/03/2013 US$ 4,206,287 EUR 3,200,923 (22) (0.02) 20/03/2013 US$ 196,455 MXN 2,571,000 (1) (0.00) 20/03/2013 US$ 1,418,659 PLN 4,580,000 (50) (0.04) 20/03/2013 US$ 611,506 RON 2,096,207 (4) (0.00) 20/03/2013 US$ 1,846,546 RUB 58,000,000 (28) (0.02) 20/03/2013 US$ 4,018,390 TRY 7,280,000 (22) (0.02) 20/03/2013 US$ 1,974,723 ZAR 17,500,000 (68) (0.05) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (372) (0.27)

Investec Global Strategy Fund | 53 Portfolio details

Emerging Markets Blended Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Swaps – (0.01%) Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Interest Rate Swaps 680,000 Fixed 8.990% Floating (BRL 1 month BZDIOVRA) BRL 02/01/2017 9 0.01 1,010,000 Fixed 8.590% Floating (BRL 1 month BZDIOVRA) BRL 02/01/2018 0 0.00 2,000,000 Fixed 8.460% Floating (BRL 1 month BZDIOVRA) BRL 02/01/2018 (6) (0.01) 2,900,000 Fixed 8.530% Floating (BRL 1 month BZDIOVRA) BRL 02/01/2018 (4) (0.00) 3,000,000 Fixed 8.470% Floating (BRL 1 month BZDIOVRA) BRL 02/01/2018 (8) (0.01) MARKET VALUE ON SWAPS (9) (0.01) MARKET VALUE OF INVESTMENTS (cost (000) US$ 116,914) 120,773 86.27 OTHER ASSETS AND LIABILITIES 19,215 13.73 SHAREHOLDERS’ EQUITY 139,988 100.00

54 | Investec Global Strategy Fund Emerging Markets Blended Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ BNP Paribas S.A. 1.000% 10/01/14 1,901 – Credit Suisse USA, Inc. 1.000% 14/01/14 1,913 – Government of Indonesia 6.875% 17/01/18 1,320 – Government of Indonesia 7.000% 15/05/22 1,433 – Government of Indonesia 7.000% 15/05/27 1,923 – Government of Malaysia 4.378% 29/11/19 2,641 274 Government of Malaysia 3.418% 15/08/22 1,653 – Government of Peru 9.910% 05/05/15 1,627 – Government of Poland 5.250% 25/10/17 1,838 992 Government of Sri Lanka 6.250% 04/10/20 – 1,065 Government of Sri Lanka 6.250% 27/07/21 1,759 512 JSC Georgian Railway 7.750% 11/07/22 1,077 215 National Australia Bank Ltd. 1.000% 25/07/14 1,872 – Republic of Brazil 4.875% 22/01/21 1,332 – Republic of Chile 3.875% 05/08/20 1,263 244 Republic of Croatia 6.250% 27/04/17 1,540 200 Republic of Croatia 6.375% 24/03/21 1,892 798 Republic of Hungary 7.000% 24/06/22 1,835 580 Republic of Mexico 8.500% 13/12/18 2,332 – Republic of Mexico 8.300% 15/08/31 1,680 447 Republic of South Africa 10.500% 21/12/26 2,352 – Republic of South Africa 7.000% 28/02/31 1,255 1,002 Republic of Turkey 10.000% 15/02/12 21 1,038 Republic of Turkey 9.000% 05/03/14 1,517 – Republic of Turkey 11.000% 06/08/14 2,116 – Republic of Turkey 4.500% 11/02/15 39 1,408 Republic of Turkey 9.000% 08/03/17 1,639 – Republic of Turkey 6.250% 26/09/22 2,223 483 Russian Federal Bond — OFZ 7.350% 20/01/16 3,641 – Russian Federal Bond — OFZ 7.600% 14/04/21 2,028 618 Russian Federal Bond — OFZ 8.150% 03/02/27 1,186 – Vnesheconombank Via VEB Finance Plc. 6.902% 09/07/20 1,376 806 Investec Global Strategy Fund - Emerging Markets Corporate Debt Fund – – 12,608 – Other securities purchased and sold under (000) US$ 1,027 39,865 26,947 104,697 37,629

Investec Global Strategy Fund | 55 Portfolio details Emerging Markets Corporate Debt Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 59.83% British Pound Sterling 400,000 Investec Bank Plc. 9.625% 17/02/22 709 0.32 1,380,000 Russian Railways via RZD Capital Ltd. 7.487% 25/03/31 2,750 1.25

3,459 1.57 Euro 400,000 Ceske Drahy 4.125% 23/07/19 572 0.26 900,000 Ceske Drahy 4.500% 24/06/16 1,302 0.59 1,600,000 IPIC GMTN Ltd. 5.875% 14/03/21 2,576 1.17 1,910,000 New World Resources NV 7.875% 01/05/18 2,633 1.19 1,420,000 Polish Television Holding BV 11.250%/13.000% 15/05/17 2,078 0.94

9,161 4.15 US Dollar 444,000 Abu Dhabi National Energy Co. 5.875% 13/12/21 530 0.24 1,250,000 ADIB Sukuk Co., Ltd. 3.780% 30/11/16 1,316 0.60 1,914,000 Alfa Bank OJSC Via Alfa Bond Issuance Plc. 7.750% 28/04/21 2,132 0.97 750,000 Amber Circle Funding Ltd. 3.250% 04/12/22 761 0.34 800,000 Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375% 01/11/22 793 0.36 1,611,000 Bank of Moscow via BOM Capital PL 6.699% 11/03/15 1,722 0.78 1,738,000 BBVA Bancomer S.A. 6.750% 30/09/22 1,959 0.89 2,000,000 CFR International SpA 5.125% 06/12/22 2,087 0.94 2,110,000 China CITIC Bank International Ltd. 3.875% 28/09/22 2,122 0.96 2,170,000 China Overseas Finance Cayman V Ltd. 3.950% 15/11/22 2,188 0.99 2,589,000 Chinatrust Commercial Bank Hong Kong 5.625% 31/12/49 2,611 1.18 1,860,000 Controladora Mabe S.A. de CV 7.875% 28/10/19 2,166 0.98 400,000 Corp. Nacional del Cobre de Chile 4.250% 17/07/42 410 0.19 2,000,000 Doha Finance Ltd. 3.500% 14/03/17 2,077 0.94 1,790,000 DP World Ltd. 6.850% 02/07/37 2,092 0.95 1,313,000 Ecopetrol S.A. 7.625% 23/07/19 1,701 0.77 2,100,000 Evraz Group S.A. 6.750% 27/04/18 2,174 0.98 1,568,000 Export Credit Bank of Turkey 5.375% 04/11/16 1,711 0.77 2,100,000 Export-Import Bank of Korea 3.750% 20/10/16 2,258 1.02 1,900,000 Export-Import Bank of Korea 1.250% 20/11/15 1,905 0.86 3,612,000 Ferrexpo Finance Plc. 7.875% 07/04/16 3,520 1.59 4,162,000 Fufeng Group Ltd. 7.625% 13/04/16 4,158 1.88 2,956,000 Gazprom OAO Via Gaz Capital S.A. 6.510% 07/03/22 3,531 1.60 1,950,000 Gazprombank OJSC via GPB Eurobond Finance Plc. 6.500% 23/09/15 2,110 0.96 2,265,000 Georgian Oil and Gas Corp. 6.875% 16/05/17 2,358 1.07 1,856,000 Globo Comunicacao e Participacoes S.A. 4.875% 11/04/22 2,035 0.92 1,591,000 Hypermarcas S.A. 6.500% 20/04/21 1,722 0.78 2,110,000 Hyva Global BV 8.625% 24/03/16 2,032 0.92 2,400,000 ICICI Bank Ltd. 4.700% 21/02/18 2,522 1.14 1,100,000 Indian Railway Finance Corp., Ltd. 4.406% 30/03/16 1,150 0.52 1,742,000 Inkia Energy Ltd. 8.375% 04/04/21 1,950 0.88 2,000,000 Investec Bank Ltd. 3.875% 24/07/17 1,997 0.90 750,000 Itau Unibanco Holding S.A. 5.125% 13/05/23 769 0.35 1,800,000 JSC Georgian Railway 7.750% 11/07/22 2,053 0.93 1,582,000 Korea Development Bank 3.875% 04/05/17 1,711 0.78 500,000 Korea Western Power Co., Ltd. 3.125% 10/05/17 523 0.24 800,000 KT Corp. 3.875% 20/01/17 855 0.39 2,056,000 LS Finance 2022 Ltd. 4.250% 16/10/22 2,048 0.93 2,000,000 Lukoil International Finance BV 6.125% 09/11/20 2,322 1.05 1,900,000 MAF Global Securities Ltd. 5.250% 05/07/19 2,034 0.92 1,970,000 MDC-GMTN B.V. 5.500% 20/04/21 2,336 1.06

56 | Investec Global Strategy Fund Emerging Markets Corporate Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued US Dollar continued 2,800,000 Myriad International Holding BV 6.375% 28/07/17 3,162 1.43 600,000 Perusahaan Listrik Negara PT 5.250% 24/10/42 621 0.28 1,916,000 PHBS Ltd. 6.625% 31/12/49 1,957 0.89 2,100,000 PKO Finance AB 4.630% 26/09/22 2,214 1.00 2,000,000 Qtel International Finance Ltd. 5.000% 19/10/25 2,262 1.02 1,950,000 Reliance Holdings USA, Inc. 5.400% 14/02/22 2,169 0.98 4,200,000 Sasol Financing International Plc. 4.500% 14/11/22 4,254 1.93 1,950,000 Sberbank of Russia Via SB Capital S.A. 5.717% 16/06/21 2,189 0.99 1,765,000 Southern Copper Corp. 6.750% 16/04/40 2,128 0.96 1,840,000 State Oil Co. of the Azerbaijan Republic 5.450% 09/02/17 2,047 0.93 1,880,000 Swire Properties MTN Financing Ltd. 4.375% 18/06/22 2,052 0.93 1,930,000 Tencent Holdings Ltd. 4.625% 12/12/16 2,083 0.94 1,800,000 Turkiye Is Bankasi 3.875% 07/11/17 1,843 0.83 1,500,000 Union National Bank PJSC 3.875% 10/11/16 1,579 0.71 620,000 Vale S.A. 5.625% 11/09/42 678 0.31 500,000 Vimpel Communications OJSC Via UBS Luxembourg S.A. 8.250% 23/05/16 566 0.26 1,150,000 Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 8.375% 30/04/13 1,176 0.53 3,400,000 Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748% 02/02/21 3,952 1.79 3,930,000 Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/11/19 4,146 1.88

119,529 54.11 TOTAL CORPORATE BONDS (cost (000) US$ 126,286) 132,149 59.83 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 126,286) 132,149 59.83

Transferable securities dealt in another regulated market Corporate Bonds – 27.94% US Dollar 1,910,000 AES Gener S.A. 5.250% 15/08/21 2,120 0.96 4,039,000 Ajecorp BV 6.500% 14/05/22 4,382 1.99 1,573,000 Banco Bradesco S.A. 5.750% 01/03/22 1,707 0.77 2,000,000 Banco de Bogota S.A. 5.000% 15/01/17 2,166 0.98 2,950,000 Banco de Credito del Peru 6.875% 16/09/26 3,389 1.53 1,474,000 Banco Votorantim S.A. 7.375% 21/01/20 1,659 0.75 2,005,000 CNOOC Finance 2012 Ltd. 3.875% 02/05/22 2,133 0.97 3,300,000 Columbus International, Inc. 11.500% 20/11/14 3,671 1.66 1,600,000 Corp. Financiera de Desarrollo S.A. 4.750% 08/02/22 1,767 0.80 1,971,000 Cosan Overseas Ltd. 8.250% 31/12/49 2,167 0.98 3,250,000 Eileme 2 AB 11.625% 31/01/20 3,815 1.73 2,012,000 FMG Resources August 2006 Pty Ltd. 6.875% 01/04/22 2,065 0.93 2,000,000 Hana Bank 3.500% 25/10/17 2,131 0.96 2,000,000 Hutchison Whampoa International 12 II Ltd. 2.000% 08/11/17 2,003 0.91 3,660,000 Intercorp Retail Trust 8.875% 14/11/18 4,193 1.90 1,250,000 Itau Unibanco Holding S.A. 5.500% 06/08/22 1,311 0.59 1,775,000 Mexichem SAB de CV 6.750% 19/09/42 2,002 0.91 1,928,000 OAS Investments GmbH 8.250% 19/10/19 2,060 0.93 1,900,000 Pacific Rubiales Energy Corp. 7.250% 12/12/21 2,202 1.00 1,850,000 Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.750% 30/09/19 2,320 1.05 1,250,000 Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.332% 30/09/27 1,614 0.73 1,900,000 Sigma Alimentos S.A. de CV 5.625% 14/04/18 2,154 0.97

Investec Global Strategy Fund | 57 Portfolio details

Emerging Markets Corporate Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds continued US Dollar continued 1,790,000 Sociedad Quimica y Minera de Chile S.A. 5.500% 21/04/20 2,020 0.91 850,000 State Bank of India 4.125% 01/08/17 877 0.40 1,700,000 TAM Capital 3, Inc. 8.375% 03/06/21 1,882 0.85 1,700,000 Transportadora de Gas Internacional S.A. ESP 5.700% 20/03/22 1,892 0.86 1,900,000 Zijin International Finance Co., Ltd. 4.250% 30/06/16 2,022 0.92

61,724 27.94 TOTAL CORPORATE BONDS (cost (000) US$ 58,952) 61,724 27.94

Supranationals – 1.02% US Dollar 2,200,000 Banco Latinoamericano de Comercio Exterior S.A. 3.750% 04/04/17 2,247 1.02 TOTAL SUPRANATIONALS (cost (000) US$ 2,200) 2,247 1.02 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 61,152) 63,971 28.96 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 187,438) 196,120 88.79

Forward Currency Contracts – (0.06%) Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 US$ 9,223,209 EUR 7,052,226 (92) (0.04) 20/03/2013 US$ 3,518,854 GBP 2,186,505 (32) (0.02) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (124) (0.06) MARKET VALUE OF INVESTMENTS (cost (000) US$ 187,438) 195,996 88.73 OTHER ASSETS AND LIABILITIES 24,890 11.27 SHAREHOLDERS’ EQUITY 220,886 100.00

58 | Investec Global Strategy Fund Emerging Markets Corporate Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Ajecorp BV 6.500% 14/05/22 3,765 – Banco Bradesco S.A. 5.750% 01/03/22 1,669 – Banco de Bogota S.A. 5.000% 15/01/17 1,616 – Banco de Credito del Peru 1.000% 16/09/26 2,338 – Banco do Nordeste do Brasil S.A. 4.375% 03/05/19 1,591 1,657 Banco Latinoamericano de Comercio Exterior S.A. 3.750% 04/04/17 2,200 – Bancolombia S.A. 6.125% 26/07/20 1,144 1,889 Bank of Moscow via BOM Capital PL 6.699% 11/03/15 1,697 – BBVA Bancomer S.A. 6.750% 30/09/22 1,833 – Braskem Finance Ltd. 5.750% 15/04/21 535 1,921 Bumi Investment Pte Ltd. 10.750% 06/10/17 2,379 2,142 CFR International SpA 5.125% 06/12/22 2,026 – China CITIC Bank International Ltd. 1.000% 28/09/22 2,107 – China Overseas Finance Cayman V Ltd. 3.950% 15/11/22 2,161 – CNOOC Ltd. 3.875% 02/05/22 2,139 – Codere Finance Luxembourg S.A. 8.250% 15/06/15 – 1,316 Columbus International, Inc. 11.500% 20/11/14 2,677 – Controladora Mabe S.A. de CV 7.875% 28/10/19 2,141 – Corp. Financiera de Desarrollo S.A. 4.750% 08/02/22 1,653 – Cyfrowy Polsat Finance AB 7.125% 20/05/18 – 1,302 Doha Finance Ltd. 3.500% 14/03/17 2,716 697 DP World Ltd. 6.850% 02/07/37 1,948 – Eileme 2 AB 11.625% 31/01/20 3,522 – Evraz Group S.A. 6.750% 27/04/18 2,689 638 Export-Import Bank of Korea 1.250% 20/11/15 1,897 – Export-Import Bank of Korea 3.750% 20/10/16 2,196 – Ferrexpo Finance Plc. 7.875% 07/04/16 2,274 – FMG Resources August 2006 Pty Ltd. 6.875% 01/04/22 1,920 – Fufeng Group Ltd. 7.625% 13/04/16 4,004 – Gazprom OAO Via Gaz Capital S.A. 6.510% 07/03/22 3,311 805 Gazprombank OJSC Via GPB Eurobond Finance Plc. 6.500% 23/09/15 1,431 – Georgian Oil and Gas Corp. 6.875% 16/05/17 4,488 2,244 Georgian Railway LLC 9.875% 22/07/15 – 1,825 Globo Comunicacao e Participacoes S.A. 4.875% 11/04/22 2,029 – Hana Bank 3.500% 25/10/17 2,044 – Hutchison Whampoa International 12 Ltd. 2.000% 08/11/17 1,995 – ICICI Bank Ltd. 4.700% 21/02/18 2,471 – Intercorp Retail Trust 8.875% 14/11/18 3,069 – Investec Bank Ltd. 3.875% 24/07/17 1,930 – JSC Georgian Railway 7.750% 11/07/22 2,684 924 Listrindo Capital BV 6.950% 21/02/19 1,668 1,700 LS Finance 2022 Ltd. 4.250% 16/10/22 2,047 – Lukoil International Finance B.V. 6.125% 09/11/20 2,282 – MAF Global Securities Ltd. 5.250% 05/07/19 1,923 – Marfrig Overseas Ltd. 9.500% 04/05/20 1,653 1,604 Mexichem SAB de CV 6.750% 19/09/42 1,885 – Minerva Overseas II Ltd. 10.875% 15/11/19 – 1,299 Myriad International Holding BV 6.375% 28/07/17 2,472 740 OAS Investments GmbH 8.250% 19/10/19 1,927 – Pacific Rubiales Energy Corp. 7.250% 12/12/21 2,071 – PHBS Ltd. 6.625% 31/12/49 1,843 – PKO Finance AB 4.630% 26/09/22 2,100 – PT Adaro Indonesia 7.625% 22/10/19 2,449 2,506 Qtel International Finance Ltd. 5.000% 19/10/25 2,250 – Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.750% 30/09/19 2,315 – Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.332% 30/09/27 1,529 – Reliance Holdings USA, Inc. 5.400% 14/02/22 2,015 – Sasol Financing International Plc. 4.500% 14/11/22 4,180 – Sberbank of Russia Via SB Capital S.A. 5.717% 16/06/21 1,316 – Southern Copper Corp. 6.750% 16/04/40 3,252 2,062 State Oil Co. of the Azerbaijan Republic 5.450% 09/02/17 3,697 1,805 Swire Properties MTN Financing Ltd. 4.375% 18/06/22 2,016 – Talent Yield Investments Ltd. 4.500% 25/04/22 1,326 1,408

Investec Global Strategy Fund | 59 Portfolio details

Emerging Markets Corporate Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Transportadora de Gas Internacional S.A. ESP 5.700% 20/03/22 1,745 – Turkiye Is Bankasi A.S. 3.875% 07/11/17 1,788 – Union National Bank PJSC 3.875% 10/11/16 1,567 – Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748% 02/02/21 3,618 – Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/11/19 3,935 – Zhaikmunai LLP 10.500% 19/10/15 1,579 1,646 Zijin International Finance Co., Ltd. 4.250% 30/06/16 1,957 – Other securities purchased and sold under (000) US$ 1,292 38,558 30,278 187,252 62,408

60 | Investec Global Strategy Fund Emerging Markets Hard Currency Debt Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 13.16% US Dollar 750,000 Abu Dhabi National Energy Co. 5.875% 13/12/21 895 1.00 600,000 Export Credit Bank of Turkey 5.375% 04/11/16 655 0.73 100,000 Intergas Finance BV 6.375% 14/05/17 115 0.13 850,000 JSC Georgian Railway 7.750% 11/07/22 969 1.08 1,110,000 KazMunayGas Finance Sub BV 7.000% 05/05/20 1,388 1.54 745,000 KazMunayGas Finance Sub BV 6.375% 09/04/21 916 1.02 263,000 Korea Development Bank 3.875% 04/05/17 284 0.32 790,000 Majapahit Holding BV 7.750% 20/01/20 996 1.11 700,000 Perusahaan Listrik Negara PT 5.500% 22/11/21 792 0.88 480,000 Petronas Capital Ltd. 7.875% 22/05/22 688 0.77 910,000 Petronas Capital Ltd. 5.250% 12/08/19 1,086 1.21 1,620,000 Sinochem Overseas Capital Co., Ltd. 4.500% 12/11/20 1,746 1.94 500,000 Talent Yield Investments Ltd. 4.500% 25/04/22 547 0.61 600,000 Vnesheconombank Via VEB Finance Plc. 6.902% 09/07/20 734 0.82

11,811 13.16 TOTAL CORPORATE BONDS (cost (000) US$ 10,524) 11,811 13.16

Government Bonds – 82.38% Euro 1,200,000 Republic of Montenegro 7.250% 08/04/16 1,606 1.79 US Dollar 300,000 Dominican Republic 7.500% 06/05/21 351 0.39 2,500,000 Government of Indonesia 6.750% 10/03/14 2,654 2.96 1,455,000 Government of Indonesia 6.875% 17/01/18 1,775 1.98 375,000 Government of Indonesia 5.875% 13/03/20 453 0.50 1,400,000 Government of Indonesia 8.500% 12/10/35 2,250 2.51 230,000 Government of Panama 7.250% 15/03/15 259 0.29 1,334,000 Government of Panama 9.375% 01/04/29 2,284 2.54 2,250,000 Government of Peru 8.375% 03/05/16 2,774 3.09 920,000 Government of Peru 8.750% 21/11/33 1,603 1.79 1,160,000 Government of Philippines 7.750% 14/01/31 1,770 1.97 328,000 Government of Qatar 5.250% 20/01/20 393 0.44 390,000 Government of Qatar 9.750% 15/06/30 705 0.79 620,000 Government of Qatar 6.400% 20/01/40 868 0.97 2,593,000 Government of Sri Lanka 6.250% 04/10/20 2,835 3.16 380,000 Government of Sri Lanka 6.250% 27/07/21 416 0.46 1,600,000 Government of Ukraine 9.250% 24/07/17 1,742 1.94 700,000 Government of Ukraine 7.750% 23/09/20 721 0.80 251,620 Republic of Argentina 8.280% 31/12/33 171 0.19 70,000 Republic of Argentina 2.500%/3.750% 31/12/38 25 0.03 920,000 Republic of Brazil 6.000% 17/01/17 1,091 1.22 1,440,000 Republic of Brazil 10.125% 15/05/27 2,651 2.95 1,130,000 Republic of Brazil 12.250% 06/03/30 2,311 2.57 297,000 Republic of Brazil 8.250% 20/01/34 501 0.56 2,918,000 Republic of Chile 3.875% 05/08/20 3,298 3.67 503,000 Republic of Chile 3.250% 14/09/21 547 0.61 300,000 Republic of Colombia 4.375% 12/07/21 348 0.39 1,253,000 Republic of Colombia 10.375% 28/01/33 2,329 2.59 295,000 Republic of Colombia 7.375% 18/09/37 459 0.51 1,400,000 Republic of Croatia 6.750% 05/11/19 1,607 1.79

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Emerging Markets Hard Currency Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued US Dollar continued 2,340,000 Republic of Croatia 6.375% 24/03/21 2,662 2.97 260,000 Republic of El Salvador 7.750% 24/01/23 309 0.34 675,000 Republic of El Salvador 8.250% 10/04/32 809 0.90 1,070,000 Republic of Georgia 6.875% 12/04/21 1,242 1.38 970,000 Republic of Hungary 7.625% 29/03/41 1,127 1.26 1,600,000 Republic of Latvia 2.750% 12/01/20 1,585 1.77 80,000 Republic of Mexico 11.375% 15/09/16 110 0.12 1,693,000 Republic of Mexico 8.300% 15/08/31 2,756 3.07 923,000 Republic of Mexico 7.500% 08/04/33 1,415 1.58 500,000 Republic of Serbia 7.250% 28/09/21 576 0.64 1,141,000 Republic of South Africa 5.500% 09/03/20 1,358 1.51 829,000 Republic of South Africa 4.665% 17/01/24 936 1.04 226,000 Republic of South Africa 6.250% 08/03/41 301 0.34 180,000 Republic of Turkey 9.500% 15/01/14 196 0.22 1,670,000 Republic of Turkey 7.250% 15/03/15 1,866 2.08 1,115,000 Republic of Turkey 7.500% 14/07/17 1,364 1.52 260,000 Republic of Turkey 5.625% 30/03/21 309 0.34 1,840,000 Republic of Turkey 6.250% 26/09/22 2,301 2.56 548,000 Republic of Turkey 7.375% 05/02/25 744 0.83 200,000 Republic of Turkey 6.875% 17/03/36 270 0.30 246,000 Republic of Uruguay 6.875% 28/09/25 345 0.38 221,000 Republic of Uruguay 7.875% 15/01/33 344 0.38 719,726 Republic of Uruguay 4.125% 20/11/45 722 0.80 345,000 Republic of Venezuela 7.750% 13/10/19 324 0.36 1,190,000 Republic of Venezuela 8.250% 13/10/24 1,094 1.22 1,960,000 Republic of Venezuela 9.250% 07/05/28 1,925 2.14 1,720,000 Republic of Venezuela 11.950% 05/08/31 1,950 2.17 200,000 Republic of Zambia 5.375% 20/09/22 200 0.22 1,000,000 Russian Foreign Bond – Eurobond 3.250% 04/04/17 1,065 1.19 600,000 Russian Foreign Bond – Eurobond 5.000% 29/04/20 711 0.79 600,000 Russian Foreign Bond – Eurobond 4.500% 04/04/22 687 0.77 770,000 Russian Foreign Bond – Eurobond 12.750% 24/06/28 1,563 1.74

72,357 80.59 TOTAL GOVERNMENT BONDS (cost (000) US$ 66,385) 73,963 82.38 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 76,909) 85,774 95.54 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 76,909) 85,774 95.54

Futures – 0.03% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity US$ (2) US Treasury Notes 10YR 19/03/13 Short 1 0.00 26 US Treasury Notes 2YR 28/03/13 Long 2 0.00 (17) US Treasury Notes 30YR 19/03/13 Short 35 0.04

38 0.04 UNREALISED GAIN ON FUTURES 38 0.04

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Schedule of Investments as at 31 December 2012 continued

Futures continued Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (7) German Federal Republic Bonds 5YR 07/03/13 Short (8) (0.01) US$ 68 US Treasury Notes 5YR 28/03/13 Long (6) (0.00) UNREALISED LOSS ON FUTURES (14) (0.01)

Forward Currency Contracts – (0.01%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 GBP 56,000 US$ 90,239 1 0.00 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 1 0.00 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 US$ 735,261 EUR 562,298 (8) (0.01) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (8) (0.01) MARKET VALUE OF INVESTMENTS (cost (000) US$ 76,909) 85,791 95.56 OTHER ASSETS AND LIABILITIES 3,987 4.44 SHAREHOLDERS’ EQUITY 89,778 100.00

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Emerging Markets Hard Currency Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Georgian Railway LLC 9.875% 22/07/15 1,779 1,825 Government of Indonesia 6.750% 10/03/14 2,688 – Government of Lithuania 6.625% 01/02/22 1,298 1,479 Government of Ukraine 9.250% 24/07/17 1,679 – Government of Ukraine 7.750% 23/09/20 737 2,090 National JSC Naftogaz of Ukraine 9.500% 30/09/14 – 1,843 Republic of Brazil 12.250% 06/03/30 1,922 1,859 Republic of Bulgaria 8.250% 15/01/15 – 1,596 Republic of Croatia 6.750% 05/11/19 1,585 – Republic of Croatia 6.375% 24/03/21 4,859 2,579 Republic of Latvia 2.750% 12/01/20 1,586 – Republic of South Africa 5.500% 09/03/20 1,369 2,605 Republic of Turkey 7.250% 15/03/15 1,857 – Republic of Turkey 6.250% 26/09/22 1,860 – Republic of Turkey 6.875% 17/03/36 155 1,473 Republic of Uruguay 7.875% 15/01/33 780 1,679 Republic of Venezuela 12.750% 23/08/22 – 2,156 Republic of Venezuela 11.950% 05/08/31 1,776 – Sinochem Overseas Capital Co., Ltd. 4.500% 12/11/20 2,219 590 Vnesheconombank Via VEB Finance Plc. 6.902% 09/07/20 2,564 2,012 Other securities purchased and sold under (000) US$ 1,466 23,857 19,649 54,570 43,435

64 | Investec Global Strategy Fund Emerging Markets Investment Grade Debt Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds – 74.26% Brazilian Real 250,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/14 1,286 0.49 190,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 977 0.38 5,170,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 26,587 10.20

28,850 11.07 Chilean Peso 500,000,000 Bonos del Banco Central de Chile en Pesos 6.000% 01/08/16 1,090 0.42 Colombian Peso 3,050,000,000 Republic of Colombia 12.000% 22/10/15 2,106 0.81 350,000,000 Republic of Colombia 7.750% 14/04/21 253 0.09 1,350,000,000 Republic of Colombia 9.850% 28/06/27 1,191 0.46

3,550 1.36 Czech Koruna 39,650,000 Government of Czech Republic 5.700% 25/05/24 2,848 1.09 Mexican Peso 138,700,000 Republic of Mexico 8.000% 19/12/13 11,083 4.26 94,000,000 Republic of Mexico 9.500% 18/12/14 7,926 3.04 105,000,000 Republic of Mexico 6.000% 18/06/15 8,353 3.21 50,000,000 Republic of Mexico 7.250% 15/12/16 4,184 1.61 59,230,000 Republic of Mexico 8.500% 13/12/18 5,377 2.06 53,000,000 Republic of Mexico 8.000% 11/06/20 4,828 1.85 17,900,000 Republic of Mexico 8.000% 07/12/23 1,675 0.64 12,460,000 Republic of Mexico 7.500% 03/06/27 1,126 0.43 34,800,000 Republic of Mexico 8.500% 31/05/29 3,403 1.31 8,080,000 Republic of Mexico 7.750% 29/05/31 733 0.28 3,540,000 Republic of Mexico 10.000% 20/11/36 397 0.15 5,970,000 Republic of Mexico 7.750% 13/11/42 543 0.21

49,628 19.05 New Russian Ruble 8,000,000 Russian Federal Bond — OFZ 7.350% 20/01/16 270 0.10 8,000,000 Russian Federal Bond — OFZ 6.900% 03/08/16 266 0.10 112,400,000 Russian Federal Bond — OFZ 7.400% 19/04/17 3,817 1.47 83,533,000 Russian Federal Bond — OFZ 7.400% 14/06/17 2,841 1.09 269,926,000 Russian Federal Bond — OFZ 7.500% 15/03/18 9,252 3.55 5,000,000 Russian Federal Bond — OFZ 7.500% 27/02/19 172 0.07 297,652,000 Russian Federal Bond — OFZ 7.600% 14/04/21 10,307 3.96 129,017,000 Russian Federal Bond — OFZ 8.150% 03/02/27 4,672 1.79

31,597 12.13 Polish Zloty 7,800,000 Government of Poland 5.500% 25/04/15 2,653 1.02 15,306,000 Government of Poland 5.250% 25/10/17 5,391 2.07 11,880,000 Government of Poland 5.500% 25/10/19 4,344 1.66 5,935,000 Government of Poland 5.750% 23/09/22 2,250 0.86 12,340,000 Government of Poland 4.000% 25/10/23 4,084 1.57 10,200,000 Government of Poland 5.750% 25/04/29 4,058 1.56

22,780 8.74 Romanian Leu 2,700,000 Republic of Romania 5.900% 26/07/17 791 0.30

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Emerging Markets Investment Grade Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued South African Rand 85,000,000 Republic of South Africa 13.500% 15/09/15 12,059 4.63 41,000,000 Republic of South Africa 8.000% 21/12/18 5,311 2.04 32,200,000 Republic of South Africa 6.750% 31/03/21 3,891 1.49 11,780,000 Republic of South Africa 7.750% 28/02/23 1,488 0.57 41,330,000 Republic of South Africa 10.500% 21/12/26 6,239 2.40 56,010,000 Republic of South Africa 7.000% 28/02/31 6,126 2.35 24,170,000 Republic of South Africa 8.750% 28/02/48 3,017 1.16

38,131 14.64 Thailand Baht 23,797,000 Bank of Thailand 3.050% 30/01/15 780 0.30 187,300,000 Government of Thailand 4.250% 13/03/13 6,141 2.36 31,500,000 Government of Thailand 3.625% 22/05/15 1,047 0.40 7,400,000 Government of Thailand 3.125% 11/12/15 244 0.09 26,600,000 Government of Thailand 2.800% 10/10/17 858 0.33 51,450,000 Government of Thailand 3.450% 08/03/19 1,703 0.65 73,000,000 Government of Thailand 3.875% 13/06/19 2,473 0.95 24,050,000 Government of Thailand 3.650% 17/12/21 799 0.31 5,029,000 Government of Thailand 4.875% 22/06/29 183 0.07

14,228 5.46 TOTAL GOVERNMENT BONDS (cost (000) US$ 192,541) 193,493 74.26 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 192,541) 193,493 74.26

Transferable securities dealt in another regulated market Government Bonds – 18.41% Malaysian Ringgit 13,190,000 Government of Malaysia 3.702% 25/02/13 4,318 1.66 1,456,000 Government of Malaysia 5.094% 30/04/14 489 0.19 10,000,000 Government of Malaysia 3.741% 27/02/15 3,316 1.27 34,110,000 Government of Malaysia 4.012% 15/09/17 11,518 4.42 18,402,000 Government of Malaysia 4.378% 29/11/19 6,377 2.45 13,213,000 Government of Malaysia 4.160% 15/07/21 4,532 1.74 22,440,000 Government of Malaysia 3.418% 15/08/22 7,291 2.80 4,032,000 Government of Malaysia 4.392% 15/04/26 1,421 0.54 4,670,000 Government of Malaysia 3.892% 15/03/27 1,561 0.60

40,823 15.67 Peruvian Nouveau Sol 1,020,000 Government of Peru 7.840% 12/08/20 504 0.20 9,250,000 Government of Peru 8.200% 12/08/26 5,098 1.96 1,650,000 Government of Peru 6.950% 12/08/31 816 0.31

6,418 2.47 Romanian Leu 2,420,000 Republic of Romania 5.800% 26/10/15 712 0.27 TOTAL GOVERNMENT BONDS (cost (000) US$ 46,061) 47,953 18.41 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 46,061) 47,953 18.41 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 238,602) 241,446 92.67

66 | Investec Global Strategy Fund Emerging Markets Investment Grade Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Futures – 0.04% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity KRW (63) Korea Treasury Bond Futures 10YR 19/03/13 Short 7 0.00 ZAR 186 Republic of South Africa Bond 07/02/13 Long 32 0.01 350 Republic of South Africa Bond 07/02/13 Long 92 0.04

124 0.05 UNREALISED GAIN ON FUTURES 131 0.05 Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity KRW (200) Korea Treasury Bond Futures 3YR 19/03/13 Short (24) (0.01) UNREALISED LOSS ON FUTURES (24) (0.01)

Forward Currency Contracts – 0.02% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 MYR 39,139,000 US$ 12,670,412 117 0.04 04/02/2013 BRL 29,543,528 US$ 14,167,994 200 0.08 20/02/2013 COP 5,701,850,000 US$ 3,110,750 103 0.04 20/02/2013 INR 565,970,000 US$ 10,128,922 105 0.04 20/02/2013 THB 128,120,000 US$ 4,163,263 13 0.01 20/03/2013 EUR 6,040,000 US$ 7,899,267 79 0.03 20/03/2013 PLN 52,393,150 US$ 16,479,403 320 0.12 20/03/2013 RUB 199,480,000 US$ 6,354,689 93 0.04 20/03/2013 TRY 17,433,201 US$ 9,639,592 35 0.01 20/03/2013 US$ 12,517,391 SGD 15,250,000 34 0.01 20/03/2013 ZAR 20,206,388 US$ 2,250,029 109 0.04 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 1,208 0.46 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 22,092,071 MXN 290,144,000 (328) (0.13) 16/01/2013 US$ 7,635,186 MYR 23,430,000 (20) (0.01) 20/02/2013 IDR 49,034,000,000 US$ 5,063,661 (5) (0.00) 20/02/2013 US$ 6,719,938 CLP 3,239,010,000 (2) (0.00) 20/02/2013 US$ 663,350 COP 1,200,000,000 (13) (0.01) 20/02/2013 US$ 6,295,850 ILS 24,110,000 (148) (0.06) 20/02/2013 US$ 723,013 KRW 787,000,000 (10) (0.00) 20/02/2013 US$ 6,664,143 PEN 17,390,000 (130) (0.05) 20/02/2013 US$ 4,868,719 PHP 200,080,000 (7) (0.00) 20/02/2013 US$ 747,013 THB 23,000,000 (3) (0.00) 20/03/2013 EUR 4,747,693 PLN 19,800,000 (78) (0.03) 20/03/2013 MXN 233,144,076 US$ 17,921,055 (11) (0.00) 20/03/2013 US$ 9,017,402 CZK 174,360,479 (162) (0.06) 20/03/2013 US$ 8,309,469 EUR 6,347,888 (75) (0.03) 20/03/2013 US$ 1,392,145 MXN 18,219,000 (7) (0.00) 20/03/2013 US$ 1,469,585 RON 5,091,551 (26) (0.01) 20/03/2013 US$ 1,050,621 RUB 33,000,000 (16) (0.01) 20/03/2013 US$ 9,624,579 TRY 17,433,000 (50) (0.02) 20/03/2013 US$ 1,562,354 ZAR 13,830,000 (52) (0.02) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (1,143) (0.44)

Investec Global Strategy Fund | 67 Portfolio details

Emerging Markets Investment Grade Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Swaps – 0.02% Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Interest Rate Swaps 3,020,000 Fixed 8.990% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2017 40 0.02 6,800,000 Fixed 8.590% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2018 1 0.00 MARKET VALUE ON SWAPS 41 0.02 MARKET VALUE OF INVESTMENTS (cost (000) US$ 238,602) 241,659 92.75 OTHER ASSETS AND LIABILITIES 18,892 7.25 SHAREHOLDERS’ EQUITY 260,551 100.00

68 | Investec Global Strategy Fund Emerging Markets Investment Grade Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 – 10,274 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 12,721 – Government of Malaysia 4.012% 15/09/17 5,963 3,366 Government of Malaysia 4.378% 29/11/19 5,233 4,036 Government of Malaysia 3.418% 15/08/22 7,181 – Government of Poland 5.500% 25/04/15 10,582 8,213 Government of Poland 5.250% 25/10/17 6,889 11,782 Government of Poland 5.250% 25/10/20 – 6,449 Government of Thailand 4.250% 13/03/13 9,459 3,324 Republic of Hungary 7.250% 12/06/12 – 9,224 Republic of Hungary 7.500% 24/10/13 – 5,162 Republic of Mexico 9.000% 20/06/13 9,695 9,831 Republic of Mexico 8.000% 19/12/13 4,741 2,545 Republic of South Africa 8.000% 21/12/18 5,504 – Republic of South Africa 7.250% 15/01/20 3,942 10,353 Republic of South Africa 10.500% 21/12/26 6,104 6,679 Republic of South Africa 7.000% 28/02/31 7,954 4,070 Republic of Turkey 9.000% 05/03/14 5,963 5,836 Russian Federal Bond — OFZ 7.100% 13/03/14 4,755 4,535 Russian Federal Bond — OFZ 7.000% 03/06/15 – 5,369 Russian Federal Bond — OFZ 7.500% 15/03/18 6,407 386 Russian Federal Bond — OFZ 7.600% 14/04/21 12,875 3,480 Other securities purchased and sold under (000) US$ 4,439 75,681 62,112 201,649 177,026

Investec Global Strategy Fund | 69 Portfolio details Emerging Markets Local Currency Debt Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 1.41% Brazilian Real 11,740,000 Morgan Stanley 11.500% 22/10/20 6,729 0.26 British Pound Sterling 1,000,000 Gazprom OAO Via Gaz Capital S.A. 6.580% 31/10/13 1,683 0.06 891,000 Investec Bank Plc. 9.625% 17/02/22 1,579 0.06 590,000 Russian Railways via RZD Capital Ltd. 7.487% 25/03/31 1,176 0.05

4,438 0.17 Euro 300,000 Ceske Drahy 4.125% 23/07/19 429 0.02 835,000 Edcon Pty Ltd. 3.433% 15/06/14 1,058 0.04 200,000 IPIC GMTN Ltd. 5.875% 14/03/21 322 0.01 2,150,000 New World Resources NV 7.875% 01/05/18 2,964 0.11 450,000 Polish Television Holding BV 11.250%/13.000% 15/05/17 659 0.03

5,432 0.21 South African Rand 23,000,000 Absa Bank Ltd. 10.280% 03/05/17 2,990 0.11 US Dollar 609,000 Adaro Indonesia PT 7.625% 22/10/19 680 0.03 200,000 Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375% 01/11/22 198 0.01 200,000 Bank Negara Indonesia Persero Tbk PT 4.125% 27/04/17 207 0.01 400,000 BBVA Bancomer S.A. 6.750% 30/09/22 451 0.02 200,000 CFR International SpA 5.125% 06/12/22 209 0.01 950,000 China CITIC Bank International Ltd. 3.875% 28/09/22 955 0.04 600,000 Controladora Mabe S.A. de CV 7.875% 28/10/19 699 0.03 400,000 Corp. Nacional del Cobre de Chile 4.250% 17/07/42 410 0.01 350,000 Export-Import Bank of Korea 3.750% 20/10/16 376 0.01 600,000 Hypermarcas S.A. 6.500% 20/04/21 650 0.02 800,000 ICICI Bank Ltd. 4.700% 21/02/18 840 0.03 350,000 Indian Railway Finance Corp., Ltd. 4.406% 30/03/16 366 0.01 200,000 MDC-GMTN B.V. 5.500% 20/04/21 237 0.01 1,300,000 Myriad International Holding BV 6.375% 28/07/17 1,468 0.05 610,000 PHBS Ltd. 6.625% 31/12/49 623 0.02 900,000 PKO Finance AB 4.630% 26/09/22 949 0.04 400,000 Saudi Electricity Global Sukuk Co. 2.665% 03/04/17 413 0.01 700,000 Southern Copper Corp. 6.750% 16/04/40 844 0.03 2,400,000 Telefonica Moviles Chile S.A. 2.875% 09/11/15 2,448 0.09 1,070,000 Tencent Holdings Ltd. 4.625% 12/12/16 1,155 0.04 620,000 Vale S.A. 5.625% 11/09/42 678 0.03 460,000 Vimpel Communications OJSC Via UBS Luxembourg S.A. 8.250% 23/05/16 521 0.02 150,000 Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 8.375% 30/04/13 153 0.01 600,000 Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748% 02/02/21 697 0.03 1,200,000 Zhaikmunai LP Via Zhaikmunai International BV 7.125% 13/11/19 1,266 0.05

17,493 0.66 TOTAL CORPORATE BONDS (cost (000) US$ 35,577) 37,082 1.41

70 | Investec Global Strategy Fund Emerging Markets Local Currency Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds – 69.96% Brazilian Real 6,590,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/14 33,889 1.29 10,767,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 55,370 2.11 30,237,300 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 155,497 5.92 24,700,000 Republic of Brazil 12.500% 05/01/22 18,240 0.70

262,996 10.02 Chilean Peso 18,720,000,000 Bonos de la Tesoreria de la Republica en Pesos 6.000% 01/01/18 40,038 1.52 3,660,000,000 Bonos de la Tesoreria de la Republica en Pesos 6.000% 01/01/20 7,893 0.30 6,580,000,000 Bonos del Banco Central de Chile en Pesos 6.000% 01/08/16 14,350 0.55 580,000,000 Bonos del Banco Central de Chile en Pesos 6.000% 01/05/18 1,256 0.05 867,948,500 Bonos del Banco Central de Chile en UF 3.000% 01/07/13 1,802 0.07

65,339 2.49 Colombian Peso 2,894,000,000 Republic of Colombia 12.000% 22/10/15 1,999 0.08 7,783,000,000 Republic of Colombia 7.750% 14/04/21 5,620 0.21 8,774,000,000 Republic of Colombia 9.850% 28/06/27 7,740 0.30

15,359 0.59 Czech Koruna 384,840,000 Government of Czech Republic 5.700% 25/05/24 27,646 1.05 Egyptian Pound 37,859,000 Republic of Egypt 17.000% 03/04/22 6,582 0.25 Hungarian Forint 2,373,000,000 Republic of Hungary 7.500% 24/10/13 10,912 0.42 5,396,490,000 Republic of Hungary 6.750% 22/08/14 25,009 0.95 1,990,000,000 Republic of Hungary 5.500% 12/02/16 8,984 0.34 586,000,000 Republic of Hungary 6.750% 24/02/17 2,740 0.11 1,688,010,000 Republic of Hungary 6.750% 24/11/17 7,925 0.30 2,385,500,000 Republic of Hungary 6.500% 24/06/19 11,142 0.43 287,000,000 Republic of Hungary 7.500% 12/11/20 1,420 0.05 12,386,660,000 Republic of Hungary 7.000% 24/06/22 59,641 2.27 1,651,000,000 Republic of Hungary 6.750% 22/10/28 7,978 0.30

135,751 5.17 Indonesian Rupiah 341,779,000,000 Government of Indonesia 6.250% 15/04/17 37,658 1.43 266,100,000,000 Government of Indonesia 7.000% 15/05/22 31,376 1.20 57,895,000,000 Government of Indonesia 10.250% 15/07/22 8,200 0.31 105,397,000,000 Government of Indonesia 8.375% 15/09/26 13,507 0.52 69,910,000,000 Government of Indonesia 7.000% 15/05/27 8,023 0.31 38,000,000,000 Government of Indonesia 10.250% 15/07/27 5,574 0.21 38,019,000,000 Government of Indonesia 10.000% 15/02/28 5,515 0.21 100,549,000,000 Government of Indonesia 9.500% 15/07/31 14,293 0.54

124,146 4.73 Mexican Peso 175,650,000 Republic of Mexico 9.500% 18/12/14 14,811 0.56 458,500,000 Republic of Mexico 7.250% 15/12/16 38,363 1.46 385,680,000 Republic of Mexico 8.500% 13/12/18 35,009 1.33 120,000,000 Republic of Mexico 8.000% 11/06/20 10,932 0.42 99,630,000 Republic of Mexico 8.000% 07/12/23 9,322 0.35 124,280,000 Republic of Mexico 7.500% 03/06/27 11,228 0.43

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Mexican Peso continued 327,110,000 Republic of Mexico 8.500% 31/05/29 31,987 1.22 40,290,000 Republic of Mexico 7.750% 29/05/31 3,655 0.14 113,940,000 Republic of Mexico 10.000% 20/11/36 12,794 0.49 59,190,000 Republic of Mexico 7.750% 13/11/42 5,386 0.21

173,487 6.61 New Russian Ruble 84,000,000 Russian Federal Bond — OFZ 7.350% 20/01/16 2,831 0.11 84,000,000 Russian Federal Bond — OFZ 6.900% 03/08/16 2,798 0.11 939,000,000 Russian Federal Bond — OFZ 7.400% 19/04/17 31,887 1.21 1,469,543,000 Russian Federal Bond — OFZ 7.400% 14/06/17 49,976 1.90 1,419,138,000 Russian Federal Bond — OFZ 7.500% 15/03/18 48,643 1.85 51,000,000 Russian Federal Bond — OFZ 7.500% 27/02/19 1,758 0.07 3,192,541,000 Russian Federal Bond — OFZ 7.600% 14/04/21 110,556 4.21 768,746,000 Russian Federal Bond — OFZ 8.150% 03/02/27 27,835 1.06

276,284 10.52 Nigerian Naira 941,000,000 Government of Nigeria 16.000% 29/06/19 7,082 0.27 2,722,360,000 Government of Nigeria 7.000% 23/10/19 13,540 0.51 721,977,000 Government of Nigeria 16.390% 27/01/22 5,720 0.22

26,342 1.00 Philippines Peso 165,000,000 Government of Philippines 4.950% 15/01/21 4,445 0.17 274,000,000 Government of Philippines 6.250% 14/01/36 8,020 0.30

12,465 0.47 Polish Zloty 111,500,000 Government of Poland 5.250% 25/10/17 39,275 1.50 111,600,000 Government of Poland 4.000% 25/10/23 36,932 1.41 120,450,000 Government of Poland 5.750% 25/04/29 47,925 1.82

124,132 4.73 Romanian Leu 7,400,000 Republic of Romania 6.000% 19/10/13 2,192 0.09 5,300,000 Republic of Romania 11.000% 05/03/14 1,655 0.06 27,770,000 Republic of Romania 5.900% 26/07/17 8,131 0.31

11,978 0.46 South African Rand 325,400,000 Republic of South Africa 13.500% 15/09/15 46,166 1.76 400,190,000 Republic of South Africa 8.000% 21/12/18 51,838 1.97 134,359,000 Republic of South Africa 6.750% 31/03/21 16,237 0.62 100,690,000 Republic of South Africa 7.750% 28/02/23 12,719 0.48 337,980,000 Republic of South Africa 7.000% 28/02/31 36,964 1.41 228,990,000 Republic of South Africa 8.750% 28/02/48 28,579 1.09

192,503 7.33 Thailand Baht 218,955,000 Bank of Thailand 3.050% 30/01/15 7,175 0.27 191,000,000 Government of Thailand 3.125% 11/12/15 6,285 0.24 90,600,000 Government of Thailand 5.400% 27/07/16 3,204 0.12 167,400,000 Government of Thailand 4.125% 18/11/16 5,704 0.22 281,400,000 Government of Thailand 2.800% 10/10/17 9,076 0.35 228,333,000 Government of Thailand 5.125% 13/03/18 8,159 0.31 223,500,000 Government of Thailand 3.450% 08/03/19 7,399 0.28

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Thailand Baht continued 255,760,000 Government of Thailand 3.875% 13/06/19 8,665 0.33 421,950,000 Government of Thailand 3.650% 17/12/21 14,024 0.53 7,500,000 Government of Thailand 5.500% 13/03/23 286 0.01 47,000,000 Government of Thailand 3.625% 16/06/23 1,551 0.06 25,500,000 Government of Thailand 4.750% 20/12/24 920 0.04 33,239,000 Government of Thailand 4.875% 22/06/29 1,207 0.05

73,655 2.81 Turkish Lira 14,892,000 Republic of Turkey 0.000% 20/02/13 8,282 0.31 11,150,000 Republic of Turkey 16.000% 28/08/13 6,728 0.26 7,706,000 Republic of Turkey 8.000% 29/01/14 4,410 0.17 261,800,000 Republic of Turkey 9.000% 05/03/14 151,672 5.78 13,235,000 Republic of Turkey 11.000% 06/08/14 7,977 0.30 96,475,000 Republic of Turkey 9.000% 08/03/17 59,300 2.26 61,388,000 Republic of Turkey 10.500% 15/01/20 42,161 1.61 40,790,000 Republic of Turkey 9.500% 12/01/22 27,456 1.04

307,986 11.73 TOTAL GOVERNMENT BONDS (cost (000) US$ 1,773,254) 1,836,651 69.96

Supranationals – 0.40% New Russian Ruble 133,600,000 European Bank for Reconstruction & Development 6.750% 12/05/17 4,532 0.17 186,100,000 European Investment Bank 6.250% 11/03/13 6,090 0.23

10,622 0.40 TOTAL SUPRANATIONALS (cost (000) US$ 10,581) 10,622 0.40 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 3.02% British Pound Sterling 26,000,000 Investec Funds Series iv - Emerging Markets Blended Debt Fund 43,359 1.65 US Dollar 1,037,535 Investec Global Strategy Fund - Emerging Markets Corporate Debt Fund 24,257 0.93 460,000 Investec Global Strategy Fund - Emerging Markets Hard Currency Debt Fund 11,643 0.44

35,900 1.37 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 76,010) 79,259 3.02 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 1,895,422) 1,963,614 74.79

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 0.27% US Dollar 1,000,000 Braskem Finance Ltd. 5.750% 15/04/21 1,054 0.04 800,000 OAS Investments GmbH 8.250% 19/10/19 855 0.03 3,500,000 Severstal OAO via Steel Capital S.A. 6.250% 26/07/16 3,761 0.14 1,400,000 TAM Capital 3, Inc. 8.375% 03/06/21 1,550 0.06

7,220 0.27 TOTAL CORPORATE BONDS (cost (000) US$ 6,674) 7,220 0.27

Government Bonds – 14.55% Malaysian Ringgit 59,830,000 Government of Malaysia 5.094% 30/04/14 20,102 0.77 7,550,000 Government of Malaysia 3.741% 27/02/15 2,504 0.10 17,313,000 Government of Malaysia 3.814% 15/02/17 5,790 0.22 113,130,000 Government of Malaysia 4.012% 15/09/17 38,202 1.45 41,933,000 Government of Malaysia 4.240% 07/02/18 14,306 0.54 180,531,000 Government of Malaysia 4.378% 29/11/19 62,559 2.38 123,748,000 Government of Malaysia 4.160% 15/07/21 42,442 1.62 222,000,000 Government of Malaysia 3.418% 15/08/22 72,127 2.75 6,739,000 Government of Malaysia 4.392% 15/04/26 2,375 0.09 42,330,000 Government of Malaysia 3.892% 15/03/27 14,149 0.54

274,556 10.46 Nigerian Naira 1,608,270,000 Government of Nigeria 4.000% 23/04/15 8,608 0.33 2,375,889,000 Government of Nigeria 10.700% 30/05/18 14,407 0.55 2,011,000,000 Government of Nigeria 10.000% 23/07/30 10,774 0.41

33,789 1.29 Peruvian Nouveau Sol 31,800,000 Government of Peru 9.910% 05/05/15 14,438 0.55 27,869,000 Government of Peru 7.840% 12/08/20 13,781 0.52 45,297,000 Government of Peru 8.200% 12/08/26 24,962 0.95 22,050,000 Government of Peru 6.950% 12/08/31 10,910 0.42 8,000,000 Government of Peru 6.900% 12/08/37 4,016 0.15

68,107 2.59 Romanian Leu 18,940,000 Republic of Romania 5.800% 26/10/15 5,569 0.21 TOTAL GOVERNMENT BONDS (cost (000) US$ 359,246) 382,021 14.55

Money Market Instruments – 1.35% Romanian Leu 26,010,000 Romania Treasury Bills ZCP 0.000% 10/04/13 7,590 0.29 Serbian Dinar 1,230,000,000 Serbia Treasury Bills ZCP 0.000% 17/01/13 14,378 0.55 170,000,000 Serbia Treasury Bills ZCP 0.000% 28/03/13 1,944 0.07 1,000,000,000 Serbia Treasury Bills ZCP 0.000% 04/04/13 11,415 0.44

27,737 1.06 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 36,274) 35,327 1.35 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 402,194) 424,568 16.17 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 2,297,616) 2,388,182 90.96

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Schedule of Investments as at 31 December 2012 continued

Futures – 0.08% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity KRW (572) Korea Treasury Bond Futures 10YR 19/03/13 Short 64 0.00 US$ (79) US Treasury Notes 10YR 19/03/13 Short 35 0.00 (17) US Treasury Notes 30YR 19/03/13 Short 35 0.00 (113) US Treasury Notes 5YR 28/03/13 Short 9 0.00

79 0.00 ZAR 6,745 Republic of South Africa Bond 07/02/13 Long 2,196 0.09 UNREALISED GAIN ON FUTURES 2,339 0.09 Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (52) German Federal Republic Bonds 5YR 07/03/13 Short (62) (0.00) KRW (1,750) Korea Treasury Bond Futures 3YR 19/03/13 Short (213) (0.01) US$ (60) US Treasury Notes 2YR 28/03/13 Short (4) (0.00) UNREALISED LOSS ON FUTURES (279) (0.01)

Forward Currency Contracts – 0.18% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 MXN 462,518,000 US$ 35,216,928 523 0.02 16/01/2013 MYR 492,158,000 US$ 159,395,019 1,401 0.05 16/01/2013 UYU 175,000,000 US$ 8,317,490 778 0.03 17/01/2013 UYU 174,000,000 US$ 8,266,033 778 0.03 18/01/2013 UYU 174,000,000 US$ 8,266,033 773 0.03 30/01/2013 GHS 12,834,583 US$ 6,097,189 537 0.02 04/02/2013 BRL 116,011,753 US$ 56,064,038 358 0.01 20/02/2013 COP 77,384,390,000 US$ 42,218,495 1,399 0.05 20/02/2013 GHS 25,814,326 US$ 12,096,685 1,093 0.04 20/02/2013 INR 5,078,500,000 US$ 90,984,898 843 0.03 20/02/2013 KZT 7,715,800,000 US$ 50,761,842 176 0.01 20/02/2013 NGN 1,949,100,000 US$ 12,068,731 128 0.01 20/02/2013 THB 3,185,058,000 US$ 103,160,676 675 0.03 07/03/2013 GHS 14,390,836 US$ 6,774,792 518 0.02 19/03/2013 US$ 18,038,159 EGP 117,225,891 351 0.01 20/03/2013 EUR 10,933,458 HUF 3,149,000,000 294 0.01 20/03/2013 EUR 53,470,000 US$ 69,899,767 726 0.03 20/03/2013 MXN 1,373,178,092 US$ 105,428,902 57 0.00 20/03/2013 PLN 444,985,750 US$ 139,946,221 2,734 0.11 20/03/2013 RUB 956,496,000 US$ 30,468,934 449 0.02 20/03/2013 TRY 93,302,872 US$ 51,591,303 187 0.01 20/03/2013 US$ 118,348,484 SGD 144,200,000 311 0.01 20/03/2013 ZAR 811,480,198 US$ 91,252,605 3,473 0.13 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 18,562 0.71

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Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 62,798,794 MYR 193,000,000 (258) (0.01) 04/02/2013 US$ 22,939,494 BRL 48,111,000 (459) (0.02) 20/02/2013 IDR 1,069,582,311,920 US$ 110,356,320 (10) (0.00) 20/02/2013 US$ 119,677,232 CLP 57,779,598,000 (231) (0.01) 20/02/2013 US$ 3,648,425 COP 6,600,000,000 (72) (0.00) 20/02/2013 US$ 57,594,881 ILS 220,560,000 (1,356) (0.05) 20/02/2013 US$ 6,354,616 KRW 6,917,000,000 (87) (0.00) 20/02/2013 US$ 10,291,764 NGN 1,665,167,820 (128) (0.01) 20/02/2013 US$ 67,464,498 PEN 176,251,000 (1,397) (0.05) 20/02/2013 US$ 90,761,017 PHP 3,729,824,000 (121) (0.00) 20/02/2013 US$ 23,099,223 ZMK 123,872,257,798 (517) (0.02) 05/03/2013 US$ 1,678,375 NGN 302,359,300 (205) (0.01) 19/03/2013 EGP 115,305,919 US$ 17,961,415 (564) (0.02) 20/03/2013 EUR 35,132,702 PLN 146,750,000 (649) (0.03) 20/03/2013 HUF 3,879,570,000 US$ 17,632,095 (203) (0.01) 20/03/2013 US$ 83,692,876 CZK 1,618,285,447 (1,503) (0.06) 20/03/2013 US$ 116,103,136 EUR 88,505,533 (799) (0.03) 20/03/2013 US$ 9,996,485 MXN 130,824,000 (53) (0.00) 20/03/2013 US$ 24,180,449 RON 84,414,802 (616) (0.02) 20/03/2013 US$ 109,912,598 TRY 199,082,000 (567) (0.02) 20/03/2013 US$ 23,477,211 ZAR 207,820,000 (782) (0.03) 17/04/2013 UGX 64,180,000,000 US$ 23,478,248 (463) (0.02) 17/04/2013 US$ 22,834,189 UGX 64,180,000,000 (181) (0.01) 23/05/2013 US$ 22,256,832 KES 2,189,000,000 (2,539) (0.10) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (13,760) (0.53)

Swaps – 4.25% Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Interest Rate Swaps 27,210,000 Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) Fixed 8.590% BRL 02/01/2018 2 0.00 Total Return Swaps 51,800,000,000 Fixed 0.000% Indonesia Government Bond 9.50% IDR 15/07/2031 7,354 0.28 10,000,000,000 Fixed 0.000% Indonesia Government Bond 10.00% IDR 15/02/2028 1,448 0.05 5,000,000,000 Fixed 0.000% Indonesia Government Bond 10.00% IDR 15/02/2028 724 0.03 20,000,000,000 Fixed 0.000% Indonesia Government Bond 10.00% IDR 15/02/2028 2,895 0.11 10,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2022 1,414 0.05 5,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2022 707 0.03 5,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2022 707 0.03 10,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2022 1,414 0.05 5,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2022 707 0.03 74,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2022 10,467 0.40 86,500,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2027 12,670 0.48 50,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2027 7,324 0.28 45,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2027 6,592 0.25 45,000,000,000 Fixed 0.000% Indonesia Government Bond 10.25% IDR 15/07/2027 6,592 0.25 13,600,000,000 Fixed 0.000% Indonesia Government Bond 10.50% IDR 15/08/2030 2,078 0.08 15,000,000,000 Fixed 0.000% Indonesia Government Bond 10.50% IDR 15/08/2030 2,292 0.09 15,000,000,000 Fixed 0.000% Indonesia Government Bond 10.50% IDR 15/08/2030 2,292 0.09 15,000,000,000 Fixed 0.000% Indonesia Government Bond 10.50% IDR 15/08/2030 2,292 0.09 6,000,000,000 Fixed 0.000% Indonesia Government Bond 11.00% IDR 15/11/2020 857 0.03 17,000,000,000 Fixed 0.000% Indonesia Government Bond 11.00% IDR 15/11/2020 2,427 0.09

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Schedule of Investments as at 31 December 2012 continued

Swaps – continued Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Total Return Swaps continued 5,000,000,000 Fixed 0.000% Indonesia Government Bond 11.75% IDR 15/08/2023 778 0.03 42,000,000,000 Fixed 0.000% Indonesia Government Bond 11.75% IDR 15/08/2023 6,535 0.25 74,000,000,000 Fixed 0.000% Indonesia Government Bond 11.00% IDR 15/09/2025 11,239 0.43 47,000,000,000 Fixed 0.000% Indonesia Government Bond 12.00% IDR 15/09/2026 7,676 0.29 10,000,000,000 Fixed 0.000% Indonesia Government Bond 12.80% IDR 15/06/2021 1,573 0.06 15,000,000,000 Fixed 0.000% Indonesia Government Bond 12.80% IDR 15/06/2021 2,360 0.09 5,000,000,000 Fixed 0.000% Indonesia Government Bond 12.80% IDR 15/06/2021 787 0.03 1,500,000,000 Fixed 0.000% Indonesia Government Bond 12.80% IDR 15/06/2021 236 0.01 45,000,000,000 Fixed 0.000% Indonesia Government Bond 12.80% IDR 15/06/2021 7,081 0.27 MARKET VALUE ON SWAPS 111,520 4.25 MARKET VALUE OF INVESTMENTS (cost (000) US$ 2,297,616) 2,506,564 95.47 OTHER ASSETS AND LIABILITIES 118,804 4.53 SHAREHOLDERS’ EQUITY 2,625,368 100.00

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Emerging Markets Local Currency Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 90,226 – Government of Malaysia 3.418% 15/08/22 71,234 – Government of Poland 5.250% 25/10/17 50,741 82,539 Government of Poland 5.500% 25/10/19 – 41,410 Republic of Hungary 6.000% 24/10/12 – 40,012 Republic of Hungary 7.000% 24/06/22 61,932 35,122 Republic of Mexico 9.000% 20/06/13 – 46,317 Republic of Mexico 8.000% 17/12/15 – 45,793 Republic of South Africa 7.250% 15/01/20 65,752 89,606 Republic of South Africa 10.500% 21/12/26 35,028 71,345 Republic of South Africa 7.000% 28/02/31 58,137 44,529 Republic of Turkey 10.000% 15/02/12 1,483 74,187 Republic of Turkey 0.000% 20/02/13 59,189 93,936 Republic of Turkey 9.000% 05/03/14 148,518 1,248 Republic of Turkey 4.500% 11/02/15 1,943 66,831 Republic of Turkey 4.000% 29/04/15 1,882 64,020 Republic of Turkey 9.000% 08/03/17 73,286 20,075 Russian Federal Bond — OFZ 7.000% 03/06/15 – 57,026 Russian Federal Bond — OFZ 7.600% 14/04/21 136,320 34,630 Investec Funds Series iv - Emerging Markets Blended Debt Fund – – 41,963 – Other securities purchased and sold under (000) US$ 46,305 1,006,549 930,387 1,904,183 1,839,013

78 | Investec Global Strategy Fund Emerging Markets Local Currency Dynamic Debt Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds – 75.52% Brazilian Real 8,046,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/23 41,377 4.16 Chilean Peso 535,000,000 Bonos de la Tesoreria de la Republica en Pesos 6.000% 01/01/20 1,154 0.12 Colombian Peso 6,091,000,000 Republic of Colombia 12.000% 22/10/15 4,206 0.42 3,663,000,000 Republic of Colombia 7.750% 14/04/21 2,645 0.27 240,000,000 Republic of Colombia 9.850% 28/06/27 212 0.02

7,063 0.71 Czech Koruna 168,600,000 Government of Czech Republic 5.700% 25/05/24 12,112 1.22 Hungarian Forint 614,840,000 Republic of Hungary 5.500% 12/02/16 2,776 0.28 2,193,610,000 Republic of Hungary 6.750% 24/11/17 10,298 1.04 165,300,000 Republic of Hungary 6.500% 24/06/19 772 0.08 4,441,620,000 Republic of Hungary 7.000% 24/06/22 21,386 2.15 876,820,000 Republic of Hungary 6.750% 22/10/28 4,237 0.42

39,469 3.97 Indonesian Rupiah 40,250,000,000 Government of Indonesia 7.375% 15/09/16 4,562 0.46 133,403,000,000 Government of Indonesia 6.250% 15/04/17 14,698 1.48 17,392,000,000 Government of Indonesia 12.800% 15/06/21 2,741 0.28 143,870,000,000 Government of Indonesia 7.000% 15/05/22 16,964 1.71 11,333,000,000 Government of Indonesia 10.250% 15/07/22 1,605 0.16 4,000,000,000 Government of Indonesia 11.000% 15/09/25 607 0.06 31,652,000,000 Government of Indonesia 8.375% 15/09/26 4,056 0.41 119,615,000,000 Government of Indonesia 7.000% 15/05/27 13,727 1.38 40,900,000,000 Government of Indonesia 10.250% 15/07/27 5,999 0.60 16,676,000,000 Government of Indonesia 10.000% 15/02/28 2,419 0.24 45,233,000,000 Government of Indonesia 10.500% 15/08/30 6,916 0.70 5,978,000,000 Government of Indonesia 9.500% 15/07/31 850 0.08 52,870,000,000 Government of Indonesia 8.250% 15/06/32 6,713 0.68

81,857 8.24 Mexican Peso 334,900,000 Republic of Mexico 9.000% 20/06/13 26,469 2.67 191,150,000 Republic of Mexico 8.000% 19/12/13 15,274 1.54 59,000,000 Republic of Mexico 9.500% 18/12/14 4,975 0.50 92,500,000 Republic of Mexico 6.000% 18/06/15 7,359 0.74 120,250,000 Republic of Mexico 8.000% 17/12/15 10,099 1.02 51,590,000 Republic of Mexico 7.250% 15/12/16 4,316 0.43 101,670,000 Republic of Mexico 8.500% 13/12/18 9,229 0.93 124,520,000 Republic of Mexico 8.000% 11/06/20 11,343 1.14 32,860,000 Republic of Mexico 8.000% 07/12/23 3,075 0.31 43,670,000 Republic of Mexico 7.500% 03/06/27 3,945 0.40 61,280,000 Republic of Mexico 8.500% 31/05/29 5,992 0.60 44,270,000 Republic of Mexico 10.000% 20/11/36 4,971 0.50 18,460,000 Republic of Mexico 7.750% 13/11/42 1,680 0.17

108,727 10.95 New Russian Ruble 11,000,000 Russian Federal Bond — OFZ 7.350% 20/01/16 371 0.04 406,000,000 Russian Federal Bond — OFZ 6.900% 03/08/16 13,522 1.36 227,700,000 Russian Federal Bond — OFZ 7.400% 19/04/17 7,732 0.78

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Emerging Markets Local Currency Dynamic Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued New Russian Ruble continued 628,531,000 Russian Federal Bond — OFZ 7.400% 14/06/17 21,375 2.15 351,623,000 Russian Federal Bond — OFZ 7.500% 15/03/18 12,052 1.21 9,000,000 Russian Federal Bond — OFZ 7.500% 27/02/19 310 0.03 659,482,000 Russian Federal Bond — OFZ 7.600% 14/04/21 22,838 2.30 711,322,000 Russian Federal Bond — OFZ 8.150% 03/02/27 25,756 2.59

103,956 10.46 Nigerian Naira 227,500,000 Government of Nigeria 15.100% 27/04/17 1,608 0.16 1,085,540,000 Government of Nigeria 16.000% 29/06/19 8,170 0.82 275,000,000 Government of Nigeria 7.000% 23/10/19 1,368 0.14 398,363,000 Government of Nigeria 16.390% 27/01/22 3,156 0.32

14,302 1.44 Philippines Peso 83,000,000 Government of Philippines 4.950% 15/01/21 2,236 0.22 85,000,000 Government of Philippines 3.900% 26/11/22 2,152 0.22 78,000,000 Government of Philippines 6.250% 14/01/36 2,283 0.23

6,671 0.67 Polish Zloty 74,650,000 Government of Poland 5.250% 25/10/17 26,295 2.65 44,480,000 Government of Poland 4.000% 25/10/23 14,720 1.48 32,700,000 Government of Poland 5.750% 25/04/29 13,011 1.31

54,026 5.44 Romanian Leu 8,730,000 Republic of Romania 5.900% 26/07/17 2,556 0.26 South African Rand 9,400,000 Republic of South Africa 8.750% 21/12/14 1,185 0.12 131,260,000 Republic of South Africa 13.500% 15/09/15 18,623 1.87 161,440,000 Republic of South Africa 8.000% 21/12/18 20,912 2.10 11,000,000 Republic of South Africa 7.250% 15/01/20 1,369 0.14 35,204,000 Republic of South Africa 6.750% 31/03/21 4,254 0.43 55,800,000 Republic of South Africa 7.750% 28/02/23 7,048 0.71 115,750,000 Republic of South Africa 10.500% 21/12/26 17,474 1.76 111,600,000 Republic of South Africa 7.000% 28/02/31 12,206 1.23 95,970,000 Republic of South Africa 8.750% 28/02/48 11,977 1.21

95,048 9.57 Thailand Baht 100,000,000 Bank of Thailand 3.420% 18/08/13 3,324 0.33 106,825,000 Bank of Thailand 3.050% 30/01/15 3,501 0.35 386,500,000 Government of Thailand 4.250% 13/03/13 12,672 1.28 330,000,000 Government of Thailand 3.625% 22/05/15 10,970 1.10 60,500,000 Government of Thailand 3.125% 11/12/15 1,991 0.20 42,500,000 Government of Thailand 4.125% 18/11/16 1,448 0.15 91,600,000 Government of Thailand 2.800% 10/10/17 2,954 0.30 41,260,000 Government of Thailand 5.125% 13/03/18 1,474 0.15 107,400,000 Government of Thailand 3.450% 08/03/19 3,555 0.36 2,000,000 Government of Thailand 3.875% 13/06/19 68 0.01 156,090,000 Government of Thailand 3.650% 17/12/21 5,188 0.52 12,600,000 Government of Thailand 3.850% 12/12/25 417 0.04 5,199,000 Government of Thailand 4.875% 22/06/29 189 0.02

47,751 4.81

80 | Investec Global Strategy Fund Emerging Markets Local Currency Dynamic Debt Fund continued

Schedule of Investments as at 31 December 2012 continued Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Turkish Lira 53,641,000 Republic of Turkey 0.000% 20/02/13 29,833 3.00 8,070,000 Republic of Turkey 0.000% 15/05/13 4,425 0.45 1,800,000 Republic of Turkey 16.000% 28/08/13 1,086 0.11 30,984,000 Republic of Turkey 8.000% 29/01/14 17,733 1.79 40,200,000 Republic of Turkey 9.000% 05/03/14 23,289 2.34 11,200,000 Republic of Turkey 11.000% 06/08/14 6,751 0.68 39,400,000 Republic of Turkey 9.000% 08/03/17 24,218 2.44 15,900,000 Republic of Turkey 10.500% 15/01/20 10,920 1.10 23,490,000 Republic of Turkey 9.500% 12/01/22 15,811 1.59

134,066 13.50 TOTAL GOVERNMENT BONDS (cost (000) US$ 722,407) 750,135 75.52 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 722,407) 750,135 75.52

Transferable securities dealt in another regulated market Government Bonds – 13.94% Malaysian Ringgit 19,601,000 Government of Malaysia 3.210% 31/05/13 6,416 0.65 33,327,000 Government of Malaysia 5.094% 30/04/14 11,198 1.13 40,618,000 Government of Malaysia 4.012% 15/09/17 13,716 1.38 63,704,000 Government of Malaysia 4.378% 29/11/19 22,075 2.22 33,122,000 Government of Malaysia 4.160% 15/07/21 11,360 1.14 111,976,000 Government of Malaysia 3.418% 15/08/22 36,381 3.66 1,587,000 Government of Malaysia 4.392% 15/04/26 559 0.06 21,670,000 Government of Malaysia 3.892% 15/03/27 7,243 0.73

108,948 10.97 Peruvian Nouveau Sol 13,300,000 Government of Peru 9.910% 05/05/15 6,038 0.61 3,000,000 Government of Peru 8.600% 12/08/17 1,454 0.15 19,340,000 Government of Peru 7.840% 12/08/20 9,563 0.96 12,528,000 Government of Peru 8.200% 12/08/26 6,904 0.69 5,400,000 Government of Peru 6.950% 12/08/31 2,672 0.27

26,631 2.68 Romanian Leu 9,690,000 Republic of Romania 5.800% 26/10/15 2,849 0.29 TOTAL GOVERNMENT BONDS (cost (000) US$ 134,554) 138,428 13.94

Money Market Instruments – 2.30% Hungarian Forint 5,059,610,000 Hungary Treasury Bills ZCP 0.000% 16/01/13 22,862 2.30 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 22,918) 22,862 2.30 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 157,472) 161,290 16.24 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 879,879) 911,425 91.76

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Schedule of Investments as at 31 December 2012 continued

Futures – 0.03% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity KRW (253) Korea Treasury Bond Futures 10YR 19/03/13 Short 28 0.00 ZAR 210 Republic of South Africa Bond 07/02/13 Long 36 0.01 1,140 Republic of South Africa Bond 07/02/13 Long 309 0.03 315 Republic of South Africa Bond 07/02/13 Long 29 0.00

374 0.04 UNREALISED GAIN ON FUTURES 402 0.04 Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity KRW (775) Korea Treasury Bond Futures 3YR 19/03/13 Short (96) (0.01) UNREALISED LOSS ON FUTURES (96) (0.01)

Forward Currency Contracts – 0.10% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 MYR 185,532,000 US$ 60,235,088 381 0.04 04/02/2013 BRL 160,587,922 US$ 76,733,682 1,368 0.14 20/02/2013 COP 17,423,880,000 US$ 9,502,253 319 0.03 20/02/2013 INR 2,150,120,000 US$ 38,542,852 335 0.03 20/02/2013 NGN 690,100,000 US$ 4,282,301 36 0.00 20/02/2013 THB 570,692,000 US$ 18,490,759 114 0.01 20/02/2013 US$ 3,685,549 SGD 4,500,000 2 0.00 20/03/2013 EUR 1,584,677 HUF 460,000,000 27 0.00 20/03/2013 EUR 24,640,000 US$ 32,273,184 272 0.03 20/03/2013 MXN 485,128,538 US$ 37,194,036 73 0.01 20/03/2013 PLN 130,837,605 US$ 41,150,139 802 0.08 20/03/2013 RUB 655,084,903 US$ 20,872,645 302 0.03 20/03/2013 THB 63,900,323 US$ 2,079,750 0 0.00 20/03/2013 TRY 27,302,473 US$ 15,096,750 55 0.01 20/03/2013 US$ 5,127,916 HUF 1,120,000,000 96 0.01 20/03/2013 US$ 45,410,400 SGD 55,330,000 119 0.01 20/03/2013 ZAR 173,998,776 US$ 19,545,951 765 0.08 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 5,066 0.51 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 22,752,091 HUF 5,059,610,000 (134) (0.01) 16/01/2013 US$ 24,312,438 MXN 319,103,117 (346) (0.03) 16/01/2013 US$ 25,915,999 MYR 79,582,445 (85) (0.01) 16/01/2013 US$ 1,574,873 NGN 259,539,040 (77) (0.01) 20/02/2013 IDR 503,435,018,040 US$ 51,988,274 (50) (0.01) 20/02/2013 US$ 22,425,456 CLP 10,819,188,000 (27) (0.00) 20/02/2013 US$ 24,101,347 ILS 92,230,000 (550) (0.06) 20/02/2013 US$ 2,410,657 KRW 2,624,000,000 (33) (0.00) 20/02/2013 US$ 30,289,255 PEN 78,967,000 (563) (0.06) 20/02/2013 US$ 39,758,582 PHP 1,632,880,000 (29) (0.00) 20/02/2013 US$ 3,188,547 THB 98,000,000 (6) (0.00) 20/03/2013 EUR 12,444,278 PLN 51,980,000 (230) (0.02) 20/03/2013 HUF 4,380,774,264 US$ 19,978,124 (297) (0.03)

82 | Investec Global Strategy Fund Emerging Markets Local Currency Dynamic Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contract continued Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 US$ 36,417,264 CZK 703,178,798 (602) (0.06) 20/03/2013 US$ 28,505,005 EUR 21,799,484 (289) (0.03) 20/03/2013 US$ 2,993,734 MXN 39,179,000 (16) (0.00) 20/03/2013 US$ 5,298,542 RON 18,327,907 (85) (0.01) 20/03/2013 US$ 5,117,404 RUB 160,000,000 (54) (0.01) 20/03/2013 US$ 2,434,117 THB 75,000,000 (7) (0.00) 20/03/2013 US$ 55,394,019 TRY 100,330,000 (284) (0.03) 20/03/2013 US$ 15,374,568 ZAR 134,520,000 (328) (0.03) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (4,092) (0.41)

Swaps – 0.04% Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Interest Rate Swaps 37,180,000 Fixed 8.485% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2017 60 0.01 13,000,000 Fixed 8.500% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2017 24 0.00 22,460,000 Fixed 8.590% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2018 2 0.00 10,000,000 Fixed 8.850% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2021 (99) (0.01) 31,610,000 Fixed 8.990% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2017 419 0.04 MARKET VALUE ON SWAPS 406 0.04 MARKET VALUE OF INVESTMENTS (cost (000) US$ 879,879) 913,111 91.93 OTHER ASSETS AND LIABILITIES 80,151 8.07 SHAREHOLDERS’ EQUITY 993,262 100.00

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Emerging Markets Local Currency Dynamic Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 1,575 6,184 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 26,041 38,883 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/23 40,649 – Government of Czech Republic 5.700% 25/05/24 11,016 – Government of Indonesia 6.250% 15/04/17 14,704 957 Government of Indonesia 7.000% 15/05/22 16,738 – Government of Indonesia 7.000% 15/05/27 12,600 – Government of Indonesia 8.250% 15/06/32 6,594 – Government of Malaysia 3.210% 31/05/13 6,463 – Government of Malaysia 5.094% 30/04/14 8,857 – Government of Malaysia 3.741% 27/02/15 – 5,984 Government of Malaysia 4.012% 15/09/17 9,644 – Government of Malaysia 4.378% 29/11/19 18,772 1,103 Government of Malaysia 4.160% 15/07/21 11,790 6,645 Government of Malaysia 3.418% 15/08/22 36,105 – Government of Malaysia 3.892% 15/03/27 7,267 – Government of Nigeria 16.000% 29/06/19 7,277 – Government of Peru 9.910% 05/05/15 5,827 – Government of Peru 7.840% 12/08/20 8,921 – Government of Poland 5.500% 25/04/15 15,201 15,257 Government of Poland 5.250% 25/10/17 24,491 7,254 Government of Poland 4.000% 25/10/23 13,527 – Government of Poland 5.750% 25/04/29 10,540 – Government of Qatar 5.250% 20/01/20 2,891 6,161 Government of Thailand 4.250% 13/03/13 12,673 – Government of Thailand 3.625% 22/05/15 7,437 – Government of Thailand 3.650% 17/12/21 10,990 6,081 Hungary Treasury Bills ZCP 0.000% 16/01/13 22,611 – Kreditanstalt fuer Wiederaufbau 6.350% 22/05/12 – 7,125 Republic of Hungary 6.000% 24/10/12 – 8,631 Republic of Hungary 6.750% 22/08/14 – 6,340 Republic of Hungary 6.750% 24/11/17 7,768 – Republic of Hungary 7.000% 24/06/22 27,515 10,799 Republic of Mexico 9.000% 20/06/13 20,154 – Republic of Mexico 8.000% 19/12/13 12,071 – Republic of Mexico 8.000% 17/12/15 9,249 – Republic of Mexico 8.500% 13/12/18 8,761 – Republic of Mexico 8.000% 11/06/20 12,135 2,030 Republic of Mexico 7.500% 03/06/27 5,971 4,932 Republic of Mexico 8.500% 31/05/29 14,101 9,263 Republic of South Africa 13.500% 15/09/15 13,055 – Republic of South Africa 8.000% 21/12/18 16,914 – Republic of South Africa 7.250% 15/01/20 18,919 21,109 Republic of South Africa 7.750% 28/02/23 6,686 – Republic of South Africa 10.500% 21/12/26 22,220 7,675 Republic of South Africa 7.000% 28/02/31 15,691 8,190 Republic of South Africa 8.750% 28/02/48 11,174 – Republic of Turkey 10.000% 15/02/12 151 7,576 Republic of Turkey 0.000% 20/02/13 25,035 – Republic of Turkey 8.000% 29/01/14 14,954 – Republic of Turkey 9.000% 05/03/14 22,651 – Republic of Turkey 11.000% 06/08/14 6,526 – Republic of Turkey 4.500% 11/02/15 411 13,652 Republic of Turkey 9.000% 08/03/17 25,750 2,948 Republic of Turkey 10.500% 15/01/20 5,817 601 Republic of Turkey 9.500% 12/01/22 15,227 – Russian Federal Bond — OFZ 7.000% 03/06/15 6,810 13,142 Russian Federal Bond — OFZ 6.900% 03/08/16 12,695 – Russian Federal Bond — OFZ 7.400% 19/04/17 6,989 – Russian Federal Bond — OFZ 7.400% 14/06/17 15,409 – Russian Federal Bond — OFZ 7.500% 15/03/18 14,129 6,171 Russian Federal Bond — OFZ 7.600% 14/04/21 32,004 11,092 Russian Federal Bond — OFZ 8.150% 03/02/27 23,146 – Other securities purchased and sold under (000) US$ 5,137 107,243 54,913 928,532 290,698

84 | Investec Global Strategy Fund Global Bond Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 13.85% British Pound Sterling 200,000 Amgen, Inc. 4.000% 13/09/29 328 0.14 175,000 Anheuser-Busch InBev NV 9.750% 30/07/24 457 0.19 400,000 BASF SE 5.875% 31/03/17 765 0.32 453,000 Carlsberg Breweries A/S 7.250% 28/11/16 883 0.37 300,000 Centrica Plc. 7.000% 19/09/18 612 0.26 510,000 Deutsche Bahn Finance BV 2.750% 20/06/22 854 0.36 400,000 Everything Everywhere Finance Plc. 4.375% 28/03/19 677 0.28 297,000 Firstgroup Plc. 8.750% 08/04/21 597 0.25 229,000 G4S Plc. 7.750% 13/05/19 457 0.19 250,000 Gazprom OAO Via Gaz Capital S.A. 6.580% 31/10/13 421 0.18 180,000 Holcim GB Finance Ltd. 8.750% 24/04/17 362 0.15 200,000 Imperial Tobacco Finance Plc. 5.500% 28/09/26 381 0.16 288,000 Imperial Tobacco Finance Plc. 7.750% 24/06/19 601 0.25 100,000 InterContinental Hotels Group Plc. 6.000% 09/12/16 184 0.08 300,000 Johnson & Johnson 5.500% 06/11/24 626 0.26 259,000 Linde Finance BV 6.500% 29/01/16 486 0.20 250,000 Merrill Lynch & Co., Inc. 7.750% 30/04/18 495 0.21 250,000 PepsiCo, Inc. 2.500% 01/11/22 405 0.17 550,000 Reed Elsevier Investments Plc. 5.625% 20/10/16 1,013 0.42 328,000 Rolls-Royce Plc. 6.750% 30/04/19 668 0.28 200,000 Russian Railways via RZD Capital Ltd. 7.487% 25/03/31 399 0.17 233,000 Severn Trent Utilities Finance Plc. 6.000% 22/01/18 447 0.19 350,000 Stagecoach Group Plc. 5.750% 16/12/16 633 0.27 429,000 Tesco Plc. 6.125% 24/02/22 847 0.35 550,000 Virgin Media Secured Finance Plc. 7.000% 15/01/18 969 0.41 540,000 Volkswagen Financial Services NV 2.000% 23/10/15 892 0.37 300,000 Wells Fargo & Co. 3.500% 12/09/29 478 0.20 116,000 WPP 2008 Ltd. 6.000% 04/04/17 216 0.09

16,153 6.77 Euro 200,000 Amgen, Inc. 4.375% 05/12/18 308 0.13 586,000 Bacardi Ltd. 7.750% 09/04/14 840 0.35 304,000 BMW Finance NV 3.875% 18/01/17 446 0.19 400,000 Casino Guichard Perrachon S.A. 4.481% 12/11/18 599 0.25 600,000 Eutelsat S.A. 4.125% 27/03/17 881 0.37 250,000 Glencore Finance Europe S.A. 5.250% 22/03/17 371 0.16 450,000 IPIC GMTN Ltd. 5.875% 14/03/21 724 0.30 100,000 Lloyds TSB Bank Plc. 5.625% 05/03/18 128 0.05 550,000 Lottomatica Group SpA 5.375% 02/02/18 807 0.34 380,000 RCI Banque S.A. 4.000% 11/07/13 509 0.21 150,000 Telefonica Emisiones SAU 4.693% 11/11/19 216 0.09 200,000 Teva Pharmaceutical Finance IV BV 2.875% 15/04/19 283 0.12

6,112 2.56 US Dollar 200,000 Abu Dhabi National Energy Co. 5.875% 13/12/21 239 0.10 190,000 Altria Group, Inc. 9.700% 10/11/18 266 0.11 200,000 Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375% 01/11/22 198 0.08 346,000 Anheuser-Busch InBev Worldwide, Inc. 7.750% 15/01/19 462 0.19 631,000 AT&T, Inc. 5.800% 15/02/19 775 0.33 476,000 B.A.T. International Finance Plc. 9.500% 15/11/18 660 0.28 335,000 E.ON International Finance BV 5.800% 30/04/18 408 0.17 400,000 Gazprom OAO Via Gaz Capital S.A. 6.510% 07/03/22 478 0.20 795,000 JPMorgan Chase & Co. 4.950% 25/03/20 921 0.39

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Global Bond Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued US Dollar continued 400,000 MDC-GMTN B.V. 5.500% 20/04/21 474 0.20 697,000 Morgan Stanley 7.300% 13/05/19 849 0.36 835,000 Myriad International Holding BV 6.375% 28/07/17 943 0.40 860,000 Petrobras International Finance Co. - Pifco 3.875% 27/01/16 908 0.38 250,000 Reliance Holdings USA, Inc. 5.400% 14/02/22 278 0.12 688,000 Roche Holdings, Inc. 6.000% 01/03/19 859 0.36 300,000 Sasol Financing International Plc. 4.500% 14/11/22 304 0.13 1,000,000 Standard Chartered Plc. 3.850% 27/04/15 1,058 0.44 500,000 Telefonica Moviles Chile S.A. 2.875% 09/11/15 510 0.21 160,000 Vale S.A. 5.625% 11/09/42 175 0.07

10,765 4.52 TOTAL CORPORATE BONDS (cost (000) US$ 30,889) 33,030 13.85

Government Bonds – 34.51% Brazilian Real 98,400 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 506 0.21 160,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 823 0.35

1,329 0.56 British Pound Sterling 1,600,000 United Kingdom Gilt 4.750% 07/03/20 3,208 1.34 340,000 United Kingdom Gilt Inflation Linked 2.500% 16/08/13 1,548 0.65

4,756 1.99 Colombian Peso 164,000,000 Republic of Colombia 9.850% 28/06/27 145 0.06 Czech Koruna 3,000,000 Government of Czech Republic 5.700% 25/05/24 215 0.09 Euro 11,700,000 Bonos y Obligation del Estado 3.150% 31/01/16 15,330 6.43 4,646,776 Bundesrepublik Deutschland 2.250% 15/04/13 6,115 2.56 1,710,000 Bundesrepublik Deutschland 1.250% 14/10/16 2,354 0.99 5,448,139 Bundesrepublik Deutschland 6.250% 04/01/24 10,747 4.51 2,103,000 Bundesrepublik Deutschland 4.250% 04/07/39 3,983 1.67 1,350,000 Bundesschatzanweisungen 1.750% 14/06/13 1,795 0.75 566,540 Government of France 4.000% 25/10/38 892 0.37

41,216 17.28 Hungarian Forint 200,000 Republic of Hungary 6.750% 12/02/13 1 0.00 125,000,000 Republic of Hungary 7.500% 24/10/13 575 0.24 35,900,000 Republic of Hungary 6.750% 24/11/17 168 0.07 92,100,000 Republic of Hungary 6.750% 22/10/28 445 0.19

1,189 0.50 Indonesian Rupiah 5,956,000,000 Government of Indonesia 6.250% 15/04/17 656 0.27 7,304,000,000 Government of Indonesia 9.500% 15/07/31 1,039 0.44

1,695 0.71 Japanese Yen 181,000,000 Development Bank of Japan 1.700% 20/09/22 2,274 0.95 300,000,000 Development Bank of Japan 2.300% 19/03/26 3,970 1.67

6,244 2.62

86 | Investec Global Strategy Fund Global Bond Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Mexican Peso 17,970,000 Republic of Mexico 9.000% 20/06/13 1,420 0.60 40,000 Republic of Mexico 7.250% 15/12/16 4 0.00 14,370,000 Republic of Mexico 8.000% 11/06/20 1,309 0.55

2,733 1.15 New Russian Ruble 26,780,000 Russian Federal Bond — OFZ 7.350% 20/01/16 902 0.38 12,000,000 Russian Federal Bond — OFZ 7.500% 27/02/19 414 0.17 20,900,000 Russian Federal Bond — OFZ 8.150% 03/02/27 757 0.32

2,073 0.87 Polish Zloty 1,470,000 Government of Poland 5.250% 25/10/17 518 0.22 680,000 Government of Poland 5.750% 25/04/29 270 0.11

788 0.33 South African Rand 6,300,000 Republic of South Africa 8.000% 21/12/18 816 0.34 10,240,000 Republic of South Africa 6.750% 31/03/21 1,237 0.52

2,053 0.86 Swedish Krona 77,700,000 Government of Sweden 3.500% 01/06/22 14,002 5.87 Thailand Baht 22,340,000 Government of Thailand 4.250% 13/03/13 732 0.31 4,800,000 Government of Thailand 5.400% 27/07/16 170 0.07 7,830,000 Government of Thailand 3.650% 17/12/21 260 0.11

1,162 0.49 Turkish Lira 1,000,000 Republic of Turkey 8.000% 09/10/13 569 0.24 2,762,000 Republic of Turkey 11.000% 06/08/14 1,665 0.70 754,000 Republic of Turkey 9.000% 08/03/17 463 0.19

2,697 1.13 TOTAL GOVERNMENT BONDS (cost (000) US$ 78,185) 82,297 34.51 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 4.71% British Pound Sterling 1,788,714 Investec Funds Series iii - Emerging Markets Local Currency Debt Fund 5,632 2.36 US Dollar 1,656,246 Investec Funds Series iii - Emerging Markets Local Currency Debt Fund 5,605 2.35 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 8,300) 11,237 4.71 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 117,374) 126,564 53.07

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Global Bond Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 2.41% US Dollar 585,000 Anglo American Capital Plc. 9.375% 08/04/19 767 0.32 400,000 Braskem Finance Ltd. 5.750% 15/04/21 421 0.18 376,000 Comcast Corp. 5.150% 01/03/20 448 0.19 810,000 DIRECTV Holdings LLC 5.200% 15/03/20 926 0.39 555,000 EDF S.A. 6.500% 26/01/19 682 0.29 348,000 Enel Finance International NV 5.125% 07/10/19 368 0.15 392,000 Kraft Foods Group, Inc. 5.375% 10/02/20 471 0.20 900,000 Pearson Funding Two Plc. 4.000% 17/05/16 968 0.40 250,000 State Bank of India 4.125% 01/08/17 258 0.11 400,000 WPP Finance UK 8.000% 15/09/14 442 0.18

5,751 2.41 TOTAL CORPORATE BONDS (cost (000) US$ 5,390) 5,751 2.41

Government Bonds – 36.66% Canadian Dollar 7,000,000 Government of Canada 5.250% 01/06/13 7,159 3.00 15,000,000 Government of Canada 5.000% 01/06/14 15,895 6.67

23,054 9.67 Malaysian Ringgit 3,765,000 Government of Malaysia 4.262% 15/09/16 1,278 0.53 1,600,000 Government of Malaysia 4.160% 15/07/21 549 0.23

1,827 0.76 Peruvian Nouveau Sol 1,100,000 Government of Peru 7.840% 12/08/20 544 0.23 US Dollar 22,940,000 United States Treasury Note/Bond 2.625% 31/12/14 24,020 10.07 920,000 United States Treasury Note/Bond 1.250% 31/08/15 942 0.39 3,660,000 United States Treasury Note/Bond 4.875% 15/08/16 4,237 1.78 390,000 United States Treasury Note/Bond 4.250% 15/11/17 456 0.19 4,410,000 United States Treasury Note/Bond 3.125% 15/05/19 4,992 2.09 18,050,000 United States Treasury Note/Bond 2.125% 15/08/21 18,927 7.94 6,292,000 United States Treasury Note/Bond 4.625% 15/02/40 8,449 3.54

62,023 26.00 TOTAL GOVERNMENT BONDS (cost (000) US$ 85,365) 87,448 36.66 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 90,755) 93,199 39.07 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 208,129) 219,763 92.14

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Schedule of Investments as at 31 December 2012 continued

Futures – 0.02% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity EUR 81 German Federal Republic Bonds 10YR 07/03/13 Long 148 0.06 1 German Federal Republic Bonds 3YR 07/03/13 Long 0 0.00

148 0.06 US$ (74) US Treasury Notes 10YR 19/03/13 Short 38 0.02 4 US Treasury Notes 30YR 19/03/13 Long 1 0.00

39 0.02 UNREALISED GAIN ON FUTURES 187 0.08

Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (35) EURO Future 07/03/13 Short (25) (0.01) (8) German Federal Republic Bonds 30YR 07/03/13 Short (41) (0.02)

(66) (0.03) GBP (35) UK Treasury Bonds 10YR 26/03/13 Short (17) (0.01) JPY 5 Japan Government Bonds 10YR 11/03/13 Long (47) (0.02) US$ 34 US Treasury Notes 5YR 28/03/13 Long (3) (0.00) UNREALISED LOSS ON FUTURES (133) (0.06)

Options – 0.02% Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Purchased Options US$ 300,000 US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 135.00 37 0.02 MARKET VALUE OF PURCHASED OPTIONS 37 0.02 Written Options US$ (300,000) US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 136.50 (9) (0.00) MARKET VALUE OF WRITTEN OPTIONS (9) (0.00)

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Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts – (0.81%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 KRW 7,549,814,494 US$ 6,839,343 207 0.09 16/01/2013 MXN 18,891,000 US$ 1,438,394 21 0.01 16/01/2013 MYR 17,735,000 US$ 5,740,411 54 0.02 16/01/2013 TWD 146,207,503 US$ 5,006,333 29 0.01 20/02/2013 CNY 7,238,000 US$ 1,152,731 5 0.00 20/02/2013 ILS 3,488,651 US$ 909,581 23 0.01 20/02/2013 INR 369,028,000 US$ 6,610,739 62 0.03 20/03/2013 CHF 318,226 GBP 213,000 3 0.00 20/03/2013 CZK 3,092,000 US$ 162,746 0 0.00 20/03/2013 EUR 264,000 CAD 347,147 0 0.00 20/03/2013 EUR 12,535,000 US$ 16,523,531 33 0.01 20/03/2013 GBP 222,610 EUR 273,000 1 0.00 20/03/2013 GBP 250,000 US$ 401,047 5 0.00 20/03/2013 HKD 6,713,000 US$ 866,301 0 0.00 20/03/2013 ILS 798,000 US$ 209,985 3 0.00 20/03/2013 NOK 5,486,742 US$ 975,126 9 0.00 20/03/2013 NZD 5,518,338 AUD 4,372,000 24 0.01 20/03/2013 PLN 6,144,694 US$ 1,936,005 34 0.01 20/03/2013 RUB 79,871,000 US$ 2,544,270 38 0.02 20/03/2013 SEK 3,627,000 US$ 547,242 10 0.00 20/03/2013 TRY 7,044,774 US$ 3,895,368 14 0.01 20/03/2013 US$ 14,479,295 AUD 13,940,960 83 0.04 20/03/2013 US$ 1,116,089 HUF 244,602,167 17 0.01 20/03/2013 US$ 553,112 MXN 7,194,000 1 0.00 20/03/2013 US$ 266,580 PLN 828,000 1 0.00 20/03/2013 US$ 6,717,819 SGD 8,184,335 18 0.01 20/03/2013 US$ 372,441 TWD 10,771,000 1 0.00 20/03/2013 ZAR 36,880,272 US$ 4,214,809 90 0.04 21/03/2013 AUD 659,000 JPY 56,667,330 26 0.01 21/03/2013 EUR 3,644,000 JPY 408,288,336 98 0.04 21/03/2013 US$ 6,152,389 JPY 513,981,209 216 0.09 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 1,126 0.47 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 3,631,071 KRW 4,007,154,000 (109) (0.05) 16/01/2013 US$ 3,239,613 TWD 95,212,968 (39) (0.02) 04/02/2013 BRL 5,543,000 US$ 2,699,951 (4) (0.00) 04/02/2013 US$ 241,263 BRL 506,000 (5) (0.00) 20/02/2013 IDR 44,644,146,000 US$ 4,608,402 (3) (0.00) 20/02/2013 US$ 1,775,010 CLP 855,554,895 (1) (0.00) 20/02/2013 US$ 1,173,138 COP 2,150,304,000 (39) (0.02) 20/02/2013 US$ 3,338,829 ILS 12,808,000 (84) (0.04) 20/02/2013 US$ 2,836,151 PEN 7,411,000 (59) (0.03) 20/02/2013 US$ 4,247,501 PHP 174,547,000 (6) (0.00) 20/02/2013 US$ 992,874 THB 30,655,000 (7) (0.00) 20/03/2013 AUD 4,371,023 EUR 3,530,000 (149) (0.06) 20/03/2013 AUD 2,235,000 US$ 2,317,438 (9) (0.00) 20/03/2013 AUD 1,127,000 ZAR 10,121,003 (18) (0.01) 20/03/2013 CAD 342,292 NZD 418,000 (0) (0.00) 20/03/2013 CAD 1,429,000 US$ 1,440,580 (6) (0.00) 20/03/2013 CHF 1,262,000 US$ 1,382,267 (1) (0.00)

20/03/2013 CZK 22,143,009 MXN 15,191,000(1) (1)(0.00) (0.00)

20/03/2013 EUR 3,763,000 GBP 3,080,730(33) (33)(0.01) (0.01)

20/03/2013 EUR 1,967,192 PLN 8,217,000(36) (36)(0.02) (0.02)

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Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity

20/03/2013 MXN 42,053,552 US$ 3,238,413(8) (8)(0.00) (0.00)

20/03/2013 NZD 411,971 CAD 342,000(4) (4)(0.00) (0.00)

20/03/2013 NZD 6,241,000 US$ 5,191,726(59) (59)(0.03) (0.03)

20/03/2013 US$ 18,932,846 CAD 18,865,239(2) (2)(0.00) (0.00)

20/03/2013 US$ 772,330 CHF 715,000(10) (10)(0.00) (0.00)

20/03/2013 US$ 4,802,205 CZK 92,806,892(84) (84)(0.04) (0.04)

20/03/2013 US$ 10,811,149 EUR 8,227,765(56) (56)(0.02) (0.02)

20/03/2013 US$ 16,750,452 GBP 10,403,726(146) (146)(0.06) (0.06)

20/03/2013 US$ 1,498,229 KRW 1,629,548,445(17) (17)(0.01) (0.01)

20/03/2013 US$ 3,537,182 NOK 20,019,571(55) (55)(0.02) (0.02)

20/03/2013 US$ 7,314,761 NZD 8,958,573(53) (53)(0.02) (0.02)

20/03/2013 US$ 17,311,798 SEK 115,282,898(385) (385)(0.16) (0.16)

20/03/2013 US$ 5,427,593 TRY 9,831,000(28) (28)(0.01) (0.01)

20/03/2013 US$ 3,662,649 ZAR 32,194,577(95) (95)(0.04) (0.04)

21/03/2013 JPY 390,005,226 EUR 3,510,000(132) (132)(0.06) (0.06)

21/03/2013 JPY 2,946,657,682 US$ 35,340,501(1,308) (1,308)(0.55) (0.55) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (3,051) (1.28) MARKET VALUE OF INVESTMENTS (cost (000) US$ 208,129) 217,920 91.37 OTHER ASSETS AND LIABILITIES 20,581 8.63 SHAREHOLDERS’ EQUITY 238,501 100.00

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Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Bonos y Obligation del Estado 3.150% 31/01/16 15,043 – Bundesobligation Inflation Linked 2.250% 15/04/13 6,505 96 Bundesrepublik Deutschland 4.250% 04/01/14 4,180 16,131 Bundesrepublik Deutschland 3.250% 04/01/20 983 7,654 Bundesrepublik Deutschland 6.250% 04/01/24 5,366 – Government of Australia 4.500% 15/04/20 1,285 7,099 Government of Austria 3.400% 22/11/22 5,856 5,892 Government of Canada 2.000% 01/09/12 10,294 10,516 Government of Canada 5.250% 01/06/13 12,403 5,148 Government of Canada 5.000% 01/06/14 16,280 – Government of Canada 1.500% 01/09/17 9,258 9,098 Government of Canada 3.250% 01/06/21 7,116 7,120 Government of France 3.500% 25/04/20 4,889 4,938 Government of Norway 3.750% 25/05/21 4,374 14,860 Government of Sweden 3.500% 01/06/22 13,728 – Republic of Turkey 3.125% 15/05/19 5,072 – United Kingdom Gilt 4.250% 07/06/32 3,268 3,316 United Kingdom Gilt Inflation Linked 2.500% 16/04/20 2,345 5,592 United Kingdom Treasury Bill ZCP 0.000% 30/07/12 16,255 16,148 United Kingdom Treasury Bill ZCP 0.000% 08/10/12 9,606 9,618 United Kingdom Treasury Bill ZCP 0.000% 10/12/12 9,610 9,681 United States Treasury Inflation Indexed Bonds 0.625% 15/04/13 – 21,167 United States Treasury Note/Bond 2.625% 31/12/14 23,679 2,273 United States Treasury Note/Bond 2.125% 15/08/21 18,657 – Other securities purchased and sold under (000) US$ 3,100 47,903 30,876 253,955 187,223

92 | Investec Global Strategy Fund Global Defensive Bond Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 22.43% British Pound Sterling 75,000 Anheuser-Busch InBev NV 9.750% 30/07/24 196 0.63 50,000 BASF SE 5.875% 31/03/17 96 0.31 100,000 Boparan Finance Plc. 9.875% 30/04/18 184 0.59 70,000 Care UK Health & Social Care Plc. 9.750% 01/08/17 122 0.39 80,000 Carlsberg Breweries A/S 7.250% 28/11/16 156 0.50 50,000 Centrica Plc. 7.000% 19/09/18 102 0.33 60,000 Deutsche Bahn Finance BV 2.750% 20/06/22 101 0.33 100,000 Everything Everywhere Finance Plc. 4.375% 28/03/19 169 0.54 50,000 Firstgroup Plc. 8.750% 08/04/21 101 0.33 50,000 G4S Plc. 7.750% 13/05/19 100 0.32 50,000 Gazprom OAO Via Gaz Capital S.A. 6.580% 31/10/13 84 0.27 50,000 Holcim GB Finance Ltd. 8.750% 24/04/17 100 0.32 100,000 Imperial Tobacco Finance Plc. 5.500% 28/09/26 190 0.61 50,000 InterContinental Hotels Group Plc. 6.000% 09/12/16 92 0.30 50,000 Johnson & Johnson 5.500% 06/11/24 104 0.33 50,000 Ladbrokes Group Finance Plc. 7.625% 05/03/17 91 0.29 50,000 Linde Finance BV 6.500% 29/01/16 94 0.30 50,000 Merrill Lynch & Co., Inc. 7.750% 30/04/18 99 0.32 50,000 Reed Elsevier Investments Plc. 5.625% 20/10/16 92 0.30 50,000 Rolls-Royce Plc. 6.750% 30/04/19 102 0.33 50,000 Tesco Plc. 6.125% 24/02/22 99 0.32 70,000 Virgin Media Secured Finance Plc. 7.000% 15/01/18 123 0.40 50,000 Volkswagen Financial Services NV 2.000% 23/10/15 83 0.27 100,000 William Hill Plc. 7.125% 11/11/16 181 0.58

2,861 9.21 Euro 100,000 Amgen, Inc. 4.375% 05/12/18 154 0.50 100,000 Ardagh Packaging Finance Plc. 7.375% 15/10/17 145 0.47 95,000 Bacardi Ltd. 7.750% 09/04/14 136 0.44 50,000 Brenntag Finance BV 5.500% 19/07/18 75 0.24 50,000 Casino Guichard Perrachon S.A. 4.481% 12/11/18 75 0.24 50,000 Cirsa Funding Luxembourg S.A. 8.750% 15/05/18 65 0.21 50,000 Codere Finance Luxembourg S.A. 8.250% 15/06/15 55 0.18 100,000 eAccess Ltd. 8.375% 01/04/18 150 0.48 100,000 Edcon Pty Ltd. 3.433% 15/06/14 127 0.41 100,000 Eutelsat S.A. 4.125% 27/03/17 147 0.47 100,000 Greif Luxembourg Finance SCA 7.375% 15/07/21 150 0.48 50,000 Ineos Group Holdings S.A. 7.875% 15/02/16 66 0.21 100,000 IPIC GMTN Ltd. 5.875% 14/03/21 161 0.52 50,000 Iron Mountain, Inc. 6.750% 15/10/18 68 0.22 100,000 Labco SAS 8.500% 15/01/18 137 0.44 100,000 Levi Strauss & Co. 7.750% 15/05/18 140 0.45 50,000 Lottomatica Group SpA 5.375% 02/02/18 73 0.24 50,000 New World Resources NV 7.875% 01/05/18 69 0.22 100,000 OI European Group BV 6.750% 15/09/20 150 0.48 50,000 Rexam Plc. 6.750% 29/06/67 70 0.23 100,000 Smurfit Kappa Acquisitions 5.125% 15/09/18 140 0.45 100,000 Teva Pharmaceutical Finance IV BV 2.875% 15/04/19 141 0.45 80,000 Ziggo Bond Co. BV 8.000% 15/05/18 117 0.38

2,611 8.41

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued US Dollar 43,000 Altria Group, Inc. 9.700% 10/11/18 60 0.19 80,000 Anheuser-Busch InBev Worldwide, Inc. 7.750% 15/01/19 107 0.34 65,000 AT&T, Inc. 5.800% 15/02/19 80 0.26 45,000 B.A.T. International Finance Plc. 9.500% 15/11/18 62 0.20 100,000 Inmarsat Finance Plc. 7.375% 01/12/17 107 0.35 100,000 JPMorgan Chase & Co. 4.950% 25/03/20 116 0.37 100,000 Morgan Stanley 7.300% 13/05/19 122 0.39 130,000 Myriad International Holding BV 6.375% 28/07/17 147 0.47 100,000 Petrobras International Finance Co. - Pifco 3.875% 27/01/16 105 0.34 100,000 Roche Holdings, Inc. 6.000% 01/03/19 125 0.40 150,000 Standard Chartered Plc. 3.850% 27/04/15 159 0.51 100,000 Telefonica Moviles Chile S.A. 2.875% 09/11/15 102 0.33 30,000 Vale S.A. 5.625% 11/09/42 33 0.11 150,000 Vimpel Communications OJSC Via UBS Luxembourg S.A. 8.250% 23/05/16 170 0.55

1,495 4.81 TOTAL CORPORATE BONDS (cost (000) US$ 6,679) 6,967 22.43

Government Bonds – 34.77% Brazilian Real 100,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 514 1.66 British Pound Sterling 200,000 United Kingdom Gilt 4.750% 07/03/20 401 1.29 310,000 United Kingdom Gilt Inflation Linked 2.500% 16/08/13 1,411 4.54

1,812 5.83 Colombian Peso 70,000,000 Republic of Colombia 9.850% 28/06/27 62 0.20 Czech Koruna 1,000,000 Government of Czech Republic 5.700% 25/05/24 72 0.23 Euro 370,000 Bundesrepublik Deutschland 3.250% 04/01/20 571 1.84 Hungarian Forint 22,500,000 Republic of Hungary 6.750% 12/02/13 102 0.33 24,800,000 Republic of Hungary 6.750% 24/11/17 116 0.37 20,600,000 Republic of Hungary 6.750% 22/10/28 100 0.32

318 1.02 Indonesian Rupiah 1,537,000,000 Government of Indonesia 6.250% 15/04/17 169 0.54 433,000,000 Government of Indonesia 12.800% 15/06/21 68 0.22 1,440,000,000 Government of Indonesia 10.500% 15/08/30 220 0.71 17,000,000 Government of Indonesia 9.500% 15/07/31 3 0.01

460 1.48 Mexican Peso 6,130,000 Republic of Mexico 9.500% 18/12/14 517 1.66 650,000 Republic of Mexico 10.000% 20/11/36 73 0.24

590 1.90

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued New Russian Ruble 10,750,000 Russian Federal Bond — OFZ 7.350% 20/01/16 362 1.17 3,000,000 Russian Federal Bond — OFZ 7.600% 14/04/21 104 0.33 2,500,000 Russian Federal Bond — OFZ 8.150% 03/02/27 91 0.29

557 1.79 Norwegian Krone 6,190,000 Government of Norway 6.500% 15/05/13 1,133 3.65 Polish Zloty 390,000 Government of Poland 5.250% 25/10/17 137 0.44 230,000 Government of Poland 5.750% 25/04/29 92 0.30

229 0.74 South African Rand 1,900,000 Republic of South Africa 8.750% 21/12/14 239 0.77 1,030,000 Republic of South Africa 6.750% 31/03/21 125 0.40 1,500,000 Republic of South Africa 7.000% 28/02/31 164 0.53

528 1.70 Swedish Krona 8,300,000 Government of Sweden 3.500% 01/06/22 1,496 4.82 Thailand Baht 5,120,000 Government of Thailand 4.250% 13/03/13 168 0.54 3,000,000 Government of Thailand 3.650% 17/12/21 100 0.32

268 0.86 Turkish Lira 1,061,000 Republic of Turkey 11.000% 06/08/14 640 2.06 168,000 Republic of Turkey 9.000% 08/03/17 103 0.33

743 2.39 US Dollar 900,000 United States Treasury Note/Bond 4.250% 15/11/14 967 3.11 470,000 United States Treasury Note/Bond 1.250% 31/08/15 481 1.55

1,448 4.66 TOTAL GOVERNMENT BONDS (cost (000) US$ 10,695) 10,801 34.77 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 4.93% Euro 26,956 Investec Global Strategy Fund - Emerging Markets Currency Fund 767 2.47 US Dollar 36,757 Investec Global Strategy Fund - Emerging Markets Currency Fund 764 2.46 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 1,553) 1,531 4.93 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 18,927) 19,299 62.13

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 3.17% US Dollar 150,000 Aguila 3 S.A. 7.875% 31/01/18 161 0.52 100,000 Anglo American Capital Plc. 9.375% 08/04/19 131 0.42 60,000 Bombardier, Inc. 7.500% 15/03/18 67 0.21 75,000 Comcast Corp. 5.150% 01/03/20 89 0.29 100,000 DIRECTV Holdings LLC 5.200% 15/03/20 114 0.37 50,000 EDF S.A. 6.500% 26/01/19 61 0.20 100,000 Enel Finance International NV 5.125% 07/10/19 106 0.34 78,000 Kraft Foods Group, Inc. 5.375% 10/02/20 94 0.30 150,000 Pearson Funding Two Plc. 4.000% 17/05/16 161 0.52

984 3.17 TOTAL CORPORATE BONDS (cost (000) US$ 916) 984 3.17

Government Bonds – 14.79% Canadian Dollar 1,500,000 Government of Canada 5.250% 01/06/13 1,534 4.94 Malaysian Ringgit 600,000 Government of Malaysia 3.210% 31/05/13 197 0.63 931,000 Government of Malaysia 4.160% 15/07/21 319 1.03

516 1.66 Peruvian Nouveau Sol 240,000 Government of Peru 8.200% 12/08/26 132 0.43 US Dollar 450,000 United States Treasury Note/Bond 2.625% 31/12/14 471 1.52 90,000 United States Treasury Note/Bond 4.250% 15/11/17 105 0.34 1,570,000 United States Treasury Note/Bond 2.125% 15/08/21 1,647 5.30 140,000 United States Treasury Note/Bond 4.625% 15/02/40 188 0.60

2,411 7.76 TOTAL GOVERNMENT BONDS (cost (000) US$ 4,521) 4,593 14.79

Money Market Instruments – 13.07% British Pound Sterling 2,500,000 United Kingdom Treasury Bill ZCP 0.000% 25/03/13 4,059 13.07 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 4,003) 4,059 13.07 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 9,440) 9,636 31.03 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 28,367) 28,935 93.16

Futures – 0.05% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity EUR 6 German Federal Republic Bonds 10YR 07/03/13 Long 12 0.04 US$ (14) US Treasury Notes 10YR 19/03/13 Short 9 0.03 (2) US Treasury Notes 30YR 19/03/13 Short 4 0.01

13 0.04 UNREALISED GAIN ON FUTURES 25 0.08

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Futures continued Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (4) EURO Future 07/03/13 Short (2) (0.01) (4) German Federal Republic Bonds 2YR 07/03/13 Short (1) (0.00)

(3) (0.01) GBP (8) UK Treasury Bonds 10YR 26/03/13 Short (4) (0.01) US$ (11) US Treasury Notes 2YR 28/03/13 Short (1) (0.01) 2 US Treasury Notes 5YR 28/03/13 Long (0) (0.00)

(1) (0.01) UNREALISED LOSS ON FUTURES (8) (0.03)

Options – 0.01% Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Purchased Options US$ 40,000 US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 135.00 5 0.02 MARKET VALUE OF PURCHASED OPTIONS 50.02 Written Options US$ (40,000) US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 136.50 (2) (0.01) MARKET VALUE OF WRITTEN OPTIONS (2) (0.01)

Forward Currency Contracts – (0.60%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 KRW 734,408,891 US$ 664,749 21 0.07 16/01/2013 MYR 1,658,000 US$ 536,656 5 0.02 16/01/2013 TWD 22,804,345 US$ 780,680 5 0.01 20/02/2013 CNY 1,004,000 US$ 159,898 1 0.00 20/02/2013 ILS 477,041 US$ 124,377 3 0.01 20/02/2013 INR 48,081,000 US$ 861,204 8 0.03 20/03/2013 CHF 43,327 GBP 29,000 0 0.00 20/03/2013 CZK 852,000 US$ 44,845 0 0.00 20/03/2013 EUR 36,000 CAD 47,338 0 0.00 20/03/2013 EUR 1,237,000 US$ 1,631,022 3 0.01 20/03/2013 GBP 29,355 EUR 36,000 0 0.00 20/03/2013 HKD 1,160,000 US$ 149,696 0 0.00 20/03/2013 ILS 155,000 US$ 40,888 1 0.00 20/03/2013 MXN 9,246,947 US$ 709,586 1 0.00 20/03/2013 NOK 914,214 US$ 162,369 2 0.01 20/03/2013 NZD 377,398 AUD 299,000 2 0.01 20/03/2013 PLN 468,314 US$ 147,842 2 0.01 20/03/2013 RUB 3,001,000 US$ 95,596 1 0.00 20/03/2013 SEK 700,000 US$ 105,565 2 0.01 20/03/2013 TRY 241,306 US$ 133,429 0 0.00 20/03/2013 US$ 1,588,775 AUD 1,531,861 7 0.02 20/03/2013 US$ 305,191 HUF 66,885,691 5 0.01 20/03/2013 US$ 116,129 MXN 1,502,000 1 0.00

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Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 US$ 37,991 PLN 118,000 0 0.00 20/03/2013 US$ 893,471 SGD 1,088,520 2 0.01 20/03/2013 US$ 37,448 TWD 1,083,000 0 0.00 20/03/2013 ZAR 2,668,271 US$ 304,736 7 0.02 21/03/2013 AUD 88,500 JPY 7,609,550 3 0.01 21/03/2013 EUR 238,000 JPY 26,666,472 6 0.02 21/03/2013 US$ 2,085,887 JPY 172,120,863 98 0.32 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 186 0.60 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 310,719 KRW 342,009,000 (8) (0.03) 16/01/2013 US$ 316,217 MXN 4,153,000 (5) (0.02) 16/01/2013 US$ 551,312 TWD 16,223,496 (7) (0.02) 04/02/2013 BRL 654,000 US$ 318,558 (1) (0.00) 04/02/2013 US$ 358,556 BRL 752,000 (7) (0.02) 20/02/2013 IDR 3,844,790,000 US$ 396,890 (0) (0.00) 20/02/2013 US$ 312,958 CLP 150,845,857 (0) (0.00) 20/02/2013 US$ 242,546 COP 444,575,000 (8) (0.03) 20/02/2013 US$ 455,153 ILS 1,746,000 (12) (0.04) 20/02/2013 US$ 425,584 PEN 1,112,000 (9) (0.03) 20/02/2013 US$ 553,766 PHP 22,757,000 (1) (0.00) 20/02/2013 US$ 341,636 THB 10,548,000 (2) (0.01) 20/03/2013 AUD 297,180 EUR 240,000 (10) (0.03) 20/03/2013 AUD 302,000 US$ 313,204 (1) (0.00) 20/03/2013 AUD 148,000 ZAR 1,329,111 (2) (0.01) 20/03/2013 CAD 45,857 NZD 56,000 (0) (0.00) 20/03/2013 CAD 127,000 US$ 128,000 (1) (0.00) 20/03/2013 CHF 167,000 US$ 182,884 (0) (0.00) 20/03/2013 CZK 2,891,958 MXN 1,984,000 (0) (0.00) 20/03/2013 EUR 265,000 GBP 216,738 (2) (0.01) 20/03/2013 EUR 269,091 PLN 1,124,000 (5) (0.02) 20/03/2013 NZD 55,411 CAD 46,000 (1) (0.00) 20/03/2013 NZD 449,000 US$ 373,224 (4) (0.01) 20/03/2013 SGD 19,000 US$ 15,595 (0) (0.00) 20/03/2013 US$ 1,590,300 CAD 1,584,697 (0) (0.00) 20/03/2013 US$ 104,778 CHF 97,000 (1) (0.00) 20/03/2013 US$ 694,476 CZK 13,422,105 (12) (0.04) 20/03/2013 US$ 5,761,745 EUR 4,402,409 (53) (0.17) 20/03/2013 US$ 9,150,725 GBP 5,686,253 (84) (0.27) 20/03/2013 US$ 130,725 KRW 142,182,953 (2) (0.01) 20/03/2013 US$ 1,656,757 NOK 9,381,968 (27) (0.09) 20/03/2013 US$ 377,025 NZD 461,021 (2) (0.01) 20/03/2013 US$ 2,429,911 SEK 16,181,392 (54) (0.17) 20/03/2013 US$ 736,488 TRY 1,334,000 (4) (0.01) 20/03/2013 US$ 491,163 ZAR 4,355,102 (17) (0.05) 21/03/2013 JPY 26,667,024 EUR 240,000 (9) (0.03) 21/03/2013 JPY 95,381,432 US$ 1,124,172 (23) (0.07) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (374) (1.20)

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Swaps – (0.23%) Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Credit Default Swaps 400,000 Fixed 5.000% Floating (EUR 1 month EVENT) EUR 20/12/17 (64) (0.20) 600,000 Fixed 5.000% Floating (EUR 1 month EVENT) EUR 20/12/17 (5) (0.02) 400,000 Fixed 5.000% Floating (EUR 3 month EVENT) EUR 20/12/17 (4) (0.01) MARKET VALUE ON SWAPS (73) (0.23) MARKET VALUE OF INVESTMENTS (cost (000) US$ 28,367) 28,694 92.39 OTHER ASSETS AND LIABILITIES 2,364 7.61 SHAREHOLDERS’ EQUITY 31,058 100.00

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Statement of significant changes in the portfolio during the year ended 31 December 2012 Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Australia Government Bond 6.500% 15/05/13 – 757 Bundesobligation Inflation Linked 2.250% 15/04/13 777 736 Government of Austria 3.400% 22/11/22 923 930 Government of Canada 2.000% 01/09/12 2,621 4,117 Government of Canada 5.250% 01/06/13 1,547 – Government of Canada 1.500% 01/09/17 1,234 1,213 Government of Canada 3.250% 01/06/21 916 916 Government of France 3.500% 25/04/20 815 824 Government of Norway 6.500% 15/05/13 1,091 – Government of Norway 5.000% 15/05/15 – 1,475 Government of Norway 4.500% 22/05/19 676 704 Government of Norway 3.750% 25/05/21 245 1,093 Government of Sweden 3.500% 01/06/22 1,466 – International Finance Corp. 5.750% 28/07/20 – 666 Republic of Turkey 11.000% 06/08/14 692 85 United Kingdom Gilt 4.250% 07/06/32 577 585 United Kingdom Gilt Inflation Linked 2.500% 16/04/20 458 1,160 United Kingdom Treasury Bill ZCP 0.000% 29/10/12 943 962 United Kingdom Treasury Bill ZCP 0.000% 10/12/12 4,004 4,017 United Kingdom Treasury Bill ZCP 0.000% 25/03/13 4,003 – United States Treasury Inflation Indexed Bonds 0.625% 15/04/13 – 1,478 United States Treasury Note/Bond 4.250% 15/11/14 972 – United States Treasury Note/Bond 2.125% 15/08/21 1,647 – Other securities purchased and sold under (000) US$ 578 6,552 9,485 32,159 31,203

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Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 29.24% British Pound Sterling 200,000 Amgen, Inc. 4.000% 13/09/29 328 0.05 450,000 Anheuser-Busch InBev NV 9.750% 30/07/24 1,176 0.17 1,200,000 BASF SE 5.875% 31/03/17 2,295 0.33 1,280,000 Boparan Finance Plc. 9.875% 30/04/18 2,355 0.34 1,620,000 Care UK Health & Social Care Plc. 9.750% 01/08/17 2,824 0.40 1,532,000 Carlsberg Breweries A/S 7.250% 28/11/16 2,986 0.43 850,000 Centrica Plc. 7.000% 19/09/18 1,733 0.25 1,150,000 Deutsche Bahn Finance BV 2.750% 20/06/22 1,926 0.27 1,500,000 Everything Everywhere Finance Plc. 4.375% 28/03/19 2,537 0.36 1,150,000 Firstgroup Plc. 8.750% 08/04/21 2,311 0.33 850,000 G4S Plc. 7.750% 13/05/19 1,697 0.24 1,100,000 Gazprom OAO Via Gaz Capital S.A. 6.580% 31/10/13 1,852 0.26 800,000 Holcim GB Finance Ltd. 8.750% 24/04/17 1,608 0.23 959,000 Imperial Tobacco Finance Plc. 7.750% 24/06/19 2,003 0.29 700,000 Imperial Tobacco Finance Plc. 5.500% 28/09/26 1,333 0.19 350,000 InterContinental Hotels Group Plc. 6.000% 09/12/16 645 0.09 1,526,000 Investec Bank Plc. 9.625% 17/02/22 2,704 0.39 800,000 Johnson & Johnson 5.500% 06/11/24 1,670 0.24 2,260,000 Ladbrokes Group Finance Plc. 7.625% 05/03/17 4,111 0.59 738,000 Linde Finance BV 6.500% 29/01/16 1,385 0.20 850,000 Merrill Lynch & Co., Inc. 7.750% 30/04/18 1,684 0.24 750,000 PepsiCo, Inc. 2.500% 01/11/22 1,214 0.17 700,000 Phones4u Finance Plc. 9.500% 01/04/18 1,191 0.17 1,550,000 Reed Elsevier Investments Plc. 5.625% 20/10/16 2,853 0.41 1,173,000 Rolls-Royce Plc. 6.750% 30/04/19 2,390 0.34 500,000 Russian Railways via RZD Capital Ltd. 7.487% 25/03/31 997 0.14 567,000 Severn Trent Utilities Finance Plc. 6.000% 22/01/18 1,088 0.15 350,000 Stagecoach Group Plc. 5.750% 16/12/16 633 0.09 1,396,000 Tesco Plc. 6.125% 24/02/22 2,755 0.39 1,450,000 Virgin Media Secured Finance Plc. 7.000% 15/01/18 2,556 0.36 1,730,000 Volkswagen Financial Services NV 2.000% 23/10/15 2,859 0.41 800,000 Wells Fargo & Co. 3.500% 12/09/29 1,275 0.18 2,050,000 William Hill Plc. 7.125% 11/11/16 3,715 0.53

64,689 9.23 Euro 1,000,000 Amgen, Inc. 4.375% 05/12/18 1,538 0.22 2,760,000 Ardagh Packaging Finance Plc. 7.375% 15/10/17 4,000 0.57 1,900,000 Bacardi Ltd. 7.750% 09/04/14 2,724 0.39 2,150,000 Beverage Packaging Holdings Luxembourg II S.A. 8.000% 15/12/16 2,893 0.41 1,010,000 BMW Finance NV 3.875% 18/01/17 1,483 0.21 1,185,000 Brenntag Finance BV 5.500% 19/07/18 1,770 0.25 1,180,000 Campofrio Food Group S.A. 8.250% 31/10/16 1,667 0.24 1,750,000 Carlson Wagonlit BV 7.500% 15/06/19 2,479 0.35 1,350,000 Casino Guichard Perrachon S.A. 4.481% 12/11/18 2,020 0.29 2,465,000 Cirsa Funding Luxembourg S.A. 8.750% 15/05/18 3,225 0.46 1,810,000 Codere Finance Luxembourg S.A. 8.250% 15/06/15 2,005 0.29 750,000 ConvaTec Healthcare E S.A. 10.875% 15/12/18 1,132 0.16 2,530,000 Cyfrowy Polsat Finance AB 7.125% 20/05/18 3,671 0.52 1,475,000 eAccess Ltd. 8.375% 01/04/18 2,215 0.32 2,620,000 Edcon Pty Ltd. 3.433% 15/06/14 3,320 0.47 1,050,000 Eileme 2 AB 11.750% 31/01/20 1,616 0.23 1,500,000 Eutelsat S.A. 4.125% 27/03/17 2,204 0.32 950,000 Fiat Finance & Trade S.A. 7.375% 09/07/18 1,308 0.19

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Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued Euro continued 400,000 Foodcorp Ltd. 8.750% 01/03/18 586 0.08 250,000 Glencore Finance Europe S.A. 5.250% 22/03/17 371 0.05 1,960,000 Greif Luxembourg Finance SCA 7.375% 15/07/21 2,949 0.42 2,460,000 Ineos Group Holdings S.A. 7.875% 15/02/16 3,233 0.46 1,580,000 IPIC GMTN Ltd. 5.875% 14/03/21 2,543 0.36 1,320,000 Iron Mountain, Inc. 6.750% 15/10/18 1,792 0.26 300,000 Kabel Deutschland Holding AG 6.500% 31/07/17 434 0.06 1,120,000 Kabel Deutschland Vertrieb und Service GmbH 6.500% 29/06/18 1,603 0.23 1,500,000 Labco SAS 8.500% 15/01/18 2,059 0.29 2,370,000 Levi Strauss & Co. 7.750% 15/05/18 3,316 0.47 250,000 Lloyds TSB Bank Plc. 5.625% 05/03/18 319 0.05 1,810,000 Lottomatica Group SpA 8.250% 31/03/66 2,513 0.36 1,150,000 Lottomatica Group SpA 5.375% 02/02/18 1,688 0.24 2,170,000 New World Resources NV 7.875% 01/05/18 2,991 0.43 400,000 Nexans S.A. 4.250% 19/03/18 533 0.08 1,350,000 OI European Group BV 6.750% 15/09/20 2,031 0.29 2,007,000 Orion Engineered Carbons Bondco GmbH 10.000% 15/06/18 2,946 0.42 300,000 Perstorp Holding AB 9.000% 15/05/17 416 0.06 340,000 Polish Television Holding BV 11.250%/13.000% 15/05/17 498 0.07 790,000 RCI Banque S.A. 4.000% 11/07/13 1,058 0.15 1,600,000 Rexam Plc. 6.750% 29/06/67 2,233 0.32 1,420,000 Rexel S.A. 8.250% 15/12/16 2,061 0.29 300,000 Rottapharm Ltd. 6.125% 15/11/19 411 0.06 500,000 Schaeffler Finance BV 7.750% 15/02/17 736 0.11 500,000 Schaeffler Finance BV 8.750% 15/02/19 763 0.11 400,000 Smurfit Kappa Acquisitions 5.125% 15/09/18 560 0.08 900,000 Smurfit Kappa Acquisitions 7.750% 15/11/19 1,322 0.19 1,100,000 Sunrise Communications Holdings S.A. 8.500% 31/12/18 1,598 0.23 650,000 Telefonica Emisiones SAU 4.693% 11/11/19 936 0.13 1,100,000 Teva Pharmaceutical Finance IV BV 2.875% 15/04/19 1,554 0.22 1,950,000 TVN Finance Corp. II AB 10.750% 15/11/17 2,857 0.41 300,000 Unitymedia Hessen GmbH & Co KG 5.750% 15/01/23 414 0.06 950,000 Unitymedia KabelBW GmbH 9.500% 15/03/21 1,461 0.21 1,460,000 UPC Holding BV 9.750% 15/04/18 2,069 0.30 2,410,000 Wind Acquisition Finance S.A. 7.375% 15/02/18 3,196 0.46 1,990,000 Ziggo Bond Co. BV 8.000% 15/05/18 2,900 0.41

100,220 14.31 US Dollar 800,000 Abu Dhabi National Energy Co. 5.875% 13/12/21 954 0.14 566,000 Altria Group, Inc. 9.700% 10/11/18 794 0.11 400,000 Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375% 01/11/22 397 0.06 1,037,000 Anheuser-Busch InBev Worldwide, Inc. 7.750% 15/01/19 1,385 0.20 1,812,000 AT&T, Inc. 5.800% 15/02/19 2,226 0.32 1,510,000 B.A.T. International Finance Plc. 9.500% 15/11/18 2,094 0.30 981,000 E.ON International Finance BV 5.800% 30/04/18 1,194 0.17 1,000,000 Gazprom OAO Via Gaz Capital S.A. 6.510% 07/03/22 1,195 0.17 400,000 Hrvatska Elektroprivreda 6.000% 09/11/17 422 0.06 1,800,000 Hypermarcas S.A. 6.500% 20/04/21 1,948 0.28 1,500,000 Inmarsat Finance Plc. 7.375% 01/12/17 1,608 0.23 2,687,000 JPMorgan Chase & Co. 4.950% 25/03/20 3,112 0.44 1,200,000 MDC-GMTN B.V. 5.500% 20/04/21 1,423 0.20 2,132,000 Morgan Stanley 7.300% 13/05/19 2,596 0.37 2,765,000 Myriad International Holding BV 6.375% 28/07/17 3,122 0.45

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Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued US Dollar continued 2,317,000 Petrobras International Finance Co. - Pifco 3.875% 27/01/16 2,447 0.35 1,000,000 Reliance Holdings USA, Inc. 5.400% 14/02/22 1,112 0.16 2,175,000 Roche Holdings, Inc. 6.000% 01/03/19 2,717 0.39 900,000 Sasol Financing International Plc. 4.500% 14/11/22 911 0.13 2,586,000 Standard Chartered Plc. 3.850% 27/04/15 2,734 0.39 1,400,000 Telefonica Moviles Chile S.A. 2.875% 09/11/15 1,428 0.20 650,000 Vale S.A. 5.625% 11/09/42 711 0.10 1,350,000 Vimpel Communications OJSC Via UBS Luxembourg S.A. 8.250% 23/05/16 1,528 0.22 1,600,000 Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748% 02/02/21 1,860 0.26

39,918 5.70 TOTAL CORPORATE BONDS (cost (000) US$ 190,810) 204,827 29.24

Government Bonds – 29.72% Brazilian Real 789,800 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 4,061 0.58 1,100,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 5,657 0.81

9,718 1.39 British Pound Sterling 1,670,000 United Kingdom Gilt 4.750% 07/03/20 3,348 0.48 Colombian Peso 950,000,000 Republic of Colombia 9.850% 28/06/27 838 0.12 Czech Koruna 19,000,000 Government of Czech Republic 5.700% 25/05/24 1,365 0.19 Euro 11,340,000 Bundesrepublik Deutschland 6.250% 04/01/24 22,370 3.20 4,038,004 Bundesrepublik Deutschland 4.750% 04/07/34 7,793 1.11 17,000,000 Government of Finland 1.875% 15/04/17 23,903 3.41

54,066 7.72 Hungarian Forint 2,800,000 Republic of Hungary 6.750% 12/02/13 12 0.00 380,440,000 Republic of Hungary 5.500% 12/02/14 1,724 0.25 460,460,000 Republic of Hungary 6.750% 24/11/17 2,162 0.31 405,400,000 Republic of Hungary 6.750% 22/10/28 1,959 0.28

5,857 0.84 Indonesian Rupiah 22,009,000,000 Government of Indonesia 6.250% 15/04/17 2,425 0.35 5,000,000,000 Government of Indonesia 12.800% 15/06/21 788 0.11 45,901,000,000 Government of Indonesia 9.500% 15/07/31 6,525 0.93

9,738 1.39 Mexican Peso 52,810,000 Republic of Mexico 9.000% 20/06/13 4,174 0.59 77,610,000 Republic of Mexico 7.250% 15/12/16 6,494 0.93 27,750,000 Republic of Mexico 8.000% 11/06/20 2,528 0.36

13,196 1.88

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued New Russian Ruble 248,930,000 Russian Federal Bond — OFZ 7.350% 20/01/16 8,389 1.20 76,000,000 Russian Federal Bond — OFZ 8.150% 03/02/27 2,752 0.39

11,141 1.59 Polish Zloty 7,250,000 Government of Poland 5.250% 25/10/17 2,554 0.37 4,790,000 Government of Poland 5.750% 25/04/29 1,906 0.27

4,460 0.64 South African Rand 68,790,000 Republic of South Africa 8.000% 21/12/18 8,911 1.27 18,000,000 Republic of South Africa 6.750% 31/03/21 2,175 0.31

11,086 1.58 Swedish Krona 111,900,000 Government of Sweden 3.500% 01/06/22 20,165 2.88 Thailand Baht 91,390,000 Government of Thailand 4.250% 13/03/13 2,997 0.43 62,650,000 Government of Thailand 3.650% 17/12/21 2,082 0.29

5,079 0.72 Turkish Lira 20,261,000 Republic of Turkey 11.000% 06/08/14 12,212 1.74 5,114,000 Republic of Turkey 9.000% 08/03/17 3,143 0.45

15,355 2.19 US Dollar 1,600,000 Government of Indonesia 6.875% 17/01/18 1,952 0.28 1,080,000 Government of Indonesia 8.500% 12/10/35 1,735 0.25 1,750,000 Government of Peru 8.750% 21/11/33 3,049 0.44 4,165,000 Government of Qatar 5.250% 20/01/20 4,988 0.71 840,000 Government of Qatar 9.750% 15/06/30 1,519 0.22 950,000 Government of Qatar 6.400% 20/01/40 1,330 0.19 5,950,000 Government of Sri Lanka 6.250% 27/07/21 6,512 0.93 1,220,000 Republic of Brazil 10.125% 15/05/27 2,246 0.32 3,080,000 Republic of Brazil 11.000% 17/08/40 3,877 0.55 2,169,000 Republic of Mexico 6.375% 16/01/13 2,175 0.31 4,200,000 Republic of South Africa 5.875% 30/05/22 5,203 0.74 4,251,000 Republic of Turkey 6.250% 26/09/22 5,316 0.76 1,418,000 Russian Foreign Bond – Eurobond 12.750% 24/06/28 2,879 0.41

42,781 6.11 TOTAL GOVERNMENT BONDS (cost (000) US$ 194,760) 208,193 29.72

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Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Collective Investment Schemes – 9.88% British Pound Sterling 9,575,576 Investec Funds Series iii - Emerging Markets Local Currency Debt Fund 30,149 4.31 US Dollar 8,542,942 Investec Funds Series iii - Emerging Markets Local Currency Debt Fund 28,913 4.13 545,265 Investec Global Strategy Fund - Africa High Income Fund 10,115 1.44

39,028 5.57 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 52,452) 69,177 9.88 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 438,022) 482,197 68.84

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 4.12% British Pound Sterling 400,000 Virgin Media Finance Plc. 5.125% 15/02/22 662 0.10 Euro 2,280,000 Boardriders S.A. 8.875% 15/12/17 3,160 0.45 US Dollar 1,950,000 Aguila 3 S.A. 7.875% 31/01/18 2,086 0.30 1,768,000 Anglo American Capital Plc. 9.375% 08/04/19 2,318 0.33 1,790,000 Bombardier, Inc. 7.500% 15/03/18 1,996 0.28 600,000 Bombardier, Inc. 7.500% 15/03/18 666 0.09 1,100,000 Braskem Finance Ltd. 5.750% 15/04/21 1,159 0.17 1,641,000 Comcast Corp. 5.150% 01/03/20 1,955 0.28 2,373,000 DIRECTV Holdings LLC 5.200% 15/03/20 2,712 0.39 1,121,000 EDF S.A. 6.500% 26/01/19 1,378 0.20 1,658,000 Enel Finance International NV 5.125% 07/10/19 1,752 0.25 1,604,000 FMG Resources August 2006 Pty Ltd. 7.000% 01/11/15 1,684 0.24 1,401,000 Kraft Foods Group, Inc. 5.375% 10/02/20 1,682 0.24 3,100,000 Pearson Funding Two Plc. 4.000% 17/05/16 3,336 0.48 750,000 State Bank of India 4.125% 01/08/17 774 0.11 1,347,000 WPP Finance UK 8.000% 15/09/14 1,489 0.21

24,987 3.57 TOTAL CORPORATE BONDS (cost (000) US$ 26,529) 28,809 4.12

Government Bonds – 18.15% Canadian Dollar 20,000,000 Government of Canada 5.250% 01/06/13 20,453 2.92 Malaysian Ringgit 8,200,000 Government of Malaysia 3.741% 27/02/15 2,720 0.39 14,660,000 Government of Malaysia 4.262% 15/09/16 4,976 0.71 9,072,000 Government of Malaysia 4.160% 15/07/21 3,111 0.44

10,807 1.54

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Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Government Bonds continued Peruvian Nouveau Sol 7,443,000 Government of Peru 7.840% 12/08/20 3,681 0.53 US Dollar 19,000,000 United States Treasury Note/Bond 2.625% 31/12/14 19,894 2.84 2,380,000 United States Treasury Note/Bond 4.250% 15/11/17 2,783 0.40 13,360,000 United States Treasury Note/Bond 3.125% 15/05/19 15,122 2.16 47,650,000 United States Treasury Note/Bond 2.125% 15/08/21 49,966 7.13 3,310,000 United States Treasury Note/Bond 4.625% 15/02/40 4,445 0.63

92,210 13.16 TOTAL GOVERNMENT BONDS (cost (000) US$ 125,861) 127,151 18.15

Money Market Instruments – 4.40% British Pound Sterling 19,000,000 United Kingdom Treasury Bill ZCP 0.000% 28/01/13 30,859 4.40 TOTAL MONEY MARKET INSTRUMENTS (cost (000) US$ 30,416) 30,859 4.40 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 182,806) 186,819 26.67

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Other Transferable Securities Preferred Stocks – 0.00% US Dollar 2,750,000 Franklin CLO Ltd. – 0.00 TOTAL PREFERRED STOCKS (cost (000) US$ 2,695) –0.00 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ 2,695) –0.00 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 623,523) 669,016 95.51

Futures – 0.04% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity EUR 198 German Federal Republic Bonds 10YR 07/03/13 Long 372 0.05 15 German Federal Republic Bonds 30YR 07/03/13 Long 77 0.01

449 0.06 JPY (14) Japan Government Bonds 10YR 11/03/13 Short 41 0.01 US$ (414) US Treasury Notes 10YR 19/03/13 Short 236 0.03 UNREALISED GAIN ON FUTURES 726 0.10

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Futures continued Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (100) EURO Future 07/03/13 Short (72) (0.01) (34) German Federal Republic Bonds 2YR 07/03/13 Short (5) (0.00)

.5 (77) (0.01) GBP (167) UK Treasury Bonds 10YR 26/03/13 Short (79) (0.01) US$ 119 US Treasury Notes 30YR 19/03/13 Long (245) (0.04) 4 US Treasury Notes 5YR 28/03/13 Long (0) (0.00)

(245) (0.04) UNREALISED LOSS ON FUTURES (401) (0.06)

Options – 0.02% Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Purchased Options US$ 880,000 US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 135.00 110 0.02 MARKET VALUE OF PURCHASED OPTIONS 110 0.02 Written Options US$ (880,000) US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 136.50 (28) (0.00) MARKET VALUE OF WRITTEN OPTIONS (28) (0.00)

Forward Currency Contracts – (0.60%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 KRW 25,647,683,035 US$ 23,188,621 748 0.11 16/01/2013 MYR 55,139,000 US$ 17,847,224 168 0.02 16/01/2013 TWD 481,738,834 US$ 16,490,282 100 0.01 20/02/2013 CNY 46,690,000 US$ 7,435,897 32 0.01 20/02/2013 ILS 23,975,677 US$ 6,251,073 157 0.02 20/02/2013 INR 1,340,218,000 US$ 24,005,338 228 0.03 20/02/2013 PEN 420,000 US$ 160,244 4 0.00 20/02/2013 PHP 15,730,000 US$ 382,911 0 0.00 20/02/2013 US$ 146,333 IDR 1,416,500,000 0 0.00 20/03/2013 CHF 999,499 GBP 669,000 8 0.00 20/03/2013 CZK 19,164,000 US$ 1,008,691 0 0.00 20/03/2013 EUR 831,000 CAD 1,092,723 1 0.00 20/03/2013 GBP 685,768 EUR 841,000 3 0.00 20/03/2013 GBP 1,770,000 US$ 2,843,703 31 0.00 20/03/2013 HKD 59,200,270 US$ 7,639,691 0 0.00 20/03/2013 ILS 3,328,000 US$ 877,648 11 0.00 20/03/2013 NOK 18,840,032 US$ 3,347,244 33 0.01 20/03/2013 NZD 17,359,037 AUD 13,753,000 74 0.01 20/03/2013 PLN 21,366,673 US$ 6,730,277 121 0.02 20/03/2013 RUB 242,943,000 US$ 7,738,887 114 0.02 20/03/2013 SEK 17,336,000 US$ 2,613,604 48 0.01 20/03/2013 TRY 14,541,047 US$ 8,040,391 29 0.00 20/03/2013 US$ 42,937,412 AUD 41,344,286 243 0.04

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Global Strategic Income Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 US$ 5,525,676 HUF 1,211,007,193 85 0.01 20/03/2013 US$ 3,057,272 MXN 39,641,000 12 0.00 20/03/2013 US$ 968,124 PLN 3,007,000 4 0.00 20/03/2013 US$ 16,166,856 SGD 19,696,215 44 0.01 20/03/2013 US$ 1,190,526 TWD 34,430,000 4 0.00 20/03/2013 ZAR 96,775,027 US$ 11,091,195 206 0.03 21/03/2013 AUD 2,024,000 JPY 174,025,578 80 0.01 21/03/2013 EUR 10,605,000 JPY 1,188,226,620 284 0.04 21/03/2013 US$ 18,120,776 JPY 1,513,831,124 637 0.09 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 3,509 0.50 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 10,837,177 KRW 11,958,612,000 (324) (0.05) 16/01/2013 US$ 7,639,621 TWD 224,313,521 (85) (0.01) 04/02/2013 BRL 15,438,000 US$ 7,519,727 (11) (0.00) 04/02/2013 US$ 2,504,172 BRL 5,252,000 (50) (0.01) 20/02/2013 IDR 132,024,945,000 US$ 13,626,117 (5) (0.00) 20/02/2013 US$ 3,727,992 CLP 1,796,891,918 (1) (0.00) 20/02/2013 US$ 2,636,084 COP 4,831,810,000 (87) (0.01) 20/02/2013 US$ 10,158,300 ILS 38,968,000 (257) (0.04) 20/02/2013 US$ 518,665 INR 28,900,000 (4) (0.00) 20/02/2013 US$ 7,087,464 PEN 18,516,000 (147) (0.02) 20/02/2013 US$ 9,562,745 PHP 392,981,000 (13) (0.00) 20/02/2013 US$ 6,722,105 THB 207,545,000 (44) (0.01) 20/03/2013 AUD 13,261,658 EUR 10,710,000 (452) (0.07) 20/03/2013 AUD 7,285,000 US$ 7,559,591 (37) (0.01) 20/03/2013 AUD 3,311,000 ZAR 29,734,376 (52) (0.01) 20/03/2013 CAD 1,035,883 NZD 1,265,000 (1) (0.00) 20/03/2013 CAD 1,044,000 US$ 1,055,506 (8) (0.00) 20/03/2013 CHF 3,703,000 US$ 4,055,058 (1) (0.00) 20/03/2013 CZK 64,125,957 MXN 43,993,000 (3) (0.00) 20/03/2013 EUR 11,395,000 GBP 9,328,990 (100) (0.01) 20/03/2013 EUR 5,456,282 PLN 22,791,000 (101) (0.02) 20/03/2013 EUR 37,860,000 US$ 50,028,217 (21) (0.00) 20/03/2013 MXN 168,657,476 US$ 12,972,011 (16) (0.00) 20/03/2013 NZD 1,246,754 CAD 1,035,000 (13) (0.00) 20/03/2013 NZD 18,564,000 US$ 15,430,397 (163) (0.02) 20/03/2013 SGD 211,000 US$ 173,220 (1) (0.00) 20/03/2013 US$ 5,045,865 CAD 5,029,539 (2) (0.00) 20/03/2013 US$ 2,375,320 CHF 2,199,000 (32) (0.01) 20/03/2013 US$ 11,767,994 CZK 227,406,681 (204) (0.03) 20/03/2013 US$ 151,404,198 EUR 115,653,217 (1,356) (0.19) 20/03/2013 US$ 105,421,457 GBP 65,499,045 (953) (0.14) 20/03/2013 US$ 4,074,874 KRW 4,432,036,402 (46) (0.01) 20/03/2013 US$ 10,795,798 NOK 61,099,214 (167) (0.02) 20/03/2013 US$ 22,708,711 NZD 27,812,132 (164) (0.02) 20/03/2013 US$ 32,637,931 SEK 217,321,525 (722) (0.10) 20/03/2013 US$ 16,798,984 TRY 30,428,000 (87) (0.01) 20/03/2013 US$ 11,248,132 ZAR 98,850,928 (291) (0.04) 21/03/2013 JPY 1,224,460,852 EUR 11,020,000 (414) (0.06) 21/03/2013 JPY 4,273,353,098 US$ 50,643,666 (1,289) (0.18) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (7,724) (1.10)

108 | Investec Global Strategy Fund Global Strategic Income Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts on Hedged Share Classes – 0.03% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 EUR 127,609,618 US$ 168,266,010 213 0.03 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 213 0.03

Swaps – (0.23%)

Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Credit Default Swaps 7,800,000 Fixed 5.000% Floating (EUR 1 month EVENT) EUR 20/12/2017 (1,248) (0.18) 13,000,000 Fixed 5.000% Floating (EUR 1 month EVENT) EUR 20/12/2017 (120) (0.02) 26,400,000 Fixed 5.000% Floating (EUR 3 month EVENT) EUR 20/12/2017 (243) (0.03) MARKET VALUE ON SWAPS (1,611) (0.23) MARKET VALUE OF INVESTMENTS (cost (000) US$ 623,523) 663,810 94.77 OTHER ASSETS AND LIABILITIES 36,642 5.23 SHAREHOLDERS’ EQUITY 700,452 100.00

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Global Strategic Income Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Bundesobligation Inflation Linked 2.250% 15/04/13 16,951 16,842 Bundesrepublik Deutschland 6.250% 04/01/24 20,656 – Government of Austria 3.400% 22/11/22 24,655 24,805 Government of Canada 2.000% 01/09/12 14,939 15,113 Government of Canada 5.250% 01/06/13 20,672 – Government of Canada 1.500% 01/09/17 30,449 29,921 Government of Canada 3.250% 01/06/21 23,580 23,581 Government of France 3.500% 25/04/20 21,188 21,397 Government of Norway 3.750% 25/05/21 – 27,423 Government of Sweden 3.500% 01/06/22 19,770 – International Finance Corp. 5.750% 28/07/20 – 15,018 Republic of Turkey 10.000% 15/02/12 362 18,131 United Kingdom Gilt Inflation Linked 2.500% 16/08/13 – 29,685 United Kingdom Gilt Inflation Linked 2.500% 16/04/20 10,294 27,902 United Kingdom Treasury Bill 0.000% 29/10/12 29,856 30,455 United Kingdom Treasury Bill 0.000% 26/11/12 30,581 30,422 United Kingdom Treasury Bill 0.000% 28/01/13 30,409 – United States Treasury Inflation Indexed Bonds 0.625% 15/04/13 – 49,212 United States Treasury Note/Bond 2.625% 31/12/14 43,462 30,596 United States Treasury Note/Bond 2.125% 15/08/21 49,860 – Other securities purchased and sold under (000) US$ 14,896 233,366 321,542 621,050 712,045

110 | Investec Global Strategy Fund High Income Bond Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) EUR Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 82.36% British Pound Sterling 1,150,000 Boparan Finance Plc. 9.875% 30/04/18 1,603 1.74 1,450,000 Care UK Health & Social Care Plc. 9.750% 01/08/17 1,915 2.08 610,000 First Hydro Finance Plc. 9.000% 31/07/21 924 1.00 1,156,000 Investec Bank Plc. 9.625% 17/02/22 1,552 1.68 1,550,000 Ladbrokes Group Finance Plc. 7.625% 05/03/17 2,136 2.32 800,000 Phones4u Finance Plc. 9.500% 01/04/18 1,031 1.12 350,000 Russian Railways via RZD Capital Ltd. 7.487% 25/03/31 528 0.57 650,000 Virgin Media Secured Finance Plc. 7.000% 15/01/18 868 0.94 1,600,000 William Hill Plc. 7.125% 11/11/16 2,197 2.38

12,754 13.83 Euro 1,092,632 ARD Finance S.A. 11.125% 01/06/18 1,148 1.24 1,500,000 Ardagh Packaging Finance Plc. 7.375% 15/10/17 1,647 1.79 1,500,000 Beverage Packaging Holdings Luxembourg II S.A. 8.000% 15/12/16 1,529 1.66 1,150,000 Brenntag Finance BV 5.500% 19/07/18 1,301 1.41 850,000 Campofrio Food Group S.A. 8.250% 31/10/16 910 0.99 1,550,000 Carlson Wagonlit BV 7.500% 15/06/19 1,663 1.80 450,000 Ciech Group Financing AB 9.500% 30/11/19 496 0.54 2,030,000 Cirsa Funding Luxembourg S.A. 8.750% 15/05/18 2,012 2.18 1,760,000 Codere Finance Luxembourg S.A. 8.250% 15/06/15 1,477 1.60 750,000 ConvaTec Healthcare E S.A. 10.875% 15/12/18 858 0.93 2,200,000 Cyfrowy Polsat Finance AB 7.125% 20/05/18 2,418 2.62 950,000 eAccess Ltd. 8.375% 01/04/18 1,081 1.17 2,150,000 Edcon Pty Ltd. 3.433% 15/06/14 2,064 2.24 1,050,000 Eileme 2 AB 11.750% 31/01/20 1,225 1.33 900,000 Fiat Finance & Trade S.A. 7.375% 09/07/18 939 1.02 450,000 Foodcorp Pty Ltd. 8.750% 01/03/18 499 0.54 1,700,000 Greif Luxembourg Finance SCA 7.375% 15/07/21 1,938 2.10 1,650,000 Ineos Group Holdings S.A. 7.875% 15/02/16 1,643 1.78 1,100,000 IPIC GMTN Ltd. 5.875% 14/03/21 1,341 1.45 1,200,000 Iron Mountain, Inc. 6.750% 15/10/18 1,234 1.34 300,000 Kabel Deutschland Holding AG 6.500% 31/07/17 329 0.36 1,050,000 Kabel Deutschland Vertrieb und Service GmbH 6.500% 29/06/18 1,139 1.24 1,200,000 Labco SAS 8.500% 15/01/18 1,248 1.35 1,600,000 Levi Strauss & Co. 7.750% 15/05/18 1,696 1.84 800,000 Linde Finance BV 7.375% 14/07/66 939 1.02 1,700,000 Lottomatica Group SpA 8.250% 31/03/66 1,788 1.94 1,800,000 New World Resources NV 7.875% 01/05/18 1,880 2.04 300,000 Nexans S.A. 4.250% 19/03/18 303 0.33 1,400,000 OI European Group BV 6.750% 15/09/20 1,596 1.73 1,250,000 Ono Finance II Plc. 11.125% 15/07/19 1,203 1.30 1,530,000 Orion Engineered Carbons Bondco GmbH 10.000% 15/06/18 1,701 1.84 300,000 Perstorp Holding AB 9.000% 15/05/17 315 0.34 420,000 Polish Television Holding BV 11.250%/13.000% 15/05/17 466 0.51 1,400,000 Rexam Plc. 6.750% 29/06/67 1,480 1.61 850,000 Rexel S.A. 8.250% 15/12/16 935 1.01 300,000 Rottapharm Ltd. 6.125% 15/11/19 312 0.34 400,000 Schaeffler Finance BV 7.750% 15/02/17 446 0.48 400,000 Schaeffler Finance BV 8.750% 15/02/19 462 0.50 650,000 Smurfit Kappa Acquisitions 5.125% 15/09/18 689 0.75 1,000,000 Smurfit Kappa Acquisitions 7.750% 15/11/19 1,112 1.21 800,000 Sunrise Communications Holdings S.A. 8.500% 31/12/18 880 0.95 1,350,000 TVN Finance Corp. II AB 10.750% 15/11/17 1,499 1.63

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High Income Bond Fund continued

Schedule of Investments as at 31 December 2012 continued Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) EUR Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued Euro continued 550,000 Unitymedia Hessen GmbH & Co KG 5.750% 15/01/23 575 0.62 500,000 Unitymedia KabelBW GmbH 9.500% 15/03/21 582 0.63 850,000 UPC Holding BV 9.750% 15/04/18 913 0.99 1,950,000 Wind Acquisition Finance S.A. 7.375% 15/02/18 1,959 2.12 1,900,000 Ziggo Bond Co. BV 8.000% 15/05/18 2,098 2.28

55,968 60.69 US Dollar 600,000 CFR International SpA 5.125% 06/12/22 474 0.51 600,000 Ferrexpo Finance Plc. 7.875% 07/04/16 443 0.48 450,000 Fresenius US Finance II, Inc. 9.000% 15/07/15 395 0.43 600,000 Hrvatska Elektroprivreda 6.000% 09/11/17 479 0.52 1,200,000 Hypermarcas S.A. 6.500% 20/04/21 984 1.07 1,450,000 Inmarsat Finance Plc. 7.375% 01/12/17 1,178 1.28 590,000 Vale S.A. 5.625% 11/09/42 489 0.53 1,300,000 Vimpel Communications OJSC Via UBS Luxembourg S.A. 8.250% 23/05/16 1,115 1.21 1,900,000 Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748% 02/02/21 1,673 1.81

7,230 7.84 TOTAL CORPORATE BONDS (cost (000) EUR 70,374) 75,952 82.36 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) EUR 70,374) 75,952 82.36

Transferable securities dealt in another regulated market Corporate Bonds – 8.83% British Pound Sterling 400,000 Virgin Media Finance Plc. 5.125% 15/02/22 502 0.54 Euro 1,600,000 Boardriders S.A. 8.875% 15/12/17 1,680 1.82 US Dollar 2,000,000 Aguila 3 S.A. 7.875% 31/01/18 1,621 1.76 330,000 Bombardier, Inc. 7.500% 15/03/18 279 0.30 1,000,000 Bombardier, Inc. 7.500% 15/03/18 841 0.91 788,439 Catalent Pharma Solutions, Inc. 9.500% 15/04/15 609 0.66 1,113,000 FMG Resources August 2006 Pty Ltd. 7.000% 01/11/15 886 0.96 1,050,000 Rexel S.A. 6.125% 15/12/19 847 0.92 1,050,000 TAM Capital 3, Inc. 8.375% 03/06/21 881 0.96

5,964 6.47 TOTAL CORPORATE BONDS (cost (000) EUR 7,606) 8,146 8.83 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) EUR 7,606) 8,146 8.83 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) EUR 77,980) 84,098 91.19

112 | Investec Global Strategy Fund High Income Bond Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts – 0.15% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) EUR Equity 20/03/2013 EUR 13,765,653 GBP 11,191,082 6 0.01 20/03/2013 EUR 14,115,188 US$ 18,458,345 140 0.15 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 146 0.16 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) EUR Equity 20/03/2013 GBP 130,000 EUR 160,087 (0) (0.00) 20/03/2013 US$ 1,150,000 EUR 876,906 (6) (0.01) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (6) (0.01)

Forward Currency Contracts on Hedged Share Classes – 0.05% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) EUR Equity 31/01/2013 EUR 2,106 US$ 2,777 0 0.00 31/01/2013 GBP 9,973,700 EUR 12,228,217 43 0.05 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 43 0.05 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) EUR Equity 31/01/2013 EUR 89,714 GBP 73,177 (1) (0.00) 31/01/2013 US$ 185,102 EUR 140,378 (0) (0.00) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES (1) (0.00)

Swaps – (0.01%) Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) EUR Equity Credit Default Swaps 1,100,000 Fixed 5.000% Floating (EUR 3 month EVENT) EUR 20/12/2017 (8) (0.01) MARKET VALUE ON SWAPS (8) (0.01) MARKET VALUE OF INVESTMENTS (cost (000) EUR 77,980) 84,272 91.38 OTHER ASSETS AND LIABILITIES 7,946 8.62 SHAREHOLDERS’ EQUITY 92,218 100.00

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High Income Bond Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) EUR (000) EUR Ardagh Glass Finance Plc. 9.250% 01/07/16 55 1,579 Ardagh Packaging Finance Plc. 7.375% 15/10/17 1,586 – Boparan Finance Plc. 9.875% 30/04/18 1,421 – Carlson Wagonlit BV 7.500% 15/06/19 1,553 – Consol Glass Pty Ltd. 7.625% 15/04/14 51 1,273 Crown European Holdings S.A. 7.125% 15/08/18 54 1,572 Eileme 2 AB 11.750% 31/01/20 1,035 – Elster Finance BV 6.250% 15/04/18 204 1,955 Europcar Groupe S.A. 1.000% 15/05/13 368 1,624 IPIC GMTN Ltd. 5.875% 14/03/21 1,440 403 Linde Finance BV 1.000% 14/07/66 867 – Lonking Holdings Ltd. 8.500% 03/06/16 – 871 Matalan Finance Plc. 8.875% 29/04/16 132 849 Kabel BW Musketeer GmbH 9.500% 15/03/21 – 1,647 OI European Group BV 6.750% 15/09/20 1,598 – Priory Group No 3 Plc. 8.875% 15/02/19 – 928 Smurfit Kappa Acquisitions 7.750% 15/11/19 1,074 – Smurfit Kappa Funding Plc. 7.750% 01/04/15 – 914 Unitymedia Hessen GmbH & Co. KG 8.125% 01/12/17 – 1,173 Virgin Media Secured Finance Plc. 7.000% 15/01/18 846 – Other securities purchased and sold under (000) EUR 1,550 19,820 12,890 32,104 27,678

114 | Investec Global Strategy Fund Investment Grade Corporate Bond Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity

Transferable securities admitted to an official exchange listing Corporate Bonds – 76.75% British Pound Sterling 850,000 Amgen, Inc. 4.000% 13/09/29 1,392 0.69 750,000 Anheuser-Busch InBev NV 9.750% 30/07/24 1,960 0.97 1,600,000 BASF SE 5.875% 31/03/17 3,060 1.52 2,250,000 Carlsberg Breweries A/S 7.250% 28/11/16 4,385 2.18 1,200,000 Centrica Plc. 7.000% 19/09/18 2,447 1.22 1,030,000 Deutsche Bahn Finance BV 2.750% 20/06/22 1,725 0.86 1,250,000 Deutsche Bahn Finance BV 1.375% 30/10/17 2,043 1.02 2,150,000 Everything Everywhere Finance Plc. 4.375% 28/03/19 3,637 1.81 1,450,000 Firstgroup Plc. 8.750% 08/04/21 2,914 1.45 1,350,000 G4S Plc. 7.750% 13/05/19 2,696 1.34 1,200,000 Gazprom OAO Via Gaz Capital S.A. 6.580% 31/10/13 2,020 1.00 900,000 Holcim GB Finance Ltd. 8.750% 24/04/17 1,809 0.90 1,254,000 Imperial Tobacco Finance Plc. 7.750% 24/06/19 2,619 1.30 1,100,000 Imperial Tobacco Finance Plc. 5.500% 28/09/26 2,095 1.04 700,000 InterContinental Hotels Group Plc. 6.000% 09/12/16 1,290 0.64 1,350,000 Johnson & Johnson 5.500% 06/11/24 2,818 1.40 1,230,000 Linde Finance BV 6.500% 29/01/16 2,308 1.15 1,300,000 Merrill Lynch & Co., Inc. 7.750% 30/04/18 2,575 1.28 1,200,000 PepsiCo, Inc. 2.500% 01/11/22 1,942 0.96 750,000 Reed Elsevier Investments Plc. 7.000% 11/12/17 1,486 0.74 1,500,000 Reed Elsevier Investments Plc. 5.625% 20/10/16 2,761 1.37 1,488,000 Rolls-Royce Plc. 6.750% 30/04/19 3,032 1.51 800,000 Russian Railways via RZD Capital Ltd. 7.487% 25/03/31 1,594 0.79 1,194,000 Severn Trent Utilities Finance Plc. 6.000% 22/01/18 2,291 1.14 1,400,000 Stagecoach Group Plc. 5.750% 16/12/16 2,531 1.26 2,035,000 Tesco Plc. 6.125% 24/02/22 4,017 2.00 2,500,000 Virgin Media Secured Finance Plc. 7.000% 15/01/18 4,406 2.19 2,690,000 Volkswagen Financial Services NV 2.000% 23/10/15 4,446 2.21 1,150,000 Wells Fargo & Co. 3.500% 12/09/29 1,833 0.91 639,000 WPP 2008 Ltd. 6.000% 04/04/17 1,188 0.59

75,320 37.44 Euro 1,100,000 Amgen, Inc. 4.375% 05/12/18 1,692 0.84 2,600,000 Bacardi Ltd. 7.750% 09/04/14 3,728 1.85 1,350,000 BMW Finance NV 3.875% 18/01/17 1,983 0.99 2,200,000 Casino Guichard Perrachon S.A. 4.481% 12/11/18 3,292 1.64 2,950,000 Eutelsat S.A. 4.125% 27/03/17 4,334 2.16 1,300,000 Glencore Finance Europe S.A. 5.250% 22/03/17 1,931 0.96 2,540,000 IPIC GMTN Ltd. 5.875% 14/03/21 4,089 2.03 350,000 Lloyds TSB Bank Plc. 5.625% 05/03/18 446 0.22 2,250,000 Lottomatica Group SpA 5.375% 02/02/18 3,302 1.64 1,730,000 RCI Banque S.A. 4.000% 11/07/13 2,318 1.15 800,000 Telefonica Emisiones SAU 4.693% 11/11/19 1,151 0.57 1,200,000 Teva Pharmaceutical Finance IV BV 2.875% 15/04/19 1,695 0.84 29,961 14.89 US Dollar 1,150,000 Abu Dhabi National Energy Co. 5.875% 13/12/21 1,372 0.68 850,000 Altria Group, Inc. 9.700% 10/11/18 1,192 0.59 600,000 Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375% 01/11/22 595 0.30 1,775,000 Anheuser-Busch InBev Worldwide, Inc. 7.750% 15/01/19 2,370 1.18 3,045,000 AT&T, Inc. 5.800% 15/02/19 3,741 1.86 1,070,000 B.A.T. International Finance Plc. 9.500% 15/11/18 1,484 0.74 1,450,000 E.ON International Finance BV 5.800% 30/04/18 1,765 0.88

Investec Global Strategy Fund | 115 Portfolio details

Investment Grade Corporate Bond Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity

Transferable securities admitted to an official exchange listing Corporate Bonds continued US Dollar continued 1,600,000 Gazprom OAO Via Gaz Capital S.A. 6.510% 07/03/22 1,911 0.95 3,856,000 JPMorgan Chase & Co. 4.950% 25/03/20 4,467 2.22 1,950,000 MDC-GMTN B.V. 5.500% 20/04/21 2,312 1.15 3,355,000 Morgan Stanley 7.300% 13/05/19 4,085 2.03 4,090,000 Myriad International Holding BV 6.375% 28/07/17 4,619 2.30 3,610,000 Petrobras International Finance Co. - Pifco 3.875% 27/01/16 3,812 1.89 1,350,000 Reliance Holdings USA, Inc. 5.400% 14/02/22 1,502 0.75 3,566,000 Roche Holdings, Inc. 6.000% 01/03/19 4,454 2.22 1,400,000 Sasol Financing International Plc. 4.500% 14/11/22 1,418 0.70 4,500,000 Standard Chartered Plc. 3.850% 27/04/15 4,758 2.36 2,200,000 Telefonica Moviles Chile S.A. 2.875% 09/11/15 2,244 1.11 930,000 Vale S.A. 5.625% 11/09/42 1,017 0.51

49,118 24.42 TOTAL CORPORATE BONDS (cost (000) US$ 141,279) 154,399 76.75 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 141,279) 154,399 76.75

Transferable securities dealt in another regulated market Corporate Bonds – 13.82% US Dollar 2,533,000 Anglo American Capital Plc. 9.375% 08/04/19 3,320 1.65 1,145,000 B.A.T. International Finance Plc. 9.500% 15/11/18 1,594 0.79 1,700,000 Braskem Finance Ltd. 5.750% 15/04/21 1,791 0.89 2,122,000 Comcast Corp. 5.150% 01/03/20 2,528 1.26 4,000,000 DIRECTV Holdings LLC 5.200% 15/03/20 4,571 2.27 2,225,000 EDF S.A. 6.500% 26/01/19 2,736 1.36 1,889,000 Enel Finance International NV 5.125% 07/10/19 1,996 0.99 1,950,000 Kraft Foods Group, Inc. 5.375% 10/02/20 2,342 1.16 4,100,000 Pearson Funding Two Plc. 4.000% 17/05/16 4,412 2.19 1,100,000 State Bank of India 4.125% 01/08/17 1,135 0.57 1,250,000 WPP Finance UK 8.000% 15/09/14 1,382 0.69

27,807 13.82 TOTAL CORPORATE BONDS (cost (000) US$ 25,028) 27,807 13.82 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 25,028) 27,807 13.82

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Other Transferable Securities Preferred Stocks – 0.00% US Dollar 150,000 Franklin CLO Ltd. – 0.00 TOTAL PREFERRED STOCKS (cost (000) US$ 147) –0.00 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ 147) –0.00 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 166,454) 182,206 90.57

116 | Investec Global Strategy Fund Investment Grade Corporate Bond Fund continued

Schedule of Investments as at 31 December 2012 continued

Futures – (0.13%) Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity EUR 35 German Federal Republic Bonds 2YR 07/03/13 Long 5 0.00 6 German Federal Republic Bonds 30YR 07/03/13 Long 31 0.02

36 0.02 JPY (3) Japan Government Bonds 10YR 11/03/13 Short 9 0.00 US$ (132) US Treasury Notes 10YR 19/03/13 Short 36 0.02 81 US Treasury Notes 2YR 28/03/13 Long 5 0.00

41 0.02 UNREALISED GAIN ON FUTURES 86 0.04 Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (28) EURO Future 07/03/13 Short (20) (0.01) (17) German Federal Republic Bonds 10YR 07/03/13 Short (24) (0.01)

(44) (0.02) GBP (233) UK Treasury Bonds 10YR 26/03/13 Short (80) (0.04) US$ 110 US Treasury Notes 30YR 19/03/13 Long (218) (0.11) UNREALISED LOSS ON FUTURES (342) (0.17)

Options – 0.01% Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Purchased Options US$ 258,000 US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 135.00 32 0.01 MARKET VALUE OF PURCHASED OPTIONS 32 0.01 Written Options US$ (258,000) US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 136.50 (8) (0.00) MARKET VALUE OF WRITTEN OPTIONS (8) (0.00)

Forward Currency Contracts – (0.55%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 CAD 937,447 US$ 940,532 1 0.00 20/03/2013 GBP 330,000 US$ 531,665 4 0.00 21/03/2013 US$ 332,730 JPY 27,345,000 17 0.01 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 22 0.01

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Investment Grade Corporate Bond Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 EUR 1,050,000 US$ 1,391,618 (5) (0.00) 20/03/2013 US$ 36,053,491 EUR 27,571,770 (365) (0.18) 20/03/2013 US$ 81,944,464 GBP 50,925,222 (761) (0.38) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (1,131) (0.56)

Forward Currency Contracts on Hedged Share Classes – 0.07% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 EUR 11,961,023 US$ 15,771,842 20 0.01 31/01/2013 GBP 14,788,780 US$ 23,907,364 114 0.06 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 134 0.07 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 US$ 8,501 GBP 5,258 (0) (0.00) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES (0) (0.00) MARKET VALUE OF INVESTMENTS (cost (000) US$ 166,454) 180,999 89.97 OTHER ASSETS AND LIABILITIES 20,188 10.03 SHAREHOLDERS’ EQUITY 201,187 100.00

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Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Altria Group, Inc. 9.700% 10/11/18 – 4,789 Anglo American Capital Plc. 9.375% 08/04/19 3,107 4,283 Bundesschatzanweisungen 1.750% 14/06/13 3,355 7,822 Electricite de France S.A. 6.500% 26/01/19 865 2,434 Everything Everywhere Finance Plc. 4.375% 28/03/19 3,606 – Government of Norway 3.750% 25/05/21 – 4,724 Johnson & Johnson 5.500% 06/11/24 2,842 – MDC-GMTN B.V. 5.500% 20/04/21 2,242 5 Mondelez International, Inc. 5.375% 10/02/20 2,055 7,888 Morgan Stanley 5.375% 10/08/20 – 2,585 NBCUniversal Media LLC 5.150% 30/04/20 – 4,801 Roche Holdings, Inc. 6.000% 01/03/19 750 2,488 SES S.A. 4.625% 09/03/20 – 4,442 Southern Water Services Finance Ltd. 6.125% 31/03/19 – 2,391 Standard Bank Plc. 8.125% 02/12/19 – 2,712 Total Capital S.A. 5.125% 26/03/24 2,446 2,429 United Kingdom Gilt 4.250% 07/06/32 3,075 3,121 United States Treasury Note/Bond 2.125% 15/08/21 5,112 5,122 Verizon Communications, Inc. 6.350% 01/04/19 568 3,075 Volkswagen Financial Services NV 2.000% 23/10/15 4,300 – Other securities purchased and sold under (000) US$ 4,490 43,154 45,620 77,477 110,731

Investec Global Strategy Fund | 119 Portfolio details Latin American Corporate Debt Fund

Schedule of Investments as at 31 December 2012

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds – 34.11% Brazilian Real 6,700,000 Arcos Dorados Holdings, Inc. 10.250% 13/07/16 3,491 0.33 2,500,000 Companhia de Eletricidade do Estado da Bahia 11.750% 27/04/16 1,314 0.12 8,000,000 Oi S.A. 9.750% 15/09/16 4,151 0.39 2,000,000 RBS-Zero Hora Editora Jornalistica S.A. 11.250% 15/06/17 1,016 0.10

9,972 0.94 Colombian Peso 8,000,000,000 Emgesa S.A. ESP 8.750% 25/01/21 5,284 0.50 6,000,000,000 Empresas Publicas de Medellin ESP 8.375% 01/02/21 3,919 0.37

9,203 0.87 Mexican Peso 10,500,000 Grupo Televisa SAB 8.490% 11/05/37 902 0.09 US Dollar 2,760,000 Aeropuertos Argentina 2000 S.A. 10.750% 01/12/20 2,476 0.23 8,250,000 Banco ABC Brasil S.A. 7.875% 08/04/20 9,006 0.85 4,500,000 Banco de Galicia y Buenos Aires 8.750% 04/05/18 3,746 0.35 10,000,000 Banco do Brasil S.A. 5.875% 26/01/22 11,052 1.04 3,000,000 Banco do Brasil S.A. 5.875% 19/01/23 3,308 0.31 7,500,000 Bancolombia S.A. 5.950% 03/06/21 8,714 0.82 3,000,000 Bancolombia S.A. 5.125% 11/09/22 3,120 0.29 9,500,000 BBVA Bancomer S.A. 6.750% 30/09/22 10,706 1.01 2,215,000 BR Malls International Finance Ltd. 9.750% 31/12/49 2,246 0.22 4,250,000 Braskem Finance Ltd. 5.375% 02/05/22 4,391 0.41 2,000,000 BRF - Brasil Foods S.A. 5.875% 06/06/22 2,214 0.21 5,000,000 Cemex Finance LLC 9.375% 12/10/22 5,644 0.53 6,000,000 Cemex SAB de CV 9.000% 11/01/18 6,537 0.62 5,500,000 Cencosud S.A. 4.875% 20/01/23 5,653 0.53 5,500,000 CFR International SpA 5.125% 06/12/22 5,740 0.54 7,500,000 Colombia Telecomunicaciones S.A. ESP 5.375% 27/09/22 7,594 0.72 8,500,000 Controladora Mabe S.A. de CV 7.875% 28/10/19 9,898 0.94 3,500,000 Corp Azucarera del Peru S.A. 6.375% 02/08/22 3,796 0.36 2,000,000 Corp. Nacional del Cobre de Chile 3.875% 03/11/21 2,182 0.21 1,750,000 Ecopetrol S.A. 7.625% 23/07/19 2,268 0.21 2,750,000 EGE Haina Finance Co. 9.500% 26/04/17 2,888 0.27 11,500,000 Empresa de Energia de Bogota S.A. 6.125% 10/11/21 12,969 1.23 4,500,000 Empresa Nacional del Petroleo 4.750% 06/12/21 4,833 0.46 7,500,000 Fibria Overseas Finance Ltd. 6.750% 03/03/21 8,314 0.79 3,000,000 Gerdau Holdings, Inc. 7.000% 20/01/20 3,502 0.33 7,000,000 Grupo Bimbo SAB de CV 4.500% 25/01/22 7,653 0.72 1,500,000 Grupo Papelero Scribe S.A. de CV 8.875% 07/04/20 1,381 0.13 4,750,000 Grupo Posadas SAB de CV 7.875% 30/11/17 5,008 0.47 12,500,000 Hypermarcas S.A. 6.500% 20/04/21 13,531 1.28 6,000,000 Intercorp Peru Ltd. 8.625% 30/06/19 6,570 0.62 5,000,000 Itau Unibanco Holding S.A. 5.125% 13/05/23 5,127 0.48 10,500,000 Magnesita Finance Ltd. 8.625% 31/12/49 11,144 1.05 7,500,000 Minerva Luxembourg S.A. 12.250% 10/02/22 8,998 0.85 5,000,000 Odebrecht Finance Ltd. 7.500% 31/12/49 5,496 0.52 8,500,000 Odebrecht Finance Ltd. 6.000% 05/04/23 9,871 0.93 10,500,000 Oi S.A. 5.750% 10/02/22 10,983 1.04 7,500,000 Petrobras International Finance Co. - Pifco 5.375% 27/01/21 8,546 0.81 5,000,000 Petrobras International Finance Co. - Pifco 3.875% 27/01/16 5,280 0.50 4,000,000 Petrobras International Finance Co. - Pifco 3.500% 06/02/17 4,200 0.40 10,000,000 Petroleos de Venezuela S.A. 5.375% 12/04/27 6,963 0.66 6,000,000 Petroleos de Venezuela S.A. 8.500% 02/11/17 5,904 0.56

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued US Dollar continued 9,000,000 Petroleos Mexicanos 6.625% 31/12/49 9,649 0.91 4,500,000 QGOG Constellation S.A. 6.250% 09/11/19 4,709 0.45 8,000,000 Samarco Mineracao S.A. 4.125% 01/11/22 8,162 0.77 4,800,000 Sigma Alimentos S.A. de CV 6.875% 16/12/19 5,732 0.54 6,500,000 Telemar Norte Leste S.A. 5.500% 23/10/20 6,793 0.64 3,000,000 USJ Acucar e Alcool S.A. 9.875% 09/11/19 3,219 0.30 7,000,000 Vale Overseas Ltd. 4.625% 15/09/20 7,582 0.72 9,000,000 Vale Overseas Ltd. 4.375% 11/01/22 9,626 0.91 6,000,000 Virgolino de Oliveira Finance Ltd. 10.500% 28/01/18 6,138 0.58 7,500,000 Voto-Votorantim Overseas Trading Operations NV 6.625% 25/09/19 8,796 0.83 10,000,000 Votorantim Cimentos S.A. 7.250% 05/04/41 11,232 1.06

341,090 32.21 TOTAL CORPORATE BONDS (cost (000) US$ 338,401) 361,167 34.11

Government Bonds – 2.72% Mexican Peso 35,000,000 Mexican Bonos Bonds 7.750% 14/12/17 3,020 0.28 US Dollar 2,000,000 City of Buenos Aires 12.500% 06/04/15 1,977 0.19 3,000,000 Provincia de Buenos Aires 11.750% 05/10/15 2,597 0.24 4,000,000 Provincia de Buenos Aires 10.875% 26/01/21 2,986 0.28 6,000,000 Republic of Argentina 7.000% 17/04/17 5,085 0.48 3,000,000 Republic of Brazil 4.875% 22/01/21 3,619 0.34 3,000,000 Republic of Brazil 2.625% 05/01/23 3,023 0.29 6,000,000 Republic of Mexico 3.625% 15/03/22 6,555 0.62

25,842 2.44 TOTAL GOVERNMENT BONDS (cost (000) US$ 29,834) 28,862 2.72 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 368,235) 390,029 36.83

Transferable securities dealt in another regulated market Corporate Bonds – 53.75% Chilean Peso 1,815,000,000 Banco Santander Chile 6.500% 22/09/20 3,867 0.37 Mexican Peso 100,000,000 Petroleos Mexicanos 7.650% 24/11/21 8,358 0.79 US Dollar 5,000,000 Aeropuertos Dominicanos Siglo XXI S.A. 9.250% 13/11/19 5,259 0.50 5,000,000 AES Andres Dominicana Ltd. 9.500% 12/11/20 5,546 0.52 6,800,000 Ajecorp BV 6.500% 14/05/22 7,378 0.69 3,500,000 Alestra S.A. de CV 11.750% 11/08/14 3,982 0.38 5,000,000 Alpek S.A. de CV 4.500% 20/11/22 5,227 0.49 6,500,000 Banco Bradesco S.A. 5.750% 01/03/22 7,054 0.67 1,500,000 Banco Continental S.A. via Continental Senior Trustees Cayman Ltd. 5.500% 18/11/20 1,697 0.16 4,000,000 Banco Continental S.A. via Continental Senior Trustees II Cayman Ltd. 5.750% 18/01/17 4,410 0.42 4,750,000 Banco Continental S.A. via Continental Trustees Cayman Ltd. 7.375% 07/10/40 5,239 0.49 4,000,000 Banco Continental S.A.E. 8.875% 15/10/17 4,295 0.41 6,000,000 Banco Davivienda S.A. 5.875% 09/07/22 6,261 0.59

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Latin American Corporate Debt Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds continued US Dollar continued 5,500,000 Banco de Bogota S.A. 5.000% 15/01/17 5,958 0.56 7,500,000 Banco de Credito del Peru 6.875% 16/09/26 8,616 0.81 3,000,000 Banco de Credito e Inversiones 3.000% 13/09/17 3,053 0.29 14,500,000 Banco do Estado do Rio Grande do Sul S.A. 7.375% 02/02/22 15,930 1.51 4,000,000 Banco GNB Sudameris S.A. 7.500% 30/07/22 4,360 0.41 5,000,000 Banco Santander Brasil S.A. 4.625% 13/02/17 5,302 0.50 3,500,000 Banco Santander Chile 3.875% 20/09/22 3,610 0.34 5,000,000 Banco Votorantim S.A. 3.860% 16/05/16 2,837 0.27 4,000,000 Banco Votorantim S.A. 7.375% 21/01/20 4,502 0.43 3,750,000 BBVA Banco Continental S.A. 5.000% 26/08/22 4,038 0.38 7,500,000 BBVA Bancomer S.A. 6.500% 10/03/21 8,373 0.79 2,500,000 BBVA Bancomer S.A. 6.008% 17/05/22 2,586 0.24 7,250,000 BR Malls International Finance Ltd. 8.500% 31/12/49 7,985 0.75 5,500,000 Braskem Finance Ltd. 7.000% 07/05/20 6,215 0.59 6,500,000 Braskem Finance Ltd. 5.750% 15/04/21 6,845 0.65 5,000,000 Camposol S.A. 9.875% 02/02/17 5,440 0.51 8,500,000 Celulosa Arauco y Constitucion S.A. 4.750% 11/01/22 8,962 0.85 3,000,000 Cemex Espana Luxembourg 9.250% 12/05/20 3,278 0.31 9,500,000 Cemex Finance LLC 9.500% 14/12/16 10,331 0.98 4,000,000 Centrais Eletricas Brasileiras S.A. 5.750% 27/10/21 4,294 0.41 8,000,000 Central American Bottling Corp. 6.750% 09/02/22 8,740 0.83 5,000,000 Comision Federal de Electricidad 5.750% 14/02/42 5,697 0.54 6,000,000 Companhia de Saneamento Basico do Estado de Sao Paulo 6.250% 16/12/20 6,604 0.63 5,000,000 Corp. GEO SAB de CV 9.250% 30/06/20 5,387 0.51 5,000,000 Corp. GEO SAB de CV 8.875% 27/03/22 5,363 0.51 5,500,000 Corp. Lindley S.A. 6.750% 23/11/21 6,377 0.60 4,000,000 Corp. Nacional del Cobre de Chile 3.000% 17/07/22 4,046 0.38 14,000,000 Cosan Overseas Ltd. 8.250% 31/12/49 15,390 1.45 1,500,000 Digicel Group Ltd. 10.500% 15/04/18 1,665 0.16 3,000,000 Digicel Group Ltd. 8.250% 30/09/20 3,296 0.31 2,500,000 Digicel Ltd. 8.250% 01/09/17 2,694 0.25 3,500,000 Digicel Ltd. 7.000% 15/02/20 3,780 0.36 5,000,000 Empresas ICA SAB de CV 8.375% 24/07/17 5,398 0.51 14,000,000 Empresas ICA SAB de CV 8.900% 04/02/21 15,299 1.44 16,000,000 Fibria Overseas Finance Ltd. 7.500% 04/05/20 17,840 1.68 8,500,000 Grupo Aval Ltd. 5.250% 01/02/17 9,102 0.86 6,000,000 Grupo Aval Ltd. 4.750% 26/09/22 6,038 0.57 9,250,000 Grupo KUO SAB De CV 6.250% 04/12/22 9,954 0.94 4,000,000 Grupo Senda Autotransporte S.A. de CV 10.500% 03/10/15 4,180 0.39 4,500,000 Gruposura Finance 5.700% 18/05/21 5,030 0.47 7,000,000 GTL Trade Finance, Inc. 7.250% 20/10/17 8,094 0.76 8,500,000 Industrial Senior Trust 5.500% 01/11/22 8,499 0.80 13,800,000 Intercorp Retail Trust 8.875% 14/11/18 15,809 1.49 4,000,000 Inversiones CMPC S.A. 4.500% 25/04/22 4,111 0.39 4,500,000 Itau Unibanco Holding S.A. 6.200% 21/12/21 4,944 0.47 5,500,000 Itau Unibanco Holding S.A. 5.650% 19/03/22 5,817 0.55 4,000,000 Itau Unibanco Holding S.A. 5.500% 06/08/22 4,196 0.40 9,500,000 JBS Finance II Ltd. 8.250% 29/01/18 10,094 0.95 8,000,000 Maestro Peru S.A. 6.750% 26/09/19 8,346 0.79 3,000,000 Marfrig Holding Europe BV 8.375% 09/05/18 2,573 0.24 2,000,000 Marfrig Overseas Ltd. 9.500% 04/05/20 1,737 0.16

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds continued US Dollar continued 9,500,000 Mexichem SAB de CV 4.875% 19/09/22 10,241 0.97 2,000,000 Mexichem SAB de CV 6.750% 19/09/42 2,256 0.21 6,000,000 Navios South American Logistics, Inc. 9.250% 15/04/19 5,918 0.56 8,000,000 OAS Investments GmbH 8.250% 19/10/19 8,549 0.81 4,000,000 Odebrecht Finance Ltd. 5.125% 26/06/22 4,344 0.41 3,000,000 Odebrecht Finance Ltd. 7.125% 26/06/42 3,477 0.33 13,000,000 OGX Austria GmbH 8.500% 01/06/18 11,716 1.11 7,500,000 OGX Austria GmbH 8.375% 01/04/22 6,356 0.60 4,500,000 OSX 3 Leasing BV 9.250% 20/03/15 4,669 0.44 6,000,000 Petroleos Mexicanos 5.500% 21/01/21 7,019 0.66 7,000,000 Petroleos Mexicanos 4.875% 24/01/22 7,905 0.75 11,000,000 Rearden G Holdings EINS GmbH 7.875% 30/03/20 12,290 1.16 5,000,000 Scotiabank Peru S.A. 4.500% 13/12/27 5,021 0.47 9,000,000 Suzano Trading Ltd. 5.875% 23/01/21 9,394 0.88 7,000,000 TAM Capital 2, Inc. 9.500% 29/01/20 7,830 0.74 12,750,000 TAM Capital 3, Inc. 8.375% 03/06/21 14,116 1.33 1,000,000 Telefonica Celular del Paraguay S.A. 6.750% 13/12/22 1,049 0.10 7,000,000 Telefonica Chile S.A. 3.875% 12/10/22 7,012 0.66 7,000,000 Transportadora de Gas Internacional S.A. ESP 5.700% 20/03/22 7,789 0.74 4,000,000 Virgolino de Oliveira Finance Ltd. 11.750% 09/02/22 4,122 0.39 8,000,000 Volcan Cia Minera SAA 5.375% 02/02/22 8,857 0.84 5,000,000 Voto-Votorantim Ltd. 6.750% 05/04/21 5,884 0.56 7,000,000 WPE International Cooperatief UA 10.375% 30/09/20 6,101 0.58

556,878 52.59 TOTAL CORPORATE BONDS (cost (000) US$ 540,652) 569,103 53.75

Government Bonds – 0.42% US Dollar 5,000,000 City of Buenos Aires Argentina 9.950% 01/03/17 4,430 0.42 TOTAL GOVERNMENT BONDS (cost (000) US$ 4,795) 4,430 0.42

Supranationals – 0.29% US Dollar 3,000,000 Banco Latinoamericano de Comercio Exterior S.A. 3.750% 04/04/17 3,064 0.29 TOTAL SUPRANATIONALS (cost (000) US$ 2,995) 3,064 0.29 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 548,442) 576,597 54.46

Other Transferable Securities Corporate Bonds – 0.25% US Dollar 4,000,000 CESP Companhia Energetica de Sao Paulo 6.972% 15/01/15 2,707 0.25 TOTAL CORPORATE BONDS (cost (000) US$ 2,947) 2,707 0.25 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ 2,947) 2,707 0.25 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 919,624) 969,333 91.54

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Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts – (0.01%) Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 03/01/2013 US$ 7,500,000 BRL 15,575,250 (107) (0.01) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (107) (0.01)

Swaps – 0.01% Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Interest Rate Swaps 15,000,000 Fixed 1.708% Floating (US$ 3 month LIBOR) US$ 02/10/2022 85 0.01 MARKET VALUE ON SWAPS 85 0.01 MARKET VALUE OF INVESTMENTS (cost (000) US$ 919,624) 969,311 91.54 OTHER ASSETS AND LIABILITIES 89,571 8.46 SHAREHOLDERS’ EQUITY 1,058,882 100.00

124 | Investec Global Strategy Fund Latin American Corporate Debt Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Banco do Estado do Rio Grande do Sul 7.375% 02/02/22 12,778 – Banco Santander Brasil S.A. 4.625% 13/02/17 7,962 3,131 BBVA Bancomer S.A. 6.750% 30/09/22 12,150 2,188 Braskem Finance Ltd. 5.750% 15/04/21 7,587 1,016 Celulosa Arauco y Constitucion S.A. 4.750% 11/01/22 8,488 – Celulosa Arauco y Constitucion S.A. 4.750% 11/01/22 8,486 8,488 Central American Bottling Corp. 6.750% 09/02/22 8,158 – Colombia Telecomunicaciones S.A. ESP 5.375% 27/09/22 7,579 – Fibria Overseas Finance Ltd. 7.500% 04/05/20 11,209 – Fibria Overseas Finance Ltd. 6.750% 03/03/21 7,631 – Grupo Aval Ltd. 5.250% 01/02/17 8,662 – Grupo Bimbo SAB De CV 4.500% 25/01/22 7,162 – Grupo KUO SAB de CV 9.750% 17/10/17 2,922 8,430 Grupo KUO SAB de CV 6.250% 04/12/22 9,250 – Grupo Petrotemex S.A. de CV 9.500% 19/08/14 2,197 6,780 GTL Trade Finance, Inc. 7.250% 20/10/17 8,109 – Hypermarcas S.A. 6.500% 20/04/21 8,563 – Industrial Senior Trust 5.500% 01/11/22 8,514 – Intercorp Retail Trust 8.875% 14/11/18 8,504 – Maestro Peru S.A. 6.750% 26/09/19 8,163 – Magnesita Finance Ltd. 8.625% 31/12/49 10,550 – Mexichem SAB de CV 4.875% 19/09/22 9,587 – Minerva Luxembourg SA 12.250% 10/02/22 8,024 – OAS Investments GmbH 8.250% 19/10/19 8,062 – Odebrecht Finance Ltd. 7.000% 21/04/20 1,083 7,638 Odebrecht Finance Ltd. 6.000% 05/04/23 8,706 – OGX Austria GmbH 8.500% 01/06/18 13,401 – OGX Austria GmbH 8.375% 01/04/22 7,103 – Oi S.A. 5.750% 10/02/22 10,685 – Petroleos Mexicanos 4.875% 24/01/22 7,067 7,064 Petroleos Mexicanos 4.875% 24/01/22 7,064 – Petroleos Mexicanos 6.625% 31/12/49 9,498 – Samarco Mineracao S.A. 4.125% 01/11/22 7,973 – Suzano Trading Ltd. 5.875% 23/01/21 8,383 1,197 TAM Capital 3, Inc. 8.375% 03/06/21 8,134 549 Telefonica Chile S.A. 3.875% 12/10/22 6,993 – Transportadora de Gas Internacional S.A. ESP 5.700% 20/03/22 7,129 – Vale Overseas Ltd. 4.375% 11/01/22 9,066 – Volcan Cia Minera SAA 5.375% 02/02/22 8,242 – Votorantim Cimentos S.A. 7.250% 05/04/41 7,039 – Other securities purchased and sold under (000) US$ 6,743 437,697 110,964 765,560 157,445

Investec Global Strategy Fund | 125 Portfolio details Emerging Markets Multi-Asset Fund

Schedule of Investments as at 31 December 2012 w Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 41.51% Brazilian Real 39,400 Arteris S.A. 363 0.27 43,500 Banco do Brasil S.A. 544 0.41

907 0.68 British Pound Sterling 14,180 Anglo American Plc. 447 0.34 64,135 International Personal Finance Plc. 393 0.29 21,933 Polymetal International Plc. 424 0.32 118,975 Polyus Gold International Ltd. 395 0.30 22,194 Standard Chartered Plc. 574 0.43 10,616 Unilever Plc. 413 0.31

2,646 1.99 Chilean Peso 2,581,109 CFR Pharmaceuticals S.A. 644 0.49 28,023 ENTEL Chile S.A. 577 0.43

1,221 0.92 Czech Koruna 2,159 Komercni Banka AS 457 0.34 Euro 8,892 HeidelbergCement AG 542 0.41 Hong Kong Dollar 142,000 AIA Group Ltd. 564 0.42 2,184,100 Bank of China Ltd. “H” 993 0.75 169,000 Cathay Pacific Airways Ltd. 314 0.24 226,000 China Overseas Land & Investment Ltd. 689 0.52 814,000 China Petroleum & Chemical Corp. “H” 938 0.70 454,814 China Railway Construction Corp., Ltd. “H” 525 0.39 280,000 China Resources Power Holdings Co., Ltd. 721 0.54 165,500 China Shenhua Energy Co., Ltd. “H” 741 0.56 627,000 CNOOC Ltd. 1,383 1.04 1,392,969 Country Garden Holdings Co., Ltd. 746 0.56 226,000 Dongfeng Motor Group Co., Ltd. “H” 355 0.27 268,500 Great Wall Motor Co., Ltd. “H” 860 0.65 2,195,000 Industrial & Commercial Bank of China Ltd. “H” 1,587 1.19 676,000 Lenovo Group Ltd. 623 0.47 462,000 PICC Property & Casualty Co., Ltd. “H” 661 0.50 242,000 SJM Holdings Ltd. 571 0.43 302,000 Techtronic Industries Co. 575 0.43

12,846 9.66 Indonesian Rupiah 831,500 Indofood Sukses Makmur Tbk PT 508 0.38 Malaysian Ringgit 365,900 Alliance Financial Group Bhd 526 0.40 342,100 Axiata Group Bhd 741 0.56 666,800 Genting Malaysia Bhd 776 0.58 200,600 Sime Darby Bhd 626 0.47

2,669 2.01

Mexican Peso 194,423 Grupo Mexico SAB de CV “B” 703 0.53

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Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Philippines Peso 1,317,300 Alliance Global Group, Inc. 539 0.40 Polish Zloty 3,476 Powszechny Zaklad Ubezpieczen S.A. 492 0.37 Singapore Dollar 547,000 China Minzhong Food Corp., Ltd. 364 0.27 South African Rand 60,037 Cie Financiere Richemont S.A. 474 0.35 24,690 Imperial Holdings Ltd. 577 0.43 146,283 Life Healthcare Group Holdings Ltd. 582 0.44 62,979 MTN Group Ltd. 1,326 1.00

2,959 2.22 South Korean Won 31,860 DGB Financial Group, Inc. 433 0.33 13,950 Grand Korea Leisure Co., Ltd. 375 0.28 2,874 Hyundai Mobis 779 0.59 5,762 Hyundai Motor Co. 1,189 0.89 30,210 Kangwon Land, Inc. 826 0.62 11,483 Kia Motors Corp. 611 0.46 46,488 Korean Reinsurance Co. 500 0.38 1,154 Lotte Shopping Co., Ltd. 407 0.31 2,447 Samsung Electronics Co., Ltd. 3,515 2.64 16,070 Samsung Heavy Industries Co., Ltd. 587 0.44 3,003 SK Innovation Co., Ltd. 497 0.37

9,719 7.31 Taiwan Dollar 659,000 Advanced Semiconductor Engineering, Inc. 573 0.43 52,000 Asustek Computer, Inc. 588 0.44 892,000 E.Sun Financial Holding Co., Ltd. 501 0.38 554,494 Fubon Financial Holding Co., Ltd. 674 0.51 235,000 Hon Hai Precision Industry Co., Ltd. 727 0.54 349,295 Lite-On Technology Corp. 466 0.35 385,000 Taiwan Semiconductor Manufacturing Co., Ltd. 1,287 0.97

4,816 3.62 Thailand Baht 157,500 Bangkok Bank PCL 1,015 0.76 1,599,700 Krung Thai Bank PCL 1,023 0.77 189,900 PTT Global Chemical PCL 435 0.33

2,473 1.86 Turkish Lira 107,675 Aselsan Elektronik Sanayi Ve Ticaret AS 512 0.38 US Dollar 56,000 America Movil SAB de CV — ADR “L” 1,296 0.97 16,900 Avago Technologies Ltd. 535 0.40 6,600 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 552 0.42 12,500 Embraer S.A. — ADR 357 0.27 29,100 Enersis S.A. — ADR 530 0.40 15,700 Herbalife Ltd. 517 0.39 14,287 Lukoil OAO — ADR 960 0.72 25,282 Pharmstandard OJSC — GDR 424 0.32

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Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar continued 90,856 Rosneft OAO — GDR 825 0.62 253,338 Sberbank of Russia 784 0.59 22,058 Sistema JSFC — GDR 454 0.34 29,100 Telefonica Brasil S.A. — ADR 700 0.53 15,900 Tenaris S.A. — ADR 666 0.50 27,100 Ternium S.A. — ADR 638 0.48 58,640 Vale S.A. — ADR 1,230 0.92 18,900 Vale S.A. — ADR 384 0.29

10,852 8.16 TOTAL COMMON STOCKS (cost (000) US$ 49,731) 55,225 41.51

Preferred Stocks – 0.34% Brazilian Real 39,400 AES Tiete S.A. 453 0.34 TOTAL PREFERRED STOCKS (cost (000) US$ 523) 453 0.34 Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Corporate Bonds – 2.16% US Dollar 200,000 Export Credit Bank of Turkey 5.375% 04/11/16 218 0.16 470,000 JSC Georgian Railway 7.750% 11/07/22 536 0.40 470,000 KazMunayGas Finance Sub BV 7.000% 05/05/20 587 0.44 160,000 Majapahit Holding BV 7.750% 20/01/20 202 0.15 200,000 Perusahaan Listrik Negara PT 5.500% 22/11/21 226 0.17 400,000 Petronas Capital Ltd. 5.250% 12/08/19 478 0.36 270,000 Sinochem Overseas Capital Co., Ltd. 4.500% 12/11/20 291 0.22 200,000 Talent Yield Investments Ltd. 4.500% 25/04/22 219 0.17 100,000 Vnesheconombank Via VEB Finance Plc. 6.902% 09/07/20 122 0.09

2,879 2.16 TOTAL CORPORATE BONDS (cost (000) US$ 2,749) 2,879 2.16

Government Bonds – 32.55% Brazilian Real 73,500 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 378 0.29 37,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 190 0.14

568 0.43 Colombian Peso 260,000,000 Republic of Colombia 12.000% 22/10/15 180 0.13 178,000,000 Republic of Colombia 7.750% 14/04/21 128 0.10

308 0.23 Czech Koruna 4,380,000 Government of Czech Republic 5.700% 25/05/24 315 0.24 Euro 300,000 Republic of Montenegro 7.250% 08/04/16 401 0.30

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Hungarian Forint 160,000,000 Republic of Hungary 5.500% 12/02/14 725 0.54 7,580,000 Republic of Hungary 6.750% 22/08/14 35 0.03 82,900,000 Republic of Hungary 6.750% 24/11/17 389 0.29 150,130,000 Republic of Hungary 7.000% 24/06/22 723 0.54 2,000,000 Republic of Hungary 6.750% 22/10/28 10 0.01

1,882 1.41 Indonesian Rupiah 6,900,000,000 Government of Indonesia 11.000% 15/10/14 797 0.60 3,578,000,000 Government of Indonesia 6.250% 15/04/17 394 0.30 330,000,000 Government of Indonesia 10.000% 15/07/17 41 0.03 4,500,000,000 Government of Indonesia 7.000% 15/05/22 531 0.40 1,629,000,000 Government of Indonesia 10.250% 15/07/22 231 0.17 193,000,000 Government of Indonesia 8.375% 15/09/26 25 0.02 5,667,000,000 Government of Indonesia 7.000% 15/05/27 650 0.49 820,000,000 Government of Indonesia 10.500% 15/08/30 125 0.09 2,162,000,000 Government of Indonesia 8.250% 15/06/32 275 0.21

3,069 2.31 Mexican Peso 3,910,000 Republic of Mexico 9.000% 20/06/13 309 0.23 13,500,000 Republic of Mexico 8.000% 19/12/13 1,079 0.81 15,990,000 Republic of Mexico 9.500% 18/12/14 1,348 1.01 3,440,000 Republic of Mexico 8.500% 13/12/18 312 0.23 1,500,000 Republic of Mexico 8.000% 11/06/20 137 0.10 980,000 Republic of Mexico 6.500% 10/06/21 82 0.06 1,400,000 Republic of Mexico 8.000% 07/12/23 131 0.10 370,000 Republic of Mexico 7.500% 03/06/27 33 0.03 1,630,000 Republic of Mexico 8.500% 31/05/29 159 0.12 660,000 Republic of Mexico 7.750% 29/05/31 60 0.05 120,000 Republic of Mexico 10.000% 20/11/36 14 0.01 600,000 Republic of Mexico 7.750% 13/11/42 55 0.04

3,719 2.79 New Russian Ruble 23,000,000 Russian Federal Bond — OFZ 8.100% 26/11/14 779 0.59 14,000,000 Russian Federal Bond — OFZ 6.900% 03/08/16 466 0.35 18,900,000 Russian Federal Bond — OFZ 7.400% 19/04/17 642 0.48 11,255,000 Russian Federal Bond — OFZ 7.400% 14/06/17 383 0.29 16,014,000 Russian Federal Bond — OFZ 7.500% 15/03/18 549 0.41 26,187,000 Russian Federal Bond — OFZ 7.600% 14/04/21 907 0.68 6,694,000 Russian Federal Bond — OFZ 8.150% 03/02/27 242 0.18

3,968 2.98 Nigerian Naira 26,940,000 Government of Nigeria 16.000% 29/06/19 203 0.15 2,570,000 Government of Nigeria 16.390% 27/01/22 20 0.02

223 0.17 Philippines Peso 5,000,000 Government of Philippines 4.950% 15/01/21 135 0.10 Polish Zloty 1,550,000 Government of Poland 5.250% 25/10/17 546 0.41 1,140,000 Government of Poland 4.000% 25/10/23 377 0.29 1,080,000 Government of Poland 5.750% 25/04/29 430 0.32

1,353 1.02

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Romanian Leu 2,750,000 Republic of Romania 6.250% 25/07/13 816 0.61 260,000 Republic of Romania 5.900% 26/07/17 76 0.06

892 0.67 South African Rand 5,950,000 Republic of South Africa 13.500% 15/09/15 844 0.64 6,000,000 Republic of South Africa 8.000% 21/12/18 777 0.58 700,000 Republic of South Africa 6.750% 31/03/21 85 0.06 840,000 Republic of South Africa 7.750% 28/02/23 106 0.08 6,640,000 Republic of South Africa 10.500% 21/12/26 1,002 0.75 2,990,000 Republic of South Africa 7.000% 28/02/31 327 0.25 2,160,000 Republic of South Africa 8.750% 28/02/48 270 0.20

3,411 2.56 Thailand Baht 740,000 Bank of Thailand 3.050% 30/01/15 24 0.02 34,300,000 Government of Thailand 4.250% 13/03/13 1,124 0.84 2,800,000 Government of Thailand 3.625% 22/05/15 93 0.07 16,100,000 Government of Thailand 3.125% 11/12/15 530 0.40 3,000,000 Government of Thailand 3.875% 13/06/19 102 0.08 3,000,000 Government of Thailand 3.650% 17/12/21 100 0.08 1,000,000 Government of Thailand 6.150% 07/07/26 40 0.03 77,000 Government of Thailand 4.875% 22/06/29 3 0.00

2,016 1.52 Turkish Lira 707,000 Republic of Turkey 0.000% 20/02/13 393 0.29 500,000 Republic of Turkey 16.000% 28/08/13 302 0.23 350,000 Republic of Turkey 8.000% 09/10/13 199 0.15 1,100,000 Republic of Turkey 10.000% 04/12/13 638 0.48 1,370,000 Republic of Turkey 8.000% 04/06/14 788 0.59 850,000 Republic of Turkey 11.000% 06/08/14 512 0.38 1,400,000 Republic of Turkey 9.000% 08/03/17 860 0.65 710,000 Republic of Turkey 10.500% 15/01/20 488 0.37 190,000 Republic of Turkey 9.500% 12/01/22 128 0.10

4,308 3.24 US Dollar 400,000 Government of Indonesia 6.875% 17/01/18 488 0.37 250,000 Government of Indonesia 5.875% 13/03/20 302 0.23 340,000 Government of Indonesia 3.750% 25/04/22 363 0.27 150,000 Government of Indonesia 8.500% 12/10/35 241 0.18 190,000 Government of Panama 9.375% 01/04/29 325 0.24 140,000 Government of Panama 6.700% 26/01/36 199 0.15 540,000 Government of Peru 7.125% 30/03/19 710 0.53 94,000 Government of Peru 8.750% 21/11/33 164 0.12 260,000 Government of Philippines 7.750% 14/01/31 397 0.30 420,000 Government of Qatar 5.250% 20/01/20 503 0.38 90,000 Government of Qatar 9.750% 15/06/30 163 0.12 235,000 Government of Sri Lanka 6.250% 04/10/20 257 0.19 430,000 Government of Sri Lanka 6.250% 27/07/21 471 0.35 400,000 Government of Ukraine 9.250% 24/07/17 435 0.33 150,000 Government of Ukraine 7.750% 23/09/20 154 0.12 10,000 Republic of Argentina 8.750% 02/06/17 9 0.01 400,000 Republic of Brazil 6.000% 17/01/17 475 0.36 500,000 Republic of Brazil 4.875% 22/01/21 603 0.45

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued US Dollar continued 100,000 Republic of Brazil 10.125% 15/05/27 184 0.14 116,000 Republic of Brazil 12.250% 06/03/30 237 0.18 130,000 Republic of Brazil 12.250% 06/03/30 266 0.20 40,000 Republic of Brazil 8.250% 20/01/34 67 0.05 500,000 Republic of Chile 3.875% 05/08/20 565 0.42 200,000 Republic of Chile 3.250% 14/09/21 217 0.16 200,000 Republic of Colombia 4.375% 12/07/21 232 0.17 94,000 Republic of Colombia 10.375% 28/01/33 175 0.13 170,000 Republic of Colombia 6.125% 18/01/41 234 0.18 510,000 Republic of Croatia 6.250% 27/04/17 561 0.42 290,000 Republic of Croatia 6.750% 05/11/19 333 0.25 200,000 Republic of Croatia 6.375% 24/03/21 227 0.17 80,000 Republic of El Salvador 7.750% 24/01/23 95 0.07 160,000 Republic of El Salvador 8.250% 10/04/32 192 0.14 200,000 Republic of Hungary 7.625% 29/03/41 232 0.17 400,000 Republic of Latvia 2.750% 12/01/20 396 0.30 160,000 Republic of Mexico 11.375% 15/09/16 219 0.16 350,000 Republic of Mexico 8.300% 15/08/31 570 0.43 182,000 Republic of Mexico 7.500% 08/04/33 279 0.21 341,000 Republic of South Africa 5.500% 09/03/20 406 0.31 248,000 Republic of South Africa 4.665% 17/01/24 280 0.21 720,000 Republic of Turkey 7.250% 15/03/15 805 0.61 120,000 Republic of Turkey 7.500% 14/07/17 147 0.11 250,000 Republic of Turkey 5.625% 30/03/21 298 0.22 400,000 Republic of Turkey 6.250% 26/09/22 500 0.38 75,000 Republic of Turkey 7.375% 05/02/25 102 0.08 96,000 Republic of Uruguay 7.875% 15/01/33 149 0.11 147,569 Republic of Uruguay 4.125% 20/11/45 148 0.11 450,000 Republic of Venezuela 7.750% 13/10/19 423 0.32 100,000 Republic of Venezuela 8.250% 13/10/24 92 0.07 170,000 Republic of Venezuela 9.250% 07/05/28 167 0.13 410,000 Republic of Venezuela 11.950% 05/08/31 465 0.35 400,000 Russian Foreign Bond – Eurobond 3.250% 04/04/17 426 0.32 330,000 Russian Foreign Bond – Eurobond 11.000% 24/07/18 489 0.37 200,000 Russian Foreign Bond – Eurobond 5.000% 29/04/20 237 0.18 30,000 Russian Foreign Bond – Eurobond 12.750% 24/06/28 61 0.05

16,735 12.58 TOTAL GOVERNMENT BONDS (cost (000) US$ 41,676) 43,303 32.55

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Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Collective Investment Schemes – 13.35% Euro 284,683 Lyxor ETF MSCI India 3,995 3.00 US Dollar 183,332 Investec Global Strategy Fund - Emerging Markets Currency Fund 3,813 2.87 241,338 iShares MSCI Emerging Markets 9,949 7.48

13,762 10.35 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 16,671) 17,757 13.35 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 111,350) 119,617 89.91 Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 2.08% US Dollar 1,400,000 Credit Suisse USA, Inc. 1.300% 14/01/14 1,409 1.06 1,350,000 National Australia Bank Ltd. 1.263% 25/07/14 1,355 1.02

2,764 2.08 TOTAL CORPORATE BONDS (cost (000) US$ 2,772) 2,764 2.08

Government Bonds – 3.95% Malaysian Ringgit 1,600,000 Government of Malaysia 3.210% 31/05/13 524 0.39 1,263,000 Government of Malaysia 5.094% 30/04/14 424 0.32 2,417,000 Government of Malaysia 4.012% 15/09/17 816 0.61 530,000 Government of Malaysia 4.378% 29/11/19 184 0.14 2,035,000 Government of Malaysia 4.160% 15/07/21 698 0.53 2,407,000 Government of Malaysia 3.418% 15/08/22 782 0.59 320,000 Government of Malaysia 3.892% 15/03/27 107 0.08

3,535 2.66 Peruvian Nouveau Sol 2,300,000 Government of Peru 9.910% 05/05/15 1,044 0.78 200,000 Government of Peru 8.600% 12/08/17 97 0.07 720,000 Government of Peru 7.840% 12/08/20 356 0.27 100,000 Government of Peru 8.200% 12/08/26 55 0.04

1,552 1.16 Romanian Leu 600,000 Republic of Romania 5.800% 26/10/15 177 0.13 TOTAL GOVERNMENT BONDS (cost (000) US$ 5,138) 5,264 3.95 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 7,910) 8,028 6.03 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 119,260) 127,645 95.94

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Schedule of Investments as at 31 December 2012 continued

Futures – (0.01%) Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity KRW (6) Korea Treasury Bond Futures 10YR 19/03/13 Short 1 0.00 US$ 1 US Treasury Notes 2YR 28/03/13 Long 0 0.00 UNREALISED GAIN ON FUTURES 10.00 Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (1) German Federal Republic Bonds 5YR 07/03/13 Short (1) (0.00) KRW (20) Korea Treasury Bond Futures 3YR 19/03/13 Short (2) (0.00) US$ 4 US Treasury Notes 10YR 19/03/13 Long (2) (0.00) 5 US Treasury Notes 30YR 19/03/13 Long (8) (0.01)

(10) (0.01) UNREALISED LOSS ON FUTURES (13) (0.01)

Options – 0.00% Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Purchased Options US$ 33,000 JPMorgan PUT Expires 18/01/2013 Strike 1.00 1 0.00 12,500 JPMorgan PUT Expires 18/01/2013 Strike 1.00 0 0.00

1 0.00 MARKET VALUE OF PURCHASED OPTIONS 1 0.00

Forward Currency Contracts – 0.02% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 COP 76,000,000 US$ 41,439 2 0.00 16/01/2013 MYR 4,494,000 US$ 1,454,604 14 0.01 04/02/2013 BRL 7,203,094 US$ 3,441,717 61 0.05 20/02/2013 CLP 70,000,000 US$ 142,851 2 0.00 20/02/2013 COP 410,050,770 US$ 223,711 7 0.01 20/02/2013 EUR 1,224,000 US$ 1,602,801 14 0.01 20/02/2013 GBP 297,000 US$ 478,215 4 0.00 20/02/2013 IDR 16,062,930,438 US$ 1,656,231 1 0.00 20/02/2013 INR 62,445,951 US$ 1,119,147 10 0.01 20/02/2013 NGN 35,600,000 US$ 220,433 2 0.00 20/02/2013 THB 2,770,000 US$ 89,772 1 0.00 20/02/2013 US$ 29,477 AUD 28,318 0 0.00 20/03/2013 BRL 2,130,000 US$ 1,010,580 20 0.02 20/03/2013 EUR 76,856 HUF 22,000,000 3 0.00 20/03/2013 EUR 620,000 US$ 810,846 8 0.01 20/03/2013 KRW 212,397,924 US$ 195,282 2 0.00 20/03/2013 MXN 25,987,840 US$ 1,993,022 3 0.00 20/03/2013 PLN 4,624,751 US$ 1,453,364 30 0.02 20/03/2013 RUB 18,880,000 US$ 601,418 9 0.01 20/03/2013 TRY 699,192 US$ 386,614 1 0.00

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Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity

20/03/2013 US$ 1,045,097 AUD 999,000 13 0.01 20/03/2013 US$ 1,334,231 SGD 1,625,500 4 0.00 20/03/2013 ZAR 10,819,895 US$ 1,204,682 58 0.04 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 269 0.20 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 16/01/2013 US$ 212,315 KRW 237,170,525 (9) (0.01) 16/01/2013 US$ 1,256,390 MXN 16,475,415 (17) (0.01) 16/01/2013 US$ 865,951 MYR 2,652,275 (1) (0.00) 20/02/2013 AUD 28,318 US$ 29,416 (0) (0.00) 20/02/2013 US$ 1,498,998 CLP 723,418,298 (2) (0.00) 20/02/2013 US$ 1,601,059 EUR 1,224,000 (15) (0.01) 20/02/2013 US$ 16,205 GBP 10,000 (0) (0.00) 20/02/2013 US$ 670,653 ILS 2,570,000 (16) (0.01) 20/02/2013 US$ 104,900 KRW 113,000,000 (0) (0.00) 20/02/2013 US$ 1,607,656 PEN 4,200,000 (33) (0.02) 20/02/2013 US$ 1,068,532 PHP 43,911,317 (1) (0.00) 20/02/2013 US$ 211,468 THB 6,531,181 (2) (0.00) 20/02/2013 US$ 539,038 ZAR 4,766,000 (20) (0.02) 20/03/2013 AUD 28,318 US$ 29,268 (0) (0.00) 20/03/2013 EUR 454,870 PLN 1,900,000 (8) (0.01) 20/03/2013 HUF 101,281,885 US$ 462,477 (8) (0.01) 20/03/2013 US$ 963,689 CZK 18,633,894 (17) (0.01) 20/03/2013 US$ 3,540,196 EUR 2,707,399 (36) (0.03) 20/03/2013 US$ 956,314 GBP 595,135 (10) (0.01) 20/03/2013 US$ 126,843 MXN 1,660,000 (1) (0.00) 20/03/2013 US$ 249,109 RON 857,260 (3) (0.00) 20/03/2013 US$ 908,474 RUB 28,500,000 (13) (0.01) 20/03/2013 US$ 1,193,392 TRY 2,160,000 (5) (0.00) 20/03/2013 US$ 601,424 ZAR 5,330,000 (21) (0.02) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (238) (0.18)

Swaps – 0.02% Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Interest Rate Swaps 960,000 Fixed 8.990% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2017 13 0.01 3,810,000 Fixed 8.485% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2017 6 0.01 560,000 Fixed 8.590% Floating (BRL 1 month Brazil Cetip Interbank Deposit Rate Index) BRL 02/01/2018 0 0.00 MARKET VALUE ON SWAPS 19 0.02 MARKET VALUE OF INVESTMENTS (cost (000) US$ 119,260) 127,684 95.97 OTHER ASSETS AND LIABILITIES 5,356 4.03 SHAREHOLDERS’ EQUITY 133,040 100.00

134 | Investec Global Strategy Fund Emerging Markets Multi-Asset Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Credit Suisse USA, Inc. 1.000% 14/01/14 1,409 – Government of Indonesia 11.000% 15/10/14 798 – Government of Indonesia 6.250% 15/04/17 390 – Government of Indonesia 6.875% 17/01/18 489 – Government of Indonesia 3.750% 25/04/22 704 357 Government of Indonesia 7.000% 15/05/22 499 – Government of Indonesia 7.000% 15/05/27 628 – Government of Lithuania 7.375% 11/02/20 236 427 Government of Malaysia 3.210% 31/05/13 515 – Government of Malaysia 4.012% 15/09/17 704 38 Government of Malaysia 4.160% 15/07/21 587 86 Government of Malaysia 3.418% 15/08/22 1,081 308 Government of Peru 9.910% 05/05/15 1,017 – Government of Peru 7.125% 30/03/19 712 – Government of Philippine 8.250% 15/01/14 437 437 Government of Philippine 7.750% 14/01/31 393 152 Government of Poland 5.250% 25/10/17 504 176 Government of Poland 5.750% 25/04/29 430 87 Government of Qatar 5.250% 20/01/20 472 176 Government of Sri Lanka 6.250% 04/10/20 382 405 Government of Sri Lanka 6.250% 27/07/21 894 444 Government of Thailand 4.250% 13/03/13 1,106 – Government of Thailand 3.125% 11/12/15 808 295 Government of Ukraine 9.250% 24/07/17 440 – JSC Georgian Railway 7.750% 11/07/22 498 – KazMunaiGaz Finance Sub BV 7.000% 05/05/20 438 – National Australia Bank Ltd. 1.000% 25/07/14 1,366 – Republic of Brazil 4.875% 22/01/21 1,076 480 Republic of Brazil 12.250% 06/03/30 938 702 Republic of Chile 3.875% 05/08/20 569 159 Republic of Croatia 6.250% 27/04/17 783 238 Republic of Croatia 6.750% 05/11/19 646 459 Republic of Hungary 5.500% 12/02/14 739 – Republic of Hungary 7.000% 24/06/22 1,334 754 Republic of Latvia 2.750% 12/01/20 396 – Republic of Mexico 9.000% 20/06/13 1,238 935 Republic of Mexico 8.000% 19/12/13 1,175 129 Republic of Mexico 9.500% 18/12/14 1,335 – Republic of Mexico 8.500% 13/12/18 939 636 Republic of Mexico 8.300% 15/08/31 733 163 Republic of Montenegro 7.250% 08/04/16 721 556 Republic of Romania 6.250% 25/07/13 784 – Republic of South Africa 13.500% 15/09/15 557 – Republic of South Africa 8.000% 21/12/18 1,023 237 Republic of South Africa 5.500% 09/03/20 409 170 Republic of South Africa 10.500% 21/12/26 1,086 494 Republic of Turkey 16.000% 28/08/13 1,130 837 Republic of Turkey 10.000% 04/12/13 969 342 Republic of Turkey 8.000% 04/06/14 775 – Republic of Turkey 7.250% 15/03/15 803 – Republic of Turkey 9.000% 08/03/17 807 – Republic of Turkey 7.500% 14/07/17 671 521 Republic of Turkey 10.500% 15/01/20 451 – Republic of Turkey 6.250% 26/09/22 765 304 Republic of Uruguay 7.875% 15/01/33 560 518 Republic of Venezuela 11.950% 05/08/31 548 131 Russian Federal Bond — OFZ 8.100% 26/11/14 758 – Russian Federal Bond — OFZ 11.200% 17/12/14 308 599 Russian Federal Bond — OFZ 7.000% 03/06/15 800 831 Russian Federal Bond — OFZ 6.900% 03/08/16 459 – Russian Federal Bond — OFZ 7.400% 19/04/17 602 – Russian Federal Bond — OFZ 7.500% 15/03/18 1,511 1,166 Russian Federal Bond — OFZ 7.600% 14/04/21 1,206 410

Investec Global Strategy Fund | 135 Portfolio details

Emerging Markets Multi-Asset Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Russian Foreign Bond – Eurobond 3.250% 04/04/17 1,037 632 Sinochem Overseas Capital Co., Ltd. 4.500% 12/11/20 412 137 Vnesheconombank Via VEB Finance Plc. 6.902% 09/07/20 394 287 Advanced Semiconductor Engineering, Inc. – – 542 – AES Tiete S.A. – – 440 – AIA Group Ltd. – – 446 34 Alliance Financial Group Bhd – – 418 – America Movil SAB de CV — ADR “L” – – 1,241 23 Aselsan Elektronik Sanayi Ve Ticaret AS – – 504 186 Asustek Computer, Inc. – – 526 – Avago Technologies Ltd. – – 511 – Axiata Group Bhd – – 573 – Banco do Brasil S.A. – – 538 – Bangkok Bank PCL – – 841 – Bank of China Ltd. “H” – – 834 – CFR Pharmaceuticals S.A. – – 535 5 China Overseas Land & Investment Ltd. – – 540 – China Petroleum & Chemical Corp. “H” – – 694 – China Railway Construction Corp., Ltd. – – 391 – China Resources Power Holdings Co., Ltd. – – 607 – China Shenhua Energy Co., Ltd. “H” – – 543 – Cie Financiere Richemont S.A. – – 402 108 CNOOC Ltd. – – 1,070 – Companhia de Saneamento Basico do Estado de Sao Paulo — ADR – – 543 – Country Garden Holdings Co., Ltd. – – 447 – E.Sun Financial Holding Co., Ltd. – – 475 – EDP - Energias do Brasil S.A. – – 366 417 Enersis SA — ADR – – 418 – ENTEL Chile S.A. – – 485 – Flextronics International Ltd. – – 395 412 Fubon Financial Holding Co., Ltd. – – 577 – Gazprom OAO — ADR – – 1,349 1,469 Genting Malaysia Bhd – – 658 – Grand Korea Leisure Co., Ltd. – – 475 174 Great Wall Motor Co., Ltd. “H” – – 543 41 Grupo Mexico SAB de CV “B” – – 620 – HeidelbergCement AG – – 461 – Herbalife Ltd. – – 668 23 Hon Hai Precision Industry Co., Ltd. – – 854 100 Hyundai Mobis – – 793 103 Hyundai Motor Co. – – 1,225 – Imperial Holdings Ltd. – – 494 16 Indofood Sukses Makmur Tbk PT – – 405 – Industrial & Commercial Bank of China Ltd. “H” – – 1,101 – Industrial Bank of Korea – – 368 399 Investec Global Strategy Fund - Emerging Markets Currency Fund – – 3,697 – iShares MSCI Emerging Markets – – 16,721 8,405 iShares MSCI Taiwan – – 27 604 Kangwon Land, Inc. – – 558 – Kia Motors Corp. – – 633 – Komercni Banka AS – – 413 – Korean Reinsurance Co. – – 404 – Krung Thai Bank PCL – – 747 – KT&G Corp. – – 375 441 Land and Houses PCL – – 306 429 Lenovo Group Ltd. – – 484 – Life Healthcare Group Holdings Ltd. – – 488 58 Lite-On Technology Corp. – – 436 – Lukoil OAO — ADR – – 915 186 Lyxor ETF MSCI India – – 3,454 – MTN Group Ltd. – – 1,021 22 PICC Property & Casualty Co., Ltd. “H” – – 507 – Polymetal International Plc. – – 394 –

136 | Investec Global Strategy Fund Emerging Markets Multi-Asset Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012 continued

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Polyus Gold International Ltd. – – 408 – Powszechny Zaklad Ubezpieczen S.A. – – 456 97 Rosneft Oil Co. — GDR – – 704 – Samsung Electronics Co., Ltd. – – 2,416 22 Samsung Heavy Industries Co., Ltd. – – 464 – Sberbank of Russia – – 675 – Sime Darby Bhd – – 631 – Sistema JSFC — GDR – – 430 – SJM Holdings Ltd. – – 516 – Standard Chartered Plc. – – 515 – Taiwan Semiconductor Manufacturing Co., Ltd. – – 1,779 699 Techtronic Industries Co. – – 464 92 Telefonica Brasil S.A. — ADR – – 556 – Tenaris S.A. — ADR – – 643 – Ternium S.A. — ADR – – 461 – Vale S.A. — ADR – – 894 – Other securities purchased and sold under (000) US$ 389 23,897 10,447 142,789 41,227

Investec Global Strategy Fund | 137 Portfolio details Global Strategic Managed Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 38.75% Australian Dollar 10,373 BHP Billiton Ltd. 405 0.08 186,818 Crown Ltd. 2,085 0.42 91,059 Fortescue Metals Group Ltd. 453 0.09 633,589 Telstra Corp., Ltd. 2,890 0.58

5,833 1.17 Brazilian Real 46,100 Banco do Brasil S.A. 577 0.12 British Pound Sterling 84,739 BHP Billiton Plc. 2,989 0.59 32,332 Diageo Plc. 942 0.19 2,400,000 Hansteen Holdings Plc. 3,169 0.63 20,854 Shire Plc. 641 0.13 26,800 Standard Chartered Plc. 693 0.14 81,032 Weir Group Plc. 2,503 0.50

10,937 2.18 Euro 95,900 Amadeus IT Holding S.A. “A” 2,433 0.49 28,873 Anheuser-Busch InBev NV 2,512 0.50 6,186 ASML Holding NV 396 0.08 31,901 BASF SE 3,022 0.60 5,855 Continental AG 682 0.14 32,558 HeidelbergCement AG 1,986 0.40 71,354 ING Groep NV 677 0.13 26,298 MTU Aero Engines Holding AG 2,405 0.48 10,851 Publicis Groupe S.A. 652 0.13 31,247 Sanofi 2,961 0.59 9,761 Schneider Electric S.A. 715 0.14 19,194 Total S.A. 999 0.20 10,658 Voestalpine AG 392 0.08

19,832 3.96 Hong Kong Dollar 699,800 AIA Group Ltd. 2,778 0.55 3,643,400 China Construction Bank Corp. “H” 2,980 0.60 668,000 China Petroleum & Chemical Corp. “H” 769 0.15 622,000 China Shenhua Energy Co., Ltd. “H” 2,784 0.56 510,000 CNOOC Ltd. 1,125 0.22 2,411,651 Country Garden Holdings Co., Ltd. 1,292 0.26

11,728 2.34 Indian Rupee 56,024 State Bank of India 2,473 0.49 Japanese Yen 97,200 Credit Saison Co., Ltd. 2,433 0.48 121,408 Fukuoka Financial Group, Inc. 486 0.10 431,000 Hitachi Ltd. 2,539 0.51 25,100 Japan Tobacco, Inc. 710 0.14 33,900 KDDI Corp. 2,397 0.48 268,300 Nissan Motor Co., Ltd. 2,549 0.51

11,114 2.22 Malaysian Ringgit 364,700 Axiata Group Bhd 789 0.16

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Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Mexican Peso 542,400 Grupo Mexico SAB de CV “B” 1,960 0.39 Norwegian Krone 53,675 DNB ASA 686 0.14 133,964 Telenor ASA 2,725 0.54

3,411 0.68 South African Rand 137,306 MTN Group Ltd. 2,890 0.58 South Korean Won 1,565 LG Chem Ltd. 490 0.10 2,173 Samsung Electronics Co., Ltd. 3,121 0.62

3,611 0.72 Swedish Krona 129,962 Swedbank AB “A” 2,552 0.51 Swiss Franc 8,432 Aryzta AG 436 0.09 34,149 Cie Financiere Richemont S.A. “A” 2,680 0.53 17,933 Dufry AG 2,373 0.47 20,517 Nestle S.A. 1,339 0.27 45,886 Novartis AG 2,900 0.58

9,728 1.94 Thailand Baht 364,600 Bangkok Bank PCL 2,507 0.50 US Dollar 194,126 Activision Blizzard, Inc. 2,064 0.41 18,030 Actuant Corp. “A” 503 0.10 17,497 Alliance Data Systems Corp. 2,534 0.51 7,221 Allied World Assurance Co. Holdings AG 569 0.11 66,141 Altria Group, Inc. 2,079 0.41 13,866 American Financial Group, Inc. 548 0.11 16,923 American Water Works Co., Inc. 628 0.13 67,980 AmerisourceBergen Corp. 2,936 0.59 3,717 Apple, Inc. 1,982 0.40 12,600 Avago Technologies Ltd. 399 0.08 49,027 Capital One Financial Corp. 2,841 0.57 67,093 CBS Corp. “B” 2,553 0.51 13,386 Check Point Software Technologies Ltd. 638 0.13 14,405 Chevron Corp. 1,559 0.31 28,107 Chico’s FAS, Inc. 519 0.10 14,755 Cigna Corp. 789 0.16 143,558 Cisco Systems, Inc. 2,822 0.56 31,338 Citigroup, Inc. 1,241 0.25 7,383 Cliffs Natural Resources, Inc. 285 0.06 28,200 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 2,358 0.47 76,720 Copart, Inc. 2,264 0.45 31,951 Danaher Corp. 1,787 0.36 28,219 Dun & Bradstreet Corp. 2,220 0.44 32,408 EMC Corp. 820 0.16 6,378 Energizer Holdings, Inc. 510 0.10 10,294 Fiserv, Inc. 814 0.16 6,962 Goldman Sachs Group, Inc. 889 0.18 9,830 Helmerich & Payne, Inc. 551 0.11 46,632 Herbalife Ltd. 1,537 0.31 95,000 Hongkong Land Holdings Ltd. 670 0.13 Investec Global Strategy Fund | 139 Portfolio details

Global Strategic Managed Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar continued 11,691 IDEX Corp. 544 0.11 42,941 Illinois Tool Works, Inc. 2,612 0.52 7,218 Jazz Pharmaceuticals Plc. 384 0.08 74,740 JPMorgan Chase & Co. 3,288 0.66 71,850 KeyCorp 605 0.12 7,421 Laboratory Corp. of America Holdings 643 0.13 24,830 Lincoln National Corp. 643 0.13 38,137 Lukoil OAO — ADR 2,562 0.51 46,100 LyondellBasell Industries NV “A” 2,633 0.53 14,489 Macy’s, Inc. 565 0.11 10,503 Marathon Petroleum Corp. 662 0.13 25,400 MercadoLibre, Inc. 2,005 0.40 83,943 MetLife, Inc. 2,765 0.55 41,780 Microsoft Corp. 1,116 0.22 58,820 Molson Coors Brewing Co. “B” 2,516 0.50 53,851 Moody’s Corp. 2,710 0.54 26,060 Mylan, Inc. 716 0.14 26,352 NASDAQ OMX Group, Inc. 659 0.13 27,429 NRG Energy, Inc. 630 0.13 8,902 Nu Skin Enterprises, Inc. “A” 330 0.07 16,390 Occidental Petroleum Corp. 1,256 0.25 98,158 Oracle Corp. 3,272 0.65 20,901 Patterson-UTI Energy, Inc. 389 0.08 54,094 Pfizer, Inc. 1,357 0.27 3,395 Precision Castparts Corp. 643 0.13 28,227 QUALCOMM, Inc. 1,751 0.35 6,740 Roper Industries, Inc. 751 0.15 75,637 Rosneft OAO — GDR 687 0.14 204,029 Sberbank of Russia 631 0.13 23,600 Telefonica Brasil S.A. — ADR 568 0.11 80,000 Ternium S.A. — ADR 1,884 0.38 55,464 Teva Pharmaceutical Industries Ltd. — ADR 2,072 0.41 11,322 Thermo Fisher Scientific, Inc. 722 0.14 55,339 Time Warner, Inc. 2,647 0.53 8,321 Towers Watson & Co. “A” 468 0.09 8,567 Tupperware Brands Corp. 549 0.11 7,374 United Technologies Corp. 605 0.12 43,421 UnitedHealth Group, Inc. 2,355 0.47 42,257 Valeant Pharmaceuticals International, Inc. 2,526 0.50 86,137 Valero Energy Corp. 2,938 0.59 15,921 Validus Holdings Ltd. 551 0.11 11,016 Valspar Corp. 687 0.14 23,934 ValueClick, Inc. 465 0.09 26,275 Verizon Communications, Inc. 1,137 0.23 3,992 VF Corp. 603 0.12 8,912 WESCO International, Inc. 601 0.12 9,123 Whiting Petroleum Corp. 396 0.08 9,476 Wolverine World Wide, Inc. 388 0.08 10,559 Zimmer Holdings, Inc. 704 0.14

104,100 20.79 TOTAL COMMON STOCKS (cost (000) US$ 166,891) 194,042 38.75

140 | Investec Global Strategy Fund Global Strategic Managed Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Preferred Stocks – 0.14% Euro 3,136 Volkswagen AG 721 0.14 TOTAL PREFERRED STOCKS (cost (000) US$ 714) 721 0.14 Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Corporate Bonds – 4.79% British Pound Sterling 100,000 Amgen, Inc. 4.000% 13/09/29 164 0.03 200,000 BASF SE 5.875% 31/03/17 382 0.08 100,000 Boparan Finance Plc. 9.875% 30/04/18 184 0.04 100,000 Care UK Health & Social Care Plc. 9.750% 01/08/17 174 0.04 222,000 Carlsberg Breweries A/S 7.250% 28/11/16 433 0.09 158,000 Centrica Plc. 7.000% 19/09/18 322 0.06 180,000 Deutsche Bahn Finance BV 2.750% 20/06/22 302 0.06 250,000 Everything Everywhere Finance Plc. 4.375% 28/03/19 423 0.08 150,000 Firstgroup Plc. 8.750% 08/04/21 301 0.06 100,000 G4S Plc. 7.750% 13/05/19 200 0.04 150,000 Gazprom OAO Via Gaz Capital S.A. 6.580% 31/10/13 253 0.05 100,000 Holcim GB Finance Ltd. 8.750% 24/04/17 201 0.04 141,000 Imperial Tobacco Finance Plc. 7.750% 24/06/19 294 0.06 100,000 Imperial Tobacco Finance Plc. 5.500% 28/09/26 191 0.04 50,000 InterContinental Hotels Group Plc. 6.000% 09/12/16 92 0.02 100,000 Investec Bank Plc. 9.625% 17/02/22 177 0.04 150,000 Johnson & Johnson 5.500% 06/11/24 313 0.06 200,000 Ladbrokes Group Finance Plc. 7.625% 05/03/17 364 0.07 150,000 Linde Finance BV 6.500% 29/01/16 282 0.06 150,000 Merrill Lynch & Co., Inc. 7.750% 30/04/18 297 0.06 100,000 PepsiCo, Inc. 2.500% 01/11/22 162 0.03 250,000 Reed Elsevier Investments Plc. 5.625% 20/10/16 460 0.09 167,000 Rolls-Royce Plc. 6.750% 30/04/19 340 0.07 100,000 Russian Railways via RZD Capital Ltd. 7.487% 25/03/31 199 0.04 128,000 Severn Trent Utilities Finance Plc. 6.000% 22/01/18 246 0.05 231,000 Tesco Plc. 6.125% 24/02/22 456 0.09 250,000 Virgin Media Secured Finance Plc. 7.000% 15/01/18 441 0.09 250,000 Volkswagen Financial Services NV 2.000% 23/10/15 413 0.08 100,000 Wells Fargo & Co. 3.500% 12/09/29 159 0.03 150,000 William Hill Plc. 7.125% 11/11/16 272 0.05 168,000 WPP 2008 Ltd. 6.000% 04/04/17 312 0.06

8,809 1.76 Euro 150,000 Amgen, Inc. 4.375% 05/12/18 231 0.05 200,000 Ardagh Packaging Finance Plc. 7.375% 15/10/17 290 0.06 300,000 Bacardi Ltd. 7.750% 09/04/14 430 0.09 150,000 Beverage Packaging Holdings Luxembourg II S.A. 8.000% 15/12/16 202 0.04 200,000 BMW Finance NV 3.875% 18/01/17 294 0.06 80,000 Campofrio Food Group S.A. 8.250% 31/10/16 113 0.02 200,000 Carlson Wagonlit BV 7.500% 15/06/19 283 0.06 200,000 Casino Guichard Perrachon S.A. 4.481% 12/11/18 299 0.06 200,000 Cirsa Funding Luxembourg S.A. 8.750% 15/05/18 262 0.05 100,000 Codere Finance Luxembourg S.A. 8.250% 15/06/15 111 0.02 200,000 Cyfrowy Polsat Finance AB 7.125% 20/05/18 290 0.06

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Global Strategic Managed Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued Euro continued 100,000 eAccess Ltd. 8.375% 01/04/18 150 0.03 200,000 Edcon Pty Ltd. 3.433% 15/06/14 253 0.05 100,000 Eileme 2 AB 11.750% 31/01/20 154 0.03 200,000 Eutelsat S.A. 4.125% 27/03/17 294 0.06 100,000 Fiat Finance & Trade S.A. 7.375% 09/07/18 138 0.03 150,000 Glencore Finance Europe S.A. 5.250% 22/03/17 223 0.04 150,000 Greif Luxembourg Finance SCA 7.375% 15/07/21 226 0.04 200,000 Ineos Group Holdings S.A. 7.875% 15/02/16 263 0.05 240,000 IPIC GMTN Ltd. 5.875% 14/03/21 386 0.08 100,000 Iron Mountain, Inc. 6.750% 15/10/18 136 0.03 100,000 Kabel Deutschland Vertrieb und Service GmbH 6.500% 29/06/18 143 0.03 150,000 Labco SAS 8.500% 15/01/18 206 0.04 200,000 Levi Strauss & Co. 7.750% 15/05/18 280 0.06 50,000 Lloyds TSB Bank Plc. 5.625% 05/03/18 64 0.01 200,000 Lottomatica Group SpA 8.250% 31/03/66 278 0.05 200,000 Lottomatica Group SpA 5.375% 02/02/18 293 0.06 150,000 New World Resources NV 7.875% 01/05/18 207 0.04 100,000 Nexans S.A. 4.250% 19/03/18 133 0.03 200,000 OI European Group BV 6.750% 15/09/20 301 0.06 90,000 Orion Engineered Carbons Bondco GmbH 10.000% 15/06/18 132 0.03 50,000 Polish Television Holding BV 11.250%/13.000% 15/05/17 73 0.01 150,000 RCI Banque S.A. 4.000% 11/07/13 201 0.04 150,000 Rexam Plc. 6.750% 29/06/67 209 0.04 150,000 Rexel S.A. 8.250% 15/12/16 218 0.04 100,000 Smurfit Kappa Acquisitions 5.125% 15/09/18 140 0.03 100,000 Smurfit Kappa Acquisitions 7.750% 15/11/19 147 0.03 100,000 Sunrise Communications Holdings S.A. 8.500% 31/12/18 145 0.03 100,000 Telefonica Emisiones SAU 4.693% 11/11/19 144 0.03 150,000 Teva Pharmaceutical Finance IV BV 2.875% 15/04/19 212 0.04 100,000 TVN Finance Corp. II AB 10.750% 15/11/17 146 0.03 100,000 Unitymedia KabelBW GmbH 9.500% 15/03/21 154 0.03 200,000 UPC Holding BV 9.750% 15/04/18 283 0.06 200,000 Wind Acquisition Finance S.A. 7.375% 15/02/18 265 0.05 170,000 Ziggo Bond Co. BV 8.000% 15/05/18 248 0.05

9,650 1.93 US Dollar 200,000 Abu Dhabi National Energy Co. 5.875% 13/12/21 239 0.05 83,000 Altria Group, Inc. 9.700% 10/11/18 116 0.02 369,000 Anheuser-Busch InBev Worldwide, Inc. 7.750% 15/01/19 493 0.10 231,000 AT&T, Inc. 5.800% 15/02/19 284 0.06 260,000 B.A.T. International Finance Plc. 9.500% 15/11/18 360 0.07 147,000 E.ON International Finance BV 5.800% 30/04/18 179 0.04 150,000 Gazprom OAO Via Gaz Capital S.A. 6.510% 07/03/22 179 0.04 150,000 Hypermarcas S.A. 6.500% 20/04/21 162 0.03 453,000 JPMorgan Chase & Co. 4.950% 25/03/20 525 0.10 200,000 MDC-GMTN B.V. 5.500% 20/04/21 237 0.05 331,000 Morgan Stanley 7.300% 13/05/19 403 0.08 400,000 Myriad International Holding BV 6.375% 28/07/17 452 0.09 391,000 Petrobras International Finance Co. - Pifco 3.875% 27/01/16 413 0.08 342,000 Roche Holdings, Inc. 6.000% 01/03/19 427 0.08 200,000 Sasol Financing International Plc. 4.500% 14/11/22 203 0.04 200,000 Standard Chartered Plc. 3.850% 27/04/15 211 0.04

142 | Investec Global Strategy Fund Global Strategic Managed Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Corporate Bonds continued US Dollar continued 200,000 Telefonica Moviles Chile S.A. 2.875% 09/11/15 204 0.04 100,000 Vale S.A. 5.625% 11/09/42 109 0.02 100,000 Vimpel Communications OJSC Via UBS Luxembourg S.A. 8.250% 23/05/16 113 0.02 200,000 Vimpel Communications Via VIP Finance Ireland Ltd. OJSC 7.748% 02/02/21 233 0.05

5,542 1.10 TOTAL CORPORATE BONDS (cost (000) US$ 22,081) 24,001 4.79

Government Bonds – 9.82% Brazilian Real 174,700 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/17 898 0.18 60,000 Brazil Notas do Tesouro Nacional “F” 10.000% 01/01/21 309 0.06

1,207 0.24 British Pound Sterling 930,000 United Kingdom Gilt 4.750% 07/03/20 1,864 0.37 310,000 United Kingdom Gilt Inflation Linked 2.500% 16/08/13 1,412 0.28

3,276 0.65 Colombian Peso 304,000,000 Republic of Colombia 9.850% 28/06/27 268 0.05 Czech Koruna 2,800,000 Government of Czech Republic 5.700% 25/05/24 201 0.04 Euro 5,625,000 Bonos y Obligation del Estado 3.150% 31/01/16 7,370 1.47 566,680 Bundesrepublik Deutschland 2.250% 15/04/13 746 0.15 1,360,000 Bundesrepublik Deutschland 1.250% 14/10/16 1,872 0.37 898,765 Bundesrepublik Deutschland 6.250% 04/01/24 1,773 0.35 219,000 Bundesrepublik Deutschland 4.750% 04/07/34 423 0.09 2,670,000 Government of Finland 1.875% 15/04/17 3,754 0.75 235,000 Government of France 5.500% 25/04/29 431 0.09 435,000 Government of France 4.000% 25/10/38 685 0.14

17,054 3.41 Hungarian Forint 400,000 Republic of Hungary 6.750% 12/02/13 2 0.00 95,970,000 Republic of Hungary 5.500% 12/02/14 435 0.09 49,240,000 Republic of Hungary 6.750% 24/11/17 231 0.04 69,000,000 Republic of Hungary 6.750% 22/10/28 333 0.07

1,001 0.20 Indonesian Rupiah 4,281,000,000 Government of Indonesia 6.250% 15/04/17 471 0.09 1,446,000,000 Government of Indonesia 12.800% 15/06/21 228 0.05 4,254,000,000 Government of Indonesia 9.500% 15/07/31 605 0.12

1,304 0.26 Japanese Yen 95,000,000 Development Bank of Japan 1.700% 20/09/22 1,193 0.24 90,000,000 Development Bank of Japan 2.300% 19/03/26 1,191 0.24

2,384 0.48

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities admitted to an official exchange listing Government Bonds continued Mexican Peso 10,870,000 Republic of Mexico 9.000% 20/06/13 859 0.17 13,990,000 Republic of Mexico 7.250% 15/12/16 1,171 0.23 1,960,000 Republic of Mexico 8.000% 11/06/20 178 0.04

2,208 0.44 New Russian Ruble 28,710,000 Russian Federal Bond — OFZ 7.350% 20/01/16 967 0.19 12,000,000 Russian Federal Bond — OFZ 7.600% 14/04/21 416 0.08 9,200,000 Russian Federal Bond — OFZ 8.150% 03/02/27 333 0.07

1,716 0.34 Polish Zloty 1,160,000 Government of Poland 5.250% 25/10/17 409 0.08 690,000 Government of Poland 5.750% 25/04/29 274 0.06

683 0.14 South African Rand 8,840,000 Republic of South Africa 8.000% 21/12/18 1,145 0.23 3,000,000 Republic of South Africa 6.750% 31/03/21 363 0.07 1,475,000 Republic of South Africa 6.500% 28/02/41 143 0.03

1,651 0.33 Swedish Krona 27,600,000 Government of Sweden 3.500% 01/06/22 4,974 0.99 Thailand Baht 8,050,000 Government of Thailand 4.250% 13/03/13 264 0.05 14,760,000 Government of Thailand 3.650% 17/12/21 491 0.10

755 0.15 Turkish Lira 546,000 Republic of Turkey 8.000% 29/01/14 313 0.06 2,530,000 Republic of Turkey 11.000% 06/08/14 1,525 0.31 749,000 Republic of Turkey 9.000% 08/03/17 460 0.09

2,298 0.46 US Dollar 300,000 Government of Indonesia 6.875% 17/01/18 366 0.07 200,000 Government of Indonesia 8.500% 12/10/35 321 0.06 450,000 Government of Qatar 5.250% 20/01/20 539 0.11 600,000 Government of Sri Lanka 6.250% 27/07/21 656 0.13 350,000 Republic of Mexico 6.375% 16/01/13 351 0.07 339,000 Republic of Turkey 6.250% 26/09/22 424 0.09 122,000 Russian Foreign Bond – Eurobond 12.750% 24/06/28 248 0.05 2,300,000 United States Treasury Note/Bond 4.250% 15/11/14 2,471 0.49 2,770,000 United States Treasury Note/Bond 1.250% 31/08/15 2,837 0.57

8,213 1.64 TOTAL GOVERNMENT BONDS (cost (000) US$ 46,182) 49,193 9.82 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 39.29% British Pound Sterling 360,000 Aberdeen Asian Smaller Companies Investment Trust Plc. Investment Companies 5,310 1.06 2,000,000 Advance Frontier Markets Fund Ltd. Investment Companies 1,389 0.28

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Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Collective Investment Schemes continued British Pound Sterling continued 1,532,000 Baillie Gifford Japan Trust Plc. Investment Companies 5,262 1.05 723,333 Baillie Gifford Shin Nippon Plc. Investment Companies 2,350 0.47 250,000 Baring Emerging Europe Plc. Investment Companies 3,055 0.61 1,338,301 Better Capital PCC Ltd. Investment Companies 3,267 0.65 1,548,887 Better Capital PCC Ltd. Investment Companies 2,758 0.55 151,875 BH Credit Catalysts Ltd. Investment Companies 2,689 0.54 2,466,545 Bilfinger Berger Global Infrastructure SICAV S.A. Investment Companies 4,342 0.87 450,000 BlackRock Smaller Cos Trust Plc. Investment Companies 4,024 0.80 1,514,030 Bluecrest Allblue Fund Ltd. Investment Companies 4,185 0.84 1,229,263 CF Morant Wright Japan Fund 3,885 0.78 4,615,946 CQS Rig Finance Fund Ltd. Investment Companies 2,418 0.48 249,013 Electra Private Equity Plc. Investment Companies 7,778 1.55 1,950,000 F&C Commercial Property Trust Ltd. Investment Companies 3,279 0.66 731,500 Genesis Emerging Markets Fund Ltd. Investment Companies 6,478 1.29 184,500 HgCapital Trust Plc. Investment Companies 3,049 0.61 2,426,927 HICL Infrastructure Co., Ltd. Investment Companies 4,900 0.98 930,600 Investec Funds Series iii - Emerging Markets Local Currency Debt Fund 2,930 0.59 4,201,171 Investec Funds Series iii - Global Gold Fund 11,029 2.20 450,000 JPMorgan Eur Smaller Companies Trust Plc. Investment Companies 5,381 1.07 233,008 Pantheon International (Ordinary Shares) Investment Companies 3,363 0.67 361,093 Pantheon International (Redeemable Shares) Investment Companies 5,074 1.01 104,000 Polar Capital Technology Trust Plc. Investment Companies 13 0.00 520,000 Polar Capital Technology Trust Plc. Investment Companies 3,082 0.62 941,749 RCM Technology Trust Plc. Investment Companies 4,964 0.99 1,000,000 Utilico Emerging Markets Ltd. Investment Companies 2,691 0.54 83,155 Worldwide Healthcare Trust Plc. Investment Companies 251 0.05 498,930 Worldwide Healthcare Trust Plc. Investment Companies 6,919 1.38

116,115 23.19 Canadian Dollar 180,000 Canadian General Investments Ltd. Investment Companies 2,846 0.57 Euro 3,200,000 Reconstruction Capital II Ltd. Investment Companies 2,091 0.42 Japanese Yen 19,591 IFDC - Japan Dynamic Fund “B” 5,461 1.09 US Dollar 2,486,911 ARC Capital Holdings Ltd. Investment Companies 1,353 0.27 680,310 BH Macro Ltd. Investment Companies 12,851 2.57 5,965,105 Catco Reinsurance Opportunities Fund Ltd. Investment Companies 5,577 1.11 118,785 Findlay Park American Fund 6,513 1.30 182,572 Findlay Park Latin American Fund 3,756 0.75 858,566 Investec Funds Series iii - Emerging Markets Local Currency Debt Fund 2,906 0.58 790,000 Investec Global Strategy Fund - Global Endurance Equity Fund 16,148 3.23 3,215,000 Kubera Cross-Border Fund Ltd. Investment Companies 1,572 0.31 111,145 New Capital UCITS Fund Plc. - New Capital Wealthy Nations Bond Fund 13,289 2.65 2,620,154 Prosperity Voskhod Fund Ltd. Investment Companies 3,170 0.63 2,880,084 Tau Capital Plc. Investment Companies 1,267 0.25 1,000,000 VinaCapital Vietnam Opportunity Fund Ltd. Investment Companies 1,837 0.37

70,239 14.02 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 182,320) 196,752 39.29 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 418,188) 464,709 92.79

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Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Corporate Bonds – 0.70% British Pound Sterling 100,000 Virgin Media Finance Plc. 5.125% 15/02/22 166 0.03 Euro 200,000 Boardriders S.A. 8.875% 15/12/17 277 0.06 US Dollar 150,000 Aguila 3 S.A. 7.875% 31/01/18 160 0.03 270,000 Anglo American Capital Plc. 9.375% 08/04/19 354 0.07 100,000 Bombardier, Inc. 7.500% 15/03/18 111 0.02 50,000 Bombardier, Inc. 7.500% 15/03/18 56 0.01 200,000 Braskem Finance Ltd. 5.750% 15/04/21 211 0.04 224,000 Comcast Corp. 5.150% 01/03/20 267 0.06 400,000 DIRECTV Holdings LLC 5.200% 15/03/20 457 0.09 249,000 EDF S.A. 6.500% 26/01/19 306 0.06 229,000 Enel Finance International NV 5.125% 07/10/19 242 0.05 126,000 FMG Resources August 2006 Pty Ltd. 7.000% 01/11/15 132 0.03 130,000 Kraft Foods Group, Inc. 5.375% 10/02/20 156 0.03 350,000 Pearson Funding Two Plc. 4.000% 17/05/16 377 0.08 200,000 State Bank of India 4.125% 01/08/17 206 0.04

3,035 0.61 TOTAL CORPORATE BONDS (cost (000) US$ 3,255) 3,478 0.70

Government Bonds – 4.77% Canadian Dollar 6,500,000 Government of Canada 5.250% 01/06/13 6,647 1.33 Malaysian Ringgit 1,200,000 Government of Malaysia 3.741% 27/02/15 398 0.08 860,000 Government of Malaysia 4.262% 15/09/16 292 0.06 2,374,000 Government of Malaysia 4.160% 15/07/21 814 0.16

1,504 0.30 Peruvian Nouveau Sol 1,122,000 Government of Peru 7.840% 12/08/20 555 0.11 US Dollar 4,260,000 United States Treasury Note/Bond 2.625% 31/12/14 4,461 0.89 380,000 United States Treasury Note/Bond 4.250% 15/11/17 444 0.09 6,610,000 United States Treasury Note/Bond 2.125% 15/08/21 6,931 1.38 2,490,000 United States Treasury Note/Bond 4.625% 15/02/40 3,344 0.67

15,180 3.03 TOTAL GOVERNMENT BONDS (cost (000) US$ 23,642) 23,886 4.77 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 26,478) 26,921 5.38

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Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Other Transferable Securities Common Stocks – 0.01% Euro 1,140,000 Carpathian Plc. 33 0.01 TOTAL COMMON STOCKS (cost (000) US$ 1,414) 33 0.01 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ 1,414) 33 0.01 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 446,499) 492,106 98.27

Futures – 0.01% Unrealised % of Number of Gain Shareholders’ Contracts Security Description (000) US$ Equity EUR 33 German Federal Republic Bonds 10YR 07/03/13 Long 64 0.02 1 German Federal Republic Bonds 30YR 07/03/13 Long 5 0.00

69 0.02 US$ (1) US Treasury Notes 30YR 19/03/13 Short 2 0.00 UNREALISED GAIN ON FUTURES 71 0.02 Unrealised % of Number of Loss Shareholders’ Contracts Security Description (000) US$ Equity EUR (16) EURO Future 07/03/13 Short (12) (0.00) GBP (21) UK Treasury Bonds 10YR 26/03/13 Short (10) (0.00) US$ 69 E-Mini S&P 500 Index 15/03/13 Long (26) (0.01) (13) US Treasury Notes 10YR 19/03/13 Short (3) (0.00) (8) US Treasury Notes 2YR 28/03/13 Short (1) (0.00)

(30) (0.01) UNREALISED LOSS ON FUTURES (52) (0.01)

Options – 0.00% Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Purchased Options US$ 152,000 US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 135.00 19 0.00 MARKET VALUE OF PURCHASED OPTIONS 19 0.00 Written Options US$ (152,000) US Treasury Notes 10YR CALL Expires 22/02/2013 Strike 136.50 (5) (0.00) MARKET VALUE OF WRITTEN OPTIONS (5) (0.00)

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Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts – (0.36%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 02/01/2013 US$ 164,305 EUR 124,224 0 0.00 09/01/2013 EUR 7,879,165 US$ 10,203,401 197 0.04 09/01/2013 US$ 18,921,012 JPY 1,495,409,317 1,660 0.33 16/01/2013 KRW 3,382,569,918 US$ 3,064,520 92 0.02 16/01/2013 MYR 7,609,000 US$ 2,462,858 23 0.01 16/01/2013 TWD 80,695,108 US$ 2,762,060 17 0.01 20/02/2013 CNY 3,794,000 US$ 604,236 3 0.00 20/02/2013 ILS 1,745,786 US$ 455,171 11 0.00 20/02/2013 INR 178,177,000 US$ 3,191,420 30 0.01 20/02/2013 PHP 1,980,000 US$ 48,199 0 0.00 20/03/2013 CHF 158,366 GBP 106,000 1 0.00 20/03/2013 CZK 4,146,000 US$ 218,223 0 0.00 20/03/2013 EUR 132,000 CAD 173,573 0 0.00 20/03/2013 EUR 5,475,000 US$ 7,227,795 4 0.00 20/03/2013 GBP 108,451 EUR 133,000 0 0.00 20/03/2013 GBP 230,000 US$ 369,854 4 0.00 20/03/2013 HKD 4,334,000 US$ 559,295 0 0.00 20/03/2013 ILS 656,000 US$ 173,277 2 0.00 20/03/2013 NOK 3,589,575 US$ 637,416 7 0.00 20/03/2013 NZD 2,762,956 AUD 2,189,000 12 0.00 20/03/2013 PLN 2,194,103 US$ 692,008 12 0.00 20/03/2013 RUB 21,262,000 US$ 677,296 10 0.00 20/03/2013 SEK 2,547,000 US$ 383,747 7 0.00 20/03/2013 TRY 1,553,644 US$ 859,079 3 0.00 20/03/2013 US$ 7,098,190 AUD 6,835,121 40 0.01 20/03/2013 US$ 4,056,778 CAD 4,041,813 0 0.00 20/03/2013 US$ 958,717 HUF 210,112,463 15 0.00 20/03/2013 US$ 407,871 MXN 5,278,000 2 0.00 20/03/2013 US$ 137,476 PLN 427,000 1 0.00 20/03/2013 US$ 3,270,410 SGD 3,984,356 9 0.00 20/03/2013 US$ 141,528 TWD 4,093,000 1 0.00 20/03/2013 ZAR 14,579,629 US$ 1,674,536 27 0.01 21/03/2013 AUD 327,000 JPY 28,116,813 13 0.00 21/03/2013 EUR 1,713,000 JPY 191,931,372 46 0.01 21/03/2013 US$ 3,134,914 JPY 261,587,078 114 0.02 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 2,363 0.47 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 09/01/2013 AUD 32,634,817 US$ 33,950,000 (76) (0.02) 09/01/2013 JPY 750,000,000 US$ 9,163,327 (506) (0.10) 09/01/2013 US$ 33,067,941 AUD 32,625,861 (797) (0.16) 09/01/2013 US$ 25,000,000 EUR 19,635,950 (920) (0.18) 09/01/2013 US$ 29,342,547 GBP 18,217,151 (250) (0.05) 16/01/2013 US$ 1,710,989 KRW 1,888,254,000 (51) (0.01) 16/01/2013 US$ 298,323 MXN 3,918,000 (4) (0.00) 16/01/2013 US$ 1,919,251 TWD 56,480,105 (26) (0.01) 04/02/2013 BRL 2,554,000 US$ 1,244,033 (2) (0.00) 04/02/2013 US$ 637,009 BRL 1,336,000 (13) (0.00) 20/02/2013 IDR 17,782,942,000 US$ 1,835,638 (1) (0.00) 20/02/2013 US$ 1,152,377 CLP 555,445,572 (0) (0.00) 20/02/2013 US$ 944,419 COP 1,731,072,000 (31) (0.01) 20/02/2013 US$ 1,668,633 ILS 6,401,000 (42) (0.01) 20/02/2013 US$ 26,920 INR 1,500,000 (0) (0.00) 20/02/2013 US$ 1,622,584 PEN 4,239,000 (34) (0.01)

148 | Investec Global Strategy Fund Global Strategic Managed Fund continued

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts continued Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 20/02/2013 US$ 2,078,696 PHP 85,424,000 (3) (0.00) 20/02/2013 US$ 1,006,121 THB 31,064,000 (7) (0.00) 20/03/2013 AUD 2,179,320 EUR 1,760,000 (74) (0.01) 20/03/2013 AUD 1,204,000 US$ 1,249,416 (6) (0.00) 20/03/2013 AUD 546,000 ZAR 4,903,343 (9) (0.00) 20/03/2013 CAD 171,146 NZD 209,000 (0) (0.00) 20/03/2013 CAD 343,000 US$ 345,446 (1) (0.00) 20/03/2013 CHF 604,000 US$ 661,352 (0) (0.00) 20/03/2013 CZK 10,404,634 MXN 7,138,000 (1) (0.00) 20/03/2013 EUR 1,881,000 GBP 1,539,962 (17) (0.00) 20/03/2013 EUR 983,955 PLN 4,110,000 (18) (0.00) 20/03/2013 MXN 21,973,365 US$ 1,691,384 (3) (0.00) 20/03/2013 NZD 204,781 CAD 170,000 (2) (0.00) 20/03/2013 NZD 3,026,000 US$ 2,516,982 (28) (0.01) 20/03/2013 SGD 143,000 US$ 117,389 (0) (0.00) 20/03/2013 US$ 385,625 CHF 357,000 (5) (0.00) 20/03/2013 US$ 2,493,419 CZK 48,188,059 (44) (0.01) 20/03/2013 US$ 11,216,112 EUR 8,559,080 (89) (0.02) 20/03/2013 US$ 9,016,912 GBP 5,601,254 (80) (0.02) 20/03/2013 US$ 547,921 KRW 595,946,477 (6) (0.00) 20/03/2013 US$ 1,839,866 NOK 10,413,389 (29) (0.01) 20/03/2013 US$ 3,652,344 NZD 4,473,154 (26) (0.01) 20/03/2013 US$ 6,665,198 SEK 44,382,804 (148) (0.03) 20/03/2013 US$ 2,600,342 TRY 4,710,000 (13) (0.00) 20/03/2013 US$ 2,082,248 ZAR 18,349,185 (60) (0.01) 21/03/2013 JPY 194,447,050 EUR 1,750,000 (66) (0.01) 21/03/2013 JPY 1,443,203,364 US$ 17,324,905 (657) (0.13) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS (4,145) (0.83)

Forward Currency Contracts on Hedged Share Classes – 0.01% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 EUR 4,807,258 US$ 6,339,405 8 0.00 31/01/2013 GBP 4,301,140 US$ 6,953,179 33 0.01 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 41 0.01 MARKET VALUE OF INVESTMENTS (cost (000) US$ 446,499) 490,398 97.93 OTHER ASSETS AND LIABILITIES 10,366 2.07 SHAREHOLDERS’ EQUITY 500,764 100.00

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Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Bonos y Obligation del Estado 3.150% 31/01/16 7,232 – Government of Canada 5.250% 01/06/13 6,718 – Government of Canada 1.500% 01/09/17 4,835 4,751 Government of Norway 3.750% 25/05/21 309 6,377 Government of Sweden 3.500% 01/06/22 4,876 – United Kingdom Gilt Inflation Linked 2.500% 16/04/20 1,544 4,293 United States Treasury Inflation Indexed Bonds 0.625% 15/04/13 – 8,695 United States Treasury Note/Bond 2.625% 31/12/14 5,117 6,303 United States Treasury Note/Bond 2.125% 15/08/21 6,911 – Bluecrest Allblue Fund Ltd. Investment Companies – – – 5,701 Catco Reinsurance Opportunities Fund Ltd. Investment Companies – – – 5,751 Catco Reinsurance Opportunities Fund Ltd. Investment Companies – – 5,160 – HICL Infrastructure Co., Ltd. Investment Companies – – 4,487 – Investec Global Strategy Fund - Global Endurance Equity Fund – – 15,800 – iShares Markit iBoxx Euro High Yield Bond – – – 11,768 iShares MSCI World Investment Companies – – 13,211 12,977 JPMorgan Japanese Investment Trust Plc. Investment Companies – – – 4,983 Legg Mason Global Funds Plc. - Western Asset Asian Opportunities Fund – – – 8,782 New Capital UCITS Fund Plc. - New Capital Wealthy Nations Bond Fund – – 12,049 – New Capital UCITS Fund Plc. - New Capital Wealthy Nations Bond Fund “H” – – 315 11,770 Other securities purchased and sold under (000) US$ 10,318 175,487 214,551 264,051 306,702

150 | Investec Global Strategy Fund Multi-Asset Protector Fund (USD)

No portfolio is shown for this Sub-Fund as it closed on 30 November 2012.

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ United States Treasury Bill ZCP 0.000% 12/01/12 – 150 United States Treasury Bill ZCP 0.000% 19/01/12 – 100 United States Treasury Bill ZCP 0.000% 26/01/12 – 200 United States Treasury Bill ZCP 0.000% 02/02/12 – 150 United States Treasury Bill ZCP 0.000% 09/02/12 – 100 United States Treasury Bill ZCP 0.000% 16/02/12 – 150 United States Treasury Bill ZCP 0.000% 23/02/12 – 150 United States Treasury Bill ZCP 0.000% 01/03/12 – 100 United States Treasury Bill ZCP 0.000% 22/03/12 – 150 United States Treasury Bill ZCP 0.000% 05/04/12 – 100 United States Treasury Bill ZCP 0.000% 26/04/12 150 150 United States Treasury Bill ZCP 0.000% 03/05/12 100 100 United States Treasury Bill ZCP 0.000% 10/05/12 100 100 United States Treasury Bill ZCP 0.000% 17/05/12 200 200 United States Treasury Bill ZCP 0.000% 24/05/12 100 100 United States Treasury Bill ZCP 0.000% 21/06/12 250 250 United States Treasury Bill ZCP 0.000% 12/07/12 250 250 United States Treasury Bill ZCP 0.000% 26/07/12 300 300 United States Treasury Bill ZCP 0.000% 02/08/12 200 200 United States Treasury Bill ZCP 0.000% 09/08/12 200 200 United States Treasury Bill ZCP 0.000% 16/08/12 300 300 United States Treasury Bill ZCP 0.000% 30/08/12 300 300 United States Treasury Bill ZCP 0.000% 06/09/12 300 300 United States Treasury Bill ZCP 0.000% 27/09/12 200 200 United States Treasury Bill ZCP 0.000% 11/10/12 200 200 United States Treasury Bill ZCP 0.000% 25/10/12 250 250 United States Treasury Bill ZCP 0.000% 01/11/12 200 200 United States Treasury Bill ZCP 0.000% 08/11/12 200 200 United States Treasury Bill ZCP 0.000% 15/11/12 200 200 United States Treasury Bill ZCP 0.000% 23/11/12 300 300 United States Treasury Bill ZCP 0.000% 29/11/12 300 300 United States Treasury Bill ZCP 0.000% 06/12/12 150 150 United States Treasury Bill ZCP 0.000% 10/01/13 100 100 United States Treasury Bill ZCP 0.000% 17/01/13 200 200 United States Treasury Bill ZCP 0.000% 24/01/13 250 250 United States Treasury Bill ZCP 0.000% 31/01/13 200 200 United States Treasury Bill ZCP 0.000% 14/02/13 200 200 Investec Funds Series i - UK Smaller Companies Fund – – – 83 Investec Funds Series ii - Asia Ex Japan Fund – – 84 149 Investec Funds Series ii - Monthly High Income Fund – – 8 116 Investec Funds Series iii - Emerging Markets Local Currency Debt Fund – – 100 93 Investec Funds Series iii - Global Dynamic Fund – – 82 268 Investec Funds Series iii - Global Gold Fund – – 21 85 Investec Global Strategy Fund - Global Contrarian Equity Fund – – – 164 Investec Global Strategy Fund - Global Dynamic Resources Fund – – 60 109 Investec Global Strategy Fund - Global Franchise Fund – – 100 109 iShares Markit iBoxx $ Corporate Bond – – 582 753 iShares Markit iBoxx $ High Yield Bond – – 40 137 iShares MSCI Emerging Markets – – 166 152 iShares MSCI World – – 303 357 iShares S&P 500 Index Fund – – – 111 Legg Mason Global Funds Plc. - Western Asset Asian Opportunities Fund – – 1 92 New Capital UCITS Fund Plc. - New Capital Wealthy Nations Bond Fund – – 6 160 Polar Capital Funds Plc. - Global Technology Fund – – 77 71 Source Physical Markets Gold P-ETC – – 179 180 Other securities purchased and sold under (000) US$ 76 102 267 7,611 10,506

Investec Global Strategy Fund | 151 Portfolio details Africa & Middle East Fund

No portfolio is shown for this Sub-Fund as it merged into the Africa Opportunities Fund on 15 June 2012.

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Credit Suisse International 0.000% 01/02/12 – 758 Credit Suisse International 0.000% 13/06/12 889 1,684 Credit Suisse International 0.000% 14/06/13 758 883 HSBC Bank Plc. 0.000% 03/09/12 – 1,041 Access Bank Plc. – – – 1,795 Adcorp Holdings Ltd. – – – 574 Arabtec Holdings Co. – – – 1,583 Centamin Egypt Ltd. – – – 799 Centamin Plc. – – 1,212 851 Citadel Capital SAE – – – 783 Commercial Bank of Qatar QSC – – – 568 Depa Ltd. – – – 625 Drake & Scull International – – 586 564 Egyptian International Pharmaceutical Industrial Co. – – – 1,028 Elswedy Electric Co. – – – 900 Emaar Properties PJSC – – 766 761 First City Monument Bank Plc. – – – 746 First Gulf Bank PJSC – – – 1,430 Industries Qatar QSC – – – 971 Kenya Commercial Bank Ltd. – – – 618 Maridive & Oil Services SAE – – 195 608 Medinet Nasr Housing – – – 675 Oman Telecommunications Co. – – – 950 Qatar National Bank SAQ – – – 952 Qatar Telecom Qtel QSC – – – 602 Skye Bank Plc. – – – 530 Steinhoff International Holdings Ltd. – – – 779 Turkiye Halk Bankasi AS – – – 901 Turkiye Is Bankasi “C” – – – 799 UAC of Nigeria Plc. – – – 772 Union National Bank PJSC – – – 1,037 Zenith Bank Plc. – – – 1,781 Other securities purchased and sold under (000) US$ 517 – 2,544 4,406 31,892

152 | Investec Global Strategy Fund Africa Opportunities Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 90.97% British Pound Sterling 1,433,500 Centamin Plc. 931 0.90 Egyptian Pound 2,950,142 Citadel Capital SAE 1,772 1.70 230,960 Elswedy Electric Co. 799 0.77 211,920 Ghabbour Auto 932 0.90 2,693,313 Juhayna Food Industries 3,293 3.17 35,265 Orascom Construction Industries 1,402 1.35 651,903 Sidi Kerir Petrochemicals Co. 1,354 1.30 1,829,478 Telecom Egypt Co. 4,078 3.92

13,630 13.11 Euro 81,013 Eni SpA 1,986 1.91 Kenyan Shilling 30,872,139 Safaricom Ltd. 1,795 1.72 2,882,617 TransCentury Ltd. 787 0.76

2,582 2.48 Moroccan Dirham 99,195 Douja Promotion Groupe Addoha S.A. 737 0.71 Nigerian Naira 54,958,055 Access Bank Plc. 3,194 3.07 17,060,181 Dangote Sugar Refinery Plc. 661 0.64 26,014,890 FBN Holdings Plc. 2,631 2.53 1,715,800 First Bank of Nigeria Plc. 174 0.17 5,149,030 Flour Mills of Nigeria Plc. 2,152 2.07 19,352,456 Guaranty Trust Bank Plc. 2,845 2.74 36,594,262 Zenith Bank Plc. 4,494 4.32

16,151 15.54 South African Rand 201,995 ABSA Group Ltd. 3,927 3.78 211,305 Adcock Ingram Holdings Ltd. 1,352 1.30 1,487,959 Advtech Ltd. 1,062 1.02 160,448 AECI Ltd. 1,507 1.45 164,900 African Bank Investments Ltd. 628 0.60 168,167 African Rainbow Minerals Ltd. 3,759 3.61 54,950 Anglo American Platinum Ltd. 2,905 2.79 135,199 AngloGold Ashanti Ltd. 4,227 4.07 97,300 Astral Foods Ltd. 1,188 1.14 167,481 Aveng Ltd. 600 0.58 28,703 BHP Billiton Plc. 1,006 0.97 12,480 Bidvest Group Ltd. 319 0.31 114,414 City Lodge Hotels Ltd. 1,410 1.36 60,800 Foschini Group Ltd. 1,019 0.98 1,186,851 Fountainhead Property Trust 1,162 1.12 327,781 Gold Fields Ltd. 4,064 3.91 728,556 Grindrod Ltd. 1,347 1.29 163,538 Impala Platinum Holdings Ltd. 3,253 3.13 509,208 Kagiso Media Ltd. 1,442 1.39 176,890 Mpact Ltd. 414 0.40 349,677 MTN Group Ltd. 7,360 7.08 7,300 Old Mutual Plc. 21 0.02 435,008 PPC Ltd. 1,764 1.70

Investec Global Strategy Fund | 153 Portfolio details

Africa Opportunities Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued South African Rand continued 85,093 Remgro Ltd. 1,600 1.54 277,671 Sanlam Ltd. 1,486 1.43 139,104 Sappi Ltd. 503 0.48 76,371 Sasol Ltd. 3,295 3.17 33,419 Tiger Brands Ltd. 1,291 1.24 185,381 Vodacom Group Ltd. 2,732 2.63

56,643 54.49 US Dollar 177,606 Econet Wireless Zimbabwe Ltd. 777 0.75 157,535 Female Health Co. 1,130 1.08

1,907 1.83 TOTAL COMMON STOCKS (cost (000) US$ 95,679) 94,567 90.97 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 95,679) 94,567 90.97

Other Transferable Securities Common Stocks – 0.00% US Dollar 121,812 Kingdom Financial 1 0.00 TOTAL COMMON STOCKS (cost (000) US$ nil) 10.00 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ nil) 10.00 MARKET VALUE OF INVESTMENTS (cost (000) US$ 95,679) 94,568 90.97 OTHER ASSETS AND LIABILITIES 9,389 9.03 SHAREHOLDERS’ EQUITY 103,957 100.00

154 | Investec Global Strategy Fund Africa Opportunities Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ ABSA Group Ltd. 4,136 453 African Bank Investments Ltd. 582 1,646 African Rainbow Minerals Ltd. 2,177 761 Anglo American Platinum Ltd. 2,782 543 AngloGold Ashanti Ltd. 2,949 794 Astral Foods Ltd. 2,179 607 Aveng Ltd. 27 1,444 Bidvest Group Ltd. 381 2,317 FBN Holdings Plc. 2,503 294 First Bank of Nigeria Plc. 640 3,802 Gold Fields Ltd. 2,391 737 Impala Platinum Holdings Ltd. 1,712 698 MTN Group Ltd. 3,997 3,603 NewGold Issuer Ltd. 558 2,013 PPC Ltd. 1,899 132 Pretoria Portland Cement Co., Ltd. 849 2,126 Standard Bank Group Ltd. – 1,713 Telecom Egypt Co. 1,768 764 Tiger Brands Ltd. 1,354 2,467 Zenith Bank Plc. 965 1,813 Other securities purchased and sold under (000) US$ 1,548 16,433 17,176 50,282 45,903

Investec Global Strategy Fund | 155 Portfolio details American Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 91.44% US Dollar 10,584 3M Co. 983 1.68 113,849 Avon Products, Inc. 1,637 2.79 37,311 Baker Hughes, Inc. 1,524 2.60 46,384 Barrick Gold Corp. 1,624 2.77 13,533 Carnival Corp. 498 0.85 106,939 Cisco Systems, Inc. 2,102 3.58 111,764 Corning, Inc. 1,410 2.40 168,783 Dell, Inc. 1,711 2.92 26,682 DST Systems, Inc. 1,617 2.76 35,136 Exelon Corp. 1,045 1.78 28,271 Expedia, Inc. 1,737 2.96 12,499 Home Depot, Inc. 773 1.32 68,462 Intel Corp. 1,413 2.41 63,266 International Speedway Corp. “A” 1,749 2.98 108,807 Interpublic Group of Cos, Inc. 1,201 2.05 26,713 Johnson & Johnson 1,873 3.19 136,141 Kinross Gold Corp. 1,324 2.26 14,029 Kraft Foods Group, Inc. 638 1.09 51,972 MDC Holdings, Inc. 1,910 3.26 65,915 Medtronic, Inc. 2,704 4.61 56,297 Merck & Co., Inc. 2,306 3.93 42,083 Mondelez International, Inc. “A” 1,072 1.83 12,238 Motorola Solutions, Inc. 681 1.16 43,096 Newmont Mining Corp. 2,002 3.41 25,384 Northrop Grumman Corp. 1,716 2.93 28,422 Patterson-UTI Energy, Inc. 530 0.90 110,047 Pfizer, Inc. 2,762 4.71 13,605 Procter & Gamble Co. 924 1.58 102,904 Southwest Airlines Co. 1,054 1.80 110,706 Staples, Inc. 1,261 2.15 88,646 Symantec Corp. 1,669 2.85 49,447 Valero Energy Corp. 1,686 2.88 28,667 Wal-Mart Stores, Inc. 1,957 3.34 5,403 Washington Post Co. “B” 1,970 3.36 38,243 Zimmer Holdings, Inc. 2,548 4.35

53,611 91.44 TOTAL COMMON STOCKS (cost (000) US$ 55,945) 53,611 91.44 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 55,945) 53,611 91.44 MARKET VALUE OF INVESTMENTS (cost (000) US$ 55,945) 53,611 91.44 OTHER ASSETS AND LIABILITIES 5,021 8.56 SHAREHOLDERS’ EQUITY 58,632 100.00

156 | Investec Global Strategy Fund American Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Apache Corp. – 4,290 Apple, Inc. 1,025 6,005 Bank of America Corp. – 4,647 Best Buy Co., Inc. – 4,151 Charles Schwab Corp. – 7,124 Citigroup, Inc. 3,299 3,151 Community Health Systems, Inc. 216 4,022 Dell, Inc. 1,871 4,451 Exxon Mobil Corp. – 8,060 Gap, Inc. – 7,002 General Electric Co. – 4,320 Gilead Sciences, Inc. – 10,525 Goldman Sachs Group, Inc. – 6,018 Google, Inc. “A” 366 8,099 Hartford Financial Services Group, Inc. – 4,945 Hewlett-Packard Co. – 6,226 JPMorgan Chase & Co. 789 5,715 Level 3 Communications, Inc. – 4,208 Life Time Fitness, Inc. – 3,573 Medtronic, Inc. 3,362 408 MetLife, Inc. – 5,793 Microsoft Corp. – 3,705 Paychex, Inc. – 3,537 Pfizer, Inc. 3,217 399 PulteGroup, Inc. – 3,624 SandRidge Energy, Inc. – 5,473 Staples, Inc. – 4,852 Thermo Fisher Scientific, Inc. – 8,135 United States Steel Corp. – 4,532 Varian Medical Systems, Inc. – 5,259 Yahoo!, Inc. – 4,611 Other securities purchased and sold under (000) US$ 3,169 77,849 48,818 91,994 205,678

Investec Global Strategy Fund | 157 Portfolio details Asia Pacific Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 97.97% Australian Dollar 281,032 Ansell Ltd. 4,507 1.09 154,736 Australia & New Zealand Banking Group Ltd. 4,072 0.98 442,970 BHP Billiton Ltd. 17,303 4.18 137,065 Commomwealth Bank of Australia 8,928 2.15 490,939 Computershare Ltd. 4,621 1.11 482,215 Crown Ltd. 5,382 1.30 182,764 Flight Centre Ltd. 5,172 1.25 1,238,007 Incitec Pivot Ltd. 4,214 1.02 161,769 National Australia Bank Ltd. 4,254 1.03 163,714 News Corp. “B” 4,267 1.03 524,578 Primary Health Care Ltd. 2,183 0.53 489,009 ResMed, Inc. 2,044 0.49 1,730,507 Telstra Corp., Ltd. 7,895 1.91 191,919 Westpac Banking Corp. 5,258 1.27

80,100 19.34 British Pound Sterling 148,404 Rio Tinto Plc. 8,654 2.09 128,838 Standard Chartered Plc. 3,333 0.80

11,987 2.89 Hong Kong Dollar 2,086,600 AIA Group Ltd. 8,283 2.00 13,921,463 Bank of China Ltd. “H” 6,332 1.53 509,000 Cheung Kong Holdings Ltd. 7,903 1.91 450,000 Cheung Kong Infrastructure Holdings Ltd. 2,778 0.67 10,721,870 China Construction Bank Corp. “H” 8,769 2.12 1,094,500 China Mobile Ltd. 12,887 3.11 1,728,000 China Overseas Land & Investment Ltd. 5,265 1.27 6,164,000 China Petroleum & Chemical Corp. “H” 7,100 1.72 3,004,500 China Railway Construction Corp., Ltd. “H” 3,470 0.84 1,494,000 China Resources Power Holdings Co., Ltd. 3,849 0.93 1,522,500 China Shenhua Energy Co., Ltd. “H” 6,815 1.65 4,945,000 CNOOC Ltd. 10,907 2.63 6,265,163 Country Garden Holdings Co., Ltd. 3,355 0.81 846,000 Galaxy Entertainment Group Ltd. 3,398 0.82 680,500 Great Wall Motor Co., Ltd. “H” 2,180 0.53 384,800 HSBC Holdings Plc. 4,075 0.98 591,000 Hutchison Whampoa Ltd. 6,261 1.51 12,033,280 Industrial & Commercial Bank of China Ltd. “H” 8,701 2.10 5,132,000 Lenovo Group Ltd. 4,729 1.14 7,551,000 PCCW Ltd. 3,342 0.81 2,898,400 PICC Property & Casualty Co., Ltd. “H” 4,144 1.00 1,964,000 SJM Holdings Ltd. 4,638 1.12 378,000 Swire Pacifi c Ltd. “A” 4,727 1.14 770,000 Techtronic Industries Co. 1,467 0.35 825,000 Wharf Holdings Ltd. 6,556 1.58 798,000 Yue Yuen Industrial Holdings Ltd. 2,696 0.65

144,627 34.92

158 | Investec Global Strategy Fund Asia Pacific Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Indian Rupee 200,567 Bank of Baroda 3,193 0.77 655,604 Coal India Ltd. 4,279 1.03 514,130 Glenmark Pharmaceuticals Ltd. 4,997 1.21 243,501 ICICI Bank Ltd. 5,097 1.23 170,562 Mahindra & Mahindra Ltd. 2,934 0.71 652,885 Oil & Natural Gas Corp., Ltd. 3,214 0.78 117,433 State Bank of India 5,183 1.25 52,531 Tata Consultancy Services Ltd. 1,208 0.29 840,960 Tata Motors Ltd. 4,838 1.17 274,835 Tech Mahindra Ltd. 4,670 1.13

39,613 9.57 Indonesian Rupiah 2,528,000 Indofood Sukses Makmur Tbk PT 1,544 0.37 Malaysian Ringgit 1,252,500 Axiata Group Bhd 2,711 0.65 2,982,700 Genting Malaysia Bhd 3,473 0.84 1,316,400 Sime Darby Bhd 4,107 0.99

10,291 2.48 Philippines Peso 2,014,000 Aboitiz Power Corp. 1,811 0.44 5,137,200 Alliance Global Group, Inc. 2,102 0.51

3,913 0.95 Singapore Dollar 823,000 Oversea-Chinese Banking Corp., Ltd. 6,635 1.60 South Korean Won 119,640 DGB Financial Group, Inc. 1,627 0.39 68,230 Grand Korea Leisure Co., Ltd. 1,834 0.44 21,857 Hyundai Home Shopping Network Corp. 2,483 0.60 13,961 Hyundai Mobis 3,784 0.91 40,445 Hyundai Motor Co. 8,347 2.02 71,229 Kia Motors Corp. 3,791 0.92 122,045 Korean Reinsurance Co. 1,312 0.32 8,867 Lotte Shopping Co., Ltd. 3,125 0.75 18,605 Samsung Electronics Co., Ltd. 26,723 6.45 187,770 Samsung Heavy Industries Co., Ltd. 6,856 1.66 31,162 SK Innovation Co., Ltd. 5,164 1.25

65,046 15.71 Taiwan Dollar 3,955,000 Advanced Semiconductor Engineering, Inc. 3,436 0.83 403,000 Asustek Computer, Inc. 4,557 1.10 3,944,326 E.Sun Financial Holding Co., Ltd. 2,217 0.54 2,646,230 Fubon Financial Holding Co., Ltd. 3,215 0.78 2,424,000 Hon Hai Precision Industry Co., Ltd. 7,499 1.81 964,623 Lite-On Technology Corp. 1,286 0.31 2,346,000 Taiwan Semiconductor Manufacturing Co., Ltd. 7,843 1.89

30,053 7.26

Investec Global Strategy Fund | 159 Portfolio details

Asia Pacific Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Thailand Baht 353,800 Bangkok Bank PCL 2,433 0.59 7,522,675 Krung Thai Bank PCL 4,808 1.16 949,893 PTT Global Chemical PCL 2,177 0.52

9,418 2.27 US Dollar 360,000 Hongkong Land Holdings Ltd. 2,541 0.61 TOTAL COMMON STOCKS (cost (000) US$ 358,953) 405,768 97.97 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 358,953) 405,768 97.97

Other Transferable Securities Common Stocks – 0.00% Hong Kong Dollar 311,500 Real Gold Mining Ltd. — 0.00 TOTAL COMMON STOCKS (cost (000) US$ 417) — 0.00 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ 417) — 0.00 MARKET VALUE OF INVESTMENTS (cost (000) US$ 359,370) 405,768 97.97 OTHER ASSETS AND LIABILITIES 8,395 2.03 SHAREHOLDERS’ EQUITY 414,163 100.00

160 | Investec Global Strategy Fund Asia Pacific Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Advanced Semiconductor Engineering, Inc. 3,236 – AIA Group Ltd. 5,230 869 Ansell Ltd. 3,383 398 Australia & New Zealand Banking Group Ltd. 5,318 3,676 Avago Technologies Ltd. 2,162 3,732 Bank of China Ltd. “H” 4,693 481 BHP Billiton Ltd. 16,904 1,019 BHP Billiton Plc. 6,628 13,359 Cheung Kong Holdings Ltd. 4,811 666 China Construction Bank Corp. “H” 5,962 715 China Mobile Ltd. 9,192 3,304 China Overseas Land & Investment Ltd. 6,184 2,629 China Petroleum & Chemical Corp. “H” 4,367 561 China Resources Power Holdings Co., Ltd. 3,434 263 China Shenhua Energy Co., Ltd. “H” 4,219 547 CNOOC Ltd. 8,436 2,868 Coal India Ltd. 4,512 278 Commomwealth Bank of Australia 6,952 3,798 Computershare Ltd. 3,485 372 Crown Ltd. 3,114 434 CSL Ltd. 2,476 5,817 Great Wall Motor Co., Ltd. “H” 849 3,030 Hon Hai Precision Industry Co., Ltd. 11,202 3,490 HSBC Holdings Plc. 3,855 – Hutchison Whampoa Ltd. 6,422 384 Hyundai Mobis 4,393 2,031 Hyundai Motor Co. 6,546 766 ICICI Bank Ltd. 5,123 322 Industrial & Commercial Bank of China Ltd. “H” 5,647 697 Kia Motors Corp. 3,339 371 KT&G Corp. 3,018 4,224 Lenovo Group Ltd. 3,582 385 National Australia Bank Ltd. 4,159 2,741 NetEase, Inc. — ADR 2,637 3,409 Newcrest Mining Ltd. 1,469 3,763 Oversea-Chinese Banking Corp., Ltd. 4,051 561 POSCO 994 3,110 PTT Exploration & Production PCL 1,800 3,249 Rio Tinto Plc. 5,858 668 Samsung Electronics Co., Ltd. 15,662 2,930 Samsung Heavy Industries Co., Ltd. 4,171 571 Shinhan Financial Group Co., Ltd. 2,646 4,170 Sime Darby Bhd 4,499 352 SJM Holdings Ltd. 4,290 378 SK Innovation Co., Ltd. 3,035 420 Standard Chartered Plc. 3,364 270 State Bank of India 4,884 382 Swire Pacific Ltd. “A” 3,004 411 Taiwan Semiconductor Manufacturing Co., Ltd. 5,619 4,077 Tata Motors Ltd. 4,298 299 Telstra Corp., Ltd. 5,113 1,682 Westpac Banking Corp. 3,664 2,493 Wharf Holdings Ltd. 5,704 480 Other securities purchased and sold under (000) US$ 2,986 96,494 58,060 356,089 155,962

Investec Global Strategy Fund | 161 Portfolio details Asian Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 98.20% British Pound Sterling 744,009 Standard Chartered Plc. 19,246 0.84 Hong Kong Dollar 15,828,800 AIA Group Ltd. 62,834 2.76 93,481,233 Bank of China Ltd. “H” 42,520 1.86 3,813,500 BOC Hong Kong Holdings Ltd. 11,984 0.53 3,317,000 Cheung Kong Holdings Ltd. 51,502 2.26 2,414,000 Cheung Kong Infrastructure Holdings Ltd. 14,903 0.65 87,431,050 China Construction Bank Corp. “H” 71,507 3.14 8,851,500 China Mobile Ltd. 104,219 4.57 10,094,000 China Overseas Land & Investment Ltd. 30,757 1.35 43,416,000 China Petroleum & Chemical Corp. “H” 50,012 2.19 17,520,500 China Railway Construction Corp., Ltd. “H” 20,234 0.89 8,880,000 China Resources Power Holdings Co., Ltd. 22,879 1.00 9,301,500 China Shenhua Energy Co., Ltd. “H” 41,634 1.83 31,913,000 CNOOC Ltd. 70,389 3.09 42,035,436 Country Garden Holdings Co., Ltd. 22,513 0.99 4,972,000 Galaxy Entertainment Group Ltd. 19,969 0.88 7,876,250 Great Wall Motor Co., Ltd. “H” 25,229 1.11 20,550,000 Guangdong Investment Ltd. 16,303 0.71 2,282,400 HSBC Holdings Plc. 24,170 1.06 3,903,000 Hutchison Whampoa Ltd. 41,347 1.81 87,043,165 Industrial & Commercial Bank of China Ltd. “H” 62,940 2.76 30,368,000 Lenovo Group Ltd. 27,981 1.23 58,657,000 PCCW Ltd. 25,964 1.14 21,453,000 PICC Property & Casualty Co., Ltd. “H” 30,669 1.35 10,877,000 SJM Holdings Ltd. 25,685 1.13 2,889,500 Swire Pacific Ltd. “A” 36,135 1.58 5,498,500 Techtronic Industries Co. 10,473 0.46 4,573,000 Wharf Holdings Ltd. 36,340 1.59 4,415,532 Yue Yuen Industrial Holdings Ltd. 14,920 0.65

1,016,012 44.57 Indian Rupee 1,085,151 Bank of Baroda 17,276 0.76 3,879,584 Coal India Ltd. 25,319 1.11 2,722,629 Glenmark Pharmaceuticals Ltd. 26,461 1.16 1,645,583 ICICI Bank Ltd. 34,446 1.51 914,522 Mahindra & Mahindra Ltd. 15,731 0.69 4,537,418 Oil & Natural Gas Corp., Ltd. 22,334 0.98 691,233 State Bank of India 30,507 1.34 430,692 Tata Consultancy Services Ltd. 9,904 0.43 4,855,701 Tata Motors Ltd. 27,937 1.23 1,529,906 Tech Mahindra Ltd. 26,000 1.14

235,915 10.35 Indonesian Rupiah 19,978,500 Indofood Sukses Makmur Tbk PT 12,205 0.54 Malaysian Ringgit 8,732,100 Alliance Financial Group Bhd 12,552 0.55 7,530,600 Axiata Group Bhd 16,301 0.72 20,305,459 Genting Malaysia Bhd 23,638 1.04 8,790,200 Sime Darby Bhd 27,424 1.20

79,915 3.51

162 | Investec Global Strategy Fund Asian Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Philippines Peso 12,697,400 Aboitiz Power Corp. 11,419 0.50 47,543,900 Alliance Global Group, Inc. 19,448 0.85

30,867 1.35 Singapore Dollar 6,116,000 Oversea-Chinese Banking Corp., Ltd. 49,308 2.16 South Korean Won 1,318,040 DGB Financial Group, Inc. 17,920 0.78 380,710 Grand Korea Leisure Co., Ltd. 10,233 0.45 196,122 Hyundai Home Shopping Network Corp. 22,279 0.98 94,010 Hyundai Mobis 25,484 1.12 307,427 Hyundai Motor Co. 63,447 2.78 525,977 Kia Motors Corp. 27,993 1.23 1,503,731 Korean Reinsurance Co. 16,168 0.71 55,548 Lotte Shopping Co., Ltd. 19,578 0.86 117,902 Samsung Electronics Co., Ltd. 169,346 7.43 1,135,980 Samsung Heavy Industries Co., Ltd. 41,480 1.82 234,617 SK Innovation Co., Ltd. 38,876 1.70

452,804 19.86 Taiwan Dollar 25,215,000 Advanced Semiconductor Engineering, Inc. 21,909 0.96 2,801,000 Asustek Computer, Inc. 31,671 1.39 40,820,470 E.Sun Financial Holding Co., Ltd. 22,940 1.01 22,757,526 Fubon Financial Holding Co., Ltd. 27,650 1.21 15,687,000 Hon Hai Precision Industry Co., Ltd. 48,529 2.13 10,788,484 Lite-On Technology Corp. 14,390 0.63 19,649,193 Taiwan Semiconductor Manufacturing Co., Ltd. 65,689 2.88

232,778 10.21 Thailand Baht 2,653,408 Bangkok Bank PCL 18,247 0.80 50,463,475 Krung Thai Bank PCL 32,251 1.41 6,242,324 PTT Global Chemical PCL 14,310 0.63

64,808 2.84 US Dollar 4,441,816 Hongkong Land Holdings Ltd. 31,349 1.38 378,000 Jardine Strategic Holdings Ltd. 13,557 0.59

44,906 1.97 TOTAL COMMON STOCKS (cost (000) US$ 1,892,812) 2,238,764 98.20 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 1,892,812) 2,238,764 98.20

Investec Global Strategy Fund | 163 Portfolio details

Asian Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Other Transferable Securities Common Stocks – 0.00% Hong Kong Dollar 7,651,000 Real Gold Mining Ltd. — 0.00 TOTAL COMMON STOCKS (cost (000) US$ 12,327) — 0.00 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ 12,327) — 0.00 MARKET VALUE OF INVESTMENTS (cost (000) US$ 1,905,139) 2,238,764 98.20 OTHER ASSETS AND LIABILITIES 41,125 1.80 SHAREHOLDERS’ EQUITY 2,279,889 100.00

164 | Investec Global Strategy Fund Asian Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Avago Technologies Ltd. 9,039 28,874 Bangkok Bank PCL 10,966 26,632 China Construction Bank Corp. “H” 27,634 7,512 China Mobile Ltd. 41,668 21,666 China Overseas Land & Investment Ltd. 35,399 16,352 CNOOC Ltd. 38,137 40,546 Hon Hai Precision Industry Co., Ltd. 91,292 39,210 Hyundai Mobis 27,105 26,577 Hyundai Motor Co. 34,280 7,179 ICICI Bank Ltd. 34,058 1,076 Kangwon Land, Inc. 8,282 30,472 KT&G Corp. 27,771 36,710 NetEase, Inc. — ADR 14,367 28,549 POSCO 13,195 41,100 Samsung Electronics Co., Ltd. 63,961 51,403 Shinhan Financial Group Co., Ltd. 12,088 33,441 Sime Darby Bhd 30,257 2,286 State Bank of India 29,171 1,827 Taiwan Semiconductor Manufacturing Co., Ltd. 35,501 57,883 Wharf Holdings Ltd. 29,861 1,705 Other securities purchased and sold under (000) US$ 31,483 812,604 599,794 1,426,636 1,100,794

Investec Global Strategy Fund | 165 Portfolio details EAFE Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 101.44% Australian Dollar 31,738 Computershare Ltd. 299 1.81 27,260 Crown Ltd. 304 1.85 11,160 News Corp. “B” 291 1.76 64,457 Telstra Corp., Ltd. 294 1.78

1,188 7.20 British Pound Sterling 50,524 AZ Electronic Materials S.A. 290 1.76 9,003 BHP Billiton Plc. 317 1.92 16,743 Experian Plc. 270 1.64 28,564 HSBC Holdings Plc. 303 1.84 9,570 Shire Plc. 294 1.78 9,794 Weir Group Plc. 302 1.83

1,776 10.77 Canadian Dollar 19,009 Aimia, Inc. 284 1.73 5,011 Valeant Pharmaceuticals International, Inc. 299 1.81

583 3.54 Euro 13,646 Aareal Bank AG 285 1.73 11,928 Amadeus IT Holding S.A. “A” 302 1.83 3,238 BASF SE 307 1.86 2,842 Continental AG 331 2.00 2,414 Fresenius SE & Co KGaA 278 1.69 5,136 HeidelbergCement AG 313 1.90 34,322 ING Groep NV 326 1.97 3,582 MTU Aero Engines Holding AG 328 1.99 5,024 Publicis Groupe S.A. 302 1.83 20,398 Reed Elsevier NV 302 1.83 3,196 Sanofi 303 1.84 5,454 Total S.A. 284 1.72

3,661 22.19 Hong Kong Dollar 76,200 AIA Group Ltd. 302 1.83 408,470 China Construction Bank Corp. “H” 334 2.03 72,500 China Shenhua Energy Co., Ltd. “H” 325 1.97 647,639 Country Garden Holdings Co., Ltd. 347 2.10

1,308 7.93 Indian Rupee 7,250 State Bank of India 320 1.94 Japanese Yen 11,300 Credit Saison Co., Ltd. 283 1.72 49,000 Hitachi Ltd. 288 1.75 9,400 Japan Tobacco, Inc. 266 1.61 3,800 KDDI Corp. 269 1.63 32,500 Nissan Motor Co., Ltd. 309 1.87

1,415 8.58 Malaysian Ringgit 134,800 Axiata Group Bhd 292 1.77

166 | Investec Global Strategy Fund EAFE Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Mexican Peso 138,800 Alfa SAB de CV “A” 295 1.79 85,600 Grupo Mexico SAB de CV “B” 309 1.87

604 3.66 Norwegian Krone 20,510 Gjensidige Forsikring ASA 294 1.78 14,345 Telenor ASA 292 1.77

586 3.55 Philippines Peso 167,010 International Container Terminal Services, Inc. 301 1.82 Polish Zloty 2,317 Powszechny Zaklad Ubezpieczen S.A. 328 1.99 South African Rand 14,260 MTN Group Ltd. 300 1.82 South Korean Won 227 Samsung Electronics Co., Ltd. 326 1.98 Swedish Krona 15,018 Swedbank AB “A” 295 1.79 Swiss Franc 5,802 Aryzta AG 300 1.82 3,910 Cie Financiere Richemont S.A. “A” 307 1.86 2,333 Dufry AG 309 1.87 4,548 Novartis AG 287 1.74 1,282 Sonova Holding AG 142 0.86

1,345 8.15 Thailand Baht 44,300 Bangkok Bank PCL 305 1.85 US Dollar 3,500 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 293 1.77 4,555 Lukoil OAO — ADR 306 1.85 4,000 MercadoLibre, Inc. 316 1.92 6,978 Molson Coors Brewing Co. “B” 298 1.81 14,100 Ternium S.A. — ADR 332 2.01 6,833 Teva Pharmaceutical Industries Ltd. — ADR 255 1.55

1,800 10.91 TOTAL COMMON STOCKS (cost (000) US$ 14,851) 16,733 101.44 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 14,851) 16,733 101.44 MARKET VALUE OF INVESTMENTS (cost (000) US$ 14,851) 16,733 101.44 OTHER ASSETS AND LIABILITIES (237) (1.44) SHAREHOLDERS’ EQUITY 16,496 100.00

Investec Global Strategy Fund | 167 Portfolio details

EAFE Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Aimia, Inc. 282 – Aryzta AG 279 – ASML Holding NV 26 335 ASML Holding NV 228 321 Avago Technologies Ltd. 293 283 AZ Electronic Materials S.A. 286 50 British American Tobacco Plc. – 429 Cie Financiere Richemont S.A. 280 42 Computershare Ltd. 279 – CSL Ltd. 255 370 Dufry AG 303 – First Quantum Minerals Ltd. – 271 Gjensidige Forsikring ASA 297 – Hon Hai Precision Industry Co., Ltd. 275 238 HSBC Holdings Plc. 298 – Japan Tobacco, Inc. 281 – MercadoLibre, Inc. 342 – Molson Coors Brewing Co. 309 – Nissan Motor Co., Ltd. 319 – Obrascon Huarte Lain Brasil S.A. – 351 Open Text Corp. – 331 Powszechny Zaklad Ubezpieczen S.A. 281 – Publicis Groupe S.A. 270 – Reed Elsevier NV 274 – SABMiller Plc. – 421 Samsung Electronics Co., Ltd. 297 – Standard Chartered Plc. 283 247 State Bank of India 300 – Ternium SA — ADR 313 – Other securities purchased and sold under (000) US$ 268 2,683 4,919 9,333 8,608

168 | Investec Global Strategy Fund Emerging Markets Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 98.97% Brazilian Real 241,300 Arteris S.A. 2,221 0.73 221,300 Banco do Brasil S.A. 2,770 0.91

4,991 1.64 British Pound Sterling 84,372 Anglo American Plc. 2,659 0.88 360,991 International Personal Finance Plc. 2,210 0.73 110,288 Polymetal International Plc. 2,134 0.70 597,226 Polyus Gold International Ltd. 1,983 0.65 112,323 Standard Chartered Plc. 2,906 0.96 52,962 Unilever Plc. 2,058 0.68

13,950 4.60 Chilean Peso 13,314,870 CFR Pharmaceuticals S.A. 3,324 1.09 143,768 ENTEL Chile S.A. 2,960 0.98

6,284 2.07 Czech Koruna 11,022 Komercni Banka AS 2,331 0.77 Euro 44,976 HeidelbergCement AG 2,744 0.90 Hong Kong Dollar 732,800 AIA Group Ltd. 2,909 0.96 11,040,200 Bank of China Ltd. “H” 5,022 1.66 886,000 Cathay Pacific Airways Ltd. 1,647 0.54 844,000 China Overseas Land & Investment Ltd. 2,572 0.85 4,152,000 China Petroleum & Chemical Corp. “H” 4,783 1.58 2,346,766 China Railway Construction Corp., Ltd. “H” 2,710 0.89 1,404,000 China Resources Power Holdings Co., Ltd. 3,617 1.19 899,000 China Shenhua Energy Co., Ltd. “H” 4,024 1.33 3,041,000 CNOOC Ltd. 6,707 2.21 5,994,056 Country Garden Holdings Co., Ltd. 3,210 1.06 1,048,000 Dongfeng Motor Group Co., Ltd. “H” 1,644 0.54 1,188,500 Great Wall Motor Co., Ltd. “H” 3,807 1.25 10,408,000 Industrial & Commercial Bank of China Ltd. “H” 7,526 2.48 3,408,000 Lenovo Group Ltd. 3,140 1.04 2,355,600 PICC Property & Casualty Co., Ltd. “H” 3,368 1.11 1,213,000 SJM Holdings Ltd. 2,864 0.94 1,516,000 Techtronic Industries Co. 2,888 0.95

62,438 20.58 Indian Rupee 173,529 Bank of Baroda 2,763 0.91 415,884 Coal India Ltd. 2,714 0.89 461,351 Glenmark Pharmaceuticals Ltd. 4,484 1.48 116,880 ICICI Bank Ltd. 2,446 0.81 478,663 Oil & Natural Gas Corp., Ltd. 2,356 0.78 46,436 State Bank of India 2,049 0.67 484,915 Tata Motors Ltd. 2,790 0.92 227,769 Tech Mahindra Ltd. 3,871 1.28

23,473 7.74

Investec Global Strategy Fund | 169 Portfolio details

Emerging Markets Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Indonesian Rupiah 4,222,500 Indofood Sukses Makmur Tbk PT 2,579 0.85 Malaysian Ringgit 1,906,100 Alliance Financial Group Bhd 2,740 0.90 1,513,300 Axiata Group Bhd 3,276 1.08 3,349,100 Genting Malaysia Bhd 3,899 1.29 1,041,100 Sime Darby Bhd 3,248 1.07

13,163 4.34 Mexican Peso 976,300 Grupo Mexico SAB de CV “B” 3,529 1.16 Philippines Peso 8,299,100 Alliance Global Group, Inc. 3,395 1.12 Polish Zloty 17,310 Powszechny Zaklad Ubezpieczen S.A. 2,451 0.81 Singapore Dollar 3,081,000 China Minzhong Food Corp., Ltd. 2,053 0.68 South African Rand 299,728 Cie Financiere Richemont S.A. 2,366 0.78 127,293 Imperial Holdings Ltd. 2,977 0.98 754,719 Life Healthcare Group Holdings Ltd. 3,002 0.99 316,447 MTN Group Ltd. 6,661 2.19

15,006 4.94 South Korean Won 149,520 DGB Financial Group, Inc. 2,033 0.67 69,910 Grand Korea Leisure Co., Ltd. 1,879 0.62 14,341 Hyundai Mobis 3,888 1.28 29,063 Hyundai Motor Co. 5,998 1.98 144,810 Kangwon Land, Inc. 3,961 1.31 57,277 Kia Motors Corp. 3,048 1.00 258,959 Korean Reinsurance Co. 2,784 0.92 5,592 Lotte Shopping Co., Ltd. 1,971 0.65 12,337 Samsung Electronics Co., Ltd. 17,720 5.84 80,020 Samsung Heavy Industries Co., Ltd. 2,922 0.96 15,066 SK Innovation Co., Ltd. 2,496 0.82

48,700 16.05 Taiwan Dollar 3,289,000 Advanced Semiconductor Engineering, Inc. 2,858 0.94 245,000 Asustek Computer, Inc. 2,770 0.91 4,454,000 E.Sun Financial Holding Co., Ltd. 2,503 0.83 3,193,787 Fubon Financial Holding Co., Ltd. 3,880 1.28 1,179,000 Hon Hai Precision Industry Co., Ltd. 3,647 1.20 1,804,360 Lite-On Technology Corp. 2,407 0.79 1,928,000 Taiwan Semiconductor Manufacturing Co., Ltd. 6,446 2.13

24,511 8.08 Thailand Baht 721,700 Bangkok Bank PCL 4,652 1.53 8,719,625 Krung Thai Bank PCL 5,572 1.84 1,029,412 PTT Global Chemical PCL 2,360 0.78

12,584 4.15

170 | Investec Global Strategy Fund Emerging Markets Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Turkish Lira 537,328 Aselsan Elektronik Sanayi Ve Ticaret AS 2,557 0.84 US Dollar 248,900 America Movil SAB de CV — ADR “L” 5,761 1.90 77,600 Avago Technologies Ltd. 2,458 0.81 32,800 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 2,742 0.90 62,300 Embraer S.A. — ADR 1,777 0.59 134,100 Enersis S.A. — ADR 2,443 0.80 79,100 Herbalife Ltd. 2,608 0.86 73,390 Lukoil OAO — ADR 4,929 1.62 126,707 Pharmstandard OJSC — GDR 2,124 0.70 453,263 Rosneft OAO — GDR 4,116 1.36 1,314,065 Sberbank of Russia 4,065 1.34 110,228 Sistema JSFC — GDR 2,271 0.75 145,820 Telefonica Brasil S.A. — ADR 3,509 1.16 80,400 Tenaris S.A. — ADR 3,370 1.11 136,900 Ternium S.A. — ADR 3,223 1.06 298,078 Vale S.A. — ADR 6,252 2.06 94,954 Vale S.A. — ADR 1,927 0.63

53,575 17.65 TOTAL COMMON STOCKS (cost (000) US$ 272,723) 300,314 98.97

Preferred Stocks – 0.64% Brazilian Real 168,700 AES Tiete S.A. 1,940 0.64 TOTAL PREFERRED STOCKS (cost (000) US$ 2,503) 1,940 0.64 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 275,226) 302,254 99.61

Other Transferable Securities Common Stocks – 0.00% Hong Kong Dollar 139,500 Real Gold Mining Ltd. — 0.00 TOTAL COMMON STOCKS (cost (000) US$ 206) — 0.00 TOTAL OTHER TRANSFERABLE SECURITIES (cost (000) US$ 206) — 0.00 MARKET VALUE OF INVESTMENTS (cost (000) US$ 275,432) 302,254 99.61 OTHER ASSETS AND LIABILITIES 1,193 0.39 SHAREHOLDERS’ EQUITY 303,447 100.00

Investec Global Strategy Fund | 171 Portfolio details

Emerging Markets Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Advanced Semiconductor Engineering, Inc. 2,697 – America Movil SAB de CV — ADR “L” 3,719 478 Banco do Brasil S.A. 3,200 132 Bangkok Bank PCL 2,510 315 Bank of China Ltd. “H” 4,304 202 China Construction Bank Corp. “H” 1,478 2,853 China Petroleum & Chemical Corp. “H” 2,650 296 China Resources Power Holdings Co., Ltd. 3,048 74 CNOOC Ltd. 3,790 454 Coal India Ltd. 2,679 – Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 2,704 – Fubon Financial Holding Co., Ltd. 2,652 238 Gazprom OAO — ADR 3,608 5,361 Genting Malaysia Bhd 2,516 273 Gerdau S.A. 2,606 2,234 Glenmark Pharmaceuticals Ltd. 3,248 173 Grupo Mexico SAB de CV “B” 3,146 74 Herbalife Ltd. 3,062 557 Hon Hai Precision Industry Co., Ltd. 6,618 2,656 Hyundai Mobis 4,163 1,900 Hyundai Motor Co. 6,272 429 Industrial & Commercial Bank of China Ltd. “H” 4,183 473 Krung Thai Bank PCL 3,310 922 KT&G Corp. 1,671 2,765 Land and Houses PCL 1,135 2,744 Lukoil OAO — ADR 2,718 314 Lyxor ETF MSCI India 8,136 9,635 MTN Group Ltd. 3,593 394 Oil & Natural Gas Corp., Ltd. 2,484 126 Petroleo Brasileiro S.A. — ADR 445 3,187 PTT Exploration & Production PCL 1,234 2,523 Rosneft OAO — GDR 3,530 57 Samsung Electronics Co., Ltd. 8,023 1,163 Sberbank of Russia 3,027 285 Sime Darby Bhd 3,539 247 SJM Holdings Ltd. 2,598 109 Standard Chartered Plc. 3,034 196 Taiwan Semiconductor Manufacturing Co., Ltd. 5,249 4,460 Tech Mahindra Ltd. 3,191 147 Tenaris S.A. — ADR 3,245 202 Vale S.A. — ADR 4,060 434 Other securities purchased and sold under (000) US$ 2,468 130,323 72,400 269,398 121,482

172 | Investec Global Strategy Fund Enhanced Global Energy Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 76.95% Australian Dollar 59,595 Santos Ltd. 699 1.83 British Pound Sterling 187,522 Afren Plc. 407 1.07 33,362 BG Group Plc. 556 1.45 167,018 BowLeven Plc. 182 0.48 63,641 Cairn Energy Plc. 278 0.73 459,299 Chariot Oil & Gas Ltd. 207 0.54 119,418 Faroe Petroleum Plc. 265 0.69 32,486 Kentz Corp Ltd. 206 0.54 196,688 Lamprell Plc. 299 0.78 80,552 Rockhopper Exploration Plc. 204 0.53 40,129 Royal Dutch Shell Plc. “B” 1,431 3.74 66,159 Salamander Energy Plc. 204 0.53

4,239 11.08 Canadian Dollar 14,202 Canadian Natural Resources Ltd. 409 1.07 13,229 Coastal Energy Co. 265 0.69 7,720 Enbridge, Inc. 334 0.87 41,377 Precision Drilling Corp. 342 0.89 42,557 Suncor Energy, Inc. 1,401 3.66 33,648 Talisman Energy, Inc. 380 1.00

3,131 8.18 Euro 52,962 Eni SpA 1,298 3.39 25,605 Total S.A. 1,332 3.48

2,630 6.87 Norwegian Krone 23,543 Petroleum Geo-Services ASA 409 1.07 337,832 Polarcus Ltd. 412 1.08 21,521 Statoil ASA 543 1.42

1,364 3.57 US Dollar 10,721 Anadarko Petroleum Corp. 797 2.08 12,399 Apache Corp. 973 2.54 16,620 Baker Hughes, Inc. 679 1.78 12,951 Cameron International Corp. 731 1.91 5,216 Chevron Corp. 565 1.48 8,282 CONSOL Energy, Inc. 266 0.70 7,134 Devon Energy Corp. 371 0.97 11,000 Ensco Plc. “A” 652 1.70 9,347 Exxon Mobil Corp. 810 2.12 75,608 Gazprom OAO — ADR 731 1.91 30,751 Halliburton Co. 1,067 2.79 7,672 Lukoil OAO — ADR 515 1.35 21,080 Marathon Oil Corp. 646 1.69 38,185 Nabors Industries Ltd. 552 1.44 5,590 National Oilwell Varco, Inc. 382 1.00 20,926 Newfield Exploration Co. 561 1.47 8,662 Noble Energy, Inc. 881 2.30 9,857 Oasis Petroleum, Inc. 314 0.82 11,097 Occidental Petroleum Corp. 850 2.22

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Enhanced Global Energy Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar continued 66,378 Petroleo Brasileiro S.A. — ADR 1,282 3.35 10,114 QEP Resources, Inc. 306 0.80 3,925 Schlumberger Ltd. 272 0.71 14,728 Southwestern Energy Co. 492 1.29 14,051 Transocean Ltd. 627 1.64 14,776 Ultra Petroleum Corp. 268 0.70 31,844 Valero Energy Corp. 1,086 2.84 62,229 Weatherford International Ltd. 697 1.82

17,373 45.42 TOTAL COMMON STOCKS (cost (000) US$ 30,097) 29,436 76.95

Collective Investment Schemes – 4.24% US Dollar 16,352 ETFs Daily Short Brent Crude 824 2.15 23,532 ProShares Short S&P500 799 2.09

1,623 4.24 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 1,644) 1,623 4.24 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 31,741) 31,059 81.19 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 31,741) 31,059 81.19

Contracts For Difference – (0.51%) Unrealised % of Gain Shareholders’ Quantity Description Currency (000) US$ Equity 555,698 Crescent Point Energy Corp. CAD 20 0.05 UNREALISED GAIN ON CONTRACTS FOR DIFFERENCE 20 0.05 Unrealised % of Loss Shareholders’ Quantity Description Currency (000) US$ Equity 1,234,027 Cheniere Energy, Inc. US$ (145) (0.38) 1,135,997 Ecopetrol S.A. — ADR US$ (30) (0.08) 556,118 Pacific Rubiales Energy Corp. CAD (37) (0.09) 2,127,074 TGS Nopec Geophysical Co. ASA NOK (4) (0.01) UNREALISED LOSS ON CONTRACTS FOR DIFFERENCE (216) (0.56)

Forward Currency Contracts on Hedged Share Classes – 0.20% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 GBP 9,970,919 US$ 16,118,888 77 0.20 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 77 0.20 MARKET VALUE OF INVESTMENTS (cost (000) US$ 31,741) 30,940 80.88 OTHER ASSETS AND LIABILITIES 7,312 19.12 SHAREHOLDERS’ EQUITY 38,252 100.00

174 | Investec Global Strategy Fund Enhanced Global Energy Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Apache Corp. 1,353 2,883 Baker Hughes, Inc. 701 2,786 C&J Energy Services, Inc. 1,390 1,396 Cairn Energy Plc. 2,704 2,398 Cairn Energy Plc. – 2,186 Canadian Natural Resources Ltd. 881 2,471 CARBO Ceramics, Inc. 1,507 1,818 ConocoPhillips 2,251 2,221 Crescent Point Energy Corp. 4,473 4,434 Devon Energy Corp. – 2,352 Encana Corp. – 2,304 Eni SpA 1,351 1,438 EnQuest Plc. – 2,843 ETFs Short Crude Oil 1,986 3,208 Falkland Oil & Gas Ltd. 1,790 2,497 Forest Oil Corp. 675 2,296 Gazprom OAO — ADR 1,704 1,898 Halliburton Co. 1,907 753 Lukoil OAO — ADR 1,728 1,305 Nabors Industries Ltd. 1,125 2,314 Nexen, Inc. – 3,079 Ophir Energy Plc. – 2,076 Patterson-UTI Energy, Inc. 2,922 2,500 Petroleo Brasileiro S.A. — ADR 1,788 3,373 Petroleum Geo-Services ASA 64 2,412 Repsol S.A. 3,315 3,045 Rockhopper Exploration Plc. 356 2,439 Royal Dutch Shell Plc. “B” 2,617 1,156 Ruspetro Plc. 1,611 2,239 SBM Offshore NV 1,986 1,806 Schlumberger Ltd. 485 1,809 Southwestern Energy Co. 291 2,194 Suncor Energy, Inc. 466 2,453 Talisman Energy, Inc. 469 2,195 Total S.A. 1,728 3,194 Transocean Ltd. 903 3,186 Ultra Petroleum Corp. 1,969 3,343 Weatherford International Ltd. 771 2,962 Other securities purchased and sold under (000) US$ 1,238 22,842 13,524 72,109 104,786

Investec Global Strategy Fund | 175 Portfolio details Enhanced Natural Resources Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 77.33% Australian Dollar 428,791 Equatorial Resources Ltd. 583 0.50 649,601 Fortescue Metals Group Ltd. 3,230 2.79 465,000 Incitec Pivot Ltd. 1,583 1.37 6,415,691 Metminco Ltd. 403 0.35 123,982 Mineral Deposits Ltd. 513 0.44

6,312 5.45 British Pound Sterling 563,242 Asian Citrus Holdings Ltd. 279 0.24 73,781 BG Group Plc. 1,230 1.06 122,240 BHP Billiton Plc. 4,312 3.72 385,604 HaloSource, Inc. 194 0.17 525,616 London Mining Plc. 1,254 1.08 646,667 Ncondezi Coal Co., Ltd. 252 0.22 128,466 New Britain Palm Oil Ltd. 1,054 0.91 61,761 PureCircle Ltd. 240 0.21 22,325 Randgold Resources Ltd. 2,207 1.90 90,614 Rio Tinto Plc. 5,284 4.56 39,164 Royal Dutch Shell Plc. “B” 1,397 1.20 28,303 Vedanta Resources Plc. 546 0.47 136,337 Xstrata Plc. 2,378 2.05 328,547 Zanaga Iron Ore Co., Ltd. 145 0.13

20,772 17.92 Canadian Dollar 359,028 Capstone Mining Corp. 868 0.75 30,363 Franco-Nevada Corp. 1,733 1.49 95,000 Ivanplats Ltd. “A” 477 0.41 84,181 Kirkland Lake Gold, Inc. 495 0.43 223,818 NGEx Resources, Inc. 757 0.65 111,008 Suncor Energy, Inc. 3,655 3.15 100,293 Talisman Energy, Inc. 1,133 0.98 134,249 Yamana Gold, Inc. 2,305 1.99

11,423 9.85 Euro 28,854 Eldorado Gold Corp. 371 0.32 147,029 Eni SpA 3,604 3.11 52,153 Total S.A. 2,713 2.34

6,688 5.77 Hong Kong Dollar 1,023,000 Asian Citrus Holdings Ltd. 492 0.43 4,648,000 China Polymetallic Mining Ltd. 953 0.82

1,445 1.25 Norwegian Krone 1,942,716 Northland Resources S.A. 2,114 1.82 59,584 Statoil ASA 1,502 1.30 15,314 Yara International ASA 763 0.66

4,379 3.78

176 | Investec Global Strategy Fund Enhanced Natural Resources Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar 145,600 Adecoagro S.A. 1,233 1.06 41,570 AGCO Corp. 2,042 1.76 35,240 Anadarko Petroleum Corp. 2,619 2.26 23,109 Apache Corp. 1,814 1.57 55,017 CONSOL Energy, Inc. 1,766 1.52 45,400 Ensco Plc. “A” 2,690 2.32 34,134 Exxon Mobil Corp. 2,956 2.55 45,444 Freeport-McMoRan Copper & Gold, Inc. 1,555 1.34 167,146 Gazprom OAO — ADR 1,616 1.40 47,124 Marathon Oil Corp. 1,445 1.25 22,577 Monsanto Co. 2,137 1.84 96,005 Nabors Industries Ltd. 1,388 1.20 18,000 Noble Energy, Inc. 1,832 1.58 29,663 Occidental Petroleum Corp. 2,273 1.96 86,753 Petroleo Brasileiro S.A. — ADR 1,676 1.45 55,945 Phosagro OAO — GDR 758 0.65 80,896 Southwestern Energy Co. 2,702 2.33 43,668 Transocean Ltd. 1,950 1.68 53,819 Ultra Petroleum Corp. 976 0.84 60,470 Valero Energy Corp. 2,062 1.78 99,943 Weatherford International Ltd. 1,119 0.97

38,609 33.31 TOTAL COMMON STOCKS (cost (000) US$ 99,451) 89,628 77.33

Collective Investment Schemes – 13.73% US Dollar 25,435 ETFs Physical Palladium 1,725 1.49 22,255 ETFs Physical Platinum 3,285 2.83 120,504 ETFs Soybeans 2,720 2.35 38,159 ETFs Tin 1,538 1.33 45,302 Physical Palladium Source P-ETC 3,138 2.71 21,304 Source Physical Markets Gold P-ETC 3,501 3.02

15,907 13.73 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 16,242) 15,907 13.73 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 115,693) 105,535 91.06 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 115,693) 105,535 91.06

Contracts For Difference – (1.05%) Unrealised % of Gain Shareholders’ Quantity Description Currency (000) US$ Equity 1,133,504 Johnson Matthey Plc. GBP 18 0.01 1,485,960 Syngenta AG CHF 21 0.02 UNREALISED GAIN ON CONTRACTS FOR DIFFERENCE 39 0.03

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Enhanced Natural Resources Fund continued

Schedule of Investments as at 31 December 2012 continued

Contracts For Difference continued Unrealised % of Loss Shareholders’ Quantity Description Currency (000) US$ Equity 2,778,930 AK Steel Holding Corp. US$ (409) (0.35) 1,645,875 Anglo American Plc. GBP (249) (0.22) 2,383,248 Cheniere Energy, Inc. US$ (281) (0.24) 1,737,000 K+S AG EUR (17) (0.02) 10,724,502 KGHM Polska Miedz S.A. PLN (219) (0.19) 16,320,012 Kumba Iron Ore Ltd. ZAR (73) (0.06) UNREALISED LOSS ON CONTRACTS FOR DIFFERENCE (1,248) (1.08)

Forward Currency Contracts on Hedged Share Classes – 0.01% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 EUR 2,698,948 US$ 3,558,832 4 0.01 31/01/2013 US$ 1,663 EUR 1,258 0 0.00 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 4 0.01 MARKET VALUE OF INVESTMENTS (cost (000) US$ 115,693) 104,330 90.02 OTHER ASSETS AND LIABILITIES 11,571 9.98 SHAREHOLDERS’ EQUITY 115,901 100.00

178 | Investec Global Strategy Fund Enhanced Natural Resources Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ AGCO Corp. 1,770 3,385 Baker Hughes, Inc. 3,339 3,036 Barrick Gold Corp. 2,984 3,063 BHP Billiton Plc. 5,228 3,467 Eldorado Gold Corp. 3,166 2,137 Eni SpA 4,287 976 ETFs Daily Short WTI Crude Oil 3,064 6,000 ETFs Physical Platinum 3,538 – ETFs Short Copper 4,070 4,309 ETFs Soybeans 3,145 – European Goldfields Ltd. – 3,166 First Quantum Minerals Ltd. – 5,313 Goldcorp, Inc. 3,768 3,911 Iluka Resources Ltd. 1,740 4,516 Kazakhmys Plc. 1,894 6,088 Lundin Mining Corp. – 3,465 Murphy Oil Corp. – 3,216 Newcrest Mining Ltd. – 5,527 Nexen, Inc. – 3,335 Potash Corp. of Saskatchewan, Inc. 3,500 6,740 Rio Tinto Plc. 7,345 2,510 Royal Gold, Inc. – 3,778 Source Commodity Markets Plc. - S&P GSCI Wheat Total Return Treasury Bill Secured – 3,267 Weatherford International Ltd. 2,012 2,908 Xstrata Plc. 6,489 3,830 Other securities purchased and sold under (000) US$ 2,904 85,718 66,669 147,057 154,612

Investec Global Strategy Fund | 179 Portfolio details European Equity Fund (previously Continental European Equity Fund until 30 October 2012) Schedule of Investments as at 31 December 2012 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 97.38% British Pound Sterling 61,800 DS Smith Plc. 208 0.30 252,665 HSBC Holdings Plc. 2,677 3.86 61,399 Polymetal International Plc. 1,188 1.71 3,109,575 Quindell Portfolio Plc. 852 1.23 16,706 Signet Jewelers Ltd. 893 1.29 219,653 Soco International Plc. 1,291 1.86 132,777 Sports Direct International Plc. 835 1.21 224,308 TUI Travel Plc. 1,041 1.50

8,985 12.96 Danish Krone 7,561 Novo Nordisk A/S “B” 1,230 1.77 Euro 43,649 Aareal Bank AG 911 1.31 42,325 Amadeus IT Holding S.A. “A” 1,074 1.55 20,528 Axel Springer AG 879 1.27 23,863 Bayer AG 2,277 3.28 5,609 Brenntag AG 736 1.06 7,417 Christian Dior S.A. 1,264 1.82 8,374 Continental AG 975 1.41 49,949 De’Longhi SpA 720 1.04 42,673 Deutsche Post AG 938 1.35 51,593 Dragon Oil Plc. 465 0.67 52,314 Drillisch AG 769 1.11 31,546 Freenet AG 585 0.84 11,704 Gerresheimer AG 623 0.90 13,381 Hannover Rueckversicherung AG 1,046 1.51 31,089 HeidelbergCement AG 1,897 2.74 190,585 ING Groep NV 1,809 2.61 11,051 Ingenico 629 0.91 81,675 Koninklijke Ahold NV 1,097 1.58 112,767 Motor Oil Hellas Corinth Refineries S.A. 1,243 1.79 6,728 MTU Aero Engines Holding AG 615 0.89 15,737 Nutreco NV 1,339 1.93 25,298 Obrascon Huarte Lain S.A. 738 1.06 60,161 Pirelli & C. SpA 693 1.00 19,657 Publicis Groupe S.A. 1,182 1.70 122,411 Recordati SpA 1,114 1.61 156,880 Reed Elsevier NV 2,322 3.35 30,702 Sanofi 2,909 4.19 20,254 SAP AG 1,631 2.35 73,490 Teleperformance S.A. 2,664 3.84 34,769 Total S.A. 1,809 2.61 152,821 TUI AG 1,596 2.30 24,956 Unilever NV 954 1.38 5,500 Volkswagen AG 1,196 1.72 27,388 Wirecard AG 674 0.97

41,373 59.65

180 | Investec Global Strategy Fund European Equity Fund continued (previously Continental European Equity Fund until 30 October 2012)

Schedule of Investments as at 31 December 2012 continued Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Norwegian Krone 95,803 Atea ASA 1,017 1.46 99,122 DNB ASA 1,266 1.82 46,709 Gjensidige Forsikring ASA 671 0.97 150,287 Opera Software ASA 858 1.24 25,488 TGS Nopec Geophysical Co. ASA 843 1.22 27,575 Yara International ASA 1,374 1.98

6,029 8.69 Polish Zloty 4,965 Powszechny Zaklad Ubezpieczen S.A. 703 1.01 Swedish Krona 20,612 Assa Abloy AB “B” 776 1.12 87,573 Nordea Bank AB 843 1.22 45,666 Swedbank AB “A” 897 1.29

2,516 3.63 Swiss Franc 34,114 Aryzta AG 1,762 2.54 8,076 Dufry AG 1,069 1.54 65,361 GAM Holding AG 887 1.28 43,719 Novartis AG 2,763 3.99 2,000 Sonova Holding AG 222 0.32

6,703 9.67 TOTAL COMMON STOCKS (cost (000) US$ 56,827) 67,539 97.38 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 56,827) 67,539 97.38

Transferable securities dealt in another regulated market Common Stocks – 1.17% Polish Zloty 40,000 Alior Bank S.A. 810 1.17 TOTAL COMMON STOCKS (cost (000) US$ 737) 810 1.17 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 737) 810 1.17 MARKET VALUE OF INVESTMENTS (cost (000) US$ 57,564) 68,349 98.55 OTHER ASSETS AND LIABILITIES 1,008 1.45 SHAREHOLDERS’ EQUITY 69,357 100.00

Investec Global Strategy Fund | 181 Portfolio details

European Equity Fund continued (previously Continental European Equity Fund until 30 October 2012) Statement of significant changes in the portfolio during the year ended 31 December 2012 Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Anheuser-Busch InBev NV 60 1,942 Aryzta AG 1,693 39 Atea ASA 1,091 29 BASF SE 68 1,605 Fresenius SE & Co KGaA 204 1,229 HeidelbergCement AG 1,508 64 HSBC Holdings Plc. 2,629 – Koninklijke Ahold NV 1,098 36 Motor Oil Hellas Corinth Refineries S.A. 1,046 9 Nestle S.A. 95 2,903 Nutreco NV 1,324 – Polymetal International Plc. 1,166 – Reed Elsevier NV 2,199 58 Sanofi 2,472 288 Siemens AG 13 1,120 Soco International Plc. 1,290 – Statoil ASA 40 1,066 Teleperformance S.A. 1,936 – TUI AG 1,463 – Yara International ASA 1,318 – Other securities purchased and sold under (000) US$ 1,064 21,507 33,287 44,220 43,675

182 | Investec Global Strategy Fund Global Contrarian Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 90.32% British Pound Sterling 12,756 AstraZeneca Plc. 604 0.99 52,313 GlaxoSmithKline Plc. 1,139 1.86 351,697 Helical Bar Plc. 1,315 2.14 91,256 HSBC Holdings Plc. 967 1.58 44,007 Land Securities Group Plc. 587 0.96 217 Royal Dutch Shell Plc. “A” 7 0.01 16,711 Royal Dutch Shell Plc. “B” 596 0.97 19,802 Signet Jewelers Ltd. 1,058 1.72 39,364 Travis Perkins Plc. 705 1.15 16,430 Unilever Plc. 638 1.04

7,616 12.42 Canadian Dollar 19,565 Barrick Gold Corp. 684 1.12 89,454 Kinross Gold Corp. 866 1.41

1,550 2.53 Euro 51,447 Carrefour S.A. 1,324 2.16 52,488 CRH Plc. 1,063 1.74 51,775 Eni SpA 1,269 2.07 139,536 Grafton Group Plc. 718 1.17 47,342 Kingspan Group Plc. 519 0.85 31,554 Koninklijke Philips Electronics NV 835 1.36 31,903 Lagardere SCA 1,070 1.75 97,392 Mediobanca SpA 602 0.98 38,765 Metropole Television S.A. 609 0.99 29,542 Mobistar S.A. 757 1.24 43,804 Nokia OYJ 173 0.28 80,564 PostNL NV 314 0.51 53,421 Vivendi S.A. 1,209 1.97

10,462 17.07 Hong Kong Dollar 545,100 Esprit Holdings Ltd. 773 1.26 Japanese Yen 76,300 Casio Computer Co., Ltd. 671 1.09 38,700 Ibiden Co., Ltd. 619 1.01 123,500 Konica Minolta Holdings, Inc. 890 1.45 7,300 Mabuchi Motor Co., Ltd. 312 0.51 5,800 Nippon Telegraph & Telephone Corp. 244 0.40 156 Nomura Real Estate Office Fund, Inc. 898 1.46 920 NTT DoCoMo, Inc. 1,328 2.17 22,900 Rohm Co., Ltd. 746 1.22 223,000 Sapporo Holdings Ltd. 724 1.18 22,100 Seven & I Holdings Co., Ltd. 624 1.02 25,200 Square Enix Holdings Co., Ltd. 321 0.52 24,000 Ushio, Inc. 263 0.43 125,700 Yamaha Corp. 1,333 2.18

8,973 14.64 New Zealand Dollar 174,669 Telecom Corp. of New Zealand Ltd. 330 0.54

Investec Global Strategy Fund | 183 Portfolio details

Global Contrarian Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued South African Rand 20,648 AngloGold Ashanti Ltd. 645 1.05 50,467 Gold Fields Ltd. 626 1.02

1,271 2.07 Swiss Franc 11,528 Novartis AG 729 1.19 2,294 Swisscom AG 994 1.62

1,723 2.81 US Dollar 4,450 3M Co. 413 0.67 48,094 Avon Products, Inc. 691 1.13 20,988 Baker Hughes, Inc. 858 1.40 51,331 Cisco Systems, Inc. 1,009 1.65 23,239 Corning, Inc. 293 0.48 82,236 Dell, Inc. 834 1.36 11,222 DST Systems, Inc. 680 1.11 14,793 Exelon Corp. 440 0.72 12,037 Expedia, Inc. 740 1.21 5,678 Home Depot, Inc. 351 0.57 28,808 Intel Corp. 594 0.97 28,379 International Speedway Corp. “A” 785 1.28 45,377 Interpublic Group of Cos, Inc. 501 0.82 13,018 Johnson & Johnson 913 1.49 5,884 Kraft Foods Group, Inc. 268 0.44 18,909 MDC Holdings, Inc. 695 1.13 34,805 Medtronic, Inc. 1,428 2.33 23,680 Merck & Co., Inc. 970 1.58 17,652 Mondelez International, Inc. “A” 450 0.73 5,104 Motorola Solutions, Inc. 284 0.46 18,155 Newmont Mining Corp. 843 1.37 10,659 Northrop Grumman Corp. 720 1.17 58,311 Pfizer, Inc. 1,463 2.39 5,630 Procter & Gamble Co. 382 0.62 91,500 SK Telecom Co., Ltd. — ADR 1,449 2.36 41,611 Staples, Inc. 474 0.77 37,696 Symantec Corp. 710 1.16 20,824 Valero Energy Corp. 710 1.16 12,090 Wal-Mart Stores, Inc. 825 1.35 2,263 Washington Post Co. “B” 825 1.35 16,083 Zimmer Holdings, Inc. 1,072 1.75

22,670 36.98 TOTAL COMMON STOCKS (cost (000) US$ 51,434) 55,368 90.32 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 51,434) 55,368 90.32

184 | Investec Global Strategy Fund Global Contrarian Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Coupon Maturity Value Shareholders’ Holdings Security Description Rate Date (000) US$ Equity Transferable securities dealt in another regulated market Government Bonds – 1.81% US Dollar 945,043 United States Treasury Inflation Indexed Bonds 1.125% 15/01/21 1,111 1.81 TOTAL GOVERNMENT BONDS (cost (000) US$ 1,062) 1,111 1.81 TOTAL TRANSFERABLE SECURITIES DEALT IN ANOTHER REGULATED MARKET (cost (000) US$ 1,062) 1,111 1.81 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 52,496) 56,479 92.13

Forward Currency Contracts – 0.00% Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 20/03/2013 CAD 220,014 US$ 220,738 0 0.00 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS 0 0.00 MARKET VALUE OF INVESTMENTS (cost (000) US$ 52,496) 56,479 92.13 OTHER ASSETS AND LIABILITIES 4,826 7.87 SHAREHOLDERS’ EQUITY 61,305 100.00

Investec Global Strategy Fund | 185 Portfolio details

Global Contrarian Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ United States Treasury Bill ZCP 0.000% 01/03/12 397 1,679 United States Treasury Inflation Indexed Bonds 1.750% 15/01/28 194 806 Baker Hughes, Inc. – – 767 16 Carrefour S.A. – – 567 16 Cisco Systems, Inc. – – 877 10 Coca-Cola Co. – – 175 576 Dell, Inc. – – 581 18 eBay, Inc. – – 237 800 Helical Bar Plc. – – 615 13 Ibiden Co., Ltd. – – 703 12 Kinross Gold Corp. – – 562 13 Medtronic, Inc. – – 623 23 Mobistar S.A. – – 877 – NTT DoCoMo, Inc. – – 1,143 21 Pfizer, Inc. – – 599 23 Reed Elsevier Plc. – – 472 1,218 Rohm Co., Ltd. – – 682 14 SK Telecom Co., Ltd. — ADR – – 802 18 Swisscom AG – – 559 15 Telekom Austria AG – – 180 629 Other securities purchased and sold under (000) US$ 621 20,694 4,008 32,306 9,928

186 | Investec Global Strategy Fund Global Dynamic Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 100.45% Australian Dollar 1,241,965 Crown Ltd. 13,861 2.01 2,897,918 Telstra Corp., Ltd. 13,220 1.92

27,081 3.93 British Pound Sterling 379,419 BHP Billiton Plc. 13,385 1.94 412,732 Weir Group Plc. 12,746 1.85

26,131 3.79 Euro 502,681 Amadeus IT Holding S.A. “A” 12,752 1.85 134,390 Anheuser-Busch InBev NV 11,692 1.70 136,445 BASF SE 12,928 1.87 216,443 HeidelbergCement AG 13,205 1.92 136,446 MTU Aero Engines Holding AG 12,479 1.81 134,668 Sanofi 12,761 1.85

75,817 11.00 Hong Kong Dollar 3,208,200 AIA Group Ltd. 12,735 1.85 17,198,000 China Construction Bank Corp. “H” 14,066 2.04 3,056,500 China Shenhua Energy Co., Ltd. “H” 13,681 1.98 16,034,873 Country Garden Holdings Co., Ltd. 8,588 1.25

49,070 7.12 Indian Rupee 304,184 State Bank of India 13,425 1.95 Japanese Yen 476,700 Credit Saison Co., Ltd. 11,932 1.73 2,065,000 Hitachi Ltd. 12,164 1.76 152,800 KDDI Corp. 10,802 1.57 1,369,200 Nissan Motor Co., Ltd. 13,008 1.89

47,906 6.95 Mexican Peso 3,605,700 Grupo Mexico SAB de CV “B” 13,032 1.89 Norwegian Krone 606,078 Telenor ASA 12,330 1.79 South African Rand 600,964 MTN Group Ltd. 12,649 1.83 South Korean Won 9,352 Samsung Electronics Co., Ltd. 13,432 1.95 Swedish Krona 632,901 Swedbank AB “A” 12,429 1.80 Swiss Franc 157,359 Cie Financiere Richemont S.A. “A” 12,348 1.79 98,322 Dufry AG 13,012 1.89 191,676 Novartis AG 12,114 1.75

37,474 5.43 Thailand Baht 1,866,600 Bangkok Bank PCL 12,837 1.86

Investec Global Strategy Fund | 187 Portfolio details

Global Dynamic Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar 1,000,768 Activision Blizzard, Inc. 10,643 1.54 82,906 Alliance Data Systems Corp. 12,006 1.74 342,084 Altria Group, Inc. 10,753 1.56 302,431 AmerisourceBergen Corp. 13,062 1.89 211,450 Capital One Financial Corp. 12,253 1.78 328,619 CBS Corp. “B” 12,507 1.81 629,116 Cisco Systems, Inc. 12,365 1.79 148,900 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 12,449 1.81 420,088 Copart, Inc. 12,397 1.80 212,411 Danaher Corp. 11,879 1.72 147,072 Dun & Bradstreet Corp. 11,569 1.68 252,974 Herbalife Ltd. 8,339 1.21 199,266 Illinois Tool Works, Inc. 12,120 1.76 290,481 JPMorgan Chase & Co. 12,780 1.85 183,146 Lukoil OAO — ADR 12,301 1.78 229,400 LyondellBasell Industries NV “A” 13,102 1.90 168,700 MercadoLibre, Inc. 13,321 1.93 365,670 MetLife, Inc. 12,043 1.75 292,730 Molson Coors Brewing Co. “B” 12,522 1.82 267,501 Moody’s Corp. 13,462 1.95 380,624 Oracle Corp. 12,686 1.84 187,655 QUALCOMM, Inc. 11,640 1.69 531,600 Ternium S.A. — ADR 12,517 1.82 287,977 Teva Pharmaceutical Industries Ltd. — ADR 10,757 1.56 261,850 Time Warner, Inc. 12,526 1.82 209,555 UnitedHealth Group, Inc. 11,367 1.65 212,023 Valeant Pharmaceuticals International, Inc. 12,675 1.84 378,284 Valero Energy Corp. 12,901 1.87

338,942 49.16 TOTAL COMMON STOCKS (cost (000) US$ 604,400) 692,555 100.45 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 604,400) 692,555 100.45 MARKET VALUE OF INVESTMENTS (cost (000) US$ 604,400) 692,555 100.45 OTHER ASSETS AND LIABILITIES (3,086) (0.45) SHAREHOLDERS’ EQUITY 689,469 100.00

188 | Investec Global Strategy Fund Global Dynamic Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ AIA Group Ltd. 11,247 65 Allied World Assurance Co. Holdings AG 2,175 11,218 Amadeus IT Holding S.A. 10,435 65 BHP Billiton Plc. 11,959 62 British American Tobacco Plc. 2,768 12,778 Chicago Bridge & Iron Co. NV 2,579 9,661 China Petroleum & Chemical Corp. “H” 3,777 10,414 Cie Financiere Richemont S.A. 11,881 2,554 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 11,323 59 Copart, Inc. 11,019 159 Dufry AG 12,766 65 Dun & Bradstreet Corp. 12,158 – EMC Corp. 4,025 10,833 First Quantum Minerals Ltd. 2,868 10,168 Grupo Mexico SAB de CV “B” 11,591 62 HeidelbergCement AG 11,292 60 Illinois Tool Works, Inc. 11,536 62 JPMorgan Chase & Co. 12,660 65 Lukoil OAO — ADR 11,217 – MercadoLibre, Inc. 14,315 – MetLife, Inc. 12,872 – Molson Coors Brewing Co. 12,964 – Moody’s Corp. 10,951 64 Nestle S.A. 2,912 13,311 Nissan Motor Co., Ltd. 13,937 257 Occidental Petroleum Corp. 4,858 11,000 PNC Financial Services Group, Inc. 11,880 11,058 priceline.com, Inc. 4,473 13,870 Samsung Electronics Co., Ltd. 12,249 – Standard Chartered Plc. 11,965 10,481 State Bank of India 12,038 798 Ternium S.A. — ADR 13,044 1,775 Time Warner, Inc. 10,006 62 United Technologies Corp. 3,932 11,136 Valeant Pharmaceuticals International, Inc. 10,334 63 Valero Energy Corp. 9,083 58 Verizon Communications, Inc. 3,028 14,561 Volkswagen AG 2,160 9,095 Warnaco Group, Inc. 2,753 11,135 WESCO International, Inc. 2,321 9,088 Wyndham Worldwide Corp. 2,898 15,286 Other securities purchased and sold under (000) US$ 8,933 142,871 129,322 497,120 330,770

Investec Global Strategy Fund | 189 Portfolio details Global Endurance Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 96.75% Australian Dollar 6,100 Flight Centre Ltd. 173 0.99 78,100 Telstra Corp., Ltd. 356 2.05

529 3.04 British Pound Sterling 48,700 Aberdeen Asset Management Plc. 293 1.68 17,700 Babcock International Group Plc. 279 1.60 6,100 British American Tobacco Plc. 310 1.78 70,000 BT Group Plc. 267 1.53 92,900 Debenhams Plc. 173 0.99 51,814 Direct Line Insurance Group Plc. 181 1.04 17,200 HSBC Holdings Plc. 182 1.05 8,300 Imperial Tobacco Group Plc. 322 1.85 6,600 Spectris Plc. 222 1.27 49,600 William Hill Plc. 282 1.62 18,500 WPP Plc. 270 1.55

w 2,781 15.96 Canadian Dollar 20,300 Aimia, Inc. 304 1.74 Danish Krone 35,500 TDC A/S 252 1.44 Euro 9,500 Amadeus IT Holding S.A. “A” 241 1.38 2,700 Bayer AG 258 1.48 1,200 Christian Dior S.A. 204 1.17 13,400 Deutsche Post AG 295 1.69 13,300 Freenet AG 247 1.42 4,000 Hannover Rueckversicherung AG 313 1.80 5,000 Heineken Holding NV 275 1.58 8,200 Lottomatica Group SpA 187 1.08 18,900 Reed Elsevier NV 280 1.61 4,000 Sanofi 379 2.18 1,600 Siemens AG 175 1.00 2,200 Societe BIC S.A. 263 1.51 8,500 Vivendi S.A. 192 1.10

3,309 19.00 Hong Kong Dollar 344,000 Guangdong Investment Ltd. 273 1.57 Japanese Yen 17,600 Sumitomo Corp. 226 1.30 3,000 USS Co., Ltd. 312 1.79

538 3.09 Malaysian Ringgit 78,000 Sime Darby Bhd 243 1.40 Norwegian Krone 19,500 Gjensidige Forsikring ASA 280 1.61 14,200 Telenor ASA 289 1.66 5,600 TGS Nopec Geophysical Co. ASA 185 1.06

754 4.33

190 | Investec Global Strategy Fund Global Endurance Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued Polish Zloty 1,300 Powszechny Zaklad Ubezpieczen S.A. 184 1.06 Swedish Krona 9,200 Swedbank AB “A” 181 1.04 Thailand Baht 38,800 Bangkok Bank PCL 267 1.53 US Dollar 2,700 3M Co. 251 1.44 4,800 Abbott Laboratories 315 1.81 3,200 Afl ac, Inc. 170 0.98 4,100 Baxter International, Inc. 273 1.57 2,900 Chevron Corp. 314 1.80 13,300 Cisco Systems, Inc. 261 1.50 2,900 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 242 1.39 3,100 Deere & Co. 268 1.54 12,000 Fifth Third Bancorp 182 1.05 15,400 General Electric Co. 323 1.85 3,700 Illinois Tool Works, Inc. 225 1.29 12,400 Intel Corp. 256 1.47 4,700 Johnson & Johnson 329 1.89 4,700 KLA-Tencor Corp. 225 1.29 4,300 Lukoil OAO — ADR 289 1.66 5,000 Marsh & McLennan Cos, Inc. 172 0.99 9,200 Mattel, Inc. 337 1.93 5,200 McGraw-Hill Cos, Inc. 284 1.63 7,200 Merck & Co., Inc. 295 1.69 10,900 Microsoft Corp. 291 1.67 13,600 Pfi zer, Inc. 341 1.96 2,200 PPG Industries, Inc. 298 1.71 7,000 Reynolds American, Inc. 290 1.67 5,300 Target Corp. 314 1.80 8,300 Time Warner, Inc. 397 2.28 4,300 Wal-Mart Stores, Inc. 294 1.69

7,236 41.55 TOTAL COMMON STOCKS (cost (000) US$ 16,511) 16,851 96.75 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 16,511) 16,851 96.75 MARKET VALUE OF INVESTMENTS (cost (000) US$ 16,511) 16,851 96.75 OTHER ASSETS AND LIABILITIES 566 3.25 SHAREHOLDERS’ EQUITY 17,417 100.00

Investec Global Strategy Fund | 191 Portfolio details

Global Endurance Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Aflac, Inc. 16 27 Aimia, Inc. 22 – Debenhams Plc. 15 33 Direct Line Insurance Group Plc. 104 – Fifth Third Bancorp 17 72 Flight Centre Ltd. 14 36 Freenet AG – 38 General Electric Co. 23 – Imperial Tobacco Group Plc. 25 – Marsh & McLennan Cos, Inc. 176 – Mattel, Inc. 26 – Merck & Co., Inc. 22 – Pfizer, Inc. 25 – Powszechny Zaklad Ubezpieczen S.A. 13 40 PPG Industries, Inc. 24 – Societe BIC S.A. 24 – Target Corp. 25 – TDC A/S 243 – Telstra Corp., Ltd. 25 – Time Warner, Inc. 28 – Other securities purchased and sold under (000) US$ 348 783 – 1,650 246

192 | Investec Global Strategy Fund Global Energy Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 98.41% Australian Dollar 2,537,306 Santos Ltd. 29,742 2.50 British Pound Sterling 7,989,995 Afren Plc. 17,345 1.46 1,425,438 BG Group Plc. 23,764 1.99 1,671,627 Royal Dutch Shell Plc. “B” 59,617 5.01 100,726 8.46 Canadian Dollar 605,180 Canadian Natural Resources Ltd. 17,431 1.46 331,561 Enbridge, Inc. 14,338 1.21 1,772,855 Precision Drilling Corp. 14,633 1.23 1,908,876 Suncor Energy, Inc. 62,849 5.28 1,574,541 Talisman Energy, Inc. 17,784 1.49 127,035 10.67 Euro 2,378,474 Eni SpA 58,299 4.90 1,093,185 Total S.A. 56,874 4.78 115,173 9.68 Norwegian Krone 1,022,718 Petroleum Geo-Services ASA 17,781 1.49 974,920 Statoil ASA 24,581 2.07

42,362 3.56 Swiss Franc 2,801,740 Weatherford International Ltd. 31,365 2.64 US Dollar 457,823 Anadarko Petroleum Corp. 34,028 2.86 530,462 Apache Corp. 41,633 3.50 708,164 Baker Hughes, Inc. 28,932 2.43 545,844 Cameron International Corp. 30,818 2.59 217,790 Chevron Corp. 23,570 1.98 355,394 CONSOL Energy, Inc. 11,410 0.96 333,824 Devon Energy Corp. 17,374 1.46 503,500 Ensco Plc. “A” 29,837 2.51 399,155 Exxon Mobil Corp. 34,569 2.90 3,221,486 Gazprom OAO — ADR 31,154 2.62 1,311,351 Halliburton Co. 45,511 3.82 368,199 Lukoil OAO — ADR 24,731 2.08 947,928 Marathon Oil Corp. 29,064 2.44 1,635,502 Nabors Industries Ltd. 23,649 1.99 256,077 National Oilwell Varco, Inc. 17,509 1.47 892,306 Newfield Exploration Co. 23,900 2.01 360,303 Noble Energy, Inc. 36,659 3.08 384,391 Oasis Petroleum, Inc. 12,229 1.03 499,004 Occidental Petroleum Corp. 38,231 3.21 3,003,120 Petroleo Brasileiro S.A. — ADR 58,005 4.87 394,400 QEP Resources, Inc. 11,937 1.00 169,178 Schlumberger Ltd. 11,724 0.98 662,270 Southwestern Energy Co. 22,123 1.86 644,607 Transocean Ltd. 28,785 2.42

Investec Global Strategy Fund | 193 Portfolio details

Global Energy Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar continued 614,611 Ultra Petroleum Corp. 11,140 0.93 1,360,483 Valero Energy Corp. 46,399 3.90 724,921 60.90 TOTAL COMMON STOCKS (cost (000) US$ 1,218,588) 1,171,324 98.41 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 1,218,588) 1,171,324 98.41 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 1,218,588) 1,171,324 98.41

Forward Currency Contracts on Hedged Share Classes – (0.00%) Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 SGD 236,950 US$ 194,051 (0) (0.00) 31/01/2013 US$ 5,599 SGD 6,841 (0) (0.00) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES (0) (0.00) MARKET VALUE OF INVESTMENTS (cost (000) US$ 1,218,588) 1,171,324 98.41 OTHER ASSETS AND LIABILITIES 18,934 1.59 SHAREHOLDERS’ EQUITY 1,190,258 100.00

194 | Investec Global Strategy Fund Global Energy Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Anadarko Petroleum Corp. 31,752 – Baker Hughes, Inc. 51,123 51,556 BP Plc. 30,829 30,670 Canadian Natural Resources Ltd. 15,284 45,855 Chevron Corp. 36,410 14,049 Devon Energy Corp. 2,220 41,218 Encana Corp. – 58,003 EnQuest Plc. – 31,122 Ensco Plc. 31,934 7,916 Exxon Mobil Corp. 40,415 8,486 Gazprom OAO — ADR 25,155 38,661 Halliburton Co. 60,841 16,510 Imperial Oil Ltd. 15,037 28,725 Lukoil OAO — ADR 32,267 10,220 Marathon Oil Corp. 29,009 – Murphy Oil Corp. – 72,749 Newfield Exploration Co. 31,622 771 Nexen, Inc. – 63,872 Noble Energy, Inc. 34,015 – Occidental Petroleum Corp. 40,820 – Ophir Energy Plc. – 40,631 Patterson-UTI Energy, Inc. 35,374 26,546 PetroBakken Energy Ltd. “A” – 53,178 Petroleo Brasileiro S.A. — ADR 11,004 55,152 Petroleum Geo-Services ASA – 47,044 Repsol S.A. 36,418 24,493 Royal Dutch Shell Plc. “B” 85,567 25,844 Santos Ltd. 30,766 1,269 SBM Offshore NV – 32,653 Schlumberger Ltd. 52,283 40,761 Southwestern Energy Co. 13,091 35,780 Talisman Energy, Inc. 6,096 29,529 Total S.A. 13,373 45,447 Transocean Ltd. 32,021 68,333 Ultra Petroleum Corp. 9,390 43,541 Weatherford International Ltd. 31,619 77,368 Other securities purchased and sold under (000) US$ 27,640 301,487 221,830 1,167,222 1,389,782

Investec Global Strategy Fund | 195 Portfolio details Global Energy Long Short Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 61.31% Australian Dollar 30,535 Santos Ltd. 358 1.53 British Pound Sterling 95,228 Afren Plc. 207 0.88 16,791 BG Group Plc. 280 1.20 38,476 Cairn Energy Plc. 168 0.72 20,253 Royal Dutch Shell Plc. “B” 722 3.08

1,377 5.88 Canadian Dollar 6,969 Canadian Natural Resources Ltd. 201 0.86 4,111 Enbridge, Inc. 178 0.76 21,072 Precision Drilling Corp. 174 0.74 21,484 Suncor Energy, Inc. 707 3.02 20,655 Talisman Energy, Inc. 233 0.99

1,493 6.37 Euro 28,270 Eni SpA 693 2.96 13,027 Total S.A. 678 2.89

1,371 5.85 Norwegian Krone 12,200 Petroleum Geo-Services ASA 212 0.91 204,288 Polarcus Ltd. 249 1.06 11,578 Statoil ASA 292 1.25

753 3.22 Swiss Franc 33,229 Weatherford International Ltd. 372 1.59 US Dollar 5,402 Anadarko Petroleum Corp. 402 1.72 6,342 Apache Corp. 498 2.13 8,342 Baker Hughes, Inc. 341 1.46 6,507 Cameron International Corp. 367 1.57 2,748 Chevron Corp. 297 1.27 4,186 CONSOL Energy, Inc. 134 0.57 3,722 Devon Energy Corp. 194 0.83 5,900 Ensco Plc. “A” 350 1.49 4,713 Exxon Mobil Corp. 408 1.74 38,044 Gazprom OAO — ADR 368 1.57 15,991 Halliburton Co. 555 2.37 4,522 Lukoil OAO — ADR 304 1.30 11,257 Marathon Oil Corp. 345 1.47 18,723 Nabors Industries Ltd. 271 1.16 3,044 National Oilwell Varco, Inc. 208 0.89 10,318 Newfield Exploration Co. 276 1.18 4,285 Noble Energy, Inc. 436 1.86 5,295 Oasis Petroleum, Inc. 168 0.72 5,918 Occidental Petroleum Corp. 453 1.93 34,469 Petroleo Brasileiro S.A. — ADR 666 2.84 5,432 QEP Resources, Inc. 164 0.70 1,992 Schlumberger Ltd. 138 0.59

196 | Investec Global Strategy Fund Global Energy Long Short Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar continued 7,855 Southwestern Energy Co. 262 1.12 7,610 Transocean Ltd. 340 1.45 7,256 Ultra Petroleum Corp. 132 0.56 16,352 Valero Energy Corp. 558 2.38

8,635 36.87 TOTAL COMMON STOCKS (cost (000) US$ 14,598) 14,359 61.31 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 14,598) 14,359 61.31

Collective Investment Schemes – 4.07% US Dollar 9,592 ETFs Daily Short Brent Crude 483 2.07 13,803 ProShares Short S&P500 469 2.00

952 4.07 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 964) 952 4.07 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 15,562) 15,311 65.38

Contracts For Difference – (0.51%) Unrealised % of Gain Shareholders’ Quantity Description Currency (000) US$ Equity 344,108 Crescent Point Energy Corp. CAD 13 0.05 UNREALISED GAIN ON CONTRACTS FOR DIFFERENCE 13 0.05 Unrealised % of Loss Shareholders’ Quantity Description Currency (000) US$ Equity 752,102 Cheniere Energy, Inc. US$ (89) (0.38) 669,424 Ecopetrol S.A. — ADR US$ (18) (0.07) 341,888 Pacific Rubiales Energy Corp. CAD (23) (0.10) 1,283,425 TGS Nopec Geophysical Company ASA NOK (2) (0.01) UNREALISED LOSS ON CONTRACTS FOR DIFFERENCE (132) (0.56) MARKET VALUE OF INVESTMENTS (cost (000) US$ 15,562) 15,192 64.87 OTHER ASSETS AND LIABILITIES 8,227 35.13 SHAREHOLDERS’ EQUITY 23,419 100.00

Investec Global Strategy Fund | 197 Portfolio details

Global Energy Long Short Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Apache Corp. 571 1,003 Baker Hughes, Inc. 357 1,066 C&J Energy Services, Inc. 549 551 Cairn Energy Plc. 1,104 920 Cairn Energy Plc. – 891 Canadian Natural Resources Ltd. 555 986 CARBO Ceramics, Inc. 533 643 ConocoPhillips 830 819 Crescent Point Energy Corp. 1,553 1,540 Devon Energy Corp. 63 666 Encana Corp. – 719 Eni SpA 592 460 EnQuest Plc. – 1,042 ETFs Daily Short WTI Crude Oil 772 1,237 Falkland Oil & Gas Ltd. 700 978 Forest Oil Corp. 270 816 Gazprom OAO — ADR 682 760 Halliburton Co. 832 250 Lukoil OAO — ADR 691 429 Marathon Oil Corp. 536 203 Nabors Industries Ltd. 482 876 Nexen, Inc. 22 1,101 Ophir Energy Plc. – 847 Patterson-UTI Energy, Inc. 1,056 889 Petroleo Brasileiro S.A. — ADR 724 1,174 Petroleum Geo-Services ASA 7 561 Repsol S.A. 1,265 1,168 Rockhopper Exploration Plc. – 881 Royal Dutch Shell Plc. “B” 997 267 RusPetro Plc. 604 840 SBM Offshore NV 836 731 Schlumberger Ltd. 251 746 Southwestern Energy Co. 145 635 Suncor Energy, Inc. 283 796 Talisman Energy, Inc. 129 706 Total S.A. 778 1,088 Transocean Ltd. 382 959 Ultra Petroleum Corp. 696 1,078 Weatherford International Ltd. 373 1,069 Other securities purchased and sold under (000) US$ 501 9,238 4,614 29,458 37,005

198 | Investec Global Strategy Fund Global Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 98.62% Australian Dollar 70,398 BHP Billiton Ltd. 2,750 0.47 584,789 Fortescue Metals Group Ltd. 2,908 0.50 1,304,295 Telstra Corp., Ltd. 5,950 1.03 11,608 2.00 Brazilian Real 308,500 Banco do Brasil S.A. 3,861 0.67 British Pound Sterling 180,085 BHP Billiton Plc. 6,353 1.10 214,596 Diageo Plc. 6,249 1.08 139,441 Shire Plc. 4,286 0.74 173,634 Standard Chartered Plc. 4,491 0.77 124,709 Weir Group Plc. 3,851 0.66

25,230 4.35 Euro 131,659 Amadeus IT Holding S.A. “A” 3,340 0.58 57,009 Anheuse-Busch InBev NV 4,960 0.85 40,751 ASML Holding NV 2,612 0.45 74,866 BASF SE 7,093 1.22 38,511 Continental AG 4,483 0.77 481,251 ING Groep NV 4,568 0.79 39,184 MTU Aero Engines Holding AG 3,584 0.62 71,389 Publicis Groupe S.A. 4,292 0.74 72,509 Sanofi 6,871 1.18 64,226 Schneider Electric S.A. 4,702 0.81 126,638 Total S.A. 6,588 1.14 69,341 Voestalpine AG 2,548 0.44 55,641 9.59 Hong Kong Dollar 1,431,200 AIA Group Ltd. 5,681 0.98 6,918,760 China Construction Bank Corp. “H” 5,659 0.98 4,408,000 China Petroleum & Chemical Corp. “H” 5,078 0.87 1,055,000 China Shenhua Energy Co., Ltd. “H” 4,722 0.81 3,359,000 CNOOC Ltd. 7,409 1.28 28,549 4.92 Indian Rupee 69,113 State Bank of India 3,050 0.53 Japanese Yen 165,100 Credit Saison Co., Ltd. 4,132 0.71 783,087 Fukuoka Financial Group, Inc. 3,136 0.54 797,000 Hitachi Ltd. 4,695 0.81 167,200 Japan Tobacco, Inc. 4,730 0.82 70,000 KDDI Corp. 4,949 0.85 410,500 Nissan Motor Co., Ltd. 3,900 0.67 25,542 4.40 Malaysian Ringgit 2,350,300 Axiata Group Bhd 5,087 0.88 Norwegian Krone 354,908 DNB ASA 4,533 0.78 288,806 Telenor ASA 5,875 1.01 10,408 1.79

Investec Global Strategy Fund | 199 Portfolio details

Global Equity Fund continued

Schedule of Investments as at 31 December 2012 continued Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued South African Rand 312,402 MTN Group Ltd. 6,576 1.13 South Korean Won 10,171 LG Chem Ltd. 3,181 0.55 5,041 Samsung Electronics Co., Ltd. 7,241 1.25

10,422 1.80 Swedish Krona 230,355 Swedbank AB “A” 4,524 0.78 Swiss Franc 55,602 Aryzta AG 2,872 0.50 69,064 Cie Financiere Richemont S.A. “A” 5,419 0.93 20,677 Dufry AG 2,736 0.47 132,979 Nestle S.A. 8,680 1.50 112,210 Novartis AG 7,092 1.22 26,799 4.62 Thailand Baht 566,900 Bangkok Bank PCL 3,899 0.67 US Dollar 294,442 Activision Blizzard, Inc. 3,131 0.54 118,600 Actuant Corp. “A” 3,309 0.57 33,212 Alliance Data Systems Corp. 4,809 0.83 46,576 Allied World Assurance Co. Holdings AG 3,669 0.63 96,679 Altria Group, Inc. 3,039 0.52 92,250 American Financial Group, Inc. 3,647 0.63 111,341 American Water Works Co., Inc. 4,132 0.71 147,944 AmerisourceBergen Corp. 6,390 1.10 24,519 Apple, Inc. 13,075 2.25 86,400 Avago Technologies Ltd. 2,737 0.47 114,227 Capital One Financial Corp. 6,619 1.14 114,021 CBS Corp. “B” 4,340 0.75 88,500 Check Point Software Technologies Ltd. 4,217 0.73 95,043 Chevron Corp. 10,286 1.77 188,697 Chico’s FAS, Inc. 3,486 0.60 98,613 Cigna Corp. 5,270 0.91 321,931 Cisco Systems, Inc. 6,328 1.09 205,899 Citigroup, Inc. 8,152 1.41 48,959 Cliffs Natural Resources, Inc. 1,888 0.33 39,300 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 3,286 0.57 88,773 Copart, Inc. 2,620 0.45 39,377 Dun & Bradstreet Corp. 3,097 0.53 213,346 EMC Corp. 5,401 0.93 42,833 Energizer Holdings, Inc. 3,426 0.59 67,743 Fiserv, Inc. 5,355 0.92 45,944 Goldman Sachs Group, Inc. 5,864 1.01 63,997 Helmerich & Payne, Inc. 3,585 0.62 56,080 Herbalife Ltd. 1,849 0.32 626,000 Hongkong Land Holdings Ltd. 4,418 0.76 77,013 IDEX Corp. 3,584 0.62 85,014 Illinois Tool Works, Inc. 5,171 0.89 49,331 Jazz Pharmaceuticals Plc. 2,625 0.45 203,952 JPMorgan Chase & Co. 8,973 1.55 467,482 KeyCorp 3,939 0.68

200 | Investec Global Strategy Fund Global Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar continued 49,977 Laboratory Corp. of America Holdings 4,328 0.75 163,670 Lincoln National Corp. 4,238 0.73 71,027 Lukoil OAO — ADR 4,771 0.82 76,900 LyondellBasell Industries NV “A” 4,392 0.76 93,540 Macy’s, Inc. 3,650 0.63 70,613 Marathon Petroleum Corp. 4,448 0.77 190,071 MetLife, Inc. 6,260 1.08 269,599 Microsoft Corp. 7,205 1.24 96,649 Molson Coors Brewing Co. “B” 4,134 0.71 90,884 Moody’s Corp. 4,574 0.79 171,806 Mylan, Inc. 4,720 0.81 176,357 NASDAQ OMX Group, Inc. 4,412 0.76 179,064 NRG Energy, Inc. 4,116 0.71 58,534 Nu Skin Enterprises, Inc. “A” 2,168 0.37 108,142 Occidental Petroleum Corp. 8,285 1.43 269,320 Oracle Corp. 8,976 1.55 142,056 Patterson-UTI Energy, Inc. 2,647 0.46 352,446 Pfizer, Inc. 8,845 1.53 22,357 Precision Castparts Corp. 4,234 0.73 44,365 Roper Industries, Inc. 4,943 0.85 500,653 Rosneft OAO — GDR 4,547 0.78 1,342,406 Sberbank of Russia 4,153 0.72 156,300 Telefonica Brasil S.A. — ADR 3,761 0.65 79,636 Teva Pharmaceutical Industries Ltd. — ADR 2,975 0.51 75,959 Thermo Fisher Scientific, Inc. 4,847 0.84 105,373 Time Warner, Inc. 5,041 0.87 55,477 Towers Watson & Co. “A” 3,119 0.54 57,862 Tupperware Brands Corp. 3,709 0.64 49,411 United Technologies Corp. 4,052 0.70 78,988 UnitedHealth Group, Inc. 4,285 0.74 67,821 Valeant Pharmaceuticals International, Inc. 4,054 0.70 192,698 Valero Energy Corp. 6,572 1.13 105,934 Validus Holdings Ltd. 3,664 0.63 72,914 Valspar Corp. 4,550 0.79 167,890 ValueClick, Inc. 3,260 0.56 167,896 Verizon Communications, Inc. 7,264 1.25 26,464 VF Corp. 3,996 0.69 60,176 WESCO International, Inc. 4,057 0.70 61,395 Whiting Petroleum Corp. 2,664 0.46 61,175 Wolverine World Wide, Inc. 2,507 0.43 70,785 Zimmer Holdings, Inc. 4,717 0.81 350,857 60.49 TOTAL COMMON STOCKS (cost (000) US$ 475,199) 572,053 98.62

Investec Global Strategy Fund | 201 Portfolio details

Global Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Preferred Stocks – 0.82% Euro 20,737 Volkswagen AG 4,771 0.82 TOTAL PREFERRED STOCKS (cost (000) US$ 4,722) 4,771 0.82 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 479,921) 576,824 99.44 MARKET VALUE OF INVESTMENTS (cost (000) US$ 479,921) 576,824 99.44 OTHER ASSETS AND LIABILITIES 3,245 0.56 SHAREHOLDERS’ EQUITY 580,069 100.00

202 | Investec Global Strategy Fund Global Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ AstraZeneca Plc. 75 4,438 Biogen Idec, Inc. 172 4,412 British American Tobacco Plc. 92 5,569 Cie Financiere Richemont S.A. 4,586 39 Citigroup, Inc. 7,810 78 Coach, Inc. 1,177 4,616 DNB ASA 4,433 – Fiserv, Inc. 4,386 179 Goldman Sachs Group, Inc. 5,682 35 Hitachi Ltd. 4,958 117 Illinois Tool Works, Inc. 5,090 196 Japan Tobacco, Inc. 4,688 87 Mastercard, Inc. “A” 110 6,669 MetLife, Inc. 6,808 144 PNC Financial Services Group, Inc. 4,980 4,645 priceline.com, Inc. 92 5,937 Standard Chartered Plc. 4,668 214 Valero Energy Corp. 5,288 186 Volkswagen AG 4,722 – Wyndham Worldwide Corp. 77 5,831 Other securities purchased and sold under (000) US$ 10,228 117,508 148,262 187,402 191,654

Investec Global Strategy Fund | 203 Portfolio details Global Franchise Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 92.32% British Pound Sterling 356,198 Diageo Plc. 10,372 1.36 940,935 Imperial Tobacco Group Plc. 36,466 4.79 524,279 Reckitt Benckiser Group Plc. 33,268 4.37 852,067 Unilever Plc. 33,114 4.35 1,496,134 WPP Plc. 21,845 2.87

135,065 17.74 Euro 3,243,711 C&C Group Plc. 19,729 2.59 127,076 Heineken Holding NV 6,989 0.92 286,098 Heineken NV 19,151 2.51 26,710 L’Oreal S.A. 3,697 0.49 65,578 Pernod-Ricard S.A. 7,597 1.00

57,163 7.51 Japanese Yen 1,376,000 Japan Tobacco, Inc. 38,927 5.11 Swedish Krona 591,452 Swedish Match AB 19,849 2.61 Swiss Franc 654,751 Nestle S.A. 42,736 5.61 306,077 Novartis AG 19,344 2.54 107,567 Roche Holding AG 21,754 2.86

83,834 11.01 US Dollar 57,060 Accenture Plc. “A” 3,795 0.50 598,438 Altria Group, Inc. 18,812 2.47 370,200 Anheuser-Busch InBev NV — ADR 32,367 4.25 902,145 Cisco Systems, Inc. 17,732 2.33 555,815 Coach, Inc. 30,864 4.05 349,208 Coca-Cola Co. 12,667 1.66 121,521 Colgate-Palmolive Co. 12,707 1.67 25,902 Google, Inc. “A” 18,373 2.41 164,091 International Business Machines Corp. 31,437 4.13 399,095 Johnson & Johnson 27,979 3.67 150,106 Kellogg Co. 8,384 1.10 45,640 Kimberly-Clark Corp. 3,852 0.51 1,266,951 Microsoft Corp. 33,859 4.45 243,757 PepsiCo, Inc. 16,684 2.19 1,166,022 Pfizer, Inc. 29,261 3.84 257,791 Philip Morris International, Inc. 21,568 2.83 159,706 Procter & Gamble Co. 10,847 1.43 51,427 Samsung Electronics Co., Ltd. — GDR 36,954 4.85

368,142 48.34 TOTAL COMMON STOCKS (cost (000) US$ 619,717) 702,980 92.32 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 619,717) 702,980 92.32

204 | Investec Global Strategy Fund Global Franchise Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Collective Investment Schemes – 0.66% British Pound Sterling 3,088,040 Investec Funds Series iv - Global Franchise Fund 5,027 0.66 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 4,984) 5,027 0.66 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 624,701) 708,007 92.98

Forward Currency Contracts on Hedged Share Classes – (0.00%) Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 SGD 1,000 US$ 819 (0) (0.00) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES (0) (0.00) MARKET VALUE OF INVESTMENTS (cost (000) US$ 624,701) 708,007 92.98 OTHER ASSETS AND LIABILITIES 53,463 7.02 SHAREHOLDERS’ EQUITY 761,470 100.00

Investec Global Strategy Fund | 205 Portfolio details

Global Franchise Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Altria Group, Inc. 8,456 142 Anheuser-Busch InBev NV — ADR 14,907 268 C&C Group Plc. 12,745 64 Cisco Systems, Inc. 11,750 123 Coach, Inc. 32,317 143 Google, Inc. “A” 16,941 134 Heineken NV 10,014 102 Imperial Tobacco Group Plc. 22,891 246 International Business Machines Corp. 32,270 51 Japan Tobacco, Inc. 24,211 255 Johnson & Johnson 14,945 192 Microsoft Corp. 29,400 256 Nestle S.A. 27,531 208 Novartis AG 11,126 79 PepsiCo, Inc. 7,246 121 Pfizer, Inc. 12,687 205 Philip Morris International, Inc. 13,324 172 Reckitt Benckiser Group Plc. 16,834 222 Roche Holding AG 6,398 150 Samsung Electronics Co Ltd. — GDR 22,412 228 Swedish Match AB 19,803 171 Unilever Plc. 16,067 225 WPP Plc. 10,749 143 Other securities purchased and sold under (000) US$ 5,189 33,244 11,347 428,268 15,247

206 | Investec Global Strategy Fund Global Gold Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 82.12% Australian Dollar 515,536 Beadell Resources Ltd. 530 0.10 640,827 Newcrest Mining Ltd. 14,998 2.77 246,890 Papillon Resources Ltd. 443 0.08 1,472,318 Regis Resources Ltd. 7,893 1.46

23,864 4.41 British Pound Sterling 668,362 Fresnillo Plc. 20,489 3.79 650,000 Hummingbird Resources Plc. 752 0.14 2,395,680 Kolar Gold Plc. 355 0.06 16,056,522 Nyota Minerals Ltd. 978 0.18 608,539 Polymetal International Plc. 11,776 2.18 390,581 Randgold Resources Ltd. 38,607 7.13

72,957 13.48 Canadian Dollar 2,476,249 AuRico Gold, Inc. 20,289 3.75 2,822,853 Banro Corp. 7,875 1.45 1,367,961 Centerra Gold, Inc. 12,790 2.36 613,399 Detour Gold Corp. 15,367 2.84 521,886 Franco-Nevada Corp. 29,793 5.50 125,316 Keegan Resources, Inc. 496 0.09 1,848,388 Kinross Gold Corp. 17,904 3.31 729,466 Kirkland Lake Gold, Inc. 4,286 0.79 3,559,039 New Gold, Inc. 39,322 7.27 618,573 Platinum Group Metals Ltd. 504 0.09 602,584 Rainy River Resources Ltd. 3,008 0.56 96,380 Rio Alto Mining Ltd. 493 0.09 63,485 Sandstorm Gold Ltd. 746 0.14 2,827,974 Yamana Gold, Inc. 48,545 8.97

201,418 37.21 Euro 1,881,373 Eldorado Gold Corp. 24,191 4.47 Hong Kong Dollar 8,428,676 Zhaojin Mining Industry Co., Ltd. “H” 13,524 2.50 South African Rand 445,087 AngloGold Ashanti Ltd. 13,916 2.57 155,586 Northam Platinum Ltd. 697 0.13 63,302,510 Pan African Resources Plc. 17,734 3.28

32,347 5.98 US Dollar 771,871 Barrick Gold Corp. 27,027 4.99 131,924 Freeport-McMoRan Copper & Gold, Inc. 4,513 0.84 885,377 Goldcorp, Inc. 32,489 6.00 260,794 Newmont Mining Corp. 12,113 2.24

76,142 14.07 TOTAL COMMON STOCKS (cost (000) US$ 462,898) 444,443 82.12

Investec Global Strategy Fund | 207 Portfolio details

Global Gold Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Collective Investment Schemes – 12.83% South African Rand 1,130,178 NewGold Issuer Ltd. 18,304 3.38 US Dollar 112,603 ETFs Physical Palladium 7,637 1.41 101,478 ETFs Physical Platinum 14,979 2.77 137,140 Physical Palladium Source P-ETC 9,500 1.76 115,691 Source Physical Markets Gold P-ETC 19,010 3.51

51,126 9.45 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 69,671) 69,430 12.83

Rights – 0.13% South African Rand 16,142,140 Pan African Resources Plc. 705 0.13 TOTAL RIGHTS (cost (000) US$ nil) 705 0.13 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 532,569) 514,578 95.08 MARKET VALUE OF INVESTMENTS (cost (000) US$ 532,569) 514,578 95.08 OTHER ASSETS AND LIABILITIES 26,635 4.92 SHAREHOLDERS’ EQUITY 541,213 100.00

208 | Investec Global Strategy Fund Global Gold Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Agnico-Eagle Mines Ltd. 20 9,951 Alamos Gold, Inc. 8,432 9,760 AuRico Gold, Inc. 13,621 – Banro Corp. 12,562 – Barrick Gold Corp. 24,095 11,138 Centerra Gold, Inc. 8,928 – Eldorado Gold Corp. 33,091 9,256 ETFs Physical Platinum 16,202 – European Goldfields Ltd. – 16,059 Franco-Nevada Corp. 9,890 649 Goldcorp, Inc. 15,985 20,375 Kinross Gold Corp. 18,079 11,630 New Gold, Inc. 15,348 6,122 Newcrest Mining Ltd. 10,913 21,401 Polymetal International Plc. 11,022 – Randgold Resources Ltd. 16,362 11,399 Royal Gold, Inc. 4,401 28,989 SEMAFO, Inc. 3,422 12,807 Source Physical Markets Gold P-ETC 20,114 492 Yamana Gold, Inc. 24,300 7,971 Other securities purchased and sold under (000) US$ 9,891 41,680 35,276 308,467 213,275

Investec Global Strategy Fund | 209 Portfolio details Global Natural Resources Fund (previously Global Dynamic Resources Fund until 31 May 2012) Schedule of Investments as at 31 December 2012 Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 81.94% Australian Dollar 1,900,938 Equatorial Resources Ltd. 2,587 0.46 3,078,011 Fortescue Metals Group Ltd. 15,306 2.73 1,620,000 Incitec Pivot Ltd. 5,515 0.98 29,800,377 Metminco Ltd. 1,871 0.34 539,313 Mineral Deposits Ltd. 2,230 0.40

27,509 4.91 British Pound Sterling 2,454,132 Asian Citrus Holdings Ltd. 1,216 0.22 316,893 BG Group Plc. 5,283 0.94 704,445 BHP Billiton Plc. 24,851 4.43 1,398,822 HaloSource, Inc. 704 0.12 2,454,677 London Mining Plc. 5,856 1.04 1,817,222 Ncondezi Coal Co., Ltd. 709 0.13 592,721 New Britain Palm Oil Ltd. 4,862 0.87 297,838 PureCircle Ltd. 1,156 0.21 99,170 Randgold Resources Ltd. 9,802 1.75 481,585 Rio Tinto Plc. 28,085 5.01 304,109 Royal Dutch Shell Plc. “B” 10,846 1.93 162,085 Vedanta Resources Plc. 3,128 0.56 661,248 Xstrata Plc. 11,532 2.06 1,446,104 Zanaga Iron Ore Co., Ltd. 640 0.11

108,670 19.38 Canadian Dollar 1,662,715 Capstone Mining Corp. 4,020 0.72 152,436 Franco-Nevada Corp. 8,702 1.55 412,656 Ivanplats Ltd. “A” 2,072 0.37 366,354 Kirkland Lake Gold, Inc. 2,153 0.39 913,391 NGEx Resources, Inc. 3,090 0.55 595,822 Suncor Energy, Inc. 19,617 3.50 462,532 Talisman Energy, Inc. 5,224 0.93 650,551 Yamana Gold, Inc. 11,168 1.99

56,046 10.00 Euro 158,551 Eldorado Gold Corp. 2,039 0.36 868,437 Eni SpA 21,286 3.80 230,949 Total S.A. 12,015 2.14

35,340 6.30 Hong Kong Dollar 4,515,000 Asian Citrus Holdings Ltd. 2,171 0.38 21,261,000 China Polymetallic Mining Ltd. 4,362 0.78

6,533 1.16 Norwegian Krone 8,022,337 Northland Resources S.A. 8,729 1.56 334,463 Statoil ASA 8,433 1.50 130,539 Yara International ASA 6,503 1.16

23,665 4.22

210 | Investec Global Strategy Fund Global Natural Resources Fund continued (previously Global Dynamic Resources Fund until 31 May 2012)

Schedule of Investments as at 31 December 2012 continued Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar 664,800 Adecoagro S.A. 5,631 1.00 219,241 AGCO Corp. 10,768 1.92 192,267 Anadarko Petroleum Corp. 14,290 2.55 118,789 Apache Corp. 9,323 1.66 128,520 Baker Hughes, Inc. 5,251 0.94 321,732 CONSOL Energy, Inc. 10,329 1.84 215,000 Ensco Plc. “A” 12,741 2.27 170,946 Exxon Mobil Corp. 14,805 2.64 279,805 Freeport-McMoRan Copper & Gold, Inc. 9,572 1.71 713,238 Gazprom OAO — ADR 6,897 1.23 223,329 Marathon Oil Corp. 6,847 1.22 121,127 Monsanto Co. 11,465 2.04 483,645 Nabors Industries Ltd. 6,994 1.25 110,158 Noble Energy, Inc. 11,208 2.00 163,007 Occidental Petroleum Corp. 12,489 2.23 573,809 Petroleo Brasileiro S.A. — ADR 11,083 1.98 242,917 Phosagro OAO — GDR 3,292 0.59 338,932 Southwestern Energy Co. 11,322 2.02 213,846 Transocean Ltd. 9,549 1.70 233,909 Ultra Petroleum Corp. 4,240 0.76 173,360 Valero Energy Corp. 5,912 1.05 688,350 Weatherford International Ltd. 7,706 1.37

201,714 35.97 TOTAL COMMON STOCKS (cost (000) US$ 507,089) 459,477 81.94

Collective Investment Schemes – 14.44% US Dollar 131,403 ETFs Physical Palladium 8,912 1.59 104,462 ETFs Physical Platinum 15,419 2.75 610,939 ETFs Soybeans 13,789 2.46 174,653 ETFs Tin 7,038 1.26 241,557 Physical Palladium Source P-ETC 16,734 2.98 116,003 Source Physical Markets Gold P-ETC 19,061 3.40

80,953 14.44 TOTAL COLLECTIVE INVESTMENT SCHEMES (cost (000) US$ 83,095) 80,953 14.44 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 590,184) 540,430 96.38 MARKET VALUE OF INVESTMENTS EXCLUDING DERIVATIVES (cost (000) US$ 590,184) 540,430 96.38

Investec Global Strategy Fund | 211 Portfolio details

Global Natural Resources Fund continued (previously Global Dynamic Resources Fund until 31 May 2012)

Schedule of Investments as at 31 December 2012 continued

Forward Currency Contracts on Hedged Share Classes – (0.00%) Unrealised % of Maturity Amount Amount Gain Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 CHF 25,380 US$ 27,712 0 0.00 UNREALISED GAIN ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES 0 0.00 Unrealised % of Maturity Amount Amount Loss Shareholders’ Date Bought Sold (000) US$ Equity 31/01/2013 SGD 1,160,949 US$ 950,763 (0) (0.00) UNREALISED LOSS ON FORWARD CURRENCY CONTRACTS ON HEDGED SHARE CLASSES (0) (0.00) MARKET VALUE OF INVESTMENTS (cost (000) US$ 590,184) 540,430 96.38 OTHER ASSETS AND LIABILITIES 20,304 3.62 SHAREHOLDERS’ EQUITY 560,734 100.00

212 | Investec Global Strategy Fund Global Natural Resources Fund continued (previously Global Dynamic Resources Fund until 31 May 2012) Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ AGCO Corp. 9,343 17,030 Anadarko Petroleum Corp. 13,986 666 Apache Corp. 12,684 – Baker Hughes, Inc. 15,683 9,101 Barrick Gold Corp. 14,229 14,621 BHP Billiton Plc. 36,100 25,979 Devon Energy Corp. 11,877 14,147 Eldorado Gold Corp. 16,530 11,920 Encana Corp. – 14,840 Eni SpA 26,624 6,796 ETFs Physical Platinum 16,389 – ETFs Soybeans 15,932 – European Goldfields Ltd. – 16,530 Exxon Mobil Corp. 12,113 12,974 First Quantum Minerals Ltd. – 25,252 Glencore International Plc. – 13,405 Goldcorp, Inc. 20,002 20,765 Iluka Resources Ltd. – 20,949 Intrepid Potash, Inc. 2,937 13,682 Kazakhmys Plc. 1,940 23,125 Lundin Mining Corp. – 16,699 Murphy Oil Corp. – 19,591 Newcrest Mining Ltd. – 23,538 Nexen, Inc. – 20,759 Occidental Petroleum Corp. 13,553 – PetroBakken Energy Ltd. “A” – 13,975 Potash Corp. of Saskatchewan, Inc. 10,023 24,788 Rio Tinto Plc. 38,529 13,406 Royal Gold, Inc. – 18,875 Schlumberger Ltd. 18,362 16,717 Source Commodity Markets Plc. - S&P GSCI Wheat Total Return Treasury Bill Secured – 13,815 Teck Resources Ltd. “B” 16,952 16,828 Weatherford International Ltd. 9,875 15,877 Whitehaven Coal Ltd. 12,640 8,005 Xstrata Plc. 26,531 25,792 Other securities purchased and sold under (000) US$ 12,551 311,674 238,333 684,508 748,780

Investec Global Strategy Fund | 213 Portfolio details Global Opportunity Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 94.28% British Pound Sterling 978,455 Imperial Tobacco Group Plc. 37,920 4.97 551,236 Reckitt Benckiser Group Plc. 34,979 4.58 901,002 Unilever Plc. 35,015 4.58 1,538,943 WPP Plc. 22,470 2.94

130,384 17.07 Euro 514,509 Anheuser-Busch InBev NV 44,762 5.86 370,498 Heineken NV 24,800 3.25 216,136 Pernod-Ricard S.A. 25,040 3.28 20,221 Puma SE 6,025 0.79

100,627 13.18 Hong Kong Dollar 473,500 China Mobile Ltd. 5,575 0.73 1,352,000 Television Broadcasts Ltd. 10,130 1.33

15,705 2.06 Japanese Yen 1,250,800 Japan Tobacco, Inc. 35,385 4.63 Swedish Krona 623,371 Swedish Match AB 20,921 2.74 Swiss Franc 686,342 Nestle S.A. 44,798 5.87 319,391 Novartis AG 20,186 2.64 14,088 Syngenta AG 5,692 0.75

70,676 9.26 US Dollar 205,031 Accenture Plc. “A” 13,636 1.79 723,794 Altria Group, Inc. 22,753 2.98 952,445 Cisco Systems, Inc. 18,720 2.45 564,802 Coach, Inc. 31,364 4.11 524,776 Coca-Cola Co. 19,036 2.49 26,451 Google, Inc. “A” 18,762 2.46 122,165 International Business Machines Corp. 23,404 3.06 419,974 Johnson & Johnson 29,442 3.85 1,199,105 Microsoft Corp. 32,046 4.20 258,156 PepsiCo, Inc. 17,670 2.31 1,375,732 Pfizer, Inc. 34,524 4.52 347,217 Philip Morris International, Inc. 29,050 3.80 236,914 Procter & Gamble Co. 16,091 2.11 55,369 Samsung Electronics Co., Ltd. — GDR 39,786 5.21

346,284 45.34 TOTAL COMMON STOCKS (cost (000) US$ 601,519) 719,982 94.28 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 601,519) 719,982 94.28 MARKET VALUE OF INVESTMENTS (cost (000) US$ 601,519) 719,982 94.28 OTHER ASSETS AND LIABILITIES 43,719 5.72 SHAREHOLDERS’ EQUITY 763,701 100.00

214 | Investec Global Strategy Fund Global Opportunity Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Anheuser-Busch InBev NV 6,361 – Apollo Group, Inc. “A” – 5,734 Cisco Systems, Inc. 11,495 – Coach, Inc. 33,112 – Google, Inc. “A” 5,945 – Huabao International Holdings Ltd. – 5,143 Imperial Tobacco Group Plc. 5,966 – Industrial & Commercial Bank of China Ltd. “H” – 5,054 International Business Machines Corp. 24,643 – Japan Tobacco, Inc. 3,354 – Johnson & Johnson 2,226 – Microsoft Corp. 15,492 – Nestle S.A. 7,282 – NIKE, Inc. “B” – 4,424 PepsiCo, Inc. 4,001 – Pfizer, Inc. 6,916 – Philip Morris International, Inc. 3,345 – Reckitt Benckiser Group Plc. 8,132 – Swedish Match AB 8,625 – Walt Disney Co. – 6,683 Other securities purchased and sold under (000) US$ 11,266 1,201 – 148,096 27,038

Investec Global Strategy Fund | 215 Portfolio details Global Strategic Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 97.65% Australian Dollar 7,375,697 Telstra Corp., Ltd. 33,647 2.82 Brazilian Real 660,500 Banco do Brasil S.A. 8,266 0.69 British Pound Sterling 374,885 BHP Billiton Plc. 13,225 1.11 Danish Krone 104,234 Novo Nordisk A/S “B” 16,964 1.42 Euro 257,743 Arkema S.A. 27,112 2.27 261,551 HeidelbergCement AG 15,957 1.34 4,026,227 ING Groep NV 38,217 3.20 198,280 MTU Aero Engines Holding AG 18,134 1.52 405,526 ThyssenKrupp AG 9,606 0.81

109,026 9.14 Hong Kong Dollar 3,624,000 AIA Group Ltd. 14,386 1.21 22,092,550 China Construction Bank Corp. “H” 18,069 1.51 2,574,000 China Shenhua Energy Co., Ltd. “H” 11,521 0.96 9,067,000 CNOOC Ltd. 19,998 1.68

63,974 5.36 Indian Rupee 271,910 State Bank of India 12,001 1.01 Japanese Yen 784,300 Credit Saison Co., Ltd. 19,631 1.65 3,331,000 Hitachi Ltd. 19,621 1.64 840,700 Japan Tobacco, Inc. 23,783 1.99 355,400 KDDI Corp. 25,126 2.11 728,200 Nexon Co., Ltd. 7,367 0.62

95,528 8.01 Mexican Peso 5,167,500 Alfa SAB de CV “A” 10,978 0.92 1,596,800 Fomento Economico Mexicano SAB de CV 15,992 1.34

26,970 2.26 South African Rand 531,226 MTN Group Ltd. 11,182 0.94 South Korean Won 16,280 Samsung Electronics Co., Ltd. 23,384 1.96 237,650 Shinhan Financial Group Co., Ltd. 8,686 0.73

32,070 2.69 Swedish Krona 676,571 Swedbank AB “A” 13,286 1.11 Swiss Franc 343,674 Aryzta AG 17,750 1.49 216,661 Novartis AG 13,693 1.15

31,443 2.64

216 | Investec Global Strategy Fund Global Strategic Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar 902,797 Activision Blizzard, Inc. 9,601 0.80 542,105 AmerisourceBergen Corp. 23,414 1.96 55,703 Apple, Inc. 29,705 2.49 314,600 Avago Technologies Ltd. 9,965 0.84 256,991 Capital One Financial Corp. 14,891 1.25 458,286 CBS Corp. “B” 17,442 1.46 639,558 Citigroup, Inc. 25,320 2.12 269,126 Cliffs Natural Resources, Inc. 10,379 0.87 666,874 Comcast Corp. “A” 24,931 2.09 123,450 Companhia de Saneamento Basico do Estado de Sao Paulo — ADR 10,321 0.87 473,882 EMC Corp. 11,996 1.01 184,396 Fiserv, Inc. 14,576 1.22 94,903 Goldman Sachs Group, Inc. 12,114 1.02 221,843 Helmerich & Payne, Inc. 12,428 1.04 328,699 Illinois Tool Works, Inc. 19,993 1.68 478,306 JPMorgan Chase & Co. 21,043 1.76 1,440,260 KeyCorp 12,134 1.02 964,781 Lincoln National Corp. 24,983 2.09 230,399 Lukoil OAO — ADR 15,475 1.30 334,800 LyondellBasell Industries NV “A” 19,122 1.60 778,005 Macy’s, Inc. 30,362 2.54 208,054 Marathon Petroleum Corp. 13,106 1.10 366,581 MetLife, Inc. 12,073 1.01 273,190 Molson Coors Brewing Co. “B” 11,686 0.98 534,267 Mylan, Inc. 14,679 1.23 242,507 Nu Skin Enterprises, Inc. “A” 8,984 0.75 285,288 Occidental Petroleum Corp. 21,857 1.83 604,259 Oracle Corp. 20,140 1.69 533,254 Patterson-UTI Energy, Inc. 9,937 0.83 1,181,621 Pfizer, Inc. 29,653 2.49 19,653 priceline.com, Inc. 12,208 1.02 282,003 QUALCOMM, Inc. 17,493 1.47 903,567 Sberbank of Russia — ADR 11,313 0.95 417,500 Telefonica Brasil S.A. — ADR 10,047 0.84 337,205 Tempur-Pedic International, Inc. 10,620 0.89 280,083 Teva Pharmaceutical Industries Ltd. — ADR 10,463 0.88 202,015 Thermo Fisher Scientific, Inc. 12,890 1.08 203,897 Tupperware Brands Corp. 13,069 1.10 492,564 UnitedHealth Group, Inc. 26,719 2.24 241,575 Valeant Pharmaceuticals International, Inc. 14,441 1.21 914,376 Valero Energy Corp. 31,185 2.61 751,462 ValueClick, Inc. 14,590 1.22

697,348 58.45 TOTAL COMMON STOCKS (cost (000) US$ 988,163) 1,164,930 97.65

Investec Global Strategy Fund | 217 Portfolio details

Global Strategic Equity Fund continued

Schedule of Investments as at 31 December 2012 continued Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Preferred Stocks – 1.84% Euro 95,499 Volkswagen AG 21,970 1.84 TOTAL PREFERRED STOCKS (cost (000) US$ 17,492) 21,970 1.84 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 1,005,655) 1,186,900 99.49 MARKET VALUE OF INVESTMENTS (cost (000) US$ 1,005,655) 1,186,900 99.49 OTHER ASSETS AND LIABILITIES 6,086 0.51 SHAREHOLDERS’ EQUITY 1,192,986 100.00

218 | Investec Global Strategy Fund Global Strategic Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Anglo American Plc. – 17,225 Aryzta AG 16,966 395 Biogen Idec, Inc. – 19,799 Chevron Corp. – 21,835 Cisco Systems, Inc. – 30,432 Citigroup, Inc. 24,293 – Fiat Industrial SpA – 21,691 Illinois Tool Works, Inc. 18,999 399 Imax Corp. – 19,453 Japan Tobacco, Inc. 24,013 1,093 JPMorgan Chase & Co. 21,235 12,757 Lowe’s Cos, Inc. 17,104 20,914 Mastercard, Inc. “A” – 38,271 Nexon Co., Ltd. 17,363 2,992 Novo Nordisk A/S “B” 142 23,457 Philip Morris International, Inc. – 29,418 Pirelli & C. SpA – 15,566 priceline.com, Inc. 11,641 35,204 Research In Motion Ltd. 12,093 16,322 Valero Energy Corp. 26,620 3,346 Other securities purchased and sold under (000) US$ 22,462 318,630 313,633 509,099 644,202

Investec Global Strategy Fund | 219 Portfolio details Latin American Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks – 84.00% Brazilian Real 117,400 BR Malls Participacoes S.A. 1,547 3.85 56,000 BR Properties S.A. 692 1.72 129,710 Brazil Pharma S.A. 905 2.26 36,800 BRF - Brasil Foods S.A. 760 1.89 98,200 CCR S.A. 932 2.32 60,000 Companhia Hering 1,227 3.06 48,600 Cosan S.A. Industria e Comercio 990 2.47 44,900 Estacio Participacoes S.A. 914 2.28 92,000 Grupo BTG Pactual 1,402 3.49 60,273 Kroton Educacional S.A. 1,358 3.38 157,900 Odontoprev S.A. 828 2.06 53,000 Raia Drogasil S.A. 597 1.49 36,900 Totvs S.A. 733 1.83

12,885 32.10 British Pound Sterling 47,500 Antofagasta Plc. 1,040 2.59 Chilean Peso 308,200 Besalco S.A. 565 1.41 121,817 Cencosud S.A. 660 1.64 377,000 Parque Arauco S.A. 929 2.31 254,254 Sonda S.A. 808 2.02

2,962 7.38 Colombian Peso 140,000 Cemex Latam Holdings S.A. 897 2.23 Mexican Peso 297,200 Bolsa Mexicana de Valores SAB de CV 749 1.86 108,700 El Puerto de Liverpool SAB de CV “C1” 1,151 2.87 214,062 Mexichem SAB de CV 1,191 2.97

3,091 7.70 Peruvian Nouveau Sol 403,100 Alicorp S.A. 1,303 3.25 304,400 Corp. Lindley S.A. 289 0.72 162,932 Grana y Montero SAA 624 1.55

2,216 5.52 US Dollar 81,000 Adecoagro S.A. 686 1.71 32,000 Arcos Dorados Holdings, Inc. “A” 382 0.95 48,604 Banco Bradesco S.A. — ADR 844 2.10 14,000 BRF - Brasil Foods S.A. — ADR 295 0.74 15,500 Copa Holdings S.A. “A” 1,541 3.84 5,650 Credicorp Ltd. 828 2.06 12,500 Fomento Economico Mexicano SAB de CV — ADR 1,259 3.14 56,100 Gerdau S.A. — ADR 504 1.26 3,500 Grupo Aeroportuario del Sureste SAB de CV — ADR 399 0.99 67,000 Grupo Financiero Santander Mexico SAB de CV — ADR “B” 1,085 2.70 22,000 Inretail Peru Corp. 461 1.15 11,716 Intergroup Financial Services Inc. 421 1.05 19,914 Itau Unibanco Holding S.A. — ADR 328 0.82 11,170 Sociedad Quimica y Minera de Chile S.A. — ADR 644 1.60

220 | Investec Global Strategy Fund Latin American Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an official exchange listing Common Stocks continued US Dollar continued 14,990 Southern Copper Corp. 568 1.41 18,449 Vale S.A. — ADR 387 0.96

10,632 26.48 TOTAL COMMON STOCKS (cost (000) US$ 28,790) 33,723 84.00

Preferred Stocks – 15.52% Brazilian Real 97,200 Bradespar S.A. 1,558 3.88 77,000 Gerdau S.A. 676 1.69 51,500 Itau Unibanco Holding S.A. 840 2.09 120,522 Itausa - Investimentos Itau S.A. 571 1.42 189,000 Marcopolo S.A. 1,193 2.97 146,200 Petroleo Brasileiro S.A. 1,393 3.47

6,231 15.52 TOTAL PREFERRED STOCKS (cost (000) US$ 6,384) 6,231 15.52 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 35,174) 39,954 99.52 MARKET VALUE OF INVESTMENTS (cost (000) US$ 35,174) 39,954 99.52 OTHER ASSETS AND LIABILITIES 192 0.48 SHAREHOLDERS’ EQUITY 40,146 100.00

Investec Global Strategy Fund | 221 Portfolio details

Latin American Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ America Movil SAB de CV — ADR “L” 709 2,085 Antofagasta Plc. 252 1,502 Arcos Dorados Holdings Inc. “A” 1,224 320 Banco Bradesco S.A. — ADR 497 1,660 Bancolombia S.A. — ADR 1,145 1,100 BR Malls Participacoes S.A. 268 1,577 Bradespar S.A. Investment Companies 1,300 344 Brasil Insurance Participacoes e Administracao S.A. – 1,105 Companhia de Bebidas das Americas — ADR – 1,139 Companhia Hering 447 1,549 Cosan S.A. Industria e Comercio – 965 Genomma Lab Internacional SAB de CV “B” – 1,211 Grupo BTG Pactual 1,557 105 Itau Unibanco Holding S.A. — ADR 254 1,595 Marcopolo S.A. 352 2,187 OGX Petroleo e Gas Participacoes S.A. 521 1,983 Petroleo Brasileiro S.A. 1,862 532 Tim Participacoes S.A. — ADR – 1,166 Totvs S.A. – 1,525 Vale S.A. — ADR – 1,355 Other securities purchased and sold under (000) US$ 1,010 11,939 16,237 22,327 41,242

222 | Investec Global Strategy Fund Latin American Smaller Companies Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an offi cial exchange listing Common Stocks – 91.88% Brazilian Real 39,509 Abril Educacao S.A. 774 0.27 627,000 Aliansce Shopping Centers S.A. 7,463 2.56 451,000 Amil Participacoes S.A. 6,796 2.33 71,000 Anhanguera Educacional Participacoes S.A. 1,191 0.41 372,000 Arezzo Industria e Comercio S.A. 7,195 2.47 70,900 Autometal S.A. 726 0.25 188,000 BR Malls Participacoes S.A. 2,477 0.85 227,000 BR Properties S.A. 2,805 0.96 875,500 Brasil Brokers Participacoes S.A. 2,942 1.01 391,800 Brasil Insurance Participacoes e Administracao S.A. 3,821 1.31 1,078,400 Brazil Pharma S.A. 7,526 2.58 109,300 Companhia de Saneamento de Minas Gerais-COPASA 2,343 0.80 79,100 Companhia Hering 1,618 0.56 150,000 Diagnosticos da America S.A. 963 0.33 691,800 Direcional Engenharia S.A. 4,783 1.64 405,100 Estacio Participacoes S.A. 8,247 2.83 1,093,200 Even Construtora e Incorporadora S.A. 4,982 1.71 142,000 Ez Tec Empreendimentos e Participacoes S.A. 1,760 0.60 220,800 Fertilizantes Heringer S.A. 1,110 0.38 111,000 Fleury S.A. 1,237 0.43 167,400 Helbor Empreendimentos S.A. 1,023 0.35 432,300 Iguatemi Empresa de Shopping Centers S.A. 5,715 1.96 460,800 Iochpe-Maxion S.A. 6,156 2.11 471,863 Kroton Educacional S.A. 10,630 3.65 2,453,800 LLX Logistica S.A. 2,870 0.99 206,800 LPS Brasil Consultoria de Imoveis S.A. 3,828 1.31 95,400 Magazine Luiza S.A. 566 0.19 653,100 Mills Estruturas e Servicos de Engenharia S.A. 10,765 3.70 177,002 PDG Realty S.A. Empreendimentos e Participacoes 286 0.10 212,000 Qualicorp S.A. 2,199 0.76 328,061 Raia Drogasil S.A. 3,699 1.27 809,100 Restoque Comercio e Confeccoes de Roupas S.A. 3,760 1.29 166,400 Santos Brasil Participacoes S.A. 2,371 0.81 154,800 Sao Martinho S.A. 2,092 0.72 290,000 SLC Agricola S.A. 2,802 0.96 217,800 T4F Entretenimento S.A. 830 0.29 155,200 Technos S.A. 1,907 0.65 399,000 Tecnisa S.A. 1,565 0.54 79,000 Tegma Gestao Logistica 1,349 0.46 84,000 Totvs S.A. 1,668 0.57 228,500 Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identifi cacao S.A. 5,029 1.73

141,869 48.69 Chilean Peso 1,754,113 Besalco S.A. 3,215 1.10 2,076,448 Cruz Blanca Salud S.A. 2,652 0.91 3,487,080 Empresas Iansa S.A. 253 0.09 516,300 Forus S.A. 2,933 1.01 1,315,200 Inversiones Aguas Metropolitanas S.A. 2,639 0.91 3,231,525 Parque Arauco S.A. 7,961 2.73 1,133,790 Salfacorp S.A. 2,311 0.79 2,317,984 Socovesa S.A. 1,092 0.38 2,980,016 Sonda S.A. 9,477 3.25 1,469,903 Vina Concha y Toro S.A. 2,855 0.98

35,388 12.15

Investec Global Strategy Fund | 223 Portfolio details

Latin American Smaller Companies Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an offi cial exchange listing Common Stocks continued Colombian Peso 240,000 Construcciones El Condor S.A. 216 0.07 2,623,334 Constructora Conconcreto S.A. 1,997 0.69

2,213 0.76 Mexican Peso 3,327,421 Alsea SAB de CV 6,623 2.27 855,300 Banregio Grupo Financiero SAB de CV 3,900 1.34 3,906,500 Bolsa Mexicana de Valores SAB de CV 9,846 3.38 500,000 Consorcio ARA SAB de CV 161 0.05 861,000 Controladora Comercial Mexicana SAB de CV 3,003 1.03 591,400 Corp GEO SAB de CV “B” 692 0.24 79,000 Corporativo Fragua SAB de CV 1,356 0.47 15,400 Desarrolladora Homex SAB de CV 32 0.01 2,870,400 Empresas ICA SAB de CV 7,165 2.46 641,200 Fibra Uno Administracion S.A. de CV 1,929 0.66 546,200 Gruma SAB de CV “B” 1,654 0.57 342,000 Grupo Aeroportuario del Sureste SAB de CV “B” 3,880 1.33 215,000 Grupo Comercial Chedraui S.A. de CV 699 0.24 1,253,466 Grupo Herdez SAB de CV 3,842 1.32 583,400 Industrias CH SAB de CV “B” 4,400 1.51 224,200 Megacable Holdings SAB de CV 555 0.19 552,800 OHL Mexico SAB de CV 1,216 0.42 309,300 Promotora y Operadora de Infraestructura SAB de CV 2,062 0.71

53,015 18.20 Peruvian Nouveau Sol 1,172,700 Alicorp S.A. 3,790 1.30 31,000 Casa Grande SAA 173 0.06 397,136 Corp Aceros Arequipa S.A. 151 0.05 61,000 Corp Aceros Arequipa S.A. 30 0.01 1,220,600 Grana y Montero SAA 4,674 1.60 226,273 Union Andina de Cementos SAA 286 0.10

9,104 3.12 US Dollar 226,600 Adecoagro S.A. 1,919 0.66 291,900 Cementos Pacasmayo SAA — ADR 3,935 1.35 53,320 Desarrolladora Homex SAB de CV — ADR 666 0.23 284,000 Empresas ICA SAB de CV — ADR 2,858 0.98 85,400 Grupo Aeroportuario del Sureste SAB de CV — ADR 9,735 3.34 249,630 Inretail Peru Corp. 5,230 1.79 49,140 Intergroup Financial Services, Inc. 1,764 0.61

26,107 8.96 TOTAL COMMON STOCKS (cost (000) US$ 223,775) 267,696 91.88

224 | Investec Global Strategy Fund Latin American Smaller Companies Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) US$ Equity Transferable securities admitted to an offi cial exchange listing Preferred Stocks – 7.10% Brazilian Real 311,600 Alpargatas S.A. 2,306 0.79 91,139 Banco ABC Brasil S.A. 626 0.22 125,900 Banco Daycoval S.A. 624 0.21 138,000 Companhia Ferro Ligas da Bahia - Ferbasa 838 0.29 467,100 Gol Linhas Aereas Inteligentes S.A. 2,939 1.01 1,366,100 Marcopolo S.A. 8,624 2.96 761,750 Randon Participacoes S.A. 4,714 1.62 200 Saraiva S.A. Livreiros Editores 2 0.00

20,673 7.10 TOTAL PREFERRED STOCKS (cost (000) US$ 16,434) 20,673 7.10 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) US$ 240,209) 288,369 98.98 MARKET VALUE OF INVESTMENTS (cost (000) US$ 240,209) 288,369 98.98 OTHER ASSETS AND LIABILITIES 2,977 1.02 SHAREHOLDERS’ EQUITY 291,346 100.00

Investec Global Strategy Fund | 225 Portfolio details

Latin American Smaller Companies Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) US$ (000) US$ Aliansce Shopping Centers S.A. 6,155 – Alsea SAB de CV 4,792 – Amil Participacoes S.A. 4,332 – Arezzo Industria e Comercio S.A. 5,872 – Bolsa Mexicana de Valores SAB de CV 7,693 – BR Properties S.A. 6,212 3,872 Brazil Pharma S.A. 6,123 – Companhia de Saneamento Basico do Estado de Sao Paulo 4,536 2,120 Empresas ICA SAB de CV 5,422 – Estacio Participacoes S.A. 5,777 – Grupo Aeroportuario del Sureste SAB de CV — ADR 6,730 – Iguatemi Empresa de Shopping Centers S.A. 4,724 – Inretail Peru Corp. 5,036 – Iochpe-Maxion S.A. 5,838 – Kroton Educacional S.A. 7,229 – Kroton Educacional S.A. 7,229 7,229 Marcopolo S.A. 6,283 – Mills Estruturas e Servicos de Engenharia S.A. 8,931 – Parque Arauco S.A. 6,232 – Sonda S.A. 8,465 – Other securities purchased and sold under (000) US$ 5,827 137,152 8,212 260,763 21,433

226 | Investec Global Strategy Fund Middle East & North Africa Fund

No portfolio is shown for this Sub-Fund as it merged into the Africa Opportunities Fund on 15 June 2012.

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Coupon Maturity Purchased Sold Description Rate Date (000) US$ (000) US$ Credit Suisse International 0.000% 01/02/12 – 661 Credit Suisse International 0.000% 13/06/12 1,510 2,301 Credit Suisse International 0.000% 14/06/13 661 1,365 HSBC Bank Plc. 0.000% 03/09/12 – 934 Pyrus Ltd 7.500% 20/12/15 – 934 Alexandria Mineral Oils Co. – – – 1,128 Arabtec Holding Co. – – – 964 Centamin Egypt Ltd. – – – 450 Centamin Plc. – – 717 1,017 Citadel Capital SAE – – – 1,016 Commercial Bank of Qatar QSC – – – 869 Depa Ltd. – – – 502 Drake & Scull International – – 349 336 Egyptian International Pharmaceutical Industrial Co. – – – 1,167 Elswedy Electric Co. – – – 938 Emaar Properties PJSC – – 383 826 First Gulf Bank PJSC – – – 1,075 Ghabbour Auto – – – 456 Industries Qatar QSC – – – 918 Maridive & Oil Services SAE – – 76 724 Medinet Nasr Housing – – – 513 Oman Telecommunications Co. SAOG – – – 1,196 Qatar Fuel Co. – – – 1,017 Qatar National Bank SAQ – – – 1,302 Qatar Telecom Qtel QSC – – – 751 Tofas Turk Otomobil Fabrikasi AS – – – 928 Turkiye Halk Bankasi AS – – – 752 Turkiye Is Bankasi “C” – – – 639 Union National Bank PJSC – – – 984 Other securities purchased and sold under (000) US$ 328 – 268 3,696 26,931

Investec Global Strategy Fund | 227 Portfolio details U.K. Equity Fund

Schedule of Investments as at 31 December 2012

Market % of Value Shareholders’ Holdings Security Description (000) GBP Equity Transferable securities admitted to an offi cial exchange listing Common Stocks – 100.62% British Pound Sterling 112,684 Aberdeen Asset Management Plc. 417 1.60 12,643 Anglo American Plc. 245 0.94 73,000 Ashtead Group Plc. 315 1.21 16,101 AstraZeneca Plc. 470 1.80 85,458 AZ Electronic Materials S.A. 302 1.16 35,722 Babcock International Group Plc. 347 1.33 102,381 Barclays Plc. 274 1.05 12,800 Bellway Plc. 133 0.51 27,400 Berkeley Group Holdings Plc. 485 1.86 25,483 BG Group Plc. 262 1.00 40,966 BHP Billiton Plc. 890 3.41 332,744 BP Plc. 1,424 5.46 39,287 British American Tobacco Plc. 1,229 4.71 61,000 Catlin Group Ltd. 308 1.18 76,629 Compass Group Plc. 560 2.15 66,300 CSR Plc. 223 0.85 204,000 Debenhams Plc. 234 0.90 54,533 Diageo Plc. 978 3.75 77,639 Direct Line Insurance Group Plc. 167 0.64 32,142 easyJet Plc. 249 0.95 49,624 Experian Plc. 492 1.88 64,223 GlaxoSmithKline Plc. 860 3.29 218,338 HSBC Holdings Plc. 1,424 5.46 50,700 IG Group Holdings Plc. 230 0.88 17,627 Imperial Tobacco Group Plc. 421 1.61 77,222 Inchcape Plc. 338 1.29 312,000 ITV Plc. 334 1.28 39,000 John Wood Group Plc. 287 1.10 77,538 Laird Plc. 161 0.62 400,494 Lloyds Banking Group Plc. 196 0.75 17,580 London Stock Exchange Group Plc. 193 0.74 124,568 Meggitt Plc. 480 1.84 199,865 Old Mutual Plc. 361 1.38 84,911 Paragon Group of Cos Plc. 218 0.84 29,500 Persimmon Plc. 239 0.92 76,260 Playtech Ltd. 325 1.24 16,730 Polymetal International Plc. 199 0.76 85,377 Prudential Plc. 749 2.87 1,208,070 Quindell Portfolio Plc. 204 0.78 120,253 Resolution Ltd. 301 1.15 24,385 Rio Tinto Plc. 875 3.35 75,256 Royal Dutch Shell Plc. “B” 1,652 6.33 118,398 Senior Plc. 238 0.91 23,343 Shire Plc. 442 1.69 7,980 Signet Jewelers Ltd. 262 1.00 59,480 Soco International Plc. 215 0.82 49,713 Sports Direct International Plc. 192 0.74 55,900 Standard Chartered Plc. 890 3.41 122,506 TUI Travel Plc. 350 1.34 32,000 UBM Plc. 232 0.89 32,550 Unilever Plc. 779 2.98 835,710 Vodafone Group Plc. 1,295 4.96

228 | Investec Global Strategy Fund U.K. Equity Fund continued

Schedule of Investments as at 31 December 2012 continued

Market % of Value Shareholders’ Holdings Security Description (000) GBP Equity Transferable securities admitted to an offi cial exchange listing Common Stocks continued British Pound Sterling continued 31,140 WH Smith Plc. 209 0.80 95,220 William Hill Plc. 334 1.28 58,920 WPP Plc. 530 2.03 22,968 Xstrata Plc. 247 0.95

26,266 100.62 TOTAL COMMON STOCKS (cost (000) GBP 22,757) 26,266 100.62 TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL EXCHANGE LISTING (cost (000) GBP 22,757) 26,266 100.62 MARKET VALUE OF INVESTMENTS (cost (000) GBP 22,757) 26,266 100.62 OTHER ASSETS AND LIABILITIES (162) (0.62) SHAREHOLDERS’ EQUITY 26,104 100.00

Investec Global Strategy Fund | 229 Portfolio details

U.K. Equity Fund continued

Statement of significant changes in the portfolio during the year ended 31 December 2012

Value of Value of Securities Securities Purchased Sold Description (000) GBP (000) GBP Aggreko Plc. – 378 AstraZeneca Plc. – 564 Berkeley Group Holdings Plc. 362 – BG Group Plc. – 464 British American Tobacco Plc. 624 30 Chemring Group Plc. – 314 Experian Plc. – 418 Imperial Tobacco Group Plc. – 506 ITV Plc. 320 78 Kingfisher Plc. 33 848 Melrose Plc. – 308 Millennium & Copthorne Hotels Plc. – 500 Old Mutual Plc. – 468 Old Mutual Plc. 450 198 Playtech Ltd. – 383 Reed Elsevier Plc. – 329 Rio Tinto Plc. 69 337 Standard Chartered Plc. 944 15 TUI Travel Plc. 303 – Tullow Oil Plc. 387 326 Other securities purchased and sold under (000) GBP 521 5,928 5,596 9,420 12,060

230 | Investec Global Strategy Fund Dynamic Commodities Fund

Schedule of Investments as at 31 December 2012

Swaps – (3.39%) Net Local Market % of Notional Maturity Value Shareholders’ Amount Pay Receive Currency Date (000) US$ Equity Index Commodity Swaps 502,000 Fixed 0.140% Dow Jones Natural Gas Index US$ 31/01/2013 (45) (0.45) 100,000 Fixed 0.150% Dow Jones Brent Crude Oil Index US$ 31/01/2013 1 0.01 75,000 Fixed 0.150% Dow Jones Gasoline Index US$ 31/01/2013 0 0.00 241,000 Fixed 0.150% Dow Jones Heating Oil Index US$ 31/01/2013 (4) (0.04) 332,000 Fixed 0.150% Dow Jones WTI Crude Oil Index US$ 31/01/2013 11 0.11 81,000 Fixed 0.160% Dow Jones Aluminium Index US$ 31/01/2013 1 0.01 372,000 Fixed 0.160% Dow Jones Copper Index US$ 31/01/2013 2 0.02 78,000 Fixed 0.170% Dow Jones Tin Index US$ 31/01/2013 6 0.06 93,000 Fixed 0.180% Dow Jones Nickel Index US$ 31/01/2013 (1) (0.01) 339,000 Fixed 0.180% Dow Jones Soybean Oil Index US$ 31/01/2013 (5) (0.05) 444,000 Fixed 0.180% Dow Jones Soybeans Index US$ 31/01/2013 (8) (0.08) 213,000 Fixed 0.180% Dow Jones Zinc Index US$ 31/01/2013 2 0.02 26,000 Fixed 0.180% S&P GSCI Palladium Index US$ 31/01/2013 1 0.01 6,252,000 Fixed 0.190% Dow Jones Commodity Index US$ 31/01/2013 (199) (1.98) 383,000 Fixed 0.200% Dow Jones Wheat Index US$ 31/01/2013 (44) (0.44) 311,000 Fixed 0.210% Dow Jones Corn Index US$ 31/01/2013 (24) (0.24) 467,000 Fixed 0.210% Dow Jones Gold Index US$ 31/01/2013 (16) (0.15) 104,000 Fixed 0.210% Dow Jones Platinium Index US$ 31/01/2013 (5) (0.05) 132,000 Fixed 0.210% Dow Jones Silver Index US$ 31/01/2013 (16) (0.16) 20,000 Fixed 0.210% Dow Jones Sugar Index US$ 31/01/2013 0 0.00 33,000 Fixed 0.220% Dow Jones Coffee Index US$ 31/01/2013 3 0.03 44,000 Fixed 0.230% Dow Jones Cotton Index US$ 31/01/2013 (1) (0.01) 35,000 Fixed 0.250% Dow Jones Lean Hogs Index US$ 31/01/2013 0 0.00 106,000 Fixed 0.250% Dow Jones Live Cattle Index US$ 31/01/2013 0 0.00 MARKET VALUE ON SWAPS (341) (3.39) MARKET VALUE OF INVESTMENTS (cost (000) US$ 0) (341) (3.39) OTHER ASSETS AND LIABILITIES 10,391 103.39 SHAREHOLDERS’ EQUITY 10,050 100.00

Investec Global Strategy Fund | 231 Statement of Operations for the year ended 31 December 2012

Combined Total Combined Total Year Ended Year Ended Euro Sterling 31 December 31 December Money Money 2011 2012 Fund Fund (000) US$ (000) US$ (000) EUR (000) GBP Notes* Income 179,097 Dividends 1f ) 191,750 – – 251,271 Interest income 1e) 332,823 107 503 7,192 Income from securities lending 16 5,758 – – (1,083) Other income (550) – 6 436,477 Total income 529,781 107 509 Expenses 7 152,499 Investment Management fee 153,716 92 358 28,150 Administration fees 28,311 18 36 9,512 Custody fees 11,839 7 12 4,216 Taxe d’abonnement 4,201 4 7 10,640 Other expenses 12,771 19 29 205,017 Total expenses 210,838 140 442 231,460 Net income/(expense) for the year 318,943 (33) 67 196,143 Net realised gain/(loss) 6 (476,978) (141) (156) (2,163,216) Net change in unrealised gain/(loss) 6 1,975,636 10 (2) (1,735,613) Net investment income gain/(loss) 1,817,601 (164) (91)

* The accompanying notes are an integral part of these financial statements.

232 | Investec Global Strategy Fund Emerging Emerging Emerging Emerging Emerging U.S. Dollar Markets Markets Managed Africa High Markets Markets Markets Hard Money Currency Currency Currency Income Blended Corporate Currency Fund Alpha Fund Fund Fund Fund Debt Fund Debt Fund Debt Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

– 21 1 – 59 108 – – 958 395 3,085 681 562 3,135 5,744 4,114 – – 4 – – 5 74 13 – – (2) 1 (2) – – – 958 416 3,088 682 619 3,248 5,818 4,127

508 26 377 792 – 34 151 36 132 5 94 208 – 7 26 7 52 22 70 22 8 49 37 30 28 8 12 50 1 9 18 9 94 65 56 43 19 54 76 49 814 126 609 1,115 28 153 308 131 144 290 2,479 (433) 591 3,095 5,510 3,996 (252) 5,516 (3,877) 970 215 (1,505) (4,281) (884) 12 333 7,244 3,813 4 5,866 12,056 8,033 (96) 6,139 5,846 4,350 810 7,456 13,285 11,145

Statement of Operations continued over

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 233 Statement of Operations (continued) for the year ended 31 December 2012

Emerging Emerging Emerging Markets Markets Markets Local Global Investment Local Currency Global Defensive Grade Currency Dynamic Bond Bond Debt Fund Debt Fund Debt Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Income Dividends 1f ) – 288 – – – Interest income 1e) 13,615 168,292 32,627 4,803 897 Income from securities lending 16 11 – 16 34 6 Other income 23 – – 35 (1) Total income 13,649 168,580 32,643 4,872 902 Expenses 7 Investment Management fee 1,648 15,946 1,710 1,567 2 Administration fees 353 3,010 341 449 – Custody fees 277 3,431 748 82 17 Taxe d’abonnement 25 428 68 69 3 Other expenses 109 1,968 215 203 56 Total expenses 2,412 24,783 3,082 2,370 78 Net income/(expense) for the year 11,237 143,797 29,561 2,502 824 Net realised gain/(loss) 6 (18,004) (127,983) (17,940) (1,307) (2,213) Net change in unrealised gain/(loss) 6 31,990 290,713 55,004 3,583 1,933 Net investment income gain/(loss) 25,223 306,527 66,625 4,778 544

* The accompanying notes are an integral part of these financial statements.

234 | Investec Global Strategy Fund Global Investment Latin Emerging Global Strategic High Grade American Markets Strategic Multi-Asset Africa & Income Income Corporate Corporate Multi-Asset Managed Protector Middle Fund Bond Fund Bond Fund Debt Fund Fund Fund Fund (USD) East Fund (000) US$ (000) EUR (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

787 – 3 – 490 6,927 44 835 26,900 5,992 7,656 45,054 1,190 4,085 1 60 179 80 54 11 3 195 – – 246 2 (3) 32 (2) 101 – (3) 28,112 6,074 7,710 45,097 1,681 11,308 45 892

6,129 521 1,650 9,496 4 6,422 56 89 1,305 116 456 1,685 1 1,250 11 12 380 31 65 269 47 207 1 32 225 25 76 285 7 174 1 3 878 87 318 1,757 94 554 20 36 8,917 780 2,565 13,492 153 8,607 89 172 19,195 5,294 5,145 31,605 1,528 2,701 (44) 720 (4,338) (5,018) 9,993 (9,268) 13 12,006 41 (5,459) 50,012 11,138 8,890 59,653 8,998 43,853 55 7,839 64,869 11,414 24,028 81,990 10,539 58,560 52 3,100

Statement of Operations continued over

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 235 Statement of Operations (continued) for the year ended 31 December 2012

Asia Africa American Pacifi c Asian Opportunities Equity Equity Equity EAFE Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Income Dividends 1f ) 3,263 913 7,715 49,261 371 Interest income 1e) 4 25 3 13 – Income from securities lending 16 – 33 23 113 10 Other income 75 29 (21) (870) (3) Total income 3,342 1,000 7,720 48,517 378 Expenses 7 Investment Management fee 824 1,306 2,258 19,742 1 Administration fees 130 254 452 3,923 – Custody fees 135 32 289 2,407 8 Taxe d’abonnement 11 37 61 455 2 Other expenses 67 100 121 1,056 33 Total expenses 1,167 1,729 3,181 27,583 44 Net income/(expense) for the year 2,175 (729) 4,539 20,934 334 Net realised gain/(loss) 6 (4,855) (11,883) (8,908) (18,418) 51 Net change in unrealised gain/(loss) 6 19,689 25,724 64,586 367,601 2,790 Net investment income gain/(loss) 17,009 13,112 60,217 370,117 3,175

* The accompanying notes are an integral part of these financial statements.

236 | Investec Global Strategy Fund Emerging Enhanced Enhanced Global Global Markets Global Natural European Contrarian Global Endurance Global Equity Energy Resources Equity Equity Dynamic Equity Energy Fund Fund Fund Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

5,992 36 911 1,569 1,166 13,357 39 22,133 2 13 16 1 30 8 – 55 13 40 258 103 60 403 – 1,304 (35) (2) 9 1 (2) 29 – (73) 5,972 87 1,194 1,674 1,254 13,797 39 23,419

52 381 1,237 899 192 3,289 – 20,749 10 58 173 176 38 659 – 3,541 275 17 44 26 19 290 1 479 26 5 18 31 5 92 1 538 118 85 148 40 52 226 1 707 481 546 1,620 1,172 306 4,556 3 26,014 5,491 (459) (426) 502 948 9,241 36 (2,595) (19,976) (5,878) (11,530) 5,005 558 26,017 (6) (237,835) 51,034 10,464 10,817 9,728 3,202 67,114 340 263,012 36,549 4,127 (1,139) 15,235 4,708 102,372 370 22,582

Statement of Operations continued over

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 237 Statement of Operations (continued) for the year ended 31 December 2012

Global Global Energy Global Global Global Natural Long Short Equity Franchise Gold Resources Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Income Dividends 1f ) 14 10,757 9,144 4,059 9,639 Interest income 1e) 8 4 35 22 10 Income from securities lending 16 17 327 133 158 1,229 Other income 7 (14) (9) 15 16 Total income 46 11,074 9,303 4,254 10,894 Expenses 7 Investment Management fee 11 4,867 4,271 7,658 7,919 Administration fees 2 971 819 1,292 1,424 Custody fees 7 276 151 197 209 Taxe d’abonnement 3 98 128 220 236 Other expenses 67 182 471 494 1,143 Total expenses 90 6,394 5,840 9,861 10,931 Net income/(expense) for the year (44) 4,680 3,463 (5,607) (37) Net realised gain/(loss) 6 (1,942) 23,898 (8,908) (40,917) (83,998) Net change in unrealised gain/(loss) 6 3,281 52,283 58,102 2,370 84,044 Net investment income gain/(loss) 1,295 80,861 52,657 (44,154) 9

* The accompanying notes are an integral part of these financial statements.

238 | Investec Global Strategy Fund Global Latin American Global Strategic Latin Smaller Middle East & U.K. Dynamic Opportunity Equity American Companies North Africa Equity Commodities Equity Fund Fund Equity Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) GBP (000) US$

14,831 23,197 1,129 783 418 940 – 31 7 – – 46 1 1 335 479 9 – – 2 – (2) (147) (11) (5) (1) 17 – 15,195 23,536 1,127 778 463 960 1

4,999 22,718 662 1,046 13 394 – 999 3,399 125 159 2 78 – 256 530 76 180 19 – 2 72 557 18 17 1 13 1 198 390 84 46 25 19 41 6,524 27,594 965 1,448 60 504 44 8,671 (4,058) 162 (670) 403 456 (43) (5,917) 104,512 (2,133) 765 (1,303) 1,119 283 84,847 117,049 10,776 48,163 2,045 1,757 (414) 87,601 217,503 8,805 48,258 1,145 3,332 (174)

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 239 Statement of Changes in Shareholders’ Equity for the year ended 31 December 2012

Combined Total Combined Total Year Ended Year Ended Euro Sterling 31 December 31 December Money Money 2011 2012 Fund Fund (000) US$ (000) US$ (000) EUR (000) GBP Notes* Shareholders’ equity at the start 12,455,164 of the Year 13,762,217 38,528 79,276 11,787,838 Proceeds from shares issued 9,777,421 8,507 11,044 (8,652,604) Payment for shares redeemed (7,038,666) (12,925) (26,208) 448 Equalisation 33,761 (1) (10) Net investment income gain/(loss) (1,735,613) for the year 1,817,601 (164) (91) (89,895) Distributions 15 (119,315) – (14) (3,121) Currency adjustments 10,242 – – 13,762,217 Shareholders’ equity at 31 December 2012 18,243,261 33,945 63,997

Statement of Assets and Liabilities as at 31 December 2012

Combined Total Combined Total Year Ended Year Ended Euro Sterling 31 December 31 December Money Money 2011 2012 Fund Fund (000) US$ (000) US$ (000) EUR (000) GBP Notes* Assets Investments, at value, excluding forward 12,946,064 currency, futures and swap contracts 1c) 17,314,411 19,298 57,492 218,937 Derivatives 1c) 153,560 – – 693,946 Cash and cash equivalents 1d) 776,699 14,856 6,330 127,930 Debtors 8 187,229 72 256 13,986,877 Total Assets 18,431,899 34,226 64,078 Liabilities 30,433 Bank overdraft 39,021 – – 73,099 Derivatives 1c) 45,434 – – 32,046 Distribution Payable on Income Shares 15 33,639 – – 89,082 Creditors 9 70,544 281 81 224,660 Total Liabilities 188,638 281 81 13,762,217 Shareholders’ equity 18,243,261 33,945 63,997

The accounts on pages 23 to 297 were approved by the Board of Directors on 24 April 2013 and are signed on its behalf by:

G D Cameron G D Cremen

Director Director

* The accompanying notes are an integral part of these financial statements.

240 | Investec Global Strategy Fund Emerging Emerging Emerging Emerging Emerging U.S. Dollar Markets Markets Managed Africa High Markets Markets Markets Hard Money Currency Currency Currency Income Blended Corporate Currency Fund Alpha Fund Fund Fund Fund Debt Fund Debt Fund Debt Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

218,330 67,084 98,006 119,619 9,413 51,347 64,603 73,287 287,204 29,318 48,183 1,521 696 78,538 147,845 25,797 (192,632) (31,207) (24,263) (35,211) (9) (559) (9,232) (20,363) 15 (24) 640 (3) 3 3,274 4,426 (27)

(96) 6,139 5,846 4,350 810 7,456 13,285 11,145 (33) – (2) – (722) (68) (41) (61) ––––––– – 312,788 71,310 128,410 90,276 10,191 139,988 220,886 89,778

Statement of Changes in Shareholders’ Equity continued over

Emerging Emerging Emerging Emerging Emerging U.S. Dollar Markets Markets Managed Africa High Markets Markets Markets Hard Money Currency Currency Currency Income Blended Corporate Currency Fund Alpha Fund Fund Fund Fund Debt Fund Debt Fund Debt Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

299,443 68,544 107,297 83,010 6,768 120,655 196,120 85,774 – 1,097 1,155 1,214 51 535 – 39 14,327 3,195 20,845 7,608 3,372 17,670 21,539 3,361 441 43 538 158 128 1,889 3,505 1,409 314,211 72,879 129,835 91,990 10,319 140,749 221,164 90,583

– – – – – 233 – 725 – 1,509 753 1,614 64 417 124 22 12–1 –4418158 1,411 60 671 100 20 93 139 50 1,423 1,569 1,425 1,714 128 761 278 805 312,788 71,310 128,410 90,276 10,191 139,988 220,886 89,778

Statement of Assets and Liabilities continued over

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 241 Statement of Changes in Shareholders’ Equity (continued) for the year ended 31 December 2012

Emerging Emerging Emerging Markets Markets Markets Local Global Investment Local Currency Global Defensive Grade Currency Dynamic Bond Bond Debt Fund Debt Fund Debt Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Shareholders’ equity at the start of the Year 221,974 2,315,258 256,851 154,994 28,905 Proceeds from shares issued 56,835 1,446,489 714,542 140,253 2,521 Payment for shares redeemed (44,002) (1,376,081) (65,853) (61,770) (37) Equalisation 521 (4,929) 21,614 663 2 Net investment income gain/(loss) for the year 25,223 306,527 66,625 4,778 544 Distributions 15 – (61,896) (517) (417) (877) Currency adjustments – – – – – Shareholders’ equity at 31 December 2012 260,551 2,625,368 993,262 238,501 31,058

Statement of Assets and Liabilities (continued) as at 31 December 2012

Emerging Emerging Emerging Markets Markets Markets Local Global Investment Local Currency Global Defensive Grade Currency Dynamic Bond Bond Debt Fund Debt Fund Debt Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Assets Investments, at value, excluding forward currency, futures and swap contracts 1c) 241,446 2,388,182 911,425 219,763 28,935 Derivatives 1c) 1,380 132,421 5,973 1,350 216 Cash and cash equivalents 1d) 14,149 83,537 66,718 21,838 2,805 Debtors 8 5,486 55,341 16,702 3,560 359 Total Assets 262,461 2,659,481 1,000,818 246,511 32,315 Liabilities Bank overdraft 405 3,938 1,943 4,123 594 Derivatives 1c) 1,167 14,039 4,287 3,193 457 Distribution Payable on Income Shares 15 – 11,914 112 166 202 Creditors 9 338 4,222 1,214 528 4 Total Liabilities 1,910 34,113 7,556 8,010 1,257 Shareholders’ equity 260,551 2,625,368 993,262 238,501 31,058

* The accompanying notes are an integral part of these financial statements.

242 | Investec Global Strategy Fund Global Investment Latin Emerging Global Strategic High Grade American Markets Strategic Multi-Asset Africa & Income Income Corporate Corporate Multi-Asset Managed Protector Middle Fund Bond Fund Bond Fund Debt Fund Fund Fund Fund (USD) East Fund (000) US$ (000) EUR (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

744,781 77,506 224,523 337,144 19,469 515,910 3,778 25,835 526,323 18,687 78,168 789,459 106,332 158,475 738 2,042 (623,533) (13,054) (120,474) (137,034) (5,947) (231,822) (4,568) (30,382) (561) (62) (118) 6,485 2,647 (222) – (595)

64,869 11,414 24,028 81,990 10,539 58,560 52 3,100 (11,427) (2,273) (4,940) (19,162) – (137) – – –––––––– 700,452 92,218 201,187 1,058,882 133,040 500,764 – –

Statement of Changes in Shareholders’ Equity continued over

Global Investment Latin Emerging Global Strategic High Grade American Markets Strategic Multi-Asset Africa & Income Income Corporate Corporate Multi-Asset Managed Protector Middle Fund Bond Fund Bond Fund Debt Fund Fund Fund Fund (USD) East Fund (000) US$ (000) EUR (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

669,016 84,098 182,206 969,333 127,645 492,106 – – 4,558 189 274 85 290 2,494 – – 39,229 7,341 21,962 76,715 4,552 10,815 – – 19,501 2,728 7,676 20,319 1,248 2,526 – – 732,304 94,356 212,118 1,066,452 133,735 507,941 – –

14,559 32 7,922 – 26 1,725 – – 9,764 15 1,481 107 251 4,202 – – 1,009 612 863 2,245 – 137 – – 6,520 1,479 665 5,218 418 1,113 – – 31,852 2,138 10,931 7,570 695 7,177 – – 700,452 92,218 201,187 1,058,882 133,040 500,764 – –

Statement of Assets and Liabilities continued over

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 243 Statement of Changes in Shareholders’ Equity (continued) for the year ended 31 December 2012

Asia Africa American Pacifi c Asian Opportunities Equity Equity Equity EAFE Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Shareholders’ equity at the start of the Year 77,386 158,443 149,300 1,574,149 13,389 Proceeds from shares issued 63,352 11,303 293,371 1,109,759 268 Payment for shares redeemed (53,909) (124,226) (88,861) (773,808) (2) Equalisation 119 – 1,169 403 – Net investment income gain/(loss) for the year 17,009 13,112 60,217 370,117 3,175 Distributions 15 – – (1,033) (731) (334) Currency adjustments – – – – – Shareholders’ equity at 31 December 2012 103,957 58,632 414,163 2,279,889 16,496

Statement of Assets and Liabilities (continued) as at 31 December 2012

Asia Africa American Pacifi c Asian Opportunities Equity Equity Equity EAFE Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Assets Investments, at value, excluding forward currency, futures and swap contracts 1c) 94,568 53,611 405,768 2,238,764 16,733 Derivatives 1c) – – – – – Cash and cash equivalents 1d) 11,282 4,972 9,080 42,469 84 Debtors 8 713 405 1,051 4,617 16 Total Assets 106,563 58,988 415,899 2,285,850 16,833 Liabilities Bank overdraft – – – – – Derivatives 1c) – – – – – Distribution Payable on Income Shares 15 – – 1,033 731 334 Creditors 9 2,606 356 703 5,230 3 Total Liabilities 2,606 356 1,736 5,961 337 Shareholders’ equity 103,957 58,632 414,163 2,279,889 16,496

* The accompanying notes are an integral part of these financial statements.

244 | Investec Global Strategy Fund Emerging Enhanced Enhanced Global Global Markets Global Natural European Contrarian Global Endurance Global Equity Energy Resources Equity Equity Dynamic Equity Energy Fund Fund Fund Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

123,390 61,903 145,197 53,213 31,025 446,667 – 1,381,979 169,836 653 35,299 12,482 27,217 188,898 17,047 555,633 (26,461) (28,431) (63,455) (11,233) (1,784) (43,199) – (769,210) 870 – (1) (12) 139 303 – (527)

36,549 4,127 (1,139) 15,235 4,708 102,372 370 22,582 (737) – – (328) – (5,572) – (199) –––––– –– 303,447 38,252 115,901 69,357 61,305 689,469 17,417 1,190,258

Statement of Changes in Shareholders’ Equity continued over

Emerging Enhanced Enhanced Global Global Markets Global Natural European Contrarian Global Endurance Global Equity Energy Resources Equity Equity Dynamic Equity Energy Fund Fund Fund Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$

302,254 31,059 105,535 68,349 56,479 692,555 16,851 1,171,324 –9743– – – –– 1,965 8,038 12,207 1,507 4,794 2,530 543 17,119 1,779 18 247 175 78 806 25 9,195 305,998 39,212 118,032 70,031 61,351 695,891 17,419 1,197,638

– 618 542 – – 11 – 313 – 216 1,248 – – – – – 737 – – 328 – 5,571 – 199 1,814 126 341 346 46 840 2 6,868 2,551 960 2,131 674 46 6,422 2 7,380 303,447 38,252 115,901 69,357 61,305 689,469 17,417 1,190,258

Statement of Assets and Liabilities continued over

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 245 Statement of Changes in Shareholders’ Equity (continued) for the year ended 31 December 2012

Global Global Energy Global Global Global Natural Long Short Equity Franchise Gold Resources Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Shareholders’ equity at the start of the Year 25,031 511,379 259,435 494,550 627,536 Proceeds from shares issued 13 342,155 554,282 493,943 206,634 Payment for shares redeemed (2,920) (350,047) (106,764) (402,797) (273,694) Equalisation – (2,607) 2,355 – 249 Net investment income gain/(loss) for the year 1,295 80,861 52,657 (44,154) 9 Distributions 15 – (1,672) (495) (329) – Currency adjustments – – – – – Shareholders’ equity at 31 December 2012 23,419 580,069 761,470 541,213 560,734

Statement of Assets and Liabilities (continued) as at 31 December 2012

Global Global Energy Global Global Global Natural Long Short Equity Franchise Gold Resources Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Notes* Assets Investments, at value, excluding forward currency, futures and swap contracts 1c) 15,311 576,824 708,007 514,578 540,430 Derivatives 1c) 13 – – – – Cash and cash equivalents 1d) 8,255 5,334 55,985 24,900 20,808 Debtors 8 9 272 6,274 5,254 2,733 Total Assets 23,588 582,430 770,266 544,732 563,971 Liabilities Bank overdraft – – – – – Derivatives 1c) 132 – – – – Distribution Payable on Income Shares 15 – 1,671 495 329 – Creditors 9 37 690 8,301 3,190 3,237 Total Liabilities 169 2,361 8,796 3,519 3,237 Shareholders’ equity 23,419 580,069 761,470 541,213 560,734

* The accompanying notes are an integral part of these financial statements.

246 | Investec Global Strategy Fund Global Latin American Global Strategic Latin Smaller Middle East & U.K. Dynamic Opportunity Equity American Companies North Africa Equity Commodities Equity Fund Fund Equity Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) GBP (000) US$

563,309 1,123,101 50,504 – 16,382 26,053 10,072 573,322 132,295 12,405 279,865 373 1,375 1,116 (455,540) (278,906) (31,531) (36,777) (17,499) (4,265) (964) (1,676) (241) (37) – (401) (37) –

87,601 217,503 8,805 48,258 1,145 3,332 (174) (3,315) (766) – – – (354) – –– – – –– – 763,701 1,192,986 40,146 291,346 – 26,104 10,050

Global Latin American Global Strategic Latin Smaller Middle East & U.K. Dynamic Opportunity Equity American Companies North Africa Equity Commodities Equity Fund Fund Equity Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) GBP (000) US$

719,982 1,186,900 39,954 288,369 – 26,266 – –– – – –– 26 48,594 10,786 597 317 – 187 10,411 693 2,520 945 4,357 – 58 12 769,269 1,200,206 41,496 293,043 – 26,511 10,449

– – 1 1,301 – – – – – – – – – 367 3,315 767 – – – 354 – 2,253 6,453 1,349 396 – 53 32 5,568 7,220 1,350 1,697 – 407 399 763,701 1,192,986 40,146 291,346 – 26,104 10,050

* The accompanying notes are an integral part of these financial statements.

Investec Global Strategy Fund | 247 Notes forming part of the financial statements

1. Principal accounting policies The following accounting principles have been applied consistently in dealing with items which are considered material in relation to the financial statements of the Fund: a) Basis of preparation The financial statements are presented in their presentation currency and rounded to the nearest thousand. The financial statements have been prepared in accordance with the Luxembourg law on Undertakings for Collective Investment. The preparation of financial statements requires management to make estimates and assumptions that may affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. b) Presentation of combined totals The combined totals presented in the financial statements represent the aggregation of all the Sub-Funds net assets and operations in US Dollars. Cross-holdings between Sub-Funds within the Fund have not been eliminated from these totals. c) Foreign currency translation Items are recorded in the Fund’s records in the relevant functional currency of each Sub-Fund, the functional currencies of the Sub-Funds include British Pound Sterling, Euro and US Dollars. These currencies are identified based on the currency in which the Shares of that Sub-Fund are issued and the currency in which the investors of that Sub-Fund are seeking investment returns. The presentation currency of the Fund as a whole is US Dollars and the results of the Sub-Funds have been aggregated into US Dollars using the exchange rate ruling at the year-end date for the Statement of Assets and Liabilities and the average rate for the Statement of Operations and the Statement of Changes in Shareholders’ Equity. The adjustment in US Dollar terms arising from this aggregation is classified as a currency adjustment in the Statement of Changes in Shareholders’ Equity. This adjustment has no effect on the value of the net assets allocated to individual Sub-Funds. Transactions in foreign currencies are translated into the functional currency of the relevant Sub-Fund at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency of the relevant Sub-Fund at the closing exchange rate ruling at the Statement of Assets and Liabilities date. Foreign currency exchange differences arising on translation and realised gains and losses on disposals or settlements of monetary assets and liabilities are recognised in the Statement of Operations. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency of the relevant Sub-Fund at the foreign exchange rate ruling at the dates the values were determined. Foreign currency exchange differences relating to investments are included in gains and losses on investments. All other foreign currency exchange differences relating to monetary items, including cash and cash equivalents, are presented separately in the Statement of Operations. d) Valuation of financial Instruments The value of any cash on hand or on deposit, bills and demand notes, accounts receivable, prepaid expenses, cash dividends and interest declared and accrued as aforesaid, and not yet received, shall be deemed to be the full amount thereof. If the above is unlikely to be paid or received in full, the value thereof shall be determined after making such discount as the Board of Directors may consider appropriate, to reflect the true value thereof. The value of Transferable Securities and Money Market Instruments and any other assets which are quoted or dealt in on any stock exchange is based on the latest available price. Each Transferable Security and Money Market Instrument and any other assets traded on any Other Regulated Market shall be valued in a manner as similar as possible to that provided for quoted securities. The fair value of investments is based on their quoted market prices at the Balance Sheet date. Financial assets are priced at current market prices. If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for a non-exchange-traded financial instrument, the fair value of the instrument is estimated using valuation techniques. If none of the above methods of valuation are appropriate for any investment or if in any case a particular value is not ascertainable, or if the Directors shall, having first sought appropriate advice, consider that some other method of valuation better reflects the fair value of the relevant investment then in any such case the method of valuation of the relevant investment shall be such as the Directors shall decide having regard to the circumstances and/or the nature of the investment. The fair value of the forward contracts and futures contracts is estimated as the amount the Sub-Fund would receive or pay to terminate the contract at the Balance Sheet date. Shares or units underlying open-ended Undertakings for Collective Investment (UCIs) are valued at their last determined and available Net Asset Value. Money market instruments with a remaining maturity of less than ninety days are valued at cost plus accrued interest. Money market instruments with a remaining maturity of more than ninety days are valued at their market price. The liquidation value of futures, forward and options contracts not traded on exchanges or on Other Regulated Markets shall mean their net liquidating value determined, pursuant to the policies established by the Board of Directors. The liquidating value of futures, forward and options contracts traded on exchanges or on Other Regulated Markets shall be based upon the last available settlement prices of these contracts on exchanges and/or Regulated Markets on which the particular futures, forward or options contracts are traded by the Sub-Fund. The value of a credit default swap shall be determined by comparing it to the prevailing par market swap. Fair value adjustments Events may occur between the determination of an investment’s last available price and the determination of a Sub-Fund’s Net Asset per Share at the valuation point that may, in the opinion of the Directors, mean that the last available price does not truly reflect the true market value of the investment. In such circumstances, a fair value adjustment factor is applied to the price of such investments in accordance with applicable trigger rules.

248 | Investec Global Strategy Fund e) Cash and cash equivalents Cash comprises current accounts as well as term deposits with banks. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value. f) Interest income Interest income is recognised in the Statement of Operations as it accrues, using the interest rate of the instrument calculated at the year-end date. Interest income also includes the amortisation of any discount or premium with regards to zero coupon bonds and money market instruments valued at amortised cost, transaction costs or other differences between the initial carrying amount of an interest bearing instrument and its amount at maturity. g) Dividend income Dividend income is recognised in the Statement of Operations on the ex-dividend date. In some cases, the Sub-Fund may receive dividends in the form of additional Shares rather than cash. In such cases the Sub-Fund recognises the value of the cash dividend alternative as dividend income. h) Expenses All expenses are recognised in the Statement of Operations on an accruals basis. Where formation costs have been incurred, these are capitalised and amortised over a period not exceeding five years. i) Income and expense allocation The allocation of income and expenses to each Share Class is based upon the proportion of the Sub-Fund’s net assets of each Share Class on the day the income is earned or the expense is suffered. j) Taxation The Fund is not subject to any Luxembourg income tax, nor are dividends paid by the Fund subject to any withholding tax. However, the Fund is liable in Luxembourg to a subscription tax (taxe d’abonnement) of 0.05% per annum, such tax being payable quarterly and calculated on the total Net Asset Value of the respective Class of share at the end of the relevant quarter. A reduced tax rate of 0.01% per annum of the net assets will be applicable to Class I Shares, G Shares and S Shares which are only sold to and held by Institutional Investors and to all Classes of the US Dollar Money Fund, the Sterling Money Fund and the Euro Money Fund. Such tax is payable quarterly and calculated on the net assets of such Class at the end of the relevant quarter. k) Performance Fees An annual performance fee in respect of the A, C, F, I and IX Share Classes may be payable on Emerging Markets Currency Alpha Fund, Enhanced Global Energy Fund, Enhanced Natural Resources Fund, Dynamic Commodities Fund, and the A Shares of the Global Energy Long Short Fund, depending on performance of that class. 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. 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 Investment Manager will not refund performance fees to the Sub-Fund(s) after they have been paid at any Crystallisation Point. Performance fees payable as at the year-end, if any, are recorded under the creditor balance of the Statement of Assets and Liabilities and under the Other Expenses caption of the Statement of Operations as disclosed in note 7. No performance fee has been calculated with regards to the Dynamic Commodities Fund as this Sub-Fund only had an S Share Class in issue as at 31 December 2012. The performance fee for IX Share Classes will start accruing from 31 March 2013.

2. Equalisation The Net Asset Value per Share of each Income Share includes a payment for equalization representing undistributed income accrued since the last ex-dividend date. Equalisation is a payment by a person who subscribes for Shares, and is calculated by dividing the relevant proportion of the net undistributed income of the Share Classes, by the number of such Shares in issue at the date on which the subscription is made. Equalisation is repaid to the shareholders on the occurrence of the redemption of the Shares or on the payment of a dividend.

Investec Global Strategy Fund | 249 Notes forming part of the financial statements (continued)

3. Currency exchange rates The currency exchange rates against the US Dollar as at the following year-end dates were as follows:

31 December 2012 31 December 2011 British Pound Sterling 0.6156 0.6446 Euro 0.7576 0.7716 Argentine Peso 4.9155 4.3030 Australian Dollar 0.9630 0.9765 Botswana Pula 7.7851 7.4683 Brazilian Real 2.0475 1.8653 Canadian Dollar 0.9947 1.0168 Chilean Peso 478.7500 519.5000 Colombian Peso 1,767.0000 1,938.5000 Czech Koruna 19.0083 19.7327 Danish Krone 5.6523 5.7362 Egyptian Pound 6.3600 6.0308 Ghana Cedi 1.9045 1.6395 Hong Kong Dollar 7.7509 7.7662 Hungarian Forint 220.7357 243.2386 Indian Rupee 54.7900 53.1050 Indonesian Rupiah 9,637.5000 9,067.5000 Israeli Shekel 3.7353 3.8110 Japanese Yen 86.6350 77.0050 Kenyan Shilling 86.0000 85.1000 Malaysian Ringgit 3.0580 3.1700 Mexican Peso 12.9263 13.9735 Moroccan Dirham 8.4528 8.5709 New Taiwan Dollar 29.0390 30.2790 New Zealand Dollar 1.2101 1.2833 Nigerian Naira 156.1500 162.3000 Norwegian Krone 5.5578 5.9701 Peruvian Nouveau Sol 2.5525 2.6965 Philippine Peso 41.0625 43.8550 Polish Zloty 3.0952 3.4473 Romanian Leu 3.3706 3.3377 Russian Ruble 30.5520 32.1790 Serbian Dinar 85.1200 81.8700 Singapore Dollar 1.2216 1.2967 South African Rand 8.4775 8.0699 South Korean Won 1,070.5750 1,152.0000 Swedish Krona 6.5032 6.8745 Swiss Franc 0.9147 0.9380 Thailand Baht 30.5900 31.5500 Tunisian Dinar 1.5522 1.4934 Turkish Lira 1.7840 1.8913 Uganda Shilling 2,690.0000 2,480.0000 Uruguayan Peso 19.1800 19.9000 Yuan Renminbi 6.2303 6.2940

250 | Investec Global Strategy Fund 4. Transaction Costs For the year ended 31 December 2012, the Fund incurred transaction costs related to purchases and sales of transferable securities as follows:

Total Transaction Costs Fund Currency (000) Euro Money Fund EUR – Sterling Money Fund GBP – U.S. Dollar Money Fund US$ – Emerging Markets Currency Alpha Fund US$ – Emerging Markets Currency Fund US$ – Managed Currency Fund US$ – Africa High Income Fund US$ – Emerging Markets Blended Debt Fund US$ 24 Emerging Markets Corporate Debt Fund US$ – Emerging Markets Hard Currency Debt Fund US$ – Emerging Markets Investment Grade Debt Fund US$ 3 Emerging Markets Local Currency Debt Fund US$ 1,466 Emerging Markets Local Currency Dynamic Debt Fund US$ 157 Global Bond Fund US$ 2 Global Defensive Bond Fund US$ 4 Global Strategic Income Fund US$ 123 High Income Bond Fund EUR – Investment Grade Corporate Bond Fund US$ – Latin American Corporate Debt Fund US$ – Emerging Markets Multi-Asset Fund US$ 101 Global Strategic Managed Fund US$ 346 Multi-Asset Protector Fund (USD) US$ – Africa & Middle East Fund US$ 144 Africa Opportunities Fund US$ 345 American Equity Fund US$ 184 Asia Pacifi c Equity Fund US$ 824 Asian Equity Fund US$ 5,158 EAFE Fund US$ 25 Emerging Markets Equity Fund US$ 590 Enhanced Global Energy Fund US$ 212 Enhanced Natural Resources Fund US$ 429 European Equity Fund US$ 139 Global Contrarian Equity Fund US$ 53 Global Dynamic Fund US$ 886 Global Endurance Equity Fund US$ 3 Global Energy Fund US$ 3,286 Global Energy Long Short Fund US$ 75 Global Equity Fund US$ 409 Global Franchise Fund US$ 753 Global Gold Fund US$ 416 Global Natural Resources Fund US$ 2,049 Global Opportunity Equity Fund US$ 218 Global Strategic Equity Fund US$ 1,136 Latin American Equity Fund US$ 90 Latin American Smaller Companies Fund US$ 392 Middle East & North Africa Fund US$ 63 U.K. Equity Fund GBP 59 Dynamic Commodities Fund US$ –

Investec Global Strategy Fund | 251 Notes forming part of the financial statements (continued)

5. Outstanding Shares in issue The following summarises the activity in the Shares in issue for the year ended 31 December 2012. Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Euro Money Fund “A” Accumulation Gross Share Class EUR 431,650 113,987 149,983 395,654 “A” Income Gross Share Class EUR 231,751 5,637 68,444 168,944 “C” Income Gross Share Class EUR 283 2 202 83 “D” Accumulation Gross Share Class EUR 31,429 3,975 9,666 25,738 “D” Income Gross Share Class EUR 19,864 3,066 4,573 18,357 Euro Money Fund Total 714,977 126,667 232,868 608,776 Sterling Money Fund “A” Accumulation Gross Share Class GBP 1,114,042 160,201 377,605 896,638 “A” Income Gross Share Class GBP 1,445,824 97,877 435,936 1,107,765 “C” Income Gross Share Class GBP 128 – 128 – “D” Accumulation Gross Share Class GBP 28,114 16,010 6,342 37,782 “D” Income Gross Share Class GBP 50,075 50 22,775 27,350 Sterling Money Fund Total 2,638,183 274,138 842,786 2,069,535 U.S. Dollar Money Fund “A” Accumulation Gross Share Class US$ 2,330,282 1,154,071 1,501,481 1,982,872 “A” Income Gross Share Class US$ 1,468,728 2,147,725 2,465,594 1,150,859 “C” Income Gross Share Class US$ 37,676 43,424 51,840 29,260 “D” Accumulation Gross Share Class US$ 320,455 2,081,639 358,277 2,043,817 “D” Income Gross Share Class US$ 15,327 2,565 1,143 16,749 “F” Accumulation Gross Share Class US$ 366,147 98,260 297,602 166,805 “I” Accumulation Gross Share Class US$ 320,625 1,525,719 705,383 1,140,961 US Dollar Money Fund Total 4,859,240 7,053,403 5,381,320 6,531,323 Emerging Markets Currency Alpha Fund “A” Accumulation Gross Share Class US$ 109,689 5,470 32,307 82,852 “S” Accumulation Gross Share Class US$ 2,202,331 461,009 981,369 1,681,971 “S” Accumulation Hedged Share Class EUR 23,561 521,365 – 544,926 “S” Accumulation Hedged Share Class GBP 666,381 325,705 325,705 666,381 Emerging Markets Currency Alpha Fund Total 3,001,962 1,313,549 1,339,381 2,976,130 Emerging Markets Currency Fund “A” Accumulation Gross Share Class US$ 93,119 53,088 4,470 141,737 “C” Accumulation Gross Share Class US$ 7,705 7,614 – 15,319 “F” Income Gross Share Class US$ 1,251 7,433 3,914 4,770 “I” Accumulation Gross Share Class US$ 2,750,743 1,164,819 936,425 2,979,137 “S” Accumulation Gross Share Class US$ 1,109,016 1,104,033 132,573 2,080,476 “S” Accumulation Gross Share Class EUR 831,593 12,995 113,540 731,048 Emerging Markets Currency Fund Total 4,793,427 2,349,982 1,190,922 5,952,487 Managed Currency Fund “A” Accumulation Gross Share Class US$ 605,365 23,063 103,360 525,068 “A” Income Gross Share Class US$ 1,002,750 18,177 453,190 567,737 “C” Income Gross Share Class US$ 124,686 57,205 109,384 72,507 “F” Accumulation Gross Share Class US$ 25,752 2,609 15,533 12,828 “F” Income Gross Share Class US$ 15,684 – 14,014 1,670 “I” Accumulation Gross Share Class US$ 160,354 10,469 151,488 19,335 “S” Accumulation Gross Share Class US$ 50 24,012 22,037 2,025 Managed Currency Fund Total 1,934,641 135,535 869,006 1,201,170 Africa High Income Fund “C” Income Gross Share Class US$ 501 9 510 – “F” Income Gross Share Class US$ 502 35 – 537 “S” Income Gross Share Class US$ 505,484 45,848 – 551,332 Africa High Income Fund Total 506,487 45,892 510 551,869

252 | Investec Global Strategy Fund 5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Emerging Markets Blended Debt Fund “A” Accumulation Gross Share Class US$ 7,967 4,157 – 12,124 “A” Income Gross Share Class US$ 1,459 1,221 – 2,680 “C” Income Gross Share Class US$ 510 88,642 529 88,623 “F” Accumulation Gross Share Class US$ 6,547 175,326 16,998 164,875 “F” Income Gross Share Class US$ 3,163 132,882 7,877 128,168 “I” Accumulation Gross Share Class US$ 1,000 – 1,000 – “I” Income Gross Share Class US$ 1,056 25 1,081 – “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 2,522,943 2,980,623 – 5,503,566 Emerging Markets Blended Debt Fund Total 2,544,645 3,383,376 27,485 5,900,536 Emerging Markets Corporate Debt Fund “A” Accumulation Gross Share Class US$ 9,937 78,420 500 87,857 “A” Income Gross Share Class US$ – 502 – 502 “A” Income Gross Share Class HKD – 780 – 780 “C” Accumulation Gross Share Class US$ 500 751,923 55,355 697,068 “C” Income Gross Share Class US$ – 329,501 5,244 324,257 “F” Accumulation Gross Share Class US$ 7,315 943,750 235,106 715,959 “F” Income Gross Share Class US$ – 94,609 1,217 93,392 “I” Accumulation Gross Share Class US$ 500 330,351 5,178 325,673 “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 2,471,149 4,164,002 129,918 6,505,233 “S” Accumulation Gross Share Class GBP 480,753 1,180 – 481,933 Emerging Markets Corporate Debt Fund Total 2,970,154 6,695,518 432,518 9,233,154 Emerging Markets Hard Currency Debt Fund “A” Accumulation Gross Share Class US$ 500 – 500 – “A” Income Gross Share Class US$ 1,421 156,411 19 157,813 “C” Accumulation Gross Share Class US$ 500 – 500 – “C” Income Gross Share Class US$ 508 12 – 520 “F” Accumulation Gross Share Class US$ 500 – 500 – “F” Income Gross Share Class US$ 510 1,080 – 1,590 “I” Accumulation Gross Share Class US$ 41,742 – 41,242 500 “I” Income Gross Share Class US$ 513 9 522 – “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 1,050,000 802,334 800,000 1,052,334 “S” Accumulation Gross Share Class GBP 1,412,727 – – 1,412,727 Emerging Markets Hard Currency Debt Fund Total 2,508,921 960,346 843,283 2,625,984 Emerging Markets Investment Grade Debt Fund “I” Accumulation Gross Share Class US$ 12,514,474 2,609,039 2,396,385 12,727,128 “IX” Income Gross Share Class US$ – 500 – 500 Emerging Markets Investment Grade Debt Fund Total 12,514,474 2,609,539 2,396,385 12,727,628 Emerging Markets Local Currency Debt Fund “A” Accumulation Gross Share Class US$ 2,532,692 661,817 1,304,078 1,890,431 “A” Income Gross Share Class US$ 3,483,489 419,799 706,197 3,197,091 “C” Accumulation Gross Share Class US$ – 236,124 64,213 171,911 “C” Income Gross Share Class US$ 8,702,205 4,458,620 3,613,232 9,547,593 “F” Accumulation Gross Share Class US$ 1,941,429 747,747 878,766 1,810,410 “F” Income Gross Share Class US$ 4,991,092 1,330,253 1,831,471 4,489,874 “F” Income Gross Share Class EUR 11,454 2,441 3,698 10,197 “I” Accumulation Gross Share Class US$ 23,132,985 9,789,188 13,762,142 19,160,031 “I” Accumulation Gross Share Class EUR 9,462,162 5,805,892 3,383,278 11,884,776 “I” Income Gross Share Class US$ 8,086,102 1,992,801 3,717,531 6,361,372 “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 11,256,492 9,777,778 12,653,884 8,380,386 “S” Accumulation Gross Share Class GBP 5,162,352 – – 5,162,352 “S” Income Gross Share Class US$ 19,584,676 15,779,045 30,076,571 5,287,150 Emerging Markets Local Currency Debt Fund Total 98,347,130 51,002,005 71,995,061 77,354,074

Investec Global Strategy Fund | 253 Notes forming part of the financial statements (continued)

5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Emerging Markets Local Currency Dynamic Debt Fund “A” Accumulation Gross Share Class US$ 2,863 906,624 190,761 718,726 “A” Accumulation Gross Share Class EUR – 879 – 879 “A” Accumulation Gross Share Class GBP 500 – 500 – “A” Income Gross Share Class US$ 525 31 – 556 “A” Income Gross Share Class GBP 7,424 9,713 – 17,137 “C” Income Gross Share Class US$ 4,288 21,035 5 25,318 “F” Accumulation Gross Share Class US$ 6,544 2,522 7,461 1,605 “F” Income Gross Share Class US$ 4,010 2,936 – 6,946 “I” Accumulation Gross Share Class US$ 5,276,150 7,780,224 – 13,056,374 “I” Accumulation Gross Share Class EUR – 50 – 50 “I” Accumulation Gross Share Class GBP 500 – – 500 “I” Income Gross Share Class US$ 524 968,522 – 969,046 “I” Income Gross Share Class GBP 524 31 – 555 “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 892,000 16,888,168 800,431 16,979,737 “S” Accumulation Gross Share Class EUR 4,473,096 5,170,211 1,404,008 8,239,299 “S” Accumulation Gross Share Class GBP 567,991 77,793 140,684 505,100 Emerging Markets Local Currency Dynamic Debt Fund Total 11,236,939 31,829,239 2,543,850 40,522,328 Global Bond Fund “A” Accumulation Gross Share Class US$ 529,572 297,651 153,748 673,475 “A” Income Gross Share Class US$ 811,510 252,765 279,349 784,926 “C” Income Gross Share Class US$ 218,726 678,901 341,230 556,397 “D” Income Gross Share Class US$ 10,910 97 2,754 8,253 “F” Accumulation Gross Share Class US$ 314,072 401,889 89,693 626,268 “I” Accumulation Gross Share Class US$ 1,718,269 2,554,588 825,215 3,447,642 “S” Accumulation Gross Share Class US$ 348,109 7,669 8,891 346,887 Global Bond Fund Total 3,951,168 4,193,560 1,700,880 6,443,848 Global Defensive Bond Fund “A” Income Gross Share Class US$ 501 4 505 – “C” Income Gross Share Class US$ 500 3 503 – “F” Income Gross Share Class US$ 502 24,630 918 24,214 “S” Income Gross Share Class US$ 1,506,240 47,082 – 1,553,322 Global Defensive Bond Fund Total 1,507,743 71,719 1,926 1,577,536 Global Strategic Income Fund “A” Accumulation Gross Share Class US$ 2,621,919 595,670 818,451 2,399,138 “A” Income Gross Share Class US$ 5,220,040 540,878 3,314,876 2,446,042 “C” Accumulation Gross Share Class US$ – 114,291 2,512 111,779 “C” Income Gross Share Class US$ 10,941,695 2,638,178 4,923,029 8,656,844 “F” Accumulation Gross Share Class US$ 1,110,119 463,200 515,112 1,058,207 “F” Income Gross Share Class US$ 1,656,808 742,453 588,236 1,811,025 “F” Income Gross Share Class EUR 359 6 365 – “I” Accumulation Gross Share Class US$ 4,381,317 4,075,736 5,048,999 3,408,054 “I” Income Gross Share Class US$ – 508 – 508 “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 5,270,179 4,187,788 6,426,538 3,031,429 “S” Accumulation Hedged Gross Share Class EUR 2,380,470 7,301,249 3,788,150 5,893,569 Global Strategic Income Fund Total 33,582,906 20,660,457 25,426,268 28,817,095

254 | Investec Global Strategy Fund 5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 High Income Bond Fund “A” Accumulation Hedged Share Class GBP 78,498 13,015 18,072 73,441 “A” Income Gross Share Class EUR 448,287 79,240 63,294 464,233 “A” Income Hedged Share Class GBP 274,888 55,588 61,710 268,766 “C” Income Gross Share Class EUR 776,108 256,408 287,297 745,219 “C” Income Gross Share Class US$ 512 69,852 525 69,839 “F” Accumulation Gross Share Class EUR 4,428 – – 4,428 “F” Accumulation Gross Share Class US$ 21,761 27,142 6,657 42,246 “F” Income Gross Share Class US$ 135,879 214,910 48,172 302,617 “F” Income Hedged Share Class US$ 54,521 11,104 56,329 9,296 “I” Accumulation Gross Share Class EUR 10 – 10 – “S” Accumulation Gross Share Class EUR 1,336,657 34,235 65,155 1,305,737 High Income Bond Fund Total 3,131,549 761,494 607,221 3,285,822 Investment Grade Corporate Bond Fund “A” Accumulation Gross Share Class US$ 494,502 172,357 159,737 507,122 “A” Income Gross Share Class US$ 909,256 52,416 260,580 701,092 “A” Income Hedged Share Class EUR 454,492 138,202 81,463 511,231 “A” Income Hedged Share Class GBP 2,050,482 161,023 1,543,279 668,226 “C” Income Gross Share Class US$ 1,411,292 1,546,782 807,251 2,150,823 “C” Income Hedged Share Class EUR 29,301 34,882 31,698 32,485 “D” Income Gross Share Class US$ 3,386 157 1,357 2,186 “F” Accumulation Gross Share Class US$ 775,052 338,347 338,618 774,781 “F” Income Gross Share Class US$ 506,024 516,965 176,494 846,495 “I” Accumulation Gross Share Class US$ 1,605,281 349,854 1,114,057 841,078 “S” Accumulation Gross Share Class US$ 649,018 108,457 – 757,475 “S” Income Hedged Share Class GBP 5,514 245 – 5,759 Investment Grade Corporate Bond Fund Total 8,893,600 3,419,687 4,514,534 7,798,753 Latin American Corporate Debt Fund “A” Accumulation Gross Share Class US$ 3,662,343 3,950,278 2,248,999 5,363,622 “A” Income Gross Share Class US$ 246,231 1,630,932 87,694 1,789,469 “C” Accumulation Gross Share Class US$ – 722,580 28,948 693,632 “C” Income Gross Share Class US$ 1,667,625 8,021,920 649,013 9,040,532 “F” Accumulation Gross Share Class US$ 184,528 3,045,110 581,312 2,648,326 “F” Income Gross Share Class US$ 4,133,599 9,540,484 1,150,114 12,523,969 “I” Accumulation Gross Share Class US$ 6,296,781 9,914,702 1,528,368 14,683,115 “I” Income Gross Share Class US$ 27,382 179,908 17,767 189,523 “IX” Income Gross Share Class US$ – 500 – 500 Latin American Corporate Debt Fund Total 16,218,489 37,006,414 6,292,215 46,932,688 Emerging Markets Multi-Asset Fund “A” Accumulation Gross Share Class US$ 500 24,977 12,341 13,136 “A” Income Gross Share Class US$ 500 4 – 504 “C” Accumulation Gross Share Class US$ 500 – – 500 “F” Accumulation Gross Share Class US$ 500 – – 500 “I” Accumulation Gross Share Class US$ 500 – – 500 “I” Accumulation Gross Share Class GBP 322 3,775 – 4,097 “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 1,000,000 21,714 270,131 751,583 “S” Accumulation Gross Share Class GBP 321 3,236,707 599 3,236,429 Emerging Markets Multi-Asset Fund Total 1,003,143 3,287,677 283,071 4,007,749

Investec Global Strategy Fund | 255 Notes forming part of the financial statements (continued)

5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Global Strategic Managed Fund “A” Accumulation Gross Share Class US$ 2,172,919 433,532 925,732 1,680,719 “A” Income Gross Share Class US$ 2,647,133 140,614 1,423,513 1,364,234 “C” Income Gross Share Class US$ 594,436 280,200 361,938 512,698 “D” Accumulation Gross Share Class US$ 199,115 2,928 26,915 175,128 “D” Income Gross Share Class US$ 164,361 313 29,992 134,682 “F” Accumulation Gross Share Class US$ 1,427,159 141,800 483,408 1,085,551 “F” Accumulation Hedged Share Class EUR 171,080 64,727 59,184 176,623 “F” Income Gross Share Class US$ 57,969 – 21,375 36,594 “F” Income Hedged Share Class EUR 4,551 3 1,989 2,565 “F” Income Hedged Share Class GBP 252,391 39,172 132,799 158,764 “I” Accumulation Gross Share Class US$ 7,237,826 4,896,863 2,588,594 9,546,095 “IX” Income Gross Share Class US$ – 500 – 500 “S” Accumulation Gross Share Class US$ 29,936 48,348 – 78,284 Global Strategic Managed Fund Total 14,958,876 6,049,000 6,055,439 14,952,437 Multi-Asset Protector Fund (USD) “A” Accumulation Gross Share Class US$ 200,251 17,300 217,551 – Multi-Asset Protector Fund (USD) Total 200,251 17,300 217,551 – Africa & Middle East Fund “A” Accumulation Gross Share Class US$ 379,327 3,411 382,738 – “F” Accumulation Gross Share Class US$ 121,762 7,228 128,990 – “I” Accumulation Gross Share Class US$ 59,952 100,218 160,170 – “S” Accumulation Gross Share Class US$ 1,086,353 – 1,086,353 – Africa & Middle East Fund Total 1,647,394 110,857 1,758,251 – Africa Opportunities Fund “A” Accumulation Gross Share Class US$ 26,971 610,282 124,761 512,492 “C” Accumulation Gross Share Class US$ 9,582 2,605 – 12,187 “F” Accumulation Gross Share Class US$ 21,719 102,378 52,466 71,631 “I” Accumulation Gross Share Class US$ 838,524 1,483,795 698,896 1,623,423 “I” Accumulation Gross Share Class JPY 3,037,273 550 1,726,245 1,311,578 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 5,595 1,324,328 7,054 1,322,869 Africa Opportunities Fund Total 3,939,664 3,523,988 2,609,422 4,854,230 American Equity Fund “A” Accumulation Gross Share Class US$ 195,374 122,683 48,831 269,226 “A” Income Gross Share Class US$ 994,458 55,714 499,549 550,623 “C” Income Gross Share Class US$ 203,061 77,472 134,445 146,088 “F” Accumulation Gross Share Class US$ 649,818 143,742 391,579 401,981 “I” Accumulation Gross Share Class US$ 359,216 4,330 359,284 4,262 “I” Income Gross Share Class US$ 4,341,998 72,639 4,337,983 76,654 American Equity Fund Total 6,743,925 476,580 5,771,671 1,448,834 Asia Pacific Equity Fund “A” Accumulation Gross Share Class US$ 2,230,108 2,597,255 415,296 4,412,067 “A” Income Gross Share Class US$ 40,638 43,406 872 83,172 “C” Income Gross Share Class US$ 50 3,714 – 3,764 “F” Accumulation Gross Share Class US$ 50 36,394 2,902 33,542 “I” Accumulation Gross Share Class US$ 4,411,589 6,506,457 2,645,772 8,272,274 “I” Accumulation Gross Share Class EUR – 50 – 50 “I” Income Gross Share Class GBP – 2,519,198 116,072 2,403,126 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 1,242,900 1,213,584 1,060,053 1,396,431 Asia Pacific Equity Fund Total 7,925,335 12,920,108 4,240,967 16,604,476

256 | Investec Global Strategy Fund 5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Asian Equity Fund “A” Accumulation Gross Share Class US$ 20,163,099 8,295,958 15,089,020 13,370,037 “A” Income Gross Share Class US$ 10,051,211 849,999 4,255,878 6,645,332 “C” Income Gross Share Class US$ 1,036,401 381,740 562,572 855,569 “F” Accumulation Gross Share Class US$ 1,756,934 758,408 287,855 2,227,487 “I” Accumulation Gross Share Class US$ 52,907,570 43,518,310 18,633,085 77,792,795 “S” Accumulation Gross Share Class US$ – 2,206,316 – 2,206,316 Asian Equity Fund Total 85,915,215 56,010,731 38,828,410 103,097,536 EAFE Fund “A” Income Gross Share Class US$ 4,628 114 140 4,602 “F” Accumulation Gross Share Class US$ 2,368 – – 2,368 “S” Income Gross Share Class US$ 615,175 14,910 – 630,085 EAFE Fund Total 622,171 15,024 140 637,055 Emerging Markets Equity Fund “A” Accumulation Gross Share Class US$ 4,847 8,516 50 13,313 “C” Accumulation Gross Share Class US$ 50 296 – 346 “F” Accumulation Gross Share Class US$ 50 9,044 136 8,958 “I” Accumulation Gross Share Class US$ 399,624 – 174,186 225,438 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 5,664,445 1,157,879 1,408,777 5,413,547 “S” Accumulation Gross Share Class EUR 50 1,158,675 – 1,158,725 “S” Accumulation Gross Share Class GBP – 3,796,679 – 3,796,679 “S” Income Gross Share Class AUD 1,500,309 10,347 – 1,510,656 Emerging Markets Equity Fund Total 7,569,375 6,141,486 1,583,149 12,127,712 Enhanced Global Energy Fund “A” Accumulation Gross Share Class US$ 26,229 3,569 15,255 14,543 “F” Accumulation Gross Share Class US$ 71,916 9,610 19,011 62,515 “I” Accumulation Gross Share Class US$ 1,740,563 – 1,365,656 374,907 “I” Income Hedged Gross Share Class GBP 696,575 116,526 187,433 625,668 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 836,435 – – 836,435 Enhanced Global Energy Fund Total 3,371,718 129,755 1,587,355 1,914,118 Enhanced Natural Resources Fund “A” Accumulation Gross Share Class US$ 461,939 77,791 198,886 340,844 “A” Accumulation Hedged Gross Share Class EUR 10,025 – 6,919 3,106 “F” Accumulation Gross Share Class US$ 340,433 30,628 71,922 299,139 “G” Accumulation Gross Share Class US$ 1,066,839 – – 1,066,839 “GX” Accumulation Gross Share Class US$ – 50 – 50 “I” Accumulation Gross Share Class US$ 4,068,354 1,259,630 2,612,029 2,715,955 “I” Accumulation Hedged Gross Share Class EUR 189,289 255,563 300,667 144,185 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 1,280,305 14,521 – 1,294,826 Enhanced Natural Resources Fund Total 7,417,184 1,638,233 3,190,423 5,864,994 European Equity Fund “A” Accumulation Gross Share Class US$ 1,128,554 169,518 178,834 1,119,238 “A” Accumulation Gross Share Class EUR 131,199 6,051 17,636 119,614 “A” Income Gross Share Class US$ 118,705 24,090 22,882 119,913 “C” Income Gross Share Class US$ 50,915 19,433 16,360 53,988 “D” Income Gross Share Class US$ 652 30 138 544 “F” Accumulation Gross Share Class US$ 2,528 32,797 80 35,245 European Equity Fund Total 1,432,553 251,919 235,930 1,448,542 Global Contrarian Equity Fund “A” Accumulation Gross Share Class US$ 1,250 6,794 – 8,044 “C” Accumulation Gross Share Class US$ 50 – – 50 “F” Accumulation Gross Share Class US$ 50 – – 50 “I” Accumulation Gross Share Class US$ 907,445 655,230 49 1,562,626 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 603,225 631,195 88,110 1,146,310 Global Contrarian Equity Fund Total 1,512,020 1,293,269 88,159 2,717,130

Investec Global Strategy Fund | 257 Notes forming part of the financial statements (continued)

5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Global Dynamic Fund “A” Accumulation Gross Share Class US$ 164,245 12,773 29,061 147,957 “A” Income Gross Share Class US$ 57,529 223 8,266 49,486 “C” Income Gross Share Class US$ 756,328 207,812 343,079 621,061 “D” Income Gross Share Class US$ 3,807 592 1,142 3,257 “F” Accumulation Gross Share Class US$ 122,769 56,586 72,065 107,290 “I” Accumulation Gross Share Class US$ 13,905,183 7,092,925 1,528,510 19,469,598 “I” Income Gross Share Class US$ 209,049 3,211 36,694 175,566 “IX” Income Gross Share Class US$ – 50 – 50 “S” Income Gross Share Class US$ 9,454,230 3,523,523 96,212 12,881,541 “Z” Income Gross Share Class US$ 1,466,403 28,803 169,725 1,325,481 Global Dynamic Fund Total 26,139,543 10,926,498 2,284,754 34,781,287 Global Endurance Equity Fund “IX” Income Gross Share Class US$ – 2,762 – 2,762 “S” Accumulation Gross Share Class US$ – 849,321 – 849,321 Global Endurance Equity Fund Total – 852,083 – 852,083 Global Energy Fund “A” Accumulation Gross Share Class US$ 10,801,123 3,752,723 6,157,109 8,396,737 “A” Accumulation Gross Share Class EUR 1,098,001 384,773 755,514 727,260 “A” Accumulation Hedged Gross Share Class SGD 63 5,568 461 5,170 “A” Income Gross Share Class US$ 1,603,533 191,471 689,656 1,105,348 “C” Accumulation Hedged Gross Share Class SGD 61 – 61 – “C” Income Gross Share Class US$ 1,429,141 993,613 821,720 1,601,034 “F” Accumulation Gross Share Class US$ 1,702,816 290,305 507,772 1,485,349 “F” Accumulation Gross Share Class EUR 21,392 – 14,162 7,230 “F” Accumulation Hedged Gross Share Class SGD 7,722 1,874 1 9,595 “F” Income Gross Share Class GBP 31,086 10,759 4,696 37,149 “I” Accumulation Gross Share Class US$ 11,551,645 4,558,556 6,247,325 9,862,876 “I” Accumulation Gross Share Class EUR 2,686,649 1,573,750 3,558,000 702,399 “I” Income Gross Share Class US$ 2,051,529 1,114,598 1,839,895 1,326,232 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 1,650 5,317 – 6,967 Global Energy Fund Total 32,986,411 12,883,357 20,596,372 25,273,396 Global Energy Long Short Fund “A” Accumulation Gross Share Class US$ 111,267 668 110,919 1,016 “S” Accumulation Gross Share Class US$ 1,123,778 – – 1,123,778 Global Energy Long Short Fund Total 1,235,045 668 110,919 1,124,794 Global Equity Fund “A” Accumulation Gross Share Class US$ 125,318 67,495 21,251 171,562 “A” Accumulation Gross Share Class EUR 1,907 14 760 1,161 “A” Income Gross Share Class US$ 335,635 26,484 113,437 248,682 “C” Income Gross Share Class US$ 11,654 1,383 1,726 11,311 “D” Accumulation Gross Share Class US$ 8,121 – 1,073 7,048 “D” Income Gross Share Class US$ 3,319 – 633 2,686 “F” Accumulation Gross Share Class US$ 30,340 16,388 12,473 34,255 “I” Accumulation Gross Share Class US$ – 14,204,608 343,049 13,861,559 “I” Income Gross Share Class US$ 26,984,680 2,003,073 18,728,422 10,259,331 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 362,902 189,609 – 552,511 Global Equity Fund Total 27,863,876 16,509,104 19,222,824 25,150,156

258 | Investec Global Strategy Fund 5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Global Franchise Fund “A” Accumulation Gross Share Class US$ 1,460,600 7,626,597 2,019,170 7,068,027 “A” Accumulation Gross Share Class EUR – 73,033 – 73,033 “A” Accumulation Hedged Gross Share Class SGD – 50 – 50 “A” Income Gross Share Class US$ 76,641 247,144 26,312 297,473 “C” Accumulation Gross Share Class US$ 4,020 571,902 30,147 545,775 “C” Income Gross Share Class US$ 231,087 660,633 86,446 805,274 “F” Accumulation Gross Share Class US$ 669,619 3,067,192 350,589 3,386,222 “I” Accumulation Gross Share Class US$ 6,071,476 4,712,498 850,460 9,933,514 “I” Income Gross Share Class US$ 39,215 126,853 69,990 96,078 “IX” Income Gross Share Class US$ – 50 – 50 “S” Accumulation Gross Share Class US$ 304,273 552,509 38,644 818,138 “S” Income Gross Share Class US$ 313,130 362,447 53,491 622,086 Global Franchise Fund Total 9,170,061 18,000,908 3,525,249 23,645,720 Global Gold Fund “A” Accumulation Gross Share Class US$ 1,386,785 2,629,225 1,135,972 2,880,038 “A” Income Gross Share Class US$ 2,247,662 255,659 957,568 1,545,753 “C” Income Gross Share Class US$ 1,745,247 3,893,128 2,992,148 2,646,227 “F” Accumulation Gross Share Class US$ 1,127,168 2,301,753 279,089 3,149,832 “I” Accumulation Gross Share Class US$ 2,731,047 2,517,443 3,222,044 2,026,446 “IX” Income Gross Share Class US$ – 50 – 50 “S” Income Gross Share Class US$ 1,417,080 14,798 31 1,431,847 Global Gold Fund Total 10,654,989 11,612,056 8,586,852 13,680,193 Global Natural Resources Fund “A” Accumulation Gross Share Class US$ 8,940,209 2,189,054 2,567,015 8,562,248 “A” Accumulation Hedged Gross Share Class CHF – 1,230 – 1,230 “A” Accumulation Gross Share Class HKD 78 409 – 487 “A” Accumulation Hedged Gross Share Class SGD 31,986 17,587 10,130 39,443 “A” Income Gross Share Class US$ 10,691,500 1,249,788 3,782,239 8,159,049 “A” Income Gross Share Class HKD 78 – – 78 “C” Accumulation Hedged Gross Share Class SGD 62 – 62 – “C” Income Gross Share Class US$ 14,655,647 6,540,354 7,602,307 13,593,694 “F” Accumulation Gross Share Class US$ 13,302,821 2,734,255 5,686,770 10,350,306 “F” Accumulation Hedged Gross Share Class SGD 33,746 12,582 9,385 36,943 “I” Accumulation Gross Share Class US$ 7,793,719 5,649,188 5,868,234 7,574,673 “I” Accumulation Gross Share Class EUR 185,089 35,972 89,873 131,188 “IX” Income Gross Share Class US$ – 391,343 – 391,343 “S” Accumulation Gross Share Class US$ 3,722,883 521,809 23,073 4,221,619 Global Natural Resources Fund Total 59,357,818 19,343,571 25,639,088 53,062,301 Global Opportunity Equity Fund “A” Income Gross Share Class US$ 328,477 121,883 4,084 446,276 “I” Accumulation Gross Share Class US$ – 23,763,979 50 23,763,929 “I” Income Gross Share Class US$ 25,804,359 3,732,310 19,131,501 10,405,168 “IX” Income Gross Share Class US$ – 50 – 50 “S” Income Gross Share Class US$ 75,625 35,190 17,785 93,030 Global Opportunity Equity Fund Total 26,208,461 27,653,412 19,153,420 34,708,453 Global Strategic Equity Fund “A” Accumulation Gross Share Class US$ 4,562,360 700,698 565,177 4,697,881 “A” Accumulation Gross Share Class EUR 33,175 2,574 1,487 34,262 “A” Income Gross Share Class US$ 5,519,418 436,602 1,065,450 4,890,570 “C” Income Gross Share Class US$ 8,172,114 1,210,212 1,991,413 7,390,913 “D” Income Gross Share Class US$ 64,647 – 11,246 53,401 “F” Accumulation Gross Share Class US$ 236,540 77,289 77,547 236,282 “I” Accumulation Gross Share Class US$ 3,244,855 213,940 1,608,536 1,850,259 “I” Income Gross Share Class US$ 3,391,964 121,265 463,529 3,049,700 “IX” Income Gross Share Class US$ – 50 – 50 “S” Income Gross Share Class US$ 567,800 35,025 79,548 523,277 Global Strategic Equity Fund Total 25,792,873 2,797,655 5,863,933 22,726,595

Investec Global Strategy Fund | 259 Notes forming part of the financial statements (continued)

5. Outstanding Shares in issue (continued)

Balance at Balance at Currency 31 December 2011 Subscriptions Redemptions 31 December 2012 Latin American Equity Fund “A” Accumulation Gross Share Class US$ 1,930,859 348,698 1,197,390 1,082,167 “C” Accumulation Gross Share Class US$ 1,547 16,321 6,720 11,148 “F” Accumulation Gross Share Class US$ 118,245 127,084 98,693 146,636 “I” Accumulation Gross Share Class US$ 887,881 137,350 304,286 720,945 “IX” Income Gross Share Class US$ – 50 – 50 Latin American Equity Fund Total 2,938,532 629,503 1,607,089 1,960,946 Latin American Smaller Companies Fund “A” Accumulation Gross Share Class US$ – 425,377 21,339 404,038 “C” Accumulation Gross Share Class US$ – 13,107 – 13,107 “F” Accumulation Gross Share Class US$ – 118,454 – 118,454 “I” Accumulation Gross Share Class US$ – 12,102,067 1,578,134 10,523,933 Latin American Smaller Companies Fund Total – 12,659,005 1,599,473 11,059,532 Middle East & North Africa Fund “A” Accumulation Gross Share Class US$ 90,740 2,051 92,791 – “F” Accumulation Gross Share Class US$ 4,831 1,026 5,857 – “S” Accumulation Gross Share Class US$ 1,058,245 – 1,058,245 – Middle East & North Africa Fund Total 1,153,816 3,077 1,156,893 – U.K. Equity Fund “A” Accumulation Gross Share Class GBP 205,490 37,181 67,294 175,377 “A” Income Gross Share Class GBP 401,329 9,015 45,961 364,383 “C” Income Gross Share Class GBP 15,184 3,707 10,036 8,855 “F” Accumulation Gross Share Class US$ 3,467 – 1,804 1,663 “I” Accumulation Gross Share Class US$ 107,997 18,727 27,151 99,573 “S” Accumulation Gross Share Class GBP 50 – 50 – U.K. Equity Fund Total 733,517 68,630 152,296 649,851 Dynamic Commodities Fund “S” Accumulation Gross Share Class US$ 500,000 58,662 50,000 508,662 Dynamic Commodities Fund Total 500,000 58,662 50,000 508,662

260 | Investec Global Strategy Fund [This page intentionally left blank] Notes forming part of the financial statements (continued)

6. Net gains/(losses) on investments

Combined Total Combined Total Year Ended Year Ended Euro Sterling 31 December 31 December Money Money 2011 2012 Fund Fund (000) US$ (000) US$ (000) EUR (000) GBP 227,770 Net realised gain/(loss) on investment securities (292,784) (141) (156) (34,770) Net realised gain/(loss) on futures transactions 750 – – Net realised gain/(loss) on foreign currencies (14,432) and forward currency contracts (164,013) – – (2,222) Net realised gain/(loss) on contracts for difference 554 – – 4,698 Net realised gain/(loss) on swap contracts (7,769) – – 15,099 Net realised gain/(loss) on options contracts (13,716) – – 196,143 Net realised gain/(loss) (476,978) (141) (156) (2,185,854) Net change in unrealised gain/(loss) on investment securities 1,986,112 10 (2) (2,941) Net change in unrealised gain/(loss) on futures transactions 2,891 – – Net change in unrealised gain/(loss) on foreign currencies 4,108 and forward currency contracts (8,552) – – 2,855 Net change in unrealised gain/(loss) on contracts for difference (1,238) – – 17,518 Net change in unrealised gain/(loss) on swap contracts (3,811) – – 1,098 Net change in unrealised gain/(loss) on options contracts 234 – – (2,163,216) Net change in unrealised gain/(loss) 1,975,636 10 (2)

7. Expenses

Combined Total Combined Total Year Ended Year Ended Euro Sterling 31 December 31 December Money Money 2011 2012 Fund Fund (000) US$ (000) US$ (000) EUR (000) GBP 152,499 Investment Management fee 153,716 92 358 28,150 Administration fees 28,311 18 36 9,512 Custody fees 11,839 7 12 4,674 Distribution fees 5,951 – – 4,216 Taxe d’abonnement 4,201 4 7 575 Audit and advisory fee 614 1 2 311 Shareholder Services fees 501 – – 180 Directors fees 171 – 1 646 Bank overdraft interest 637 – – 351 Legal fees 980 2 4 515 Organisational costs 257 – – 249 Performance fees – – – 233 Printing fees 160 – 1 655 Publishing fees 1,261 4 8 2,251 Other expenses 2,239 12 13 205,017 Total expenses 210,838 140 442

262 | Investec Global Strategy Fund Emerging Emerging Emerging Emerging Emerging U.S. Dollar Markets Markets Managed Africa High Markets Markets Markets Hard Money Currency Currency Currency Income Blended Corporate Currency Fund Alpha Fund Fund Fund Fund Debt Fund Debt Fund Debt Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (252) (58) (2,373) (56) 15 (1,156) (2,477) (254) – – – – – (26) – (51)

– 5,574 (1,504) 1,026 200 (323) (1,804) (579) – –––––– – – –––––– – – –––––– – (252) 5,516 (3,877) 970 215 (1,505) (4,281) (884) 12 587 5,597 3,459 29 5,777 12,624 8,239 –––––8– 14

– (254) 1,647 354 (25) 90 (568) (220) – –––––– – – – – – – (9) – – – –––––– – 12 333 7,244 3,813 4 5,866 12,056 8,033

Emerging Emerging Emerging Emerging Emerging U.S. Dollar Markets Markets Managed Africa High Markets Markets Markets Hard Money Currency Currency Currency Income Blended Corporate Currency Fund Alpha Fund Fund Fund Fund Debt Fund Debt Fund Debt Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ 508 26 377 792 – 34 151 36 132 5 94 208 – 7 26 7 52 22 70 22 8 49 37 30 6 26 1 2 – 17 25 – 28 8 12 50 1 9 18 9 11343124 3 – –12–––1 – 3 111–11 1 ––2––5– 8 16577–95 5 – – 2 – 14 – 13 10 – –––––– – 4 1–1––2 1 216109168 7 33 23 17 20 3 14 17 14 814 126 609 1,115 28 153 308 131

Investec Global Strategy Fund | 263 Notes forming part of the financial statements (continued)

6. Net gains/(losses) on investments

Emerging Emerging Emerging Markets Markets Markets Local Global Investment Local Currency Global Defensive Grade Currency Dynamic Bond Bond Debt Fund Debt Fund Debt Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Net realised gain/(loss) on investment securities (3,076) (28,101) (4,672) 3,065 373 Net realised gain/(loss) on futures transactions 110 (1,136) 118 529 (177) Net realised gain/(loss) on foreign currencies and forward currency contracts (15,038) (96,756) (13,386) (4,768) (2,183) Net realised gain/(loss) on contracts for difference – – – – – Net realised gain/(loss) on swap contracts – (1,990) – – (210) Net realised gain/(loss) on options contracts – – – (133) (16) Net realised gain/(loss) (18,004) (127,983) (17,940) (1,307) (2,213) Net change in unrealised gain/(loss) on investment securities 30,818 288,585 52,660 5,810 2,426 Net change in unrealised gain/(loss) on futures transactions 140 3,229 397 16 70 Net change in unrealised gain/(loss) on foreign currencies and forward currency contracts 991 2,362 1,541 (2,205) (531) Net change in unrealised gain/(loss) on contracts for difference – – – – – Net change in unrealised gain/(loss) on swap contracts 41 (3,463) 406 – (24) Net change in unrealised gain/(loss) on options contracts – – – (38) (8) Net change in unrealised gain/(loss) 31,990 290,713 55,004 3,583 1,933

7. Expenses

Emerging Emerging Emerging Markets Markets Markets Local Global Investment Local Currency Global Defensive Grade Currency Dynamic Bond Bond Debt Fund Debt Fund Debt Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Investment Management fee 1,648 15,946 1,710 1,567 2 Administration fees 353 3,010 341 449 – Custody fees 277 3,431 748 82 17 Distribution fees – 1,045 1 67 1 Taxe d’abonnement 25 428 68 69 3 Audit and advisory fee 8 112 23 8 1 Shareholder Services fees – 39 20 12 – Directors fees 3 25 7 2 – Bank overdraft interest 7 85 29 57 10 Legal fees 14 154 32 11 2 Organisational costs 31 – 3 – 23 Performance fees – – – – – Printing fees 4 – – 3 – Publishing fees 18 227 47 15 5 Other expenses 24 281 53 28 14 Total expenses 2,412 24,783 3,082 2,370 78

264 | Investec Global Strategy Fund Global Investment Latin Emerging Global Strategic High Grade American Markets Strategic Multi-Asset Africa & Income Income Corporate Corporate Multi-Asset Managed Protector Middle Fund Bond Fund Bond Fund Debt Fund Fund Fund Fund (USD) East Fund (000) US$ (000) EUR (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ 13,630 (3,584) 8,367 (8,925) 132 14,598 20 (3,994) 1,040 – (705) – 11 1,037 – –

(12,340) (629) 2,345 (2) (115) (3,554) 21 (1,465) –––––––– (5,895) (805) – (341) – – – – (773) – (14) – (15) (75) – – (4,338) (5,018) 9,993 (9,268) 13 12,006 41 (5,459) 59,566 10,211 12,053 59,670 8,963 45,680 63 7,824 (665) – (136) – (9) (173) – –

(8,282) 898 (2,967) (142) 103 (1,632) (8) 15 –––––––– (529) 29 – 125 19 – – – (78) – (60) – (78) (22) – – 50,012 11,138 8,890 59,653 8,998 43,853 55 7,839

Global Investment Latin Emerging Global Strategic High Grade American Markets Strategic Multi-Asset Africa & Income Income Corporate Corporate Multi-Asset Managed Protector Middle Fund Bond Fund Bond Fund Debt Fund Fund Fund Fund (USD) East Fund (000) US$ (000) EUR (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ 6,129 521 1,650 9,496 4 6,422 56 89 1,305 116 456 1,685 1 1,250 11 12 380 31 65 269 47 207 1 32 400 30 122 1,484 – 319 – 6 225 25 76 285 7 174 1 3 25 3 6 31 4 18 – 1 51 11 35 67 – – 1 1 712915–– 192 – 94 – 2 60 – – 45 5 12 34 4 33 – 1 – – – – 37 – 14 18 –––––––– ––––17–– 66 10 17 59 4 39 – 1 92 27 30 73 41 73 5 8 8,917 780 2,565 13,492 153 8,607 89 172

Investec Global Strategy Fund | 265 Notes forming part of the financial statements (continued)

6. Net gains/(losses) on investments

Asia Africa American Pacifi c Asian Opportunities Equity Equity Equity EAFE Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Net realised gain/(loss) on investment securities (1,828) (11,883) (9,273) (26,792) 164 Net realised gain/(loss) on futures transactions – – – – – Net realised gain/(loss) on foreign currencies and forward currency contracts (3,027) – 365 8,374 (113) Net realised gain/(loss) on contracts for difference – – – – – Net realised gain/(loss) on swap contracts – – – – – Net realised gain/(loss) on options contracts – – – – – Net realised gain/(loss) (4,855) (11,883) (8,908) (18,418) 51 Net change in unrealised gain/(loss) on investment securities 19,423 25,723 64,492 366,423 2,797 Net change in unrealised gain/(loss) on futures transactions – – – – – Net change in unrealised gain/(loss) on foreign currencies and forward currency contracts 266 1 94 1,178 (7) Net change in unrealised gain/(loss) on contracts for difference – – – – – Net change in unrealised gain/(loss) on swap contracts – – – – – Net change in unrealised gain/(loss) on options contracts – – – – – Net change in unrealised gain/(loss) 19,689 25,724 64,586 367,601 2,790

7. Expenses

Asia Africa American Pacifi c Asian Opportunities Equity Equity Equity EAFE Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Investment Management fee 824 1,306 2,258 19,742 1 Administration fees 130 254 452 3,923 – Custody fees 135 32 289 2,407 8 Distribution fees 8 53 3 390 – Taxe d’abonnement 11 37 61 455 2 Audit and advisory fee 3 3 11 74 1 Shareholder Services fees 4 2 14 48 – Directors fees 1 1 3 23 – Bank overdraft interest 2 – 8 35 – Legal fees 8 8 15 116 2 Organisational costs – – – – – Performance fees – – – – – Printing fees 1 – 5 32 – Publishing fees 8 9 17 142 2 Other expenses 32 24 45 196 28 Total expenses 1,167 1,729 3,181 27,583 44

266 | Investec Global Strategy Fund Emerging Enhanced Enhanced Global Global Markets Global Natural European Contrarian Global Endurance Global Equity Energy Resources Equity Equity Dynamic Equity Energy Fund Fund Fund Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (16,919) (1,890) (12,095) 5,962 510 25,384 22 (216,020) –– –––– ––

(3,057) 151 (29) (957) 48 633 (28) (16,328) – (604) 1,418 – – – – – – 177 1,131 – – – – – – (3,712) (1,955) – – – – (5,487) (19,976) (5,878) (11,530) 5,005 558 26,017 (6) (237,835) 51,036 9,058 13,017 9,840 3,201 67,230 340 263,310 –– –––– ––

(2) 269 89 (112) 1 (116) – (298) – 319 (1,650) – – – – – –– –––– –– – 818 (639) – – – – – 51,034 10,464 10,817 9,728 3,202 67,114 340 263,012

Emerging Enhanced Enhanced Global Global Markets Global Natural European Contrarian Global Endurance Global Equity Energy Resources Equity Equity Dynamic Equity Energy Fund Fund Fund Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ 52 381 1,237 899 192 3,289 – 20,749 10 58 173 176 38 659 – 3,541 275 17 44 26 19 290 1 479 – 22 53 2 – 15 – 268 26 5 18 31 5 92 1 538 10 2 4 2 3 24 – 45 4 – 13 – – – – 36 3– 1117 –14 95 5––1 –2 18 5 10 3 4 40 – 88 9– ––149 1– –– –––– –– 4– 21111–15 16 5 10 5 3 41 – 103 45 46 50 26 26 78 – 136 481 546 1,620 1,172 306 4,556 3 26,014

Investec Global Strategy Fund | 267 Notes forming part of the financial statements (continued)

6. Net gains/(losses) on investments

Global Global Energy Global Global Global Natural Long Short Equity Franchise Gold Resources Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Net realised gain/(loss) on investment securities 259 23,117 (8,975) (41,398) (78,946) Net realised gain/(loss) on futures transactions – – – – – Net realised gain/(loss) on foreign currencies and forward currency contracts (515) 781 67 481 (5,052) Net realised gain/(loss) on contracts for difference (260) – – – – Net realised gain/(loss) on swap contracts 110 – – – – Net realised gain/(loss) on options contracts (1,536) – – – – Net realised gain/(loss) (1,942) 23,898 (8,908) (40,917) (83,998) Net change in unrealised gain/(loss) on investment securities 2,836 52,573 58,006 2,421 83,942 Net change in unrealised gain/(loss) on futures transactions – – – – – Net change in unrealised gain/(loss) on foreign currencies and forward currency contracts 13 (290) 96 (51) 102 Net change in unrealised gain/(loss) on contracts for difference 93 – – – – Net change in unrealised gain/(loss) on swap contracts – – – – – Net change in unrealised gain/(loss) on options contracts 339 – – – – Net change in unrealised gain/(loss) 3,281 52,283 58,102 2,370 84,044

7. Expenses

Global Global Energy Global Global Global Natural Long Short Equity Franchise Gold Resources Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Investment Management fee 11 4,867 4,271 7,658 7,919 Administration fees 2 971 819 1,292 1,424 Custody fees 7 276 151 197 209 Distribution fees – 3 297 304 922 Taxe d’abonnement 3 98 128 220 236 Audit and advisory fee 1 20 18 18 20 Shareholder Services fees – – 47 26 23 Directors fees – 6 5 5 6 Bank overdraft interest – – – 3 9 Legal fees 2 38 21 31 38 Organisational costs 13 – – – – Performance fees – – – – – Printing fees – 7 8 7 8 Publishing fees 2 41 27 39 45 Other expenses 49 67 48 61 72 Total expenses 90 6,394 5,840 9,861 10,931

268 | Investec Global Strategy Fund Global Latin American Global Strategic Latin Smaller Middle East & U.K. Dynamic Opportunity Equity American Companies North Africa Equity Commodities Equity Fund Fund Equity Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) GBP (000) US$ (5,842) 102,254 (77) 732 (800) 1,122 – –– – – –– –

(75) 2,258 (2,056) 33 (503) (3) – –– – – –– – – – – – – – 283 –– – – –– – (5,917) 104,512 (2,133) 765 (1,303) 1,119 283 84,795 118,303 10,806 48,160 2,024 1,757 – –– – – –– –

52 (1,254) (30) 3 21 – – –– – – –– – – – – – – – (414) –– – – –– – 84,847 117,049 10,776 48,163 2,045 1,757 (414)

Global Latin American Global Strategic Latin Smaller Middle East & U.K. Dynamic Opportunity Equity American Companies North Africa Equity Commodities Equity Fund Fund Equity Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) GBP (000) US$ 4,999 22,718 662 1,046 13 394 – 999 3,399 125 159 2 78 – 256 530 76 180 19 – 2 –29192 – – – 72 557 18 17 1 13 1 25 43 2 6 – 1 1 –1219– – – – 712– 2 – – – –1 5 1 –– – 37 73 4 3 – 2 1 – – – – 15 – 31 –– – – –– – 11 14 1 3 – 2 – 45 88 4 7 1 2 1 73 118 30 22 9 12 7 6,524 27,594 965 1,448 60 504 44

Investec Global Strategy Fund | 269 Notes forming part of the financial statements (continued)

8. Debtors

Combined Total Combined Total Year Ended Year Ended Euro Sterling 31 December 31 December Money Money 2011 2012 Fund Fund (000) US$ (000) US$ (000) EUR (000) GBP 8,867 Receivable for investments sold 4,750 – – 23,054 Receivable for shares issued 58,611 71 221 4,813 Net dividends receivable 5,308 – – 90,214 Net interest receivable 118,257 1 35 982 Other 303 – – 127,930 Total Debtors 187,229 72 256

9. Creditors

Combined Total Combined Total Year Ended Year Ended Euro Sterling 31 December 31 December Money Money 2011 2012 Fund Fund (000) US$ (000) US$ (000) EUR (000) GBP 10,000 Payable for investments purchased 17,638 – – 54,653 Payable for shares redeemed 21,850 270 36 24,429 Accrued expenses 31,056 11 45 89,082 Total Creditors 70,544 281 81

270 | Investec Global Strategy Fund Emerging Emerging Emerging Emerging Emerging U.S. Dollar Markets Markets Managed Africa High Markets Markets Markets Hard Money Currency Currency Currency Income Blended Corporate Currency Fund Alpha Fund Fund Fund Fund Debt Fund Debt Fund Debt Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ – ––––– – – 406 – – 58 – 118 751 – – ––––– – – 35 43 537 100 128 1,771 2,747 1,408 – –1––– 7 1 441 43 538 158 128 1,889 3,505 1,409

Emerging Emerging Emerging Emerging Emerging U.S. Dollar Markets Markets Managed Africa High Markets Markets Markets Hard Money Currency Currency Currency Income Blended Corporate Currency Fund Alpha Fund Fund Fund Fund Debt Fund Debt Fund Debt Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ –––4––– – 1,303 – 554 10 – – – – 108 60 117 86 20 93 139 50 1,411 60 671 100 20 93 139 50

Investec Global Strategy Fund | 271 Notes forming part of the financial statements (continued)

8. Debtors

Emerging Emerging Emerging Markets Markets Markets Local Global Investment Local Currency Global Defensive Grade Currency Dynamic Bond Bond Debt Fund Debt Fund Debt Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Receivable for investments sold – – – – – Receivable for shares issued 1,441 5,368 2,524 581 – Net dividends receivable – 4 – – – Net interest receivable 4,045 49,969 14,178 2,979 358 Other – – – – 1 Total Debtors 5,486 55,341 16,702 3,560 359

9. Creditors

Emerging Emerging Emerging Markets Markets Markets Local Global Investment Local Currency Global Defensive Grade Currency Dynamic Bond Bond Debt Fund Debt Fund Debt Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Payable for investments purchased – – – – – Payable for shares redeemed – 1,324 576 209 – Accrued expenses 338 2,898 638 319 4 Total Creditors 338 4,222 1,214 528 4

272 | Investec Global Strategy Fund Global Investment Latin Emerging Global Strategic High Grade American Markets Strategic Africa American Income Income Corporate Corporate Multi-Asset Managed Opportunities Equity Fund Bond Fund Bond Fund Debt Fund Fund Fund Fund Fund (000) US$ (000) EUR (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ – – – – 343 – 679 – 5,263 103 4,079 3,991 32 680 20 360 – – – – 13 267 14 44 14,119 2,582 3,595 16,327 859 1,576 – – 119 43 2 1 1 3 – 1 19,501 2,728 7,676 20,319 1,248 2,526 713 405

Global Investment Latin Emerging Global Strategic High Grade American Markets Strategic Africa American Income Income Corporate Corporate Multi-Asset Managed Opportunities Equity Fund Bond Fund Bond Fund Debt Fund Fund Fund Fund Fund (000) US$ (000) EUR (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ – – – 2,400 344 – 1,941 – 1,094 348 412 889 – 336 481 247 5,426 1,131 253 1,929 74 777 184 109 6,520 1,479 665 5,218 418 1,113 2,606 356

Investec Global Strategy Fund | 273 Notes forming part of the financial statements (continued)

8. Debtors

Asia Emerging Enhanced Pacifi c Asian Markets Global Equity Equity EAFE Equity Energy Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Receivable for investments sold – – – 1,669 – Receivable for shares issued 982 4,153 – – – Net dividends receivable 67 462 10 110 17 Net interest receivable – – – – – Other 2 2 6 – 1 Total Debtors 1,051 4,617 16 1,779 18

9. Creditors

Asia Emerging Enhanced Pacifi c Asian Markets Global Equity Equity EAFE Equity Energy Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Payable for investments purchased – – – 1,669 – Payable for shares redeemed 173 1,288 – – – Accrued expenses 530 3,942 3 145 126 Total Creditors 703 5,230 3 1,814 126

274 | Investec Global Strategy Fund Enhanced Global Global Global Natural European Contrarian Global Endurance Global Energy Global Resources Equity Equity Dynamic Equity Energy Long Short Equity Fund Fund Fund Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ 184 – – – – – – – – 50 – 527 – 8,471 – 1 57 125 69 277 25 691 8 271 ––5––––– 6–42–331– 247 175 78 806 25 9,195 9 272

Enhanced Global Global Global Natural European Contrarian Global Endurance Global Energy Global Resources Equity Equity Dynamic Equity Energy Long Short Equity Fund Fund Fund Fund Fund Fund Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ 117 210 – – – – – – 23 29 – 178 – 4,607 – 41 201 107 46 662 2 2,261 37 649 341 346 46 840 2 6,868 37 690

Investec Global Strategy Fund | 275 Notes forming part of the financial statements (continued)

8. Debtors

Global Global Global Global Natural Global Strategic Franchise Gold Resources Opportunity Equity Fund Fund Fund Equity Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Receivable for investments sold – – 1,009 – – Receivable for shares issued 5,809 4,821 1,423 90 1,901 Net dividends receivable 465 423 265 603 613 Net interest receivable – – – – – Other – 10 36 – 6 Total Debtors 6,274 5,254 2,733 693 2,520

9. Creditors

Global Global Global Global Natural Global Strategic Franchise Gold Resources Opportunity Equity Fund Fund Fund Equity Fund Fund (000) US$ (000) US$ (000) US$ (000) US$ (000) US$ Payable for investments purchased 6,947 656 667 1,487 – Payable for shares redeemed 312 1,512 1,611 – 3,747 Accrued expenses 1,042 1,022 959 766 2,706 Total Creditors 8,301 3,190 3,237 2,253 6,453

276 | Investec Global Strategy Fund Latin American Latin Smaller U.K. Dynamic American Companies Equity Commodities Equity Fund Fund Fund Fund (000) US$ (000) US$ (000) GBP (000) US$ 866 – – – 11 4,108 2 – 68 249 56 – –––12 –––– 945 4,357 58 12

Latin American Latin Smaller U.K. Dynamic American Companies Equity Commodities Equity Fund Fund Fund Fund (000) US$ (000) US$ (000) GBP (000) US$ 1,196 – – – – – 12 – 153 396 41 32 1,349 396 53 32

Investec Global Strategy Fund | 277 Notes forming part of the financial statements (continued)

10. Material contracts The following material contracts have been entered into: (a) An Investment Management Agreement dated 1 July 2008 between the Fund and Investec Asset Management Limited pursuant to which the latter acts as investment manager of the Fund. This Agreement is entered into for an unlimited period and is terminable by either party upon 90 days’ written notice. (b) An agreement dated 1 December 2010 between the Fund and State Street Bank Luxembourg S.A. pursuant to which the latter was appointed Custodian of the assets of the Fund. The Agreement is entered into for an unlimited period and may be terminated by either party upon 90 days’ written notice. (c) An agreement dated 1 July 2008 between the Fund and State Street Bank Luxembourg S.A. pursuant to which the latter was appointed Administrator and Domiciliary Agent of the Fund. The Agreement is entered into for an unlimited period and may be terminated by either party upon 90 days’ written notice. (d) An agreement dated 1 July 2008 between the Fund and Investec Asset Management Guernsey Limited pursuant to which the latter was appointed Global Distributor and Service Provider of the Fund. The Agreement is entered into for an unlimited period and may be terminated by either party upon 90 days’ written notice. (e) An agreement dated 1 July 2008 between the Fund and RBC Investor Services Bank S.A. pursuant to which the latter was appointed Paying, Registrar and Transfer Agent of the Fund. The Agreement is entered into for an unlimited period and may be terminated by either party upon 90 days’ written notice. (f) An agreement dated 1 December 2010 between the Fund and FirstRand Bank pursuant to which the latter was appointed as Independent party to the Fund. The Agreement is entered into for an unlimited period and may be terminated by the Fund upon 60 days’ written notice. Annual Management Fee The annual management fees at 31 December 2012 were:

Share Class Fund Name A C D F G GX I IX S Z Euro Money Fund* 0.50% 1.90% 0.65% 0.45% 0.25% 0.00% Sterling Money Fund* 0.50% 1.90% 0.65% 0.45% 0.25% 0.00% U.S. Dollar Money Fund* 0.50% 1.90% 0.65% 0.45% 0.25% 0.00% Emerging Markets Currency Alpha Fund 1.50% 2.50% 1.25% 1.00% 0.00% Emerging Markets Currency Fund 1.20% 2.20% 0.95% 0.60% 0.00% Managed Currency Fund 0.75% 1.75% 0.60% 0.40% 0.00% Africa High Income Fund 1.50% 2.50% 1.00% 0.75% 0.00% Emerging Markets Blended Debt Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Emerging Markets Corporate Debt Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Emerging Markets Hard Currency Debt Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Emerging Markets Investment Grade Debt Fund 1.40% 1.90% 0.90% 0.70% 0.70% 0.00% Emerging Markets Local Currency Debt Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Emerging Markets Local Currency Dynamic Debt Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Global Bond Fund 1.00% 2.00% 1.50% 0.50% 0.50% 0.00% Global Defensive Bond Fund 1.00% 2.00% 0.75% 0.50% 0.00% Global Strategic Income Fund 1.00% 2.00% 0.75% 0.50% 0.50% 0.00% High Income Bond Fund 1.00% 2.00% 0.75% 0.50% 0.00% Investment Grade Corporate Bond Fund 0.75% 1.75% 1.25% 0.75% 0.40% 0.40% 0.00% Latin American Corporate Debt Fund 1.50% 2.25% 1.00% 1.00% 0.00% Emerging Markets Multi-Asset Fund 1.80% 2.60% 1.30% 0.90% 0.90% 0.00% Global Strategic Managed Fund 1.50% 2.25% 2.00% 1.00% 0.75% 0.75% 0.00% Africa Opportunities Fund 2.00% 2.75% 1.75% 1.00% 1.00% 0.00% American Equity Fund 1.50% 2.25% 1.00% 0.75% 0.00% Asia Pacific Equity Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Asian Equity Fund 1.50% 2.25% 1.00% 0.75% 0.00% EAFE Fund 1.50% 2.25% 1.00% 0.75% 0.00% Emerging Markets Equity Fund 1.50% 2.50% 1.25% 0.75% 0.75% 0.00% Enhanced Global Energy Fund 1.50% 2.50% 1.25% 1.00% 1.00% 0.00% Enhanced Natural Resources Fund 1.50% 2.50% 1.25% 1.75% 1.75% 1.00% 1.00% 0.00% European Equity Fund 1.50% 2.25% 2.00% 1.00% 0.75% 0.00% Global Contrarian Equity Fund 1.50% 2.50% 1.25% 0.75% 0.75% 0.00% Global Dynamic Fund 1.50% 2.50% 2.10% 1.00% 0.75% 0.75% 0.00% 1.00% Global Endurance Equity Fund 1.50% 2.50% 1.25% 0.75% 0.75% 0.00% Global Energy Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Global Energy Long Short Fund 1.50% 2.40% 0.00% Global Equity Fund 1.50% 2.25% 2.00% 1.00% 0.75% 0.75% 0.00% Global Franchise Fund 1.50% 2.50% 1.25% 0.75% 0.75% 0.00% Global Gold Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Global Natural Resources Fund 1.50% 2.25% 1.00% 0.75% 0.75% 0.00% Global Opportunity Equity Fund 1.50% 2.50% 1.25% 0.75% 0.75% 0.00% Global Strategic Equity Fund 1.50% 2.50% 2.10% 1.25% 0.75% 0.75% 0.00% Latin American Equity Fund 1.50% 2.50% 1.25% 1.00% 1.00% 0.00% Latin American Smaller Companies Fund 1.50% 2.50% 1.25% 1.00% 0.00% U.K. Equity Fund 1.50% 2.25% 1.00% 0.75% 0.00% Dynamic Commodities Fund 1.50% 2.50% 1.25% 0.75% 0.00%

* The annual management fee has been partially waived for these Funds.

278 | Investec Global Strategy Fund 11. Transactions with connected persons There have been no transactions with connected persons except as detailed below: (a) Transactions with the Promoter, Global Distributor and Service Provider are detailed in note 10. (b) Claude Niedner is a Partner at Arendt & Medernach, who are contracted as Legal Advisers to the Fund. During the year under review, Arendt & Medernach has provided legal services totalling EUR 275,140 to the Fund (inclusive of vat). As at 31 December 2012, EUR 56,905 was outstanding and due to be paid. (c) With the exception of the above (note 11a and 11b), there were no additional service contracts proposed or in existence between any of the Directors and the Fund. (d) With the exception of the above (note 11a and 11b), there were no contracts of significance during or at the end of the period in which a Director of the Fund is or was initially interested.

12. Dealing commissions arrangements The Investment Manager subscribes to the rules drawn up by the Financial Services Authority governing the perceived conflict of interest between investment managers and their clients to accomplish the following goals: • Limit investment managers’ use of dealing commissions to the purchase of ‘execution’ and ‘research’ services; • Require investment managers to disclose to their customers details of how these commission payments have been spent and what services have been acquired with them; • Embed in the commercial relationship between investment managers and brokers incentives to secure value for clients for execution and research spend; and • Promote a more level playing field in the production of research, whether within investment banks or by third parties. The Investment Manager will enter into commission sharing arrangements with carefully chosen brokers to enable them to receive research and execution related services from third-party providers. A full list of research and execution services paid for with equity broker commission is available upon request.

13. Total Expense Ratio Total Expense Ratios have been calculated in accordance with the principles set down by EFAMA, the pan-European umbrella organization of the investment funds industry to comply with the Code of Conduct for the Swiss Funds Industry. The method for calculation is Total Operating Expenses (not including negative investment income) divided by the average Net Asset Value for the year. This is calculated on a Share Class basis.

Total Expense Ratios as at 31 December 2012

Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 Euro Money Fund Class A ACC Base EUR 0.38% – 0.38% Class A INC Base EUR 0.39% – 0.39% Class C INC Base EUR 1.78% – 1.78% Class D ACC Base EUR 0.53% – 0.53% Class D INC Base EUR 0.52% – 0.52% Sterling Money Fund Class A ACC Base GBP 0.61% – 0.61% Class A INC Base GBP 0.61% – 0.61% Class D ACC Base GBP 0.76% – 0.76% Class D INC Base GBP 0.76% – 0.76% U.S. Dollar Money Fund Class A ACC Base US$ 0.25% – 0.25% Class A INC Base US$ 0.25% – 0.25% Class C INC Base US$ 1.65% – 1.65% Class D ACC Base US$ 0.41% – 0.41% Class D INC Base US$ 0.40% – 0.40% Class F ACC Base US$ 0.30% – 0.30% Class I ACC Base US$ 0.06% – 0.06%

Investec Global Strategy Fund | 279 Notes forming part of the financial statements (continued)

Total Expense Ratios (continued) as at 31 December 2012

Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 Emerging Markets Currency Alpha Fund Class A ACC Base US$ 1.95% – 1.95% Class S ACC Base US$ 0.09% – 0.09% Class S ACC Non-Base Hedged EUR 0.18% – 0.18% Class S ACC Non-Base Hedged GBP 0.16% – 0.16% Emerging Markets Currency Fund Class A ACC Base US$ 1.68% – 1.68% Class C ACC Base US$ 2.66% – 2.66% Class F INC Base US$ 2.11% – 2.11% Class I ACC Base US$ 0.89% – 0.89% Class S ACC Base US$ 0.12% – 0.12% Class S ACC Non-Base EUR 0.12% – 0.12% Managed Currency Fund Class A ACC Base US$ 1.06% – 1.06% Class A INC Base US$ 1.06% – 1.06% Class C INC Base US$ 2.06% – 2.06% Class F ACC Base US$ 1.20% – 1.20% Class F INC Base US$ 1.20% – 1.20% Class I ACC Base US$ 0.62% – 0.62% Class S ACC Base US$ 0.07% – 0.07% Africa High Income Fund Class F INC Base US$ 2.33% – 2.33% Class S INC Base US$ 0.28% – 0.28% Emerging Markets Blended Debt Fund Class A ACC Base US$ 2.00% – 2.00% Class A INC Base US$ 1.98% – 1.98% Class C INC Base US$ 2.76% – 2.76% Class F ACC Base US$ 2.19% – 2.19% Class F INC Base US$ 2.20% – 2.20% Class IX INC Base US$ 1.06% – 1.06% Class S ACC Base US$ 0.14% – 0.14% Emerging Markets Corporate Debt Fund Class A ACC Base US$ 1.99% – 1.99% Class A INC Base US$ 1.91% – 1.91% Class A INC Non-Base HKD 1.92% – 1.92% Class C ACC Base US$ 2.70% – 2.70% Class C INC Base US$ 2.72% – 2.72% * Class F ACC Base US$ 2.15% – 2.15% Class F INC Base US$ 2.15% – 2.15% Class I ACC Base US$ 1.01% – 1.01% Class IX INC Base US$ 1.02% – 1.02% Class S ACC Base US$ 0.08% – 0.08% Class S ACC Non-Base GBP 0.09% – 0.09% Emerging Markets Hard Currency Debt Fund Class A INC Base US$ 1.95% – 1.95% Class C INC Base US$ 2.69% – 2.69% Class F INC Base US$ 2.16% – 2.16% Class I ACC Base US$ 1.02% – 1.02% Class IX INC Base US$ 1.04% – 1.04% Class S ACC Base US$ 0.10% – 0.10% Class S ACC Non-Base GBP 0.10% – 0.10% Emerging Markets Investment Grade Debt Fund Class I ACC Base US$ 1.02% – 1.02% Class IX INC Base US$ 1.04% – 1.04%

280 | Investec Global Strategy Fund Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 Emerging Markets Local Currency Debt Fund Class A ACC Base US$ 2.02% – 2.02% Class A INC Base US$ 2.02% – 2.02% Class C ACC Base US$ 2.80% – 2.80% Class C INC Base US$ 2.77% – 2.77% Class F ACC Base US$ 2.22% – 2.22% Class F INC Base US$ 2.22% – 2.22% Class F INC Non-Base EUR 2.22% – 2.22% Class I ACC Base US$ 1.08% – 1.08% Class I ACC Non-Base EUR 1.09% – 1.09% Class I INC Base US$ 1.07% – 1.07% Class IX INC Base US$ 1.10% – 1.10% Class S ACC Base US$ 0.18% – 0.18% Class S ACC Non-Base GBP 0.18% – 0.18% Class S INC Base US$ 0.18% – 0.18% Emerging Markets Local Currency Dynamic Debt Fund Class A ACC Base US$ 2.05% – 2.05% Class A ACC Non-Base EUR 2.08% – 2.08% * Class A INC Base US$ 2.02% – 2.02% Class A INC Non-Base GBP 2.01% – 2.01% Class C INC Base US$ 2.77% – 2.77% Class F ACC Base US$ 2.19% – 2.19% Class F INC Base US$ 2.21% – 2.21% Class I ACC Base US$ 1.08% – 1.08% Class I ACC Non-Base EUR 1.08% – 1.08% Class I ACC Non-Base GBP 1.08% – 1.08% Class I INC Base US$ 1.09% – 1.09% Class I INC Non-Base GBP 1.08% – 1.08% Class IX INC Base US$ 1.10% – 1.10% Class S ACC Base US$ 0.18% – 0.18% Class S ACC Non-Base EUR 0.17% – 0.17% Class S ACC Non-Base GBP 0.17% – 0.17% Global Bond Fund Class A ACC Base US$ 1.44% – 1.44% Class A INC Base US$ 1.43% – 1.43% Class C INC Base US$ 2.42% – 2.42% Class D INC Base US$ 1.92% – 1.92% Class F ACC Base US$ 1.38% – 1.38% Class I ACC Base US$ 0.73% – 0.73% Class S ACC Base US$ 0.08% – 0.08% Global Defensive Bond Fund Class F INC Base US$ 1.84% – 1.84% Class S INC Base US$ 0.23% – 0.23% Global Strategic Income Fund Class A ACC Base US$ 1.44% – 1.44% Class A INC Base US$ 1.44% – 1.44% Class C ACC Base US$ 2.47% – 2.47% * Class C INC Base US$ 2.43% – 2.43% Class F ACC Base US$ 1.73% – 1.73% Class F INC Base US$ 1.73% – 1.73% Class I ACC Base US$ 0.75% – 0.75% Class I INC Base US$ 0.73% – 0.73% Class IX INC Base US$ 0.78% – 0.78% Class S ACC Base US$ 0.09% – 0.09% Class S ACC Non-Base Hedged EUR 0.15% – 0.15%

Investec Global Strategy Fund | 281 Notes forming part of the financial statements (continued)

Total Expense Ratios (continued) as at 31 December 2012

Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 High Income Bond Fund Class A ACC Non-Base Hedged GBP 1.52% – 1.52% Class A INC Base EUR 1.46% – 1.46% Class A INC Non-Base Hedged GBP 1.52% – 1.52% Class C INC Base EUR 2.44% – 2.44% Class C INC Non-Base US$ 2.47% – 2.47% Class F ACC Base EUR 1.74% – 1.74% Class F ACC Non-Base US$ 1.75% – 1.75% Class F INC Non-Base US$ 1.76% – 1.76% Class F INC Non-Base Hedged US$ 1.81% – 1.81% Class S ACC Base EUR 0.10% – 0.10% Investment Grade Corporate Bond Fund Class A ACC Base US$ 1.20% – 1.20% Class A INC Base US$ 1.18% – 1.18% Class A INC Non-Base Hedged EUR 1.26% – 1.26% Class A INC Non-Base Hedged GBP 1.23% – 1.23% Class C INC Base US$ 2.18% – 2.18% Class C INC Non-Base Hedged EUR 2.26% – 2.26% Class D INC Base US$ 1.68% – 1.68% Class F ACC Base US$ 1.63% – 1.63% Class F INC Base US$ 1.63% – 1.63% Class I ACC Base US$ 0.66% – 0.66% Class S ACC Base US$ 0.09% – 0.09% Class S INC Non-Base Hedged GBP 0.17% – 0.17% Latin American Corporate Debt Fund Class A ACC Base US$ 1.94% – 1.94% Class A INC Base US$ 1.93% – 1.93% Class C ACC Base US$ 2.69% – 2.69% Class C INC Base US$ 2.68% – 2.68% Class F ACC Base US$ 2.14% – 2.14% Class F INC Base US$ 2.13% – 2.13% Class I ACC Base US$ 1.24% – 1.24% Class I INC Base US$ 1.23% – 1.23% Class IX INC Base US$ 1.27% – 1.27% Emerging Markets Multi-Asset Fund Class A ACC Base US$ 2.45% – 2.45% Class A INC Base US$ 2.46% – 2.46% Class C ACC Base US$ 3.26% – 3.26% Class F ACC Base US$ 2.66% – 2.66% Class I ACC Base US$ 1.36% – 1.36% Class I ACC Non-Base GBP 1.37% – 1.37% Class IX INC Base US$ 1.32% – 1.32% Class S ACC Base US$ 0.32% – 0.32% Class S ACC Non-Base GBP 0.23% – 0.23% Global Strategic Managed Fund Class A ACC Base US$ 1.92% – 1.92% Class A INC Base US$ 1.91% – 1.91% Class C INC Base US$ 2.67% – 2.67% Class D ACC Base US$ 2.42% – 2.42% Class D INC Base US$ 2.42% – 2.42% Class F ACC Base US$ 2.12% – 2.12% Class F ACC Non-Base Hedged EUR 2.20% – 2.20% Class F INC Base US$ 2.12% – 2.12% Class F INC Non-Base Hedged EUR 2.23% – 2.23% Class F INC Non-Base Hedged GBP 2.21% – 2.21% Class I ACC Base US$ 0.98% – 0.98% Class IX INC Base US$ 1.01% – 1.01% Class S ACC Base US$ 0.08% – 0.08%

282 | Investec Global Strategy Fund Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 Africa Opportunities Fund Class A ACC Base US$ 2.60% – 2.60% Class C ACC Base US$ 3.31% – 3.31% Class F ACC Base US$ 3.00% – 3.00% Class I ACC Base US$ 1.37% – 1.37% Class I ACC Non-Base JPY 1.32% – 1.32% Class IX INC Base US$ 1.36% – 1.36% Class S ACC Base US$ 0.21% – 0.21% American Equity Fund Class A ACC Base US$ 1.97% – 1.97% Class A INC Base US$ 1.93% – 1.93% Class C INC Base US$ 2.68% – 2.68% Class F ACC Base US$ 2.13% – 2.13% Class I ACC Base US$ 1.01% – 1.01% Class I INC Base US$ 0.98% – 0.98% Asia Pacifi c Equity Fund Class A ACC Base US$ 2.02% – 2.02% Class A INC Base US$ 2.01% – 2.01% Class C INC Base US$ 2.80% – 2.80% Class F ACC Base US$ 2.22% – 2.22% Class I ACC Base US$ 1.04% – 1.04% Class I ACC Non-Base EUR 1.09% – 1.09% Class I INC Non-Base GBP 1.08% – 1.08% Class IX INC Base US$ 1.06% – 1.06% Class S ACC Base US$ 0.14% – 0.14% Asian Equity Fund Class A ACC Base US$ 2.00% – 2.00% Class A INC Base US$ 2.00% – 2.00% Class C INC Base US$ 2.75% – 2.75% Class F ACC Base US$ 2.20% – 2.20% Class I ACC Base US$ 1.06% – 1.06% Class S ACC Base US$ 0.28% – 0.28% * EAFE Fund Class A INC Base US$ 2.12% – 2.12% Class F ACC Base US$ 2.33% – 2.33% Class S INC Base US$ 0.29% – 0.29% Emerging Markets Equity Fund Class A ACC Base US$ 2.08% – 2.08% Class C ACC Base US$ 3.04% – 3.04% Class F ACC Base US$ 2.53% – 2.53% Class I ACC Base US$ 1.13% – 1.13% Class IX INC Base US$ 1.09% – 1.09% Class S ACC Base US$ 0.17% – 0.17% Class S ACC Non-Base EUR 0.17% – 0.17% Class S ACC Non-Base GBP 0.18% – 0.18% Class S INC Non-Base AUD 0.17% – 0.17% Enhanced Global Energy Fund Class A ACC Base US$ 2.03% – 2.03% Class F ACC Base US$ 2.45% – 2.45% Class I ACC Base US$ 1.28% – 1.28% Class I INC Non-Base Hedged GBP 1.39% – 1.39% Class IX INC Base US$ 1.33% – 1.33% Class S ACC Base US$ 0.16% – 0.16% Enhanced Natural Resources Fund Class A ACC Base US$ 1.99% – 1.99% Class A ACC Non-Base Hedged EUR 2.04% – 2.04% Class F ACC Base US$ 2.39% – 2.39% Class G ACC Base US$ 2.04% – 2.04% * Class GX ACC Base US$ 2.02% – 2.02% Class I ACC Base US$ 1.25% – 1.25% Class I ACC Non-Base Hedged EUR 1.38% – 1.38% Class IX INC Base US$ 1.27% – 1.27% Class S ACC Base US$ 0.10% – 0.10%

Investec Global Strategy Fund | 283 Notes forming part of the financial statements (continued)

Total Expense Ratios (continued) as at 31 December 2012

Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 European Equity Fund Class A ACC Base US$ 1.95% – 1.95% Class A ACC Non-Base EUR 1.95% – 1.95% Class A INC Base US$ 1.95% – 1.95% Class C INC Base US$ 2.70% – 2.70% Class D INC Base US$ 2.45% – 2.45% Class F ACC Base US$ 2.17% – 2.17% Global Contrarian Equity Fund Class A ACC Base US$ 2.00% – 2.00% Class C ACC Base US$ 3.01% – 3.01% Class F ACC Base US$ 2.46% – 2.46% Class I ACC Base US$ 1.06% – 1.06% Class IX INC Base US$ 1.06% – 1.06% Class S ACC Base US$ 0.15% – 0.15% Global Dynamic Fund Class A ACC Base US$ 1.93% – 1.93% Class A INC Base US$ 1.93% – 1.93% Class C INC Base US$ 2.93% – 2.93% Class D INC Base US$ 2.53% – 2.53% Class F ACC Base US$ 2.13% – 2.13% Class I ACC Base US$ 0.99% – 0.99% Class I INC Base US$ 0.99% – 0.99% Class IX INC Base US$ 1.00% – 1.00% Class S INC Base US$ 0.09% – 0.09% Class Z INC Base US$ 1.43% – 1.43% Global Endurance Equity Fund Class IX INC Base US$ 1.11% – 1.11% Class S ACC Base US$ 0.16% – 0.16% Global Energy Fund Class A ACC Base US$ 1.93% – 1.93% Class A ACC Non-Base EUR 1.92% – 1.92% Class A ACC Non-Base Hedged SGD 2.00% – 2.00% Class A INC Base US$ 1.92% – 1.92% Class C INC Base US$ 2.67% – 2.67% Class F ACC Base US$ 2.12% – 2.12% Class F ACC Non-Base EUR 2.11% – 2.11% Class F ACC Non-Base Hedged SGD 2.21% – 2.21% Class F INC Non-Base GBP 2.12% – 2.12% Class I ACC Base US$ 0.98% – 0.98% Class I ACC Non-Base EUR 0.99% – 0.99% Class I INC Base US$ 0.98% – 0.98% Class IX INC Base US$ 0.98% – 0.98% Class S ACC Base US$ 0.07% – 0.07% Global Energy Long Short Fund Class A ACC Base US$ 2.08% – 2.08% Class S ACC Base US$ 0.32% – 0.32% Global Equity Fund Class A ACC Base US$ 1.93% – 1.93% Class A ACC Non-Base EUR 1.93% – 1.93% Class A INC Base US$ 1.93% – 1.93% Class C INC Base US$ 2.68% – 2.68% Class D ACC Base US$ 2.43% – 2.43% Class D INC Base US$ 2.43% – 2.43% Class F ACC Base US$ 2.13% – 2.13% Class I ACC Base US$ 0.99% – 0.99% Class I INC Base US$ 0.99% – 0.99% Class IX INC Base US$ 1.00% – 1.00% Class S ACC Base US$ 0.09% – 0.09%

284 | Investec Global Strategy Fund Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 Global Franchise Fund Class A ACC Base US$ 1.94% – 1.94% Class A ACC Non-Base EUR 2.07% – 2.07% * Class A ACC Non-Base Hedged SGD 2.05% – 2.05% * Class A INC Base US$ 1.94% – 1.94% Class C ACC Base US$ 2.93% – 2.93% Class C INC Base US$ 2.92% – 2.92% Class F ACC Base US$ 2.37% – 2.37% Class I ACC Base US$ 0.98% – 0.98% Class I INC Base US$ 0.98% – 0.98% Class IX INC Base US$ 0.99% – 0.99% Class S ACC Base US$ 0.07% – 0.07% Class S INC Base US$ 0.07% – 0.07% Global Gold Fund Class A ACC Base US$ 1.95% – 1.95% Class A INC Base US$ 1.93% – 1.93% Class C INC Base US$ 2.67% – 2.67% Class F ACC Base US$ 2.13% – 2.13% Class I ACC Base US$ 0.99% – 0.99% Class IX INC Base US$ 0.97% – 0.97% Class S INC Base US$ 0.08% – 0.08% Global Natural Resources Fund Class A ACC Base US$ 1.94% – 1.94% Class A ACC Non-Base Hedged CHF 1.98% – 1.98% Class A ACC Non-Base HKD 1.92% – 1.92% Class A ACC Non-Base Hedged SGD 2.01% – 2.01% Class A INC Base US$ 1.93% – 1.93% Class A INC Non-Base HKD 1.94% – 1.94% Class C INC Base US$ 2.67% – 2.67% Class F ACC Base US$ 2.12% – 2.12% Class F ACC Non-Base Hedged SGD 2.21% – 2.21% Class I ACC Base US$ 0.98% – 0.98% Class I ACC Non-Base EUR 1.00% – 1.00% Class IX INC Base US$ 1.34% – 1.34% * Class S ACC Base US$ 0.08% – 0.08% Global Opportunity Equity Fund Class A INC Base US$ 1.92% – 1.92% Class I ACC Base US$ 0.99% – 0.99% Class I INC Base US$ 0.98% – 0.98% Class IX INC Base US$ 0.98% – 0.98% Class S INC Base US$ 0.08% – 0.08% Global Strategic Equity Fund Class A ACC Base US$ 1.93% – 1.93% Class A ACC Non-Base EUR 1.92% – 1.92% Class A INC Base US$ 1.92% – 1.92% Class C INC Base US$ 2.92% – 2.92% Class D INC Base US$ 2.52% – 2.52% Class F ACC Base US$ 2.37% – 2.37% Class I ACC Base US$ 1.00% – 1.00% Class I INC Base US$ 0.98% – 0.98% Class IX INC Base US$ 1.00% – 1.00% Class S INC Base US$ 0.08% – 0.08% Latin American Equity Fund Class A ACC Base US$ 2.12% – 2.12% Class C ACC Base US$ 3.15% – 3.15% Class F ACC Base US$ 2.56% – 2.56% Class I ACC Base US$ 1.44% – 1.44% Class IX INC Base US$ 1.44% – 1.44% Latin American Smaller Companies Fund Class A ACC Base US$ 2.10% – 2.10% Class C ACC Base US$ 3.23% – 3.23% * Class F ACC Base US$ 2.70% – 2.70% * Class I ACC Base US$ 1.37% – 1.37%

Investec Global Strategy Fund | 285 Notes forming part of the financial statements (continued)

Total Expense Ratios (continued) as at 31 December 2012

Total Expense Total Expense Ratios excluding Ratios including Performance Fees Performance Fees Performance Fees Currency as at 31-Dec-12 as at 31-Dec-12 as at 31-Dec-12 U.K. Equity Fund Class A ACC Base GBP 1.95% – 1.95% Class A INC Base GBP 1.95% – 1.95% Class C INC Base GBP 2.70% – 2.70% Class F ACC Non-Base US$ 2.15% – 2.15% Class I ACC Non-Base US$ 1.01% – 1.01% Dynamic Commodities Fund Class S ACC Base US$ 0.42% – 0.42%

* The taxe d’abonnement component of the TER is calculated based on the quarter end Net Asset Value of the relevant Share Class. In these cases, movements in the Net Asset Values have had a material impact on the taxe d’abonnement component of the TER, causing it to be higher than the expected 0.05% or 0.01% per annum.

286 | Investec Global Strategy Fund 14. Ongoing Charges Ongoing charges were calculated in accordance with the ESMA’s guidelines on the methodology for calculation of the ongoing charges figure in the Key Investor Information Document CESR/10-674, as well as with the ALFI (Association of the Luxembourg Fund Industry) guidelines.

Ongoing Charges Ratios as at 31 December 2012

Ongoing Charges ratios Currency as at 31-Dec-12 Euro Money Fund Class A ACC Base EUR 0.29% Class A INC Base EUR 0.29% Class C INC Base EUR 1.68% Class D ACC Base EUR 0.44% Class D INC Base EUR 0.44% Sterling Money Fund Class A ACC Base GBP 0.42% Class A INC Base GBP 0.42% Class D ACC Base GBP 0.56% Class D INC Base GBP 0.56% U.S. Dollar Money Fund Class A ACC Base US$ 0.26% Class A INC Base US$ 0.26% Class C INC Base US$ 1.66% Class D ACC Base US$ 0.41% Class D INC Base US$ 0.41% Class F ACC Base US$ 0.31% Class I ACC Base US$ 0.06% Emerging Markets Currency Alpha Fund Class A ACC Base US$ 1.95% Class S ACC Base US$ 0.09% Class S ACC Non-Base Hedged EUR 0.19% Class S ACC Non-Base Hedged GBP 0.16% Emerging Markets Currency Fund Class A ACC Base US$ 1.68% Class C ACC Base US$ 2.66% Class F INC Base US$ 2.11% Class I ACC Base US$ 0.89% Class S ACC Base US$ 0.12% Class S ACC Non-Base EUR 0.12% Managed Currency Fund Class A ACC Base US$ 1.06% Class A INC Base US$ 1.06% Class C INC Base US$ 2.06% Class F ACC Base US$ 1.20% Class F INC Base US$ 1.20% Class I ACC Base US$ 0.62% Class S ACC Base US$ 0.08% Africa High Income Fund Class F INC Base US$ 2.21% Class S INC Base US$ 0.16% Emerging Markets Blended Debt Fund Class A ACC Base US$ 2.03% Class A INC Base US$ 2.02% Class C INC Base US$ 2.80% Class F ACC Base US$ 2.23% Class F INC Base US$ 2.25% Class IX INC Base US$ 1.10% Class S ACC Base US$ 0.17%

Investec Global Strategy Fund | 287 Notes forming part of the financial statements (continued)

Ongoing Charges Ratios (continued) as at 31 December 2012

Ongoing Charges ratios Currency as at 31-Dec-12 Emerging Markets Corporate Debt Fund Class A ACC Base US$ 2.00% Class A INC Base US$ 1.92% Class A INC Non-Base HKD 1.93% Class C ACC Base US$ 2.71% Class C INC Base US$ 2.73% Class F ACC Base US$ 2.16% Class F INC Base US$ 2.15% Class I ACC Base US$ 1.02% Class IX INC Base US$ 1.06% Class S ACC Base US$ 0.08% Class S ACC Non-Base GBP 0.08% Emerging Markets Hard Currency Debt Fund Class A INC Base US$ 1.96% Class C INC Base US$ 2.69% Class F INC Base US$ 2.16% Class I ACC Base US$ 1.02% Class IX INC Base US$ 1.04% Class S ACC Base US$ 0.10% Class S ACC Non-Base GBP 0.10% Emerging Markets Investment Grade Debt Fund Class I ACC Base US$ 1.01% Class IX INC Base US$ 1.05% Emerging Markets Local Currency Debt Fund Class A ACC Base US$ 2.02% Class A INC Base US$ 2.02% Class C ACC Base US$ 2.80% Class C INC Base US$ 2.77% Class F ACC Base US$ 2.22% Class F INC Base US$ 2.22% Class F INC Non-Base EUR 2.22% Class I ACC Base US$ 1.08% Class I ACC Non-Base EUR 1.09% Class I INC Base US$ 1.07% Class IX INC Base US$ 1.12% Class S ACC Base US$ 0.18% Class S ACC Non-Base GBP 0.18% Class S INC Base US$ 0.18% Emerging Markets Local Currency Dynamic Debt Fund Class A ACC Base US$ 2.05% Class A ACC Non-Base EUR 2.08% Class A INC Base US$ 2.03% Class A INC Non-Base GBP 2.02% Class C INC Base US$ 2.77% Class F ACC Base US$ 2.20% Class F INC Base US$ 2.22% Class I ACC Base US$ 1.09% Class I ACC Non-Base EUR 1.08% Class I ACC Non-Base GBP 1.09% Class I INC Base US$ 1.10% Class I INC Non-Base GBP 1.09% Class IX INC Base US$ 1.13% Class S ACC Base US$ 0.19% Class S ACC Non-Base EUR 0.18% Class S ACC Non-Base GBP 0.18% Global Bond Fund Class A ACC Base US$ 1.45% Class A INC Base US$ 1.44% Class C INC Base US$ 2.43% Class D INC Base US$ 1.93% Class F ACC Base US$ 1.39% Class I ACC Base US$ 0.74% Class S ACC Base US$ 0.09%

288 | Investec Global Strategy Fund Ongoing Charges ratios Currency as at 31-Dec-12 Global Defensive Bond Fund Class F INC Base US$ 1.85% Class S INC Base US$ 0.19% Global Strategic Income Fund Class A ACC Base US$ 1.44% Class A INC Base US$ 1.44% Class C ACC Base US$ 2.48% Class C INC Base US$ 2.43% Class F ACC Base US$ 1.73% Class F INC Base US$ 1.73% Class I ACC Base US$ 0.75% Class I INC Base US$ 0.73% Class IX INC Base US$ 0.78% Class S ACC Base US$ 0.09% Class S ACC Non-Base Hedged EUR 0.16% High Income Bond Fund Class A ACC Non-Base Hedged GBP 1.53% Class A INC Base EUR 1.47% Class A INC Non-Base Hedged GBP 1.53% Class C INC Base EUR 2.45% Class C INC Non-Base US$ 2.48% Class F ACC Base EUR 1.75% Class F ACC Non-Base US$ 1.76% Class F INC Non-Base US$ 1.77% Class F INC Non-Base Hedged US$ 1.83% Class S ACC Base EUR 0.11% Investment Grade Corporate Bond Fund Class A ACC Base US$ 1.21% Class A INC Base US$ 1.19% Class A INC Non-Base Hedged EUR 1.27% Class A INC Non-Base Hedged GBP 1.24% Class C INC Base US$ 2.19% Class C INC Non-Base Hedged EUR 2.27% Class D INC Base US$ 1.69% Class F ACC Base US$ 1.64% Class F INC Base US$ 1.64% Class I ACC Base US$ 0.67% Class S ACC Base US$ 0.10% Class S INC Non-Base Hedged GBP 0.18% Latin American Corporate Debt Fund Class A ACC Base US$ 1.94% Class A INC Base US$ 1.93% Class C ACC Base US$ 2.69% Class C INC Base US$ 2.68% Class F ACC Base US$ 2.14% Class F INC Base US$ 2.13% Class I ACC Base US$ 1.24% Class I INC Base US$ 1.23% Class IX INC Base US$ 1.27% Emerging Markets Multi-Asset Fund Class A ACC Base US$ 2.35% Class A INC Base US$ 2.33% Class C ACC Base US$ 3.13% Class F ACC Base US$ 2.53% Class I ACC Base US$ 1.23% Class I ACC Non-Base GBP 1.30% Class IX INC Base US$ 1.29% Class S ACC Base US$ 0.19% Class S ACC Non-Base GBP 0.20%

Investec Global Strategy Fund | 289 Notes forming part of the financial statements (continued)

Ongoing Charges Ratios (continued) as at 31 December 2012

Ongoing Charges ratios Currency as at 31-Dec-12 Global Strategic Managed Fund Class A ACC Base US$ 1.94% Class A INC Base US$ 1.93% Class C INC Base US$ 2.69% Class D ACC Base US$ 2.44% Class D INC Base US$ 2.44% Class F ACC Base US$ 2.14% Class F ACC Non-Base Hedged EUR 2.22% Class F INC Base US$ 2.14% Class F INC Non-Base Hedged EUR 2.25% Class F INC Non-Base Hedged GBP 2.23% Class I ACC Base US$ 1.00% Class IX INC Base US$ 1.03% Class S ACC Base US$ 0.10% Africa Opportunities Fund Class A ACC Base US$ 2.70% Class C ACC Base US$ 3.38% Class F ACC Base US$ 3.07% Class I ACC Base US$ 1.45% Class I ACC Non-Base JPY 1.40% Class IX INC Base US$ 1.49% Class S ACC Base US$ 0.30% American Equity Fund Class A ACC Base US$ 2.01% Class A INC Base US$ 1.96% Class C INC Base US$ 2.72% Class F ACC Base US$ 2.15% Class I ACC Base US$ 1.02% Class I INC Base US$ 1.00% Asia Pacifi c Equity Fund Class A ACC Base US$ 2.09% Class A INC Base US$ 2.10% Class C INC Base US$ 2.91% Class F ACC Base US$ 2.29% Class I ACC Base US$ 1.13% Class I ACC Non-Base EUR 1.15% Class I INC Non-Base GBP 1.14% Class IX INC Base US$ 1.17% Class S ACC Base US$ 0.24% Asian Equity Fund Class A ACC Base US$ 2.02% Class A INC Base US$ 2.02% Class C INC Base US$ 2.77% Class F ACC Base US$ 2.22% Class I ACC Base US$ 1.08% Class S ACC Base US$ 0.28% EAFE Fund Class A INC Base US$ 2.27% Class F ACC Base US$ 2.48% Class S INC Base US$ 0.44% Emerging Markets Equity Fund Class A ACC Base US$ 2.15% Class C ACC Base US$ 3.07% Class F ACC Base US$ 2.59% Class I ACC Base US$ 1.19% Class IX INC Base US$ 1.19% Class S ACC Base US$ 0.24% Class S ACC Non-Base EUR 0.24% Class S ACC Non-Base GBP 0.24% Class S INC Non-Base AUD 0.24%

290 | Investec Global Strategy Fund Ongoing Charges ratios Currency as at 31-Dec-12 Enhanced Global Energy Fund Class A ACC Base US$ 2.08% Class F ACC Base US$ 2.50% Class I ACC Base US$ 1.34% Class I INC Non-Base Hedged GBP 1.44% Class IX INC Base US$ 1.38% Class S ACC Base US$ 0.21% Enhanced Natural Resources Fund Class A ACC Base US$ 2.02% Class A ACC Non-Base Hedged EUR 2.07% Class F ACC Base US$ 2.42% Class G ACC Base US$ 2.07% Class GX ACC Base US$ 2.05% Class I ACC Base US$ 1.28% Class I ACC Non-Base Hedged EUR 1.42% Class IX INC Base US$ 1.32% Class S ACC Base US$ 0.13% European Equity Fund Class A ACC Base US$ 2.01% Class A ACC Non-Base EUR 2.01% Class A INC Base US$ 2.01% Class C INC Base US$ 2.76% Class D INC Base US$ 2.50% Class F ACC Base US$ 2.24% Global Contrarian Equity Fund Class A ACC Base US$ 2.00% Class C ACC Base US$ 3.01% Class F ACC Base US$ 2.46% Class I ACC Base US$ 1.06% Class IX INC Base US$ 1.05% Class S ACC Base US$ 0.15% Global Dynamic Fund Class A ACC Base US$ 1.94% Class A INC Base US$ 1.94% Class C INC Base US$ 2.94% Class D INC Base US$ 2.54% Class F ACC Base US$ 2.14% Class I ACC Base US$ 1.00% Class I INC Base US$ 1.00% Class IX INC Base US$ 1.04% Class S INC Base US$ 0.10% Class Z INC Base US$ 1.44% Global Endurance Equity Fund Class IX INC Base US$ 1.14% Class S ACC Base US$ 0.20% Global Energy Fund Class A ACC Base US$ 1.94% Class A ACC Non-Base EUR 1.93% Class A ACC Non-Base Hedged SGD 2.00% Class A INC Base US$ 1.93% Class C INC Base US$ 2.68% Class F ACC Base US$ 2.13% Class F ACC Non-Base EUR 2.12% Class F ACC Non-Base Hedged SGD 2.22% Class F INC Non-Base GBP 2.13% Class I ACC Base US$ 0.99% Class I ACC Non-Base EUR 1.00% Class I INC Base US$ 0.99% Class IX INC Base US$ 1.03% Class S ACC Base US$ 0.08% Global Energy Long Short Fund Class A ACC Base US$ 2.00% Class S ACC Base US$ 0.22%

Investec Global Strategy Fund | 291 Notes forming part of the financial statements (continued)

Ongoing Charges Ratios (continued) as at 31 December 2012

Ongoing Charges ratios Currency as at 31-Dec-12 Global Equity Fund Class A ACC Base US$ 1.94% Class A ACC Non-Base EUR 1.94% Class A INC Base US$ 1.94% Class C INC Base US$ 2.69% Class D ACC Base US$ 2.44% Class D INC Base US$ 2.44% Class F ACC Base US$ 2.14% Class I ACC Base US$ 1.02% Class I INC Base US$ 1.00% Class IX INC Base US$ 1.06% Class S ACC Base US$ 0.10% Global Franchise Fund Class A ACC Base US$ 1.94% Class A ACC Non-Base EUR 2.07% Class A ACC Non-Base Hedged SGD 2.05% Class A INC Base US$ 1.94% Class C ACC Base US$ 2.93% Class C INC Base US$ 2.92% Class F ACC Base US$ 2.37% Class I ACC Base US$ 0.98% Class I INC Base US$ 0.98% Class IX INC Base US$ 1.02% Class S ACC Base US$ 0.08% Class S INC Base US$ 0.08% Global Gold Fund Class A ACC Base US$ 1.96% Class A INC Base US$ 1.94% Class C INC Base US$ 2.68% Class F ACC Base US$ 2.14% Class I ACC Base US$ 1.00% Class IX INC Base US$ 1.04% Class S INC Base US$ 0.09% Global Natural Resources Fund Class A ACC Base US$ 1.95% Class A ACC Non-Base Hedged CHF 2.01% Class A ACC Non-Base HKD 1.93% Class A ACC Non-Base Hedged SGD 2.02% Class A INC Base US$ 1.94% Class A INC Non-Base HKD 1.95% Class C INC Base US$ 2.68% Class F ACC Base US$ 2.13% Class F ACC Non-Base Hedged SGD 2.22% Class I ACC Base US$ 0.99% Class I ACC Non-Base EUR 1.01% Class IX INC Base US$ 1.05% Class S ACC Base US$ 0.09% Global Opportunity Equity Fund Class A INC Base US$ 1.92% Class I ACC Base US$ 0.99% Class I INC Base US$ 0.98% Class IX INC Base US$ 1.03% Class S INC Base US$ 0.08% Global Strategic Equity Fund Class A ACC Base US$ 1.93% Class A ACC Non-Base EUR 1.93% Class A INC Base US$ 1.92% Class C INC Base US$ 2.92% Class D INC Base US$ 2.52% Class F ACC Base US$ 2.37% Class I ACC Base US$ 1.01% Class I INC Base US$ 0.98% Class IX INC Base US$ 1.05% Class S INC Base US$ 0.09%

292 | Investec Global Strategy Fund Ongoing Charges ratios Currency as at 31-Dec-12 Latin American Equity Fund Class A ACC Base US$ 2.16% Class C ACC Base US$ 3.18% Class F ACC Base US$ 2.60% Class I ACC Base US$ 1.48% Class IX INC Base US$ 1.52% Latin American Smaller Companies Fund Class A ACC Base US$ 2.13% Class C ACC Base US$ 3.24% Class F ACC Base US$ 2.71% Class I ACC Base US$ 1.39% U.K. Equity Fund Class A ACC Base GBP 1.99% Class A INC Base GBP 1.99% Class C INC Base GBP 2.74% Class F ACC Non-Base US$ 2.18% Class I ACC Non-Base US$ 1.05% Dynamic Commodities Fund Class S ACC Base US$ 0.12%

Investec Global Strategy Fund | 293 Notes forming part of the financial statements (continued)

15. Distribution

The following dividends were declared during the year:

Quarter Quarter Quarter Quarter ending ending ending ending Total Total Share (per Share) (per Share) (per Share) (per Share) (per Share) (per Share) Sub-Fund Class Currency 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 2012 2011

Euro Money Fund A EUR – – – – – 0.13 Euro Money Fund D EUR – – – – – 0.08 Sterling Money Fund A GBP – 0.01 – – 0.01 0.02 Sterling Money Fund D GBP – – – – – 0.01 U.S. Dollar Money Fund A US$ – 0.01 – 0.01 0.02 0.04 U.S. Dollar Money Fund D US$ – – – – – 0.01 Emerging Markets Currency Fund F US$ 0.21 0.12 0.10 0.15 0.58 0.52 Africa High Income Fund C US$ 0.20 0.05 – – 0.25 0.12 Africa High Income Fund F US$ 0.23 0.31 0.40 0.26 1.20 0.19 Africa High Income Fund S US$ 0.32 0.38 0.40 0.26 1.36 0.33 Emerging Markets Blended Debt Fund A US$ 0.28 0.26 0.25 0.23 1.02 1.08 Emerging Markets Blended Debt Fund C US$ 0.30 0.24 0.25 0.23 1.02 0.47 Emerging Markets Blended Debt Fund F US$ 0.29 0.24 0.25 0.23 1.01 1.08 Emerging Markets Blended Debt Fund I US$ 0.30 0.09 – – 0.39 1.08 Emerging Markets Blended Debt Fund IX US$ – – – 0.08 0.08 – Emerging Markets Corporate Debt Fund A US$ – – – 0.15 0.15 – Emerging Markets Corporate Debt Fund A HKD – – – 0.77 0.77 – Emerging Markets Corporate Debt Fund C US$ – 0.10 0.13 0.12 0.35 – Emerging Markets Corporate Debt Fund F US$ – 0.12 0.15 0.16 0.43 – Emerging Markets Corporate Debt Fund IX US$ – – – 0.06 0.06 – Emerging Markets Hard Currency Debt Fund A US$ 0.18 0.18 0.17 0.16 0.69 0.46 Emerging Markets Hard Currency Debt Fund C US$ 0.14 0.15 0.12 0.12 0.53 0.35 Emerging Markets Hard Currency Debt Fund F US$ 0.17 0.17 0.15 0.15 0.64 0.44 Emerging Markets Hard Currency Debt Fund I US$ 0.23 0.07 – – 0.30 0.60 Emerging Markets Hard Currency Debt Fund IX US$ – – – 0.05 0.05 – Emerging Markets Investment Grade Debt Fund IX US$ – – – 0.08 0.08 – Emerging Markets Local Currency Debt Fund A US$ 0.32 0.34 0.34 0.33 1.33 1.26 Emerging Markets Local Currency Debt Fund C US$ 0.34 0.28 0.34 0.32 1.28 1.23 Emerging Markets Local Currency Debt Fund F US$ 0.35 0.30 0.33 0.34 1.32 1.25 Emerging Markets Local Currency Debt Fund F EUR 0.35 0.31 0.37 0.34 1.37 0.71 Emerging Markets Local Currency Debt Fund I US$ 0.37 0.30 0.37 0.35 1.39 1.31 Emerging Markets Local Currency Debt Fund IX US$ – – – 0.12 0.12 – Emerging Markets Local Currency Debt Fund S US$ 1.50 1.57 1.59 1.57 6.23 0.61 Emerging Markets Local Currency Dynamic Debt Fund A US$ 0.31 0.25 0.29 0.29 1.14 1.04 Emerging Markets Local Currency Dynamic Debt Fund A GBP 0.32 0.25 0.29 0.28 1.14 1.03 Emerging Markets Local Currency Dynamic Debt Fund C US$ 0.32 0.25 0.28 0.28 1.13 1.03 Emerging Markets Local Currency Dynamic Debt Fund F US$ 0.31 0.25 0.29 0.28 1.13 1.04 Emerging Markets Local Currency Dynamic Debt Fund I US$ 0.32 0.25 0.29 0.30 1.16 1.04 Emerging Markets Local Currency Dynamic Debt Fund I GBP 0.32 0.25 0.30 0.29 1.16 1.03 Emerging Markets Local Currency Dynamic Debt Fund IX US$ – – – 0.09 0.09 – Global Bond Fund A US$ – 0.30 – 0.21 0.51 0.83 Global Bond Fund C US$ 0.02 0.02 – – 0.04 0.22 Global Bond Fund D US$ – 0.19 – 0.11 0.30 0.60 Global Defensive Bond Fund A US$ 0.09 – – – 0.09 0.12 Global Defensive Bond Fund C US$ 0.06 0.01 – – 0.07 0.04 Global Defensive Bond Fund F US$ 0.09 0.06 0.05 0.04 0.24 0.09 Global Defensive Bond Fund S US$ 0.16 0.15 0.13 0.13 0.57 0.23 Global Strategic Income Fund A US$ 0.23 0.19 0.19 0.19 0.80 0.97 Global Strategic Income Fund C US$ 0.21 0.17 0.18 0.16 0.72 0.89 Global Strategic Income Fund F US$ 0.23 0.18 0.19 0.18 0.78 0.96 Global Strategic Income Fund F EUR 0.23 0.06 – – 0.29 0.55 Global Strategic Income Fund I US$ – 0.18 0.18 0.19 0.55 – Global Strategic Income Fund IX US$ – – – 0.05 0.05 –

294 | Investec Global Strategy Fund 15. Distribution (continued)

Quarter Quarter Quarter Quarter ending ending ending ending Total Total Share (per Share) (per Share) (per Share) (per Share) (per Share) (per Share) Sub-Fund Class Currency 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 2012 2011

High Income Bond Fund A EUR – 0.68 – 0.66 1.34 1.45 High Income Bond Fund A GBP (Hedged) – 0.59 – 0.59 1.18 1.30 High Income Bond Fund C EUR 0.32 0.32 0.31 0.31 1.26 1.39 High Income Bond Fund C US$ 0.33 0.33 0.30 0.32 1.28 0.54 High Income Bond Fund F US$ 0.41 0.38 0.37 0.38 1.54 1.82 High Income Bond Fund F US$ (Hedged) 0.35 0.34 0.32 0.33 1.34 1.46 Investment Grade Corporate Bond Fund A US$ 0.33 0.31 0.30 0.32 1.26 1.46 Investment Grade Corporate Bond Fund A EUR (Hedged) 0.24 0.24 0.22 0.22 0.92 1.09 Investment Grade Corporate Bond Fund A GBP (Hedged) 0.24 0.23 0.22 0.22 0.91 1.08 Investment Grade Corporate Bond Fund C US$ 0.32 0.29 0.30 0.29 1.20 1.42 Investment Grade Corporate Bond Fund C EUR (Hedged) 0.27 0.25 0.24 0.24 1.00 1.17 Investment Grade Corporate Bond Fund D US$ – 0.69 – 0.65 1.34 1.57 Investment Grade Corporate Bond Fund F US$ 0.17 0.16 0.15 0.16 0.64 0.73 Investment Grade Corporate Bond Fund S GBP (Hedged) 0.25 0.24 0.23 0.23 0.95 1.12 Latin American Corporate Debt Fund A US$ 0.30 0.30 0.30 0.29 1.19 1.34 Latin American Corporate Debt Fund C US$ 0.30 0.31 0.30 0.28 1.19 1.34 Latin American Corporate Debt Fund F US$ 0.32 0.33 0.32 0.31 1.28 1.43 Latin American Corporate Debt Fund I US$ 0.30 0.30 0.31 0.29 1.20 0.60 Latin American Corporate Debt Fund IX US$ – – – 0.09 0.09 – Emerging Markets Multi-Asset Fund A US$ – 0.15 – 0.12 0.27 – Emerging Markets Multi-Asset Fund IX US$ – – – 0.02 0.02 – Global Strategic Managed Fund A US$ – – – 0.10 0.10 0.07 Global Strategic Managed Fund F US$ – – – 0.01 0.01 0.02 Global Strategic Managed Fund IX US$ – – – 0.01 0.01 – American Equity Fund I US$ – – – – – 0.01 Asia Pacific Equity Fund A US$ – – – 0.21 0.21 0.21 Asia Pacific Equity Fund C US$ – – – 0.03 0.03 0.02 Asia Pacific Equity Fund I GBP – – – 0.26 0.26 – Asian Equity Fund A US$ – – – 0.11 0.11 0.11 EAFE Fund A US$ – – – 0.05 0.05 0.06 EAFE Fund S US$ – – – 0.53 0.53 0.54 Emerging Markets Equity Fund S AUD – – – 0.47 0.47 0.13 European Equity Fund A US$ – – – 2.71 2.71 2.92 European Equity Fund C US$ – – – 0.05 0.05 0.05 European Equity Fund D US$ – – – 1.05 1.05 1.21 Global Contrarian Equity Fund IX US$ – – – 0.01 0.01 – Global Dynamic Fund A US$ – – – 0.28 0.28 – Global Dynamic Fund I US$ – – – 0.29 0.29 – Global Dynamic Fund S US$ – – – 0.41 0.41 0.34 Global Dynamic Fund Z US$ – – – 0.17 0.17 – Global Energy Fund A US$ – – – – – 0.56 Global Energy Fund F GBP – – – – – 0.04 Global Energy Fund I US$ – – – 0.15 0.15 0.23 Global Energy Fund IX US$ – – – 0.01 0.01 – Global Equity Fund A US$ – – – 0.12 0.12 – Global Equity Fund I US$ – – – 0.16 0.16 0.13 Global Franchise Fund A US$ – – – 0.11 0.11 0.22 Global Franchise Fund I US$ – – – 0.40 0.40 0.47 Global Franchise Fund S US$ – – – 0.68 0.68 0.73 Global Gold Fund S US$ – – – 0.23 0.23 0.26 Global Growth Fund A US$ – – – – – 0.06 Global Growth Fund I US$ – – – – – 0.15 Global Growth Fund Z US$ – – – – – 0.09 Global Natural Resources Fund A HKD – – – 0.04 0.04 –

Investec Global Strategy Fund | 295 Notes forming part of the financial statements (continued)

15. Distribution (continued)

Quarter Quarter Quarter Quarter ending ending ending ending Total Total Share (per Share) (per Share) (per Share) (per Share) (per Share) (per Share) Sub-Fund Class Currency 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 2012 2011

Global Opportunity Equity Fund A US$ – – – 0.09 0.09 0.05 Global Opportunity Equity Fund I US$ – – – 0.31 0.31 0.24 Global Opportunity Equity Fund S US$ – – – 0.53 0.53 0.44 Global Strategic Equity Fund A US$ – – – 0.03 0.03 – Global Strategic Equity Fund I US$ – – – 0.15 0.15 0.10 Global Strategic Equity Fund S US$ – – – 0.31 0.31 0.27 Latin American Equity Fund IX US$ – – – 0.03 0.03 – U.K. Equity Fund A GBP – – – 0.96 0.96 0.85 U.K. Equity Fund C GBP – – – 0.50 0.50 0.38

Distribution policy The Board of Directors has determined that the distribution policy of the Fund is to distribute, over the course of the Fund’s financial year, 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. The frequency of distributions varies across the different Sub-Funds and Share Classes, the detail of which can be found in the Fund’s Prospectus. Income earned on Shares is allocated proportionately between the Income Shares and the Accumulation Shares. The Income Shares carry a right to dividends declared by the general meeting of the shareholders or by the Board of Directors if applicable. Shareholders holding Accumulation Shares in a Sub-Fund 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. 16. Securities on Loan The aggregate value of securities on loan as at 31 December 2012 is US$ 281,740,353. Securities on loan are included in the Schedule of Investments and no account is taken of any collateral held. The aggregate value of collateral held at 31 December 2012 is US$ 254,551,966. This collateral is in the form of cash which is held in a money market Fund, and bonds which are held in a segregated account. This collateral is protected from the failure of third parties.

Value of Value of securities on loan collateral held Fund US$ US$ Emerging Markets Currency Fund 2,305,298 2,357,930 Emerging Markets Blended Debt Fund 2,987,287 3,035,670 Emerging Markets Corporate Debt Fund 36,732,839 37,303,438 Emerging Markets Hard Currency Debt Fund 6,267,060 6,378,481 Emerging Markets Investment Grade Debt Fund 3,956,308 4,002,347 Emerging Markets Local Currency Dynamic Debt Fund 5,749,484 5,857,341 Global Bond Fund 6,850,408 6,937,280 Global Defensive Bond Fund 2,404,268 2,425,501 Global Strategic Income Fund 35,092,831 35,679,404 High Income Bond Fund 30,081,852 30,499,815 Investment Grade Corporate Bond Fund 13,496,482 13,666,512 Latin American Corporate Debt Fund 6,636,980 6,826,450 Emerging Markets Multi-Asset Fund 2,864,757 2,601,785 Global Strategic Managed Fund 11,178,213 10,863,313 American Equity Fund 945,507 955,155 Asia Pacific Equity Fund 6,011,720 – Asian Equity Fund 11,661,519 – EAFE Fund 253,069 267,480 Emerging Markets Equity Fund 1,512,350 1,527,250 Enhanced Global Energy Fund 2,164,203 1,652,851 Enhanced Natural Resources Fund 3,835,852 3,425,176 Global Contrarian Equity Fund 13,369,592 8,165,166 Global Dynamic Fund 26,920,054 25,695,414 Global Energy Fund 19,050,596 19,534,530 Global Energy Long Short Fund 1,742,052 1,757,583 Global Equity Fund 3,796,815 3,885,573 Global Gold Fund 1,484,258 1,796

296 | Investec Global Strategy Fund 16. Securities on Loan (continued)

Value of Value of securities on loan collateral held Fund US$ US$ Global Natural Resources Fund 16,087,311 14,600,225 Global Opportunity Equity Fund 1,077,824 – Global Strategic Equity Fund 4,448,191 3,872,130 Latin American Equity Fund 775,373 776,370 281,740,353 254,551,966

Only the High Income Bond Fund holds more than 30% collateral as a percentage of the Net Asset Value of the Sub-Fund. The nature of the collateral is cash and therefore no credit rating is applicable. The counterparties who have provided the collaterals for the High Income Bond Fund are: BNP Paribas (London Branch), Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, Goldman Sachs International, J.P. Morgan Securities Plc., Merrill Lynch International, Morgan Stanley & Co. International Plc., Nomura International Plc., Royal Bank of Canada Europe Ltd., Royal Bank of Scotland Plc. and UBS AG.

17. Contingent Liabilities There were no contingent liabilities as at 31 December 2012.

18. Bank Overdrafts Any bank overdraft is secured against the assets of the Sub-Fund.

19. Merger of Sub-Funds during the Year The following Sub-Funds merged during the year. As a result of the mergers, the absorbed Sub-Funds were closed.

Absorbed Sub-Funds Class Absorbing Sub-Funds Merger Ratios Merger Dates Africa & Middle East Fund A (Acc) Africa Opportunities Fund 0.933218531 15 June 2012 F (Acc) 0.928023674 15 June 2012 I (Acc) 0.921516133 15 June 2012 Middle East & North Africa Fund A (Acc) Africa Opportunities Fund 0.799637953 15 June 2012 F (Acc) 0.794588513 15 June 2012

20. Commitments on Futures As of 31 December 2012, the commitments on futures were:

Total Commitment Sub-Fund US$ Emerging Markets Blended Debt Fund (617,483) Emerging Markets Hard Currency Debt Fund 10,238,269 Emerging Markets Investment Grade Debt Fund (18,919,663) Emerging Markets Local Currency Debt Fund (181,010,943) Emerging Markets Local Currency Dynamic Debt Fund (79,834,004) Global Bond Fund 4,504,691 Global Defensive Bond Fund (6,026,467) Global Strategic Income Fund (74,568,828) Investment Grade Corporate Bond Fund (35,523,808) Emerging Markets Multi-Asset Fund (1,305,520) Global Strategic Managed Fund 854,171

21. Commitments on Contracts for Difference As of 31 December 2012, the commitments on Contracts for Difference were:

Total Commitment Sub-Fund US$ Enhanced Global Energy Fund 3,870,487 Enhanced Natural Resources Fund 18,984,550 Global Energy Long Short Fund 2,342,102

Investec Global Strategy Fund | 297 Independent Auditor’s report to the Shareholders

To the Shareholders of Investec Global Strategy Fund 49 Avenue J.F. Kennedy L-1855 Luxembourg

Report of the Réviseur d’Entreprises Agréé Opinion Following our appointment by the annual general meeting In our opinion, the financial statements give a true and fair of the Shareholders of 14 June 2012, we have audited view of the financial position of Investec Global Strategy Fund the accompanying financial statements of Investec Global and each of its sub-funds as of 31 December 2012, and of Strategy Fund and each of its sub-funds, which comprise the results of their operations and changes in their net assets the Statements of Assets and Liabilities and the Schedule of for the year then ended in accordance with Luxembourg legal Investments as at 31 December 2012 and the Statement of and regulatory requirements relating to the preparation of the Operations and the Statement of Changes in Shareholders’ financial statements. Equity for the year then ended, and a summary of significant accounting policies and other explanatory information. Other matters Board of Directors of the SICAV responsibility Supplementary information included in the annual report for the financial statements has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried The Board of Directors of the SICAV is responsible for out in accordance with the standards described above. the preparation and fair presentation of these financial Consequently, we express no opinion on such information. statements in accordance with Luxembourg legal and However, we have no observation to make concerning such regulatory requirements relating to the preparation of the information in the context of the financial statements taken financial statements, and for such internal control as the as a whole. Board of Directors of the SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Responsibility of the Réviseur d’Entreprises agréé Our responsibility is to express an opinion on these financial Luxembourg, 24 April 2013 statements based on our audit. We conducted our audit in KPMG Luxembourg S.à r.l. accordance with International Standards on Auditing as Cabinet de révision agréé adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the R. Beegun financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgement of the Réviseur d’Entreprises agréé, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d’Entreprises agréé considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

298 | Investec Global Strategy Fund [This page intentionally left blank] Performance Records

The following information has been included as disclosure for the Hong Kong Securities and Futures Commission. 2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Euro Money Fund A (Acc) EUR – – – – 61.19 61.66 Euro Money Fund A (Inc) EUR 25.59 25.85 25.58 25.77 25.59 25.84 Euro Money Fund C (Inc) EUR 25.67 25.68 21.18 25.71 21.26 21.25 Euro Money Fund C (Inc) US$ – – – – – – Euro Money Fund D (Acc) EUR – – – – – – Euro Money Fund D (Inc) EUR – – – – – – Euro Money Fund F (Acc) US$ – – – – – – Sterling Money Fund A (Acc) GBP – – – – 47.63 48.65 Sterling Money Fund A (Inc) GBP 10.01 10.16 10.01 10.22 10.01 10.24 Sterling Money Fund C (Inc) GBP 10.07 10.08 10.06 10.20 10.06 10.23 Sterling Money Fund D (Acc) GBP – – – – – – Sterling Money Fund D (Inc) GBP – – – – – – U.S. Dollar Money Fund A (Acc) US$ – – – – 56.98 57.92 U.S. Dollar Money Fund A (Inc) US$ 19.99 20.05 19.99 20.10 19.98 20.30 U.S. Dollar Money Fund C (Inc) US$ 20.02 20.02 20.02 20.79 20.72 20.90 U.S. Dollar Money Fund D (Acc) US$ – – – – – – U.S. Dollar Money Fund D (Inc) US$ – – – – – – U.S. Dollar Money Fund F (Acc) US$ – – – – – – U.S. Dollar Money Fund F (Inc) US$ – – – – – – U.S. Dollar Money Fund I (Acc) US$ – – – – – – Currency Alpha Fund A (Inc) GBP 6.18 6.63 6.17 6.62 6.16 6.64 Currency Alpha Fund C (Inc) GBP – – – – 6.26 6.46 Currency Alpha Fund F (Acc) US$ – – – – – – Currency Alpha Fund I (Acc) EUR – – – – – – Emerging Markets Currency Alpha Fund A (Acc) US$ – – – – – – Emerging Markets Currency Alpha Fund A (Acc) EUR Hedged – – – – – – Emerging Markets Currency Alpha Fund F (Acc) US$ – – – – – – Emerging Markets Currency Alpha Fund I (Acc) US$ – – – – – – Emerging Markets Currency Alpha Fund S (Acc) US$ – – – – – – Emerging Markets Currency Alpha Fund S (Acc) EUR Hedged – – – – – – Emerging Markets Currency Alpha Fund S (Acc) GBP Hedged – – – – – – Emerging Markets Currency Fund A (Acc) US$ – – – – – – Emerging Markets Currency Fund C (Acc) US$ – – – – – – Emerging Markets Currency Fund F (Inc) US$ – – – – – – Emerging Markets Currency Fund I (Acc) US$ – – – – – – Emerging Markets Currency Fund S (Acc) US$ – – – – – – Emerging Markets Currency Fund S (Acc) EUR – – – – – – Managed Currency Fund A (Acc) US$ – – – – 110.69 122.10 Managed Currency Fund A (Inc) US$ 32.96 38.57 35.09 40.03 34.08 39.28 Managed Currency Fund C (Inc) US$ 17.11 19.28 18.12 20.00 17.60 19.69 Managed Currency Fund F (Acc) US$ – – – – – – Managed Currency Fund F (Inc) US$ – – – – – – Managed Currency Fund I (Acc) US$ – – – – – – Managed Currency Fund S (Acc) US$ – – – – – – Africa High Income Fund C (Inc) US$ – – – – – – Africa High Income Fund F (Inc) US$ – – – – – – Africa High Income Fund S (Inc) US$ – – – – – –

300 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) 61.67 63.11 63.13 65.63 65.26 68.26 68.27 68.75 68.65 68.72 68.72 69.06 69.01 69.07 25.59 25.91 25.59 26.21 25.80 26.54 26.12 26.30 26.10 26.12 26.12 26.19 26.10 26.12 21.16 21.28 21.14 21.64 21.17 21.76 21.34 21.54 21.05 21.33 20.86 21.05 20.56 20.86 – – 30.98 31.98 26.97 34.97 27.01 32.28 25.32 31.06 – – – – – – – – 64.87 67.80 67.81 68.23 68.02 68.12 68.06 68.29 68.14 68.29 – – – – 25.76 26.51 26.07 26.27 26.03 26.07 26.05 26.10 26.00 26.05 – – 29.79 30.75 26.84 34.03 27.26 32.88 25.92 31.67 28.09 31.11 – – 48.66 50.72 50.75 53.19 53.20 55.76 55.77 56.16 56.14 56.24 56.24 56.38 56.38 56.66 9.97 10.17 9.95 10.20 9.94 10.20 9.96 10.03 9.95 9.97 9.96 9.97 9.96 10.01 10.04 10.18 10.03 10.26 10.07 10.30 10.06 10.16 9.94 10.06 9.84 9.94 9.81 9.84 – – – – 52.74 55.20 55.21 55.54 55.47 55.51 55.51 55.57 55.52 55.80 – – – – 9.98 10.24 10.00 10.06 10.00 10.00 10.00 10.01 10.00 10.05 57.94 60.58 60.61 63.52 63.53 65.08 65.08 65.31 65.29 65.44 65.44 65.55 65.55 65.62 19.99 20.46 19.99 20.47 20.01 20.34 20.04 20.12 20.05 20.08 20.06 20.08 20.05 20.07 20.72 21.06 20.73 21.19 20.84 21.09 20.72 20.94 20.48 20.72 20.23 20.48 19.97 20.23 – – – – 63.10 64.55 64.55 64.67 64.63 64.69 64.69 64.71 64.67 64.72 – – – – 20.04 20.36 20.08 20.14 20.07 20.09 20.07 20.09 20.07 20.08 – – 20.00 20.94 20.94 21.58 21.58 21.64 21.61 21.62 21.61 21.62 21.62 21.63 – – 20.00 20.51 19.97 20.38 19.97 20.03 – – – – – – – – – – – – – – – – 19.98 20.00 20.00 20.06 6.15 6.61 6.12 6.62 6.16 6.54 6.10 6.26 6.20 6.36 5.94 6.25 – – 6.25 6.47 6.23 6.58 6.27 6.62 6.17 6.31 6.19 6.38 6.17 6.23 – – – – – – 20.00 20.13 19.97 20.50 – – – – – – – – – – 20.00 20.13 20.02 20.64 – – – – – – – – – – – – – – 20.00 21.67 19.26 20.63 19.04 20.31 – – – – – – – – 19.08 20.23 18.35 19.61 – – – – – – – – – – 18.97 20.12 18.12 19.49 – – – – – – – – – – 20.00 21.73 20.69 20.99 – – – – – – – – – – 20.00 22.24 20.25 21.47 20.23 21.45 – – – – – – – – 20.00 22.28 20.29 21.47 20.19 21.43 – – – – – – – – 19.16 20.19 18.63 19.75 18.62 19.74 – – – – – – – – – – 18.89 21.03 18.84 20.37 – – – – – – – – – – 18.74 20.96 18.59 20.15 – – – – – – – – – – 18.42 20.91 18.02 19.68 – – – – – – – – – – 19.02 21.11 19.04 20.55 – – – – – – – – – – 19.12 21.19 19.24 20.80 – – – – – – – – – – 19.35 20.38 20.31 22.37 112.54 127.85 118.93 140.63 120.91 140.81 120.37 137.45 128.12 139.16 128.86 141.48 126.78 133.37 34.11 38.05 34.69 40.15 33.31 39.44 32.76 37.08 34.56 37.55 34.77 38.17 34.21 35.98 17.64 19.04 17.97 20.08 17.19 20.38 16.95 19.13 17.73 19.19 17.57 19.41 17.21 18.15 – – 19.06 23.56 20.24 23.70 20.14 22.97 21.40 23.22 21.47 23.60 21.11 22.21 – – 19.96 23.13 19.11 22.68 19.02 21.53 20.05 21.77 20.12 22.11 19.78 20.82 – – – – 15.86 21.44 15.79 17.28 19.12 20.81 19.36 21.20 19.09 20.06 – – – – – – – – – – 18.71 20.30 18.47 19.40 – – – – – – – – – – 17.68 20.39 17.89 19.64 – – – – – – – – – – 17.70 20.39 17.66 19.65 – – – – – – – – – – 17.72 20.41 17.73 19.68

Investec Global Strategy Fund | 301 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Emerging Markets Blended Debt Fund A (Acc) US$ – – – – – – Emerging Markets Blended Debt Fund A (Inc) US$ – – – – – – Emerging Markets Blended Debt Fund C (Inc) US$ – – – – – – Emerging Markets Blended Debt Fund F (Acc) US$ – – – – – – Emerging Markets Blended Debt Fund F (Inc) US$ – – – – – – Emerging Markets Blended Debt Fund I (Acc) US$ – – – – – – Emerging Markets Blended Debt Fund I (Inc) US$ – – – – – – Emerging Markets Blended Debt Fund IX (Inc) US$ – – – – – – Emerging Markets Blended Debt Fund S (Acc) US$ – – – – – – Emerging Markets Corporate Debt Fund A (Acc) US$ – – – – – – Emerging Markets Corporate Debt Fund A (Inc) US$ – – – – – – Emerging Markets Corporate Debt Fund A (Inc) HKD – – – – – – Emerging Markets Corporate Debt Fund C (Acc) US$ – – – – – – Emerging Markets Corporate Debt Fund C (Inc) US$ – – – – – – Emerging Markets Corporate Debt Fund F (Acc) US$ – – – – – – Emerging Markets Corporate Debt Fund F (Inc) US$ – – – – – – Emerging Markets Corporate Debt Fund I (Acc) US$ – – – – – – Emerging Markets Corporate Debt Fund IX (Inc) US$ – – – – – – Emerging Markets Corporate Debt Fund S (Acc) US$ – – – – – – Emerging Markets Corporate Debt Fund S (Acc) GBP – – – – – – Emerging Markets Hard Currency Debt Fund A (Acc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund A (Inc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund C (Acc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund C (Inc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund F (Acc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund F (Inc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund I (Acc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund I (Inc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund IX (Inc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund S (Acc) US$ – – – – – – Emerging Markets Hard Currency Debt Fund S (Acc) GBP – – – – – – Emerging Markets Investment Grade Debt Fund I (Acc) US$ – – – – – – Emerging Markets Investment Grade Debt Fund IX (Inc) US$ – – – – – – Emerging Markets Local Currency Debt Fund A (Acc) US$ – – – – – – Emerging Markets Local Currency Debt Fund A (Inc) US$ – – – – – – Emerging Markets Local Currency Debt Fund C (Acc) US$ – – – – – – Emerging Markets Local Currency Debt Fund C (Inc) US$ – – – – – – Emerging Markets Local Currency Debt Fund F (Acc) US$ – – – – – – Emerging Markets Local Currency Debt Fund F (Inc) US$ – – – – – – Emerging Markets Local Currency Debt Fund F (Inc) EUR – – – – – – Emerging Markets Local Currency Debt Fund I (Acc) US$ – – – – – – Emerging Markets Local Currency Debt Fund I (Acc) EUR – – – – – – Emerging Markets Local Currency Debt Fund I (Inc) US$ – – – – – – Emerging Markets Local Currency Debt Fund IX (Inc) US$ – – – – – – Emerging Markets Local Currency Debt Fund S (Acc) US$ – – – – – – Emerging Markets Local Currency Debt Fund S (Acc) GBP – – – – – – Emerging Markets Local Currency Debt Fund S (Inc) US$ – – – – – –

302 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) – – – – – – – – 19.75 20.15 19.04 21.21 19.77 22.99 – – – – – – – – 19.75 20.15 18.20 20.59 18.63 20.82 – – – – – – – – – – 18.10 20.38 18.29 20.34 – – – – – – – – 19.75 20.15 19.01 21.19 19.73 22.90 – – – – – – – – 19.75 20.15 18.18 20.44 18.45 20.60 – – – – – – – – 19.76 20.15 19.21 21.37 20.00 21.72 – – – – – – – – 19.76 20.15 18.38 20.71 18.86 20.28 – – – – – – – – – – – – 20.00 20.32 – – – – – – – – 19.77 20.15 19.34 21.48 20.18 23.89 – – – – – – – – – – 18.05 20.45 19.46 22.65 – – – – – – – – – – – – 20.00 20.59 – – – – – – – – – – – – 100.00 102.86 – – – – – – – – – – 17.99 20.40 19.36 22.37 – – – – – – – – – – – – 19.63 21.40 – – – – – – – – – – 18.04 20.44 19.44 22.59 – – – – – – – – – – – – 19.63 21.42 – – – – – – – – – – 18.13 20.50 19.60 23.02 – – – – – – – – – – – – 19.92 20.20 – – – – – – – – – – 18.21 20.56 19.73 23.38 – – – – – – – – – – 19.48 21.21 20.84 24.07 – – – – – – – – – – 19.75 21.30 20.84 22.42 – – – – – – – – – – 19.48 21.12 20.38 23.31 – – – – – – – – – – 19.68 21.25 20.72 22.25 – – – – – – – – – – 19.47 21.12 20.37 23.29 – – – – – – – – – – 19.74 21.29 20.81 22.38 – – – – – – – – – – 19.48 21.13 20.37 23.30 – – – – – – – – – – 19.84 21.36 20.98 24.93 – – – – – – – – – – 19.48 21.13 20.39 21.69 – – – – – – – – – – – – 20.00 20.11 – – – – – – – – – – 19.92 21.41 21.13 25.32 – – – – – – – – – – 20.00 22.95 22.65 26.17 – – – – – – – – – – 17.41 20.36 17.69 20.48 – – – – – – – – – – – – 20.00 20.61 – – 19.58 21.35 14.70 21.72 15.84 23.38 22.76 27.34 24.48 28.15 24.92 29.06 – – 19.58 21.35 13.72 20.80 14.56 20.23 19.07 22.18 18.62 22.08 18.41 20.71 – – – – – – – – – – – – 18.36 21.27 – – 19.68 20.72 13.69 20.79 14.31 19.86 18.68 21.78 18.12 21.37 17.68 20.02 – – 19.60 21.33 14.69 21.70 15.83 23.31 22.69 27.21 24.32 27.98 24.74 28.80 – – 19.59 21.33 13.68 20.87 14.35 20.00 18.88 22.06 18.47 21.70 18.06 20.43 – – – – – – – – – – 18.69 20.23 19.27 21.48 – – – – 14.65 21.61 15.85 23.54 22.95 27.77 25.12 28.79 25.63 30.16 – – – – 19.66 20.59 19.97 23.30 22.30 28.09 26.06 28.34 27.45 31.89 – – – – – – 19.66 20.09 19.59 22.89 19.37 22.88 19.08 21.58 – – – – – – – – – – – – 20.00 20.51 – – – – 14.97 22.03 16.24 24.27 23.71 28.84 26.30 30.05 26.89 31.92 – – – – – – – – – – 19.14 20.98 19.39 22.22 – – – – – – – – – – 17.17 20.00 17.30 97.66

Investec Global Strategy Fund | 303 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Emerging Markets Local Currency Dynamic Debt Fund A (Acc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund A (Acc) EUR – – – – – – Emerging Markets Local Currency Dynamic Debt Fund A (Acc) GBP – – – – – – Emerging Markets Local Currency Dynamic Debt Fund A (Inc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund A (Inc) GBP – – – – – – Emerging Markets Local Currency Dynamic Debt Fund C (Inc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund F (Acc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund F (Inc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund I (Acc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund I (Acc) EUR – – – – – – Emerging Markets Local Currency Dynamic Debt Fund I (Acc) GBP – – – – – – Emerging Markets Local Currency Dynamic Debt Fund I (Inc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund I (Inc) GBP – – – – – – Emerging Markets Local Currency Dynamic Debt Fund IX (Inc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund S (Acc) US$ – – – – – – Emerging Markets Local Currency Dynamic Debt Fund S (Acc) EUR – – – – – – Emerging Markets Local Currency Dynamic Debt Fund S (Acc) GBP – – – – – – European Bond Fund A (Inc) EUR 24.79 27.46 24.70 27.28 25.42 27.74 European Bond Fund C (Inc) EUR – – – – 25.74 27.15 European Bond Fund C (Inc) US$ – – – – – – European Bond Fund F (Acc) EUR – – – – – – European Bond Fund F (Acc) US$ – – – – – – European Bond Fund F (Inc) EUR – – – – – – European Bond Fund F (Inc) US$ – – – – – – European Bond Fund I (Acc) EUR – – – – – – Global Bond Fund A (Acc) US$ – – – – 66.24 75.28 Global Bond Fund A (Inc) US$ 34.07 41.15 36.64 43.68 36.46 42.81 Global Bond Fund C (Inc) US$ 19.94 23.00 21.16 24.38 21.04 24.13 Global Bond Fund D (Inc) US$ – – – – – – Global Bond Fund F (Acc) US$ – – – – – – Global Bond Fund F (Inc) US$ – – – – – – Global Bond Fund I (Acc) US$ – – – – – – Global Bond Fund S (Acc) US$ – – – – – – Global Defensive Bond Fund A (Inc) US$ – – – – – – Global Defensive Bond Fund C (Inc) US$ – – – – – – Global Defensive Bond Fund F (Inc) US$ – – – – – – Global Defensive Bond Fund S (Inc) US$ – – – – – – Global Strategic Income Fund A (Acc) US$ – – – – – – Global Strategic Income Fund A (Inc) US$ 16.47 21.75 19.06 22.96 19.87 22.41 Global Strategic Income Fund C (Acc) US$ – – – – – – Global Strategic Income Fund C (Inc) US$ 15.72 19.70 18.08 21.02 18.92 20.64 Global Strategic Income Fund F (Acc) US$ – – – – – – Global Strategic Income Fund F (Inc) US$ – – – – – – Global Strategic Income Fund F (Inc) EUR – – – – – – Global Strategic Income Fund I (Acc) US$ – – – – – – Global Strategic Income Fund I (Acc) EUR – – – – – – Global Strategic Income Fund I (Inc) US$ – – – – – – Global Strategic Income Fund IX (Inc) US$ – – – – – – Global Strategic Income Fund S (Acc) US$ – – – – – – Global Strategic Income Fund S (Acc) EUR Hedged – – – – – –

304 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) – – – – – – – – – – 18.83 21.58 19.09 22.05 – – – – – – – – – – – – 19.99 21.55 – – – – – – – – – – 19.54 21.58 19.67 21.52 – – – – – – – – – – 18.04 21.32 17.74 19.95 – – – – – – – – – – 18.70 21.04 18.48 20.31 – – – – – – – – – – 17.94 21.28 17.56 19.80 – – – – – – – – – – 18.80 21.56 19.06 21.99 – – – – – – – – – – 18.01 21.31 17.70 19.91 – – – – – – – – – – 18.97 21.67 19.25 22.44 – – – – – – – – – – – – 19.99 21.57 – – – – – – – – – – 19.69 21.66 19.85 22.32 – – – – – – – – – – 18.19 21.37 17.97 20.22 – – – – – – – – – – 18.86 21.13 18.73 20.54 – – – – – – – – – – – – 20.00 20.48 – – – – – – – – – – 19.11 21.77 19.43 22.85 – – – – – – – – – – 19.58 21.09 20.55 23.91 – – – – – – – – – – 19.83 21.75 20.01 22.72 24.58 27.10 23.84 26.38 21.95 24.13 21.11 22.59 – – – – – – 25.02 26.71 24.25 25.98 22.29 24.55 21.52 22.99 – – – – – – – – 34.89 37.11 27.87 38.59 27.43 31.81 – – – – – – – – 19.68 21.35 19.02 20.32 18.71 20.12 – – – – – – – – 28.49 31.22 23.75 31.68 24.01 28.23 – – – – – – – – 19.30 21.35 17.67 19.56 – – – – – – – – – – 27.75 30.44 22.18 30.77 22.03 25.53 – – – – – – – – – – 19.06 20.36 – – – – – – – – 66.49 76.26 69.09 81.71 69.08 82.57 73.01 93.19 86.72 99.55 94.99 101.67 97.06 101.44 36.12 40.71 36.34 42.32 34.57 42.09 36.03 45.22 41.56 47.12 44.36 46.98 44.52 46.23 20.83 22.70 20.90 23.59 19.93 24.36 20.87 25.97 23.91 27.12 25.72 27.24 25.87 26.79 – – – – 34.83 42.42 36.26 45.42 41.76 47.37 44.67 47.27 44.84 46.49 – – 19.95 23.62 20.18 23.93 21.41 27.36 25.47 29.24 27.90 29.88 28.53 29.83 – – 19.84 23.02 18.82 23.07 19.76 21.95 – – – – – – – – – – 18.14 21.59 19.22 24.67 23.05 26.55 25.37 27.29 26.12 27.44 – – – – – – – – – – 19.22 20.12 19.31 20.39 – – – – – – – – – – 19.12 20.00 19.19 19.70 – – – – – – – – – – 19.08 20.01 19.15 19.57 – – – – – – – – – – 19.08 20.01 19.16 19.71 – – – – – – – – – – 19.08 20.01 19.16 19.82 – – – – 15.77 20.84 16.62 23.25 22.23 25.58 23.94 26.02 24.39 26.55 19.48 21.78 19.96 22.63 15.71 21.59 16.24 21.56 20.00 22.39 19.92 22.04 20.09 21.24 – – – – – – – – – – – – 19.73 20.77 18.58 20.01 19.05 20.77 14.86 20.32 15.13 20.02 18.43 20.65 18.28 20.27 18.39 19.13 – – 20.00 23.10 17.00 22.49 17.90 24.97 23.84 27.39 25.57 27.81 26.04 28.26 – – 19.92 22.41 15.70 21.31 16.05 21.32 19.71 22.12 19.71 21.77 19.86 20.81 – – – – – – – – – – 19.14 20.36 20.14 21.55 – – – – 15.87 20.93 16.76 137.24 20.53 23.69 22.30 24.21 22.76 24.94 – – – – 18.77 19.99 19.31 22.28 – – – – – – – – – – – – – – – – – – 19.79 20.67 – – – – – – – – – – – – 20.00 20.14 – – – – – – 19.93 26.84 25.84 29.90 28.34 30.72 28.97 31.95 – – – – – – – – – – 19.37 21.00 19.80 21.76

Investec Global Strategy Fund | 305 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) High Income Bond Fund A (Acc) GBP Hedged – – – – – – High Income Bond Fund A (Inc) EUR 19.30 23.54 21.45 24.48 22.07 24.67 High Income Bond Fund A (Inc) GBP Hedged – – – – – – High Income Bond Fund C (Inc) EUR – – – – 22.09 23.83 High Income Bond Fund C (Inc) GBP Hedged – – – – – – High Income Bond Fund C (Inc) US$ – – – – – – High Income Bond Fund C (Inc) US$ – – – – – – High Income Bond Fund F (Acc) EUR – – – – – – High Income Bond Fund F (Acc) US$ – – – – – – High Income Bond Fund F (Inc) EUR – – – – – – High Income Bond Fund F (Inc) US$ – – – – – – High Income Bond Fund F (Inc) US$ Hedged – – – – – – High Income Bond Fund I (Acc) EUR – – – – – – High Income Bond Fund S (Acc) EUR – – – – – – High Income Bond Fund (Sterling) A (Acc) GBP – – – – 41.91 46.77 High Income Bond Fund (Sterling) A (Inc) GBP 15.12 18.70 17.26 20.14 18.31 20.42 High Income Bond Fund (Sterling) C (Inc) GBP – – – – 18.31 19.62 Investment Grade Corporate Bond Fund A (Acc) US$ – – – – – – Investment Grade Corporate Bond Fund A (Inc) US$ 34.82 41.31 37.30 41.49 38.01 41.75 Investment Grade Corporate Bond Fund A (Inc) EUR Hedged – – – – – – Investment Grade Corporate Bond Fund A (Inc) GBP Hedged – – – – – – Investment Grade Corporate Bond Fund C (Inc) US$ 35.14 39.71 37.40 40.23 38.40 40.47 Investment Grade Corporate Bond Fund C (Inc) EUR Hedged – – – – – – Investment Grade Corporate Bond Fund D (Inc) US$ – – – – – – Investment Grade Corporate Bond Fund F (Acc) US$ – – – – – – Investment Grade Corporate Bond Fund F (Acc) EUR Hedged – – – – – – Investment Grade Corporate Bond Fund F (Inc) US$ – – – – – – Investment Grade Corporate Bond Fund I (Acc) US$ – – – – – – Investment Grade Corporate Bond Fund S (Acc) US$ – – – – – – Investment Grade Corporate Bond Fund S (Inc) GBP Hedged – – – – – – Sterling Bond Fund A (Inc) GBP 11.74 13.23 11.67 13.08 11.98 13.38 Sterling Bond Fund C (Inc) GBP – – – – 12.20 13.14 Sterling Bond Fund S (Inc) GBP – – – – – – U.S. Dollar Bond Fund A (Inc) US$ 28.10 31.34 28.02 30.62 28.39 30.84 U.S. Dollar Bond Fund C (Inc) US$ 25.09 26.89 24.94 26.40 25.11 26.43 U.S. Dollar Bond Fund D (Inc) US$ – – – – – – U.S. Dollar Bond Fund F (Acc) US$ – – – – – – U.S. Dollar Bond Fund F (Inc) US$ – – – – – – Latin American Corporate Debt Fund A (Acc) US$ – – – – – – Latin American Corporate Debt Fund A (Inc) US$ – – – – – – Latin American Corporate Debt Fund C (Acc) US$ – – – – – – Latin American Corporate Debt Fund C (Inc) US$ – – – – – – Latin American Corporate Debt Fund F (Acc) US$ – – – – – – Latin American Corporate Debt Fund F (Inc) US$ – – – – – – Latin American Corporate Debt Fund I (Acc) US$ – – – – – – Latin American Corporate Debt Fund I (Inc) US$ – – – – – – Latin American Corporate Debt Fund IX (Inc) US$ – – – – – – Emerging Markets Multi-Asset Fund A (Acc) US$ – – – – – – Emerging Markets Multi-Asset Fund A (Inc) US$ – – – – – – Emerging Markets Multi-Asset Fund C (Acc) US$ – – – – – – Emerging Markets Multi-Asset Fund F (Acc) US$ – – – – – – Emerging Markets Multi-Asset Fund I (Acc) US$ – – – – – – Emerging Markets Multi-Asset Fund I (Acc) GBP – – – – – – Emerging Markets Multi-Asset Fund IX (Inc) US$ – – – – – – Emerging Markets Multi-Asset Fund S (Acc) US$ – – – – – – Emerging Markets Multi-Asset Fund S (Acc) GBP – – – – – –

306 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) – – – – – – 44.33 54.99 55.18 62.20 55.14 64.63 59.64 70.61 21.96 24.06 20.91 23.96 14.66 20.70 16.44 19.88 18.55 20.44 16.87 20.43 17.51 19.93 – – – – – – 14.50 17.74 16.58 18.27 15.00 18.24 15.59 17.83 22.09 23.31 20.79 23.14 14.36 20.78 16.17 18.91 17.94 19.56 16.02 19.52 16.93 18.55 – – – – – – 14.26 16.80 15.89 17.29 – – – – – – 30.15 31.98 18.33 31.48 22.69 23.13 – – – – – – – – – – – – – – – – 16.78 20.13 16.85 19.29 – – 19.43 21.45 14.70 19.55 17.32 21.40 21.44 24.13 21.44 25.07 23.17 27.27 – – 27.98 30.63 18.64 29.93 24.56 32.05 25.88 34.48 28.73 37.33 29.91 36.28 – – 18.49 21.28 13.02 18.49 14.63 14.91 – – – – – – – – 26.78 29.31 16.78 28.02 20.91 26.37 20.31 25.84 20.03 26.91 20.25 23.25 – – – – – – – – 19.00 20.46 16.79 20.47 17.79 19.64 – – – – 15.03 19.94 17.78 22.09 22.20 25.12 22.50 26.23 24.43 26.73 – – – – – – 22.80 28.44 28.57 32.53 29.34 34.09 31.83 38.08 44.15 50.44 47.66 52.12 36.05 48.69 36.68 44.43 – – – – – – 18.51 20.41 18.31 20.47 12.62 18.09 12.37 14.50 – – – – – – 18.52 19.63 18.15 19.74 12.21 18.10 12.21 14.26 – – – – – – – – – – 15.02 19.78 15.67 18.28 18.23 19.71 18.66 19.82 19.35 21.18 37.65 41.83 37.05 41.88 26.71 37.30 26.76 30.24 29.68 31.01 27.69 30.17 28.38 30.10 – – – – – – 19.98 22.45 22.01 22.99 20.61 22.41 21.13 22.34 – – – – – – 20.00 22.10 21.72 22.67 20.31 22.10 20.82 22.09 38.02 40.63 36.97 40.71 26.59 37.13 26.73 29.62 29.10 30.24 26.92 29.39 27.53 28.79 – – – – – – 22.73 24.60 24.11 25.08 22.44 24.38 22.97 23.97 – – – – – – 29.79 33.18 31.93 33.56 29.95 32.73 30.29 32.29 – – 19.69 21.60 15.64 19.99 16.32 18.96 18.91 20.36 19.20 20.44 19.89 21.69 – – – – – – 20.02 22.42 – 22.72 – – – – – – 18.79 21.35 13.62 18.89 13.74 15.32 15.08 15.70 14.06 15.29 14.40 15.13 – – – – 15.22 19.97 15.90 18.59 18.55 20.12 19.13 20.29 19.86 21.85 – – – – – – 19.89 22.45 22.41 24.44 23.38 24.77 24.31 26.90 – – – – – – 19.81 22.59 22.21 23.36 21.10 22.95 21.69 23.25 11.99 13.48 11.38 12.78 9.92 11.65 9.83 10.34 – – – – – – 12.21 13.28 11.57 12.53 11.08 16.24 14.31 15.15 – – – – – – – – – – 8.22 9.62 – – – – – – – – 27.35 30.28 27.49 30.97 27.83 30.58 28.90 30.20 – – – – – – 24.49 25.92 24.49 26.53 24.73 27.03 25.81 27.05 – – – – – – – – – – 28.33 31.10 29.45 30.78 – – – – – – – – 19.95 22.73 21.33 23.48 22.59 23.57 – – – – – – – – 19.77 22.11 19.76 21.75 20.69 21.60 – – – – – – – – – – – – – – 19.50 22.10 20.76 23.25 22.35 25.50 – – – – – – – – 19.73 20.17 17.80 20.29 18.76 20.35 – – – – – – – – – – – – 19.22 21.37 – – – – – – – – 19.79 20.24 17.76 20.26 18.62 20.14 – – – – – – – – – – 17.97 20.14 19.34 22.03 – – – – – – – – 19.51 21.57 19.04 21.68 20.01 21.70 – – – – – – – – 19.96 20.81 19.68 22.01 21.23 24.40 – – – – – – – – – – 17.78 20.15 18.82 20.47 – – – – – – – – – – – – 20.00 20.30 – – – – – – – – – – 19.05 20.00 19.21 22.29 – – – – – – – – – – 19.05 20.00 19.20 22.12 – – – – – – – – – – 19.04 20.00 19.12 22.09 – – – – – – – – – – 19.04 20.00 19.18 22.23 – – – – – – – – – – 19.05 20.00 19.30 22.55 – – – – – – – – – – 19.21 20.00 19.41 21.76 – – – – – – – – – – – – 20.00 20.64 – – – – – – – – – – 19.06 20.00 19.40 22.79 – – – – – – – – – – 19.21 20.00 19.50 22.01

Investec Global Strategy Fund | 307 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Global Strategic Managed Fund A (Acc) US$ – – – – 70.11 81.93 Global Strategic Managed Fund A (Inc) US$ 24.36 31.03 28.19 34.22 31.28 37.15 Global Strategic Managed Fund C (Inc) US$ 24.26 29.75 27.90 32.75 30.88 35.44 Global Strategic Managed Fund D (Acc) US$ – – – – – – Global Strategic Managed Fund D (Inc) US$ – – – – – – Global Strategic Managed Fund F (Acc) US$ – – – – – – Global Strategic Managed Fund F (Acc) EUR Hedged – – – – – – Global Strategic Managed Fund F (Inc) US$ – – – – – – Global Strategic Managed Fund F (Inc) EUR Hedged – – – – – – Global Strategic Managed Fund F (Inc) GBP Hedged – – – – – – Global Strategic Managed Fund I (Acc) US$ – – – – – – Global Strategic Managed Fund IX (Inc) US$ – – – – – – Global Strategic Managed Fund S (Acc) US$ – – – – – – Multi-Asset Protector Fund (USD) A (Acc) US$ – – – – – – Africa & Middle East Fund A (Acc) US$ – – – – – – Africa & Middle East Fund F (Acc) US$ – – – – – – Africa & Middle East Fund I (Acc) US$ – – – – – – Africa & Middle East Fund S (Acc) US$ – – – – – – Africa Opportunities Fund A (Acc) US$ – – – – – – Africa Opportunities Fund C (Acc) US$ – – – – – – Africa Opportunities Fund F (Acc) US$ – – – – – – Africa Opportunities Fund I (Acc) US$ – – – – – – Africa Opportunities Fund I (Acc) JPY – – – – – – Africa Opportunities Fund IX (Inc) US$ – – – – – – Africa Opportunities Fund S (Acc) US$ – – – – – – American Equity Fund A (Acc) US$ – – – – – – American Equity Fund A (Inc) US$ 44.50 67.41 58.57 68.52 64.42 79.24 American Equity Fund C (Inc) US$ 28.18 41.03 36.61 37.35 39.98 47.33 American Equity Fund F (Acc) US$ – – – – – – American Equity Fund I (Acc) US$ – – – – – – American Equity Fund I (Inc) US$ – – – – – – Asia Pacific Equity Fund A (Acc) US$ – – – – – – Asia Pacific Equity Fund A (Inc) US$ – – – – – – Asia Pacific Equity Fund C (Inc) US$ – – – – – – Asia Pacific Equity Fund F (Acc) US$ – – – – – – Asia Pacific Equity Fund I (Acc) US$ – – – – – – Asia Pacific Equity Fund I (Acc) US$ – – – – – – Asia Pacific Equity Fund I (Acc) EUR – – – – – – Asia Pacific Equity Fund I (Inc) GBP – – – – – – Asia Pacific Equity Fund IX (Inc) US$ – – – – – – Asia Pacific Equity Fund S (Acc) US$ – – – – – – Asian Equity Fund A (Acc) US$ – – – – – – Asian Equity Fund A (Inc) US$ 5.99 10.75 8.66 12.15 11.01 15.17 Asian Equity Fund C (Inc) US$ 8.39 14.33 12.06 16.30 15.36 20.43 Asian Equity Fund F (Acc) US$ – – – – – – Asian Equity Fund I (Acc) US$ – – – – – – Asian Equity Fund S (Acc) US$ – – – – – – EAFE Fund A (Inc) US$ – – – – – – EAFE Fund C (Inc) US$ – – – – – – EAFE Fund C (Inc) US$ – – – – – – EAFE Fund F (Acc) US$ – – – – – – EAFE Fund S (Inc) US$ – – – – – –

308 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) 77.07 95.17 88.25 110.05 57.04 99.93 55.33 85.14 79.50 96.33 85.75 101.70 88.67 98.99 34.90 42.84 39.59 49.15 25.27 44.49 24.45 37.41 34.90 42.24 37.54 44.60 38.82 43.34 34.38 40.71 39.08 46.48 24.73 43.56 23.93 36.58 34.01 41.03 36.32 43.21 37.37 41.54 – – – – 55.06 96.69 53.33 81.78 76.15 92.01 81.60 96.98 84.10 93.62 – – – – 25.25 44.45 24.46 37.39 34.82 42.07 37.31 44.34 38.45 42.81 – – 19.66 24.28 12.61 22.11 12.23 18.78 17.52 21.20 18.85 22.37 19.46 21.70 – – – – – – 19.71 23.97 22.26 26.80 23.79 28.25 24.43 27.12 – – – – – – 19.70 24.04 22.35 27.04 24.02 28.53 24.81 27.66 – – – – – – 19.89 20.78 19.31 23.25 20.64 24.52 21.17 23.49 – – – – – – 19.70 23.96 22.17 26.74 23.69 28.18 24.41 27.18 – – – – 11.21 19.88 10.90 16.90 15.86 19.33 17.33 20.50 18.04 20.24 – – – – – – – – – – – – 20.00 20.47 – – – – – – – – – – 17.41 20.55 18.20 20.55 – – – – – – – – 20.00 20.39 18.61 20.96 18.53 19.65 – – – – 11.41 15.38 9.79 18.59 17.54 21.43 14.58 22.29 14.83 17.87 – – – – 11.43 15.42 9.79 18.54 17.47 21.26 14.41 22.12 14.65 17.65 – – – – 11.49 15.44 9.93 16.79 19.96 20.31 14.01 21.14 14.28 17.24 – – – – 11.57 15.54 9.99 19.27 18.29 22.94 15.98 23.89 16.31 19.73 – – – – – – – – 19.94 22.13 16.20 22.32 16.92 20.11 – – – – – – – – 19.93 22.09 16.05 22.28 16.75 19.77 – – – – – – – – 19.93 22.10 16.10 22.29 16.81 19.90 – – – – – – – – – – 15.79 20.77 16.52 19.87 – – – – – – – – 1,962.00 2,161.00 1,520.00 2,208.00 1,580.00 2,142.00 – – – – – – – – – – – – 19.91 21.73 – – – – – – – – – – 16.18 20.48 16.96 20.63 – – – – 9.15 19.26 8.63 15.99 14.22 17.36 13.12 19.25 14.04 17.70 71.82 94.96 87.00 106.30 42.74 89.88 40.28 74.64 66.41 81.06 61.31 89.97 65.66 82.75 44.01 56.13 52.92 62.33 25.67 54.29 24.14 44.46 39.39 48.16 36.03 53.12 38.39 48.46 – – 19.02 23.11 9.27 19.53 8.73 16.15 14.34 17.52 13.21 19.41 14.13 17.81 – – – – 9.21 19.27 8.71 16.27 14.54 17.81 13.59 19.82 14.64 18.41 – – 18.40 22.04 8.91 18.63 8.39 15.67 13.90 17.02 12.96 18.91 13.96 17.55 – – – – – – – – 18.34 26.11 19.27 27.82 21.37 26.70 – – – – – – – – 18.34 26.10 19.25 27.79 21.15 26.42 – – – – – – – – 18.33 25.90 19.00 27.47 20.96 26.06 – – – – – – – – 18.34 26.10 19.27 27.81 21.33 26.61 – – – – – – – – 18.34 26.25 24.52 27.42 – – – – – – – – – – – – 14.68 20.53 16.39 20.59 – – – – – – – – – – – – 19.68 23.05 – – – – – – – – – – – – 18.03 21.72 – – – – – – – – – – – – 19.95 20.91 – – – – – – – – 18.35 26.31 19.76 28.29 22.18 28.01 – – – – 7.70 19.72 7.95 15.97 14.12 20.15 15.13 21.33 16.69 20.43 14.28 20.90 18.29 34.78 11.60 29.78 11.79 23.67 20.86 29.76 22.29 31.43 24.48 29.97 20.12 28.04 25.34 46.32 15.95 41.17 16.33 32.62 28.75 40.89 30.50 43.14 33.47 40.80 – – 18.81 35.36 11.85 30.48 12.22 24.52 21.66 30.89 23.16 32.67 25.51 31.19 – – – – 7.73 19.72 7.99 16.17 14.37 20.60 15.61 21.92 17.27 21.33 – – – – – – – – – – – – 19.86 20.32 – – 17.95 23.66 9.34 20.95 8.53 14.62 11.93 15.93 12.15 17.08 12.63 15.93 – – 18.01 22.76 9.18 20.87 8.38 11.95 – – – – – – – – – – 15.59 34.43 8.38 11.95 – – – – – – – – 18.02 23.56 9.33 20.95 8.60 14.76 12.18 16.34 12.43 17.50 12.96 16.34 – – – – – – 13.95 24.23 19.63 26.50 20.17 28.14 20.81 26.53

Investec Global Strategy Fund | 309 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Emerging Markets Equity Fund A (Acc) US$ – – – – – – Emerging Markets Equity Fund C (Acc) US$ – – – – – – Emerging Markets Equity Fund F (Acc) US$ – – – – – – Emerging Markets Equity Fund I (Acc) US$ – – – – – – Emerging Markets Equity Fund IX (Inc) US$ – – – – – – Emerging Markets Equity Fund S (Acc) US$ – – – – – – Emerging Markets Equity Fund S (Acc) EUR – – – – – – Emerging Markets Equity Fund S (Acc) GBP – – – – – – Emerging Markets Equity Fund S (Inc) AUD – – – – – – Enhanced Global Energy Fund A (Acc) US$ – – – – – – Enhanced Global Energy Fund F (Acc) US$ – – – – – – Enhanced Global Energy Fund I (Acc) US$ – – – – – – Enhanced Global Energy Fund I (Inc) GBP Hedged – – – – – – Enhanced Global Energy Fund IX (Inc) US$ – – – – – – Enhanced Global Energy Fund S (Acc) US$ – – – – – – Enhanced Natural Resources Fund A (Acc) US$ – – – – – – Enhanced Natural Resources Fund A (Acc) EUR Hedged – – – – – – Enhanced Natural Resources Fund C (Acc) US$ – – – – – – Enhanced Natural Resources Fund F (Acc) US$ – – – – – – Enhanced Natural Resources Fund G (Acc) US$ – – – – – – Enhanced Natural Resources Fund GX (Acc) US$ – – – – – – Enhanced Natural Resources Fund I (Acc) US$ – – – – – – Enhanced Natural Resources Fund I (Acc) EUR Hedged – – – – – – Enhanced Natural Resources Fund IX (Inc) US$ – – – – – – Enhanced Natural Resources Fund S (Acc) US$ – – – – – – European Equity Fund A (Acc) US$ – – – – – – European Equity Fund A (Acc) EUR – – – – – – European Equity Fund A (Inc) US$ 161.85 266.95 237.76 315.26 286.20 357.82 European Equity Fund C (Inc) US$ 24.25 38.29 35.09 44.88 42.45 50.96 European Equity Fund D (Inc) US$ – – – – – – European Equity Fund F (Acc) US$ – – – – – – Global Contrarian Equity Fund A (Acc) US$ – – – – – – Global Contrarian Equity Fund C (Acc) US$ – – – – – – Global Contrarian Equity Fund F (Acc) US$ – – – – – – Global Contrarian Equity Fund I (Acc) US$ – – – – – – Global Contrarian Equity Fund IX (Inc) US$ – – – – – – Global Contrarian Equity Fund S (Acc) US$ – – – – – – Global Dynamic Fund A (Acc) US$ – – – – 72.89 86.98 Global Dynamic Fund A (Inc) US$ – – – – 72.88 87.05 Global Dynamic Fund C (Inc) US$ – – – – 20.00 20.47 Global Dynamic Fund D (Inc) US$ – – – – – – Global Dynamic Fund F (Acc) US$ – – – – – – Global Dynamic Fund I (Acc) US$ – – – – – – Global Dynamic Fund I (Inc) US$ – – – – – – Global Dynamic Fund IX (Inc) US$ – – – – – – Global Dynamic Fund S (Inc) US$ – – – – – – Global Dynamic Fund Z (Inc) US$ – – – – – – Global Endurance Equity Fund IX (Inc) US$ – – – – – – Global Endurance Equity Fund S (Acc) US$ – – – – – –

310 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) – – – – – – – – – – 13.99 20.46 15.12 18.38 – – – – – – – – – – 13.94 20.45 14.95 18.08 – – – – – – – – – – 13.97 20.46 15.05 18.26 – – – – – – – – – – 14.06 20.46 15.29 18.70 – – – – – – – – – – – – 20.00 21.15 – – – – – – – – – – 14.12 20.47 15.44 18.99 – – – – – – – – – – 20.00 20.37 20.47 23.95 – – – – – – – – – – – – 17.33 20.47 – – – – – – – – – – 17.53 20.05 18.09 21.57 – – – – – – – – 18.58 20.92 15.99 22.26 15.60 18.00 – – – – – – – – 20.00 21.29 15.98 22.44 15.56 17.98 – – – – – – – – 18.62 21.06 16.26 22.43 15.92 18.32 – – – – – – – – 19.81 20.13 15.50 21.62 15.17 17.47 – – – – – – – – – – – – 19.98 20.50 – – – – – – – – 18.66 21.25 16.62 23.04 16.37 18.77 – – – – – – – – 18.14 23.31 18.15 24.29 18.22 21.32 – – – – – – – – 19.90 22.13 17.09 23.03 16.97 19.91 – – – – – – – – 20.00 25.92 25.51 26.26 – – – – – – – – – – 20.00 23.43 18.11 24.33 18.13 21.23 – – – – – – – – 20.00 21.61 16.85 22.67 16.90 19.78 – – – – – – – – – – – – 19.91 21.97 – – – – – – – – 18.19 23.45 18.37 24.49 18.53 21.64 – – – – – – – – 19.90 22.32 17.35 23.26 17.30 20.25 – – – – – – – – – – – – 19.89 20.36 – – – – – – – – 18.34 24.51 19.38 25.87 19.68 22.93 – – – – 8.16 19.94 7.55 12.29 10.40 14.86 10.97 16.46 11.73 15.57 – – – – – – 19.33 21.16 19.46 25.18 18.72 25.44 21.48 26.92 341.72 456.12 413.66 561.08 204.08 504.80 183.96 332.79 251.71 359.48 265.03 397.55 280.52 372.43 50.18 64.23 60.33 78.88 29.45 73.32 26.81 48.27 36.41 51.83 38.01 57.20 40.38 53.40 – – – – 198.93 494.13 180.50 325.58 245.79 350.25 257.50 387.08 273.19 361.70 – – 19.14 25.95 9.46 23.41 8.71 15.76 12.01 17.13 12.63 18.95 13.48 17.88 – – – – – – – – – – 19.86 20.90 19.61 22.43 – – – – – – – – – – 19.84 20.90 19.51 22.20 – – – – – – – – – – 19.85 20.90 19.56 22.31 – – – – – – – – – – 19.87 20.90 19.70 22.65 – – – – – – – – – – – – 19.98 20.60 – – – – – – – – – – 19.88 20.91 19.79 22.87 82.64 109.13 100.34 138.53 53.06 117.80 51.51 84.49 74.33 94.40 77.74 105.05 86.43 104.16 82.69 108.74 99.98 137.84 52.71 117.14 51.13 83.86 73.76 93.68 77.16 104.25 85.79 103.38 20.05 25.44 23.96 31.63 12.40 27.78 12.01 19.56 17.10 21.61 17.66 23.97 19.50 23.37 – – – – – – – – – – 17.42 23.49 19.30 23.18 – – 17.93 23.37 8.96 19.93 8.69 14.24 12.51 15.87 13.05 17.65 14.49 17.44 – – – – 8.97 19.80 8.73 14.41 12.73 16.23 13.46 18.12 15.06 18.24 – – – – – – – – – – 18.52 24.88 20.72 25.10 – – – – – – – – – – – – 20.00 20.72 – – – – 10.52 23.00 10.06 16.74 14.66 18.78 15.52 20.81 17.14 20.86 – – – – – – – – – – 17.99 24.19 20.07 24.25 – – – – – – – – – – – – 19.70 20.12 – – – – – – – – – – – – 20.00 20.63

Investec Global Strategy Fund | 311 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Global Energy Fund A (Acc) US$ – – – – – – Global Energy Fund A (Acc) EUR – – – – – – Global Energy Fund A (Acc) SGD Hedged – – – – – – Global Energy Fund A (Inc) US$ 79.28 116.14 109.20 167.26 146.58 284.13 Global Energy Fund C (Acc) SGD – – – – – – Global Energy Fund C (Acc) SGD Hedged – – – – – – Global Energy Fund C (Inc) US$ 78.50 110.31 107.77 109.96 143.36 265.87 Global Energy Fund F (Acc) US$ – – – – – – Global Energy Fund F (Acc) EUR – – – – – – Global Energy Fund F (Acc) SGD – – – – – – Global Energy Fund F (Acc) SGD Hedged – – – – – – Global Energy Fund F (Inc) GBP – – – – – – Global Energy Fund I (Acc) US$ – – – – – – Global Energy Fund I (Acc) EUR – – – – – – Global Energy Fund I (Inc) US$ – – – – – – Global Energy Fund IX (Inc) US$ – – – – – – Global Energy Fund S (Acc) US$ – – – – – – Global Energy Fund S (Inc) US$ – – – – – – Global Energy Long Short Fund A (Acc) US$ – – – – – – Global Energy Long Short Fund S (Acc) US$ – – – – – – Global Equity Fund A (Acc) US$ – – – – 174.58 207.56 Global Equity Fund A (Acc) EUR – – – – – – Global Equity Fund A (Inc) US$ 103.07 162.07 146.33 185.72 167.85 207.05 Global Equity Fund C (Inc) US$ 21.56 32.65 30.25 36.25 34.41 40.92 Global Equity Fund D (Acc) US$ – – – – – – Global Equity Fund D (Inc) US$ – – – – – – Global Equity Fund F (Acc) US$ – – – – – – Global Equity Fund I (Acc) US$ – – – – – – Global Equity Fund I (Acc) US$ – – – – – – Global Equity Fund I (Acc) EUR – – – – – – Global Equity Fund I (Inc) US$ – – – – – – Global Equity Fund IX (Inc) US$ – – – – – – Global Equity Fund S (Acc) US$ – – – – – – Global Equity Fund S (Inc) US$ – – – – – – Global Franchise Fund A (Acc) US$ – – – – – – Global Franchise Fund A (Acc) EUR – – – – – – Global Franchise Fund A (Acc) EUR Hedged – – – – – – Global Franchise Fund A (Inc) US$ – – – – – – Global Franchise Fund C (Acc) US$ – – – – – – Global Franchise Fund C (Inc) US$ – – – – – – Global Franchise Fund F (Acc) US$ – – – – – – Global Franchise Fund F (Inc) US$ – – – – – – Global Franchise Fund I (Acc) US$ – – – – – – Global Franchise Fund I (Inc) US$ – – – – – – Global Franchise Fund IX (Inc) US$ – – – – – – Global Franchise Fund S (Acc) US$ – – – – – – Global Franchise Fund S (Inc) US$ – – – – – – Global Gold Fund A (Acc) US$ – – – – – – Global Gold Fund A (Inc) US$ 21.02 39.81 26.75 40.30 26.43 46.18 Global Gold Fund C (Inc) US$ – – – – 26.25 43.87 Global Gold Fund F (Acc) US$ – – – – – – Global Gold Fund I (Acc) US$ – – – – – – Global Gold Fund IX (Inc) US$ – – – – – – Global Gold Fund S (Inc) US$ – – – – – –

312 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) – – – – 9.13 25.54 10.11 18.47 15.33 19.40 14.17 22.58 14.86 19.43 – – – – 7.29 16.41 8.05 12.35 11.93 14.62 10.70 15.94 11.89 14.57 – – – – – – – – – – 13.92 21.72 14.37 18.88 238.85 319.71 252.66 405.31 161.45 451.81 178.90 326.74 269.77 341.32 249.34 397.45 261.04 341.39 – – – – – – – – – – 19.11 20.35 – – – – – – – – – – – – 12.94 20.24 13.78 17.51 229.24 296.83 240.95 370.37 151.65 425.82 167.69 304.86 251.88 317.43 230.58 368.90 240.52 315.33 – – 18.73 29.20 11.63 32.57 12.88 23.49 19.49 24.62 17.96 28.66 18.81 24.62 – – – – – – – – 20.00 21.91 16.00 23.87 17.76 21.77 – – – – – – – – – – 19.11 20.35 – – – – – – – – – – – – 12.97 20.25 13.38 17.58 – – – – – – – – 19.94 22.08 16.09 24.61 16.71 21.47 – – – – 9.20 25.47 10.22 18.77 15.68 19.95 14.68 23.29 15.50 20.21 – – – – 7.28 16.47 8.06 12.45 12.06 14.90 10.98 16.26 12.29 15.01 – – 17.68 24.33 9.73 27.12 10.76 19.76 16.28 20.71 15.12 24.00 15.78 20.57 – – – – – – – – – – – – 19.93 20.79 – – – – – – – – – – 17.90 28.28 19.03 24.74 – – – – 11.62 32.22 8.93 20.56 19.12 24.17 – – – – – – – – – – – – – – 16.69 21.54 16.17 18.37 – – – – – – – – – – 20.30 26.04 19.87 22.42 195.13 260.14 236.96 318.22 123.74 278.09 117.35 197.87 174.62 220.89 181.37 241.54 199.92 237.07 – – 187.13 205.42 98.81 188.80 92.87 137.94 133.26 168.35 134.99 170.39 159.97 182.28 194.67 258.92 235.78 316.74 123.12 274.92 116.42 196.32 173.15 219.02 179.85 239.50 198.25 235.08 39.53 50.69 48.00 61.57 24.57 55.59 23.25 38.98 34.25 43.17 35.24 47.08 38.66 45.65 – – – – 119.81 270.57 113.46 190.60 167.71 211.62 173.11 231.03 190.18 224.91 – – – – 119.23 269.19 112.91 189.68 166.89 210.60 172.27 229.91 189.27 223.81 – – 19.19 25.61 9.96 22.43 9.44 15.89 14.01 17.71 14.52 19.35 15.98 18.93 – – – – 8.81 19.78 8.42 11.91 – – – – – – – – – – – – – – – – – – 19.17 20.87 – – – – 7.03 13.30 – – – – – – – – – – 18.13 23.38 9.14 20.41 8.59 14.60 12.84 16.32 13.42 17.80 14.76 17.60 – – – – – – – – – – – – 19.98 20.72 – – – – – – – – – – 17.46 21.05 19.48 23.33 – – – – 14.18 31.37 13.15 18.64 – – – – – – – – – – – – 19.68 24.87 22.29 26.43 25.38 28.97 27.89 32.52 – – – – – – – – – – – – 19.69 20.55 – – – – – – – – – – – – 19.80 20.22 – – – – – – 19.68 24.88 22.29 26.44 25.28 28.86 27.58 32.16 – – – – – – 19.60 21.57 19.25 22.74 21.77 24.79 23.71 27.40 – – – – – – 19.60 21.54 19.19 22.65 21.68 24.68 23.62 27.30 – – – – – – 19.55 24.67 22.07 26.13 25.05 28.56 27.43 31.85 – – – – – – 19.55 24.67 22.07 26.14 25.05 26.66 – – – – – – – – 19.68 24.97 22.45 26.73 25.75 29.44 28.51 33.54 – – – – – – 19.68 24.97 22.07 26.14 25.37 29.00 27.62 32.51 – – – – – – – – – – – – 19.81 20.23 – – – – – – 19.69 25.09 22.65 27.09 26.19 29.99 29.21 34.65 – – – – – – 19.68 25.09 22.49 26.90 25.45 29.15 27.67 32.84 – – 18.33 24.42 7.49 24.70 11.07 22.51 17.47 29.62 22.36 29.61 18.03 26.17 41.97 65.14 50.25 83.68 26.99 88.94 39.86 81.05 62.91 106.69 80.58 106.70 64.98 94.30 40.95 61.15 49.21 77.73 25.78 85.38 38.02 76.80 59.54 100.34 75.18 99.78 60.45 87.93 – – 19.13 30.87 9.99 32.92 14.75 29.97 23.25 39.37 29.67 39.31 23.91 34.72 – – – – 7.54 24.74 11.16 22.88 17.79 30.40 23.19 30.61 18.76 27.16 – – – – – – – – – – – – 18.86 20.00 – – – – 9.92 32.34 14.56 30.09 23.36 40.22 30.87 40.65 24.87 35.91

Investec Global Strategy Fund | 313 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Global Growth Fund A (Inc) US$ 19.15 24.88 22.32 27.49 24.91 30.36 Global Growth Fund C (Inc) US$ 10.67 16.96 15.49 18.50 17.21 20.07 Global Growth Fund D (Inc) US$ – – – – – – Global Growth Fund I (Inc) US$ 10.81 17.16 15.90 18.67 17.81 20.70 Global Growth Fund Z (Inc) US$ 10.59 16.97 15.53 18.77 17.40 20.80 Global Natural Resources Fund A (Acc) US$ – – – – – – Global Natural Resources Fund A (Acc) CHF Hedged – – – – – – Global Natural Resources Fund A (Acc) HKD – – – – – – Global Natural Resources Fund A (Acc) SGD Hedged – – – – – – Global Natural Resources Fund A (Inc) US$ – – – – – – Global Natural Resources Fund A (Inc) HKD – – – – – – Global Natural Resources Fund C (Acc) SGD – – – – – – Global Natural Resources Fund C (Acc) SGD Hedged – – – – – – Global Natural Resources Fund C (Inc) US$ – – – – – – Global Natural Resources Fund F (Acc) US$ – – – – – – Global Natural Resources Fund F (Acc) SGD – – – – – – Global Natural Resources Fund F (Acc) SGD Hedged – – – – – – Global Natural Resources Fund I (Acc) US$ – – – – – – Global Natural Resources Fund I (Acc) EUR – – – – – – Global Natural Resources Fund IX (Inc) US$ – – – – – – Global Natural Resources Fund S (Acc) US$ – – – – – – Global Opportunity Equity Fund A (Inc) US$ – – – – – – Global Opportunity Equity Fund I (Acc) US$ – – – – – – Global Opportunity Equity Fund I (Inc) US$ – – – – – – Global Opportunity Equity Fund IX (Inc) US$ – – – – – – Global Opportunity Equity Fund S (Inc) US$ – – – – – – Global Strategic Equity Fund A (Acc) US$ – – – – – – Global Strategic Equity Fund A (Acc) EUR – – – – – – Global Strategic Equity Fund A (Inc) US$ 34.59 57.37 52.24 72.61 66.22 84.25 Global Strategic Equity Fund C (Inc) US$ 32.52 51.45 48.34 63.64 61.36 74.91 Global Strategic Equity Fund D (Inc) US$ – – – – – – Global Strategic Equity Fund F (Acc) US$ – – – – – – Global Strategic Equity Fund I (Acc) US$ – – – – – – Global Strategic Equity Fund I (Inc) US$ – – – – – – Global Strategic Equity Fund IX (Inc) US$ – – – – – – Global Strategic Equity Fund S (Inc) US$ – – – – – – Japan Equity Fund A (Acc) US$ – – – – – – Japan Equity Fund A (Inc) US$ 11.58 18.40 15.96 20.90 17.94 27.08 Japan Equity Fund C (Inc) US$ 3.97 6.09 5.44 6.88 6.08 8.76 Japan Equity Fund F (Acc) US$ – – – – – – Japan Equity Fund S (Inc) US$ – – – – – – Latin American Equity Fund A (Acc) US$ – – – – – – Latin American Equity Fund C (Acc) US$ – – – – – – Latin American Equity Fund F (Acc) US$ – – – – – – Latin American Equity Fund I (Acc) US$ – – – – – – Latin American Equity Fund IX (Inc) US$ – – – – – – Latin American Smaller Companies Fund A (Acc) US$ – – – – – – Latin American Smaller Companies Fund C (Acc) US$ – – – – – – Latin American Smaller Companies Fund F (Acc) US$ – – – – – – Latin American Smaller Companies Fund I (Acc) US$ – – – – – – Middle East & North Africa Fund A (Acc) US$ – – – – – – Middle East & North Africa Fund F (Acc) US$ – – – – – – Middle East & North Africa Fund I (Acc) US$ – – – – – – Middle East & North Africa Fund S (Acc) US$ – – – – – –

314 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) 27.89 36.56 33.15 45.18 17.56 38.50 17.06 27.60 24.24 30.85 30.27 34.30 – – 19.06 23.93 22.49 29.43 11.72 25.91 11.35 18.23 15.93 20.17 19.76 22.36 – – – – – – 12.34 27.19 11.97 19.27 16.88 21.41 20.99 23.76 – – 20.09 25.08 23.93 31.11 12.81 27.90 12.41 20.24 17.76 22.71 22.26 25.26 – – 19.56 25.17 23.32 31.21 12.46 27.19 12.10 19.65 17.26 22.01 21.63 24.52 – – – – – – 4.55 11.97 5.42 10.11 9.00 13.25 9.40 14.19 9.21 11.92 – – – – – – – – – – – – 18.93 21.97 – – – – – – – – – – 70.36 103.79 68.71 88.82 – – – – – – – – – – 14.56 21.61 14.09 18.29 – – – – 4.54 11.97 5.42 10.09 9.00 13.25 9.39 14.19 9.21 11.91 – – – – – – – – – – 70.49 103.85 68.91 89.15 – – – – – – – – – – 18.91 20.31 – – – – – – – – – – – – 13.66 20.30 13.36 17.10 – – – – 4.52 11.94 5.38 9.95 8.84 12.95 9.14 13.85 8.91 11.55 – – – – 4.54 11.97 5.41 10.06 8.96 13.17 9.33 14.11 9.13 11.82 – – – – – – – – – – 18.92 20.31 – – – – – – – – – – – – 13.68 20.31 13.22 17.17 – – – – 4.63 12.03 5.54 10.37 9.29 13.75 9.82 14.77 9.69 12.50 – – – – 18.86 21.20 21.00 34.42 33.81 49.79 35.69 51.27 37.20 45.35 – – – – – – – – – – – – 19.88 20.65 – – – – 4.61 12.03 5.53 10.43 9.38 13.97 10.05 15.04 9.97 12.83 – – – – – – – – 19.74 20.36 19.41 21.99 21.39 24.92 – – – – – – – – – – – – 18.41 21.20 – – – – – – – – 19.74 20.37 19.55 22.11 21.42 25.18 – – – – – – – – – – – – 19.75 20.25 – – – – – – – – 19.73 20.38 19.66 22.24 21.44 25.41 – – 17.80 23.46 8.95 20.60 8.16 13.93 12.10 15.26 12.21 16.75 13.81 16.71 – – 13.76 15.08 7.16 13.98 6.47 9.74 9.39 11.62 9.26 11.87 10.91 12.68 80.25 106.65 96.59 128.56 49.05 112.99 44.52 75.92 65.76 82.99 66.39 91.05 75.13 90.87 73.28 94.08 87.73 112.14 43.81 101.81 39.83 67.39 58.23 73.13 58.06 79.98 65.28 78.52 – – – – 47.96 110.95 43.65 74.04 64.11 80.67 64.25 88.34 72.42 87.30 – – 19.02 25.10 9.64 22.14 8.78 14.92 12.92 16.28 12.98 17.83 14.64 17.67 – – – – 8.68 19.93 7.94 13.62 11.88 15.06 12.13 16.57 13.81 16.79 – – 17.79 23.47 9.01 20.62 8.11 13.93 12.03 15.25 12.26 16.75 13.87 16.86 – – – – – – – – – – – – 19.98 20.83 – – – – 10.02 22.70 8.86 15.34 13.21 16.82 13.50 18.39 15.20 18.58 – – 18.70 21.27 9.52 19.56 8.14 11.86 10.51 12.62 – – – – 22.59 30.41 25.29 31.26 12.90 26.53 11.03 16.50 14.60 17.53 – – – – 7.51 9.72 8.33 9.96 4.19 8.68 3.58 5.35 4.71 5.63 – – – – – – 18.90 23.20 9.53 19.70 8.14 12.05 10.65 12.76 – – – – – – – – 10.31 20.88 8.65 12.89 11.36 13.05 – – – – – – – – – – – – 17.26 24.92 16.48 24.74 17.84 21.66 – – – – – – – – 19.64 21.24 13.91 21.04 14.96 18.21 – – – – – – – – 17.25 24.86 16.37 24.66 17.67 21.48 – – – – – – – – 19.68 21.27 14.17 21.14 15.41 18.70 – – – – – – – – – – – – 20.00 21.34 – – – – – – – – – – – – 20.00 26.24 – – – – – – – – – – – – 19.95 24.10 – – – – – – – – – – – – 20.01 26.18 – – – – – – – – – – – – 20.01 26.35 – – – – 10.82 14.50 9.72 16.77 14.59 17.31 12.83 17.90 13.14 15.55 – – – – 10.79 14.47 9.69 16.64 14.46 17.16 12.68 17.73 12.98 15.36 – – – – 7.85 14.55 7.09 11.05 – – – – – – – – – – 10.91 14.58 9.85 17.27 15.13 18.40 13.94 19.04 14.32 17.01

Investec Global Strategy Fund | 315 Performance Records (continued)

2003 2004 2005 Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue price price price price price price Share per share per share per share per share per share per share Fund Class Currency (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) Pan European Equity Fund A (Acc) EUR – – – – 41.91 69.44 Pan European Equity Fund A (Inc) EUR – – – – 56.68 69.82 Pan European Equity Fund C (Inc) US$ – – – – – – Pan European Equity Fund F (Acc) US$ – – – – – – U.K. Equity Fund A (Acc) GBP – – – – – – U.K. Equity Fund A (Inc) GBP 29.38 41.93 38.05 43.89 43.00 55.98 U.K. Equity Fund C (Inc) GBP – – – – 40.76 51.35 U.K. Equity Fund C (Inc) US$ – – – – – – U.K. Equity Fund F (Acc) GBP – – – – – – U.K. Equity Fund F (Acc) US$ – – – – – – U.K. Equity Fund I (Acc) US$ – – – – – – U.K. Equity Fund I (Acc) EUR – – – – – – U.K. Equity Fund S (Acc) GBP – – – – – – Dynamic Commodities Fund S (Acc) US$ – – – – – –

316 | Investec Global Strategy Fund 2006 2007 2008 2009 2010 2011 2012 Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest Lowest Highest redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue redemption issue price price price price price price price price price price price price price price per share per share per share per share per share per share per share per share per share per share per share per share per share per share (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) (cum div) 64.24 83.45 74.92 91.61 38.44 78.16 35.54 51.25 – – – – – – 64.58 83.30 74.40 91.45 38.17 77.61 34.67 49.99 – – – – – – – – 33.15 35.96 14.28 34.24 13.09 22.25 – – – – – – – – 27.72 31.01 12.05 28.66 11.32 16.26 – – – – – – – – 9.66 21.05 6.01 10.37 6.13 8.97 8.26 10.58 8.74 10.95 9.49 11.19 51.40 63.32 54.70 67.52 35.79 61.75 35.71 52.22 47.21 60.48 49.54 62.02 52.93 62.45 48.75 57.98 52.02 62.01 33.76 58.44 33.88 49.24 44.62 56.96 46.74 58.73 50.04 58.80 – – 110.64 119.81 49.95 113.82 47.01 69.06 – – – – – – – – 9.63 11.71 6.34 10.94 6.50 8.80 – – – – – – – – 20.62 23.03 9.35 21.46 8.94 15.73 12.77 17.58 14.21 18.91 15.24 19.04 – – – – – – – – – – 16.17 20.60 17.48 21.97 – – – – 19.40 21.46 18.15 24.65 – – – – – – – – – – – – – – – – 16.74 20.62 18.52 20.96 – – – – – – – – – – 19.90 20.17 18.20 21.61

Investec Global Strategy Fund | 317 Investment objectives and policy

Money Sub-Funds available on the Eurocurrency markets and on the relevant domestic markets (where interest is earned free of withholding Euro Money Fund tax) having a life to maturity of less than twelve months. The The Sub-Fund aims to give holders of the relevant Shares average life to maturity of the deposits is generally unlikely access to income at wholesale Eurocurrency market interest to exceed ninety days. The Sub-Fund’s portfolio consists of rates in Euro. This Sub-Fund is a short term money market short-term deposits placed in the Eurocurrency inter-bank fund and while the Sub-Fund aims to preserve capital, this is markets (maximum maturity six months) and certificates of not guaranteed. deposit and other negotiable money market instruments (including bank acceptances, commercial paper, liquid short- The Sub-Fund normally comprises deposits repayable term debt securities including treasury bills, bonds, floating within six months and other short-term financial instruments rate notes and other debt securities) (maximum maturity available on the Eurocurrency markets and on the relevant twelve months) and short-term fixed interest securities. For domestic markets (where interest is earned free of withholding the purposes of efficient portfolio management, the Sub- tax) having a life to maturity of less than twelve months. The Fund may hold or engage in repurchase agreements and average life to maturity of the deposits is generally unlikely securities lending in respect of assets held by the Sub-Fund. to exceed ninety days. The Sub-Fund’s portfolio consists of However, when, in the opinion of the Investment Manager, short-term deposits placed in the Eurocurrency inter-bank interest rates either appear or are judged stable or likely to markets (maximum maturity six months) and certificates of rise, a shorter average life to maturity may be selected and deposit and other negotiable money market instruments the converse may apply when there is a prospect of a general (including bank acceptances, commercial paper, liquid short- fall in interest rates. term debt securities including treasury bills, bonds, floating rate notes and other debt securities) (maximum maturity A conservative and rigorous approach to credit assessment twelve months) and short-term fixed interest securities. For is adopted and specific limits are established for each bank the purposes of efficient portfolio management, the Sub-Fund and institution with which deposits in respect of the Sub- may hold or engage in repurchase agreements and securities Fund are made. lending in respect of assets held by the Sub-Fund. However, when, in the opinion of the Investment Manager, interest rates Although the investments comprising the Sub-Fund are either appear or are judged stable or likely to rise, a shorter usually denominated in Sterling, investments may be made average life to maturity may be selected and the converse may which are denominated in another currency provided that a apply when there is a prospect of a general fall in interest rates. forward currency sale into the relevant currency of the principal amount of the investment, plus the expected interest to A conservative and rigorous approach to credit assessment maturity, is undertaken. In this way, advantage may be taken is adopted and specific limits are established for each bank of opportunities to maximise the return in a particular currency, and institution with which deposits in respect of the Sub- whilst adhering to the principle that there should be no currency Fund are made. risk outside the currency of denomination within the Sub-Fund.

Although the investments comprising the Sub-Fund are The Sub-Fund may enter into OTC derivatives limited to usually denominated in Euro, investments may be made foreign exchange forward contracts and for efficient portfolio which are denominated in another currency provided that management purposes only. a forward currency sale into the relevant currency of the principal amount of the investment, plus the expected interest The Sub-Fund may borrow up to 10% of its net assets, provided to maturity, is undertaken. In this way, advantage may be taken that such borrowings are made only on a temporary basis and of opportunities to maximise the return in a particular currency, are permitted only to meet the Sub-Fund’s obligations in relation whilst adhering to the principle that there should be no currency to (i) the administration of the Sub-Fund relating to purchase or risk outside the currency of denomination within the Sub-Fund. sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect The Sub-Fund may enter into OTC derivatives limited to to the writing of options or the purchase or sale of forward or foreign exchange forward contracts and for efficient portfolio futures contracts are not deemed to constitute “borrowings” for management purposes only. the purpose of this restriction.

The Sub-Fund may borrow up to 10% of its net assets, provided U.S. Dollar Money Fund that such borrowings are made only on a temporary basis and The Sub-Fund aims to give holders of the relevant Shares are permitted only to meet the Sub-Fund’s obligations in relation access to income at wholesale Eurocurrency market interest to (i) the administration of the Sub-Fund relating to purchase or rates in U.S. Dollars. This Sub-Fund is a short term money sale transactions; and/or (ii) the redemption or cancellation of market fund and while the Sub-Fund aims to preserve capital, Shares in the Sub-Fund. Collateral arrangements with respect this is not guaranteed. to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for The Sub-Fund normally comprises deposits repayable the purpose of this restriction. within six months and other short-term financial instruments available on the Eurocurrency markets and on the relevant Sterling Money Fund domestic markets (where interest is earned free of withholding The Sub-Fund aims to give holders of the relevant Shares tax) having a life to maturity of less than twelve months. The access to income at wholesale Eurocurrency market interest average life to maturity of the deposits is generally unlikely rates in Sterling. This Sub-Fund is a short term money market to exceed ninety days. The Sub-Fund’s portfolio consists of fund and while the Sub-Fund aims to preserve capital, this is short-term deposits placed in the Eurocurrency inter-bank not guaranteed. markets (maximum maturity six months) and certificates of deposit and other negotiable money market instruments The Sub-Fund normally comprises deposits repayable (including bank acceptances, commercial paper, liquid short- within six months and other short-term financial instruments term debt securities including treasury bills, bonds, floating

318 | Investec Global Strategy Fund rate notes and other debt securities) (maximum maturity via currency forwards, currency swaps, non-deliverable twelve months) and short-term fixed interest securities. For forwards, money market instruments, bonds, cash deposits the purposes of efficient portfolio management, the Sub- and exchange traded and over the counter derivatives. Fund may hold or engage in repurchase agreements and securities lending in respect of assets held by the Sub-Fund. The Sub-Fund will primarily invest in a diversified portfolio of However, when, in the opinion of the Investment Manager, Investment Grade and Non-Investment Grade debt securities interest rates either appear or are judged stable or likely to either issued by companies which have their registered office rise, a shorter average life to maturity may be selected and in emerging markets or which are issued or guaranteed by the converse may apply when there is a prospect of a general governments, government agencies or supranational bodies fall in interest rates. of those countries.

A conservative and rigorous approach to credit assessment The Sub-Fund will be allowed to use derivatives for efficient is adopted and specific limits are established for each bank portfolio management, hedging and/or investment purposes. and institution with which deposits in respect of the Sub- Fund are made. The exposure to mortgage-backed securities and asset- backed securities combined will not represent more than Although the investments comprising the Sub-Fund are 20% of the assets of the Sub-Fund. usually denominated in U.S. Dollars, investments may be made which are denominated in another currency provided Managed Currency Fund that a forward currency sale into the relevant currency of the The Sub-Fund is designed to protect and to maximise the value principal amount of the investment, plus the expected interest of liquid assets in terms of their international purchasing power, to maturity, is undertaken. In this way, advantage may be through the management and diversification of currency taken of opportunities to maximise the return in a particular exposure. The composition of the portfolio is determined currency, whilst adhering to the principle that there should be by a continuing analysis of the financial, economic, political no currency risk outside the currency of denomination within and other factors affecting international exchange rates. the Sub-Fund. Investments are made mostly in the world’s major currencies and held principally in bank deposits or short-term monetary The Sub-Fund may enter into OTC derivatives limited to instruments. foreign exchange forward contracts and for efficient portfolio management purposes only. The Sub-Fund may enter into OTC derivatives limited to foreign exchange forward contracts and for efficient portfolio The Sub-Fund may borrow up to 10% of its net assets, provided management purposes only. that such borrowings are made only on a temporary basis and are permitted only to meet the Sub-Fund’s obligations in relation The Sub-Fund may borrow up to 10% of its net assets, provided to (i) the administration of the Sub-Fund relating to purchase or that such borrowings are made only on a temporary basis and sale transactions; and/or (ii) the redemption or cancellation of are permitted only to meet the Sub-Fund’s obligations in relation Shares in the Sub-Fund. Collateral arrangements with respect to (i) the administration of the Sub-Fund relating to purchase or to the writing of options or the purchase or sale of forward or sale transactions; and/or (ii) the redemption or cancellation of futures contracts are not deemed to constitute “borrowings” for Shares in the Sub-Fund. Collateral arrangements with respect the purpose of this restriction. to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction. Multi-Currency Sub-Funds

Emerging Markets Currency Alpha Fund Bond Sub-Funds The Sub-Fund aims to provide long term absolute returns, from actively managed positions in emerging market Africa High Income Fund currencies (although other currencies may also be used from The Sub-Fund will aim to provide income and generate time to time). capital gains over the long term, primarily through investment in high yielding fixed income instruments which are issued The Sub-Fund will invest in liquid and illiquid currencies by borrowers who are either domiciled in Africa or carry out by taking long and short positions. The Sub-Fund may a significant, and/or growing, proportion of their operations in also invest in currency futures and forward contracts, African countries. credit linked notes as well as in swap and option contracts relating to debt securities or currencies. Within a particular The Sub-Fund may hold other transferable securities, money currency, investments may also be held in the form of bank market instruments, cash or near cash, deposits and units in deposits, certificates of deposit, fixed and floating rate collective investment schemes. notes and bonds or other short-term maturity instruments. Interest-bearing securities purchased will be those issued The Sub-Fund may use derivatives for the purposes of by governments, governmental agencies, supranational hedging only. institutions, companies and other institutions. Emerging Markets Blended Debt Fund The Sub-Fund will be allowed to use derivatives for efficient The Sub-Fund aims to provide income and generate capital portfolio management, hedging and/or investment purposes. gains over the long term, primarily through investment in public sector, sovereign and corporate bonds issued by emerging Emerging Markets Currency Fund market borrowers or that derive a predominant part of their The Sub-Fund aims to provide income and generate capital economic activity from emerging market countries. These gains over the long-term primarily through investment in securities may be denominated in either local currencies or both liquid and illiquid emerging market currencies accessed hard currencies (globally traded major currencies).

Investec Global Strategy Fund | 319 Investment objectives and policy (continued)

The Sub-Fund will primarily invest in a diversified portfolio of The Sub-Fund may also invest in other transferable Investment Grade and Non-Investment Grade debt securities securities, money market instruments, cash or near cash, (e.g. bonds) either issued by companies which have their deposits, units or shares in other collective investment registered office in countries that are, or in the previous schemes and derivatives. five years have been, classified as low or medium income by the World Bank or which are issued or guaranteed by The Sub-Fund will be allowed to use derivatives for efficient governments, government agencies or supranational bodies portfolio management, hedging and/or investment purposes. of those countries. Emerging Markets Investment Grade Debt Fund The exposure to mortgage-backed securities and asset- The Sub-Fund aims to provide income and generate capital backed securities combined will not represent more than gains over the long term, primarily through investment in public 20% of the assets of the Sub-Fund. sector and sovereign Investment Grade bonds issued by emerging market borrowers or that derive a predominant part The Sub-Fund will be allowed to use derivatives for efficient of their economic activity from emerging market countries. portfolio management, hedging and/or investment purposes. Careful attention is paid to the quality and marketability of Emerging Markets Corporate Debt Fund securities that are held by the Sub-Fund. A maximum of 10% The Sub-Fund aims to provide income and generate of the value of the Sub-Fund may consist of Non-Investment capital over the long term, primarily through investment Grade instruments, excluding instruments held by the Sub-Fund in a diversified portfolio of debt securities (e.g. bonds) which have been reclassified as Non-Investment Grade, for such issued by companies which have their registered office in time as such instruments remain in the Investment Grade index emerging markets, companies which have their registered used by the Sub-Fund for performance comparison purposes.* office outside of emerging markets but which carry out a significant proportion of their operations in emerging markets Although the majority of the Sub-Fund’s investments will be and/or companies which have their registered office outside issued in the currencies of emerging market countries, the of emerging markets which are controlled by entities Sub-Fund may hold up to 20% in aggregate in investment established in emerging markets. The Sub-Fund may invest in corporate bonds and any bonds issued in hard currency in derivatives which offer exposure to such debt securities. (globally traded major currencies).

The Sub-Fund may also invest in debt securities issued The exposure to mortgage-backed securities and asset- or guaranteed by governments, government agencies or backed securities combined will not represent more than supranational bodies of those countries. 20% of the assets of the Sub-Fund.

These securities may be denominated in local currencies as The Sub-Fund may also invest in other transferable securities, well as hard currencies (globally traded major currencies). money market instruments, cash or near cash, deposits, units or shares in other collective investment schemes and derivatives. The exposure to mortgage-backed securities and asset- backed securities combined will not represent more than The Sub-Fund will be allowed to use derivatives for efficient 20% of the assets of the Sub-Fund. portfolio management, hedging and/or investment purposes.

The Sub-Fund may hold other transferable securities, money Emerging Markets Local Currency Debt Fund market instruments, cash or near cash, deposits and units in The Sub-Fund aims to provide income and generate capital collective investment schemes. gains over the long term total, primarily through investment in public sector, sovereign and corporate bonds issued by The Sub-Fund will be allowed to use derivatives for efficient emerging market borrowers. These securities will be primarily portfolio management, hedging and/or investment purposes. denominated in the currencies of emerging market countries.

Emerging Markets Hard Currency Debt Fund The Sub-Fund will invest at least two-thirds of its assets in The Sub-Fund aims to provide income and generate capital a diversified portfolio of Investment Grade and Non-Investment gains over the long term, primarily through investment in public Grade debt securities (e.g. bonds) either issued by companies sector, sovereign and corporate bonds issued by emerging which have their registered office in emerging markets or market borrowers or borrowers that derive a predominant part which are issued or guaranteed by governments, government of their economic activities from emerging market countries. agencies or supranational bodies of those countries and These securities will be primarily denominated in hard derivatives which offer exposure to such debt securities. currencies (globally traded major currencies). The Sub-Fund may also invest up to one-third of its assets The Sub-Fund will invest primarily in a diversified portfolio of in other fixed interest securities, including bonds issued by Investment Grade and Non-Investment Grade debt securities borrowers based in non-emerging markets, deposits, cash (e.g. bonds) which are either issued by companies which and near cash. have their registered office in emerging markets or issued or guaranteed by governments, government agencies or The Sub-Fund will be allowed to use derivatives for efficient supranational bodies of such emerging markets. portfolio management, hedging and/or investment purposes.

The exposure to mortgage-backed securities and asset- Emerging Markets Local Currency Dynamic Debt Fund backed securities combined will not represent more than The Sub-Fund aims to provide income and generate capital 20% of the assets of the Sub-Fund. gains over the long term, primarily through investment in

* For information on the index currently used for performance comparison purposes, please contact your usual Investec Representative or refer to the Promoter’s website (www.investecassetmanagement.com).

320 | Investec Global Strategy Fund public sector, sovereign and corporate bonds issued by The blend of investments will be unrestricted. The Sub- emerging market borrowers or that derive a predominant part Fund may invest in developed, emerging and frontier types of their economic activity from emerging market countries. of markets. The Sub-Fund may hold other transferable securities, money market instruments, cash or near cash, The Sub-Fund will primarily invest in what the Investment deposits and units in collective investment schemes. Manager believes to be more liquid (i.e. relatively higher tradability in the market) and/or strategic investment The Sub-Fund will be allowed to use derivatives for efficient opportunities in a portfolio of Investment Grade and portfolio management, hedging and/or investment purposes. Non-Investment Grade debt securities either issued by companies which have their registered office in emerging Global Strategic Income Fund markets or which are issued or guaranteed by governments, The Sub-Fund has, as its primary objective, the generation of government agencies or supranational bodies of those a high level of current income by means of investment in high countries. yielding fixed and floating rate securities of varying maturities denominated in a spread of the world’s major and minor Whilst the Sub-Fund will focus on more liquid and/or strategic traded currencies. investments, these will not form restrictions in respect of the securities in which the Sub-Fund may invest. Capital appreciation is sought only when the Investment Manager feels it is consistent with the primary income objective The Sub-Fund will be allowed to use derivatives for efficient of the Sub-Fund. This could arise as the result of a specific or portfolio management, hedging and/or investment purposes. general fall in interest rates, through the improvement in the credit ratings of individual or groups of fixed interest bearing The exposure to mortgage-backed securities and asset- securities or by means of positive relative currency movements. backed securities combined will not represent more than 20% of the assets of the Sub-Fund. The securities purchased will mainly consist of higher yielding issues by worldwide (including emerging countries) Global Bond Fund governments, government agencies, supranational institutions The Sub-Fund aims both to provide income and to protect and companies. The currency mix of denominations will be and maximise the real asset value of its investments in varied, reflecting the Investment Manager’s assessment of terms of their international purchasing power by means of likely exchange rate movements. the management and diversification of currency exposure and investment in fixed interest bearing securities of varying The Sub-Fund will be allowed to use derivatives for efficient maturities. The majority of the Sub-Fund’s assets will be portfolio management, hedging and/or investment purposes. denominated in major currencies and exposure to minor currencies will be managed on a cautious basis. When, in the opinion of the Investment Manager, the general trend in interest rates is upward, a substantial portion of the The currency mix of denominations will be varied, reflecting Sub-Fund’s assets is likely to be held in the form of short the Investment Manager’s assessment of likely exchange rate dated bonds and other short-term instruments, such as movements. When, in the opinion of the Investment Manager, certificates of deposit. the general trend in interest rates is upwards, a substantial portion of the Sub-Fund’s assets is likely to be held in the High Income Bond Fund form of short-dated bonds and other short-term instruments, The Sub-Fund aims to provide an income return in excess such as certificates of deposit. of prevailing short-term interest rates, and an opportunity for capital gains. It will hold a diversified portfolio of higher Careful attention is paid to the quality and marketability of interest rate bearing fixed interest securities, including the securities held by the Sub-Fund. When interest bearing Investment Grade and Non-Investment Grade debt securities, instruments are included in the portfolio, at least 90% of the denominated in major global currencies. The currency mix value of the Sub-Fund must consist of Investment Grade of denominations will be varied, reflecting the Investment instruments. Manager’s assessment of likely exchange rate movements.

The Sub-Fund may enter into OTC derivatives limited to When, in the opinion of the Investment Manager, the general foreign exchange forward contracts and for efficient portfolio trend in interest rates is upward, a substantial portion of the management purposes only. Sub-Fund’s assets is likely to be held in the form of short- dated bonds and other short-term instruments, such as The Sub-Fund may borrow up to 10% of its net assets, provided certificates of deposit. that such borrowings are made only on a temporary basis and are permitted only to meet the Sub-Fund’s obligations in relation The Sub-Fund will be allowed to use derivatives for efficient to (i) the administration of the Sub-Fund relating to purchase or portfolio management, hedging and/or investment purposes. sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect The securities purchased will be primarily hedged or to the writing of options or the purchase or sale of forward or denominated in the Sub-Fund’s reference currency. futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction. Investment Grade Corporate Bond Fund The Sub-Fund aims to generate a high level of income, with Global Defensive Bond Fund the opportunity for capital gain, from a diversified portfolio The Sub-Fund aims to achieve total returns in US dollars, of fixed and floating rate securities, normally denominated which include income generation, capital growth and in U.S. Dollars and issued by governments, institutions and currency gains whilst cognisant of the downside risk corporations in both developing and developed countries. parameters, through a flexible portfolio of global interest When judged appropriate, the portfolio may be held in fixed bearing assets and related derivatives. interest securities denominated in currencies other than

Investec Global Strategy Fund | 321 Investment objectives and policy (continued)

U.S. Dollars, with the relevant currency exposure hedged The Sub-Fund aims to meet its investment objective by back into U.S. Dollars. taking investment exposure to equities, bonds, property, commodities, money market instruments, cash or near cash, Careful attention is paid to the quality and marketability of deposits, other transferable securities and alternative assets the securities held by the Sub-Fund. When interest bearing (such as transferable securities and money market instruments instruments are included in the portfolio, at least 90% of the other than those referred to in Article 41 paragraph (1) of the value of the Sub-Fund must consist of Investment Grade Law of 2010), where the issuers are domiciled in emerging instruments. markets or outside emerging markets but carry out a significant proportion of their economic activities in emerging markets. The Sub-Fund may enter into OTC derivatives limited to Any such exposures may be gained directly, other than in foreign exchange forward contracts and for efficient portfolio property or commodities, or indirectly through investment management purposes only. in other financial instruments such as units in UCIs and/or UCITS. The Sub-Fund will not invest directly in property and/or The Sub-Fund may borrow up to 10% of its net assets, provided commodities but will make indirect investment via units in UCIs that such borrowings are made only on a temporary basis and and/or UCITs, exchange traded products (such as ETCs) and are permitted only to meet the Sub-Fund’s obligations in relation other eligible financial instruments (e.g. shares in listed property to (i) the administration of the Sub-Fund relating to purchase or companies and transferable securities on commodities that do sale transactions; and/or (ii) the redemption or cancellation of not embed a derivative). Shares in the Sub-Fund. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or The Sub-Fund may invest up to 100% of its assets in units futures contracts are not deemed to constitute “borrowings” for in UCIs and/or UCITS as detailed in Section 10.1 of the the purpose of this restriction. Prospectus.

Latin American Corporate Debt Fund The Sub-Fund may also invest in other transferable securities, The Sub-Fund will aim to achieve a high level of income, with money market instruments, cash and near cash, derivatives the opportunity for capital gain, from a diversified portfolio and forward transactions, deposits and units in collective of fixed and floating rate securities issued by Latin American investment schemes. governments and institutions, companies incorporated in Latin America and companies incorporated outside of Normally, the Sub-Fund’s maximum equity exposure will be Latin America but which carry out a significant proportion limited to 75% of its assets. of their operations (more than 50%) in Latin America and/or companies incorporated outside of Latin America which are The Sub-Fund will be allowed to use derivatives for efficient controlled by entities established in Latin America. These portfolio management, hedging and/or investment purposes. securities may be denominated in Latin American local currencies as well as hard currencies (globally traded major Global Strategic Managed Fund currencies). The Sub-Fund aims to provide long-term total returns through investment in a diversified and actively managed portfolio The Sub-Fund will invest primarily in Latin American corporate consisting of any combination of cash instruments, fixed debt instruments and will actively manage the currency and income securities, convertible securities and quoted equity interest rate exposures to enhance the returns achieved by securities on an international basis. Normally, the maximum the Sub-Fund. equity content will be limited to 75 per cent of the Sub-Fund.

The Sub-Fund will seek to invest a minimum of two-thirds in Exchange traded options and market index futures may be Latin American corporate debt instruments. utilised in the management of risk exposure for the purposes of efficient portfolio management. Exchange traded bond options The Sub-Fund may hold other transferable securities, money and futures contracts may also be utilised for such purposes in market instruments, cash or near cash, deposits and units in the management of market risk. In addition, exchange traded collective investment schemes. interest rate futures and options may be used for those same purposes and may also be used in conjunction with cash The Sub-Fund may borrow up to 10% of its net assets, provided and short-term money market securities in order to create that such borrowings are made only on a temporary basis and combinations of securities whose market behaviour is similar are permitted only to meet the Sub-Fund’s obligations in relation to conventional fixed interest securities. to (i) the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of The Sub-Fund may invest in aggregate up to 30% of its Shares in the Sub-Fund. Collateral arrangements with respect assets in units or shares of other UCITS or other UCIs as to the writing of options or the purchase or sale of forward or further detailed in Section 10.1 C. (a) (12) of the Prospectus. futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction. The Sub-Fund may enter into OTC derivatives limited to foreign exchange forward transactions and for efficient The Sub-Fund may use derivatives for the purposes of portfolio management purposes only. hedging only. 90% of the equity content of the Sub-Fund must be listed on an exchange which is a full member of the World Federation Balanced Sub-Funds of Exchanges.

Emerging Markets Multi-Asset Fund The Sub-Fund may borrow up to 10% of its net assets, provided The Sub-Fund aims to provide long-term total returns that such borrowings are made only on a temporary basis and primarily through investing in a balanced portfolio of emerging are permitted only to meet the Sub-Fund’s obligations in relation markets investments. to (i) the administration of the Sub-Fund relating to purchase or

322 | Investec Global Strategy Fund sale transactions; and/or (ii) the redemption or cancellation of 90% of the equity content of the Sub-Fund must be listed on Shares in the Sub-Fund. Collateral arrangements with respect an exchange which is a full member of the World Federation to the writing of options or the purchase or sale of forward or of Exchanges. futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction. 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 permitted only to meet the Sub-Fund’s obligations in relation Equity Sub-Funds to (i) the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of Africa Opportunities Fund Shares in the Sub-Fund. Collateral arrangements with respect The investment objective of the Sub-Fund is to achieve long to the writing of options or the purchase or sale of forward or term total returns primarily through investment in equities of futures contracts are not deemed to constitute “borrowings” for companies which are either domiciled in Africa, or which are the purpose of this restriction. established elsewhere but which are expecting a meaningful or growing proportion of their business activities to be Investments in the China A-Share market will only be made exposed to African opportunities. indirectly through other instruments such as participatory notes, equity linked notes, structured notes, other UCIs and The Sub-Fund may also invest in units in collective investment UCITS and any other related instrument whose performance schemes, money market instruments, cash and deposits. is linked to Chinese securities. In this respect, the Sub-Fund may, as a general principle, not have an exposure of more The Sub-Fund may use derivatives for the purposes of than 10% of its net assets to China A-Shares. hedging only. Asian Equity Fund American Equity Fund The Sub-Fund aims to provide long-term capital growth primarily The Sub-Fund aims to achieve long-term capital growth through investment in equities of companies established and primarily through investment in companies either listed and/or listed on a recognised exchange in Asia, excluding Japan. The domiciled in the United States of America, or established Sub-Fund will invest primarily in the markets of Hong Kong, outside of the United States of America but carrying out Singapore, Malaysia, Thailand, Taiwan, South Korea, The a significant portion of their business activities in the United Philippines, Indonesia, China and India, but may also invest in States of America. the region’s other markets such as Australia and New Zealand. The stock selection process will be research driven, taking into The Sub-Fund will be unrestricted in its choice of companies account both macroeconomic developments and stock specific either by size or industry. factors. Country, economic sector and stock selection are likely to be important drivers of the Sub-Fund’s performance over The Sub-Fund may also hold other transferable securities, time. Where investments are made in assets not denominated money market instruments, cash and near cash, derivatives in U.S. Dollars, efficient portfolio management techniques may and forward transactions, deposits and units in collective be used to minimise any currency risk. At least two-thirds of the investment schemes. investments shall be made in the equities described above.

The Sub-Fund may enter into OTC derivatives limited to The Sub-Fund may enter into OTC derivatives limited to foreign exchange forward transactions and for efficient foreign exchange forward transactions and for efficient portfolio management purposes only. portfolio management purposes only.

90% of the equity content of the Sub-Fund must be listed on 90% of the equity content of the Sub-Fund must be listed on an exchange which is a full member of the World Federation an exchange which is a full member of the World Federation of Exchanges. of Exchanges.

The Sub-Fund may borrow up to 10% of its net assets, provided The Sub-Fund may borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis and that such borrowings are made only on a temporary basis and are permitted only to meet the Sub-Fund’s obligations in relation are permitted only to meet the Sub-Fund’s obligations in relation to (i) the administration of the Sub-Fund relating to purchase or to (i) the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect Shares in the Sub-Fund. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction. the purpose of this restriction.

Asia Pacific Equity Fund EAFE Fund The Sub-Fund aims to provide long-term capital growth The Sub-Fund aims to achieve long term capital growth primarily through investment in equities of companies primarily through investment in the quoted equity securities established and listed on a recognised exchange in Asia of companies in all economic sectors in any part of the world Pacific, excluding Japan. The Sub-Fund will invest primarily except the United States of America. At least two-thirds in the markets of Australia, Hong Kong, Singapore, Malaysia, of the Sub-Fund’s assets will be invested in the equities of Thailand, Taiwan, South Korea, the Philippines, Indonesia, companies domiciled in Europe, Australasia and the Far East. China, India and New Zealand. Emerging Markets Equity Fund The Sub-Fund may enter into OTC derivatives limited to The Sub-Fund will aim to achieve long term capital growth foreign exchange forward transactions and for efficient primarily through investment in equities or equity-related portfolio management purposes only. securities of companies established and/or listed on an

Investec Global Strategy Fund | 323 Investment objectives and policy (continued)

exchange in emerging markets, or companies which are to (i) the administration of the Sub-Fund relating to purchase or established and/or listed on exchanges outside emerging sale transactions; and/or (ii) the redemption or cancellation of markets but which carry out a significant proportion of their Shares in the Sub-Fund. Collateral arrangements with respect economic activity in emerging markets and/or are controlled to the writing of options or the purchase or sale of forward or by entities established and/or listed in emerging markets. futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction. The Sub-Fund may hold other transferable securities, money market instruments, cash or near cash, deposits and units in The Sub-Fund will be allowed to use derivatives for efficient collective investment schemes. portfolio management, hedging and/or investment purposes.

The Sub-Fund may use derivatives for the purposes of European Equity Fund hedging only. The Sub-Fund aims to achieve long-term capital growth primarily through investment in companies either listed and/or Investments in the China A-Share market will only be made domiciled in Europe, or established outside of Europe but indirectly. In this respect, the Sub-Fund may, as a general carrying out a significant portion of their business activities principle, not have an indirect exposure of more than 10% of in Europe. its net assets to China A-Shares. The Sub-Fund may enter into OTC derivatives limited to Enhanced Global Energy Fund foreign exchange forward transactions and for efficient The Sub-Fund aims to achieve long term capital growth portfolio management purposes only. 90% of the equity primarily through investment in a globally diversified portfolio content of the Sub-Fund must be listed on an exchange of securities of energy related assets. Investments may which is a full member of the World Federation of include securities in companies involved in exploration, Exchanges. development, production, extraction, refining, processing, distribution, marketing, transport or other activity relating to The Sub-Fund may borrow up to 10% of its net assets, provided energy products and sources and/or derivatives where the that such borrowings are made only on a temporary basis and underlying asset is linked to the above companies. It may are permitted only to meet the Sub-Fund’s obligations in relation also include derivatives where the underlying reference asset to (i) the administration of the Sub-Fund relating to purchase or is linked to energy indices (e.g. ETCs). sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect The Sub-Fund will be allowed to hold other transferable to the writing of options or the purchase or sale of forward or securities, money market instruments, cash or near cash, futures contracts are not deemed to constitute “borrowings” for deposits and units in collective investment schemes or the purpose of this restriction. instruments that offer short exposure to the above assets. Global Contrarian Equity Fund The Sub-Fund may borrow up to 10% of its net assets, The Sub-Fund aims to achieve long-term capital growth provided that such borrowings are made only on a primarily through investment in shares of companies around temporary basis and are permitted only to meet the the world. The Sub-Fund will have a blend of investments Sub-Fund’s obligations in relation to (i) the administration of and will be unrestricted in its choice of companies either by the Sub-Fund relating to purchase or sale transactions; and/ size or industry, or in terms of the geographical make-up of or (ii) the redemption or cancellation of Shares in the Sub- its portfolio. The Sub-Fund will use a contrarian approach in Fund. Collateral arrangements with respect to the writing selecting investments and will focus on companies deemed of options or the purchase or sale of forward or futures by the Investment Manager to be of high quality. The primary contracts are not deemed to constitute “borrowings” for the idea behind the contrarian approach is to isolate potential purpose of this restriction. investments with relatively unattractive market sentiment which are then, in turn, placed under further scrutiny in order The Sub-Fund will be allowed to use derivatives for efficient to identify investment opportunities. portfolio management, hedging and/or investment purposes. The Sub-Fund may also invest in other transferable securities, Enhanced Natural Resources Fund money market instruments, cash and near cash, derivatives The Sub-Fund will aim to achieve long term capital growth, and forward transactions, deposits and units in collective primarily through investment in a globally diversified portfolio investment schemes. of securities of commodity and natural resource related assets. Investments may include shares in companies The Sub-Fund may enter into OTC derivatives limited to involved in exploration, development, production, extraction, foreign exchange forward transactions and for efficient refining, processing, distribution, marketing, transport or other portfolio management purposes only. activity relating to commodity and natural resources products and sources and/or derivatives where the underlying asset 90% of the equity content of the Sub-Fund must be listed on is linked to the above companies and derivatives where the an exchange which is a full member of the World Federation underlying reference asset is linked to commodity indices of Exchanges. (e.g. ETCs). The Sub-Fund may borrow up to 10% of its net assets, provided The Sub-Fund will be allowed to hold other transferable that such borrowings are made only on a temporary basis and securities, money market instruments, cash or near cash, are permitted only to meet the Sub-Fund’s obligations in relation deposits and units in collective investment schemes or to (i) the administration of the Sub-Fund relating to purchase or instruments that offer short exposure to the above assets. sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect The Sub-Fund may borrow up to 10% of its net assets, provided to the writing of options or the purchase or sale of forward or that such borrowings are made only on a temporary basis and futures contracts are not deemed to constitute “borrowings” for are permitted only to meet the Sub-Fund’s obligations in relation the purpose of this restriction.

324 | Investec Global Strategy Fund Global Dynamic Fund securities of companies engaged in: the exploration, The Sub-Fund aims to provide long-term capital growth development and production of energy and energy sources; primarily through investment in global equities. The Sub- the extraction, refining, processing, distribution, marketing, Fund will be managed actively and at least two-thirds of its transportation and transmission of energy products; the investments will be in equity instruments. research, experimentation and development of such products; the ownership or control of leases, rights or royalty The Sub-Fund may enter into OTC derivatives limited to interests in such products; the manufacture and supply of foreign exchange forward transactions and for efficient equipment, components, parts or services related to such portfolio management purposes only. products; or any other activity relating to energy products and sources. Investments may also include derivatives where 90% of the equity content of the Sub-Fund must be listed on the underlying asset is linked to the above companies or to an exchange which is a full member of the World Federation energy indices (e.g. ETCs). of Exchanges. The Sub-Fund will be allowed to hold other transferable The Sub-Fund may borrow up to 10% of its net assets, provided securities, money market instruments, cash or near cash, that such borrowings are made only on a temporary basis and deposits and units in collective investment schemes or are permitted only to meet the Sub-Fund’s obligations in relation instruments that offer short exposure to the above assets. to (i) the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of The Sub-Fund will be allowed to use derivatives for efficient Shares in the Sub-Fund. Collateral arrangements with respect portfolio management, hedging and/or investment purposes. to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for Global Equity Fund the purpose of this restriction. The Sub-Fund aims to achieve capital growth by primarily investing in shares of companies on a global basis. Global Endurance Equity Fund The Sub-Fund aims to achieve long term capital growth with The Sub-Fund may enter into OTC derivatives limited to lower volatility and a higher dividend yield than the global foreign exchange forward transactions and for efficient equities market. This will be achieved primarily through portfolio management purposes only. investment in shares of companies around the world. The Sub- Fund will be unrestricted in its choice of companies either by 90% of the equity content of the Sub-Fund must be listed on size or industry, or in the geographical make-up of the portfolio. an exchange which is full member of the World Federation of Exchanges. The Sub-Fund may also invest in other transferable securities, money market instruments, cash or near cash, derivatives, The Sub-Fund may borrow up to 10% of its net assets, provided deposits and units in collective investment schemes. that such borrowings are made only on a temporary basis and are permitted only to meet the Sub-Fund’s obligations in relation The Sub-Fund may enter into OTC derivatives limited to to (i) the administration of the Sub-Fund relating to purchase or foreign exchange forward transactions and for efficient sale transactions; and/or (ii) the redemption or cancellation of portfolio management purposes only. Shares in the Sub-Fund. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or 90% of the equity content of the Sub-Fund must be listed on futures contracts are not deemed to constitute “borrowings” for an exchange which is full member of the World Federation the purpose of this restriction. of Exchanges. Global Franchise Fund Global Energy Fund The Sub-Fund aims to achieve long-term capital growth The Sub-Fund aims to achieve capital growth by investing in primarily through investment in shares of companies around the equity instruments of internationally quoted companies the world. The Sub-Fund will have a blend of investments throughout the world involved in the exploration, production and will be unrestricted in its choice of companies either by or distribution of oil, gas and other energy sources. In size or industry, or in terms of the geographical make-up of addition, investments may also be made in companies which the portfolio. The Sub-Fund will focus investment on stocks service the energy industry. deemed to be of high quality which are typically associated with global brands or franchises. 90% of the equity content of the Sub-Fund must be listed on an exchange which is a full member of the World Federation The Sub-Fund may enter into OTC derivatives limited to of Exchanges. foreign exchange forward transactions and for efficient portfolio management purposes only. The Sub-Fund may borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis and 90% of the equity content of the Sub-Fund must be listed on are permitted only to meet the Sub-Fund’s obligations in relation an exchange which is a full member of the World Federation to (i) the administration of the Sub-Fund relating to purchase or of Exchanges. sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect The Sub-Fund may borrow up to 10% of its net assets, provided to the writing of options or the purchase or sale of forward or that such borrowings are made only on a temporary basis and futures contracts are not deemed to constitute “borrowings” for are permitted only to meet the Sub-Fund’s obligations in relation the purpose of this restriction. to (i) the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of Global Energy Long Short Fund Shares in the Sub-Fund. Collateral arrangements with respect The Sub-Fund aims to achieve long term capital growth to the writing of options or the purchase or sale of forward or primarily through investment in a globally diversified long-short futures contracts are not deemed to constitute “borrowings” for portfolio of energy related assets. Investments may include the purpose of this restriction.

Investec Global Strategy Fund | 325 Investment objectives and policy (continued)

Global Gold Fund investment horizon. At least two-thirds of the investments The Sub-Fund aims to achieve long term capital growth of this Sub-Fund shall be made in the equities of companies primarily through investment in equities issued by companies anywhere in the world that are experiencing a significant change around the globe involved in gold mining. The Sub-Fund may in ownership or business conditions, for example, through also invest, up to one-third, in companies around the globe privatisation, demutualisation, deregulation or divestment from that are involved in mining for other precious metals and other larger entities. The country and stock selection process will be minerals and metals. research driven, taking into account both macro-economic developments and stock and country specific factors. Country, The Sub-Fund may enter into OTC derivatives limited to stock and sector selection are likely to be the most important foreign exchange forward transactions and for efficient drivers of the Sub-Fund’s performance over time. portfolio management purposes only. The Sub-Fund may enter into OTC derivatives limited to 90% of the equity content of the Sub-Fund must be listed on foreign exchange forward transactions and for efficient an exchange which is a full member of the World Federation portfolio management purposes only. of Exchanges. 90% of the equity content of the Sub-Fund must be listed on The Sub-Fund may borrow up to 10% of its net assets, provided an exchange which is a full member of the World Federation that such borrowings are made only on a temporary basis and of Exchanges. are permitted only to meet the Sub-Fund’s obligations in relation to (i) the administration of the Sub-Fund relating to purchase or The Sub-Fund may borrow up to 10% of its net assets, provided sale transactions; and/or (ii) the redemption or cancellation of that such borrowings are made only on a temporary basis and Shares in the Sub-Fund. Collateral arrangements with respect are permitted only to meet the Sub-Fund’s obligations in relation to the writing of options or the purchase or sale of forward or to (i) the administration of the Sub-Fund relating to purchase or futures contracts are not deemed to constitute “borrowings” for sale transactions; and/or (ii) the redemption or cancellation of the purpose of this restriction. Shares in the Sub-Fund. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or Global Natural Resources Fund futures contracts are not deemed to constitute “borrowings” for The Sub-Fund aims to achieve long term capital growth the purpose of this restriction. primarily through investment in equities issued by companies around the globe that are expected to benefit from a long Latin American Equity Fund term increase in the prices of commodities and natural The Sub-Fund will aim to achieve long term capital growth resources. At least two-thirds of the companies invested in primarily through investment in equities or equity-related will be involved in mining, extracting, producing, processing securities of companies incorporated in Latin America, or transporting a natural resource or commodity or will be companies incorporated outside of Latin America but which companies which provide services to such companies. carry out a significant proportion (more than 50%) of their operations in Latin America and/or companies incorporated Global Opportunity Equity Fund outside of Latin America which are controlled by entities The Sub-Fund aims to achieve long-term capital growth established in Latin America. primarily through investment in shares of companies around the world. The Sub-Fund will have a blend of investments The Sub-Fund may hold other transferable securities, money and will be unrestricted in its choice of companies either by market instruments, cash or near cash, deposits and units in size or industry, or the geographical make-up of the portfolio. collective investment schemes. The Sub-Fund will focus investment on stocks deemed by the Investment Manager to be of high quality. The Sub-Fund may borrow up to 10% of its net assets, provided that such borrowings are made only on a temporary basis and The Sub-Fund may enter into OTC derivatives limited to are permitted only to meet the Sub-Fund’s obligations in relation foreign exchange forward transactions and for efficient to (i) the administration of the Sub-Fund relating to purchase or portfolio management purposes only. sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect 90% of the equity content of the Sub-Fund must be listed on to the writing of options or the purchase or sale of forward or an exchange which is a full member of the World Federation futures contracts are not deemed to constitute “borrowings” for of Exchanges. the purpose of this restriction.

The Sub-Fund may borrow up to 10% of its net assets, provided The Sub-Fund may use derivatives for the purposes of that such borrowings are made only on a temporary basis and hedging only. are permitted only to meet the Sub-Fund’s obligations in relation to (i) the administration of the Sub-Fund relating to purchase or Latin American Smaller Companies Fund sale transactions; and/or (ii) the redemption or cancellation of The Sub Fund aims to achieve long term capital growth Shares in the Sub-Fund. Collateral arrangements with respect typically (at least 80%) through investment in equities or equity- to the writing of options or the purchase or sale of forward or related securities of small companies incorporated in Latin futures contracts are not deemed to constitute “borrowings” for America, companies incorporated outside of Latin America but the purpose of this restriction. which carry out a significant proportion (at least 50%) of their operations through small companies in Latin America and/or Global Strategic Equity Fund companies incorporated outside of Latin America which are The Sub-Fund aims to provide long-term capital growth controlled by small companies established in Latin America. primarily through investment in equities of listed companies from around the world, which are expected to enhance For the purposes of this Sub-Fund, a “small company” shall underlying profitability and Shareholder value through mean any company that, at the time of investment, has a market operational or structural improvements to their businesses. capitalisation equal to or less than any constituent company of The Sub-Fund will be managed actively, with a long-term the MSCI Emerging Markets Latin American Small Cap Index.

326 | Investec Global Strategy Fund The Sub-Fund may also invest in other transferable securities, money market instruments, cash or near cash, derivatives, deposits and units in collective investment schemes.

The Sub-Fund may use derivatives for the purposes of hedging only.

U.K. Equity Fund The Sub-Fund aims to achieve capital appreciation primarily through investment in quoted UK equity securities.

The Sub-Fund may enter into OTC derivatives limited to foreign 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 of the World Federation of Exchanges.

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 permitted only to meet the Sub-Fund’s obligations in relation to (i) the administration of the Sub-Fund relating to purchase or sale transactions; and/or (ii) the redemption or cancellation of Shares in the Sub-Fund. Collateral arrangements with respect to the writing of options or the purchase or sale of forward or futures contracts are not deemed to constitute “borrowings” for the purpose of this restriction.

Specialist Sub-Fund

Dynamic Commodities Fund The Sub-Fund aims to achieve long term capital growth primarily by gaining exposure to a range of commodity sectors, including energy, agriculture, base metals, bulk metals and precious metals.

The Sub-Fund’s investments may consist of commodity related derivative instruments whose underlying assets are eligible commodity indices or sub-indices. The Sub-Fund will not acquire physical commodities directly, nor will it invest directly in any derivative that has physical commodities as an underlying asset. The Sub-fund may also invest in exchange traded products (such as ETCs) to meet its investment objective.

The Sub-Fund may also invest in other transferable securities, money market instruments, cash and near cash, derivatives and forward transactions, deposits and units in collective investment schemes.

The Sub-Fund will be allowed to use derivatives for efficient portfolio management, hedging and/or investment purposes.

Investec Global Strategy Fund | 327 Risk considerations

Risk Factors Investors should read, be aware of and consider all of the “Risk Factors” set out below. If you are in any doubt about the suitability of an investment in any of the Sub-Funds, or if you are not confident you understand the risks involved, please contact your financial or other professional advisor for further information. The following General Risks and Specific Risks apply to the Sub-Funds of the Fund:

General • You are not certain to make a profit; you may lose money and any income is not fixed – the value of your investments and any income derived from them can go up or down. • Changes in the rates of exchange between currencies may cause your investment and the income from it to go down or up. • Shares should generally be regarded as medium to long-term investments. • Any tax treatment detailed in the Prospectus may change and any implied tax benefits will vary between investors and may change in the future. • Where income is insufficient to pay charges the residual is taken from capital which will reduce the rate of capital growth. • Losses may be made due to adverse movements in equity, bond, commodity, currency and other market prices and to changes in the volatility of any of these.

Specific Risks Specific Risk Factors relevant to the Sub-Funds of the Fund are detailed in Appendix 1 to the Prospectus. In addition, Shareholders should be aware of and consider all of the Risk Factors set out below. These Risk Factors are those identified at the time of the issue of the Prospectus. 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. The Prospectus will be updated at regular intervals to reflect any changes to the Risk Factors.

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 or Settle Risk securities 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 Appendix 1. 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.

328 | Investec Global Strategy Fund 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 A portion of a Sub-Fund’s investments may consist of credit default swaps and other synthetic securities and 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 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 The Currency Denomination of a Share Class in a Sub-Fund may not necessarily be an indicator of the Risk 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.

Investec Global Strategy Fund | 329 Risk considerations (continued)

Risk of Deferred The Board of Directors may decide that the settlement of redemption requests may be deferred with the Settlement on approval of the affected Shareholder. In addition, in the case of individual or collective redemptions which Redemptions 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. Distribution from Capital Distributable income for Income Shares in some Sub-Funds may include gains and/or losses (both realised Risk and unrealised) from certain investments (e.g. foreign exchange forward transactions). This may restrain the rate of capital growth for such Income Shares. In addition, this distribution policy may have tax implications for your investment in such Income Shares. If in doubt, please consult your tax adviser. 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. 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.

330 | Investec Global Strategy Fund Exchange Derivatives Futures contracts may have restricted liquidity due to certain commodity exchanges limiting fluctuations in Risk 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. Fluctuation Risk Currency 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. 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 The Investment Manager will implement a hedging strategy to limit exposure to the currency position of the Classes Risk 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 Securities Risk lower, 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 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 account of that Sub-Fund. This has the effect of increasing the Sub-Fund’s distributions (which may be taxable) whilst reducing its capital to an equivalent extent. This could constrain future capital and 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.

Investec Global Strategy Fund | 331 Risk considerations (continued)

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 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 Moscow 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 Shareholders of the Sub-Fund. Legal and The risk that, in the event of a broker or counterparty default or a dispute, a Sub-Fund may be unable to Documentation Risk enforce or rely on the rights or remedies available to the Fund arising from the contractual arrangements in place with the defaulting broker or counterparty. Leverage Risk Where a Sub-Fund uses derivatives to create aggregate exposure that is greater than its net assets, this creates the effect that the Sub-Fund will have greater exposure to certain risks that are associated with the use of derivatives (e.g. Counterparty Risk, OTC Derivatives Risk). Leveraged Companies If a company is highly geared, and credit becomes less available or more expensive, it may experience Risk a significant fall in the price of securities it has issued, as it may find it difficult to refinance its debt. The impact of this risk would be amplified if this scenario is also accompanied by a significant economic downturn. Risk of higher TER Where a Sub-Fund invests in other UCITS and/or UCIs, there may be additional costs of investing in these and/or Ongoing UCITS/UCIs which may increase the TER and/or Ongoing Charges. Charges when investing in funds Risk of Loss It is not guaranteed that the value of investments and the income derived from them will go up. They may fall as well as rise and Shareholders may not recover the original amount they subscribed for Shares in the Fund, especially if they redeem shortly after purchase, as the issue of Shares may be subject to Initial Charges. Risk of Market Action Losses may be made due to adverse movements in equity, bond, commodity, currency and other market prices and to changes in the volatility of any of these. Risk of Market Closure Certain markets in which a Sub-Fund invests may not open every Business Day. The consequence is that the prices at which the Shares may be bought or sold will be based on prices for the underlying investments that are out of date to a greater or lesser extent. This will cause the returns of the Sub-Fund to be affected if purchases or sales of Shares are followed immediately by increases or decreases in the prices of the underlying investments. Money Market Money market instruments in which a Sub-Fund invests are subject to the solvency of the underlying issuer. Instrument Risk The buying and selling of money market instruments is exposed to liquidity constraints in the market. While every effort will be made to maintain the capital value of the Sub-Fund, there is no guarantee that this will be the case as a loss made on an instrument held by the Sub-Fund could reduce the capital value of the Sub-Fund. Mortgage Backed These securities represent the interest in a pool of assets e.g. mortgage loans and car loans. These and Asset Backed securities mature when all the loans in the pool mature or are prepaid. Securities have an expected “average Securities Risk life” which may vary depending on the economic conditions e.g. when interest rates rise or fall. E.g. if interest rates fall, debt owners are more likely to prepay their loans, which may result in less interest income being generated for the Sub-Fund as it may be required to reinvest assets at a lower interest rate. As the number of prepayments increase when interest rates fall, the price of these securities does not increase as much as other debt securities. E.g. if interest rates rise, debt owners are less likely to prepay their loans, which will lengthen the expected maturities of these securities. This may result in the price of these securities decreasing more than prices for other debt securities.

332 | Investec Global Strategy Fund New Sub-Fund Risk If a Sub-Fund does not reach its assumed size, the effect of charges and expenses may be higher and the value of the investment consequently reduced. Risk of not achieving a There is no certainty that the investment objective of any Sub-Fund will actually be achieved and no Sub-Fund’s Objective guarantee, warranty or representation is given to this effect. OTC Derivative Pricing of these instruments is subjective and their valuation is limited to a small number of market Instruments Risk professionals who often act in a dual capacity, as the counterparty and pricing agent for the same transactions. In addition, OTC Derivative Instruments may be exposed to Counterparty Risk – please see the appropriate risk factor. Past Performance Risk The past performance of a Sub-Fund should not be taken as a guide to its future performance. A Sub- Fund that has performed well in the past may perform poorly in the future and a Sub-Fund that has performed poorly in the past may perform well in the future. Political Risk Expropriation by the state, social or political instability, or other restrictions on the freedom of the Sub- Fund to deal in its investments, may all lead to investment losses. It should also be noted that there may be occasions when a government imposes restrictions on a company’s operations and / or the free movement of cash. Pricing & Dilution Risk Purchase or redemption transactions in a Sub-Fund may have an impact on the other Shareholders of a Sub-Fund which is commonly known as dilution or concentration. The actual cost of purchasing, selling or switching assets and investments in a Sub-Fund may be different to the Net Asset Value per Share. The price differential may arise due to dealing charges, taxes, and any spread between buying and selling prices of that Sub-Fund’s underlying investments. These costs could have an adverse effect on the overall value of the Sub-Fund, creating dilution for on-going Shareholders of the Sub-Fund. To match inflows and outflows from a Sub-Fund, assets may be bought or sold by the Sub-Fund. The price at which those assets are bought or sold may be different from the price at which they are valued and this will have a dilutive or concentrative impact for on-going Shareholders. The impact will vary to a lesser or greater extent depending on volume of transactions, the purchase and sale price of the assets and valuation method used to calculate the underlying investments of the Sub-Fund. Pricing & Liquidity Risk The price at which an asset is valued may not be realisable in the event of sale. This could be due to a mis- estimation of the asset’s value or due to a lack of liquidity in the relevant market. If there is a significant amount of subscriptions or redemptions this is likely to have a dilutive impact. Prudency Risk The performance of certain Sub-Funds is less predictable than others. Very high returns or large losses are possible. Such Sub-Funds should only make up a very small part of an investor’s investment portfolio. Redemption Risk If you exercise any redemption rights you may have, you may not get back the full amount of your investment. Risk of Remittance In some countries, the proceeds from the sale of a security, or dividends or other income, which is due to Restrictions foreign investors may not be payable, in full or in part, due to governmental or other restrictions. Any such restrictions will reduce the profit potential of a Sub-Fund and may lead to losses. Regulatory Risk The regulatory environment is evolving and changes therein may adversely affect the ability of the Fund to pursue its investment strategies. In addition, the regulatory or tax environment for derivative and related instruments is evolving and may be subject to modification by government or regulatory authorities which may adversely affect the value of the investments held by the Fund. The effect of any future regulatory or tax change on the Fund is impossible to predict. The regulatory environment within which the Fund operates may be different to the regulatory requirements of the investors’ home countries. Sector and / or Sub-Funds that restrict investment to a small number of related sectors and / or geographical locations Geographical Risk may decline even while broader based equity market indices are rising. Investments which offer exposure to commodities may include additional risks e.g. political risk, natural events or terrorism. This may influence the production and trading of commodities and the value of financial instruments offering exposure to such commodities. Securities Lending Risk The Fund has appointed a stock lending agent to enter into securities lending transactions for and on behalf of the Fund with certain borrowers. The borrowers are required to transfer collateral to the stock lending agent. The stock lending agent is required to ensure that the value of collateral held by it is equal to or exceeds the value of the securities transferred to the borrowers. The risk to the Fund arises when the value of the collateral falls below the value of the securities transferred and the stock lending agent fails to fulfil its obligation to maintain sufficient collateral thereby exposing the Fund to potential losses. The stock lending agent is also required to hold the collateral in safekeeping for and on behalf of the Fund. The Fund may be exposed to risk in circumstances where the stock lending agent holds collateral in a client pooled account. This risk arises when the stock lending agent is subject to insolvency proceedings or otherwise fails to fulfil its obligations and the client pooled account suffers a shortfall. In such circumstances the Fund may be subject to potential losses. Short Exposure Risk Where a Sub-Fund uses derivatives to create short exposure there is potential for gains to be made when the underlying securities are falling in value, but a loss could be incurred when the underlying security is rising in value. This means the Sub-Fund’s performance will be less closely related to the performance of the type of assets in which it will ordinarily invest.

Investec Global Strategy Fund | 333 Risk considerations (continued)

Smaller Company Risk Smaller company shares may be less liquid and more volatile than the shares of larger companies, due to the smaller number of shares in issue and the frequently less diversified and less established nature of the business. These factors can create a greater potential for significant capital losses. Risk of Suspension In certain circumstances, Shareholders’ right to redeem, switch or convert sell Shares (including a sale by way of conversion) may be suspended (see Section 6.8). This will mean that on a temporary basis Shareholders will not have access to their money. Tax Risk Tax may become payable on a Sub-Fund’s existing investments and may be deducted at source without notice to the Fund and/or the Investment Manager. Tax charged may vary between Shareholders. Term Risk The Shares should be viewed as medium to long term investments. Risk of Uncertainty There can be no assurance that any appreciation in the value of investments will occur. Transactional Risks There is a small risk that where a Sub-Fund has Share Classes that operate a currency hedge as well as Arising From Share Classes that do not, the returns of the latter may be affected, positively or negatively, by inaccuracies The Hedged Share and imperfections in the operation of the currency hedge. This risk arises because Share Classes are Classes not separate legal entities. Hedged Share Classes and unhedged Share Classes of the same Sub-Fund participate in the same pool of assets and/or liabilities of the same Sub-Fund. 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.

334 | Investec Global Strategy Fund Risk Management

Risk Management The Fund uses a risk management process that allows monitoring the risk of the portfolio positions and their share of the overall risk profile of the portfolios of each sub-fund at any time. In accordance with the Law of 17 December 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier (“CSSF”) the Fund (or conducting officers) reports to the CSSF on a regular basis on the risk management process. The conducting officers ensures, on the basis of appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the portfolio. The Fund uses the following methods:

Commitment approach The “commitment approach” is based on the positions of derivative financial instruments, converted into their corresponding underlying equivalents using the delta approach. Netting and Hedging might be considered for derivative financial instruments and their underlying assets. The sum of these underlying equivalents must not exceed the net asset value of the relevant sub-fund.

VaR approach The value-at-Risk (VaR) is a mathematical-statistical concept and is used as a standard measure of risk in the financial sector. The VaR represents the potential loss of a portfolio over a given period (so-called holding period), which is with a certain probability (so-called confidence level).

Relative VaR approach The relative VaR concept determines the VaR based on a reference portfolio. The relative VaR can not exceed the VaR of a reference portfolio by more than a maximum of twice (200%). The reference portfolio is a matching portfolio in comparison to the relevant sub-fund’s investment policy.

Absolute VaR approach In the absolute VaR approach the VaR (99% confidence level, 20-day holding period) of the relevant sub-fund can not exceed 20% of its net assets.

VaR add ons For sub-funds, measuring and monitoring the global risk on derivatives via VaR approach, the Fund also determines the sum of the notional values or equivalent values of all the relevant derivatives and estimates in this regard a degree of the expected average value (leverage). Furthermore, the published expected/ level of leverage is not explicitly understood as an investment limit. The following table shows the method used to calculate global exposure as well as the applicable reference portfolio for those sub-funds using the relative VaR approach.

Global Exposure Reference Fund Name calculation method Portfolio Emerging Market Currency Alpha Fund Abs. VaR N.A Global Defensive Bond Fund Abs. VaR N.A Global Energy Long Short Fund Abs. VaR N.A Africa High Income Fund Commitment N.A Africa Opportunities Fund Commitment N.A American Equity Fund Commitment N.A Asia Pacific Equity Fund Commitment N.A Asian Equity Fund Commitment N.A EAFE Fund Commitment N.A Emerging Markets Equity Fund Commitment N.A Euro Money Fund Commitment N.A European Equity Fund Commitment N.A Global Bond Fund Commitment N.A Global Contrarian Equity Fund Commitment N.A Global Dynamic Fund Commitment N.A Global Endurance Equity Fund Commitment N.A Global Energy Fund Commitment N.A Global Equity Fund Commitment N.A Global Franchise Fund Commitment N.A Global Gold Fund Commitment N.A

Investec Global Strategy Fund | 335 Risk Management (continued)

Global Exposure Reference Fund Name calculation method Portfolio Global Natural Resources Fund Commitment N.A Global Opportunity Equity Fund Commitment N.A Global Strategic Equity Fund Commitment N.A Global Strategic Managed Fund Commitment N.A Investment Grade Corporate Bond Fund Commitment N.A Latin American Corporate Debt Fund Commitment N.A Latin American Equity Fund Commitment N.A Latin American Smaller Companies Fund Commitment N.A Managed Currency Fund Commitment N.A Sterling Money Fund Commitment N.A U.K. Equity Fund Commitment N.A U.S. Dollar Money Fund Commitment N.A Dynamic Commodities Fund Relative. VaR Dow Jones UBS Commodity Emerging Markets Blended Debt Fund Relative. VaR 50% JPM GBI-EM Global Diversified Composite USD / 50% EMBI Global Diversified Emerging Markets Corporate Debt Fund Relative. VaR JPM Corporate Emerging Markets Bond Broad Diversified Emerging Markets Currency Fund Relative. VaR JPM ELMI Plus Composite Customised Emerging Markets Hard Currency Debt Fund Relative. VaR JPM EMBI Global Diversified Emerging Markets Investment Grade Debt Fund Relative. VaR JPM GBI-EM Global Diversified Investment Grade Emerging Markets Local Currency Debt Fund Relative. VaR JPM GBI-EM Global Diversified Composite USD Emerging Markets Local Currency Dynamic Debt Fund Relative. VaR JPM GBI-EM Global Diversified Composite USD Emerging Markets Multi-Asset Fund Relative. VaR 50% MSCI EM NR USD, 25% JPM GBI-EM Global Diversified Composite USD and 25% JPM EMBI Global Diversified Enhanced Natural Resources Fund Relative. VaR 50% MSCI AC World Energy and 50% MSCI AC World Materials Enhanced Global Energy Fund Relative. VaR MSCI World Energy Global Strategic Income Fund Relative. VaR Barclays Global Aggregate Bond Index High Income Bond Fund Relative. VaR BofA ML European Currency Non-Financial High Yield Constrained EUR

Global risk measurement methods

Absolute VaR The table below shows sub-funds utilizing an absolute VaR approach to risk measurement in 2012. Mininum utilisation and Maximum utilisation are the minimum and maximum VaR over the period divided by the VaR limit. Average Utilization is the average of VaR divided by the VaR limit. The VaR has been calculated daily using the Monte-Carlo calculation approach with a confidence interval of 99%, a holding period of 20 days, a (historical) given period of 200 weeks.

Absolute VaR Minimum Maximum Average Sub-Fund name Utilisation Utilisation Utilisation Emerging Markets Currency Alpha Fund 17.2% 35.5% 24.8% Global Defensive Bond Fund 6.5% 19.3% 10.8% Global Energy Long Short Fund 14.2% 53.3% 32.7%

336 | Investec Global Strategy Fund Relative VaR The table below shows sub-funds utilizing a relative VaR approach to risk measurement in 2012. This is the VaR of the sub-fund relative to the VaR of the benchmark. Mininum utilisation and Maximum utilisation are the minimum and maximum ratio VaR over the period divided by the VaR limit. Average Utilization is the average of ratio VaR divided by the VaR limit. The VaR has been calculated daily using the Monte-Carlo calculation approach with a confidence interval of 99%, a holding period of 20 days, a (historical) given period of 200 weeks.

Relative VaR Minimum Maximum Average Sub-Fund name Utilisation Utilisation Utilisation Dynamic Commodities Fund 14.4% 58.4% 49.3% Emerging Markets Blended Debt Fund 13.5% 66.2% 36.4% Emerging Markets Corporate Debt Fund 34.0% 60.7% 45.7% Emerging Markets Currency Fund 53.5% 68.3% 60.0% Emerging Markets Hard Currency Debt Fund 43.9% 62.5% 52.5% Emerging Markets Investment Grade Debt Fund 43.3% 58.8% 50.9% Emerging Markets Local Currency Dynamic Debt Fund 46.8% 59.4% 51.1% Emerging Markets Local Currency Debt Fund 48.4% 55.8% 51.5% Emerging Markets Multi-Asset Fund 37.8% 73.4% 50.3% Enhanced Global Energy Fund 15.1% 49.5% 28.7% Enhanced Natural Resources Fund 22.7% 40.6% 31.0% Global Strategic Income Fund 16.4% 37.6% 22.9% High Income Bond Fund 19.8% 37.4% 30.6%

Level of leverage During the reported period, the average leverage based on the sum of the notionals of the derivatives used was:

Global Exposure Level of leverage Commitment Fund Name calculation (sum of notionals) approach Emerging Market Currency Alpha Fund Abs. VaR 461.1% 243.7% Global Defensive Bond Fund Abs. VaR 249.8% 64.4% Global Energy Long Short Fund Abs. VaR 56.1% 20.1% Dynamic Commodities Fund Relative. VaR 98.2% 98.2% Emerging Markets Local Currency Dynamic Debt Fund Relative. VaR 117.3% 50.2% Emerging Markets Blended Debt Fund Relative. VaR 88.6% 47.4% Emerging Markets Corporate Debt Fund Relative. VaR 13.6% 0.0% Emerging Markets Currency Fund Relative. VaR 157.6% 70.6% Emerging Markets Hard Currency Debt Fund Relative. VaR 31.8% 26.9% Emerging Markets Investment Grade Debt Fund Relative. VaR 118.4% 47.2% Emerging Markets Multi-Asset Fund Relative. VaR 56.1% 14.6% Enhanced Natural Resources Fund Relative. VaR 42.6% 15.1% Enhanced Global Energy Fund Relative. VaR 60.5% 22.0%

IMPORTANT NOTICE: Shareholders should please note that the above expected leverage levels have been calculated using the specific methodology prescribed under CSSF Circular 11/512, CSSF Regulation 10-4 or the ESMA (formerly CESR) Guidelines 10-788 on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS. This methodology might differ from the methodology used in other jurisdictions and/or general market practice regarding how leverage is understood. Shareholders should note that under this methodology, where a Sub-Fund uses derivatives for the purposes of efficient portfolio management, this will in some cases be included in the leverage calculation. This will inevitably inflate the leverage level for that Sub-Fund. Shareholders should note that the Fund uses a different methodology for its internal monitoring of leverage levels in the Sub-Funds. Shareholders should note further that the level of leverage does not include borrowings which are made only on a temporary basis in accordance Section 10.1(B)(3).

Investec Global Strategy Fund | 337 Risk Management (continued)

Changes to the Synthetic Risk Reward Indicators During the year under review, the Synthetic Risk Reward Indicators which appear in the Key Investor Information Documents (KIIDs) for the below share classes changed as follows:

SRRI Previous Current Asia Pacific Equity Fund I Acc EUR 7 6 Asia Pacific Equity Fund I Inc GBP 7 6 Emerging Markets Local Currency Debt Fund A Inc USD 6 5 Emerging Markets Local Currency Debt Fund C Inc USD 6 5 Emerging Markets Local Currency Debt Fund A Acc USD* 6 5 Emerging Markets Local Currency Debt Fund C Acc USD* 6 5 Emerging Markets Local Currency Debt Fund F Acc USD* 6 5 Emerging Markets Local Currency Debt Fund F Inc USD* 6 5 Emerging Markets Local Currency Debt Fund I Acc USD* 6 5 Emerging Markets Local Currency Debt Fund I Inc USD* 6 5 Emerging Markets Local Currency Debt Fund IX Inc USD 6 5 Emerging Markets Local Currency Debt Fund S Acc USD* 6 5 Emerging Markets Local Currency Debt Fund S Inc USD* 6 5

* The Synthetic Risk Reward Indicator for these share classes also changed from 5 to 6 in July 2012.

338 | Investec Global Strategy Fund Fair Value Hierarchy

The three levels of the fair value hierarchy as determined by the Board are described below: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including but not limited to quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit risk spreads), either directly or indirectly; Level 3 – Prices or valuations that require significant unobservable inputs (including the Competent Persons assumptions in determining fair value measurement). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety shall be determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The following tables show financial assets and financial liabilities recognised at fair value, analysed between the three levels described above:

Euro Money Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR EUR EUR EUR EUR Money Market Instruments 19,298 – 19,298 – 36,975 – 36,975 – 19,298 – 19,298 – 36,975 – 36,975 –

Sterling Money Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP GBP GBP Money Market Instruments 57,492 – 57,492 – 61,774 – 61,774 – 57,492 – 57,492 – 61,774 – 61,774 –

U.S. Dollar Money Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Money Market Instruments 299,443 – 299,443 – 200,939 – 200,939 – 299,443 – 299,443 – 200,939 – 200,939 –

Emerging Markets Currency Alpha Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 38,345 32,643 5,702 – 24,068 17,666 6,402 – Collective Investment Schemes 7,000 7,000 – – 6,570 6,570 – – Money Market Instruments 23,199 – 23,199 – 33,817 – 33,817 – Derivatives Assets Forward Currency Contracts 981 – 981 – 2,254 – 2,254 – Forward Currency Contracts on Hedged Share Classes 116 – 116 – – – – – Derivatives Liabilities Forward Currency Contracts (1,509) – (1,509) – (2,208) – (2,208) – Forward Currency Contracts on Hedged Share Classes – – – – (199) – (199) – 68,132 39,643 28,489 – 64,032 24,236 40,066 –

Investec Global Strategy Fund | 339 Fair Value Hierarchy (continued)

Emerging Markets Currency Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 56,745 49,366 7,379 – 26,444 22,175 4,269 – Government Bonds 47,243 47,243 – – 56,890 50,698 6,192 – Supranationals – – – – 4,182 4,182 – – Collective Investment Schemes – – – – 1,850 1,850 – – Money Market Instruments 3,309 – 3,309 – 7,277 – 7,277 – Derivatives Assets Forward Currency Contracts 1,155 – 1,155 – 1,157 – 1,157 – Derivatives Liabilities Forward Currency Contracts (753) – (753) – (2,269) – (2,269) – 107,699 96,609 11,090 – 95,531 78,905 16,626 –

Managed Currency Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds – – – – 3,023 3,023 – – Money Market Instruments 83,010 – 83,010 – 89,612 – 89,612 – Derivatives Assets Forward Currency Contracts 1,214 – 1,214 – 2,136 – 2,136 – Derivatives Liabilities Forward Currency Contracts (1,614) – (1,614) – (2,649) – (2,649) – 82,610 – 82,610 – 92,122 3,023 89,099 –

Africa High Income Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 1,230 1,230 – – 1,858 1,858 – – Government Bonds 4,868 4,868 – – 3,717 3,717 – – Collective Investment Schemes 670 670 – – 601 601 – – Money Market Instruments – – – – 977 – 977 – Derivatives Assets Forward Currency Contracts 51 – 51 – 139 – 139 – Derivatives Liabilities Forward Currency Contracts (64) – (64) – (86) – (86) – 6,755 6,768 (13) – 7,206 6,176 1,030 –

Emerging Markets Blended Debt Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 12,763 12,763 – – 3,284 3,284 – – Government Bonds 94,370 94,370 – – 43,886 43,886 – – Supranationals 398 398 – – 354 354 – – Collective Investment Schemes 13,124 13,124 – – – – – – Derivatives Assets Futures 30 30 – – 24 24 – – Forward Currency Contracts 496 – 496 – 502 – 502 – Derivatives Liabilities Futures (27) (27) – – (29) (29) – – Forward Currency Contracts (372) – (372) – (405) – (405) – Swaps (9)– (9)– – – – – 120,773 120,658 115 – 47,616 47,519 97 –

Emerging Markets Corporate Debt Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 196,120 196,120 – – 58,601 58,601 – – Government Bonds – – – – 754 754 – – Derivatives Assets Forward Currency Contracts – – – – 473 – 473 – Derivatives Liabilities Forward Currency Contracts (124) – (124) – (19) – (19) – 195,996 196,120 (124) – 59,809 59,355 454 –

340 | Investec Global Strategy Fund Emerging Markets Hard Currency Debt Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 11,811 11,811 – – 8,549 8,549 – – Government Bonds 73,963 73,963 – – 56,405 56,405 – – Derivatives Assets Futures 38 38 – – 103 103 – – Forward Currency Contracts 1 – 1 – 218 – 218 – Derivatives Liabilities Futures (14) (14) – – (93) (93) – – Forward Currency Contracts (8) – (8) – (25) – (25) – 85,791 85,798 (7) – 65,157 64,964 193 –

Emerging Markets Investment Grade Debt Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Government Bonds 241,446 241,446 – – 200,230 200,230 – – Derivatives Assets Futures 131 131 – – – – – – Forward Currency Contracts 1,208 – 1,208 – 3,371 – 3,371 – Swaps 41 – 41 – – – – – Derivatives Liabilities Futures (24) (24) – – (33) (33) – – Forward Currency Contracts (1,143) – (1,143) – (4,063) – (4,063) – 241,659 241,553 106 – 199,505 200,197 (692) –

Emerging Markets Local Currency Debt Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 44,302 44,302 – – 70,824 70,824 – – Government Bonds 2,218,672 2,210,288 8,384 – 1,997,466 1,997,466 – – Supranationals 10,622 10,622 – – 9,792 9,792 – – Collective Investment Schemes 79,259 79,259 – – – – – – Money Market Instruments 35,327 – 35,327 – – – – – Derivatives Assets Futures 2,339 2,339 – – – – – – Forward Currency Contracts 18,562 – 18,562 – 42,395 – 42,395 – Swaps 111,520 – 111,520 – 128,436 – 128,436 – Derivatives Liabilities Futures (279) (279) – – (1,169) (1,169) – – Forward Currency Contracts (13,760) – (13,760) – (37,579) – (37,579) – Swaps – – – – (1,964)– (1,964)– 2,506,564 2,346,531 160,033 – 2,208,201 2,076,913 131,288 –

Emerging Markets Local Currency Dynamic Debt Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds – – – – 6,513 6,513 – – Government Bonds 888,563 888,563 – – 220,674 219,394 1,280 – Money Market Instruments 22,862 – 22,862 – – – – – Derivatives Assets Futures 402 402 – – – – – – Forward Currency Contracts 5,066 – 5,066 – 4,034 – 4,034 – Swaps 505 – 505 – – – – – Derivatives Liabilities Futures (96) (96) – – (91) (91) – – Forward Currency Contracts (4,092) – (4,092) – (3,719) – (3,719) – Swaps (99)– (99)– – – – – 913,111 888,869 24,242 – 227,411 225,816 1,595 –

Investec Global Strategy Fund | 341 Fair Value Hierarchy (continued)

Global Bond Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 38,781 38,781 – – 23,411 23,411 – – Government Bonds 169,745 169,745 – – 112,939 112,939 – – Supranationals – – – – 1,727 1,727 – – Collective Investment Schemes 11,237 11,237 – – 7,748 7,748 – – Derivatives Assets Futures 187 187 – – 274 274 – – Options 37 – 37 – 45 – 45 – Forward Currency Contracts 1,126 – 1,126 – 1,820 – 1,820 – Derivatives Liabilities Futures (133) (133) – – (236) (236) – – Options (9)– (9)– – – – – Forward Currency Contracts (3,051) – (3,051) – (1,236) – (1,236) – 217,920 219,817 (1,897) – 146,492 145,863 629 –

Global Defensive Bond Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 7,951 7,951 – – 8,417 8,417 – – Government Bonds 15,394 15,394 – – 15,664 15,664 – – Supranationals – – – – 653 653 – – Collective Investment Schemes 1,531 1,531 – – 1,374 1,374 – – Money Market Instruments 4,059 – 4,059 – – – – – Derivatives Assets Futures 25 25 – – 20 20 – – Options 5 – 5 – – – – – Forward Currency Contracts 186 – 186 – 512 – 512 – Swaps – – – – 133 – 133 – Derivatives Liabilities Futures (8) (8) – – (73) (73) – – Options (2)– (2)– – – – – Forward Currency Contracts (374) – (374) – (144) – (144) – Swaps (73)– (73)– – – – – 28,694 24,893 3,801 – 26,556 26,055 501 –

Global Strategic Income Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 233,636 233,636 – – 291,059 289,163 1,896 – Government Bonds 335,344 335,344 – – 315,327 315,327 – – Supranationals – – – – 16,974 16,974 – – Collective Investment Schemes 69,177 69,177 – – 72,880 72,880 – – Money Market Instruments 30,859 – 30,859 – – – – – Derivatives Assets Futures 726 726 – – 1,894 1,894 – – Options 110 –110 – 202 –202 – Forward Currency Contracts 3,509 – 3,509 – 12,265 – 12,265 – Forward Currency Contracts on Hedged Share Classes 213 – 213 – 19 – 19 – Swaps – – – – 5,264 – 5,264 – Derivatives Liabilities Futures (401) (401)– – – – – – Options (28) – (28) – (904) – (904) – Forward Currency Contracts (7,724) – (7,724) – (5,668) – (5,668) – Forward Currency Contracts on Hedged Share Classes – – – – (423) – (423) – Swaps (1,611)– (1,611)– – – – – 663,810 638,482 25,328 – 708,889 696,238 12,651 –

342 | Investec Global Strategy Fund High Income Bond Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 EUR EUR EUR EUR EUR EUR EUR EUR Corporate Bonds 84,098 84,098 – – 69,115 68,327 788 – Derivatives Assets Forward Currency Contracts 146 – 146 – 32 – 32 – Forward Currency Contracts on Hedged Share Classes 43 – 43 – 5 – 5 – Swaps – – – – 891 – 891 – Derivatives Liabilities Forward Currency Contracts (6) – (6) – (761) – (761) – Forward Currency Contracts on Hedged Share Classes (1) – (1) – (36) – (36) – Swaps (8)– (8)– – – – – 84,272 84,098 174 – 69,246 68,327 919 –

Investment Grade Corporate Bond Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 182,206 182,206 – – 191,920 191,920 – – Government Bonds – – – – 9,054 9,054 – – Derivatives Assets Futures 86 86 – – 557 557 – – Options 32 – 32 – – – – – Forward Currency Contracts 22 – 22 – 3,168 – 3,168 – Forward Currency Contracts on Hedged Share Classes 134 – 134 – 2 – 2 – Derivatives Liabilities Futures (342) (342) – – (677) (677) – – Options (8)– (8) – – – – – Forward Currency Contracts (1,131) – (1,131) – (111) – (111) – Forward Currency Contracts on Hedged Share Classes – – – – (759) – (759) – 180,999 181,950 (951) – 203,154 200,854 2,300 –

Latin American Corporate Debt Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Corporate Bonds 932,977 927,738 5,239 – 292,719 292,719 – – Government Bonds 33,292 33,292 – – 8,867 8,867 – – Supranationals 3,064 3,064 – – – – – – Derivatives Assets Forward Currency Contracts – – – – 112 – 112 – Swaps 85 – 85 – – – – – Derivatives Liabilities Forward Currency Contracts (107) – (107) – (22) – (22) – Swaps – – – – (41)– (41)– 969,311 964,094 5,217 – 301,635 301,586 49 –

Emerging Markets Multi-Asset Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 55,225 55,225 – – 6,644 6,644 – – Preferred Stocks 453 453 – – 210 210 – – Corporate Bonds 5,643 5,643 – – 229 229 – – Government Bonds 48,567 48,567 – – 8,288 8,288 – – Collective Investment Schemes 17,757 17,757 – – 1,683 1,683 – – Derivatives Assets Futures 1 1 – – – – – – Options 1 – 1 – – – – – Forward Currency Contracts 269 – 269 – 52 – 52 – Swaps 19 – 19 – – – – – Derivatives Liabilities Futures (13) (13) – – (3) (3) – – Forward Currency Contracts (238) – (238) – (65) – (65) – 127,684 127,633 51 – 17,038 17,051 (13) –

Investec Global Strategy Fund | 343 Fair Value Hierarchy (continued)

Global Strategic Managed Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 194,075 194,075 – – 172,871 172,871 – – Preferred Stocks 721 721 – – 1,220 1,220 – – Corporate Bonds 27,479 27,479 – – 32,502 32,502 – – Government Bonds 73,079 73,079 – – 66,447 66,447 – – Supranationals – – – – 1,647 1,647 – – Collective Investment Schemes 196,752 196,752 – – 201,170 201,170 – – Derivatives Assets Futures 71 71 – – 459 459 – – Options 19 – 19 – 30 – 30 – Forward Currency Contracts 2,363 – 2,363 – 3,892 – 3,892 – Forward Currency Contracts on Hedged Share Classes 41 – 41 – 1 – 1 – Derivatives Liabilities Futures (52) (52) – – (267) (267) – – Options (5)– (5)– – – – – Forward Currency Contracts (4,145) – (4,145) – (3,605) – (3,605) – Forward Currency Contracts on Hedged Share Classes – – – – (133) – (133) – 490,398 492,125 (1,727) – 476,234 476,049 185 –

Africa Opportunities Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 94,568 94,567 – 1 72,610 72,605 – 5 Collective Investment Schemes – – – – 1,383 1,383 – – 94,568 94,567 – 1 73,993 73,988 – 5

American Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 53,611 53,611 – – 154,277 154,277 – – Corporate Bonds – – – – 742 742 – – 53,611 53,611 – – 155,019 155,019 – –

Asia Pacifi c Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 405,768 405,768 – – 147,693 147,693 – – 405,768 405,768 – – 147,693 147,693 – –

Asian Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 2,238,764 2,238,764 – – 1,548,545 1,548,545 – – 2,238,764 2,238,764 – – 1,548,545 1,548,545 – –

EAFE Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 16,733 16,733 – – 13,191 13,191 – – 16,733 16,733 – – 13,191 13,191 – –

344 | Investec Global Strategy Fund Emerging Markets Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 300,314 300,314 – – 116,029 116,029 – – Preferred Stocks 1,940 1,940 – – 3,241 3,241 – – Collective Investment Schemes – – – – 2,685 2,685 – – 302,254 302,254 – – 121,955 121,955 – –

Enhanced Global Energy Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 29,436 29,436 – – 58,268 58,268 – – Collective Investment Schemes 1,623 1,623 – – 660 660 – – Derivatives Assets Options – – – – 762 – 762 – Forward Currency Contracts on Hedged Share Classes 77 – 77 – – – – – Contracts For Difference 20 – 20 – 123 – 123 – Derivatives Liabilities Forward Currency Contracts on Hedged Share Classes – – – – (169) – (169) – Contracts For Difference (216) – (216) – (638) – (638) – 30,940 31,059 (119) – 59,006 58,928 78 –

Enhanced Natural Resources Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 89,628 89,628 – – 96,528 96,528 – – Collective Investment Schemes 15,907 15,907 – – 14,972 14,972 – – Derivatives Assets Forward Currency Contracts on Hedged Share Classes 4 – 4 – 1 – 1 – Contracts For Difference 39 – 39 – 441 – 441 – Derivatives Liabilities Forward Currency Contracts on Hedged Share Classes – – – – (33) – (33) – Contracts For Difference (1,248) – (1,248) – – – – – 104,330 105,535 (1,205) – 111,909 111,500 409 –

European Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 68,349 68,349 – – 51,712 51,712 – – Preferred Stocks – – – – 1,357 1,357 – – 68,349 68,349 – – 53,069 53,069 – –

Global Contrarian Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 55,368 55,368 – – 27,867 27,867 – – Government Bonds 1,111 1,111 – – 1,179 1,179 – – Money Market Instruments – – – – 1,282 – 1,282 – 56,479 56,479 – – 30,328 29,046 1,282 –

Investec Global Strategy Fund | 345 Fair Value Hierarchy (continued)

Global Dynamic Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 692,555 692,555 – – 425,152 425,152 – – Preferred Stocks – – – – 6,237 6,237 – – 692,555 692,555 – – 431,389 431,389 – –

Global Endurance Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 16,851 16,851 – – – – – – 16,851 16,851 – – – – – –

Global Energy Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 1,171,324 1,171,324 – – 1,358,903 1,358,903 – – 1,171,324 1,171,324 – – 1,358,903 1,358,903 – –

Global Energy Long Short Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 14,359 14,359 – – 20,732 20,732 – – Collective Investment Schemes 952 952 – – 254 254 – – Derivatives Assets Options – – – – 317 – 317 – Contracts For Difference 13 – 13 – 44 – 44 – Derivatives Liabilities Contracts For Difference (132) – (132) – (256) – (256) – 15,192 15,311 (119) – 21,091 20,986 105 –

Global Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 572,053 572,053 – – 505,726 505,726 – – Preferred Stocks 4,771 4,771 – – – – – – 576,824 576,824 – – 505,726 505,726 – –

Global Franchise Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 702,980 702,980 – – 242,236 242,236 – – Collective Investment Schemes 5,027 5,027 – – – – – – 708,007 708,007 – – 242,236 242,236 – –

Global Gold Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 444,443 444,443 – – 437,715 437,715 – – Collective Investment Schemes 69,430 69,430 – – 28,491 28,491 – – Rights 705 705 – – – – – – 514,578 514,578 – – 466,206 466,206 – –

346 | Investec Global Strategy Fund Global Natural Resources Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 459,477 459,477 – – 548,272 548,272 – – Collective Investment Schemes 80,953 80,953 – – 59,832 59,832 – – Derivatives Liabilities Forward Currency Contracts on Hedged Share Classes – – – – (2) – (2) – 540,430 540,430 – – 608,102 608,104 (2) –

Global Opportunity Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 719,982 719,982 – – 519,959 519,959 – – 719,982 719,982 – – 519,959 519,959 – –

Global Strategic Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 1,164,930 1,164,930 – – 1,098,465 1,098,465 – – Preferred Stocks 21,970 21,970 – – 11,688 11,688 – – 1,186,900 1,186,900 – – 1,110,153 1,110,153 – –

Latin American Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 33,723 33,723 – – 44,567 44,567 – – Preferred Stocks 6,231 6,231 – – 5,528 5,528 – – Rights – – – – 3 3 – – 39,954 39,954 – – 50,098 50,098 – –

Latin American Smaller Companies Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Common Stocks 267,696 267,696 – – – – – – Preferred Stocks 20,673 20,673 – – – – – – 288,369 288,369 – – – – – –

U.K. Equity Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 GBP GBP GBP GBP GBP GBP GBP GBP Common Stocks 26,266 26,266 – – 25,983 25,983 – – 26,266 26,266 – – 25,983 25,983 – –

Dynamic Commodities Fund 2012 2011 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 US$ US$ US$ US$ US$ US$ US$ US$ Derivatives Assets Swaps – – – – 73 – 73 – Derivatives Liabilities Swaps (341)– (341)– – – – – (341) – (341) – 73 – 73 –

No fi nancial assets moved between the three levels during the year.

Investec Global Strategy Fund | 347 Additional Information for Notice to investors in Investors in the Federal Switzerland Republic of Germany

J.P. Morgan AG, Junghofstraße 14, D-60311 Frankfurt am The Fund has appointed RBC Investor Services Bank S.A., Main has undertaken the function of Paying and Information Esch-sur-Alzette, Zurich Branch as Representative and Paying Agent for the Company in the Federal Republic of Germany Agent of the Fund in Switzerland. Consequently the place of (the “German Paying and Information Agent”). performance and place of jurisdiction for Shares tendered in or distributed from Switzerland has been established at Applications for the redemptions and conversion of shares the registered office of RBC Investor Services Bank S.A., may be sent to the German Paying and Information Agent. Esch-sur-Alzette, Zurich Branch in Zurich. Investors in Switzerland may therefore place application and redemption All payments to investors, including redemption proceeds and orders and may receive information on the Sub-Funds at the potential distributions, may, upon request, be paid through the offices of: German Paying and Information Agent. RBC Investor Services Bank S.A., Esch-sur-Alzette The prospectus, the Key Investor Information Documents, Zurich Branch the Articles of Incorporation of the Company and the annual Badenerstrasse 567 and semi-annual reports may be obtained, free of charge, PO Box 101 in hardcopy form at the office of the German Paying and CH-8066 Zurich Information Agent during normal opening hours. The statement Switzerland of changes in the composition of the investment portfolio is Telephone: +41 44 405 9700 also free of charge upon request at the office of the German Paying and Information Agent available. In addition, Swiss investors may obtain copies of the Prospectus, Key Investor Information Document, Articles Issue, redemption and conversion prices of the shares, and of Incorporation, Report and Accounts and interim reports, any notices to the shareholders, are also available, free of list of purchases and sales, as well as other publications of charge, from the German Paying and Information Agent. the Fund, free of charge from the Swiss Representative and Paying Agent: The issue, redemption and conversion prices of the shares will be published on the electronic platform www.fundinfo.com. RBC Investor Services Bank S.A., Esch-sur-Alzette Zurich Branch Any notices to the Shareholders will be sent by mail to the Badenerstrasse 567 Shareholders in Germany. PO Box 101 CH-8066 Zurich Switzerland Telephone: +41 44 405 9700

All notices and information requiring publication in Switzerland will be published in the “Swiss Official Gazette of Commerce” and on the electronic platform www.fundinfo.com.

348 | Investec Global Strategy Fund Notice of Meeting

Investec Global Strategy Fund Société d’investissement à capital variable 49 Avenue J.F. Kennedy L-1855 Luxembourg R.C.S.: B139420 (the “Company”)

Convening Notice

Dear Shareholder,

The Board of Directors of the Company has the pleasure of Shareholders are informed that the Annual General inviting you to attend the Meeting may validly deliberate on the items of the agenda without any quorum requirement and the resolution on each item of the agenda may validly be passed at ANNUAL GENERAL MEETING the majority of the votes validly cast at such Annual General Meeting. Each share is entitled to one vote. of shareholders of the Company which will be held at A shareholder may act at the Annual General Meeting 4 p.m. at 49 Avenue J.F. Kennedy L-1855 Luxembourg, on by proxy. 13 June 2013, with the following agenda: Please be advised that only shareholders on record by 4 p.m. on 11 June 2013 may be entitled to vote at this Annual AGENDA General Meeting.

1. Presentation of the Report of the Board of Directors. Should you not be able to attend this Annual General Meeting, you are kindly requested to date, sign and return the 2. Presentation of the Report of the Auditor. form of proxy by fax or by mail by 4 p.m. on 11 June 2013 to 3. Approval of the audited financial statements for the year 49 Avenue J.F. Kennedy L-1855 Luxembourg, fax number ended 31 December 2012. (+352) 464 010 413. 4. Allocation of the net results for the year ended 31 December 2012. 5. Discharge of Directors with respect to the performance of By order of the Board of Directors their duties during the year ended 31 December 2012. 6. To re-elect as Directors for a term ending at the next Annual General Meeting to be held in 2014: – Mr. Hendrik Jacobus du Toit; – Mr. Grant David Cameron; – Mr. Gregory David Cremen; – Mr. John Conrad Green; – Ms. Kim Mary McFarland; – Mr. Claude Niedner; – Mr. Michael Edward Charles Ryder Richardson; 7. To re-elect KPMG Luxembourg S.à r.l. as Auditor of the Company for a term ending at the next Annual General Meeting to be held in 2014. 8. To vote upon payment of total combined remuneration of the Directors up to but not exceeding US$200,000 to be apportioned between the re-elected Directors, with no single Director receiving more than US$35,000 for the period from this Annual General Meeting to the next Annual General Meeting to be held in 2014. 9. Any other business.

Investec Global Strategy Fund | 349 Portfolio Turnover

Fund Portfolio Turnover Euro Money Fund 67.56% Sterling Money Fund (23.69)% U.S. Dollar Money Fund 15.52% Emerging Markets Currency Alpha Fund 166.12% Emerging Markets Currency Fund 73.10% Managed Currency Fund 90.10% Africa High Income Fund 15.47% Emerging Markets Blended Debt Fund 115.40% Emerging Markets Corporate Debt Fund 83.89% Emerging Markets Hard Currency Debt Fund 64.71% Emerging Markets Investment Grade Debt Fund 132.24% Emerging Markets Local Currency Debt Fund 48.43% Emerging Markets Local Currency Dynamic Debt Fund 100.53% Global Bond Fund 124.01% Global Defensive Bond Fund 207.26% Global Strategic Income Fund 21.49% High Income Bond Fund 55.44% Investment Grade Corporate Bond Fund (9.62)% Latin American Corporate Debt Fund (0.84)% Emerging Markets Multi-Asset Fund 137.78% Global Strategic Managed Fund 34.13% Africa Opportunities Fund (23.63)% American Equity Fund 166.81% Asia Pacific Equity Fund 46.25% Asian Equity Fund 32.28% EAFE Fund 116.99% Emerging Markets Equity Fund 84.61% Enhanced Global Energy Fund 294.05% Enhanced Natural Resources Fund 160.78% European Equity Fund 108.90% Global Contrarian Equity Fund 25.16% Global Dynamic Fund 96.81% Global Endurance Equity Fund (88.50)%* Global Energy Fund 92.47% Global Energy Long Short Fund 264.51% Global Equity Fund 43.05% Global Franchise Fund (49.60)% Global Gold Fund (74.48)% Global Natural Resources Fund 164.22% Global Opportunity Equity Fund (130.47)% Global Strategic Equity Fund 61.72% Latin American Equity Fund 39.45% Latin American Smaller Companies Fund (20.19)%* U.K. Equity Fund 59.33% Dynamic Commodities Fund (16.98)%

* The portfolio turnover ratios in respect of these funds have been calculated from their launch dates as follows:

Fund Launch date Global Endurance Equity Fund 30 November 2012 Latin American Smaller Companies Fund 11 June 2012

The remaining portfolio turnover ratios have been calculated for the year from 1 January 2012 to 31 December 2012 based on the following formula:

(Purchases – Subscriptions) + (Sales – Redemptions) 100 X Average Net Asset Value for the Year 1

350 | Investec Global Strategy Fund European Union Report of the custodian Savings Directive

Non-resident investors should also note that under Council In our capacity as Custodian, in our opinion, the Fund has been Directive 2003/48/EC regarding the taxation of savings managed during the year in accordance with the provisions income (the “EU Savings Directive”), interest payments made of the principal documents of the Fund and the protection of by the Fund or its Paying Agent to individuals and residual Investors as stated in the Luxembourg law and rules made entities (i.e. entities: (a) without legal personality (save for thereunder. (i) a Finnish avoin yhtiö and kommandiittiyhtiö/öppet bolag and 59 kommanditbolag and (ii) a Swedish handelsbolag State Street Bank Luxembourg S.A. and kommanditbolag); (b) whose profits are not taxed under 49 Avenue J.F. Kennedy, the general arrangements for the business taxation; and L-1855 Luxembourg (c) that are not, or have not opted to be considered as, Grand Duchy of Luxembourg UCITS recognised in accordance with Council Directive 2009/65/EC) resident or established in the EU or an associated or dependent territory (i.e. Aruba, British Virgin Islands, Guernsey, Isle of Man, Jersey, Montserrat as well as the former Netherlands Antilles, i.e. Bonaire, Curaçao, Saba, Sint Eustatius and Sint Maarten) may be subject to a withholding tax in Luxembourg unless the beneficiary opts for 24 April 2013 an exchange of information whereby the tax authorities of the state of residence are informed of the payment thereof. As at the date of this Prospectus, the rate of such withholding tax is 35%. This withholding tax applies to (i) distributions of profits by the Fund derived from interest payments (unless the Fund’s investment in debt claims does not exceed 15%) and (ii) income realised upon the sale, refund or redemption of Shares if the Fund invests directly or indirectly more than 25% of its net assets in debt claims and to the extent such income corresponds to gains directly or indirectly derived from interest payments. The current revision draft of the EU Savings Directive extends the provisions of the EU Savings Directive to interest payments made under certain innovative financial products. Investors should inform themselves of, and where appropriate take advice on, the impact of the EU Savings Directive, once amended, on their investment.

As at 31 December 2012, the following Sub-Funds were within the scope of the Directive:

Euro Money Fund Sterling Money Fund U.S. Dollar Money Fund Emerging Markets Currency Alpha Fund Emerging Markets Currency Fund Managed Currency Fund Africa High Income Fund Emerging Markets Blended Debt Fund Emerging Markets Corporate Debt Fund Emerging Markets Hard Currency Debt Fund Emerging Markets Investment Grade Debt Fund Emerging Markets Local Currency Debt Fund Emerging Markets Local Currency Dynamic Debt Fund Global Bond Fund Global Defensive Bond Fund Global Strategic Income Fund High Income Bond Fund Investment Grade Corporate Bond Fund Latin American Corporate Debt Fund Emerging Markets Multi-Asset Fund Global Strategic Managed Fund Enhanced Global Energy Fund Enha nced Natural Resources Fund Global Energy Long Short Fund Global Natural Resources Fund Dynamic Commodities Fund

Investec Global Strategy Fund | 351 Administration of the Fund

Promoter Registrar and Transfer Agent Investec Asset Management Limited RBC Investor Services Bank S.A., Woolgate Exchange 14, Porte de France, L-4360 Esch sur Alzette 25 Basinghall Street Grand Duchy of Luxembourg London EC2V 5HA United Kingdom Global Distributor and Service Provider Investec Asset Management Guernsey Limited Conducting Persons P.O. Box 250, Glategny Court, Glategny Esplanade Sonya Yvette Slater St. Peter Port, Guernsey GY1 3QH c/o Investec Asset Management Limited Channel Islands Woolgate Exchange 25 Basinghall Street Representatives London EC2V 5HA Hong Kong Representative United Kingdom Investec Asset Management Asia Limited Suites 2604-06, Tower 2, The Gateway, Grant David Cameron Harbour City, Tsimshatsui, c/o Investec Asset Management Guernsey Limited Kowloon, Hong Kong PO Box 250, Glategny Court, Glategny Esplanade St. Peter Port, Guernsey GY1 3QH Austrian Paying Agent Channel Islands Raiffeisen Bank International AG Am Stadtpark 9 Gregory David Cremen A-1030 Vienna, Austria 19 rue de Bitbourg L-1273 Luxembourg Irish Facilities Agent Grand Duchy of Luxembourg JPMorgan Bank Administration Services (Ireland) Limited JPMorgan House Investment Manager International Financial Services Centre Investec Asset Management Limited Dublin 1, Ireland Woolgate Exchange 25 Basinghall Street Taiwan General Agent London EC2V 5HA Investec Asset Management Taiwan Limited United Kingdom Unit C, 49F, Taipei 101 Tower 7 Xin Yi Road, Section 5 South African Sub-Investment Manager Taipei 110, Taiwan Investec Asset Management (Pty) Limited 36 Hans Strijdom Avenue, Foreshore, Cape Town 8001 Swiss Representative and Paying Agent South Africa RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich Branch Sub-Investment Manager Badenerstrasse 567 to Latin American Corporate Debt Fund; P.O. Box 101 Latin American Equity Fund; and CH-8066 Zurich Latin American Smaller Companies Fund Switzerland Compass Group LLC 135 East 57th Street South African Representative 30th Floor, New York 10022 Investec Fund Managers SA (RF) (Proprietary) Limited USA 36 Hans Strijdom Avenue, Foreshore Custodian Cape Town 8001 State Street Bank Luxembourg S.A. South Africa 49 Avenue J.F. Kennedy, L-1855 Luxembourg Grand Duchy of Luxembourg United Kingdom Facilities Agent Investec Asset Management Limited Administrator and Domiciliary Agent Woolgate Exchange State Street Bank Luxembourg S.A. 25 Basinghall Street 49 Avenue J.F. Kennedy, L-1855 Luxembourg London EC2V 5HA Grand Duchy of Luxembourg United Kingdom Independent Party Auditors FirstRand Bank Limited KPMG Luxembourg S.à r.l. Bankcity, 3 First Place 9, Allée Scheffer, L-2520 Luxembourg 1st Floor, Cnr Simmonds and Jeppe Streets Grand Duchy of Luxembourg PO Box 7713 Johannesburg 2000 Legal Advisor South Africa Arendt & Medernach 14, rue Erasme, L-2082 Luxembourg Grand Duchy of Luxembourg

352 | Investec Global Strategy Fund How to contact Investec

Shareholders in Hong Kong: Investec Asset Management Asia Limited Suites 2604-06, Tower 2, The Gateway, Harbour City, Tsimshatsui, Kowloon, Hong Kong

Telephone: + 852 2861 6888 Email: [email protected]

Shareholders in Taiwan: Investec Asset Management Taiwan Limited Unit C, 49F, Taipei 101 Tower 7 Xin Yi Road, Section 5 Taipei 110, Taiwan

Telephone: + 886 2 8101 0800 Email: [email protected]

Shareholders in South Africa: Investec Fund Managers SA (RF) (Proprietary) Limited 36 Hans Strijdom Avenue Foreshore Cape Town 8001 South Africa

Telephone: + 27 (0) 860 500900 Email: [email protected]

Shareholders in the United Kingdom, Continental Europe and the rest of the world: c/o Investec Asset Management Guernsey Limited (as Global Distributor) PO Box 250, Glategny Court, Glategny Esplanade St. Peter Port, Guernsey GY1 3QH Channel Islands

Telephone: + 44 (0) 20 7597 1900 Email: [email protected]

Alternatively please visit Investec’s website: www.investecassetmanagement.com

Telephone calls may be recorded for training and quality assurance purposes.

All defined terms in this Interim report shall have the same meaning as those defined terms as set out in the Prospectus of the Fund.

Indicator Indicator gives you secure online access to your portfolio valuations and transaction history. To access Indicator, our free online valuation service, please visit www.investecassetmanagement.com/indicator. To register for Indicator, please access our website via the above link and select Indicator Registration on the left-hand side of your computer screen.

Investec Global Strategy Fund | 353