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					Investec Fund Application Pack




  Simplified Prospectus and Key Features
  ISA Agreement
  OEIC, ISA Application and Transfer Forms




                                             Out of the Ordinary™




1 May 2008
                                              Although we now manage approximately
                                              $US65bn (as at 30 September 2007) on
                                              behalf of clients from around the world
                                              we continue to pride ourselves on being
                                              honestly ambitious and plain speaking.
                                              A pioneering spirit holds us together and
                                              is maintained by organising the firm in small
                                              specialist teams, each accountable for their
                                              own areas of performance.

                                              Our culture is not negotiable. It is our source
                                              of strength in tough times and it gives us the
                                              necessary humility in good times.

                                              Our product range is intentionally
                                              innovative. Roots in Africa have given us
                                              expertise in frontier markets and investment
                                              in commodities, while our established
                                              presence in London provides us with a
                                              perfect vantage point for global investing.
                                              To us clients and shareholders are partners
                                              in this adventure.
A small group of us started Investec Asset
Management more than fifteen years ago.       We know that only consistently outstanding
Right from the beginning, as with the new     long-term investment performance and
South Africa from which our firm emerged,     ‘out of the ordinary’ service will satisfy you.
we believed we could do things differently.   We also know that we cannot guarantee
This attitude was central to our new firm,    results in the short-term.What we can
and, like the founding leadership team,       promise is that we will give our very best
it remains intact today.                      every step of the way.

                                              Welcome to Investec Asset Management.
                                              Hendrik du Toit, CEO
                                              Investec Asset Management
Contents
        Investec Fund range                                             1

        Fund by Fund key information                                    4

        Q & As on the Funds and ISAs                                  24

        How will charges and expenses affect my investment?           28

        How much will any advice cost?                                29

        Analysis of charges and expenses                              30

        Further information                                           34

        ISA Agreement                                                 36

        How to invest?                                                40

        The Investec OEIC Application Form                            42

        The Investec ISA Application Form                             44

        The Investec ISA Transfer Form                                46



Important Information
This document explains the basis on which Investec Fund Managers Limited will provide certain services to you if/when you
make an order to subscribe for, redeem or switch shares in the Investec OEIC(s) that you deal in, as detailed in this document,
and will constitute a written agreement between you and Investec Fund Managers Limited for that purpose.
Please note that if you invest in an Investec OEIC via an Individual Savings Account, you are subject to separate terms and
conditions as detailed in the ISA Agreement set out later in this document.
Such services are provided to you on an execution only basis. We will carry out your instructions to subscribe for, redeem or
switch shares in the relevant OEIC. We will not offer or give any advice on the merits of your instructions or purchases.
You will be classified for the purposes of the FSA Rules as a retail client.
1. There is no minimum duration for your agreement with us.
2. You have the right to terminate your agreement with us at any time by selling your shares in the Investec OEICs that you
   hold. Any notice to sell your shares should be sent in writing to the Administrator at the address provided in this document
   or you may call us on 020 7597 1800.
3. We can vary these terms without notice if required to do so by a change in the FSA Rules or applicable law. Where we are
   required by the FSA Rules to seek your consent to or to give you notice of a change to an Investec OEIC or Fund which you
   hold where this change also results in a variation to the terms of our agreement with you the obtaining consent or the giving
   of notice pursuant to the FSA Rules will be deemed to be sufficient notice of the variation of the terms of this agreement.
   We can make changes to those parts of this documents which do not form the terms of our agreement with you (i.e. do not
   relate to the subscription, redemption or switch or shares) without obtaining your consent or providing you with notice of
   such changes (provided that we do not have to give you notice of such change under the FSA Rules). Where the terms of
   this agreement are varied we will not provide you with a revised version of the Simplified Prospectus but copies of this can
   be obtained from us on request.
Please note that if you object to any variations that we propose you have a right to end this agreement at any time by selling
your shares in the Investec OEICs.
If you purchase, switch or redeem shares in a Investec OEIC, regardless of whether you have completed an application form
you will be deemed to have accepted the terms of the agreement between Investec Fund Fund Managers Limited and yourself
governing certain services it provides in relation to the subscription, switch or redemption of shares as detailed in this document.
    Investec Fund range
    Meeting your needs
    The charts on these pages show our range of bond, equity and mixed Funds, set out according to what they aim to achieve.
    The diagram should help you to find a fund to meet your needs, and can also be used to select a range of Funds to reduce risk
    through diversification, by investing in different categories.

    How to Invest
    Above the name of each Fund is provided a brief description of its objectives or its investment area, though these must be
    read in conjunction with the full objectives shown on pages 4 to 22. More comprehensive information about each Fund, the
    associated risk factors, charges and how to invest in it are on the following pages.Whilst you might not find them a riveting
    read, you should go through them carefully because they explain the contract between us.




                                                                      Income



                                                         High yield bonds          High quality
                                                           for a regular            bonds to
                                                             income                reduce risk




                                                         Monthly High
                                                                                 Sterling Bond –
                                                          Income –
                                                                                     page 19
                                                           page 17




                                                      Income and Growth



     Equities, bonds and           Mix of bonds             High yields and                                Mix of bonds       Absolute returns
                                                                                    Geographical
     property together            and equities for         growth potential                               and equities for    from diversified
                                                                                  diversification for
       for long-term             smoother capital         by investing in less                          income plus growth      global bond
                                                                                  steadier returns
           growth                  performance           developed countries                                 potential          investments




       Balanced                    Cautious                Emerging                                       Managed
                                                                                  Global Bond –                              Target Return –
       Managed –                   Managed –             Markets Debt –                                 Distribution –
                                                                                     page 10                                     page 20
        page 5                      page 6                   page 7                                        page 16




1   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Investing in bonds and equities gives you the chance to get a better return on your
money than you would get from a savings account.Although bonds and equities can fall
in value as well as rise, the longer an investment is held the more likely it is that it will
produce superior returns.




                          Growth: Country / Regional



       The world’s                                 Continental            Manufacturing              Old and new
                         Regional growth
      economic and                                Europe where           genius breeds a             opportunities
                         driven by China’s
       stockmarket                              integration spurs       wealth of distinctive       throughout the
                        booming economy
       superpower                                    growth               opportunities              single market




                                                                                                   Pan European
     American –         Asia ex Japan –          European –                  Japan –
                                                                                                     Equity –
      page 4                page 4                 page 9                    page 16
                                                                                                      page 18




                                            Growth: UK



 Steadier growth by                             Generalist UK               Smaller               Out of favour
                        A concentrated
  exchanging upside                          investments to give        companies with          equities aiming for
                         selection with
  potential for more                            broad market             potential for          superior long-term
                       superior potential
 downside protection                              exposure                high growth                 growth




    Capital                                        UK                   UK Smaller               UK Special
                        UK Alpha –
 Accumulator –                                 Blue Chip –             Companies –               Situations –
                         page 21
    page 6                                       page 21                 page 22                   page 22




                                                               Simplified Prospectus and Key Features of the Investec OEIC and ISA   2
           Investec Fund range continued




                                                                    Growth: Global



                               Benefit from        Global equities plus      Allows one-stop         Opportunities                           Balanced returns
      A more focused                                                                                                       A contrarian
                            economic growth        profit potential even    asset allocation to     around the globe                        from a wide range
    portfolio to benefit                                                                                                   approach to
                            from wherever it           from under-            non-UK equity        from restructuring                          of investment
    from global growth                                                                                                    Global Equities
                                 appears            performing stocks            markets            and deregulation                           opportunities




       Global                                          Global               Global Ex UK            Global Free          Global Special       Managed
                           Global Equity –
      Dynamic –                                      Extension –              Equity –              Enterprise –          Situations –        Growth –
                              page 10
       page 11                                         page 11                page 14                 page 14               page 15            page 17




                                                                 Growth: Specialist



                                                   Significant potential
                                                                           Opportunities from     The safe haven asset
                                                     as finite supplies
                                                                             more people            that’s benefiting
                                                      meet growing
                                                                           wanting more fuel      from global growth
                                                          demand




                                                      Enhanced             Global Energy –         Global Gold –
                                                       Natural                page 12                 page 15
                                                     Resources –
                                                       page 8




3          Simplified Prospectus and Key Features of the Investec OEIC and ISA
American Fund                                                          Asia ex Japan Fund
an equity sub-fund of Investec Funds Series ii                         an equity sub-fund of Investec Funds Series ii.



What is the Fund’s investment objective                                What is the Fund’s investment objective
and policy?                                                            and policy?
The Fund aims to achieve long-term capital growth primarily            The Fund aims to achieve long-term capital growth primarily
through investment in a portfolio of equities issued by USA            through investment in equities issued by companies in the Asia
companies.                                                             ex Japan region. In particular, the manager will seek to invest in
                                                                       companies that are expected to benefit from the growth and
Furthermore up to 5% in value of the property of this
                                                                       development of the Chinese economy.
Fund may be invested in units or shares in other collective
investment schemes.                                                    Furthermore up to 5% in value of the property of this Fund
                                                                       may be invested in units or shares in other collective
Please refer to page 23 for additional policy description.
                                                                       investment schemes.
What risk factors affect the Fund?                                     Please refer to page 23 for additional policy description.
A summary of the general investment risks applicable to this
Fund appears on page 24. Please read this section first.               What risk factors affect the Fund?
                                                                       A summary of the general investment risks applicable to
How has the Fund performed historically?                               this Fund appears on page 24. Please read this section first.
Please refer to the accompanying performance sheet.                    In addition, this Fund has the following specific risk:
When are distributions of income made?                                 Future risk
The Fund only has accumulation shares and so this Fund                 Also, it is important to note that investments in growth oriented
does not pay any income.                                               sectors, e.g. Asia, benefit from investor optimism about the future
Interim / annual            Ex-dividend          Income accumulation   and their value can fall sharply if sentiment deteriorates.
accounting end dates        (xd) date            date
                                                                       How has the Fund performed historically?
30 Jun / 31 Dec             31 Dec               28 Feb                Please refer to the accompanying performance sheet.
What fees and expenses apply to the Fund’s                             When are distributions of income made?
‘A’ shares?                                                            The Fund only has accumulation shares and so this Fund does
Fees paid directly by you                                              not pay any income.
Initial/Switch charge:                    4.5%                         Interim / annual            Ex-dividend          Income accumulation
Redemption charge:                        Nil                          accounting end dates        (xd) date            date
Fees paid out of the Fund’s assets                                     30 Jun / 31 Dec             31 Dec               28 Feb
Annual management charge:                 1.5%
General Administration Charge:            0.11%                        What fees and expenses apply to the Fund’s
                                                                       ‘A’ shares?
For further details of other charges and expenses payable by
                                                                       Fees paid directly by you
the Fund, please see pages 28-33.
                                                                       Initial/Switch charge:                    4.5%
Summary total expense ratio and portfolio turnover rate                Redemption charge:                        Nil
Estimated total expense ratio from 1 October 2007: 1.61%
                                                                       Fees paid out of the Fund’s assets
The TER for the period prior to 1 October 2007 is: 1.55                Annual management charge:                 1.5%
Portfolio turnover rate:                  216%                         General Administration Charge:            0.11%
                                                                       For further details of other charges and expenses payable by the
                                                                       Fund, please see pages 28-33.
                                                                       Summary total expense ratio and portfolio turnover rate
                                                                       Estimated total expense ratio from 1 October 2007: 1.61%
                                                                       The TER for the period prior to 1 October 2007 is: 2.01
                                                                       Portfolio turnover rate:                  234%




                                                                          Simplified Prospectus and Key Features of the Investec OEIC and ISA   4
    Balanced Managed Fund
    a mixed bond & equity sub-fund of Investec Funds Series iv



    What is the Fund’s investment objective                                 What fees and expenses apply to the Fund’s
    and policy?                                                             ‘A’ shares?
    The Fund aims to provide a combination of income and long               Fees paid directly by you
    term capital growth by investing in a globally diversified portfolio    Initial/Switch charge:                4.5%
    of assets. Exposure will normally be to equity, bond and property       Redemption charge:                    Nil
    investments and the proportion of the Fund allocated to each
                                                                            Fees paid out of the Fund’s assets
    asset class will be actively managed. Such exposure could be
                                                                            Annual management fee:                1.5%
    gained by direct investment or through funds, though no direct
    investments in property will be made. Equity exposure will be           General Administration Charge:        0.11%
    limited to a maximum of 85% of the Fund value. In addition              For further details of other charges and expenses payable by the
    derivatives and forward currency transactions may be used for           Fund, please see pages 28-33.
    hedging purposes and for meeting the investment objectives of           Summary total expense ratio and portfolio turnover rate
    the Fund.                                                               Estimated total expense ratio from 1October 2007: 1.61%
    Bonds held may be corporate or Government and of any                    The estimated TER for the period prior to this date, based on the
    duration and may be investment grade or sub investment grade.           latest Reports and Accounts, was:     1.83%
    The Fund may, in addition to its other investment powers, use           Portfolio turnover rate:              95%
    cash and near cash (which includes money market instruments
    and deposits) and exchange traded and over the counter
    derivatives and forward currency contracts for hedging and
    investment purposes. Using these investment powers for
    investment purposes means, in particular, maintaining positions
    in these investments for the long term rather than just for
    tactical short-term purposes.
    The Fund may also invest, at the ACD’s discretion, in other
    transferable securities. Furthermore use may be made of stock
    lending and borrowing and other investment techniques
    permitted in the COLL Sourcebook.
    Furthermore up to 100% in value of the property of this
    Fund may be invested in units or shares in other collective
    investment schemes.
    Please refer to page 23 for additional policy description.
    What risk factors affect the Fund?
    A summary of the general investment risks applicable to this
    Fund appears on page 24. Please read this section first.
    In addition, this Fund has the following specific risk:
    Active Management
    As the manager has a greater than typical freedom to vary the
    proportion of the Fund invested in different types of asset there
    exists a higher than usual risk that the fund will not participate in
    a general upward move in markets and that it may decline even
    while markets generally are rising.
    How has the Fund performed historically?
    In the absence of a full calendar year’s performance, we are
    not illustrating the Fund’s performance since launch on
    28 December 2006.
    When are distributions of income made?
    The Fund’s A shares are income shares.
    Interim / annual            Ex-dividend        Income payment
    accounting end dates        (xd) date          date
    30 Nov / 31 May             31 May             31 July




5   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Capital Accumulator Fund                                                Cautious Managed Fund
an equity sub-fund of Investec Funds Series iv                          a mixed bond & equity sub-fund of Investec Funds Series i



What is the Fund’s investment objective                                 What is the Fund’s investment objective
and policy?                                                             and policy?
The Fund aims to produce steady capital growth over the                 The Fund aims to provide a combination of income and long-
long-term by investing primarily in a portfolio of equities and         term capital growth by investing conservatively in a diversified
related derivatives.The Fund will seek to achieve its objectives        portfolio of equities, bonds and other fixed interest securities
by holding investments which in the opinion of Investec, in             of high quality and marketability. At all times the Fund’s equity
aggregate, and particularly over the long-term, offer a level of risk   exposure will be limited to a maximum of 60% of the
lower than that of the FTSE All Share Index. Such investments           portfolio value.
could include equities, equity derivatives and equity linked notes.
                                                                        Where reference is made to investment in ‘high quality’ bonds
Deposits and other bond investments may also be held for risk
                                                                        this shall be defined as investment grade bonds. Bonds held may
management purposes.
                                                                        be corporate or Government and of any duration and may be
At least 80% of the Fund’s assets will be sterling denominated          investment grade or sub investment grade.
or hedged back to sterling.The Fund may also invest, at the ACD’s
                                                                        Furthermore up to 5% in value of the property of this Fund
discretion, in other transferable securities, money market
                                                                        may be invested in units or shares in other collective
instruments, cash and near cash, other derivatives and forward
                                                                        investment schemes.
transactions, deposits and units in collective investment schemes
(use may also be made of stock lending, borrowing, cash holdings,       Please refer to page 23 for additional policy description.
hedging and other investment techniques permitted in the
COLL Sourcebook).                                                       What risk factors affect the Fund?
                                                                        A summary of the general investment risks applicable to this
Furthermore up to 5% in value of the property of this Fund may be       Fund appears on page 24. Please read this section first.
invested in units or shares in other collective investment schemes.
                                                                        How has the Fund performed historically?
Please refer to page 23 for additional policy description.              Please refer to the accompanying performance sheet.
What risk factors affect the Fund?                                      When are distributions of income made?
A summary of the general investment risks applicable to                 The Fund has both income and accumulation shares.
this Fund appears on page 24. Please read this section first.
In addition, this Fund has the following specific risk:                 Interim / annual        Ex-dividend             Income accumulation
                                                                        accounting end dates    (xd) dates              and payment dates
Counterparty risk
                                                                        31 Mar / 30 Sep         31 Mar / 30 Jun,        31 May / 31 Aug,
The risk of loss if a counterparty in a specialised derivative
                                                                                                30 Sep / 31 Dec         30 Nov / 28 Feb
transaction fails to performs its financial obligations.
How has the Fund performed historically?                                What fees and expenses apply to the Fund’s
Please refer to the accompanying performance sheet.                     ‘A’ shares?
                                                                        Fees paid directly by you
When are distributions of income made?                                  Initial/Switch charge:                   4.5%
The Fund only has accumulation shares and so this Fund does             Redemption charge:                       Nil
not pay any income.
                                                                        Fees paid out of the Fund’s assets
Interim / annual            Ex-dividend          Income accumulation    Annual management charge:                1.25%
accounting end dates        (xd) date            date                   General Administration Charge:           0.11%
30 Nov / 31 May             31 May               31 Jul                 For further details of other charges and expenses payable by the
What fees and expenses apply to the Fund’s                              Fund, please see pages 28-33.
‘A’ shares?                                                             Summary total expense ratio and portfolio turnover rate
Fees paid directly by you                                               Estimated total expense ratio from 1October 2007: 1.36%
Initial/Switch charge:                    4.5%                          The TER for the period prior to 1 October 2007 is: 1.30%
Redemption charge:                        Nil                           Portfolio turnover rate:              112%
Fees paid out of the Fund’s assets
Annual management charge:                 1.25%
General Administration Charge:            0.11%
For further details of other charges and expenses payable by
the Fund, please see pages 28-33.
Summary total expense ratio and portfolio turnover rate
Estimated total expense ratio from 1October 2007: 1.36%
The TER for the period prior to 1 October 2007 is: 1.39%
Portfolio turnover rate:              13%




                                                                           Simplified Prospectus and Key Features of the Investec OEIC and ISA   6
    Emerging Markets Debt Fund
    a bond sub-fund of Investec Funds Series iii


    What is the Fund’s investment objective                                 How has the Fund performed historically?
    and policy?                                                             Please refer to the accompanying performance sheet which
    The Fund aims to achieve long term total returns primarily              shows the performance of the ‘S’ shares. As the ‘A’ shares are less
    through investment in public sector, sovereign and corporate            than a year old, the performance quoted is of the ‘S’ shares and is
    bonds issued by emerging market borrowers, which are typically          better than the ‘A’ shares as the ‘A’ shares have a higher annual
    countries that are classified as low or medium income by the            fee of 1.5% p.a.
    World Bank and in associated derivatives.
                                                                            When are distributions of income made?
    The Fund may also invest, at the ACD’s discretion, in other             The Fund has both net income and gross income shares and net
    transferable securities. In addition, cash may be held for the          accumulation and gross accumulation for qualifying investors.
    purposes set out in the COLL Sourcebook, including efficient
                                                                            Interim / annual         Ex-dividend           Income payment
    management of the Fund. Furthermore, use may be made of
                                                                            accounting end dates     (xd) dates            dates
    stock lending and borrowing and other investment techniques
    permitted in the COLL Sourcebook.                                       31 Aug / 28 Feb          28 Feb                30 Apr

    The Fund may, in addition to its other investment powers, use           From 30 May 2008         From 30 May 2008 From 30 May 2008
    cash and near cash (which includes money market instruments             the Emerging             these will be:   Emerging Markets
    and deposits) and exchange traded and over the counter                  Markets Debt Fund                         Debt Fund will
                                                                                                     28 Feb, 31 May,
    derivatives and forward currency contracts for investment               will move to                              move to quarterly
                                                                                                     31 Aug, 30 Nov
    purposes. Using these investment powers for investment                  quarterly income                          income distributions
    purposes means, in particular, maintaining positions in these           distributions and                         and the income
    investments, both for the short and for the long term rather            therefore quarterly                       distribution dates
    than just for tactical short-term purposes.                             accounting dates                          will be as follows:
                                                                            which will be as
    Furthermore up to 5% in value of the property of this                                                                  30 Apr, 31 Jul,
                                                                            follows:
    Fund may be invested in units or shares in other collective                                                            31 Oct, 31 Jan
    investment schemes.                                                     31 May, 31 Aug,                                (the first quarterly
                                                                            30 Nov, 28 Feb                                 distribution will take
    Please refer to page 23 for additional policy description.
                                                                                                                           place on 31 July
    What risk factors affect the Fund?                                                                                     2008)
    A summary of the general investment risks applicable to this            What fees and expenses apply to the Fund’s
    Fund appears on page 24. Please read this section first. In             ‘A’ shares?
    addition, this Fund has the following specific risks:                   Fees paid directly by you
    Counterparty risk                                                       Initial/Switch charge:                  4.5%
    The risk of loss if a counterparty in a specialised derivative          Redemption charge:                      Nil
    transaction fails to performs its financial obligations.                Fees paid out of the Fund’s assets
    Future risk                                                             Annual management fee:                  1.5%
    Also, it is important to note that investments in growth oriented       General Administration Charge:          0.11%
    regions benefit from investor optimism about the future and
    their value can fall sharply if sentiment deteriorates.                 For further details of other charges and expenses payable by
                                                                            the Fund, please see pages 28-33.
    Income priority                                                         Summary total expense ratio and portfolio turnover rate
    Where the investment objective of a Fund is to treat the
    generation of income as a higher priority than capital growth, or       Estimated total expense ratio from 1 October 2007: 1.61%
    the generation of income and capital growth have equal priority,        The TER for the period prior to 1 October 2007 is: 1.73%
    all or part of the ACD’s fee may be charged against capital in          Portfolio turnover rate:              -7%
    the first instance.This may increase the amount of income
    (which may be taxable) available for distribution to Shareholders
    in the Fund concerned but may constrain capital growth.
    Political risk
    Expropriation by the state, social or political instability, or other
    restrictions on the freedom of the Fund to deal in its
    investments, may all lead to investment losses.




7   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Enhanced Natural Resources Fund
an equity sub-fund of Investec Funds Series i


What is the Fund’s investment objective                                 How has the Fund performed historically?
and policy?                                                             Please refer to the accompanying performance sheet.
The Fund aims to achieve long term capital growth primarily
                                                                        When are distributions of income made?
through investment in securities issued by companies around the
                                                                        The Fund only has accumulation shares and so this Fund does
globe that are expected to benefit from a long term increase in
                                                                        not pay any income.
the prices of commodities and natural resources, and in related
derivatives.                                                            Interim / annual         Ex-dividend            Income payment
                                                                        accounting end dates     (xd) dates             dates
Such companies will be involved in mining, extracting, producing,
processing or transporting a natural resource or commodity or           30 Sep / 31 Mar          30 Sep                 30 Nov
will be companies which provide services to such companies or           What fees and expenses apply to the Fund’s
will be companies that issue securities whose performance is            ‘P’ shares?
related to the prices of specific commodities or commodity              Please note that for this Fund P shares are intend for retail
derivatives.The derivatives may be used both for hedging and for        investment. A performance fee is charged on ‘P’ shares as
investment purposes.                                                    detailed on page 31.
The Fund may also invest in other transferable securities, money        Fees paid directly by you
market instruments, cash and near cash, derivatives and forward
transactions, deposits and units in collective investment schemes.      Initial/Switch charge:                   4.5%
                                                                        Redemption charge:                       Nil
Please refer to page 23 for additional policy description.              Fees paid out of the Fund’s assets
What risk factors affect the Fund?                                      Annual management fee:                   1.5%
A summary of the general investment risks applicable to this            General Administration Charge:           0.11%
Fund appears on page 24. Please read this section first.
                                                                        Performance fee:                         Hurdle Rate – GBP One
Counterparty risk                                                                                                Month LIBOR plus 4%
The risk of loss if a counterparty in a specialised derivative                                                   Cap – 6%
transaction fails to perform its financial obligations.
                                                                                                                 Participation rate – 20%
Short exposure                                                                                                   Crystallisation period
If a Fund uses derivatives to create short exposure, while there                                                 – Annual (in accordance
is the potential for a gain to be made when the underlying                                                       with accounting period)
securities are falling in value there is also the risk of loss when
the underlying is rising in value.The implication of such exposure                                               High Watermark test –
is that the Fund's performance will be less closely related to the                                               carried forward Excess
performance of the type of assets in which it will ordinarily invest.                                            Net Investment Gain
                                                                                                                 from the last two
Concentration risk                                                                                               accounting periods.
As the Fund invests in a narrow range of stocks and in specialised                                               A performance fee is only
sectors, it may therefore be more volatile than more broadly                                                     accrued once Excess Net
diversified equity funds.                                                                                        Investment Gain for the
Sector risk                                                                                                      current period (taking
As the Fund restricts investment to a small number of related                                                    account of any carried
sectors, it may decline even while broader based equity market                                                   forward negative Excess
indices are rising.                                                                                              Net Investment Gain)
                                                                                                                 is positive.
Active Management                                                       For further details of other charges and expenses payable by
As the Manager has a greater than typical freedom to vary the           the Fund, please see pages 28-33.
proportion of the Fund invested in different types of asset there
exists a higher than usual risk that the Fund will not participate in   Summary total expense ratio and portfolio turnover rate
a general upward move in markets and that it may decline even           TER: this information is unavailable as the Fund has only
while markets generally are rising.                                     recently launched.
                                                                        Portfolio turnover rate: this information is unavailable as the Fund
                                                                        has only recently launched.




                                                                           Simplified Prospectus and Key Features of the Investec OEIC and ISA   8
    European Fund
    an equity sub-fund of Investec Funds Series ii



    What is the Fund’s investment objective
    and policy?
    The Fund aims to achieve long-term capital growth primarily
    through investment in a portfolio of equities issued by continental
    European companies.
    Furthermore up to 5% in value of the property of this Fund
    may be invested in units or shares in other collective
    investment schemes.
    Please refer to page 23 for additional policy description.
    What risk factors affect the Fund?
    A summary of the general investment risks applicable to this
    Fund appears on page 24. Please read this section first.
    How has the Fund performed historically?
    Please refer to the accompanying performance sheet.
    When are distributions of income made?
    The Fund only has accumulation shares and so this Fund does
    not pay any income.
    Interim / annual            Ex-dividend          Income accumulation
    accounting end dates        (xd) date            date
    30 Jun / 31 Dec             31 Dec               28 Feb
    What fees and expenses apply to the Fund’s
    ‘A’ shares?
    Fees paid directly by you
    Initial/Switch charge:                    4.5%
    Redemption charge:                        Nil
    Fees paid out of the Fund’s assets
    Annual management fee:                    1.5%
    General Administration Charge:            0.11%
    For further details of other charges and expenses payable
    by the Fund, please see pages 28-33.
    Summary total expense ratio and portfolio turnover rate
    Estimated total expense ratio from 1 October 2007: 1.61%
    The TER for the period prior to 1 October 2007 is: 1.60%
    Portfolio turnover rate:              241%




9   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Global Bond Fund
a bond sub-fund of Investec Funds Series iii


What is the Fund’s investment objective                                 What risk factors affect the Fund?
and policy?                                                             A summary of the general investment risks applicable to this
The Fund aims to achieve long term total return primarily               Fund appears on page 24 Please read this section first.
through investment around the globe in highly rated corporate
                                                                        Counterparty risk
bonds, government and sovereign bonds and public bonds
                                                                        The risk of loss if a counterparty in a specialised derivative
(such as bonds issued by local state and municipal authorities)
                                                                        transaction fails to perform its financial obligations.
which are listed or traded on Recognised Exchanges and in
derivatives the underlying assets of which are highly rated             Short exposure
corporate bonds, government and sovereign bonds and public              If a Fund uses derivatives to create short exposure, while there is
bonds (such as bonds issued by local state and municipal                the potential for a gain to be made when the underlying
authorities).                                                           securities are falling in value there is also the risk of loss when the
                                                                        underlying is rising in value.The implication of such exposure is
At least two thirds of the Funds total assets will be in highly rated
                                                                        that the Fund’s performance will be less closely related to the
corporate bonds, government and sovereign bonds and public
                                                                        performance of the type of assets in which it will ordinarily invest.
bonds (such as bonds issued by local state and municipal
authorities) and in derivatives whose underlying instruments are        Exchange rates
bonds in the sense as described above such as forward currency          Currency fluctuations may adversely affect the value of a Fund’s
contracts (such as non-deliverable forwards) or bond, interest          investments and income thereon.
rate, currency or credit derivatives (such as credit default swaps)
for investment purposes in order to meet the investment                 How has the Fund performed historically?
objectives of the Fund and/or Efficient Portfolio Management            Please refer to the accompanying performance sheet.
purposes. Furthermore, the provisions according to the COLL             When are distributions of income made?
Sourcebook shall apply. Using these investment powers for               The Fund has both net income and gross income shares for
investment purposes means, in particular, maintaining positions in      qualifying investors; non-qualifying investors will receive
these investments for the longer term rather than just for tactical     income net.
short-term purposes.
                                                                        Interim / annual         Ex-dividend             Income payment
Up to one third of the Fund’s total assets could be in sub              accounting end dates     (xd) dates              dates
investment grade bonds, (although sub-investment grade bonds
                                                                        31 Aug / 28 Feb          31 Aug / 28 Feb         31 Oct / 30 Apr
will only be held in exceptional circumstances), cash and near
cash (which includes money market instruments and deposits)             What fees and expenses apply to the Fund’s
denominated in a freely convertible currency and other                  ‘A’ shares?
transferable securities and units or shares in other collective         Fees paid directly by you
investment schemes, although only up to 5% of the Fund could            Initial/Switch charge:                    4.5%
be held in collective investment schemes.                               Redemption charge:                        Nil
The Fund will not invest in equities or equity related derivatives.     Fees paid out of the Fund’s assets
Furthermore, use may be made of stock lending and borrowing             Annual management fee:                    0.75%
and other investment techniques permitted in the COLL                   General Administration Charge:            0.11%
Sourcebook.                                                             For further details of other charges and expenses payable
Where reference is made to investment in “highly rated                  by the Fund, please see pages 28-33.
corporate bonds” this shall be defined as investment grade bonds        Summary total expense ratio and portfolio turnover rate
which are either rated at least BBB by one of the recognised            Estimated total expense ratio from 1 October 2007: 0.86%
rating agencies or which are of equivalent quality. Bonds held may      The TER for the period prior to 1 October 2007 is: 0.94%
be corporate or Government and of any duration and may be               Portfolio turnover rate:              485%
investment grade or sub investment grade (the latter subject to a
maximum of one third of the Funds’ total assets).
Please refer to page 23 for additional policy description.




                                                                           Simplified Prospectus and Key Features of the Investec OEIC and ISA    10
     Global Dynamic Fund
     an equity sub-fund of Investec Funds Series iii



     What is the Fund’s investment objective                                When are distributions of income made?
     and policy?                                                            The Fund only has accumulation shares and so this Fund does not
     The Fund aims to achieve long term capital growth primarily            pay any income.
     through investment in a focussed portfolio of equities issued by
                                                                            Interim / annual            Ex-dividend          Income accumulation
     companies established in any country.The Fund will be managed
                                                                            accounting end dates        (xd) date            date
     actively.
                                                                            31 Aug / 28 Feb
     At least two thirds of the Fund’s total assets will be invested in a
     focussed portfolio of equities issued by companies established in      What fees and expenses apply to the Fund’s
     any country.                                                           ‘A’ shares?
                                                                            Fees paid directly by you
     Up to one third of the Fund’s total assets may be invested, at the
                                                                            Initial/Switch charge:                    4.5%
     ACD’s discretion, in other transferable securities and units or
                                                                            Redemption charge:                        Nil
     shares in collective investment schemes, although only up to 5%
     of the Fund could be held in collective investment schemes. In         Fees paid out of the Fund’s assets
     addition, cash may be held for the purposes set out in the COLL        Annual management fee:                    1.5%
     Sourcebook, including efficient management of the Fund, and            General Administration Charge:            0.11%
     exchange traded and over the counter derivatives and forward           For further details of other charges and expenses payable
     currency contracts may be used for the Efficient Portfolio             by the Fund, please see pages 28-33.
     Management of the Fund. Furthermore, use may be made of
     stock lending and borrowing and other investment techniques            Summary total expense ratio and portfolio turnover rate
     permitted in the COLL Sourcebook.                                      Estimated total expense ratio from 1 February 2008: 1.61%
                                                                            Total expense ratio – this information is unavailable as the
     On giving 60 days’ notice to Shareholders, the Fund may, in
                                                                            investment objective of this Fund was changed on
     addition to its other investment powers, use cash and near cash
                                                                            1 February 2008
     (which includes money market instruments and deposits) and
     exchange traded and over the counter derivatives and forward           Portfolio turnover rate: this information is unavailable as the
     currency contracts for investment purposes. Using these                investment objective of this Fund was changed on
     investment powers for investment purposes means, in particular,        1 February 2008.
     maintaining positions in these investments for the long term
     rather than just for tactical short-term purposes.
     Please refer to page 23 for additional policy description.
     What risk factors affect the Fund?
     A summary of the general investment risks applicable to
     this Fund appears on page 24. Please read this section first.
     In addition, this Fund has the following specific risks:
     Concentration risk
     As the Fund invests in a narrow range of stocks and in specialised
     sectors, it may therefore be more volatile than more broadly
     diversified equity funds.
     Exchange rates
     Currency fluctuations may adversely affect the value of a Fund’s
     investments and income thereon.
     How has the Fund performed historically?
     Please note that on the 1 February 2008 the investment
     objective of this Fund was changed and consequently no
     performance information is currently available in relation to the
     Fund’s revised investment objective.




11   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Global Energy Fund                                                     Global Equity Fund
an equity sub-fund of Investec Funds Series ii                         an equity sub-fund of Investec Funds Series iii



What is the Fund’s investment objective                                What is the Fund’s investment objective
and policy?                                                            and policy?
The Fund aims to achieve long-term capital growth primarily            The Fund aims to achieve long-term capital growth primarily
through investment in equities issued by companies around the          through investment in a focused portfolio of equities issued by
globe involved in the exploration, production or distribution of       companies established in the larger, more liquid equity markets
oil, gas and other energy sources or companies which service           of the USA, Continental Europe, UK and Japan.The Fund will
the energy industry.                                                   not be dominated by a specific investment style.
Furthermore up to 5% in value of the property of this Fund             Furthermore up to 5% in value of the property of this Fund
may be invested in units or shares in other collective                 may be invested in units or shares in other collective
investment schemes.                                                    investment schemes.
Please refer to page 23 for additional policy description.             Please refer to page 23 for additional policy description.
What risk factors affect the Fund?                                     What risk factors affect the Fund?
A summary of the general investment risks applicable to this           A summary of the general investment risks applicable to this
Fund appears on page 24. Please read this section first. In            Fund appears on page 24. Please read this section first.
addition, this Fund has the following specific risks:
                                                                       Exchange rates
Concentration risk                                                     Currency fluctuations may adversely affect the value of a Fund’s
As the Fund invests in a narrow range of stocks and in                 investments and income thereon.
specialised sectors, it may therefore be more volatile than
more broadly diversified equity funds.                                 How has the Fund performed historically?
                                                                       Please refer to the accompanying performance sheet.
Sector risk
As the Fund restricts investment to a small number of related          When are distributions of income made?
sectors, it may decline even while broader based equity market         The Fund only has accumulation shares and so this Fund
indices are rising.                                                    does not pay any income.
                                                                       Interim / annual            Ex-dividend          Income accumulation
How has the Fund performed historically?
                                                                       accounting end dates        (xd) date            date
Please refer to the accompanying performance sheet.
                                                                       31 Aug / 28 Feb             28 Feb               30 Apr
When are distributions of income made?
The Fund only has accumulation shares and so this Fund                 What fees and expenses apply to the Fund’s
does not pay any income.                                               ‘A’ shares?
                                                                       Fees paid directly by you
Interim / annual            Ex-dividend          Income accumulation
accounting end dates        (xd) date            date
                                                                       Initial/Switch charge:                    4.5%
                                                                       Redemption charge:                        Nil
30 Jun / 31 Dec             31 Dec               28 Feb
                                                                       Fees paid out of the Fund’s assets
What fees and expenses apply to the Fund’s                             Annual management fee:                    1.5%
‘A’ shares?                                                            General Administration Charge:            0.11%
Fees paid directly by you                                              For further details of other charges and expenses payable
Initial/Switch charge:                    4.5%                         by the Fund, please see pages 28-33.
Redemption charge:                        Nil
                                                                       Summary total expense ratio and portfolio turnover rate
Fees paid out of the Fund’s assets                                     Estimated total expense ratio from 1 October 2007: 1.61%
Annual management fee:                    1.5%
                                                                       The TER for the period prior to 1 October 2007 is: 1.67%
General Administration Charge:            0.11%                        Portfolio turnover rate:              210%
For further details of other charges and expenses payable
by the Fund, please see pages 28-33.
Summary total expense ratio and portfolio turnover rate
Estimated total expense ratio from 1 October 2007: 1.61%
The TER for the period prior to 1 October 2007 is: 1.58%
Portfolio turnover rate:              17%




                                                                          Simplified Prospectus and Key Features of the Investec OEIC and ISA   12
     Global Extension Fund
     an equity sub-fund of Investec Funds Series iv



     What is the Fund’s investment objective                                 Short exposure
     and policy?                                                             If a Fund uses derivatives to create short exposure, while there
     The investment objective of the Fund is to achieve long-term            is the potential for a gain to be made when the underlying
     capital growth primarily through investment in equities issued          securities are falling in value there is also the risk of loss when
     by companies around the world.The Fund will have a blend of             the underlying is rising in value.The implication of such
     investments and will be unrestricted in its choice of companies         exposure is that the Fund’s performance will be less closely
     either by size or industry.The Fund will also use financial             related to the performance of the type of assets in which it
     derivative instruments to create either a long or a short               will ordinarily invest.
     exposure to such companies.The Fund will typically hold 100%
                                                                             How has the Fund performed historically?
     of its net assets in directly held investments and will extend its
                                                                             In the absence of a full calendar year’s performance, we are
     exposure through derivative positions from a minimum of no
                                                                             not illustrating the Fund’s performance since launch on
     exposure to a maximum of 50% additional long exposure and
                                                                             2 July 2007.
     50% short exposure.
     The Fund’s long positions will be sufficiently liquid to cover          When are distributions of income made?
     at all times the Fund’s obligations arising from its short positions.   The Fund’s A shares are accumulation shares.
     The Fund may also invest in other transferable securities, units        Interim / annual            Ex-dividend          Income payment
     in collective investment schemes, money market instruments,             accounting end dates        (xd) date            date
     derivative and forward transactions, cash and deposits.                 30 Nov / 31 May             31 May               31 July
     Please refer to page 23 for additional policy description.
                                                                             What fees and expenses apply to the Fund’s
     What risk factors affect the Fund?                                      ‘A’ shares?
     A summary of the general investment risks applicable to this            Fees paid directly by you
     Fund appears on page 24. Please read this section first.                Initial/Switch charge:                    4.5%
     In addition, this Fund has the following specific risks:                Redemption charge:                        Nil
     Counterparty risk                                                       Fees paid out of the Fund’s assets
     The risk of loss if a counterparty in a specialised derivative          Annual management fee:                    1.75%
     transaction fails to performs its financial obligations.                General Administration Charge:            0.11%
     Derivatives                                                             For further details of other charges and expenses payable
     Derivatives may be used for the purposes of Efficient Portfolio         by the Fund, please see pages 28-33.
     Management and meeting the investment objectives of the Fund            Summary total expense ratio and portfolio turnover rate
     and the maximum exposure permitted by COLL is 200%. It is               Estimated total expense ratio from 1 October 2007: 1.86%
     not intended that the use of derivatives in this way will cause the
                                                                             The TER for the period prior to 1 October 2007 is: 1.66%
     NAV of the Fund to have high volatility or otherwise cause its
                                                                             Portfolio turnover rate:              128%
     risk profile to rise.
     Investment Gearing
     Where a Fund uses derivatives for investment purposes it is
     possible for the aggregate exposure to market movements to
     increase or decrease.To the extent that the net exposure
     (long exposure less short exposure) is materially greater than
     the Fund’s NAV the Fund will, in effect, be geared to the market
     and, to the extent that the net exposure is materially less than
     the Fund’s NAV the Fund will, in effect, be de-geared.
     New fund
     If the Fund does not reach its assumed size, the effect of charges
     and expenses may be higher and the value of the investment
     consequently reduced.




13   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Global ex UK Equity Fund                                             Global Free Enterprise Fund
an equity sub-fund of Investec Funds Series ii                       an equity sub-fund of Investec Funds Series ii



What is the Fund’s investment objective                              What is the Fund’s investment objective
and policy?                                                          and policy?
The Fund aims to achieve long term capital growth primarily          The Fund aims to achieve long-term capital growth primarily
through investment in a focused portfolio of equities issued by      through investment in equities issued by companies around
companies in any part of the world except the United Kingdom.        the globe that are expected to benefit from the process of
The Fund will be managed actively with a long-term investment        privatisation, deregulation or demutualisation or otherwise
horizon.The Fund will not be dominated by a specific investment      believed to offer above average opportunities for capital gains.
style, and a completely international policy will be followed with
                                                                     Furthermore up to 5% in value of the property of this Fund
no fixed bias to any particular market or currency.
                                                                     may be invested in units or shares in other collective
Furthermore up to 5% in value of the property of this                investment schemes.
Fund may be invested in units or shares in other collective
                                                                     Please refer to page 23 for additional policy description.
investment schemes.
Please refer to page 23 for additional policy description.           What risk factors affect the Fund?
                                                                     A summary of the general investment risks applicable to this
What risk factors affect the Fund?                                   Fund appears on page 24. Please read this section first.
A summary of the general investment risks applicable to this
Fund appears on page 24. Please read this section first.             How has the Fund performed historically?
                                                                     Please refer to the accompanying performance sheet.
How has the Fund performed historically?
In the absence of a full calendar year’s performance of the Fund’s   When are distributions of income made?
A shares, we are not illustrating the Fund’s performance since       The Fund only has accumulation shares and so this Fund
launch of the A shares on 2 January 2007.                            does not pay any income.

When are distributions of income made?                               Interim / annual            Ex-dividend          Income accumulation
                                                                     accounting end dates        (xd) date            date
The Fund’s A shares are accumulation shares and so this Fund
does not pay any income.                                             30 Jun / 31 Dec             31 Dec               28 Feb
Interim / annual         Ex-dividend           Income accumulation   What fees and expenses apply to the Fund’s
accounting end dates     (xd) date             date                  ‘A’ shares?
30 Jun / 31 Dec          31 Dec                28 Feb                Fees paid directly by you
                                                                     Initial/Switch charge:                    4.5%
What fees and expenses apply to the Fund’s                           Redemption charge:                        Nil
‘I’ shares?
Fees paid directly by you                                            Fees paid out of the Fund’s assets
                                                                     Annual management fee:                    1.5%
Initial/Switch charge:                  4.5%
Redemption charge:                      Nil                          General Administration Charge:            0.11%
Fees paid out of the Fund’s assets                                   For further details of other charges and expenses payable
                                                                     by the Fund, please see pages 28-33.
Annual management charge:               1.5%
General Administration Charge:          0.11%                        Summary total expense ratio and portfolio turnover rate
                                                                     Estimated total expense ratio from 1 October 2007: 1.61%
For further details of other charges and expenses payable
by the Fund, please see pages 28-33.                                 The TER for the period prior to 1 October 2007 is: 1.60%
                                                                     Portfolio turnover rate:              260%
Summary total expense ratio and portfolio turnover rate
Estimated total expense ratio from 1 October 2007: 1.60%
The TER for the period prior to 1 October 2007 is: 1.74%
Portfolio turnover rate:              228%




                                                                        Simplified Prospectus and Key Features of the Investec OEIC and ISA   14
     Global Gold Fund                                                       Global Special Situations Fund
     an equity sub-fund of Investec Funds Series iii                        an equity sub-fund of Investec Funds Series iv



     What is the Fund’s investment objective                                What is the Fund's investment objective
     and policy?                                                            and policy?
     The Fund aims to achieve long term capital growth primarily            The Fund aims to provide long term total returns primarily
     through investment in equities issued by companies around the          through investment in the shares of companies around the world.
     globe involved in gold mining.The Fund may also invest, up to          Investments will largely be determined by the application of a
     one third, in companies around the globe that are involved in          contrarian investment process and will be in a selection of
     mining for other precious metals and other minerals and metals.        companies which will not be restricted either by size, industry,
                                                                            or geographical location.
     Furthermore up to 5% in value of the property of this
     Fund may be invested in units or shares in other collective            The Fund may also invest in other transferable securities, money
     investment schemes.                                                    market instruments, cash and near cash, derivatives and forward
                                                                            transactions, deposits and units in collective investment schemes.
     Please refer to page 23 for additional policy description.
                                                                            Please refer to page 23 for additional policy description.
     What risk factors affect the Fund?
     A summary of the general investment risks applicable to this           What risk factors affect the Fund?
     Fund appears on page 24. Please read this section first.               A summary of the general investment risks applicable to this Fund
     In addition, this Fund has the following specific risks:               appears on page 24. Please read this section first.
     Concentration risk                                                     Concentration risk
     As the Fund invests in a narrow range of stocks and in specialised     As the Fund invests in a narrow range of stocks and in specialised
     sectors, it may therefore be more volatile than more broadly           sectors, it may therefore be more volatile than more broadly
     diversified equity funds.                                              diversified equity funds.
     Sector risk                                                            How has the Fund performed historically?
     As the Fund restricts investment to a small number of related          In the absence of a full calendar year’s performance, we are
     sectors, it may decline even while broader based equity market         not illustrating the Fund’s performance since launch on
     indices are rising.                                                    17 December 2007
     How has the Fund performed historically?                               When are distributions of income made?
     Please refer to the accompanying performance sheet                     The Fund only has accumulation shares and so this Fund does not
                                                                            pay any income.
     When are distributions of income made?
     The Fund only has accumulation shares and so this Fund does            Interim / annual            Ex-dividend          Income accumulation
     not pay any income.                                                    accounting end dates        (xd) date            date

     Interim / annual            Ex-dividend          Income accumulation   30 Nov / 31 May             31 May               31 July
     accounting end dates        (xd) date            date
                                                                            What fees and expenses apply to the Fund’s
     31 Aug / 28 Feb             28 Feb               30 Apr                ‘A’ shares?
     What fees and expenses apply to the Fund’s                             Fees paid directly by you
     ‘A’ shares?                                                            Initial/Switch charge:                    4.5%
                                                                            Redemption charge:                        Nil
     Fees paid directly by you
     Initial/Switch charge:                    4.5%                         Fees paid out of the Fund’s assets
     Redemption charge:                        Nil                          Annual management fee:                    1.5%
     Fees paid out of the Fund’s assets                                     General Administration Charge:            0.11%
     Annual management fee:                    1.5%                         For further details of other charges and expenses payable
     General Administration Charge:            0.11%                        by the Fund, please see pages 28-33.
     For further details of other charges and expenses payable              Summary total expense ratio and portfolio turnover rate
     by the Fund, please see pages 28-33.                                   Total expense ratio – this information is unavailable as the
                                                                            Fund has only recently launched.
     Summary total expense ratio and portfolio turnover rate
     Estimated total expense ratio from 1 October 2007:1.61%                Portfolio turnover rate: this information is unavailable as the
                                                                            Fund has only recently launched.
     The TER for the period prior to 1 October 2007 is: 1.77%
     Portfolio turnover rate:              362%




15   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Japan Fund                                                             Managed Distribution Fund
an equity sub-fund of Investec Funds Series iii                        a mixed bond & equity sub-fund of Investec Funds Series i



What is the Fund’s investment objective                                What is the Fund’s investment objective
and policy?                                                            and policy?
The Fund aims to achieve long term capital growth primarily            The Fund aims to provide income with the opportunity for
through investments in a portfolio of equities issued by               long-term capital growth.The Fund will invest in both bonds
Japanese companies.                                                    and equities in order to benefit from risk reduction through
                                                                       diversification. Investment will be oriented towards bonds and
Furthermore up to 5% in value of the property of this
                                                                       may include international as well as UK equities.
Fund may be invested in units or shares in other collective
investment schemes.                                                    Bonds held may be corporate or Government and of any
                                                                       duration and may be investment grade or sub investment grade.
Please refer to page 23 for additional policy description.
                                                                       Furthermore up to 5% in value of the property of this
What risk factors affect the Fund?                                     Fund may be invested in units or shares in other collective
A summary of the general investment risks applicable to this           investment schemes.
Fund appears on page 24. Please read this section first.
                                                                       Please refer to page 23 for additional policy description.
How has the Fund performed historically?
The Fund has both income and accumulation shares.                      What risk factors affect the Fund?
                                                                       A summary of the general investment risks applicable to
When are distributions of income made?                                 this Fund appears on page 24. Please read this section first.
The Fund only has accumulation shares and so this Fund                 In addition, this Fund has the following specific risk:
does not pay any income.
                                                                       Income priority
Interim / annual            Ex-dividend          Income accumulation
                                                                       Where the investment objective of a Fund is to treat the
accounting end dates        (xd) date            date
                                                                       generation of income as a higher priority than capital growth, or
31 Aug / 28 Feb             28 Feb               30 Apr                the generation of income and capital growth have equal priority,
                                                                       all or part of the ACD’s fee may be charged against capital in
What fees and expenses apply to the Fund’s
                                                                       the first instance.This may increase the amount of income
‘A’ shares?                                                            (which may be taxable) available for distribution to Shareholders
Fees paid directly by you                                              in the Fund concerned but may constrain capital growth.
Initial/Switch charge:                    4.5%
Redemption charge:                        Nil                          How has the Fund performed historically?
Fees paid out of the Fund’s assets                                     Please refer to the accompanying performance sheet.
Annual management fee:                    1.5%                         When are distributions of income made?
General Administration Charge:            0.11%                        The Fund has both income and accumulation shares.
For further details of other charges and expenses payable              Interim / annual        Ex-dividend             Income accumulation
by the Fund, please see pages 28-33.                                   accounting end dates    (xd) dates              and payment dates
Summary total expense ratio and portfolio turnover rate                31 Mar / 30 Sep         31 Mar / 30 Jun,        31 May / 31 Aug,
Estimated total expense ratio from 1 October 2007: 1.61%                                       30 Sep / 31 Dec         30 Nov / 28 Feb
The TER for the period prior to 1 October 2007 is: 1.81%
Portfolio turnover rate:              185%
                                                                       What fees and expenses apply to the Fund’s
                                                                       ‘A’ shares?
                                                                       Fees paid directly by you
                                                                       Initial/Switch charge:                   4.5%
                                                                       Redemption charge:                       Nil
                                                                       Fees paid out of the Fund’s assets
                                                                       Annual management fee:                   1.25%
                                                                       General Administration Charge:           0.11%
                                                                       For further details of other charges and expenses payable
                                                                       by the Fund, please see pages 28-33.
                                                                       Summary total expense ratio and portfolio turnover rate
                                                                       Estimated total expense ratio from 1 October 2007: 1.36%
                                                                       The TER for the period prior to 1 October 2007 is: 1.44%
                                                                       Portfolio turnover rate:              167%




                                                                          Simplified Prospectus and Key Features of the Investec OEIC and ISA   16
     Managed Growth Fund                                                    Monthly High Income Fund
     an equity sub-fund of Investec Funds Series i                          a bond sub-fund of Investec Funds Series ii



     What is the Fund’s investment objective                                What is the Fund’s investment objective
     and policy?                                                            and policy?
     The Fund aims to achieve a combination of income and capital           The Fund aims to provide investors with a high income, paid
     growth primarily through investment in the shares of investment        monthly, primarily through investment in highly rated and/or
     companies and other collective investment schemes.                     high yield bonds from around the world.The portfolio will be
                                                                            managed to minimise any currency risk in Sterling.
     Up to 100% in value of the property of the Fund may be
     invested in units in other collective investment schemes.              Where reference is made to investment in ‘highly rated bonds’
                                                                            this shall be defined as investment grade bonds. References to
     Please refer to page 23 for additional policy description.             ‘high yield bonds’ shall be defined as sub-investment grade bonds.
     What risk factors affect the Fund?                                     Bonds held may be Corporate or Government and of any
     A summary of the general investment risks applicable to                duration and may be investment grade or sub investment grade.
     this Fund appears on page 24. Please read this section first.          Furthermore up to 5% in value of the property of this Fund
     In addition, this Fund has the following specific risk:                may be invested in units or shares in other collective
     Discount risk                                                          investment schemes.
     From time to time the prices of investment trust shares can            Please refer to page 23 for additional policy description.
     trade at either a premium or discount to their underlying
                                                                            What risk factors affect the Fund?
     value.This can create volatility in the price of a fund that invests
                                                                            A summary of the general investment risks applicable to
     in investment trust shares in excess of the volatility of the
                                                                            this Fund appears on page 24. Please read this section first.
     underlying markets in which the investment trust invests in
                                                                            In addition, this Fund has the following specific risk:
     and consequently a greater risk to capital.
                                                                            Income priority
     How has the Fund performed historically?                               Where the investment objective of a Fund is to treat the
     Please refer to the accompanying performance sheet.                    generation of income as a higher priority than capital growth, or
                                                                            the generation of income and capital growth have equal priority,
     When are distributions of income made?
                                                                            all or part of the ACD’s fee may be charged against capital in
     The Fund only has accumulation shares and so this Fund does
                                                                            the first instance.This may increase the amount of income
     not pay any income.
                                                                            (which may be taxable) available for distribution to Shareholders
     Interim / annual            Ex-dividend          Income accumulation   in the Fund concerned but may constrain capital growth.
     accounting end dates        (xd) date            date                  Investment in high yield bonds
     31 Mar / 30 Sep             30 Sep               30 Nov                High yield bonds pose a greater risk of capital loss through
                                                                            default.
     What fees and expenses apply to the Fund’s
     ‘A’ shares?                                                            How has the Fund performed historically?
                                                                            Please refer to the accompanying performance sheet.
     Fees paid directly by you
     Initial/Switch charge:                    4.5%                         When are distributions of income made?
     Redemption charge:                        Nil                          The Fund has both income and accumulation shares.
                                                                            Interim / annual            Ex-dividend          Income accumulation
     Fees paid out of the Fund’s assets
     Annual management fee:                    1.5%                         accounting end dates        (xd) dates           and payment dates

     General Administration Charge:            0.11%                        30 Jun / 31 Dec             Last day of          2 months after
                                                                                                        each month           each xd date
     For further details of other charges and expenses payable
     by the Fund, please see pages 28-33.                                   In order to receive an income distribution, it is necessary to have
                                                                            invested prior to the underlying Fund’s ex-dividend date. It may
     Summary total expense ratio and portfolio turnover rate                therefore take up to three months to receive your first distribution.
     Estimated total expense ratio from 1 October 2007: 1.61%
                                                                            What fees and expenses apply to the Fund’s
     The estimated TER for the period prior to this date, based on          ‘A’ shares?
     the latest Reports and Accounts was: 1.60%                             Fees paid directly by you
     Portfolio turnover rate:                  -16%                         Initial/Switch charge:                    4.5%
                                                                            Redemption charge:                        Nil
                                                                            Fees paid out of the Fund’s assets
                                                                            Annual management fee:                    0.95%
                                                                            General Administration Charge:            0.11%
                                                                            For further details of other charges and expenses payable
                                                                            by the Fund, please see pages 28-33.
                                                                            Summary total expense ratio and portfolio turnover rate
                                                                            Estimated total expense ratio from 1 October 2007: 1.06%
                                                                            The TER for the period prior to 1 October 2007 is: 1.08%
                                                                            Portfolio turnover rate:              48%



17   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Pan European Equity Fund
an equity sub-fund of Investec Funds Series iii



What is the Fund’s investment objective
and policy?
The Fund aims to achieve long-term capital growth primarily
through investments in a portfolio of equities issued by
European companies.
Furthermore up to 5% in value of the property of this
Fund may be invested in units or shares in other collective
investment schemes.
Please refer to page 23 for additional policy description.
What risk factors affect the Fund?
A summary of the general investment risks applicable to this
Fund appears on page 24. Please read this section first.
How has the Fund performed historically?
Please refer to the accompanying performance sheet.
When are distributions of income made?
The Fund only has accumulation shares and so this Fund
does not pay any income.
Interim / annual            Ex-dividend          Income accumulation
accounting end dates        (xd) date            date
31 Aug / 28 Feb             28 Feb               30 Apr
What fees and expenses apply to the Fund’s
‘A’ shares?
Fees paid directly by you
Initial/Switch charge:                    4.5%
Redemption charge:                        Nil
Fees paid out of the Fund’s assets
Annual management fee:                    1.5%
General Administration Charge:            0.11%
For further details of other charges and expenses payable
by the Fund, please see pages 28-33.
Summary total expense ratio and portfolio turnover rate
Estimated total expense ratio from 1 October 2007: 1.61%
The TER for the period prior to 1 October 2007 is: 1.94%
Portfolio turnover rate:              50%




                                                                       Simplified Prospectus and Key Features of the Investec OEIC and ISA   18
     Sterling Bond Fund
     a bond sub-fund of Investec Funds Series i



     What is the Fund’s investment objective                                   When are distributions of income made?
     and policy?                                                               The Fund has both income and accumulation shares.
     The Fund aims to provide an income primarily through
                                                                               Interim / annual       Ex-dividend           Income accumulation
     investment in high quality bonds.The portfolio will be managed
                                                                               accounting end dates   (xd) dates            and payment dates
     to minimise any currency risk in Sterling and derivatives may be
     used for investment purposes.                                             31 Mar / 30 Sep        31 Mar / 30 Jun,      31 May / 31 Aug,
                                                                                                      30 Sep / 31 Dec       30 Nov / 28 Feb
     Where reference is made to investment in ‘high quality bonds’
     this shall be defined as investment grade bonds.                          What fees and expenses apply to the Fund’s
                                                                               ‘A’ shares?
     Bonds held may be corporate or Government and of any
     duration and may be investment grade or sub investment grade.             Fees paid directly by you
                                                                               Initial/Switch charge:                3.5%
     The Fund may, in addition to its other investment powers, use             Redemption charge:                    Nil
     cash and near cash (which includes money market instruments
     and deposits) and exchange traded and over the counter                    Fees paid out of the Fund’s assets
     derivatives and forward currency contracts for hedging and                Annual management fee:                0.75%
     investment purposes. Using these investment powers for                    General Administration Charge:        0.11%
     investment purposes means, in particular, maintaining positions
                                                                               For further details of other charges and expenses payable
     in these investments for the long term rather than just for tactical
     short-term purposes.                                                      by the Fund, please see pages 28-33.
                                                                               Summary total expense ratio and portfolio turnover rate
     The Fund may also invest, at the ACD’s discretion, in other
                                                                               Estimated total expense ratio from 1 October 2007: 0.86%
     transferable securities. Furthermore use may be made of stock
     lending and borrowing and other investment techniques                     The TER for the period prior to 1 October 2007 is: 0.92%
     permitted in the COLL Sourcebook.                                         Portfolio turnover rate:              351%

     Furthermore up to 5% in value of the property of this Fund
     may be invested in units or shares in other collective
     investment schemes.
     Please refer to page 23 for additional policy description.
     What risk factors affect the Fund?
     A summary of the general investment risks applicable to
     this Fund appears on page 24. Please read this section first.
     Counterparty risk
     The risk of loss if a counterparty in a specialised derivative
     transaction fails to perform its financial obligations.
     Short exposure
     If a Fund uses derivatives to create short exposure, while there
     is the potential for a gain to be made when the underlying
     securities are falling in value there is also the risk of loss when the
     underlying is rising in value.The implication of such exposure is
     that the Fund’s performance will be less closely related to the
     performance of the type of assets in which it will ordinarily invest.
     Exchange rates
     Currency fluctuations may adversely affect the value of a Fund’s
     investments and income thereon.
     How has the Fund performed historically?
     Please refer to the accompanying performance sheet.




19   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Target Return Fund
a bond sub-fund of Investec Funds Series iv



What is the Fund’s investment objective                               Hedged Share classes
and policy?                                                           Hedging transactions may be entered into whether the Euro
The Fund aims to produce a positive return over the long term         or US dollar (as appropriate) is declining or increasing in value
regardless of market conditions by investing primarily in interest    relative to the Base Currency.Where such hedging is undertaken
bearing assets and related derivatives.                               it may substantially protect investors in the relevant class against
                                                                      a decrease in the value of the Base Currency relative to the
The Fund will seek to achieve its objectives by holding a
                                                                      US dollar or Euro but it may also preclude investors from
diversified portfolio of interest bearing securities and/or related
                                                                      benefiting from an increase in the value of the Base Currency.
assets.The securities may be denominated in any currency and
could include bills, notes and bonds issued by governments,           While the ACD may attempt to hedge currency risks, there is
government agencies, supranational institutions and                   no guarantee that it will be successful in doing so and it may
corporations.The related assets could be deposits or forward          result in mismatches between the currency position of the Fund
currency contracts, or alternatively, interest rate, currency or      and the relevant hedged Share class. As there is no segregation
credit derivatives. Forward currency contracts and derivatives        of liabilities between Share classes, there is a small risk that under
may be held either with the purpose of reducing risk or of            certain circumstances, currency hedging transactions in relation
seeking to enhance prospective returns.The Fund will not invest       to a Share class could result in liabilities which might affect the
in equities or equity-related derivatives.                            Net Asset Value of other Share classes in the same Fund.
The returns, if any, which the Fund aims to produce could be in       How has the Fund performed historically?
the form of capital or income or a mixture of the two and are         Please refer to the accompanying performance sheet.
targeted to exceed the rate of interest as represented by the
                                                                      When are distributions of income made?
current benchmark for each share class.
                                                                      The Fund only has accumulation shares (net) and so this
The Fund may also invest, at the ACD’s discretion, in other           Fund does not pay any income.
transferable securities, money market instruments, cash and near
                                                                      Interim / annual            Ex-dividend          Income accumulation
cash, other derivatives and forward transactions, deposits and
                                                                      accounting end dates        (xd) date            date
units in collective investment schemes (use may also be made
of stock lending, borrowing, cash holdings, hedging and other         30 Nov / 31 May             31 May               31 July
investment techniques permitted in the COLL Sourcebook).              What fees and expenses apply to the Fund’s
Furthermore, up to 10% in value of the property of this Fund          ‘A’ shares?
may be invested in units or shares in other collective investment     Fees paid directly by you
schemes.The ACD may decrease this limit upon giving 60 days’          Initial/Switch charge:                    4.5%
notice to Shareholders.                                               Redemption charge:                        Nil
For Class A shares the current representative target benchmark        Fees paid out of the Fund’s assets
is overnight Sterling Libor.                                          Annual management fee:                    1.5%
Please refer to page 23 for additional policy description.            General Administration Charge:            0.11%
                                                                      For further details of other charges and expenses payable
What risk factors affect the Fund?                                    by the Fund, please see pages 28-33.
A summary of the general investment risks applicable to this
Fund appears on page 24. Please read this section first.              Summary total expense ratio and portfolio turnover rate
In addition, this Fund has the following specific risks:              Estimated total expense ratio from 1 October 2007: 1.61%
                                                                      The TER for the period prior to 1 October 2007 is: 1.67%
Exchange rates                                                        Portfolio turnover rate:              267%
Currency fluctuations may adversely affect the value of a Fund’s
investments and income thereon.
Counterparty risk
The risk of loss if a counterparty in a specialised derivative
transaction fails to performs its financial obligations.
Short exposure
If a Fund uses derivatives to create short exposure, while there
is the potential for a gain to be made when the underlying
securities are falling in value there is also the risk of loss when
the underlying is rising in value.The implication of such
exposure is that the Fund’s performance will be less closely
related to the performance of the type of assets in which it will
ordinarily invest.




                                                                         Simplified Prospectus and Key Features of the Investec OEIC and ISA   20
     UK Alpha Fund                                                          UK Blue Chip Fund
     an equity sub-fund of Investec Funds Series i                          an equity sub-fund of Investec Funds Series i



     What is the Fund’s investment objective                                What is the Fund’s investment objective
     and policy?                                                            and policy?
     The Fund aims to achieve long-term capital growth primarily            The Fund aims to achieve long-term capital growth primarily
     through investment in a concentrated portfolio of equities issued      through investment in the equities issued by the constituents
     by UK companies.The Fund will be managed actively with a               of the FTSE 350 Index.
     long-term investment horizon.The Fund will not be dominated
                                                                            ‘Blue chip’ companies are highly capitalised, well established
     by a specific investment style and will focus on stocks believed
                                                                            companies with substantial market positions in the sector of
     to offer above average opportunities for total returns.
                                                                            the economy in which they operate.
     Furthermore up to 5% in value of the property of this
                                                                            Furthermore up to 5% in value of the property of this Fund
     Fund may be invested in units or shares in other collective
                                                                            may be invested in units or shares in other collective
     investment schemes.
                                                                            investment schemes.
     Please refer to page 23 for additional policy description.
                                                                            Please refer to page 23 for additional policy description.
     What risk factors affect the Fund?
                                                                            What risk factors affect the Fund?
     A summary of the general investment risks applicable to
                                                                            A summary of the general investment risks applicable to this
     this Fund appears on page 24. Please read this section first.
                                                                            Fund appears on page 24. Please read this section first.
     In addition, this Fund has the following specific risk:
     Concentration risk                                                     How has the Fund performed historically?
     As the Fund invests in a narrow range of stocks and in specialised     Please refer to the accompanying performance sheet.
     sectors, it may therefore be more volatile than more broadly           When are distributions of income made?
     diversified equity funds.                                              The Fund only has accumulation shares and so this Fund
     Smaller companies                                                      does not pay any income.
     The Fund invests in smaller company shares which may be less           Interim / annual            Ex-dividend          Income accumulation
     liquid and more volatile than the shares of larger companies, due      accounting end dates        (xd) date            date
     to the smaller number of shares in issue and the less diversified
                                                                            31 Mar / 30 Sep             30 Sep               30 Nov
     and less established nature of the business.These factors can
     create a greater potential for significant capital losses.             What fees and expenses apply to the Fund’s
     How has the Fund performed historically?                               ‘A’ shares?
     Please refer to the accompanying performance sheet.                    Fees paid directly by you
                                                                            Initial/Switch charge:                    4.5%
     When are distributions of income made?                                 Redemption charge:                        Nil
     The Fund only has accumulation shares and so this Fund                 Fees paid out of the Fund’s assets
     does not pay any income.                                               Annual management fee:                    1.5%
     Interim / annual            Ex-dividend          Income accumulation   General Administration Charge:            0.11%
     accounting end dates        (xd) date            date
                                                                            For further details of other charges and expenses payable
     31 Mar / 30 Sep             30 Sep               30 Nov                by the Fund, please see pages 28-33.
     What fees and expenses apply to the Fund’s                             Summary total expense ratio and portfolio turnover rate
     ‘A’ shares?                                                            Estimated total expense ratio from 1 October 2007: 1.61%
     Fees paid directly by you                                              The TER for the period prior to 1 October 2007 is: 1.60%
     Initial/Switch charge:                    4.5%                         Portfolio turnover rate:              169%
     Redemption charge:                        Nil
     Fees paid out of the Fund’s assets
     Annual management fee:                    1.5%
     General Administration Charge:            0.11%
     For further details of other charges and expenses payable
     by the Fund, please see pages 28-33.
     Summary total expense ratio and portfolio turnover rate
     Estimated total expense ratio from 1 October 2007: 1.61%
     The TER for the period prior to 1 October 2007 is: 1.69%
     Portfolio turnover rate:              261%




21   Simplified Prospectus and Key Features of the Investec OEIC and ISA
UK Smaller Companies Fund                                                UK Special Situations Fund
an equity sub-fund of Investec Funds Series i                            an equity sub-fund of Investec Funds Series i



What is the Fund’s investment objective                                  What is the Fund’s investment objective
and policy?                                                              and policy?
The Fund aims to achieve long-term capital growth primarily              The Fund aims to provide a combination of income and
through investment in equities issued by UK smaller companies.           long-term capital growth, primarily through the application
                                                                         of a contrarian approach to investment in UK equities.
UK smaller companies are those companies that are constituents
of the Hoare Govett Small Cap plus AIM (excluding Investment             Furthermore up to 5% in value of the property of this Fund
Trusts) Index.                                                           may be invested in units or shares in other collective
                                                                         investment schemes.
Furthermore up to 5% in value of the property of this
Fund may be invested in units or shares in other collective              Please refer to page 23 for additional policy description.
investment schemes.
                                                                         What risk factors affect the Fund?
Please refer to page 23 for additional policy description.               A summary of the general investment risks applicable to
                                                                         this Fund appears on page 24. Please read this section first.
What risk factors affect the Fund?
                                                                         In addition, this Fund has the following specific risk:
A summary of the general investment risks applicable to
this Fund appears on page 24. Please read this section first.            Income priority
In addition, this Fund has the following specific risk:                  Where the investment objective of a Fund is to treat the
                                                                         generation of income as a higher priority than capital growth, or
Smaller companies
                                                                         the generation of income and capital growth have equal priority,
The Fund invests in smaller company shares which may be less
                                                                         all or part of the ACD’s fee may be charged against capital in
liquid and more volatile than the shares of larger companies, due
                                                                         the first instance.This may increase the amount of income
to the smaller number of shares in issue and the less diversified
                                                                         (which may be taxable) available for distribution to Shareholders
and less established nature of the business.These factors can
                                                                         in the Fund concerned but may constrain capital growth.
create a greater potential for significant capital losses.
How has the Fund performed historically?                                 How has the Fund performed historically?
                                                                         Please refer to the accompanying performance sheet.
Please refer to the accompanying performance sheet.
When are distributions of income made?                                   When are distributions of income made?
                                                                         The Fund has both income and accumulation shares.
The Fund has both income and accumulation shares.
                                                                         Interim / annual            Ex-dividend          Income accumulation
Interim / annual              Ex-dividend          Income accumulation
                                                                         accounting end dates        (xd) date            and payment date
accounting end dates          (xd) date            and payment date
                                                                         31 Mar / 30 Sep             30 Sep               30 Nov
31 Mar / 30 Sep               30 Sep               30 Nov
What fees and expenses apply to the Fund’s                               What fees and expenses apply to the Fund’s
‘A’ shares?                                                              ‘A’ shares?
                                                                         Fees paid directly by you
Fees paid directly by you
                                                                         Initial/Switch charge:                    4.5%
Initial/Switch charge: 4.5%
                                                                         Redemption charge:                        Nil
Redemption charge: Nil
                                                                         Fees paid out of the Fund’s assets
Fees paid out of the Fund’s assets
                                                                         Annual management fee:                    1.5%
Annual management fee:                      1.5%
                                                                         General Administration Charge:            0.11%
General Administration Charge:              0.11%
                                                                         For further details of other charges and expenses payable
For further details of other charges and expenses payable
                                                                         by the Fund, please see pages 28-33.
by the Fund, please see pages 28-33.
                                                                         Summary total expense ratio and portfolio turnover rate:
Summary total expense ratio and portfolio turnover rate
                                                                         The estimated total expense ratio from 1 October 2007 is: 1.61%
Estimated total expense ratio from 1 October 2007: 1.61%
                                                                         The TER for the period prior to 1 October 2007 is: 1.60%
The TER for the period prior to 1 October 2007 is: 1.59%
                                                                         Portfolio turnover rate:              23%
Portfolio turnover rate:              120%




                                                                            Simplified Prospectus and Key Features of the Investec OEIC and ISA   22
     Additional investment policies
     Investec Funds Series i, Investec Funds Series ii, Investec Funds          The Balanced Managed Fund, Capital Accumulator Fund, Emerging
     Series iii and Investec Funds Series iv invest each Fund’s assets in       Markets Debt Fund, Enhanced Natural Resources Fund, Global
     accordance with the investment objectives and policies described           Bond Fund, Global Extension Fund, Global Special Situations Fund,
     above. Funds which have in their name a reference to an                    Sterling Bond Fund andTarget Return Fund already have the power
     investment category (bonds or equity instruments) a country,               to use cash and near cash and over the counter derivatives and
     continent or region, a currency or a particular market or market           forward currency contracts for investment purposes.
     sector will invest ‘primarily’ (which means at least two thirds of their
                                                                                Where derivatives are used for the purposes of meeting the
     assets) in corresponding investments.
                                                                                investment objective of a Fund the maximum exposure permitted
     An investment in a company shall be corresponding to a                     under the COLL Sourcebook is 200%. It is not intended that the
     country, continent or region if such company is domiciled or               use of derivatives in this way will cause the net asset value of any of
     exercising the predominant part of its economic activity in                the Funds to have high volatility or otherwise cause their existing
     such country continent or region. An investment shall be                   risk profile to rise.
     corresponding to a currency if the investment is originally
                                                                                In addition, the Funds will continue to have the power, as currently,
     denominated in such currency.
                                                                                to borrow up to 10% of the Fund, provided such borrowing is
     Funds which carry the words ‘Bond’ or ‘Income’ in their names will         temporary and is not persistent.
     respect all the following limitations for investments in the financial
                                                                                Most of the Funds can invest up to 5% of their assets in units or
     assets set out below which may in aggregate not exceed one third
                                                                                shares of other collective investment schemes, however, the Global
     of the assets of the respective Fund.These restrictions will only
                                                                                Special Situations Fund, Enhanced Natural Resources Fund and
     apply to the extent that the relevant Fund is permitted by its
                                                                                Target Return Fund can invest up to 10% of their assets in other
     investment objective and policy to invest in the relevant asset class:
                                                                                collective investment schemes and the Balanced Managed Fund
     (i) a maximum of 25 percent of the assets of a Fund may be                 can invest up to 100% in such investments.
     invested in convertible bonds or bonds with warrants attached;
     (ii) a maximum of one third of the assets of a Fund may be
     invested in money market instruments; and
     (iii) a maximum of 10 percent of the assets of a Fund may be
     invested in equities.
     The Funds may also invest, at the ACD’s discretion, in other
     transferable securities. Furthermore, use may be made of stock
     lending and borrowing and other investment techniques permitted
     in the COLL Sourcebook.
     All of the Funds (with the exception of Balanced Managed Fund,
     Capital Accumulator Fund, Emerging Markets Debt Fund, Enhanced
     Natural Resources Fund, Global Bond Fund, Global Extension
     Fund, Global Special Situations Fund, Sterling Bond Fund andTarget
     Return Fund.) may only use cash for the redemption of shares, the
     efficient management of the Fund in accordance with its objectives
     and other purposes which are ancillary to the investment
     objectives of those Funds. Exchange traded and over the counter
     derivatives and forward currency contracts may be used for the
     Efficient Portfolio Management of the Funds. However, on giving
     60 days’ notice to Shareholders the Funds may, in addition to their
     other investment powers, use cash and near cash (which includes
     money market instruments and deposits) and exchange traded
     and over the counter derivatives and forward currency contracts
     for investment purposes. Using these investment powers for
     investment purposes means, in particular, maintaining positions in
     these investments for the long-term rather than just for tactical
     short-term purposes.




23   Simplified Prospectus and Key Features of the Investec OEIC and ISA
ISA investors and those investors who invested in a former PEP should read these Q&As in conjunction
with the ISA Agreement

Q & As on the Funds and ISAs – including risk factors
Please note that from 6 April 2008 the regulations relating to            What is the profile of the typical investor the
tax exempt saving schemes changed. From that date (as well as             Funds are designed for?
other changes) all PEPs became ISAs and are subject to the                Each Fund is suitable for an investor who wishes to have the
regulations that are applicable to ISAs.Therefore all references          investment exposure as set out in the Fund’s objective and policy
in this document to ISAs include those ISAs that were PEPs prior          and is comfortable taking on the general and specific risks as set
to 6 April 2008. If you are unsure about the recent regulatory            out in the risk section opposite and on the Fund by Fund key
changes and how they might impact you, we recommend that                  information pages. Although an investor can sell at any time,
you seek advice from your financial advisor.                              a Fund is only suitable where the intended investment horizon
                                                                          is long-term. Investing in any Fund involves a risk to capital that
What are the Funds’ general risk factors?
                                                                          could be large or small depending on various market conditions
We recommend that you contact a financial adviser if you are in
                                                                          and investors must understand this uncertainty.
any doubt about the suitability of an investment in any of our
Funds, or if you are not confident that you fully understand the          What are the various investment characteristics?
risks involved.                                                           The Funds are sub-funds of one of four UK authorised Open
Market and inflation risk – Losses may be made due to adverse             Ended Investment Companies (‘OEICs’) managed by Investec and
movements in equity, bond, commodity, currency and other market           authorised and regulated by the Financial Services Authority:
prices, and to changes in the volatility of any of these.The key          Investec Funds Series i, created on 7 September 2001 in the UK
factors driving changes in these market prices are economic               Investec Funds Series ii, created on 7 September 2001 in the UK
growth and inflation, both of which themselves depend to a greater        Investec Funds Series iii, created on 6 August 1998 in the UK
or lesser extent on official economic and interest rate policy.           Investec Funds Series iv, created on 10 June 2005 in the UK.
Performance and income risk – The past performance of a                   The OEICs are structured as umbrella companies in that different
Fund should not be taken as a guide to its future performance.            sub-funds, each with a specific aim, may be established from time
A Fund that has performed well in the past may perform poorly             to time.The OEICs are controlled by an Authorised Corporate
in the future and vice versa.The yield on and the value of an             Director (‘ACD’), Investec Fund Managers Limited, while a
investment may fall as well as rise and investors may not recoup          Depositary, State Street Trustees Limited, is responsible for the
the original amount they invest in the shares of a Fund; there are        safekeeping of the OEICs’ assets.The ISA is a tax-free wrapper
no performance or income guarantees attached to the Funds.                that holds, on your behalf, an investment in a Fund(s).
There may also be variation in performance between Funds with
similar investment objectives.
                                                                          What types of ISAs are there?
                                                                          There are two different types of ISA, the Stocks and Shares ISA
Withdrawal risk – If you make regular withdrawals from your               and the Cash ISA. A Cash ISA allows for separate tax-free savings
investment, either by taking distributed income or by selling             of up to £3,600 in cash deposits. A Stocks and Shares ISA allows
shares, be aware that if the level of withdrawals exceeds the rate        up to £7,200 to be invested in investment funds or directly in
of investment growth of the Fund, your capital will be eroded.            shares, however no more than £7,200 in total can be invested
Tax – The favourable tax treatment of ISAs may not be                     in a Cash ISA and a Stocks and Shares ISA in the same tax year.
maintained and any impact that tax may have on an investment              In any one tax year you can invest in both a Cash and a Stocks
may vary between investors and may change in the future.                  and Shares ISA but you cannot have two of the same type of ISA.
Cancellation – If you exercise any cancellation rights you may            Investec Fund Managers only offers Stocks and Shares ISAs
have, you may not get back the full amount of your investment.            invested in investment funds. It is possible to have a Stocks and
                                                                          Shares ISA and a Cash ISA with two different providers.
Objectives – There is no certainty that the investment objective
of any Fund will actually be achieved and no warranty or
representation is given to this effect.


What are the different types of investment that can be made into an Investec Fund?
This document relates to the Funds’ class ‘A’ shares where the base currency is sterling. Different share classes are available in some Funds
for investments over £10,000,000 and certain Funds in Investec Funds Series ii and Investec Funds Series iii and Investec Funds Series iv
may also accept subscriptions in US dollars or Euros; please contact us for details.You may invest in the Funds’‘A’ shares in one or more of
the following ways:
                                                                   Minimum          Maximum                 Minimum
                        Minimum            Maximum                 Regular          Regular                 further              Minimum
Product                 Lump Sum           Lump Sum                Savings          Savings                 investment*          sell amount

Direct into Fund        £1,000             Unlimited               £100             Unlimited               £500                 £500
ISA                     £1,000             £7,200                  £100             £600                    £500                 £500
ISA Transfer            £1,000             Unlimited               N/A              N/A                     £500                 £500

You may cease your regular savings at any time or sell all or a part of your investment at any time subject to the minimum sell amount.
However, should this take your investment below £1,000, it may result in the return of your whole investment.
*Minimum further investment limit applies to any amounts received from a transferring ISA or PEP plan manager.



                                                                             Simplified Prospectus and Key Features of the Investec OEIC and ISA   24
     Q & As on the Funds and ISAs
     How do I invest in the Fund and/or the ISA?                            How can I receive the income from my
     Lump Sum                                                               investment?
     By post: You should complete the Fund or ISA application form          All: Please refer to the ‘Fund by Fund key information’ section
     as applicable. Payment should be made by enclosing a personal          on pages 4 -22 to establish whether a particular Fund pays out
     cheque made payable to ‘Investec Fund Managers Limited’.               income. If yes, you may choose to have it automatically reinvested
     By telephone: This is for direct investments into a Fund (not ISAs)    or distributed by ticking the appropriate box on the application
     by existing investors only, simply call us and tell us what you want   form. Any income distribution will be sent by cheque to your
     to buy. Payment must be made following receipt of                      registered address or, at our discretion, by direct transfer to
     your contract note.                                                    your nominated bank account. In order to receive an income
                                                                            distribution, it is necessary to have invested prior to the
     Regular Savings                                                        underlying Fund’s ex-dividend date.
     You should complete, as applicable, the Fund or ISA application
     form which contains the mandatory direct debit details.The first       Fund: If you wish to receive income, income shares will be
     monthly subscription must be made by enclosing a personal              purchased. Alternatively, if you wish to re-invest the income,
     cheque made payable to Investec Fund Managers Limited.                 accumulation shares will be purchased for you. Please refer to the
     Subsequent monthly subscriptions will be by means of direct            various Fund by Fund key information pages for the accounting
     debit. Direct debits and any cheques must be drawn from the            year end dates and income payment dates.
     same account from a bank based in the UK, Channel Islands or           ISA: Income shares will be purchased where available whether
     Isle of Man (UK only for ISA investors). If you wish to make a         you wish to receive or reinvest income. If income shares are not
     separate payment to initiate your investment, please also              available then accumulation shares will be bought. If you choose to
     complete the lump sum section of the application form.                 receive income, it will be sent by cheque to your registered
                                                                            address or, at our discretion, by direct transfer to your nominated
     How do I transfer in an existing ISA?
                                                                            bank account on the Fund distribution date as set out on the
     Simply fill out and return an ISA transfer form and we will contact
                                                                            various Fund by Fund key information pages.
     your current plan manager to arrange the transfer.
                                                                            All: If you choose to reinvest income, this will take place on the
     During the tax year in which an ISA Investment is made, it is
                                                                            date of distribution and no initial charge is made. If accumulation
     only possible to transfer your whole ISA between managers.
                                                                            shares are purchased, any income they accumulate will
     After the end of the tax year to which an ISA subscription
                                                                            automatically be reflected in the Fund’s dealing price. It will not
     applies, it is possible to transfer a part of that ISA between
                                                                            be possible for us to reclaim tax in respect of any equalisation
     managers, subject to our minimum investment requirements.
                                                                            distributed as income.
     It is possible to transfer a Cash ISA (for the current year only)
     with your current plan manager into a Stocks and Shares ISA            Can I make regular withdrawals?
     managed by us. Money transferred from a Cash ISA into a                All: Yes, it is possible to make monthly, quarterly or annual
     Stocks and Shares ISA is treated as if it had been invested            withdrawals from your investment in the Capital Accumulator,
     directly into a Stocks and Shares ISA initially and therefore          Cautious Managed, Global Free Enterprise, Managed Distribution,
     investors are still able to use all of their £3,600 allowance for a    Managed Growth and UK Blue Chip Funds, subject to
     Cash ISA subject always to their total ISA investment allowance        certain restrictions.
     of £7,200.                                                             This is useful if you wish to receive regular payments from
     Please note that there are other costs, in addition to our charges,    investments in those Funds. Please contact us for details and a
     which you may incur when transferring, for example exit fees           Regular Withdrawal instruction form.
     from your existing manager and dealing expenses.We only accept         What will I receive to confirm I have invested?
     transfers in cash, which could take up to 30 days to process,          Lump Sum
     meaning that you will not be invested and will not participate         A contract note will be sent to you on the business day after
     in any market appreciation during this processing time.                your investment has been made detailing the shares bought
     When will my investment be made?                                       on your behalf.
     Where an application or telephone instruction is received              If, prior to investing you did not supply your full personal details,
     before 12 noon on any business day, the investment will be made        you should return the accompanying Registration Form.
     at the noon valuation point on that day, otherwise it is carried       Share certificates will not be issued.
     over to the next business day. For a transfer, the ‘relevant           Regular Savings Plan investors
     application date’ is the date when we receive the cash from            Regular savings applications for both the Funds and ISAs will be
     your current plan manager.                                             acknowledged but share certificates will not be issued.
     Regular Savings                                                        Cancellation notice
     Your initial cheque amount will be processed as above, then            If you have invested through a financial adviser and don’t have a
     your monthly direct debit subscriptions will normally be collected     client agreement, you should receive a cancellation notice from
     and invested on the first business day of each month, given ten        us within 10 days (see page 35,‘Cancellation’); please call us
     business days to set up the first direct debit.                        immediately if you don’t receive it.




25   Simplified Prospectus and Key Features of the Investec OEIC and ISA
How can I keep track of the price of the Funds?                       All: Although ordinarily proceeds are sent to you by cheque,
The previous day’s dealing prices and the estimated yields of         if you wish to have the sum paid direct to your bank account,
selected Funds are quoted daily in the Financial Times under          please contact us for details.We reserve the right to retain
‘Investec Fund Managers Limited’ within the ‘Authorised               redemption proceeds until all anti-money laundering
Investment Funds’ price listings. Most share classes covered by       documentation has been received. Such redemption proceeds
this document are referred to as ‘A’ class, but for some Funds this   will be held in a client money account: no interest will be
document provides details of ‘P’ class shares.To calculate an         payable. In certain circumstances the ACD has the power to
indicative value of your holding, simply multiply the dealing price   defer redemption requests at a particular valuation point to
by the number of shares you hold, but please remember that            the valuation point on the next dealing day. Please see the
this value is not necessarily the same amount which you would         Prospectus for further details.
receive if you chose to sell your investment on that day.             How do I transfer my ISA to another manager?
The dealing prices for all Funds are also available on our website    To transfer your ISA to another manager (subject to the first year
at: www.investecassetmanagement.com.                                  ISA restriction) you should contact your new ISA manager who
You may apply on the application forms or online for a                will have their own terms and conditions and will contact us
password to INDICATOR – our secure online Fund and ISA                directly with your written instruction to arrange the transfer in
valuation service which can be accessed at                            accordance with the ISA Agreement. Ordinarily, we will encash
www.investecassetmanagement.com.Valuations may also                   your investments in order to transfer your ISA. It is also possible
be obtained by telephoning our Investor Services line on              for you to request a transfer of your shareholding as it is, without
0800 389 2299.                                                        encashment. However we may make a £25 administration charge,
                                                                      per ISA held, for this service.
What other information will I receive?
All: You will receive annual and interim Manager’s reports two        Can I change the Funds I am invested in?
months after the interim/annual accounting end dates which            Yes. If you would like to change the Funds you are invested in,
are detailed on the various Fund key information pages.               please contact us for details. Subject to the restrictions of each
ISA, Regular Savings Plan, Regular Withdrawal Plan:                   share class you may switch your shares in a Fund for shares in
Valuation statements will be sent within 25 business days of          another Fund or Funds offered by the ACD in the same or
30 June and 31 December each year summarising all transactions        another company managed by the ACD.The ACD may charge
over the six months to each valuation point. An additional            a switching fee on the exchange of shares of one Fund for shares
statement will be sent as at 5 April each year to Regular             in another Fund.The switching fee, less any discounts, which is
Withdrawal Plan investors.                                            payable to the ACD, will not exceed an amount equal to the then
                                                                      prevailing initial charge for the class into which the shares are
Fund: Should the Fund declare a distribution, you will receive a
                                                                      being switched.There is no charge for switching shares in one
tax voucher on the dates set out on the various Fund by Fund
                                                                      class of a Fund for shares in another class of the same Fund.
key information pages.
                                                                      A switch of shares in one Fund for shares in any other Fund will
How do I sell my investment?                                          be treated as a redemption and repurchase and will, for persons
All: You can instruct us to sell all or part of your investment       subject to taxation be a realisation for the purposes of capital
in writing by post, or by fax, but please note that the only          gains taxation.
guaranteed method of communication is recorded delivery mail.
The sale will be carried out at the next noon valuation point
following receipt of your instruction except in the unusual event
that dealing in the Funds’ shares are suspended.
Fund: You may also instruct us to sell by telephone.You will
be sent a contract note and, if your instruction was by fax or
telephone, a Renunciation Form on the next business day.
Except in the case of a switch, the sale proceeds will be sent
to you four business days after the sale or, where applicable,
of our receipt of your completed Renunciation Form.
ISA: If you sell all of your ISA, your Plan will be terminated
although you may wish to make a partial withdrawal subject to
a minimum amount of £500. Unless you stipulate otherwise in
accordance with the ISA Agreement, you will be sent the sale
proceeds four business days after the sale date together with a
statement; however, in the case of faxed instructions, proceeds
will only be released four business days after receipt of written
confirmation. Alternatively, you may terminate your ISA but
continue to hold the underlying investment outside the ISA
wrapper.




                                                                         Simplified Prospectus and Key Features of the Investec OEIC and ISA   26
     Q & As on the Funds and ISAs
     Do you apply a Dilution adjustment?                                         What about tax?
     The need for a dilution adjustment arises from the fact that it is          Please note that this is only a summary of the tax position.
     possible to buy and sell these Funds at a single price that does            An investor’s tax treatment will depend upon each one’s
     not take account of the true cost of dealing in the underlying              individual circumstances and may be subject to change in
     securities. Specifically, the selling prices of the underlying securities   the future.
     will be below that represented by the Fund’s price while the
     buying prices will be above. Consequently, both buyers and sellers          How are the Funds themselves treated for tax purposes?
     of the Fund get prices that are better than if they were to buy or          The Funds are exempt from tax on their capital gains.
     sell the underlying securities directly.                                    Each Fund is taxable on its income (other than UK dividends),
     This arrangement leads to a small diluting effect on long term              after paying management expenses and, in the bond funds,
     performance.We reserve the right to make a dilution adjustment              interest distributions.The tax rate is 20% but in practice most of
     every day.The need to make a dilution adjustment will depend on             the Funds will pay no or little tax.The Fund’s distributions and
     the difference between the value of shares being acquired and               deemed distributions carry tax credits.
     the value of shares being redeemed as a proportion of the total
                                                                                 How does tax affect an investor?
     value of that Fund.The measurement period will typically be a
                                                                                 Fund: UK investors in the Funds will be liable to capital gains tax on
     single day but, where a trend develops so that for a number of
                                                                                 realised gains, reduced by any available tapering relief, once their
     days in a row there is a surplus of acquisitions or redemptions on
                                                                                 annual allowance has been utilised.The level of tapering relief will
     each and every day, the aggregate effect of such acquisitions or
                                                                                 depend on the number of complete years an asset is held.
     redemptions as a proportion of the total Fund value will be
     considered.Where a Fund is experiencing net acquisitions of its             For those Funds that generate income, you will receive a tax
     shares the dilution adjustment would increase the price of shares           voucher detailing the amount. Although some of the Funds will
     above their mid-market value.Where a Fund is experiencing net               never pay out any income, they may still earn some income
     redemptions the dilution adjustment would decrease the price of             which, although automatically reinvested in the Fund, will still be
     shares to below their mid-market value. Generally, we reserve               deemed to have been ‘received’ by you. Basic and lower rate
     the right to impose a dilution adjustment on purchases sales and            taxpayers should have no further tax liability but higher rate
     switches of shares of whatever size and whenever made.                      taxpayers will have to pay additional tax on this income.
     However, our policy is that we will normally make a dilution
                                                                                 ISA: You will have no tax liability for any income received in your
     adjustment if we consider that the impact of dilution in monetary
                                                                                 ISA for any capital gains made. Any tax reclaim (currently 20% for
     terms on a Fund in one measurement period is equal to or
                                                                                 interest from Bond Funds only) received on any distribution
     exceeds 0.05% of the value of that Fund. In the event that a
                                                                                 made by a Fund will be reclaimed on your behalf.You do not
     dilution adjustment is made it will be applied to all transactions in
                                                                                 need to include details of your ISA on your tax return.
     a Fund during the relevant measurement period and all
     transactions during the relevant measurement period will be                 All: Switching between different share classes in the same Fund
     dealt on the same price inclusive of the dilution adjustment.               is not a taxable event.This taxation information is based on
     On the occasions when a dilution adjustment is not applied if               legislation current at the time this document was issued and may
     a Fund is experiencing net acquisitions of shares or net                    be subject to change.
     redemptions there may be an adverse impact on the assets of                 The taxation regime in respect of the income or capital gains
     that Fund attributable to each underlying share, although we do             received by individual investors depends on the tax law
     not consider this to be likely to be material in relation to the            applicable to the personal situation of each individual investor
     potential future growth in value of a share.                                and/or to the place where capital is invested and may be subject
     For further information on our dilution adjustment policy please            to change in the future. If you are in any doubt as to your tax
     see the Prospectus.                                                         position you should contact a professional adviser or seek advice
                                                                                 from local organisations, where available.
                                                                                 What is your policy on Stamp Duty (SDRT)?
                                                                                 A Fund, which invests wholly or partially in UK equities, also pays
                                                                                 a form of stamp duty when shares in it are redeemed. It is not
                                                                                 generally our policy to make any additional charges relating to
                                                                                 this tax since, in our opinion, all investors benefit equally and
                                                                                 the charge is immaterial. However, should particular or new
                                                                                 circumstances arise, we reserve the right to make such a charge.
                                                                                 Value AddedTax
                                                                                 Some charges may be subject to VAT or other tax. The current
                                                                                 rate of VAT as at the date of this Simplified Prospectus is 17.5%
                                                                                 but this may change from time to time.




27   Simplified Prospectus and Key Features of the Investec OEIC and ISA
How will charges and expenses affect my investment?
     Initial/Switch Charge            Annual Management Charge                  ISA Withdrawal Charges
     4.5% except Sterling             0.75% -1.75% according to each            None
     Bond Fund which is 3.5%,         Fund, ISA (please see page 30)
     (less any discounts)

Income or accumulation shares for the Fund(s) are purchased             part of the ACD’s fee may be applied to capital in the first
and sold at the Funds’ share prices based on the net asset value        instance.The rate of the expenses is reduced by any tax relief
per share. Any initial charge, less any discount, is automatically      available.The effect of these charges on an investment of £7,000,
deducted from your investment before the shares are purchased.          assuming growth of 6% p.a. for direct investments into Funds and
There is no double charging within the ISA.                             7% p.a. for ISA investments, in a representative Fund from each of
                                                                        our three investment objectives is set out below and opposite.
Over each month 1/12th of the annual management charge and
                                                                        The growth rates are not guaranteed and serve only to
other expenses are deducted from each Fund.These charges
                                                                        demonstrate the effect of charges and expenses on your
are accrued daily and are reflected in the price of the shares.
                                                                        investment. If the Fund in which you invest operates a
The General Administration Charge incorporates many of the
                                                                        performance fee then where this is applied it will be deducted
expenses related to running the Funds, such as depositary’s fees
                                                                        from that Fund and will be reflected in the price of shares.
and expenses, registrar, auditor’s and regulators’ fees,and these are
                                                                        Further information on how the performance fee works is
therefore included in the calculations below. However, the costs
                                                                        detailed below in the section headed “How does the
of dealing in the underlying securities are not included in the
                                                                        performance fee work?” You should be aware that costs and
calculation below. All fees and expenses are initially charged to
                                                                        taxes other than those imposed by us and/or paid by us may
the income of a Fund, with the exception of the Managed
                                                                        arise in connection with your investment.
Distribution Fund, and UK Special Situations Fund, Emerging
Markets Debt Fund and Monthly High Income Fund, where all or


Example 1
Investing for Income: Monthly High Income Fund
Lump sum investment: £7,000; withdrawing income. general administration charge: 0.11%; annual management charge: 0.95%;
effective yield: 7.17%
Fund                                                                    ISA

                                     Effect of      What you might                                              Effect of      What you might
At end    Investment               deductions           get back at     At end     Investment                 deductions           get back at
of year       to date   Income        to date         6.0% growth       of year        to date    Income         to date         7.0% growth
1             7,000        366            406                 6,630     1               7,000        457             410                 6,600
3                        1,090            605                 6,540     3                          1,350             618                 6,450
5                        1,800            826                 6,440     5                          2,230             853                 6,300
10                       3,540          1,490                 6,210     10                         4,340           1,580                 5,950

The last line in the table shows that over 10 years the effect of total charges and expenses could amount to £3,540 within the Fund or
£4,340 within the ISA. Putting it another way, this would have the same effect as bringing the illustrated investment growth from 6.0% a
year down to 4.26% a year within the Fund and from 7% a year down to 5.20% within the ISA. For the purposes of understanding the
table above, the column headed ‘What you might get back’ shows the capital value only and does not take into account the ‘Income’ that
you will have already received which could amount to over £6,210 within the Fund and over £5,950 within the ISA.




                                                                             Simplified Prospectus and Key Features of the Investec OEIC and ISA   28
     How will charges and expenses affect my investment?
     Example 2
     Investing for Income and Growth: Cautious Managed Fund
     Lump sum investment: £7,000; reinvesting income; general administration charge 0.11%; annual management charge: 1.25%
     Fund                                                                     ISA

                                                          What you might                                                        What you might
     At end    Investment        Effect of deductions         get back at    At end     Investment      Effect of deductions        get back at
     of year       to date                    to date       6.0% growth      of year        to date                  to date      7.0% growth
     1              7,000                       425                 6,990    1              7,000                      429               7,060
     3                                          679                 7,650    3                                         699               7,870
     5                                          984                 8,380    5                                       1,030               8,780
     10                                       2,020                10,500    10                                      2,220              11,500

     The last line in the table shows that over 10 years the effect of total charges and expenses could amount to £2,020 within the Fund or
     £2,220 within the ISA. Putting it another way, this would have the same effect as bringing the illustrated investment growth from 6.0% a
     year down to 4.15% a year within the Fund and from 7% a year down to 5.13% within the ISA.
     Example 3
     Investing for Growth: Global Free Enterprise Fund
     Lump sum investment: £7,000; reinvesting income; general administration charge 0.11%; annual management charge: 1.5%
     Fund                                                                    ISA
                                                          What you might                                                        What you might
     At end    Investment        Effect of deductions         get back at    At end     Investment      Effect of deductions        get back at
     of year       to date                    to date       6.0% growth      of year        to date                  to date      7.0% growth
     1              7,000                       446                 6,970    1              7,000                      450               7,030
     3                                          748                 7,580    3                                         769               7,800
     5                                        1,100                 8,250    5                                       1,160               8,650
     10                                       2,330                10,200    10                                      2,560              11,200

     The last line in the table shows that over 10 years the effect of total charges and expenses could amount to £2,330 within the Fund or
     £2,560 within the ISA. Putting it another way, this would have the same effect as bringing the illustrated investment growth from 6.0% a
     year down to 3.84% a year within the Fund and from 7% a year down to 4.82% within the ISA.
     Please note
     The figures in the tables above and right are only examples and are not guaranteed – they are not minimum or maximum amounts.
     What you will get back depends on how your investment grows and on the tax treatment of the Fund or ISA and your own tax position.
     The 6% and 7% projected rates of growth are set by our regulators.The actual growth achieved by these investments could be more or
     less than these given rates.



     How much will any advice cost?
     Should you decide to take advice about the Fund and/or ISA
     investment, your adviser will give you details about the cost.
     The amount will depend on the size of your investment and, in the
     case of regular savings, the period for which you make them.
     It will be paid for out of the charges. Investec Fund Managers
     cannot advise you on the suitability of an investment; this must
     be done by a qualified financial adviser.




29   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Analysis of charges and expenses
                                                                                                                          Effective reduction in
                                                                                                                          assumed growth rate
                                                                                                                          over 10 years
                                                        Annual            General        Total          Portfolio        Fund             ISA
                                            Initial     management        Administration expense        turnover         from             from
Fund name and share class                   charge      charge            Charge         ratio*         rate             6% to            7% to

American (‘A’ shares)                       4.5%        1.5%              0.11%          1.61%          216%             3.83%            4.81%
Asia ex Japan (‘A’ shares)                  4.5%        1.5%              0.11%          1.61%          234%             3.83%            4.81%
Balanced Managed (‘A’ shares)               4.5%        1.5%              0.11%          1.61%           95%             3.42%            4.40%
Capital Accumulator (‘A’ shares)            4.5%        1.25%             0.11%          1.36%          13%              4.06%            5.04%
Cautious Managed (‘A’ shares)               4.5%        1.25%             0.11%          1.36%          112%             4.15%            5.07%
Emerging Markets Debt (‘A’ shares)          4.5%        1.5%              0.11%          1.61%          -7%              3.83%            4.81%
Enhanced Natural Resources (‘P’ shares)     4.5%        1.5%              0.11%          N/A****        N/A****          N/A****        N/A****
European (‘A’ shares)                       4.5%        1.5%              0.11%          1.61%          241%             3.83%            4.81%
Global Bond (‘A’ shares)                    4.5%        0.75%             0.11%          0.86%          485%             4.61%            5.60%
Global Dynamic (‘A’ shares)                 4.5%        1.5%              0.11%          N/A***         N/A***           N/A***          N/A***
Global Energy (‘A’ shares)                  4.5%        1.5%              0.11%          1.61%          17%              3.83%            4.81%
Global Equity (‘A’ shares)                  4.5%        1.5%              0.11%          1.61%          210%             3.83%            4.81%
Global Extension (‘A’ shares)               4.5%        1.75%             0.11%          1.86%          128%             3.57%            4.54%
Global ex UK Equity (‘A’ shares)            4.5%        1.5%              0.11%          1.61%          228%             3.83%            4.81%
Global Free Enterprise (‘A’ shares)         4.5%        1.5%              0.11%          1.61%          260%             3.83%            4.81%
Global Gold (‘A’ shares)                    4.5%        1.5%              0.11%          1.61%          362%             3.83%            4.81%
Global Special Situations (‘A’ shares)      4.5%        1.5%              0.11%          N/A**          N/A**            3.83%            4.81%
Japan (‘A’ shares)                          4.5%        1.5%              0.11%          1.61%          185%             3.83%            4.81%
Managed Distribution (‘A’ shares)           4.5%        1.25%             0.11%          1.36%          167%             4.09%            5.07%
Managed Growth (‘A’ shares)                 4.5%        1.5%              0.11%          1.61%          -16%             3.84%            4.82%
Monthly High Income (‘A’ shares)            4.5%        0.95%             0.11%          1.06%          48%              4.29%            5.24%
Pan European Equity (‘A’ shares)            4.5%        1.5%              0.11%          1.61%          50%              3.83%            4.81%
Sterling Bond (‘A’ shares)                  3.5%        0.75%             0.11%          0.86%          351%             4.65%            5.49%
Target Return (‘A’ shares)                  4.5%        1.5%              0.11%          1.61%          267%             3.83%            4.81%
UK Alpha (‘A’ shares)                       4.5%        1.5%              0.11%          1.61%          261%             3.83%            4.81%
UK Blue Chip (‘A’ shares)                   4.5%        1.5%              0.11%          1.61%          169%             3.83%            4.81%
UK Smaller Companies (‘A’ shares)           4.5%        1.5%              0.11%          1.61%          120%             3.83%            4.81%
UK Special Situations (‘A’ shares)          4.5%        1.5%              0.11%          1.61%          23%              3.83%            4.81%
*This is the estimated TER from 1October 2007.We do not expect this figure to change except in the circumstances where a Fund’s
scheme property includes units or shares of other collective investment schemes where its TER will be affected by the total expense
ratio of those collective investment schemes in which it is invested.This may affect all of the Fund’s TERs but is particularly likely to affect
Balanced Managed Fund and Managed Growth Fund. **Global Special Situations Fund was launched 17/12/07 and therefore this
information is not yet available. ***Global Dynamic Fund changed its investment objective on 1 February 2008 and therefore this
information in relation to the Fund’s revised investment objective is not yet available. ****Enhanced Natural Resources Fund was launched
on 01/05/08 and therefore this information is not yet available. Please note this Fund has a performance fee in addition to the Annual
Management Charge and General Administration Charge please see “How does the performance fee work?” (below) for further information.


What is the total expense ratio (‘TER’)?                                    same basis as the annual management charge. It is calculated as a
The TER shows the annual operating expenses of each Fund                    percentage of each Fund’s property and the amount each share
based on the last published annual report and accounts.                     class in each Fund will pay will depend on that share class’
It is the sum of the ‘annual management fee’ and General                    proportionate interest in the Fund’s property.The operation and
Administration Charge and performance fee (where applicable)                amount of the GAC will be reviewed at least annually.The TER is
(but see note above in relation to investment in other collective           the internationally accepted standard for the comparison of these
investment schemes); it does not include the ‘initial charge’, or           costs.The TER included in subsequent Report and Accounts that
transaction expenses or taxation.The General Administration                 cover a period before the introduction of the GAC may differ
Charge (‘GAC’) is a charge that we take from the Funds’                     from the TER calculation implied above.
property to reimburse us for the costs, fees and expenses related
                                                                            The ACD is also entitled to be paid a number of other expenses
to the management and administration of the Funds which we
                                                                            out of the property of the Fund, the details of which are set out
pay in the first instance on behalf of the Funds.The GAC
                                                                            in the Prospectus. In certain circumstances a dilution adjustment
reimburses us for paying costs and expenses such as the
                                                                            or a payment in respect of stamp duty reserve tax may be
registrar’s fees, the Depositary’s remuneration, the custody fees
                                                                            payable by the investor. Further details about all of these
and administration fees as well as other costs associated with
                                                                            arrangements may be found in the Prospectus.
running the Funds.The GAC accrues and is calculated on the




                                                                               Simplified Prospectus and Key Features of the Investec OEIC and ISA   30
     Analysis of charges and expenses
     Certain costs are excluded from the calculation of the TER.           This proportion, known as the “Participation Rate” will be at a
     They include:                                                         fixed rate for each Fund (and relevant share class), as set out in
                                                                           the fund specific details for the Enhanced Natural Resources
        Transaction costs – costs which are incurred in connection
                                                                           Fund on page 8.
        with transactions in the Fund’s assets;
        Interest on any borrowings;                                        If the Fund or a relevant share class starts the relevant period
        Payments incurred because of financial derivative instruments;     having, in the immediately prior period, produced a negative
        Any initial charge and exit commissions paid by investors;         Excess Net Investment Gain, such Excess Net Investment Gain
                                                                           will be carried forward and a performance fee will only be
        Soft commissions.
                                                                           accrued once the Excess Net Investment Gain for the current
     TER information for previous periods is also published in the         period, taking account of the carried forward negative, has
     OEIC Short Reports, copies of which are posted on the Fund’s          become positive.This is known as the “High Watermark” test.
     financial accounts section on www.investecassetmanagement.com.
                                                                           The High Watermark test may involve carrying forward negative
     What is the portfolio turnover rate?                                  Excess Net Investment Gains attributable to one or more prior
     Over the twelve months to 31 July 2007, the portfolio turnover        years. Details of the lookback period are given in the fund specific
     rate of each Fund was as set out in the Fund by Fund key              details for the Enhanced Natural Resources Fund on page 8.
     information section on pages 4 -22.These figures have been            There is no High Watermark test in the first year, since there are
     calculated by the ACD to provide an indication of the portfolio       no Excess Net Investment Gains to be carried forward. If at any
     turnover rate and will vary.The formula used to calculate the         year end there are positive Excess Net Investment Gains, taking
     turnover is as follows:                                               account of any carry-forwards from prior periods, then the carry
     (purchases + sales)1 – (subscriptions + redemptions)2                 forward is zero.
                                                                  x 100
     (average Fund value over 12 months)                                   The amount payable to the ACD may be subject to a pre-defined
                                                                           maximum level (the “Cap”). If so, the Cap is calculated on the
     1
       trading in the Fund’s underlying investments
                                                                           same basis as the annual management fee (see paragraph 7.3.1).
     2
       investors buying and selling of shares
                                                                           The Cap for each applicable Fund is set out in the fund specific
     What fee and commission sharing                                       details for the Enhanced Natural Resources Fund on page 8.
     arrangements exist?
                                                                           The performance fee is calculated and accrued in the share price
     The Funds may enter into fee and commission sharing
                                                                           each day. It will be paid out periodically (at “Crystallisation”
     agreements. Details of all fee sharing arrangements are set out
                                                                           points) to the ACD as set out in the fund specific details for the
     under the headings ‘What fees and expenses apply to the Fund’s
                                                                           Enhanced Natural Resources Fund on page 8.The accrual can fall
     shares’ on pages 4-22 and ‘What is total expense ratio’ opposite
                                                                           as well as rise during the period between Crystallisation points,
     and also in the Prospectus.
                                                                           depending on the daily performance of the Fund or share class in
     Under dealing arrangements, affiliates of the ACD, which are          relation to its hurdle.The published price of the relevant share
     appointed as investment advisors, may from time to time, have         class of the Fund will reflect any performance fee so accrued.
     entered into arrangements with brokers, under which the
                                                                           The ACD is under no obligation to refund performance fees to
     brokers will provide or procure services or other benefits to the
                                                                           the Fund after they have been paid at any Crystallisation point.
     relevant investment advisor/s.They make no direct payment for
     these services. Any transactions conducted under these                The performance fee calculations are carried out by the
     arrangements are done so on a best execution basis as required        Administrator and are subject to the oversight of the Depositary.
     by our regulator, the FSA and in accordance with other applicable
     FSA Rules.The investment advisors will only accept such services      Further details of the method of calculation of the performance
     or benefits where these will reasonably assist the investment         fee are available upon request to the ACD.
     advisors in the provision of their services to the ACD and are        Examples
     not likely to impair compliance with the duty of the investment       Please note all examples assume no subscriptions or
     advisors to act in the best interests of their customers.             redemptions to simplify the examples.The effect of subscriptions
     More detailed information on fee and commissions sharing              and redemptions is to break a period down into many parts
     arrangements can be obtained on request from the ACD.                 which need to be considered separately and added up to see the
     How does the performance fee work?                                    effect for the whole period. However, that does not alter the
     Only the Enhanced Natural Resources Fund operates a                   principles of the method. For further simplification, in all cases, the
     performance fee on its “P” shares.                                    Crystallisation Period has been taken to be a year, though it
                                                                           could, in practice, be longer or shorter than this.
     Where a Fund attracts a performance fee, the amount of the
     performance fee due to be paid to the ACD is a proportion of
     the value of the net investment gain in excess of the notional gain
     that would have been made had the same amount of money
     being invested at a defined “hurdle” investment rate (“Excess Net
     Investment Gains”). The hurdle rate for a given share class of a
     Fund is set out in the fund specific details for the Enhanced
     Natural Resources Fund on page 8.




31   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Example 1                                                         Over the year £1,000 invested in the Fund has grown to £1,800
Fund Type: A Fund aiming to produce an absolute return in         whereas, had that same amount of money been invested in the
excess of cash deposits                                           FTSE All share it would have grown to £1,300.The excess is £500
                                                                  and the normal performance fee would be 20% of that or £100.
Hurdle Rate: Sterling overnight LIBOR, the standard measure of
                                                                  However, the Cap of 4% of the Fund’s daily value comes to just
the rate of interest paid on cash deposits.
                                                                  £60 (assuming an average Fund value of £1,500). Consequently,
Participation Rate: 20%                                           the actual performance fees paid are just £60.
Situation: Outperforming over 1 year                              Example 5
                                                                  Fund Type: A Fund aiming to produce an absolute return in
Result: A performance fee is paid
                                                                  excess of cash deposits
Over the year the £1.000 that had been invested in the Fund had
                                                                  Hurdle Rate: Sterling overnight LIBOR, the standard measure of
grown to £1,100. LIBOR was 5% for the year so, had that same
                                                                  the rate of interest paid on cash deposits
£1,000 been invested at LIBOR it would have grown to £1,050.
The excess value is the difference or £50 and the performance     Participation Rate: 20%
fee is 20% of that amount, i.e. £10.
                                                                  Cap: 2%
Example 2
                                                                  Situation: Outperforming by a large margin
Fund Type: An actively managed UK Equity Fund
                                                                  Result: A performance fee is paid up to the amount of the Cap
Hurdle Rate: FTSE100
                                                                  Over the year £1,000 invested in the Fund has grown to £1,200
Participation Rate: 20%
                                                                  whereas, had that same amount of money been invested at
Situation: The FTSE100 declines over the year, while the Fund     LIBOR it would have grown to £1,050.The excess is £150 and
falls in value but by less than the FTSE100                       the normal performance fee would be 20% of that or £30.
                                                                  However, the Cap of 2% of the Fund’s daily value comes to just
Result: A performance fee is paid
                                                                  £22 (assuming an average Fund size of £1,100). Consequently, the
Over the year the £1.000 that had been invested in the Fund had   actual performance fees paid are just £22.
fallen in value to £900. However, the broader market was very
                                                                  Example 6
weak and, had that same £1,000 been invested in the FTSE100,
                                                                  Fund Type: An actively managed American equity Fund
it would have shrunk to £800. Even though money has been lost,
there is an excess value of the difference of £100 and the        Hurdle Rate: S&P 500
performance fee is 20% of that amount, i.e. £20.
                                                                  Participation Rate: 20%
Example 3
                                                                  Situation: Underperforming over 1 year
Fund Type: A Fund aiming to produce an absolute return in
excess of cash deposits.                                          Result: No performance fee is paid
Hurdle Rate: Sterling overnight LIBOR, the standard measure of    Over the year £1,000 invested in the Fund has grown to £1,100
the rate of interest paid on cash deposits.                       whereas, had that same amount of money been invested in the
                                                                  S&P 500, it would have grown to £1,200. No excess value has
Participation Rate: 20%
                                                                  been produced so no performance fee is paid.
Situation: The Fund falls in value.
                                                                  Example 7
Result: No performance fee is paid                                Fund Type: Actively managed UK equity Fund
Over the year the £1,000 that had been invested in the Fund had   Hurdle Rate: FTSE100
fallen in value to £950. Had that £1,000 been invested at LIBOR
                                                                  Participation Rate: 20%
it would have grown to £1050. As no excess value has been
produced no performance fee is payable.                           High Watermark: Carried forward Excess Net Investment Gains
                                                                  from the last two accounting periods.
Example 4
Fund Type: An actively managed UK Equity Fund                     Situation: Substantial outperformance after three years of
                                                                  underperformance
Hurdle Rate: FTSE All share
                                                                  Result: A performance fee is paid on the cumulative Excess Net
Participation Rate: 20%
                                                                  Investment Gain over this year and the previous two years,
Cap: 4%                                                           despite the final share price being below it’s highest ever level.
Situation: Outperforming by a large margin
Result: A performance fee is paid up to the amount of the Cap.




                                                                     Simplified Prospectus and Key Features of the Investec OEIC and ISA   32
     Analysis of charges and expenses
     Three years ago the fund fell in value from £1.55 to £1.50.           Result: A performance fee is paid on the cumulative Excess Net
     Then, over the next two years the Fund underperformed the             Investment Gain in years 2 and 3.
     FTSE100 in each year while the year end share price fell from
                                                                           In the first year the share price fell from £1 to 90p. £1,000 invested
     £1.50 to £1.40 and then to £1.25. In neither year was a
                                                                           in the fund became worth £900, but had it been invested in the
     performance fee paid. £1200 was invested when the share price
                                                                           benchmark it would have been worth £1,050; the Excess Net
     was £1.50; had it been invested in the benchmark it would have
                                                                           Investment Gain was -£150. In the second year, the share price
     been worth £1,150 at the end of the period, against the fund
                                                                           rose to 97p, and the benchmark fell: £900 invested in the
     which was worth £1,120 to give an Excess Net Investment Gain
                                                                           benchmark over the period would have been worth just £800. In
     of -£30. Last year, £1,120 invested in the fund became worth
                                                                           this year the Excess Net Investment Gain was £170, so a
     £1,000, but if invested in the benchmark would have been worth
                                                                           performance fee of £4 was charged (20% of £170 - £150 carried
     £1,050 to give an Excess Net Investment Gain of -£50.
                                                                           forward). In the final year the fund price increases to 99p, while
     Finally, this year the £1,000 invested in the Fund grew in value      the benchmark remains unchanged.This gives an Excess Net
     to £1,200, giving a share price of £1.50, whereas £1,000, invested    Investment Gain for the year of £20, and a performance fee of £4
     in the FTSE 100, would have grown to just £1,100, giving a an         is charged. (The charging of a performance fee in year 2 means
     Excess Net Investment Gain of £100. A performance fee is              the first year’s loss is not carried forward into the final year.)
     payable but only on £20 (this year’s Excess Net Investment Gain
     less the -£50 and -£30 carried forward from the previous 2
     periods), to leave a performance fee of £4 rather than the £20
     that would have been charged without the High Water Mark.
     The fact that the share price is still below £1.55 is irrelevant,
     as that was more than two accounting periods ago.
     Example 8
     Fund Type: Actively managed UK equity Fund
     Hurdle Rate: FTSE100
     Participation Rate: 20%
     High Watermark: Carried forward Excess Net Investment Gains
     from the last two accounting periods.
     Situation: Two years of small outperformance after one year of
     significant underperformance in a bull market
     Result: A performance fee is paid on the cumulative Excess Net
     Investment Gain over the period.
     In the first year the share price rose from £1 to £1.05. £1,000
     invested in the fund became worth £1,050, but had it been
     invested in the benchmark it would have been worth £1,150;
     the Excess Net Investment Gain was -£100. In the second year,
     the share price rose to £1.10, and the benchmark rose slightly:
     £1,050 invested in the benchmark over the period would have
     been worth just £1,060. In this year the Excess Net Investment
     Gain was £40, so no performance fee was charged (£40 minus
     the £100 carried forward is still negative). In the final year the
     fund price increases to £1.18, while £1,100 invested in the
     benchmark would have been worth £1,105.This gives an Excess
     Net Investment Gain for the year of £75. A performance fee of
     £3 is charged: 20% of the cumulative Excess Net Investment Gain
     of £15 (£75+£40-£100).
     Example 9
     Fund Type: Actively managed UK equity Fund
     Hurdle Rate: FTSE100
     Participation Rate: 20%
     High Watermark: Carried forward Excess Net Investment Gains
     from the last two accounting periods.
     Situation: Two years of outperformance after an initial year’s
     underperformance in a falling market




33   Simplified Prospectus and Key Features of the Investec OEIC and ISA
Further information
Contacting us                                                          However for the Funds we will only have one execution venue
If you have any queries, please see the back cover for our various     for the execution of your orders and that will be Investec Fund
contact details. Our phone lines are open from 9am to 5.30pm.          Managers Limited in its capacity as authorised corporate director
                                                                       of the Funds.This is decided on the basis that Investec Fund
Authorised Corporate Director (ACD) of                                 Managers Limited will provide the most reliable price, the widest
the Funds & Compliance Officer Address                                 availability of shares in the Funds and more efficient source of
Investec Fund Managers Limited is the company with whom you            registration of shares compared to other possible venues.
will be contracting and is authorised and regulated by the Financial
Services Authority (FSA). Its FSA registered number is 145007.         By signing the application form, you consent to our best
Its main business is the management of investment funds and its        execution policy.We will monitor the effectiveness of our best
registered address is 2 Gresham Street, London, EC2V 7QP.              execution policy and will notify you of any material changes to
                                                                       this when they are relevant to you.
Registrar of the Funds
International Financial Data Services (UK) Limited.                    Please note that any specific instructions from customers as to
PO Box 9042, Chelmsford CM99 2XL.                                      how their orders are dealt with may prevent us from taking the
                                                                       steps that we have designed to obtain the best possible result in
Manager of the ISA                                                     relation to their orders.
Investec Fund Managers Limited. Address as for ACD above.
                                                                       Distance Marketing Directive
Depositary                                                             If you have not had a face to face discussion with a representative of
State Street Trustees Limited, 1 Canada Square, London E14 5AF.        the company through which you are making this investment, which
                                                                       could, for example, be Investec or a company providing financial
Auditors                                                               advice, you are entering into this transaction ‘at a distance’.
KPMG Audit Plc, One Canada Square, Canary Wharf,
London E14 5AG.                                                        This means, first and foremost, that you do not have a right to
                                                                       cancel this investment unless we decide, at our discretion, to
Manager’s reports and Funds’ Prospectus                                extend such a right to you. Not being able to cancel does not
Copies of the full Prospectus and the latest annual and half-yearly    mean you cannot sell, as you are free to do so at any time. It
reports may be obtained free of charge before or after you invest      simply means that, once we have acted on your instruction to
with the ACD.These may be obtained from the ACD or accessed            invest, you cannot recover any initial charges incurred.Whether
at www.investecassetmanagement.com.                                    you cancel or sell you are at risk of market action from the day
FSA                                                                    your investment is opened.
The Investec OEICs are authorised and regulated by the Financial       In addition, there are other items of information of which you
Services Authority of 25 The North Colonnade, Canary Wharf,            should be aware. If you have read this document, including this
London E14 5HS.Their website is www.fsa.gov.uk/consumer.               section, you have seen all the information applicable for an
Commissions                                                            investment direct with Investec. If you have used an agent, you
If you purchase shares through an independant financial adviser        should also ask them for details of their identity, geographical
we may pay initial and renewal commission to the adviser at our        address and the capacity in which they are acting.
discretion.These commissions are paid by us out of our charges         The main service we are providing to you is the management and
and do not constitute additional charges to you.                       administration of the investment funds in which you are
                                                                       proposing, on the application form, to invest. Part of our
Conflicts of interest
                                                                       administration service is to process your application. Details of all
We are a member of the Investec Asset Management group of
                                                                       fees and expenses associated with the provision of this service
companies and take our fiduciary responsibilities to our investors
                                                                       are provided in the ‘What fees and expenses apply to the Fund’s
very seriously.We operate under a Conflicts of Interest policy
                                                                       shares’ on pages 4 -22 and ‘Analysis of charges and expenses’ on
designed to identify, manage and control any possible conflicts
                                                                       page 30 of this document.These also cover the arrangements for
inherent in our business and our relationship with investors and
                                                                       payment which are independent of performance.There are no
do not consider that we have any conflicts of interest which
                                                                       additional costs levied by us for investing at a distance, but there
would have a material impact on you. A copy of our conflicts of
                                                                       may be other taxes or third party costs that may apply in your
interest disclosure statement explaining the situations where
                                                                       particular circumstances.
conflicts of interest may arise and how we will deal with these is
available on request.                                                  Your investment contract with us is governed by English Law and,
                                                                       by investing, you agree that the Courts of England have exclusive
Best execution
                                                                       jurisdiction to settle any disputes. All communications in
We are required to put arrangements in place to enable us to
                                                                       connection with this investment will be in the English language.
deliver the best possible results for clients when dealing with
orders for them under the terms of this agreement. For this            Any information in this document is valid only at the date of
purpose we have introduced a best execution policy.This policy         publication which is disclosed on the back cover. All such
requires us to consider various execution factors in deciding how      information can change at any time and it will not necessarily be
best to execute a client order.These include price, cost, speed,       possible for us to notify you of any such changes in advance.
likelihood of execution and settlement, size, nature and other         Please check our internet site or contact us for updates on any
relevant matters. Ordinarily, we will consider price to be the most    of the enclosed information.
important factor for you, as you are classified as a retail client.



                                                                          Simplified Prospectus and Key Features of the Investec OEIC and ISA   34
     Further information
     Cancellation                                                              market research and providing you with information via mail,
     You do not have the right to cancel or withdraw your Fund or              telephone or other means about any Investec Group of
     ISA application if the application has been made directly by you          companies’ products or services from time to time; and
     or if you did not meet your adviser or agent face to face though
                                                                               analysis in order to assess and improve our business or the
     we may, at our discretion, extend cancellation rights to you. If you
                                                                               business of the Investec Group of companies’ and the services
     have received face to face advice on the investment you will have
                                                                               we offer.
     a right to change your mind under rules made by the FSA under
     the Financial Services and Markets Act 2000. If applicable, we will    Your personal information may be passed to and used by
     send you a cancellation notice shortly after receiving your            companies within the Investec Group of companies and our
     application explaining your right in more detail (including when it    agents and sub-contractors who administer or process the
     begins and ends and how to exercise it). In summary you will be        information on our behalf. Please write to our Compliance Officer
     able to exercise the right to cancel within 14 days of receipt of      for an up to date list of the current members of the Group.
     the cancellation notice and you will receive a refund of the
                                                                            We will never sell, rent or trade your personal information to a
     amount you invested either in full or less a deduction to reflect
                                                                            company outside those described above without your permission.
     any fall in the markets in the interim. However, we reserve the
                                                                            However, Investec is an international business with processing
     right to retain redemption proceeds until all anti-money
                                                                            units based in many different geographical locations. As a result, we
     laundering documentation has been received. Such redemption
                                                                            may transfer or process your personal information outside the
     proceeds will be held in a client money account: no interest will
                                                                            European Economic Area (EEA) to such countries that may not
     be payable.
                                                                            offer the same level of data protection as the United Kingdom.
     UK Money Laundering Regulations                                        In particular, your information may be processed in the USA,
     In order to comply with the identification requirements of the         South Africa, Hong Kong,Taiwan, Australia or India.
     UK Money Laundering Regulations, we may need to ask you to             You have a right to access the personal data that is held about you.
     provide proof of your identity and address when buying or selling      To obtain a copy of the personal information Investec holds about
     shares or to perform independent electronic searches of third-         you, you should write to our Compliance Officer.We will respond
     party databases supplying such information. Until satisfactory         to you within 40 days of receipt of the request and we will charge
     evidence has been received we reserve the right to refuse to pay       the statutory rate for this service which at present is £10.
     the proceeds of a redemption of shares or to pay income on
     shares to you. Any such withheld proceeds or income will be held       If there are any inaccuracies in the information we hold about
     on a client money account: no interest will be payable. Full anti-     you, please notify us of this in order that we may correct the
     money laundering requirements are detailed throughout                  information that we hold about you.
     this document.
                                                                            If you don’t want to receive information about any Group
     Complaints                                                             company’s products or services please tick the box on the
     If you wish to complain about the operation of our Funds or            application form. Please note that if you don’t tick this box but
     ISAs or our conduct you should address your complaint to our           decide later that you don’t want to receive any such information
     Compliance Officer, who will investigate and take such action as       just let us know by telephoning us on 0800 389 2299 or by
     may be considered appropriate. A copy of our internal complaints       writing to us.
     handling procedures is available on request.You also have the right
                                                                            Disability Act
     to complain directly to the Financial Ombudsman Service.
                                                                            If you require any assistance with this investment, please contact
     Compensation                                                           the Fund Centre on 0800 389 2299.
     If we are unable to meet any of our liabilities to you, you may
                                                                            Telephone calls
     be entitled to compensation under the Financial Services
                                                                            Telephone calls may be recorded to confirm your instructions.
     Compensation Scheme, details of which can be obtained from
     ourselves or the Financial Services Authority.
     Data Protection Act
     Please note we may process, transfer and disclose your personal
     information for the purposes of:
        providing you with services, managing your accounts and
        complying with your instructions;
        verifying your identity, taking credit decisions;
        detecting and preventing fraud;
        compliance with laws and public duties;
        monitoring and/or recording our telephone calls and
        electronic transactions with you in order to accurately carry
        out your instructions, to assist in improving our services and
        in the interests of security and crime prevention;




35   Simplified Prospectus and Key Features of the Investec OEIC and ISA
ISA Agreement
Please note that from 6 April 2008 the regulations relating to tax exempt      3. Payment of the amount to be invested, including any charges, must be
saving schemes changed. From that date (as well as other changes) all             from your own funds and we reserve the right to satisfy ourselves of
PEPs became ISAs and are subject to the regulations that are applicable           this. In the case of transfers to us, payment, to cover both the
to ISAs.Therefore all references in this document to ISAs include those           investment amount and any charges, will be in the form of the value
ISAs that were PEPs prior to 6 April 2008. If you are unsure about                of the Plan being transferred, and will be organised on your behalf
the recent regulatory changes and how they might impact you,                      between ourselves and your previous Plan manager(s).
we recommend that you seek advice from your financial advisor.                 4. You can invest in a Plan with one or more lump sums as indicated on
Please read this section carefully. It, together with your original               the application form. Also, you may invest by regular monthly direct
application form, comprises the Agreement between you and us,                     debit. Monthly debits will normally be taken from your account on the
Investec Fund Managers Limited.                                                   1st business day of each month, or the following business day.
Summary of the Agreement                                                       5. You do not have the right to cancel or withdraw your ISA application
1. We offer to manage an Individual Savings Account (‘ISA’) for you               if the application has been made directly by you or if you did not meet
   which will hereinafter be referred to as a ‘Plan’.The Plan will be             your adviser or agent face to face though we may, at our discretion,
   managed in accordance both with the terms of this Agreement and                extend cancellation rights to you. If you have received face to face
   with the Individual Savings Account Regulations 1998 as amended                advice on the investment you will have a right to change your mind
   (the ‘Regulations’).                                                           under rules made by the FSA under the Financial Services and Markets
2. You appoint us as the Manager of your Plan and agree to the terms              Act 2000. If applicable, we will send you a cancellation notice shortly
   of this Agreement.                                                             after receiving your application explaining your right in more detail
                                                                                  (including when it begins and ends and how to exercise it). In summary
Introduction
                                                                                  you will be able to exercise the right to cancel within 14 days of receipt
1. In this Agreement, references to an application shall also apply to a
                                                                                  of the cancellation notice and you will receive a refund of the amount
   transfer unless specifically stated otherwise and subscription shall
                                                                                  you invested either in full or less a deduction to reflect any fall in the
   mean new application monies or transfer monies.
                                                                                  markets in the interim. However, we reserve the right to retain
2. You, as an investor are required by the Regulations to be a qualifying         redemption proceeds until all anti-money laundering documentation
   individual.To be so you must fulfil the requirements set out in the            has been received. Such redemption proceeds will be held on a client
   declaration contained in the application form. If you apply for a Plan         money account: no interest will be payable.
   by telephone, we will complete the declaration on your behalf and
                                                                               6. We reserve the right to refuse an application for any reason.
   forward it to you for confirmation. Subject to any corrections notified
   by you to us within 30 days from the date on which the copy of the          Your investment
   declaration is sent to you, and incorporated in a new declaration by        1. Subject to the Regulations, your Plan will be invested and managed in
   us, any such declaration shall take effect as from the date on which the       accordance with your directions as agreed with you.The aim of your
   original declaration was made on behalf of you.The declaration will            Plan will correspond to the investment objective of the Fund(s) into
   apply to the year to which the application for a Plan relates as well as       which your subscriptions are made.
   each subsequent year for which we manage your Plan if you invest            2. All transactions may be aggregated with those from other investors
   through the Regular Savings Plan.                                              and will normally be carried out at the Fund’s next valuation point
3. This Agreement becomes effective after we have accepted your                   (normally 12 noon each business day) following receipt of your
   correctly completed application form plus relevant accompanying                instruction.The use of prices at the next valuation point is called
   documents including money laundering identification evidence and               ‘Forward Pricing’.The FSA rules on best execution do not apply to
   first subscription payment. Normally this will be the business day we          investments in this Plan.
   receive your application unless, in our opinion, it is necessary to first   3. Where investments are made on a regular monthly basis or with an
   clarify any information concerning your application.                           additional lump sum, any request to change your investment choice
4. We are authorised and regulated by the Financial Services Authority            must be made in writing.
   (‘FSA’) of 25 The North Colonnade, Canary Wharf, London E14 5HS             4. Income shares in the underlying Fund(s) will be bought where
   in the conduct of our investment business.We are approved by                   available and income distributions will either be reinvested or paid out
   HM Revenue & Customs as a manager of ISAs.                                     to you in accordance with the option you select on the application
5. Where this Agreement refers to an Associate it will mean an associate          form. If income shares are not available then accumulation shares will
   of ours as defined in the FSA rules.                                           be bought and any income accumulated in relation to those shares
                                                                                  will be reflected in their price.
6. Under this agreement you will be classified as a retail client for the
   purposes of the FSA rules. If, however you would otherwise be an            5. Income Distributions:The amount of income due to be paid is the
   eligible counterparty or a professional client, you may not necessarily        gross distribution from the Fund for Bond Funds, or the net amount
   have the rights of a retail client under the Financial Services                otherwise. It will be sent by cheque to your registered address or at
   Compensation Scheme. For more information on complaints and                    our discretion by direct transfer to your nominated bank account on
   compensation see ‘Complaints’ below and paragraph 3 of ‘Liability’,            the Fund distribution date.
   respectively.                                                               6. If you opt in the application form to have any income distributed by
Applications                                                                      the Funds(s) reinvested then such income and any pre-funded tax
1. You can open a Plan by transferring, in cash, an existing Plan, with           reclaim will be reinvested, on the day of receipt, in the underlying
   another plan manager, to us.You can also open a Plan by means of               Funds(s) in your Plan without application of our initial charges.
   a new application.We do not accept payment of applications by                  For a plan invested in more than one Fund, any income to be
   physical cash (notes or coins), debit or credit card.                          reinvested will automatically be applied to the Fund from which
                                                                                  the distribution came.
2. Your application form should be completed according to the
   instructions on it and it should be signed by you.

                                                                                  Simplified Prospectus and Key Features of the Investec OEIC and ISA          36
     ISA Agreement
     7. You may change between reinvesting income or having it paid out at          3. The underlying investments of the Plan are valued each business day
        no cost by written instruction.                                                at 12 noon and the prices are quoted daily on our website and, for
     8. In the case of a switch from one underlying Fund to another the sale           most of the Funds, in the FinancialTimes under ‘Investec Fund Managers
        and purchase will take place on the day such request is received by            Limited’ within the Authorised Investment Funds Price listings.
        us provided it has been received before 12 noon. If it arrives after        Charges
        12 noon we will carry out the transactions on the next business day.        1. There are no additional Plan charges; all charges are made at the
     9. If you invest on a monthly basis, you may, by written notice, choose           underlying Fund level which include:
        to increase or decrease the amount of your regular monthly                     a) Initial charge: 4.5% for investments in all Funds except Sterling
        subscriptions, provided your subscription (when added to any                      Bond which carries a 3.5% initial charge.
        investment you might have in a Cash ISA for the same tax year)                 b) Annual management charge: 0.75% for investments in Global
        remains between our minimum limit and the maximum allowed by                      Bond and Sterling Bond Funds, 0.95% for Monthly High Income
        the Regulations from time to time.You may also choose to stop                     Fund, 1.25% for investments in Capital Accumulator Cautious
        making subscriptions.To take effect before the next direct debit                  Managed and Managed Distribution Funds, 1.5% for investments
        collection your notice must be received before the 20th day of the                in American, Asia ex Japan, Balanced Managed, Emerging Markets
        preceding month.                                                                  Debt, Enhanced Natural Resources Fund (please note that a
     Rights and obligations                                                               performance fee is payable for ‘P’ shares in the Enhanced Natural
     1. The Plan investments are beneficially owned by you at all times and               Resources Fund - see the main body of the Simplified Prospectus
        neither we nor you may arrange otherwise. For record keeping                      for more details). European, Global Dynamic, Global Energy,
        purposes the legal title to your Plan investments may be registered in            Global Equity, Global ex UK Equity, Global Free Enterprise, Global
        our name or in the name of an Associate nominee or in the name of                 Gold, Global Special Situations, Japan, Managed Growth, Pan
        any other such nominee as we may from time to time appoint, or                    European Equity,Target Return, UK Alpha, UK Blue Chip, UK
        jointly in one of these names and your own.Where a share certificate              Smaller Companies and UK Special Situations Fund, and 1.75%
        or other document evidencing title to a Plan investment is issued it              for investments in Global Extension Fund. Please read these
        shall be held by us or as we direct.                                              charges in conjunction with those on pages 4-22.
     2. We shall arrange for you to receive a copy of the annual and interim           c) Switching fee: this is in the form of an initial charge on the Fund
        short reports issued to all investors in the Funds, for those funds in            being purchased and will not exceed the relevant initial charge
        which your Plan invests.                                                          stated above.
     3. We will arrange for you to be able:                                            d) Exit Charge: 0%.
        a) to attend any meetings of investors in the Funds in which your              e) Transfer administration charge: £25 for transfers in-specie,
           Plan invests;                                                                  at the discretion of the Manager.
        b) to vote; and                                                             2. All charges may be subject to VAT or other tax.The current rate of
                                                                                       VAT as at the date of this Agreement is 17.5% but this may change
        c) to receive, in addition to the documents referred to in 2 above,
                                                                                       from time to time.
           any other information issued to investors in the Funds.
                                                                                    3. Our initial charge, where applicable, shall be paid at the
     4. You shall not use the Plan as security for a loan or dispose of or
                                                                                       commencement of the Plan and on any subsequent lump sum
        purport to transfer any interest in your Plan to a third party.
                                                                                       subscription and on each monthly payment made by regular savers
     5. We will not borrow on your behalf against the security of your Plan.
                                                                                       by deduction from your subscription.
     6. Neither we nor any other party connected to us or the Funds in
                                                                                    4. We will receive no remuneration in connection with the Plan, other
        which your Plan invests have any right of set-off in relation to the
                                                                                       than as set out in this Agreement.
        investments in your Plan.
                                                                                    5. Information on the total cost of investing in a Plan is set out in the
     Tax                                                                               Simplified Prospectus.
     1. You authorise us to make claims, conduct appeals and agree on your
                                                                                    6. You should note that other costs, including taxes, may arise in relation
        behalf liabilities for and reliefs from tax in respect of the Plan.
                                                                                       to your Plan that are not paid by us or imposed by us.
     2. You will supply us with all information we may reasonably request for
        the purposes of administering the Plan.                                     Commission
                                                                                    If you take out a Plan through an independent financial adviser, we may
     3. You will immediately inform us in writing if you cease to be a
                                                                                    pay initial and renewal commission to the adviser at our discretion.
        qualifying individual (see the declaration on the application form).
                                                                                    These commissions are paid by us out of our charges and do not
     4. We shall notify you if by reason of any failure to satisfy the provisions
                                                                                    constitute additional charges to your Plan.
        of the Regulations your Plan is or will become no longer exempt from
        tax by virtue of the Regulations.                                           Termination, transfer and withdrawal
                                                                                    1. You may withdraw all or part of your investment. If you wish to make
     Information and statements
                                                                                       a partial withdrawal you may do so subject to a minimum withdrawal
     1. You will be sent a welcome letter and, in the case of lump sum
                                                                                       of £500. On the receipt of your written instructions to make a partial
        investments and switches, a contract note, after the Plan is invested.
                                                                                       withdrawal and within such time as stipulated by you in those partial
     2. We will send you a Plan statement, showing the value of your Plan              withdrawal instructions (subject to any reasonable business period,
        and details of all transactions, including reclaimed tax if applicable,        not exceeding 30 days, which we require for the practical
        twice a year.The valuations will be as at the end of June and                  implementation of the instructions) part of the Plan investments shall
        December and will be posted within 25 business days of these dates.            be transferred or paid to you. If you withdraw all of your investment
                                                                                       this will terminate your Plan




37   Simplified Prospectus and Key Features of the Investec OEIC and ISA
2. You may, by written notice, require us to terminate your Plan                15. Your Plan will cease to qualify for tax concessions from the date of
   immediately, but this would not affect any transactions already                  your death. Upon receipt of the appropriate documentation we will:
   initiated.You can choose to receive either the underlying investments            (i) sell the Plan investments within two business days and issue the
   or the cash proceeds.                                                            payment to your legal personal representatives within five business
3. On the receipt of your written instructions to terminate the Plan and            days of our receiving the proceeds, or (ii) transfer the underlying Plan
   within such time as stipulated by you in those termination instructions          investments to the beneficiary.
   (subject to any reasonable business period, not exceeding 30 days,           Liability
   which we require for the practical implementation of the                     1. We shall not be liable for any losses suffered through a fall in the value
   instructions); Plan investments, interest, dividends, rights or other           of the investments held in your Plan.
   proceeds in respect of such investments or any cash shall be                 2. We shall not be liable for any act or default unless due to our or an
   transferred or paid to you.                                                     Associate’s or an appointed Nominee’s wilful default, negligence or
4. You may transfer your Plan to another Plan Manager. As your Plan is             gross misconduct or unless involving a breach by us or an Associate or
   a Stocks and shares ISA it can only be transferred to another stocks            an appointed Nominee of the Financial Services and Markets Act
   and shares ISA. Any small balances credited to your Plan after the              2000 (as may be amended or replaced by any other Act) or of any
   transfer has taken place will be sent direct to you.                            regulations or rules made under any such Act, regardless of whether
   You may transfer your entire Plan for the current tax-year or part              the Associate is subject to any such Act.
   (minimum £500) of your prior tax years’ Plan(s), to another Plan             3. If we are unable to meet any of our liabilities to you, you may be
   Manager who has first agreed to accept it.                                      entitled to compensation under the Financial Services Compensation
   Transfers will be in cash or at our sole discretion, in-specie, for which       Scheme, details of which can be obtained from ourselves or the
   we may make a charge.                                                           Financial Services Authority, 25 The North Colonnade, Canary Wharf,
5. On the receipt of your written instructions to transfer the Plan and            London E14 5HS, telephone 020 7066 1000 (www.fsa.gov.uk).
   within such time as stipulated by you in those transfer instructions            The level of compensation which you may be entitled to, if any,
   (subject to any reasonable business period, not exceeding 30 days,              depends on the type of investment and circumstances of your claim.
   which we require for the practical implementation of the                        Most types of investment business are covered for 100% of the first
   instructions):                                                                  £30,000 and 90% of the next £20,000, so the maximum
   a) a Plan, with all rights and obligations of the parties to it; or             compensation is £48,000.
   b) such parts thereof as may be agreed between us and you shall be           4. Save as referred to above, we do not accept liability in relation to any
      transferred to another plan manager subject to and in accordance             default or fraud by any bank or any other person, firm or company
      with the Regulations.                                                        through or with whom transactions are effected on your behalf.
6. Investments to be sold as a result of partial withdrawals or                 5. In the event of any failure, interruption or delay in the performance of
   termination where you have requested to receive the Plan proceeds               our obligations resulting from breakdown, failure or malfunction of any
   in cash, or as a result of a transfer instruction will be sold on the           telecommunications or computer service, industrial disputes, failure of
   business day instructions are received provided they arrive before 12           third parties to carry out their obligations, acts of governmental or
   noon. If they arrive after 12 noon we will sell on the next business day.       supranational authorities, or any other event or circumstance
7. We will send you any proceeds due, less any applicable charges.                 whatsoever not reasonably within our control, subject to us having
   Proceeds may be paid by cheque or, at your request, electronically;             complied with the relevant FSA Rules on business continuity, we shall
   if the latter method is chosen, we reserve the right to deduct any              not be liable or have any responsibility of any kind for any loss or
   applicable bank charge from the proceeds due. However, we reserve               damage thereby incurred or suffered by you provided, where relevant,
   the right to retain redemption proceeds until all anti-money laundering         we have complied with the FSA Rules on business continuity.
   documentation has been received. Such redemption proceeds will be            Complaints
   held on a client money account: no interest will be payable.                 If you wish to complain about the operation of the Plan or our conduct
8. Instructions to withdraw part of your Plan, transfer your Plan or            you should address your complaint to our Compliance Officer, who
   terminate your Plan, may be by fax or letter.                                will investigate and take such action as may be considered appropriate.
9. Currently for withdrawal, transfer and termination instructions, the         A copy of our internal complaints handling procedures is available on
   reasonable business period which we require for the processing and           request.You also have the right to complain directly to the Financial
   completion of the instruction is 4 business days after receipt of the        Ombudsman Service.
   instruction (or confirmation of instruction if required).                    General
10. We reserve the right to close your Plan, if its value falls below £1,000.   1. We may vary this Agreement from time to time and, for material
11. Your Plan may be terminated by us, at our sole discretion and without          changes, e.g. an increase in charges, will give you not less than 90 days’
    giving any reason, by giving you 3 months written notice. In such              written notice.We may vary this Agreement to reflect changes in the
    circumstances, you will have the right to transfer your Plan to another        Regulations without giving you notice.
    Plan Manager, or to receive the investments or their cash value.            2. It is not our policy to make unsolicited sales calls but an application to
12. The Plan will terminate automatically with immediate effect if it is void      open a Plan may result in you receiving unsolicited calls from us, but
    under the Regulations or if the Plan becomes otherwise impossible to           only to clarify a point in connection with your application or other
    administer. In both cases, you will be notified in writing.                    matters regarding your Plan.
13. Any termination of your Plan will be subject to completion of               3. We will satisfy ourselves that any person to whom we may delegate
    outstanding transactions. Any charges, taxes or other liabilities,             any of our functions or responsibilities under this Agreement is
    accrued or otherwise, shall become immediately due and payable.                competent to carry out those functions or responsibilities.
14. This Agreement shall continue to apply as necessary notwithstanding         4. Telephone calls may be recorded to confirm your instructions.
    termination of your Plan.


                                                                                   Simplified Prospectus and Key Features of the Investec OEIC and ISA          38
     ISA Agreement
     5. All other notices and instructions to be given to us should be in
        writing and sent to Investec Fund Managers, PO Box 9042, Chelmsford
        CM99 2XL, or such other address as we may notify you. Following
        notices and instructions received by fax or email we will send to you
        confirmation of your notice or instructions within 7 days. If you do not
        notify us by telephone or in writing of any corrections within 30 days,
        you will be deemed to have confirmed the notice or instruction.
        We shall acknowledge any instructions in writing as soon as reasonably
        practicable. Notices and other documents to be given or sent to you
        shall be sent, at your risk, to the last address supplied by you.We may
        accept other forms of notice or instruction at our discretion.
     6. No person has been authorised to give any representation on our
        behalf as regards the Plan other than those set out in this Agreement
        and the Plan Simplified Prospectus and any such representation given
        should not be relied upon.
     7. In signing the application form you agree that we may transfer our
        responsibilities as Plan Manager to any company which is approved
        under the Regulations as a plan manager, if that other company writes
        to you and undertakes to carry out all our duties and obligations in
        respect of your Plan. If it does so, you agree that we will be released
        from all those duties and obligations that the new manager has
        undertaken to carry out.We shall satisfy ourselves that any new
        manager is competent to carry out those functions and duties
        delegated or transferred.
     8. This Agreement is governed by English law and the English Courts
        shall have exclusive jurisdiction in respect of any dispute hereunder.
     9. We are a member of the Investec Asset Management group of
        companies and take our fiduciary responsibilities to our investors very
        seriously.We operate under a Conflicts of Interest policy designed to
        identify, manage and control any possible conflicts inherent in our
        business and our relationship with investors and do not consider that
        we have any conflicts of interest which would have a material impact
        on you. A copy of our conflicts of interest disclosure statement
        explaining the situations where conflicts of interest may arise and how
        we will deal with these is available on request.
     10. We are required to put arrangements in place to enable us to deliver
         the best possible results for clients when dealing with orders for them
         under this Agreement. For this purpose we have introduced a best
         execution policy.This policy requires us to consider various execution
         factors in deciding how best to execute a client order.These include
         price, cost, speed, likelihood of execution and settlement, size, nature
         and other relevant matters. Ordinarily, we will consider price to be the
         most important factor for you, as you are classified as a retail client.
         However, for the Funds we will only have one execution venue for the
         execution of your orders and that will be Investec Fund Managers
         Limited in its capacity as authorised corporate director of the Funds.
         This is decided on the basis that Investec Fund Managers Limited will
         provide the most reliable price, the widest availability of shares in the
         Funds and more efficient source of registration of shares compared to
         other possible venues. By signing the application form, you consent to
         our best execution policy.We will monitor the effectiveness of our
         best execution policy and will notify you of any material changes to
         this when they are relevant to you. Please note that any specific
         instructions from customers as to how their orders are dealt with
         may prevent us from taking the steps that we have designed to obtain
         the best possible result in relation to their orders.




39   Simplified Prospectus and Key Features of the Investec OEIC and ISA
How to invest?
Once you have chosen the Fund or Funds into which you wish                                                                                                                                                                                                                                                                                                                                         The Direct Debit Guarantee
to invest there are a number of ways that you can make your
investment using a type of application form (indicated by a letter).                                                                                                                                                                                                                                                                                                                                  This Guarantee is offered by all Banks and Building
                                                                                                                                                                                            New Lump Sum Regular Savings Transfer                                                                                                                                                                     Societies that take part in the Direct Debit Scheme.
                                                                                                                                                                                                                                                                                                                                                                                                      The efficiency and security of the Scheme is
Direct into Fund                                                                                                                                                                            Yes (a)                                                                                                      Yes (a)                                                                     No               monitored and protected by your own Bank or
Tax Free – ISA                                                                                                                                                                              Yes (b)                                                                                                      Yes (b)                                                                     Yes (c)          Building Society.

Please find enclosed 3 application forms which allow you to                                                                                                                                                                                                                                                                                                                                           If the amounts to be paid or the payment dates
invest by your chosen method.                                                                                                                                                                                                                                                                                                                                                                         change, you will be told of this in advance of the
The Investec OEIC Application Form                                                                                                                                   April 07
                                                                                                                                                                                                       The Investec ISA Application Form
                                                                                                                                                                                                                                                                                                                                                             April 07
                                                                                                                                                                                                                                                                                                                                                                                                      collection, by at least 14 days, as agreed.
Investec Fund Centre                              Please complete BOTH sides of the form and return to:                                                                                                Investec Fund Centre                       Please complete BOTH sides of the form and return prior to 5 April 2008:
Telephone 0800 389 2299                           Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.                                                                                    Telephone 0800 389 2299                    Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.


1 Personal details                                                                                      4 Investment details                                                                           1 Personal details                                                                        4 Investment details
Title               Surname or                                                                          Please enter the fund name and investment amounts below.                                                                                                                                 Please enter the Fund name and investment amounts below.
                                                                                                                                                                                                       Title              Surname
                    Company
                    name                                                                                Lump Sum: Please enter in sterling the amount you wish to invest in each                                                                                                                 Maximum subscriptions: In a single tax year, for a Maxi ISA/Mini ISA is
                                                                                                        Fund (minimum £1,000 per Fund) in the Lump Sum Amount box(es).                                 First Names                                                                               £7,000/£4,000 lump sum, £583.33/£333.33 monthly.




                                                                                                                                                                                                                                                                                                                                                                                                      If an error is made by us or your Bank/Building Society,
First Names
                                                                                                        Regular Savings Plan – available only on bank accounts based in the                                                                                                                      Lump Sum: Please enter the amount you wish to invest in each Fund
                                                                                                        UK / Channel Islands / Isle of Man: Please enter the amount of your direct                     Date of Birth                                                                             (minimum £1,000 per Fund) in the Lump Sum Amount box(es).
Date of Birth
                                                                                                        debit to be applied for each Fund (minimum £100 per Fund) in the Regular                                                                                                                 Regular Savings Plan: Please enter the amount of your direct debit to be applied
                                                                                                        Savings Amount box(es). You may also wish to make a lump sum payment to                                                                                                                  for each Fund (minimum £100 per Fund) in the Regular Savings Amount box(es).
Daytime Telephone                                                                                                                                                                                      Daytime Telephone
                                                                                                        accompany the regular savings payment; simply insert an additional amount in                                                                                                             Your initial monthly payment must be made by enclosing a personal cheque.
                                                                                                        the Lump Sum Amount box(es).Your initial monthly payment must be made
Email address                                                                                                                                                                                          Email address
                                                                                                        by enclosing a personal cheque.
                                                                                                                                                                                                                                                                                                                                                    Lump Sum       Regular Savings
Home Address                                                                                                                                               Lump Sum       Regular Savings                                                                                                                                                             Amount             Amount
                                                                                                                                                                                                       Home Address
                                                                                                                                                             Amount             Amount                                                                                                           Fund name                                         Min. £1,000          Min. £100
                                                                                                        Fund name                                         Min. £1,000          Min. £100




                                                  Post Code
A/C Designation*
                                                                                                                                                                                                       Do you have a National Insurance Number?                  Yes            No
* If you are applying on behalf of a child, please note that shares cannot be held in the name of
 anyone aged under 18 years. They may however be held in an adult’s name designated with
                                                                                                                                                                                                       If yes, you must enter it here
 the child’s initials.




                                                                                                                                                                                                                                                                                                                                                                                                      you are guaranteed a full and immediate refund from
                                                                                                                                                                                                       If you do not know it see your form P60, notice of coding or tax return.
2 Personal details: Joint Holder (if applicable)                                                                                                                                                       Otherwise your employer or tax office may be able to help. If you have retired
                                                                                                                                                                                                       you can find the number on the front cover of your pension book.
Title                Surname

First Names                                                                                                                                                                                            2 ISA type & year                (please tick as appropriate)

Home Address                                                                                                                                                                                           I apply to subscribe to a stocks and shares (please tick one box only)

                                                                                                                                                                                                               Maxi ISA

                                                                                                                                                                                                               Mini ISA
                                                   Post Code                                                                                                                                           for the tax year 2007/2008 and, if investing through the Regular Savings Plan, each
Date of Birth                                                                                                                                                                                          subsequent year until further notice.                                                     Total
                                                                                                        Total

Please provide personal details of any other joint holders on a separate sheet.                                                                                                                                                                                                                  Agents only: please complete the Agent’s Stamp box overleaf.
                                                                                                        Agents only: please complete the Agent’s Stamp box overleaf.                                   3 Internet valuation service
                                                                                                                                                                                                                                                                                                 Please add together any amounts entered above in the Total boxes and enter




                                                                                                                                                                                                                                                                                                                                                                                                      your branch of the amount paid.
                                                                                                        Please add together any amounts entered above in the Total boxes and enter                     If you would like a password so that you can access your valuation online,                this amount in the Grand Total box below. Make your cheque payable for this
3 Internet valuation service                                                                            this amount in the Grand Total box below. Make your cheque payable for this                    please tick here            You must supply your email address in                         amount to: Investec Fund Managers Limited.
                                                                                                        amount to: Investec Fund Managers Limited.
If you would like a password so that you can access your valuation online,                                                                                                                                                         ‘Personal details’ above.
please tick here            You must supply your email address in
                                                                                                                                                                                                                                                                                                   Grand Total
                            ‘Personal details’ above.                                                     Grand Total




Instruction to your Bank or Building Society to pay by Direct Debit (regular savers only)                                                                                                              Instruction to your Bank or Building Society to pay by Direct Debit (regular savers only)
Please do not detach this section of the form.                                                          Originator’s Identification Number: 800289                                                     Please do not detach this section of the form.                                            Originator’s Identification Number: 800289

                                                                                                        3. Branch Sort Code (from the top                                                                                                                                                        3. Branch Sort Code (from the top
1. Name and address of your Bank or Building Society                                                       right hand corner of your cheque)                                                           1. Name and address of your Bank or Building Society                                         right hand corner of your cheque)
                                                                                                        4. Bank or Building                                                                                                                                                                      4. Bank or Building
                                                                                                           Society Account Number                                                                                                                                                                   Society Account Number
                                                                                                        5. Reference (office use only)                                                                                                                                                           5. Reference (office use only)


                                              Post Code                                                 6. Instruction to your Bank or Building Society                                                                                        Post Code                                         6. Instruction to your Bank or Building Society
                                                                                                           Please pay Investec Fund Managers Limited Direct Debits from the account                                                                                                                 Please pay Investec Fund Managers Limited Direct Debits from the account
                                                                                                           detailed on this Instruction subject to the safeguards assured by The Direct                                                                                                             detailed on this Instruction subject to the safeguards assured by The Direct
2. The name(s) of account holder(s)                                                                        Debit Guarantee. I understand this instruction may remain with Investec                     2. The name(s) of account holder(s)                                                          Debit Guarantee. I understand this instruction may remain with Investec
                                                                                                           Fund Managers Limited and, if so, details will be passed electronically to my                                                                                                            Fund Managers Limited and, if so, details will be passed electronically to my
                                                                                                           Bank/Building Society.                                                                                                                                                                   Bank/Building Society.
                                                                                                                                                                                                                                                                                            
                                                                                                        SIGNATURE                                              Date                                                                                                                             SIGNATURE                                              Date

                                           Banks and Building Societies may not accept Direct Debit instructions for some types of account                                                                                                   Banks and Building Societies may not accept Direct Debit instructions for some types of account




                                                                                                                                                                                                                                                                                                                                                                                                      You can cancel a Direct Debit at any time, by writing
(a) OEIC application form                                                                                                                                                                             (b) ISA application form
                                                                                                                                                                                                                                                                                                                                                                                                      to your Bank or Building Society. Please also send a
The Investec ISA Transfer Form
Investec Fund Centre
Telephone 0800 389 2299

1 Personal details
Title                Surname
                                                  Please complete BOTH sides of the form and return to:
                                                  Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.

                                                                                                        4 Investment details
                                                                                                        Please enter the Fund name and the % share you would like to invest
                                                                                                        in a Fund.
                                                                                                                                                                     April 07

                                                                                                                                                                                                                                                                                                                                                                                                      copy of your letter to us.
First Names                                                                                             Fund name                                                               % share

Date of Birth

Daytime Telephone

Email address

Home Address




                                                     Post Code

Do you have a National Insurance Number?                           Yes              No

If yes, you must enter it here

If you do not know it see your form P60, notice of coding or tax return.
Otherwise your employer or tax office may be able to help. If you have retired
you can find the number on the front cover of your pension book.

2 ISA Transfer details
You may transfer either the whole of your current tax year stocks and shares ISA
and/or the whole or part of your previous years stocks and shares ISAs into the                         Please check that the % adds up to 100%
Investec ISA. Please tick and/or enter details requested in the boxes below.
                                                                                                        Agents only: please complete the Agent’s Stamp box overleaf.
                        Maxi ISA            Mini ISA           % or £            Ref. No.
Current tax year                                                100%
                                                                                                        5 Income
Previous years             N/A                 N/A
                                                                                                        This section is for investors in ‘Income’,‘Income & Growth’ Funds (defined on
My current ISA manager is:                                                                              page 1 of this document) excluding the Target Return (GBP) Fund.

                                                                                                        I wish income from my investment to be (please tick one only)
3 Internet valuation service                                                                                    Reinvested                       Paid out to my bank account
If you would like a password so that you can access your valuation online,
please tick here            You must supply your email address in                                       If you require income to be paid to you, you should complete the Bank Mandate
                            ‘Personal details’ above.                                                   at Section 6 of this form; please note that income can only be sent to a UK bank
                                                                                                        account. If this section and the Bank Mandate are not completed, dividends paid
                                                                                                        from the fund(s) will be sent by cheque to your registered address.You may
                                                                                                        change options at a later date.
        Please remember to complete BOTH sides of the form


Current ISA Manager’s details
Please do not detach this section of the form.                                                          I wish to transfer my stocks and shares ISA(s) as follows:
                                                                                                                              Maxi ISA        Mini ISA         % or £         Ref. No.
Current ISA Manager’s
Name                                                                                                    Current tax year                                       100%

                                                                                                        Previous years           N/A             N/A
Current ISA Manager’s
                                                                                                        to Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.
Address                                                                                                 Please liquidate my current ISA investments and hold the cash within my Plan
                                                                                                        pending transfer. I should be grateful if you could confirm the date that the
                                                                                                        transfer takes effect and the value that is being transferred. I hereby authorise
                                                                                                        you to provide Investec Fund Managers Limited with any information that they
                                                            Post Code                                   may need relating to my ISA.
                                                                                                    
Title                Surname
                                                                                                        SIGNATURE            
                                                                                                        DATE
First Names




(c) ISA Transfer form

Simply complete the appropriate form(s) according to all
the instructions on the form and return to:
Investec Fund Managers Limited, PO Box 9042,
Chelmsford CM99 2XL.
Please remember to:
                                                         Sign and date the application form
                                                         Select the Fund(s) you wish to invest in
                                                         Make out a cheque for the Grand Total amount entered
                                                         on the application form.
If you have any queries about completing the forms, please
contact your financial adviser or our Investor Services team
on 0800 389 2299.




                                                                                                                                                                                                                                                                                                                                                                                               Simplified Prospectus and Key Features of the Investec OEIC and ISA   40
41   Simplified Prospectus and Key Features of the Investec OEIC and ISA
                                                                                                                                                                    May 08
The Investec OEIC Application Form
Investec Fund Centre                              Please complete BOTH sides of the form and return to:
Telephone 0800 389 2299                           Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.


1 Personal details                                                                                      4 Investment details
Title               Surname or                                                                          Please enter the fund name and investment amounts below.
                    Company
                    name                                                                                Lump Sum: Please enter in sterling the amount you wish to invest in each
                                                                                                        Fund (minimum £1,000 per Fund) in the Lump Sum Amount box(es).
First Names
                                                                                                        Regular Savings Plan – available only on bank accounts based in the
                                                                                                        UK / Channel Islands / Isle of Man: Please enter the amount of your direct
Date of Birth
                                                                                                        debit to be applied for each Fund (minimum £100 per Fund) in the Regular
                                                                                                        Savings Amount box(es).You may also wish to make a lump sum payment to
Daytime Telephone
                                                                                                        accompany the regular savings payment; simply insert an additional amount in
                                                                                                        the Lump Sum Amount box(es).Your initial monthly payment must be made
Email address
                                                                                                        by enclosing a personal cheque.
Home Address                                                                                                                                              Lump Sum        Regular Savings
                                                                                                                                                             Amount             Amount
                                                                                                        Fund name                                         Min. £1,000          Min. £100




                                                  Post Code
A/C Designation*

* If you are applying on behalf of a child, please note that shares cannot be held in the name of
 anyone aged under 18 years.They may however be held in an adult’s name designated with
 the child’s initials.



2 Personal details: Joint Holder (if applicable)
Title                Surname

First Names

Home Address




                                                   Post Code

Date of Birth
                                                                                                        Total

Please provide personal details of any other joint holders on a separate sheet.
                                                                                                        Agents only: please complete the Agent’s Stamp box overleaf.
                                                                                                        Please add together any amounts entered above in the Total boxes and enter
3 Internet valuation service                                                                            this amount in the Grand Total box below. Make your cheque payable for this
                                                                                                        amount to: Investec Fund Managers Limited.
If you would like a password so that you can access your valuation online,
please tick here            You must supply your email address in
                            ‘Personal details’ above.                                                     Grand Total




Instruction to your Bank or Building Society to pay by Direct Debit (regular savers only)
Please do not detach this section of the form.                                                          Originator’s Identification Number: 800289

                                                                                                        3. Branch Sort Code (from the top
1. Name and address of your Bank or Building Society                                                       right hand corner of your cheque)
                                                                                                        4. Bank or Building
                                                                                                           Society Account Number
                                                                                                        5. Reference (office use only)



                                              Post Code                                                 6. Instruction to your Bank or Building Society
                                                                                                           Please pay Investec Fund Managers Limited Direct Debits from the account
                                                                                                           detailed on this Instruction subject to the safeguards assured by The Direct
2. The name(s) of account holder(s)                                                                        Debit Guarantee. I understand this instruction may remain with Investec
                                                                                                           Fund Managers Limited and, if so, details will be passed electronically to my
                                                                                                           Bank/Building Society.
                                                                                                    
                                                                                                        SIGNATURE                                              Date

                                           Banks and Building Societies may not accept Direct Debit instructions for some types of account
                                                                                        For office use only
The Investec OEIC Application Form                                                      Agent Number




Investec Fund Centre                         Please complete both sides of the form and remember to sign the declaration.
Telephone 0800 389 2299


5 Income                                                                              7 Declaration
This section is for investors in ‘Income’,‘Income & Growth’ Funds (defined on         By signing below you are confirming that:
page 1 of this document) excluding the Target Return (GBP) Fund.                      (a) I am/we are 18 years of age or over.
                                                                                      (b) I/we have read and understood the Simplified Prospectus (including the
I wish income from my investment to be (please tick one only)                             Data Protection Policy) including those parts which explain the basis on
                                                                                          which Investec Fund Managers Limited will provide certain services to
      Reinvested                        Paid out to my bank account                       me. The Simplified Prospectus will constitute a written agreement
                                                                                          between me/us and Investec Fund Managers Limited for that purpose.
If you require income to be paid to you, you should complete the Bank Mandate      
at Section 6 of this form; please note that income can only be sent to a UK bank      First Holder
account. If this section and the Bank Mandate are not completed, dividends paid       SIGNATURE
                                                                                               †        
from the fund(s) will be sent by cheque to your registered address.You may
change options at a later date.
                                                                                      Date

                                                                                   
6 Bank Mandate for Income Distribution                                                Joint Holder
This section should only be completed if you have chosen, in Section 5, to            SIGNATURE
                                                                                               †        
have income paid to you, and if you wish that income to be paid by direct
transfer to your bank account.We can only make payments to your personal
                                                                                      Date
bank account.
                                                                                      †Companies should sign under seal or under the hand of two authorised
Please forward all income that may become payable from my investment to:               signatories and any additional joint holders must provide their signatures
                                                                                       under separate cover.
Bank /Building                                                                        Please note that any information you provide us with will be stored and
Society name                                                                          processed electronically.Your name will be added to a mailing list which may
Branch address                                                                        be used to inform you of any new or existing Investec products.We will not
                                                                                      transfer data outside the Investec group, its associated companies or agents.
                                                                                      If you prefer not to receive such details, please tick this box.

                                                                                         Agent’s stamp
                                                    Post Code

Branch Sort Code                                                                         FSA reference number
                                                                                         Please enter the commission and discount percentage and sum of these
Bank Account                                                                             two below.The sum must equal either 3% or 4%, which of these applies
number                                                                                   depends on the particular terms that are on offer at the time of investing,
or                                                                                       please contact us on 020 7597 1900 if you are unsure which terms apply.
Building Society
                                                                                         If left blank a 0% discount will be applied.
Roll Number
Account                                                                                  Commission                                                                 %
holder name                                                                              Discount                                                                   %
                                                                                         Total                                                                      %
                                                                                         Please tick the appropriate box as to whether the application is
                                                                                         ‘Advised’           or       ‘Execution only’




                                                            This space is intentionally left blank
                                                                                                                                                     May 08
The Investec ISA Application Form
(Stocks and Shares ISA only)
Investec Fund Centre                       Please complete BOTH sides of the form and return prior to 5 April 2009:
Telephone 0800 389 2299                    Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.


1 Personal details                                                                        4 Investment details
                                                                                          Please enter the Fund name and investment amounts below.
Title              Surname                                                                Maximum subscriptions: In a single tax year, for a Stocks and Shares ISA is
                                                                                          £7,200 lump sum, £600 monthly.
First Names                                                                               Please note that if you have a Cash ISA in the same tax year as you invest in
                                                                                          this Stocks and Shares ISA you cannot subscribe more than £7,200 in total into
Date of Birth                                                                             your Cash ISA and Stocks and Shares ISA in that tax year.
                                                                                          Lump Sum: Please enter the amount you wish to invest in each Fund
Daytime Telephone                                                                         (minimum £1,000 per Fund) in the Lump Sum Amount box(es).
                                                                                          Regular Savings Plan: Please enter the amount of your direct debit to be applied
                                                                                          for each Fund (minimum £100 per Fund) in the Regular Savings Amount box(es).
Email address
                                                                                          Your initial monthly payment must be made by enclosing a personal cheque.

Home Address                                                                                                                               Lump Sum        Regular Savings
                                                                                                                                              Amount             Amount
                                                                                          Fund name                                        Min. £1,000          Min. £100



                                                 Post Code

Do you have a National Insurance Number?                     Yes       No

If yes, you must enter it here

If you do not know it see your form P60, notice of coding or tax return.
Otherwise your employer or tax office may be able to help. If you have retired
you can find the number on the front cover of your pension book.



2 ISA type & year                (please tick as appropriate)

I apply to subscribe to a Stocks and Shares ISA

        for the tax year 2008/2009 only for lump sum investment; or

        if investing through the Regular Savings Plan, each subsequent year until
        further notice.


                                                                                          Total
3 Internet valuation service
If you would like a password so that you can access your valuation online,                Agents only: please complete the Agent’s Stamp box overleaf.
please tick here            You must supply your email address in                         Please add together any amounts entered above in the Total boxes and enter
                            ‘Personal details’ above.                                     this amount in the Grand Total box below. Make your cheque payable for this
                                                                                          amount to: Investec Fund Managers Limited.


                                                                                            Grand Total



Instruction to your Bank or Building Society to pay by Direct Debit (regular savers only)
Please do not detach this section of the form.                                           Originator’s Identification Number: 800289

                                                                                         3. Branch Sort Code (from the top
1. Name and address of your Bank or Building Society                                        right hand corner of your cheque)
                                                                                         4. Bank or Building
                                                                                            Society Account Number
                                                                                         5. Reference (office use only)



                                        Post Code                                        6. Instruction to your Bank or Building Society
                                                                                            Please pay Investec Fund Managers Limited Direct Debits from the account
                                                                                            detailed on this Instruction subject to the safeguards assured by The Direct
2. The name(s) of account holder(s)                                                         Debit Guarantee. I understand this instruction may remain with Investec
                                                                                            Fund Managers Limited and, if so, details will be passed electronically to my
                                                                                            Bank/Building Society.
                                                                                     
                                                                                         SIGNATURE                                              Date

                                      Banks and Building Societies may not accept Direct Debit instructions for some types of account
                                                                                         For office use only
The Investec ISA Application Form                                                        Agent Number



Investec Fund Centre                           Please complete both sides of the form and remember to sign the declaration.
Telephone 0800 389 2299

5 Income                                                                                7 Declaration & Authorisation
This section is for investors in ‘Income’,‘Income & Growth’ Funds (defined on           By signing below you declare that:
page 1 of this document) excluding the Target Return (GBP) Fund.                        (a) all subscriptions made, and to be made, belong to me;
                                                                                        (b) I am 18 years of age or over;
I wish income from my investment to be (please tick one only)                           (c) I have not subscribed and will not subscribe more than £7,200 in total to a
                                                                                             Cash ISA and a Stocks and Shares ISA in the same tax year;
       Reinvested                        Paid out to my bank account
                                                                                        (d) I have not subscribed and will not subscribe to another Stocks and Shares
                                                                                             ISA in the same year that I subscribe to this Stocks and Shares ISA; and
If you require income to be paid to you, you should complete the Bank Mandate
                                                                                        (e) I am resident and ordinarily resident in the United Kingdom for tax purposes
at Section 6 of this form; please note that income can only be sent to a UK bank             or, if not so resident, either perform duties which, by virtue of Section 28 of
account. If this section and the Bank Mandate are not completed, dividends paid              the Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving
from the fund(s) will be sent by cheque to your registered address.You may                   overseas), are treated as being performed in the United Kingdom, or I am
change options at a later date.                                                              married to, or in a civil partnership with, a person who performs such duties.
                                                                                             I will inform Investec Fund Managers Limited if I cease to be so resident and
                                                                                             ordinarily resident or to perform such duties or be married to, or in a civil
                                                                                             partnership with, a person who performs such duties.
                                                                                        I authorise Investec Fund Managers Limited:
6 Bank Mandate for Income Distribution                                                  (i) to hold my cash subscription, ISA investments, interest, dividends and any
This section should only be completed if you have chosen, in Section 5, to                   other rights or proceeds in respect of those investments and any other
have income paid to you, and if you wish that income to be paid by direct                    cash; and
transfer to your bank account.We can only make payments to your personal                (ii) to make on my behalf any claims to relief from tax in respect of ISA
bank account.                                                                                investments
Please forward all income that may become payable from my investment to:                I agree to the terms of the ISA Agreement.
                                                                                        I declare that this application form has been completed to the best of my
Bank /Building                                                                          knowledge and belief and that I have read and understood the Simplified
Society name                                                                            Prospectus, including the Data Protection Policy, which are important because
                                                                                        they form a summary of the basis on which the service is provided.
Branch address

                                                                                    
                                                                                        SIGNATURE              
                                                                                        Date
                                                      Post Code

Branch Sort Code                                                                          Agent’s stamp
Bank Account                                                                              FSA reference number
number                                                                                    Please enter the commission and discount percentage and sum of these
or
Building Society                                                                          two below.The sum must equal either 3% or 4%, which of these applies
Roll Number                                                                               depends on the particular terms that are on offer at the time of investing,
Account                                                                                   please contact us on 020 7597 1900 if you are unsure which terms apply.
holder name                                                                               If left blank a 0% discount will be applied.
                                                                                          Commission                                                                %
Please note that any information you provide us with will be stored and                   Discount                                                                  %
processed electronically.Your name will be added to a mailing list which may
                                                                                          Total                                                                     %
be used to inform you of any new or existing Investec products.We will not
transfer data outside the Investec group, its associated companies or agents.             Please tick the appropriate box as to whether the application is
If you prefer not to receive such details, please tick this box.                          ‘Advised’            or        ‘Execution only’




                                                               This space is intentionally left blank
                                                                                                                                                        May 08
The Investec ISA Transfer Form
Investec Fund Centre                       Please complete BOTH sides of the form and return to:
Telephone 0800 389 2299                    Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.

1 Personal details                                                                         4 Investment details
                                                                                           Please enter the Fund name and the % share you would like to invest
Title              Surname
                                                                                           in a Fund.

First Names                                                                                Fund name                                                               % share

Date of Birth


Daytime Telephone

Email address

Home Address




                                                 Post Code

Do you have a National Insurance Number?                     Yes        No

If yes, you must enter it here

If you do not know it see your form P60, notice of coding or tax return.
Otherwise your employer or tax office may be able to help. If you have retired
you can find the number on the front cover of your pension book.

2 ISA Transfer details
You may transfer either the whole of your current tax year Stocks and Shares
ISA and/or Cash ISA and/or the whole or part of your previous years Stocks and             Please check that the % adds up to 100%
Shares ISAs and/or Cash ISAs into the Investec ISA. Please tick and/or enter details
requested in the boxes below.                                                              Agents only: please complete the Agent’s Stamp box overleaf.
                   Cash ISA Stocks and Shares ISA % or £              Ref. No.
Current tax year                                        100%
                                                                                           5 Income
Previous years       N/A               N/A                                                 This section is for investors in ‘Income’,‘Income & Growth’ Funds (defined on
                                                                                           page 1 of this document) excluding the Target Return (GBP) Fund.
My current ISA manager is:
                                                                                           I wish income from my investment to be (please tick one only)
Please note that the Investec ISA is a Stocks and Shares ISA and if you choose to
transfer your Cash ISA into it this will become a Stocks and Shares ISA.                         Reinvested                         Paid out to my bank account

3 Internet valuation service                                                               If you require income to be paid to you, you should complete the Bank Mandate
If you would like a password so that you can access your valuation online,                 at Section 6 of this form; please note that income can only be sent to a UK bank
please tick here            You must supply your email address in                          account. If this section and the Bank Mandate are not completed, dividends paid
                            ‘Personal details’ above.                                      from the fund(s) will be sent by cheque to your registered address.You may
                                                                                           change options at a later date.
        Please remember to complete BOTH sides of the form


Current ISA Manager’s details
Please do not detach this section of the form.                                             I wish to transfer my Stocks and Shares ISA(s) and/or my Cash ISA as follows:
                                                                                                              Cash ISA Stocks and Shares ISA % or £           Ref. No.
Current ISA Manager’s
Name                                                                                       Current tax year                                       100%

                                                                                           Previous years       N/A               N/A
Current ISA Manager’s
                                                                                           to Investec Fund Managers Limited, PO Box 9042, Chelmsford CM99 2XL.
Address                                                                                    Please liquidate my current ISA investments and hold the cash within my Plan
                                                                                           pending transfer. I should be grateful if you could confirm the date that the
                                                                                           transfer takes effect and the value that is being transferred. I hereby authorise
                                                                                           you to provide Investec Fund Managers Limited with any information that they
                                                     Post Code                             may need relating to my ISA.
                                                                                       
Title              Surname
                                                                                           SIGNATURE          
                                                                                           DATE
First Names
                                                                                      For office use only
The Investec ISA Transfer Form                                                        Agent Number



Investec Fund Centre                        Please complete both sides of the form and remember to sign the declaration.
Telephone 0800 389 2299


6 Bank Mandate for Income Distribution                                               7 Declaration & Authorisation
This section should only be completed if you have chosen, in Section 5, to           By signing below you declare that:
have income paid to you, and if you wish that income to be paid by direct
                                                                                     (a) all subscriptions made, and to be made, belong to me (delete if you will not
transfer to your bank account.We can only make payments to your personal
                                                                                         be subscribing to this ISA);
bank account.
                                                                                     (b) I am 18 years of age or over;
Please forward all income that may become payable from my investment to:
                                                                                     (c) I have not subscribed and will not subscribe more than £7,200 in total to a
                                                                                         Cash ISA and a Stocks and Shares ISA in the same tax year;
Bank /Building
Society name                                                                         (d) I have not subscribed and will not subscribe to another Stocks and Shares
                                                                                         ISA in the same year that I subscribe to this Stocks and Shares ISA; and
Branch address
                                                                                     (e) I am resident and ordinarily resident in the United Kingdom for tax
                                                                                          purposes or, if not so resident, either perform duties which, by virtue of
                                                                                          Section 28 of the Income Tax (Earnings & Pensions) Act 2003 (Crown
                                                                                          employees serving overseas), are treated as being performed in the United
                                                                                          Kingdom, or I am married to, or in a civil partnership with, a person who
                                                   Post Code                              performs such duties. I will inform Investec Fund Managers Limited if I
                                                                                          cease to be so resident and ordinarily resident or to perform such duties
Branch Sort Code                                                                          or be married to, or in a civil partnership with, a person who performs
                                                                                          such duties (delete if you will not be subscribing to this ISA).
Bank Account
number                                                                               I authorise Investec Fund Managers Limited:
or                                                                                   (i) to hold my cash subscription, ISA investments, interest, dividends and any
Building Society
                                                                                         other rights or proceeds in respect of those investments and any other
Roll Number
                                                                                         cash; and
Account
holder name                                                                          (ii) to make on my behalf any claims to relief from tax in respect of ISA
                                                                                          investments
                                                                                     I agree to the terms of the ISA Agreement.
                                                                                     I declare that this transfer form has been completed to the best of my
                                                                                     knowledge and belief and that I have read and understood the Simplified
  Agent’s stamp                                                                      Prospectus, including the Data Protection Policy, which are important because
                                                                                     they form a summary of the basis on which the service is provided.

  FSA reference number
  Please enter the commission and discount percentage and sum of these
  two below.The sum must equal either 3% or 4%, which of these applies           
  depends on the particular terms that are on offer at the time of investing,
                                                                                     SIGNATURE              
  please contact us on 020 7597 1900 if you are unsure which terms apply.
                                                                                     Date
  If left blank a 0% discount will be applied.
  Commission                                                             %
  Discount                                                               %
                                                                                     Please note that any information you provide us with will be stored and
  Total                                                                  %
                                                                                     processed electronically.Your name will be added to a mailing list which may
  Please tick the appropriate box as to whether the application is                   be used to inform you of any new or existing Investec products.We will not
                                                                                     transfer data outside the Investec group, its associated companies or agents.
  ‘Advised’           or       ‘Execution only’
                                                                                     If you prefer not to receive such details, please tick this box.




                                                           This space is intentionally left blank
Post
Fund Centre
Investec Fund Managers Limited
PO Box 9042, Chelmsford CM99 2XL
Telephone
0800 389 2299
Fax
020 7597 1919
Email
info@investecmail.com
Internet
www.investecassetmanagement.com


Issued by Investec Fund Managers Limited, May 2008.

				
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