KL2:2197509.1

KL2:2197509.1
                                 INVESTEC FUNDS
                               MAINLAND CHINA FUND


         SPECIAL MEETING OF SHAREHOLDERS
                             SCHEDULED TO BE HELD ON
                                    [ , 2003]


THIS PROXY IS  SOLICITED  BY THE BOARD OF TRUSTEES  of the  Investec  Funds,  on
behalf of the Investec Mainland China Fund (the "Fund"),  for use at the special
meeting of  shareholders  ("Special  Meeting")  to be held at the offices of the
Fund [1055 Washington Blvd., 3rd Floor,  Stamford,  Connecticut] on [ , 2003] at
______.  The undersigned  hereby appoints [Royce N. Brennan and ___________] and
each of them, with full power of substitution,  as proxies of the undersigned to
vote at the above stated Special Meeting,  and at all adjournments  thereof, all
shares  of  beneficial  interest  of the Fund  that are  held of  record  by the
undersigned  on the  record  date for the  Special  Meeting,  upon the  proposal
indicated below:

IF THIS PROXY CARD IS RETURNED,  AND NO CHOICE IS INDICATED,  THIS PROXY WILL BE
VOTED  AFFIRMATIVELY ON THE MATTER PRESENTED.  THE BOARD OF TRUSTEES  RECOMMENDS
THAT YOU VOTE "FOR" THE FOLLOWING PROPOSAL.

Vote on Proposal:

1.       To approve the Agreement and Plan of Reorganization and Liquidation, as
         is more fully  described in the  accompanying  Combined  Prospectus and
         Proxy Statement,  together with each and every transaction contemplated
         thereby:

                  FOR                   AGAINST                 ABSTAIN

                  [  ]                   [  ]                   [  ]

In their discretion, the Proxies are authorized to vote upon such other business
as may properly come before the meeting.

Please sign  exactly as your name  appears on this card.  When  account is joint
tenants,  all should sign. When signing as executor,  administrator,  trustee or
guardian, please give title. If a corporation or partnership, sign entity's name
and by authorized person.

x                                        x
- ---------------------------------------- --------------------------------------
Signature (Please sign within box)(Date)Signature (Please sign within box)(Date)