UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-PX

________

ANNUAL REPORT OF PROXY VOTING RECORD OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-22920

The Advisors’ Inner Circle Fund III

(Exact name of registrant as specified in charter)

________

101 Federal Street

Boston, Massachusetts 02110

 (Address of principal executive offices)

________

Michael Beattie, President

The Advisors’ Inner Circle Fund III

c/o SEI Corp.

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

________

Registrant’s telephone number, including area code: 1-877-446-3863

Date of Fiscal Year End: October 31

Date of Reporting Period: July 1, 2022 to June 30, 2023

________

Item 1. Proxy Voting Record.

Attached are the proxy voting records for the following funds, each of which
is a series of The Advisors’ Inner Circle Fund III:

Ninety One Emerging Markets Equity Fund

Ninety One Global Franchise Fund

Ninety One Global Environment Fund

Ninety One International Franchise Fund

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ABU DHABI COMMERCIAL BANK
Security ID: M0152Q104 Ticker: ADCB
Meeting Date: 29-Aug-22		Meeting Type: Ordinary Shareholders
	Extraordinary Business		Management	For	Non-Voting
1	Approve Renewal of Debt Issuance Program up to USD
	8B Nonconvertible Shares, Issuance of
	Securities/Sukuk (Additional Tier 1 or Subordinated
	Tier 2 Capital) up to USD 2B, and Authorize Board
	or Authorized Delegates to Execute Necessary
	Procedures		Management	For	Voted - For
2	Amend Articles of Bylaws		Management	For	Voted - For
Meeting Date: 20-Mar-23		Meeting Type: Annual
	Ordinary Business		Management	For	Non-Voting
1	Approve Board Report on Company Operations and
	Financial Position		Management	For	Voted - For
2	Approve Auditors' Report on Company Financial
	Statements		Management	For	Voted - For
3	Approve Internal Shariah Supervisory Board's Report		Management	For	Voted - For
4	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
5	Approve Dividends of AED 0.18 per Share and Bonus
	Shares of AED 0.37 per Share		Management	For	Voted - For
6	Approve Remuneration of Directors		Management	For	Voted - For
7	Approve Discharge of Directors		Management	For	Voted - For
8	Approve Discharge of Auditors		Management	For	Voted - For
9	Ratify Auditors and Fix Their Remuneration for FY
	2023		Management	For	Voted - For
	Extraordinary Business		Management	For	Non-Voting
1.1	Amend Article 6 of Bylaws Re: Company's Capital		Management	For	Voted - For
1.2	Amend Article 15 Paragraph 1 of Bylaws Re: Capital
	Increase		Management	For	Voted - For
1.3	Approve Deletion of Article 15 Paragraph 2 of Bylaws		Management	For	Voted - For
1.4	Approve Addition of Article 41 Paragraph 2 Re:
	Appointment of Internal Shariah Supervisory
	Committee		Management	For	Voted - For
2.1	Authorize Renewal of the Bank's Debt Issuance
	Program and Create New Programs on Issuing
	Non-Convertible Securities into Shares Up to USD
	8,000,000,000		Management	For	Voted - For
2.2	Authorize Issuance of Debt Instrument on a
	Standalone Basis up to USD 2,000,000,000		Management	For	Voted - For
2.3	Authorize Issuance of Debt Tier Capital instruments
	Including Additional Tier 1 Capital or Subordinated
	Tier 2 Capital with an Aggregate Face Amount of up
	to USD 2,000,000,000		Management	For	Voted - For
2.4	Authorize Board, Committee Members, Officer or any
	Authorized Person to Issue Any Type of

1

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
	Sukuk/Non-Convertible Securities into Shares Up to
	USD 8,000,000,000		Management	For	Voted - For
AIA GROUP LIMITED
Security ID: Y002A1105		Ticker: 1299
Meeting Date: 18-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3	Elect Edmund Sze-Wing Tse as Director		Management	For	Voted - For
4	Elect Jack Chak-Kwong So as Director		Management	For	Voted - For
5	Elect Lawrence Juen-Yee Lau as Director		Management	For	Voted - For
6	Approve PricewaterhouseCoopers as Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
7A	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - For
7B	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
8	Approve Increase in Rate of Directors' Fees		Management	For	Voted - For
9	Amend Share Option Scheme		Management	For	Voted - For
10	Amend Restricted Share Unit Scheme		Management	For	Voted - For
11	Amend Employee Share Purchase Plan		Management	For	Voted - For
12	Amend Agency Share Purchase Plan		Management	For	Voted - For
ALDAR PROPERTIES PJSC
Security ID: M0517N101 Ticker: ALDAR
Meeting Date: 16-Mar-23		Meeting Type: Annual
	Ordinary Business		Management	For	Non-Voting
1	Approve Board Report on Company Operations and
	Financial position for FY 2022		Management	For	Voted - For
2	Approve Auditors' Report on Company Financial
	Statements for FY 2022		Management	For	Voted - For
3	Accept Financial Statements and Statutory Reports
	for FY 2022		Management	For	Voted - For
4	Approve Dividends of AED 0.16 per Share for FY 2022		Management	For	Voted - For
5	Approve Discharge of Directors for FY 2022		Management	For	Voted - For
6	Approve Discharge of Auditors for FY 2022		Management	For	Voted - For
7	Approve Remuneration of Directors for FY 2022		Management	For	Voted - Against
8	Ratify Auditors and Fix Their Remuneration for FY
	2023		Management	For	Voted - For
	Extraordinary Business		Management	For	Non-Voting
9	Approve Social Contribution for FY 2023 and
	Authorize the Board to Determine theBeneficiaries		Management	For	Voted - For
10	Amend Articles of Association		Management	For	Voted - For

2

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ALIBABA GROUP HOLDING LIMITED
Security ID: G01719114		Ticker: 9988
Meeting Date: 30-Sep-22		Meeting Type: Annual
1.1	Elect Director Daniel Yong Zhang		Management	For	Voted - For
1.2	Elect Director Jerry Yang		Management	For	Voted - For
1.3	Elect Director Wan Ling Martello		Management	For	Voted - For
1.4	Elect Director Weijian Shan		Management	For	Voted - For
1.5	Elect Director Irene Yun-Lien Lee		Management	For	Voted - For
1.6	Elect Director Albert Kong Ping Ng		Management	For	Voted - For
2	Ratify PricewaterhouseCoopers as Auditors		Management	For	Voted - For
AMBEV SA
Security ID: P0273U106		Ticker: ABEV3
Meeting Date: 28-Apr-23		Meeting Type: Annual/Special
	Meeting for ADR Holders		Management	For	Non-Voting
	Annual Meeting Agenda		Management	For	Non-Voting
1	Accept Financial Statements and Statutory Reports
	for Fiscal Year Ended Dec. 31, 2022		Management	For	Voted - For
2	Approve Allocation of Income and Dividends		Management	For	Voted - For
3	Fix Number of Directors at 11		Management	For	Voted - For
4a.1	Elect Michel Dimitrios Doukeris as Director		Management	For	Voted - Abstain
4a.2	Elect Victorio Carlos De Marchi as Director		Management	For	Voted - Abstain
4a.3	Elect Milton Seligman as Director		Management	For	Voted - Abstain
4a.4	Elect Fabio Colleti Barbosa as Director		Management	For	Voted - Abstain
4a.5	Elect Fernando Mommensohn Tennenbaum as Director		Management	For	Voted - Abstain
4a.6	Elect Lia Machado de Matos as Director		Management	For	Voted - Abstain
4a.7	Elect Nelson Jose Jamel as Director		Management	For	Voted - Abstain
4a.8	Elect Carlos Eduardo Klutzenschell Lisboa as
	Director		Management	For	Voted - Abstain
4a.9	Elect Claudia Quintella Woods as Independent
	Director		Management	For	Voted - For
4a.10Elect Marcos de Barros Lisboa as Independent
	Director		Management	For	Voted - For
4a.11Elect Luciana Pires Dias as Independent Director			Management	For	Voted - For
4b.1	Elect Ricardo Tadeu Almeida Cabral de Soares as
	Alternate Director		Management	For	Voted - For
4b.2	Elect David Henrique Galatro de Almeida as
	Alternate Director		Management	For	Voted - For
5	In Case Cumulative Voting Is Adopted, Do You Wish
	to Equally Distribute Your Votes Amongst the
	Nominees?		Management	None	Voted - Abstain
	You are Required to Vote in Only One Option: 6a or
	6b		Management	For	Non-Voting
6a.1	Elect Fiscal Council Members		Management	For	Voted - Abstain
6a.2	In Case One of the Nominees Leaves the Fiscal
	Council Slate Due to a Separate Minority Election,

3

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
	as Allowed Under Articles 161 and 240 of the
	Brazilian Corporate Law, May Your Votes Still Be
	Counted for the Proposed Slate?		Management	None	Voted - Abstain
6b	Elect Fabio de Oliveira Moser as Fiscal Council
	Member and Nilson Martiniano Moreira as Alternate
	Appointed by Minority Shareholder		Shareholder	None	Voted - For
7	Approve Remuneration of Company's Management		Management	For	Voted - Abstain
8	Approve Remuneration of Fiscal Council Members		Management	For	Voted - For
	Extraordinary Meeting Agenda		Management	For	Non-Voting
1a	Amend Article 3 Re: Corporate Purpose		Management	For	Voted - For
1b	Amend Article 5 to Reflect Changes in Capital		Management	For	Voted - For
1c	Amend Article 15		Management	For	Voted - For
1d	Amend Article 21		Management	For	Voted - For
2	Consolidate Bylaws		Management	For	Voted - For
ANGLO AMERICAN PLC
Security ID: G03764134		Ticker: AAL
Meeting Date: 26-Apr-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3	Elect Magali Anderson as Director		Management	For	Voted - For
4	Re-elect Stuart Chambers as Director		Management	For	Voted - For
5	Re-elect Duncan Wanblad as Director		Management	For	Voted - For
6	Re-elect Stephen Pearce as Director		Management	For	Voted - For
7	Re-elect Ian Ashby as Director		Management	For	Voted - For
8	Re-elect Marcelo Bastos as Director		Management	For	Voted - For
9	Re-elect Hilary Maxson as Director		Management	For	Voted - For
10	Re-elect Hixonia Nyasulu as Director		Management	For	Voted - For
11	Re-elect Nonkululeko Nyembezi as Director		Management	For	Voted - For
12	Re-elect Ian Tyler as Director		Management	For	Voted - For
13	Reappoint PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - For
14	Authorise Board to Fix Remuneration of Auditors		Management	For	Voted - For
15	Approve Remuneration Policy		Management	For	Voted - For
16	Approve Remuneration Report		Management	For	Voted - For
17	Authorise Issue of Equity		Management	For	Voted - For
18	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
19	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For
20	Authorise the Company to Call General Meeting with
	Two Weeks' Notice		Management	For	Voted - For
ARCA CONTINENTAL SAB DE CV
Security ID: P0448R103		Ticker: AC
Meeting Date: 30-Mar-23		Meeting Type: Annual
1	Approve CEO's Report on Results and Operations of
	Company, Auditor's Report and Board's Opinion;
	Approve Board's Report on Activities; Approve

4

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
	Report of Audit and Corporate Practices Committee;
	Receive Report on Adherence to Fiscal Obligations		Management	For	Voted - For
2	Approve Allocation of Income and Cash Dividends of
	MXN 3.50 Per Share		Management	For	Voted - For
3	Set Maximum Amount of Share Repurchase Reserve		Management	For	Voted - For
4	Authorize Reduction in Variable Portion of Capital
	via Cancellation of Repurchased Shares		Management	For	Voted - For
5	Elect Directors, Verify their Independence
	Classification, Approve their Remuneration and
	Elect Secretaries		Management	For	Voted - Against
6	Approve Remuneration of Board Committee Members;
	Elect Chairman of Audit and Corporate Practices
	Committee		Management	For	Voted - Against
7	Appoint Legal Representatives		Management	For	Voted - For
8	Approve Minutes of Meeting		Management	For	Voted - For
ATACADAO SA
Security ID: P0565P138		Ticker: CRFB3
Meeting Date: 07-Jul-22		Meeting Type: Extraordinary Shareholders
1	Fix Number of Directors at 13		Management	For	Voted - For
2	Amend Articles and Consolidate Bylaws		Management	For	Voted - For
3	Elect Directors		Management	For	Voted - Against
4	Approve Classification of Claudia Almeida e Silva,
	Vania Maria Lima Neves, and Alexandre Arie Szapiro
	as Independent Directors		Management	For	Voted - For
BANGKOK BANK PUBLIC COMPANY LIMITED
Security ID: Y0606R101		Ticker: BBL
Meeting Date: 12-Apr-23		Meeting Type: Annual
1	Acknowledge Operations Results		Management	For	Non-Voting
2	Approve Financial Statements		Management	For	Voted - For
3	Approve Allocation of Income and Dividend Payment		Management	For	Voted - For
4.1	Elect Deja Tulananda as Director		Management	For	Voted - For
4.2	Elect Siri Jirapongphan as Director		Management	For	Voted - For
4.3	Elect Pichet Durongkaveroj as Director		Management	For	Voted - For
4.4	Elect Charamporn Jotikasthira as Director		Management	For	Voted - For
4.5	Elect Chartsiri Sophonpanich as Director		Management	For	Voted - For
4.6	Elect Chansak Fuangfu as Director		Management	For	Voted - For
4.7	Elect Niramarn Laisathit as Director		Management	For	Voted - For
5	Acknowledge Remuneration of Directors		Management	For	Non-Voting
6	Approve Deloitte Touche Tohmatsu Jaiyos Audit Co.,
	Ltd. as Auditors and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
7	Amend Articles of Association		Management	For	Voted - For
8	Other Business		Management	For	Voted - Against

5

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
BID CORP. LTD.
Security ID: S11881109		Ticker: BID
Meeting Date: 17-Nov-22		Meeting Type: Annual
1	Reappoint PricewaterhouseCoopers Inc as Auditors
	with Eben Gerryts as the Individual Registered
	Auditor		Management	For	Voted - For
2.1	Re-elect Tasneem Abdool-Samad as Director		Management	For	Voted - For
2.2	Re-elect David Cleasby as Director		Management	For	Voted - For
2.3	Re-elect Brian Joffe as Director		Management	For	Voted - For
2.4	Re-elect Helen Wiseman as Director		Management	For	Voted - For
3.1	Re-elect Tasneem Abdool-Samad as Member of the
	Audit and Risk Committee		Management	For	Voted - For
3.2	Re-elect Paul Baloyi as Member of the Audit and
	Risk Committee		Management	For	Voted - For
3.3	Re-elect Keneilwe Moloko as Member of the Audit and
	Risk Committee		Management	For	Voted - For
3.4	Re-elect Nigel Payne as Member of the Audit and
	Risk Committee		Management	For	Voted - For
3.5	Re-elect Helen Wiseman as Chairman of the Audit and
	Risk Committee		Management	For	Voted - For
4.1	Approve Remuneration Policy		Management	For	Voted - For
4.2	Approve Implementation of Remuneration Policy		Management	For	Voted - For
5	Amend the Conditional Share Plan Scheme		Management	For	Voted - For
6	Place Authorised but Unissued Shares under Control
	of Directors		Management	For	Voted - For
7	Authorise Board to Issue Shares for Cash		Management	For	Voted - For
8	Approve Pro Rata Reduction of Stated Capital in
	lieu of Dividend		Management	For	Voted - For
9	Authorise Creation and Issuance of Convertible
	Debentures or Other Convertible Instruments		Management	For	Voted - For
10	Authorise Ratification of Approved Resolutions		Management	For	Voted - For
11	Authorise Repurchase of Issued Share Capital		Management	For	Voted - For
12.1	Approve Fees of the Chairman		Management	For	Voted - For
12.2	Approve Fees of the Lead Independent Non-executive
	Director		Management	For	Voted - For
12.3	Approve Fees of the Non-executive Directors		Management	For	Voted - For
12.4	Approve Fees of the Audit and Risk Committee
	Chairman		Management	For	Voted - For
12.5	Approve Fees of the Audit and Risk Committee Member		Management	For	Voted - For
12.6	Approve Fees of the Remuneration Committee Chairman		Management	For	Voted - For
12.7	Approve Fees of the Remuneration Committee Member		Management	For	Voted - For
12.8	Approve Fees of the Nominations Committee Chairman		Management	For	Voted - For
12.9	Approve Fees of the Nominations Committee Member		Management	For	Voted - For
12.10Approve Fees of the Acquisitions Committee Chairman			Management	For	Voted - For
12.11Approve Fees of the Acquisitions Committee Member			Management	For	Voted - For
12.12Approve Fees of the Social and Ethics Committee
	Chairman		Management	For	Voted - For
12.13Approve Fees of the Social and Ethics Committee
	Member		Management	For	Voted - For

6

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
12.14Approve Fees of the Ad hoc Meetings			Management	For	Voted - For
12.15Approve Fees of the Travel per Meeting Cycle			Management	For	Voted - For
13	Approve Financial Assistance to Related or
	Inter-related Companies and Corporations		Management	For	Voted - For
Meeting Date: 29-Jun-23		Meeting Type: Special
1	Amend Conditional Share Plan to Require that a
	Participant Exercises their Vested Awards Before
	they can be Settled and Freely Disposed of		Management	For	Voted - For
2	Amend Conditional Share Plan to Introduce a
	Discretion on the Remuneration Committee to
	Determine that Awards of "Good Leavers" may Not be
	Subject to Time Pro-Rated Early Vesting and may
	Vest in Full in the Ordinary Course		Management	For	Voted - For
3	Authorise Ratification of Approved Resolutions		Management	For	Voted - For
BOSIDENG INTERNATIONAL HOLDINGS LIMITED
Security ID: G12652106		Ticker: 3998
Meeting Date: 22-Aug-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3.1	Elect Gao Xiaodong as Director		Management	For	Voted - For
3.2	Elect Dong Binggen as Director		Management	For	Voted - Against
3.3	Elect Ngai Wai Fung as Director		Management	For	Voted - Against
3.4	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
4	Approve KPMG as Auditors and Authorize Board to Fix
	Their Remuneration		Management	For	Voted - For
5	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - Against
6	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
7	Authorize Reissuance of Repurchased Shares		Management	For	Voted - Against
8	Amend Existing Amended and Restated Articles of
	Association and Adopt New Amended and Restated
	Articles of Association		Management	For	Voted - For
CENTRAIS ELETRICAS BRASILEIRAS SA
Security ID: P22854106		Ticker: ELET6
Meeting Date: 27-Apr-23		Meeting Type: Annual
	Meeting for Preferred Shareholders		Management	For	Non-Voting
1	Do You Wish to Request Installation of a Fiscal
	Council, Under the Terms of Article 161 of the
	Brazilian Corporate Law?		Management	None	Voted - For
2	Elect Gisomar Francisco de Bittencourt Marinho as
	Fiscal Council Member and Paulo Roberto Franceschi
	as Alternate Appointed by Preferred Shareholder		Shareholder	None	Voted - For

7

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
CHEMICAL WORKS OF GEDEON RICHTER PLC
Security ID: X3124S107		Ticker: RICHT
Meeting Date: 25-Apr-23		Meeting Type: Annual
1	Approve Use of Electronic Vote Collection Method		Management	For	Voted - For
2	Authorize Company to Produce Sound Recording of
	Meeting Proceedings		Management	For	Voted - For
3	Elect Chairman and Other Meeting Officials		Management	For	Voted - For
4	Approve Consolidated Financial Statements		Management	For	Voted - For
5	Approve Management Board Report on Company's
	Operations, Business Policy, and Financial Standing		Management	For	Voted - For
6	Approve Financial Statements		Management	For	Voted - For
7	Approve Allocation of Income and Dividends of HUF
	390 per Share		Management	For	Voted - For
8	Approve Company's Corporate Governance Statement		Management	For	Voted - For
9	Amend Remuneration Policy		Management	For	Voted - For
10	Approve Remuneration Report		Management	For	Voted - For
11.1	Amend Bylaws		Management	For	Voted - For
11.2	Amend Bylaws		Management	For	Voted - For
13	Approve Report on Share Repurchase Program		Management	For	Voted - For
14	Authorize Share Repurchase Program		Management	For	Voted - For
15.1	Reelect Erik Attila Bogsch as Management Board
	Member		Management	For	Voted - For
15.2	Reelect Gabor Orban as Management Board Member		Management	For	Voted - For
15.3	Reelect Ilona Hardy dr. Pinterne as Management
	Board Member		Management	For	Voted - For
15.4	Reelect Elek Szilveszter Vizias Management Board
	Member		Management	For	Voted - For
15.5	Reelect Peter Cserhati as Management Board Member		Management	For	Voted - For
15.6	Elect Gabriella Balogh as Management Board Member		Management	For	Voted - For
15.7	Elect Balazs Szepesi as Management Board Member		Management	For	Voted - For
15.8	Elect Laszlone Nemeth as Management Board Member		Management	For	Voted - For
16	Elect Ferenc Sallai as Employee Representative to
	Supervisory Board		Management	For	Voted - For
17.1	Approve Terms of Remuneration of Management Board
	Members		Management	For	Voted - For
17.2	Approve Terms of Remuneration of Management Board
	Members		Management	For	Voted - For
17.3	Approve Terms of Remuneration of Management Board
	Members		Management	For	Voted - For
18.1	Approve Terms of Remuneration of Supervisory Board
	Members		Management	For	Voted - For
18.2	Approve Terms of Remuneration of Supervisory Board
	Members		Management	For	Voted - For
18.3	Approve Terms of Remuneration of Audit Committee
	Members		Management	For	Voted - For
19	Ratify Deloitte Auditing and Consulting Ltd. as
	Auditor		Management	For	Voted - For
20	Approve Auditor's Remuneration		Management	For	Voted - For
21	Transact Other Business		Management	For	Voted - Against

8

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
CHINA CONSTRUCTION BANK CORPORATION
Security ID: Y1397N101		Ticker: 939
Meeting Date: 19-Dec-22		Meeting Type: Extraordinary Shareholders
	Egm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Remuneration Distribution and Settlement
	Plan for Directors for the Year 2021		Management	For	Voted - For
2	Approve Remuneration Distribution and Settlement
	Plan for Supervisors for the Year 2021		Management	For	Voted - For
3	Approve Additional Quota for Charitable Donations
	in 2022		Management	For	Voted - For
4	Elect Li Lu as Director		Shareholder	For	Voted - For
Meeting Date: 29-Jun-23		Meeting Type: Annual
	Agm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Final Financial Accounts		Management	For	Voted - For
4	Approve Profit Distribution Plan		Management	For	Voted - For
5	Approve Ernst & Young Hua Ming LLP as Domestic
	Auditor and Ernst & Young as International Auditor
	and Authorize Board to Fix Their Remuneration		Management	For	Voted - For
6	Approve Fixed Assets Investment Budget		Management	For	Voted - For
7	Elect Tian Guoli as Director		Management	For	Voted - Against
8	Elect Shao Min as Director		Management	For	Voted - For
9	Elect Liu Fang as Director		Management	For	Voted - Against
10	Elect Lord Sassoon as Director		Management	For	Voted - For
11	Elect Liu Huan as Supervisor		Management	For	Voted - For
12	Elect Ben Shenglin as Supervisor		Management	For	Voted - For
13	Approve Capital Planning for the Period from 2024
	to 2026		Management	For	Voted - For
14	Approve Issuance of Qualified Write-down Tier-2
	Capital Instruments		Management	For	Voted - For
CHINA INTERNATIONAL CAPITAL CORPORATION LIMITED
Security ID: Y1R99Y109 Ticker: 3908
Meeting Date: 30-Jun-23		Meeting Type: Annual
	Agm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Amend Articles of Association		Management	For	Voted - Abstain
2	Amend Rules and Procedures Regarding Meetings of
	Board of Directors		Management	For	Voted - For
3	Approve Work Report of the Board of Directors		Management	For	Voted - For
4	Approve Work Report of the Supervisory Committee		Management	For	Voted - For
5	Approve Annual Report		Management	For	Voted - For
6	Approve Profit Distribution Plan		Management	For	Voted - For

9

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
7	Approve Deloitte Touche Tohmatsu Certified Public
	Accountants LLP as Domestic Accounting Firm and
	Deloitte Touche Tohmatsu as International
	Accounting Firm and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - Against
	RESOLUTIONS IN RELATION TO THE 2023 ANNUAL
	ESTIMATION FOR DAILY RELATED-PARTY TRANSACTIONS			Management	For	Non-Voting
8.01	Approve Estimated Related-Party Transactions with
	Legal Persons Controlled by Huang Zhaohui, or in
	which He Serves as a Director or Senior Management		Management	For	Voted - For
8.02	Approve Estimated Related-Party Transactions with
	Legal Persons Controlled by Tan Lixia, or in which
	She Serves as a Director or Senior Management		Management	For	Voted - For
8.03	Approve Estimated Related-Party Transactions with
	Legal Persons Controlled by Duan Wenwu, or in which
	He Serves as a Director or Senior Management		Management	For	Voted - For
8.04	Approve Estimated Related-Party Transactions with
	Other Related Legal Persons or Other Organizations		Management	For	Voted - For
8.05	Approve Estimated Related-Party Transactions with
	Other Related Natural Persons		Management	For	Voted - For
9	Approve Annual Work Report of Independent
	Non-Executive Directors		Management	For	Voted - For
10	Elect Zhang Wei as Director		Shareholder	For	Voted - For
11	Elect Kong Lingyan as Director		Shareholder	For	Voted - For
12	Elect Zhou Yu as Director		Management	For	Voted - For
CHINA LONGYUAN POWER GROUP CORPORATION LIMITED
Security ID: Y1501T101		Ticker: 916
Meeting Date: 30-Jan-23		Meeting Type: Extraordinary Shareholders
	Egm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Da Hua Certified Public Accountants
	(Special General Partnership) as A Share Internal
	Control Auditor and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
2	Approve Increase in Registered Capital of Guangdong
	New Energy		Management	For	Voted - For
Meeting Date: 15-Jun-23		Meeting Type: Annual
	Agm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Annual Report		Management	For	Voted - For
2	Approve Report of the Board of Directors		Management	For	Voted - For
3	Approve Report of the Supervisory Board		Management	For	Voted - For
4	Approve Audited Financial Statements and Final
	Accounts Report		Management	For	Voted - For
5	Approve Profit Distribution Plan		Management	For	Voted - For
6	Approve Budget Report		Management	For	Voted - Against
7	Approve Remuneration Plan for Directors and
	Supervisors		Management	For	Voted - For
8	Elect Gong Yufei as Director		Management	For	Voted - For

10

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
9	Approve Ernst & Young as International Auditor		Management	For	Voted - For
10	Approve Provision of Financial Assistance to
	Controlled Subsidiaries		Management	For	Voted - For
11	Amend Articles of Association		Management	For	Voted - Against
12	Approve Grant of General Mandate to Apply for
	Registration and Issuance of Debt Financing
	Instruments in the PRC		Management	For	Voted - For
13	Approve Grant of General Mandate to Apply for
	Registration and Issuance of Debt Financing
	Instruments Overseas		Management	For	Voted - For
14	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - Against
CIMB GROUP HOLDINGS BERHAD
Security ID: Y1636J101		Ticker: 1023
Meeting Date: 13-Apr-23		Meeting Type: Annual
1	Elect Mohd Nasir Ahmad as Director		Management	For	Voted - For
2	Elect Didi Syafruddin Yahya as Director		Management	For	Voted - For
3	Elect Shulamite N K Khoo as Director		Management	For	Voted - For
4	Elect Ho Yuet Mee as Director		Management	For	Voted - For
5	Approve Directors' Fees		Management	For	Voted - For
6	Approve Directors' Allowances and Benefits		Management	For	Voted - For
7	Approve PricewaterhouseCoopers as Auditors and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
8	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - For
9	Approve Renewal of Issuance of New Shares Under the
	Distribution Reinvestment Scheme		Management	For	Voted - For
10	Approve Share Repurchase Program		Management	For	Voted - For
CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD.
Security ID: Y1R48E105 Ticker: 300750
Meeting Date: 05-Sep-22		Meeting Type: Special
1	Approve Draft and Summary of Stock Option Plan and
	Performance Share Incentive Plan		Management	For	Voted - Against
2	Approve Methods to Assess the Performance of Plan
	Participants		Management	For	Voted - Against
3	Approve Authorization of the Board to Handle All
	Related Matters		Management	For	Voted - Against
4	Approve Investment and Construction of the
	Xiongyali Shidai New Energy Battery Industrial Base
	Project		Management	For	Voted - For
5	Approve Interim Profit Distribution		Shareholder	For	Voted - For
6	Amend Articles of Association		Shareholder	For	Voted - For

11

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
Meeting Date: 16-Nov-22		Meeting Type: Special
1	Approve Capital Increase and Share Expansion as
	well as Waiver of Rights and External Guarantees		Management	For	Voted - For
2	Approve Additional Guarantee Provision		Management	For	Voted - For
3	Approve Issuance of Medium-term Notes		Management	For	Voted - For
4	Elect Xin Rong (Katherine Rong XIN) as
	Non-independent Director		Management	For	Voted - For
Meeting Date: 31-Mar-23		Meeting Type: Annual
1	Approve Annual Report and Summary		Management	For	Voted - For
2	Approve Report of the Board of Directors		Management	For	Voted - For
3	Approve Report of the Board of Supervisors		Management	For	Voted - For
4	Approve Profit Distribution and Capitalization of
	Capital Reserves Plan		Management	For	Voted - For
5	Approve Financial Statements		Management	For	Voted - For
6	Approve 2022 and 2023 Remuneration of Directors		Management	For	Voted - For
7	Approve 2022 and 2023 Remuneration of Supervisors		Management	For	Voted - For
8	Approve Purchase of Liability Insurance for
	Directors, Supervisors and Senior Management Members		Management	For	Voted - For
9	Approve to Appoint Auditor		Management	For	Voted - For
10	Approve Related Party Transaction		Management	For	Voted - For
11	Approve Application of Credit Lines		Management	For	Voted - Against
12	Approve Estimated Amount of Guarantees		Management	For	Voted - Against
13	Approve Hedging Plan		Management	For	Voted - For
14	Approve Repurchase and Cancellation of Performance
	Shares Deliberated at the 11th Meeting of the Board
	of Directors		Management	For	Voted - For
15	Approve Repurchase and Cancellation of Performance
	Shares Deliberated at the 17th Meeting of the Board
	of Directors		Management	For	Voted - For
16	Approve Change in Registered Capital and Amendment
	of Articles of Association Deliberated at the 16th
	Meeting of the Board of Directors		Management	For	Voted - For
17	Approve Change in Registered Capital and Amendment
	of Articles of Association Deliberated at the 17th
	Meeting of the Board of Directors		Management	For	Voted - For
18	Approve Formulation of External Donation Management
	System		Management	For	Voted - Against
19	Amend the Currency Fund Management System		Management	For	Voted - Against
20	Amend Management System for Providing External
	Guarantees		Management	For	Voted - Against
CYRELA BRAZIL REALTY SA EMPREENDIMENTOS E PARTICIPACOES
Security ID: P34085103		Ticker: CYRE3
Meeting Date: 27-Apr-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports
	for Fiscal Year Ended Dec. 31, 2022		Management	For	Voted - For

12

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2	Accept Management Statements for Fiscal Year Ended
	Dec. 31, 2022		Management	For	Voted - For
3	Approve Allocation of Income and Dividends		Management	For	Voted - For
4	Approve Remuneration of Company's Management and
	Fiscal Council		Management	For	Voted - For
5	Do You Wish to Request Installation of a Fiscal
	Council, Under the Terms of Article 161 of the
	Brazilian Corporate Law?		Management	None	Voted - Abstain
EAST MONEY INFORMATION CO., LTD.
Security ID: Y2234B102		Ticker: 300059
Meeting Date: 16-Nov-22		Meeting Type: Special
1	Approve Issuance of GDR and Listing on the SIX
	Swiss Exchange as well as Conversion to an Overseas
	Fundraising Company		Management	For	Voted - For
	Approve Issuance Of Gdr And Listing On The Six
	Swiss Exchange		Management	For	Non-Voting
2.1	Approve Share Type and Par Value		Management	For	Voted - For
2.2	Approve Issue Time		Management	For	Voted - For
2.3	Approve Issue Manner		Management	For	Voted - For
2.4	Approve Issue Size		Management	For	Voted - For
2.5	Approve Scale of GDR in Existence Period		Management	For	Voted - For
2.6	Approve Conversion Rate of GDR and Underlying
	Securities A Shares		Management	For	Voted - For
2.7	Approve Pricing Method		Management	For	Voted - For
2.8	Approve Target Subscribers		Management	For	Voted - For
2.9	Approve Conversion Restriction Period for GDR and
	Underlying Securities A Shares		Management	For	Voted - For
2.10	Approve Underwriting Method		Management	For	Voted - For
3	Approve Report on the Usage of Previously Raised
	Funds		Management	For	Voted - For
4	Approve Raised Funds Usage Plan		Management	For	Voted - For
5	Approve Resolution Validity Period		Management	For	Voted - For
6	Approve Authorization of Board to Handle All
	Related Matters		Management	For	Voted - For
7	Approve Distribution Arrangement of Cumulative
	Earnings		Management	For	Voted - For
8	Approve Formulation of Articles of Association		Management	For	Voted - Against
9	Approve Formulation of Rules and Procedures
	Regarding General Meetings of Shareholders		Management	For	Voted - For
10	Approve Formulation of Rules and Procedures
	Regarding Meetings of Board of Directors		Management	For	Voted - For
11	Approve Formulation of Rules and Procedures
	Regarding Meetings of Board of Supervisors		Management	For	Voted - For
Meeting Date: 20-Jan-23		Meeting Type: Special
	Elect Non-Independent Directors Via Cumulative
	Voting		Management	For	Non-Voting
1.1	Elect Qi Shi as Director		Management	For	Voted - For

13

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1.2	Elect Zheng Likun as Director		Management	For	Voted - For
1.3	Elect Chen Kai as Director		Management	For	Voted - For
1.4	Elect Huang Jianhai as Director		Management	For	Voted - For
	Elect Independent Directors Via Cumulative Voting		Management	For	Non-Voting
2.1	Elect Li Zhiping as Director		Management	For	Voted - For
2.2	Elect Zhu Zhenmei as Director		Management	For	Voted - For
	Elect Supervisors Via Cumulative Voting		Management	For	Non-Voting
3.1	Elect Bao Yiqing as Supervisor		Management	For	Voted - For
3.2	Elect Huang Liming as Supervisor		Management	For	Voted - For
Meeting Date: 07-Apr-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Financial Statements		Management	For	Voted - For
4	Approve Annual Report and Summary		Management	For	Voted - For
5	Approve Profit Distribution and Capitalization of
	Capital Reserves		Management	For	Voted - For
6	Approve Change in Registered Capital and Amendment
	of Articles of Association		Management	For	Voted - For
7	Approve to Appoint Auditor		Management	For	Voted - For
8	Approve Shareholder Return Plan		Management	For	Voted - For
9	Approve Provision of Guarantee		Management	For	Voted - For
EMAAR PROPERTIES PJSC
Security ID: M4025S107 Ticker: EMAAR
Meeting Date: 21-Sep-22		Meeting Type: Special
	Extraordinary Business		Management	For	Non-Voting
1	Approve Acquisition of Certain Assets from Dubai
	Holding LLC by Issuing of Convertible Bonds Up to
	AED 3,750,000,000, Approve Capital Increase to AED
	8,838,789,849 and Authorize the Board or any
	Authorized Person to Execute the Approved
	Resolutions		Management	For	Voted - For
	Ordinary Business		Management	For	Non-Voting
2	Approve Sale of Namshi Holding Ltd to Noon AD
	Holdings Ltd for AED 1,231,860,000 Authorize
	Chairman or any Authorized Person to Ratify and
	Execute the Approved Resolutions		Management	For	Voted - For
	Continuation of Extraordinary Business		Management	For	Non-Voting
3	Approve Abolition of the Minimum Contribution of
	UAE Nationals and GCC Nationals in the Company, and
	Amend Article 7 of Articles of Association		Management	For	Voted - For
Meeting Date: 17-Apr-23		Meeting Type: Annual
	Ordinary Business		Management	For	Non-Voting
1	Approve Board Report on Company Operations and Its
	Financial Position for FY 2022		Management	For	Voted - For

14

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2	Approve Auditors' Report on Company Financial
	Statements for FY 2022		Management	For	Voted - For
3	Accept Financial Statements and Statutory Reports
	for FY 2022		Management	For	Voted - For
4	Approve Dividends of AED 0.25 per Share		Management	For	Voted - For
5	Approve Remuneration of Directors		Management	For	Voted - For
6	Approve Discharge of Directors for FY 2022		Management	For	Voted - For
7	Approve Discharge of Auditors for FY 2023		Management	For	Voted - For
8	Appoint Auditors and Fix Their Remuneration for FY
	2023		Management	For	Voted - Against
9	Allow Directors to Engage in Commercial
	Transactions with Competitors		Management	For	Voted - For
ENN ENERGY HOLDINGS LIMITED
Security ID: G3066L101		Ticker: 2688
Meeting Date: 24-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3a1	Elect Zheng Hongtao as Director		Management	For	Voted - For
3a2	Elect Liu Jianfeng as Director		Management	For	Voted - For
3a3	Elect Jin Yongsheng as Director		Management	For	Voted - For
3a4	Elect Ma Zhixiang as Director		Management	For	Voted - For
3a5	Elect Yuen Po Kwong as Director		Management	For	Voted - For
3b	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
4	Approve Deloitte Touche Tohmatsu as Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
5	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - For
6	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
7	Adopt Amended and Restated Articles of Association
	and Related Transactions		Management	For	Voted - For
ERSTE GROUP BANK AG
Security ID: A19494102		Ticker: EBS
Meeting Date: 12-May-23		Meeting Type: Annual
1	Receive Financial Statements and Statutory Reports
	for Fiscal Year 2022 (Non-Voting)		Management	For	Non-Voting
2	Approve Allocation of Income and Dividends of EUR
	1.90 per Share		Management	For	Voted - For
3	Approve Discharge of Management Board for Fiscal
	Year 2022		Management	For	Voted - For
4	Approve Discharge of Supervisory Board for Fiscal
	Year 2022		Management	For	Voted - For
5	Ratify PwC Wirtschaftspruefung GmbH as Auditors for
	Fiscal Year 2024		Management	For	Voted - For
6	Approve Remuneration Report		Management	For	Voted - For

15

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
7	Amend Articles Re: Removal of Age Limit of
	Management and Supervisory Board Members		Management	For	Voted - For
8.1	Approve Increase in Size of Supervisory Board to 14
	Members		Management	For	Voted - For
8.2	Reelect Friedrich Santner as Supervisory Board
	Member		Management	For	Voted - For
8.3	Reelect Andras Simor as Supervisory Board Member		Management	For	Voted - For
8.4	Elect Christiane Tusek as Supervisory Board Member		Management	For	Voted - For
9	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital for Trading Purposes		Management	For	Voted - For
10.1	Authorize Share Repurchase Program and Cancellation
	of Repurchased Shares		Management	For	Voted - For
10.2	Authorize Reissuance of Repurchased Shares		Management	For	Voted - For
FIRSTRAND LTD.
Security ID: S5202Z131		Ticker: FSR
Meeting Date: 25-Aug-22		Meeting Type: Special
	Special Resolutions		Management	For	Non-Voting
1	Authorise Repurchase of Issued Preference Share
	Capital		Management	For	Voted - For
2	Approve Scheme of Arrangement in Accordance with
	Section 48(8)(b)		Management	For	Voted - For
	Ordinary Resolutions		Management	For	Non-Voting
1	Authorise Ratification of Approved Resolutions		Management	For	Voted - For
Meeting Date: 01-Dec-22		Meeting Type: Annual
	Ordinary Resolutions		Management	For	Non-Voting
1.1	Re-elect Grant Gelink as Director		Management	For	Voted - For
1.2	Re-elect Louis von Zeuner as Director		Management	For	Voted - For
1.3	Elect Shireen Naidoo as Director		Management	For	Voted - For
2.1	Reappoint Deloitte & Touche as Auditors of the
	Company		Management	For	Voted - For
2.2	Reappoint PricewaterhouseCoopers Inc as Auditors of
	the Company		Management	For	Voted - For
3	Authorise Board to Issue Shares for Cash		Management	For	Voted - For
4	Authorise Ratification of Approved Resolutions		Management	For	Voted - For
	Advisory Endorsement		Management	For	Non-Voting
1	Approve Remuneration Policy		Management	For	Voted - For
2	Approve Remuneration Implementation Report		Management	For	Voted - For
	Special Resolutions		Management	For	Non-Voting
1	Authorise Repurchase of Issued Share Capital		Management	For	Voted - For
2.1	Approve Financial Assistance to Directors and
	Prescribed Officers as Employee Share Scheme
	Beneficiaries		Management	For	Voted - For
2.2	Approve Financial Assistance to Related and
	Inter-related Entities		Management	For	Voted - For
3	Approve Remuneration of Non-Executive Directors		Management	For	Voted - For

16

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
FUBON FINANCIAL HOLDING CO., LTD.
Security ID: Y26528102		Ticker: 2881
Meeting Date: 09-Jun-23		Meeting Type: Annual
	AGM BALLOT FOR HOLDERS OF COMMON SHARES		Management	For	Non-Voting
1	Approve Business Report and Financial Statements		Management	For	Voted - For
2	Approve Plan on Profit Distribution		Management	For	Voted - For
3	Approve Issuance of New Shares from Capitalization
	of the Company's Capital Reserve		Management	For	Voted - For
4	Approve Plan to Raise Long-term Capital		Management	For	Voted - For
5	Approve Amendments to Articles of Association		Management	For	Voted - For
	ELECT NON-INDEPENDENT DIRECTORS AND INDEPENDENT
	DIRECTORS VIA CUMULATIVE VOTING		Management	For	Non-Voting
6.1	Elect RICHARD M.TSAI with SHAREHOLDER NO.4 as
	Non-independent Director		Management	For	Voted - For
6.2	Elect DANIEL M.TSAI with SHAREHOLDER NO.3 as
	Non-independent Director		Management	For	Voted - For
6.3	Elect JERRY HARN, a Representative of MING DONG
	CO., LTD. with SHAREHOLDER NO.72, as
	Non-independent Director		Management	For	Voted - For
6.4	Elect HOWARD LIN, a Representative of MING DONG
	CO., LTD. with SHAREHOLDER NO.72, as
	Non-independent Director		Management	For	Voted - For
6.5	Elect CHIN-CHUAN HSU, a Representative of MING DONG
	CO., LTD. with SHAREHOLDER NO.72, as
	Non-independent Director		Management	For	Voted - For
6.6	Elect CHERNG-RU TSAI, a Representative of MING DONG
	CO., LTD. with SHAREHOLDER NO.72, as
	Non-independent Director		Management	For	Voted - For
6.7	Elect SHIH-MING YOU, a Representative of TAIPEI
	CITY GOVERNMENT with SHAREHOLDER NO.297306, as
	Non-independent Director		Management	For	Voted - For
6.8	Elect TANG-KAI LIEN, a Representative of TAIPEI
	CITY GOVERNMENT with SHAREHOLDER NO.297306, as
	Non-independent Director		Management	For	Voted - For
6.9	Elect RUEY-CHERNG CHENG, a Representative of TAIPEI
	CITY GOVERNMENT with SHAREHOLDER NO.297306, as
	Non-independent Director		Management	For	Voted - For
6.10	Elect SHIN-MIN CHEN with SHAREHOLDER NO.J100657XXX
	as Independent Director		Management	For	Voted - For
6.11	Elect SHU-HSING LI with SHAREHOLDER NO.R120428XXX
	as Independent Director		Management	For	Voted - For
6.12	Elect ALAN WANG with SHAREHOLDER NO.F102657XXX as
	Independent Director		Management	For	Voted - For
6.13	Elect PAULUS SIU-HUNG MOK with SHAREHOLDER
	NO.A800279XXX as Independent Director		Management	For	Voted - For
6.14	Elect BARRY CHEN with SHAREHOLDER NO.A120907XXX as
	Independent Director		Management	For	Voted - For
6.15	Elect KUANG-SHI YE with SHAREHOLDER NO.806836 as
	Independent Director		Management	For	Voted - For

17

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
7	Approve Release the Company's Directors for the
	Board of Directors of the 9th Term from
	Non-Competition Restrictions - RICHARD M.TSAI		Management	For	Voted - For
8	Approve Release the Company's Directors for the
	Board of Directors of the 9th Term from
	Non-Competition Restrictions - DANIEL M.TSAI		Management	For	Voted - For
9	Approve Release the Company's Directors for the
	Board of Directors of the 9th Term from
	Non-Competition Restrictions - JERRY HARN		Management	For	Voted - For
10	Approve Release the Company's Directors for the
	Board of Directors of the 9th Term from
	Non-Competition Restrictions - CHIN-CHUAN HSU		Management	For	Voted - For
11	Approve Release the Company's Directors for the
	Board of Directors of the 9th Term from
	Non-Competition Restrictions - CHERNG-RU TSAI		Management	For	Voted - For
12	Approve Release the Company's Directors for the
	Board of Directors of the 9th Term from
	Non-Competition Restrictions - TAIPEI CITY
	GOVERNMENT		Management	For	Voted - For
GRUPO AEROPORTUARIO DEL SURESTE SA DE CV
Security ID: P4950Y100		Ticker: ASURB
Meeting Date: 26-Apr-23		Meeting Type: Annual
1a	Approve CEO's and Auditor's Reports on Operations
	and Results of Company, and Board's Opinion on
	Reports		Management	For	Voted - For
1b	Approve Board's Report on Accounting Policies and
	Criteria for Preparation of Financial Statements		Management	For	Voted - For
1c	Approve Report on Activities and Operations
	Undertaken by Board		Management	For	Voted - For
1d	Approve Individual and Consolidated Financial
	Statements		Management	For	Voted - For
1e	Approve Report of Audit Committee's Activities and
	Report on Company's Subsidiaries		Management	For	Voted - For
1f	Approve Report on Adherence to Fiscal Obligations		Management	For	Voted - For
2a	Approve Increase in Legal Reserve by MXN 256.83
	Million		Management	For	Voted - For
2b	Approve Cash Ordinary Dividends of MXN 9.93 Per
	Share and Cash Extraordinary Dividends of MXN 10
	Per Share		Management	For	Voted - For
2c	Set Maximum Amount of MXN 3.75 Billion for Share
	Repurchase; Approve Policy Related to Acquisition
	of Own Shares		Management	For	Voted - For
3a	Approve Discharge of Board of Directors and CEO		Management	For	Voted - For
3b.1	Elect/Ratify Fernando Chico Pardo as Director		Management	For	Voted - For
3b.2	Elect/Ratify Jose Antonio Perez Anton as Director		Management	For	Voted - For
3b.3	Elect/Ratify Pablo Chico Hernandez as Director		Management	For	Voted - For
3b.4	Elect/Ratify Aurelio Perez Alonso as Director		Management	For	Voted - For
3b.5	Elect/Ratify Rasmus Christiansen as Director		Management	For	Voted - For
3b.6	Elect/Ratify Francisco Garza Zambrano as Director		Management	For	Voted - For

18

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
3b.7	Elect/Ratify Ricardo Guajardo Touche as Director		Management	For	Voted - For
3b.8	Elect/Ratify Guillermo Ortiz Martinez as Director		Management	For	Voted - Against
3b.9	Elect/Ratify Barbara Garza Laguera Gonda as Director		Management	For	Voted - For
3b.10Elect/Ratify Heliane Steden as Director			Management	For	Voted - For
3b.11Elect/Ratify Diana M. Chavez as Director			Management	For	Voted - For
3b.12Elect/Ratify Rafael Robles Miaja as Secretary
	(Non-Member) of Board		Management	For	Voted - For
3b.13Elect/Ratify Ana Maria Poblanno Chanona as
	Alternate Secretary (Non-Member) of Board		Management	For	Voted - For
3c.1	Elect/Ratify Ricardo Guajardo Touche as Chairman of
	Audit Committee		Management	For	Voted - For
3d.1	Elect/Ratify Barbara Garza Laguera Gonda as Member
	of Nominations and Compensations Committee		Management	For	Voted - For
3d.2	Elect/Ratify Fernando Chico Pardo as Member of
	Nominations and Compensations Committee		Management	For	Voted - For
3d.3	Elect/Ratify Jose Antonio Perez Anton of
	Nominations and Compensations Committee		Management	For	Voted - For
3e.1	Approve Remuneration of Directors in the Amount of
	MXN 85,000		Management	For	Voted - For
3e.2	Approve Remuneration of Operations Committee in the
	Amount of MXN 85,000		Management	For	Voted - For
3e.3	Approve Remuneration of Nominations and
	Compensations Committee in the Amount of MXN 85,000		Management	For	Voted - For
3e.4	Approve Remuneration of Audit Committee in the
	Amount of MXN 120,000		Management	For	Voted - For
3e.5	Approve Remuneration of Acquisitions and Contracts
	Committee in the Amount of MXN 28,000		Management	For	Voted - For
4a	Authorize Claudio R. Gongora Morales to Ratify and
	Execute Approved Resolutions		Management	For	Voted - For
4b	Authorize Rafael Robles Miaja to Ratify and Execute
	Approved Resolutions		Management	For	Voted - For
4c	Authorize Ana Maria Poblanno Chanona to Ratify and
	Execute Approved Resolutions		Management	For	Voted - For
GRUPO MEXICO S.A.B. DE C.V.
Security ID: P49538112		Ticker: GMEXICOB
Meeting Date: 28-Apr-23		Meeting Type: Annual
1	Approve Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
2	Present Report on Compliance with Fiscal Obligations		Management	For	Voted - For
3	Approve Allocation of Income		Management	For	Voted - For
4	Approve Policy Related to Acquisition of Own
	Shares; Set Aggregate Nominal Amount of Share
	Repurchase Reserve		Management	For	Voted - For
5	Approve Discharge of Board of Directors, Executive
	Chairman and Board Committees		Management	For	Voted - For
6	Ratify Auditors		Management	For	Voted - For
7	Elect and/or Ratify Directors; Verify Independence
	of Board Members; Elect or Ratify Chairmen and
	Members of Board Committees		Management	For	Voted - Against

19

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
8	Approve Granting/Withdrawal of Powers		Management	For	Voted - Against
9	Approve Remuneration of Directors and Members of
	Board Committees		Management	For	Voted - For
10	Authorize Board to Ratify and Execute Approved
	Resolutions		Management	For	Voted - For
HAIER SMART HOME CO., LTD.
Security ID: Y298BN100 Ticker: 6690
Meeting Date: 26-Jun-23		Meeting Type: Annual
	Agm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Financial Statements		Management	For	Voted - For
2	Approve Annual Report and Annual Report Summary		Management	For	Voted - For
3	Approve Report on the Work of the Board of Directors		Management	For	Voted - For
4	Approve Report on the Work of the Board of
	Supervisors		Management	For	Voted - For
5	Approve Audit Report on Internal Control		Management	For	Voted - For
6	Approve Profit Distribution Plan		Management	For	Voted - For
7	Approve Appointment of PRC Accounting Standards
	Auditors		Management	For	Voted - For
8	Approve Appointment of International Accounting
	Standards Auditors		Management	For	Voted - For
9	Approve Renewal of the Financial Services Framework
	Agreement and Its Expected Related-Party
	Transaction Limit with Haier Group Corporation and
	Haier Group Finance Co., Ltd.		Management	For	Voted - Against
10	Approve Anticipated Guarantees' Amounts for the
	Company and Its Subsidiaries		Management	For	Voted - For
11	Approve Conduct of Foreign Exchange Fund
	Derivatives Business		Management	For	Voted - For
12	Approve Purchase of Liability Insurance for
	Directors, Supervisors, and Senior Management		Management	For	Voted - For
13	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights for Additional
	Issuance of A Shares		Management	For	Voted - For
14	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights for Additional
	Issuance of H Shares		Management	For	Voted - For
15	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights for Additional
	Issuance of D Shares		Management	For	Voted - For
16	Approve Grant of General Mandate to the Board to
	Repurchase H Shares		Management	For	Voted - For
17	Approve Grant of General Mandate to the Board to
	Repurchase D Shares		Management	For	Voted - For
18	Approve 2023 A Share Core Employee Stock Ownership
	Plan (Draft) and Its Summary		Shareholder	For	Voted - For
19	Approve 2023 H Share Core Employee Stock Ownership
	Plan (Draft) and Its Summary		Shareholder	For	Voted - For

20

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
Meeting Date: 26-Jun-23		Meeting Type: Special
	Class Meeting For Holders Of H Shares		Management	For	Non-Voting
1	Approve Grant of General Mandate to the Board to
	Repurchase H Shares		Management	For	Voted - For
2	Approve Grant of General Mandate to the Board to
	Repurchase D Shares		Management	For	Voted - For
HDFC BANK LIMITED
Security ID: Y3119P190		Ticker: 500180
Meeting Date: 16-Jul-22		Meeting Type: Annual
1	Accept Standalone Financial Statements and
	Statutory Reports		Management	For	Voted - For
2	Accept Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
3	Approve Dividend		Management	For	Voted - For
4	Reelect Renu Karnad as Director		Management	For	Voted - For
5	Approve Price Waterhouse LLP, Chartered Accountants
	as Auditors and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
6	Approve Payment of Additional Audit Fees to MSKA &
	Associates, Chartered Accountants and M.M. Nissim &
	Co. LLP, Chartered Accountants		Management	For	Voted - For
7	Approve Reappointment and Remuneration of Renu
	Karnad as Non-Executive Director		Management	For	Voted - For
8	Authorize Issuance of Unsecured Perpetual Debt
	Instruments, Tier II Capital Bonds and Long Term
	Bonds on Private Placement Basis		Management	For	Voted - For
Meeting Date: 25-Nov-22		Meeting Type: Court
	Court-Ordered Meeting for Equity Shareholders		Management	For	Non-Voting
1	Approve Scheme of Amalgamation		Management	For	Voted - For
Meeting Date: 25-Mar-23		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Approve Material Related Party Transactions with
	Housing Development Finance Corporation Limited		Management	For	Voted - For
2	Approve Material Related Party Transactions with
	HDB Financial Services Limited		Management	For	Voted - For
3	Approve Material Related Party Transactions with
	HDFC Securities Limited		Management	For	Voted - For
4	Approve Material Related Party Transactions with
	HDFC Life Insurance Company Limited		Management	For	Voted - For
5	Approve Material Related Party Transactions with
	HDFC ERGO General Insurance Company Limited		Management	For	Voted - For
6	Approve Material Related Party Transactions with
	HDFC Credila Financial Services Limited		Management	For	Voted - For

21

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
Meeting Date: 11-Jun-23		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Approve Appointment and Remuneration of Kaizad
	Bharucha as Whole-Time Deputy Managing Director		Management	For	Voted - For
2	Approve Appointment and Remuneration of Bhavesh
	Zaveri as Executive Director		Management	For	Voted - For
HINDUSTAN AERONAUTICS LTD.
Security ID: Y3199R108		Ticker: 541154
Meeting Date: 29-Aug-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Confirm Interim Dividend and Declare Final Dividend		Management	For	Voted - For
3	Reelect Alok Verma as Director		Management	For	Voted - For
4	Reelect Chandraker Bharti as Director		Management	For	Voted - For
5	Authorize Board to Fix Remuneration of Auditors		Management	For	Voted - For
6	Approve Remuneration of Cost Auditors		Management	For	Voted - For
7	Elect Divya Gupta as Part-Time Non-Official
	(Independent) Woman Director		Management	For	Voted - Against
8	Elect Deepak Abasaheb Shinde as Part-Time
	Non-Official (Independent) Director		Management	For	Voted - Against
9	Elect Jayadeva E.P. as Director (Operations)		Management	For	Voted - For
Meeting Date: 07-Dec-22		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Elect Rajeev Prakash as Government Nominee Director		Management	For	Voted - Against
2	Elect D K Sunil as Director and Approve Appointment
	and Remuneration of D K Sunil as Whole Time
	Director Designated as Director (Engineering and
	R&D)		Management	For	Voted - For
HON HAI PRECISION INDUSTRY CO., LTD.
Security ID: Y36861105		Ticker: 2317
Meeting Date: 31-May-23		Meeting Type: Annual
1	Approve Business Operations Report and Financial
	Statements		Management	For	Voted - For
2	Approve Plan on Profit Distribution		Management	For	Voted - For
3	Approve Initial Public Offering of Rmb-denominated
	Ordinary Shares (A Shares) Through Its Subsidiary
	Shunyun Technology (Zhongshan) Limited on the China
	Securities Market		Management	For	Voted - For
4	Approve Release of Restrictions of Competitive
	Activities of Directors		Management	For	Voted - For

22

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
HONG KONG EXCHANGES AND CLEARING LIMITED
Security ID: Y3506N139		Ticker: 388
Meeting Date: 26-Apr-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2a	Elect Cheah Cheng Hye as Director		Management	For	Voted - For
2b	Elect Leung Pak Hon, Hugo as Director		Management	For	Voted - For
3	Approve PricewaterhouseCoopers as Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
4	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
5	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - Against
HONGFA TECHNOLOGY CO., LTD.
Security ID: Y9716T105		Ticker: 600885
Meeting Date: 02-Sep-22		Meeting Type: Special
1	Approve Change in Usage of Raised Funds		Management	For	Voted - For
2	Amend Articles of Association		Management	For	Voted - For
Meeting Date: 15-Nov-22		Meeting Type: Special
1	Approve Additional Guarantee Provision and Related
	Party Transaction		Management	For	Voted - For
Meeting Date: 16-Dec-22		Meeting Type: Special
1	Approve Total Amount of Daily Related-party
	Transactions		Management	For	Voted - For
2	Approve Provision of Loans to Controlled
	Subsidiaries and Related-party Transactions		Management	For	Voted - For
	Elect Non-Independent Director Via Cumulative Voting		Management	For	Non-Voting
3.1	Elect Lin Dandan as Director		Shareholder	For	Voted - For
Meeting Date: 21-Apr-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Financial Statements and Financial Budget
	Report		Management	For	Voted - For
4	Approve Annual Report and Summary		Management	For	Voted - For
5	Approve Report of the Independent Directors		Management	For	Voted - For
6	Approve Profit Distribution		Management	For	Voted - For
7	Approve Appointment of Financial Auditor and
	Internal Control Auditor as well as Payment of
	Remuneration		Management	For	Voted - Against
8	Approve Application of Bank Credit Lines		Management	For	Voted - For
9	Approve Provision of Guarantee		Management	For	Voted - For
10	Approve Financial Assistance Provision		Management	For	Voted - For

23

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
11	Amend Related-Party Transaction Management System		Management	For	Voted - For
HUA HONG SEMICONDUCTOR LIMITED
Security ID: Y372A7109		Ticker: 1347
Meeting Date: 11-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Elect Guodong Sun as Director		Management	For	Voted - For
3	Elect Jun Ye as Director		Management	For	Voted - For
4	Elect Stephen Tso Tung Chang as Director		Management	For	Voted - For
5	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
6	Approve Ernst & Young as Auditors and Authorize
	Board to Fix Their Remuneration		Management	For	Voted - For
7	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
8	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - Against
9	Authorize Reissuance of Repurchased Shares		Management	For	Voted - Against
Meeting Date: 26-Jun-23		Meeting Type: Extraordinary Shareholders
1	Approve Wuxi JV2 EPC Contract and Related
	Transactions		Management	For	Voted - For
2	Authorize Board to Deal with All Matters in
	Relation to the Wuxi JV2 EPC Contract		Management	For	Voted - For
1	Approve Extension of the Validity Period of the
	Resolution on RMB Share Issue and Specific Mandate		Management	For	Voted - For
2	Approve Extension of the Validity Period of the
	Resolution on Authorization		Management	For	Voted - For
INFOSYS LIMITED
Security ID: Y4082C133		Ticker: 500209
Meeting Date: 02-Dec-22		Meeting Type: Special
	Meeting for ADR Holders		Management	For	Non-Voting
1	Approve Buyback of Equity Shares		Management	For	Voted - For
Meeting Date: 31-Mar-23		Meeting Type: Special
	Meeting for ADR Holders		Management	For	Non-Voting
1	Elect Govind Vaidiram Iyer as Director		Management	For	Voted - For
INNER MONGOLIA YILI INDUSTRIAL GROUP CO., LTD.
Security ID: Y408DG116 Ticker: 600887
Meeting Date: 08-Dec-22		Meeting Type: Special
	Approve Repurchase Of Company's Shares By Auction
	Trading		Management	For	Non-Voting

24

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1.1	Approve Purpose of the Share Repurchase		Management	For	Voted - For
1.2	Approve Type of the Share Repurchase		Management	For	Voted - For
1.3	Approve Manner of Share Repurchase		Management	For	Voted - For
1.4	Approve Period of the Share Repurchase		Management	For	Voted - For
1.5	Approve Usage, Number and Proportion of the Share
	Repurchase		Management	For	Voted - For
1.6	Approve Price of the Share Repurchase		Management	For	Voted - For
1.7	Approve Capital Source Used for the Share Repurchase		Management	For	Voted - For
1.8	Approve Specific Authorization to Handle the Share
	Repurchase		Management	For	Voted - For
2	Approve Repurchase and Cancellation of Performance
	Shares		Management	For	Voted - For
3	Amend Articles of Association		Management	For	Voted - For
ITC LIMITED
Security ID: Y4211T171		Ticker: 500875
Meeting Date: 20-Jul-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Confirm Interim Dividend and Declare Final Dividend		Management	For	Voted - For
3	Reelect David Robert Simpson as Director		Management	For	Voted - Against
4	Reelect Nakul Anand as Director		Management	For	Voted - For
5	Approve S R B C & CO LLP, Chartered Accountants as
	Auditors and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
6	Elect Supratim Dutta as Director and Approve
	Appointment and Remuneration of Supratim Dutta as
	Whole Time Director		Management	For	Voted - For
7	Approve Revision in the Remuneration of Sanjiv Puri
	as Chairman & Managing Director and Nakul Anand and
	Sumant Bhargavan as Wholetime Directors		Management	For	Voted - For
8	Approve Material Related Party Transactions with
	British American Tobacco (GLP) Limited, United
	Kingdom		Management	For	Voted - For
9	Approve Remuneration of ABK & Associates, Cost
	Accountants as Cost Auditors		Management	For	Voted - For
10	Approve Remuneration of S. Mahadevan & Co., Cost
	Accountants as Cost Auditors		Management	For	Voted - For
Meeting Date: 15-Dec-22		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Approve Reappointment and Remuneration of Nakul
	Anand as Wholetime Director		Management	For	Voted - Against
Meeting Date: 15-Mar-23		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Approve Material Related Party Transactions		Management	For	Voted - For
2	Elect Peter Rajatilakan Chittaranjan as Director		Management	For	Voted - Against

25

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
JERONIMO MARTINS SGPS SA
Security ID: X40338109		Ticker: JMT
Meeting Date: 20-Apr-23		Meeting Type: Annual
1	Approve Individual and Consolidated Financial
	Statements and Statutory Reports		Management	For	Voted - For
2	Approve Allocation of Income		Management	For	Voted - For
3	Appraise Management and Supervision of Company and
	Approve Vote of Confidence to Corporate Bodies		Management	For	Voted - For
4	Approve Remuneration Policy		Management	For	Voted - Against
5	Appoint Alternate Auditor for 2022-2024 Period		Management	For	Voted - For
JINGJIN EQUIPMENT, INC.
Security ID: Y444ZQ107 Ticker: 603279
Meeting Date: 17-May-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Financial Statements		Management	For	Voted - For
4	Approve Profit Distribution		Management	For	Voted - For
5	Approve Annual Report and Summary		Management	For	Voted - For
6	Approve to Appoint Financial Auditor and Internal
	Control Auditor		Management	For	Voted - For
7	Approve Remuneration of Directors		Management	For	Voted - For
8	Approve Remuneration of Supervisors		Management	For	Voted - For
KOTAK MAHINDRA BANK LIMITED
Security ID: Y4964H150		Ticker: 500247
Meeting Date: 20-Apr-23		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Approve Issuance of Unsecured, Redeemable,
	Non-Convertible Debentures / Bonds / Other
	DebtSecurities on a Private Placement Basis		Management	For	Voted - For
2	Elect Uday Suresh Kotak as Director		Management	For	Voted - For
3	Approve Material Related Party Transactions with
	Uday Kotak for FY 2023-24		Management	For	Voted - For
4	Approve Material Related Party Transactions with
	Infina Finance Private Limited for FY 2023-24		Management	For	Voted - For
KWEICHOW MOUTAI CO., LTD.
Security ID: Y5070V116		Ticker: 600519
Meeting Date: 14-Dec-22		Meeting Type: Special
1	Amend Articles of Association		Management	For	Voted - For

26

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2	Amend Rules and Procedures Regarding Meetings of
	Board of Directors		Management	For	Voted - For
3	Approve Shareholder Special Dividend Return Plan		Management	For	Voted - For
Meeting Date: 13-Jun-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Report of the Independent Directors		Management	For	Voted - For
4	Approve Annual Report and Summary		Management	For	Voted - For
5	Approve Financial Statements		Management	For	Voted - For
6	Approve Financial Budget Plan		Management	For	Voted - For
7	Approve Profit Distribution		Management	For	Voted - For
8	Approve to Appoint Financial Auditor and Internal
	Control Auditor		Management	For	Voted - For
9	Approve Signing of Trademark License Agreement with
	Related Party		Management	For	Voted - For
10	Approve Participation in the Establishment of
	Industrial Development Funds		Management	For	Voted - Against
	Elect Non-Independent Directors Via Cumulative
	Voting		Management	For	Non-Voting
11.1	Elect Ding Xiongjun as Director		Management	For	Voted - For
11.2	Elect Li Jingren as Director		Management	For	Voted - For
11.3	Elect Liu Shizhong as Director		Management	For	Voted - For
	ELECT INDEPENDENT DIRECTORS VIA CUMULATIVE VOTING			Management	For	Non-Voting
12.1	Elect Jiang Guohua as Director		Management	For	Voted - For
12.2	Elect Guo Tianyong as Director		Management	For	Voted - For
12.3	Elect Sheng Leiming as Director		Management	For	Voted - For
	ELECT SUPERVISORS VIA CUMULATIVE VOTING		Management	For	Non-Voting
13.1	Elect You Yalin as Supervisor		Management	For	Voted - For
13.2	Elect Li Qiangqing as Supervisor		Management	For	Voted - For
LARSEN & TOUBRO LIMITED
Security ID: Y5217N159		Ticker: 500510
Meeting Date: 21-Jun-23		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Elect Jyoti Sagar as Director		Management	For	Voted - For
2	Elect Rajnish Kumar as Director		Management	For	Voted - For
3	Approve Material Related Party Transaction(s) with
	Larsen Toubro Arabia LLC		Management	For	Voted - For
LG CORP.
Security ID: Y52755108		Ticker: 003550
Meeting Date: 29-Mar-23		Meeting Type: Annual
1	Approve Financial Statements and Allocation of
	Income		Management	For	Voted - For

27

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2.1	Elect Cho Seong-wook as Outside Director		Management	For	Voted - For
2.2	Elect Park Jong-su as Outside Director		Management	For	Voted - For
3.1	Elect Cho Seong-wook as a Member of Audit Committee		Management	For	Voted - For
3.2	Elect Park Jong-su as a Member of Audit Committee		Management	For	Voted - For
4	Approve Total Remuneration of Inside Directors and
	Outside Directors		Management	For	Voted - Against
LG ENERGY SOLUTION LTD.
Security ID: Y5S5CG102 Ticker: 373220
Meeting Date: 24-Mar-23		Meeting Type: Annual
1	Approve Financial Statements and Allocation of
	Income		Management	For	Voted - For
2	Elect Park Jin-gyu as Outside Director		Management	For	Voted - For
3	Approve Total Remuneration of Inside Directors and
	Outside Directors		Management	For	Voted - For
LIC HOUSING FINANCE LIMITED
Security ID: Y5278Z133		Ticker: 500253
Meeting Date: 29-Sep-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3	Reelect Sanjay Kumar Khemani as Director		Management	For	Voted - Against
4	Elect Ravi Krishan Takkar as Director		Management	For	Voted - For
5	Approve Khandelwal Jain & Co., Chartered
	Accountants and SGCO & Co LLP, Chartered
	Accountants as Joint Statutory Auditors and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
6	Approve Issuance of Redeemable Non-Convertible
	Debentures and/or Other Hybrid Instruments on
	Private Placement Basis		Management	For	Voted - For
7	Approve Material Related Party Transactions		Management	For	Voted - For
Meeting Date: 18-Dec-22		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Approve Appointment and Remuneration of Ashwani
	Ghai as Whole Time Director being Key Managerial
	Personnel designated as Chief Operating Officer		Management	For	Voted - For
Meeting Date: 26-Apr-23		Meeting Type: Special
	Postal Ballot		Management	For	Did Not Vote
1	Approve Change in the Designation of Sanjay Kumar
	Khemani from Non-Executive Director to Independent
	Director		Management	For	Did Not Vote

28

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
MACROTECH DEVELOPERS LTD.
Security ID: Y5311S112		Ticker: 543287
Meeting Date: 23-May-23		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Approve Issuance of Bonus Shares		Management	For	Voted - For
MAHINDRA & MAHINDRA LIMITED
Security ID: Y54164150		Ticker: 500520
Meeting Date: 05-Aug-22		Meeting Type: Annual
1	Accept Standalone Financial Statements and
	Statutory Reports		Management	For	Voted - For
2	Accept Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
3	Approve Dividend		Management	For	Voted - For
4	Reelect Anish Shah as Director		Management	For	Voted - For
5	Reelect Rajesh Jejurikar as Director		Management	For	Voted - For
6	Approve B S R & Co. LLP, Chartered Accountants as
	Auditors and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
7	Approve Remuneration of Cost Auditors		Management	For	Voted - For
8	Approve Remuneration of Anand G. Mahindra as
	Non-Executive Chairman		Management	For	Voted - For
9	Approve Material Related Party Transactions		Management	For	Voted - For
10	Approve Material Related Party Transactions
	Pertaining to a Subsidiary		Management	For	Voted - For
Meeting Date: 19-Aug-22		Meeting Type: Court
	Court-Ordered Meeting for Equity Shareholders		Management	For	Non-Voting
1	Approve Scheme of Merger by Absorption		Management	For	Voted - For
MAX HEALTHCARE INSTITUTE LIMITED
Security ID: Y5S464109		Ticker: 543220
Meeting Date: 26-Sep-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Acknowledge Prashant Kumar be not Reappointed as
	Director		Management	For	Voted - For
3	Elect Anil Bhatnagar as Director		Management	For	Voted - For
4	Approve Payment of Remuneration to Anil Bhatnagar
	as Non-Executive Non-Independent Director		Management	For	Voted - For
5	Approve Remuneration of Cost Auditors		Management	For	Voted - For
6	Approve Reappointment of Abhay Soi as Chairman and
	Managing Director		Management	For	Voted - For

29

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
7	Approve Payment of Remuneration of Abhay Soi as
	Chairman and Managing Director		Management	For	Voted - For
8	Elect Pranav Amin as Director		Management	For	Voted - For
9	Approve Payment of Remuneration to Pranav Amin as
	Non-Executive Independent Director		Management	For	Voted - For
10	Approve Max Healthcare Institute Limited - Employee
	Stock Option Plan 2022 and Grant of Employee Stock
	Options to the Eligible Employees of the Company		Management	For	Voted - Abstain
11	Approve Grant of Employee Stock Options under the
	Max Healthcare Institute Limited - Employee Stock
	Option Plan 2022 to the Employees of the Holding
	Company, if any, and/or Subsidiary Company(ies) of
	the Company		Management	For	Voted - Abstain
12	Approve Revision in Limits of Loans, Guarantees,
	Securities and/or Investments to Other Body
	Corporate		Management	For	Voted - For
13	Approve Revision in Borrowing Limit		Management	For	Voted - For
14	Approve Revision in Limit on Pledging of Assets for
	Debt		Management	For	Voted - For
MEDIATEK, INC.
Security ID: Y5945U103		Ticker: 2454
Meeting Date: 31-May-23		Meeting Type: Annual
1	Approve Business Operations Report and Financial
	Statements		Management	For	Voted - For
2	Approve Profit Distribution		Management	For	Voted - For
3	Approve Amendments to Articles of Association		Management	For	Voted - For
	Elect Independent Director Via Cumulative Voting		Management	For	Non-Voting
4.1	Elect Syaru Shirley Lin, with ID NO.A222291XXX, as
	Independent Director		Management	For	Voted - For
5	Approve Release of Restrictions of Competitive
	Activities of Directors		Management	For	Voted - For
MEITUAN
Security ID: G59669104		Ticker: 3690
Meeting Date: 30-Jun-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Elect Marjorie Mun Tak Yang as Director		Management	For	Voted - For
3	Elect Wang Huiwen as Director		Management	For	Voted - For
4	Elect Orr Gordon Robert Halyburton as Director		Management	For	Voted - For
5	Elect Leng Xuesong as Director		Management	For	Voted - For
6	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
7	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights for Class B
	Shares		Management	For	Voted - Against
8	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For

30

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
9	Approve PricewaterhouseCoopers as Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
10	Approve Amendments to the Post-IPO Share Option
	Scheme and Related Transactions		Management	For	Voted - Against
11	Approve Amendments to the Post-IPO Share Award
	Scheme and Related Transactions		Management	For	Voted - Against
12	Approve the Scheme Limit		Management	For	Voted - For
13	Approve the Service Provider Sublimit		Management	For	Voted - For
14	Approve Issuance of Class B Shares to Orr Gordon
	Robert Halyburton Under the Post-IPO Share Award
	Scheme and Related Transactions		Management	For	Voted - For
15	Approve Issuance of Class B Shares to Leng Xuesong
	Under the Post-IPO Share Award Scheme and Related
	Transactions		Management	For	Voted - For
16	Approve Issuance of Class B Shares to Shum Heung
	Yeung Harry Under the Post-IPO Share Award Scheme
	and Related Transactions		Management	For	Voted - For
17	Approve Amendments to the Existing Articles of
	Association and Adopt Seventh Amended and Restated
	Memorandum and Articles of Association and Related
	Transactions		Management	For	Voted - For
MONDI PLC
Security ID: G6258S107 Ticker: MNDI
Meeting Date: 04-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Remuneration Policy		Management	For	Voted - For
3	Approve Remuneration Report		Management	For	Voted - For
4	Approve Final Dividend		Management	For	Voted - For
5	Elect Anke Groth as Director		Management	For	Voted - For
6	Elect Saki Macozoma as Director		Management	For	Voted - For
7	Re-elect Svein Richard Brandtzaeg as Director		Management	For	Voted - For
8	Re-elect Sue Clark as Director		Management	For	Voted - For
9	Re-elect Andrew King as Director		Management	For	Voted - For
10	Re-elect Mike Powell as Director		Management	For	Voted - For
11	Re-elect Dominique Reiniche as Director		Management	For	Voted - For
12	Re-elect Dame Angela Strank as Director		Management	For	Voted - For
13	Re-elect Philip Yea as Director		Management	For	Voted - For
14	Re-elect Stephen Young as Director		Management	For	Voted - For
15	Reappoint PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - For
16	Authorise the Audit Committee to Fix Remuneration
	of Auditors		Management	For	Voted - For
17	Authorise Issue of Equity		Management	For	Voted - For
18	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
19	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For
20	Authorise the Company to Call General Meeting with
	Two Weeks' Notice		Management	For	Voted - For

31

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
MULTIPLAN EMPREENDIMENTOS IMOBILIARIOS SA
Security ID: P69913187		Ticker: MULT3
Meeting Date: 03-Mar-23		Meeting Type: Extraordinary Shareholders
1	Elect Jose Isaac Peres as Board Chairman		Management	For	Voted - For
2	Elect Cintia Vannucci Vaz Guimaraes as Director		Management	For	Voted - For
Meeting Date: 28-Apr-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports
	for Fiscal Year Ended Dec. 31, 2022		Management	For	Voted - For
2	Approve Allocation of Income and Dividends		Management	For	Voted - For
3	Approve Remuneration of Company's Management		Management	For	Voted - For
4	Do You Wish to Request Installation of a Fiscal
	Council, Under the Terms of Article 161 of the
	Brazilian Corporate Law?		Management	None	Voted - Abstain
MUTHOOT FINANCE LIMITED
Security ID: Y6190C103		Ticker: 533398
Meeting Date: 31-Aug-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Reelect George Thomas Muthoot as Director		Management	For	Voted - For
3	Reelect Alexander George as Director		Management	For	Voted - For
4	Approve Elias George & Co., Chartered Accountants,
	Kochi as Joint Statutory Auditors and Authorize
	Board to Fix Their Remuneration		Management	For	Voted - For
5	Approve Babu A. Kallivayalil & Co., Chartered
	Accountants, Kochi as Joint Statutory Auditors and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
6	Elect Chamacheril Abraham Mohan as Director		Management	For	Voted - For
7	Reelect Ravindra Pisharody as Director		Management	For	Voted - For
8	Reelect Vadakkakara Antony George as Director		Management	For	Voted - For
NASPERS LTD.
Security ID: S53435103		Ticker: NPN
Meeting Date: 25-Aug-22		Meeting Type: Annual
	Ordinary Resolutions		Management	For	Non-Voting
1	Accept Financial Statements and Statutory Reports
	for the Year Ended 31 March 2022		Management	For	Voted - For
2	Approve Dividends for N Ordinary and A Ordinary
	Shares		Management	For	Voted - For
3	Reappoint PricewaterhouseCoopers Inc as Auditors of
	the Company with V Myburgh as the Individual
	Registered Auditor		Management	For	Voted - For

32

Ninety One Emerging Markets Equity Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
4	Appoint Deloitte as Auditors of the Company with J
	Welsh as the Individual Registered Auditor	Management	For	Voted - For
5	Elect Sharmistha Dubey as Director	Management	For	Voted - For
6.1	Re-elect Debra Meyer as Director	Management	For	Voted - For
6.2	Re-elect Manisha Girotra as Director	Management	For	Voted - For
6.3	Re-elect Koos Bekker as Director	Management	For	Voted - For
6.4	Re-elect Steve Pacak as Director	Management	For	Voted - For
6.5	Re-elect Cobus Stofberg as Director	Management	For	Voted - For
7.1	Re-elect Manisha Girotra as Member of the Audit
	Committee	Management	For	Voted - For
7.2	Re-elect Angelien Kemna as Member of the Audit
	Committee	Management	For	Voted - For
7.3	Re-elect Steve Pacak as Member of the Audit
	Committee	Management	For	Voted - Against
8	Approve Remuneration Policy	Management	For	Voted - For
9	Approve Implementation Report of the Remuneration
	Report	Management	For	Voted - For
10	Place Authorised but Unissued Shares under Control
	of Directors	Management	For	Voted - Against
11	Authorise Board to Issue Shares for Cash	Management	For	Voted - Against
12	Authorise Ratification of Approved Resolutions	Management	For	Voted - For
	Special Resolutions	Management	For	Non-Voting
1.1	Approve Remuneration of Board Chairman	Management	For	Voted - For
1.2	Approve Remuneration of Board Member	Management	For	Voted - For
1.3	Approve Remuneration of Audit Committee Chairman	Management	For	Voted - For
1.4	Approve Remuneration of Audit Committee Member	Management	For	Voted - For
1.5	Approve Remuneration of Risk Committee Chairman	Management	For	Voted - For
1.6	Approve Remuneration of Risk Committee Member	Management	For	Voted - For
1.7	Approve Remuneration of Human Resources and
	Remuneration Committee Chairman	Management	For	Voted - For
1.8	Approve Remuneration of Human Resources and
	Remuneration Committee Member	Management	For	Voted - For
1.9	Approve Remuneration of Nomination Committee
	Chairman	Management	For	Voted - For
1.10	Approve Remuneration of Nomination Committee Member	Management	For	Voted - For
1.11	Approve Remuneration of Social, Ethics and
	Sustainability Committee Chairman	Management	For	Voted - For
1.12	Approve Remuneration of Social, Ethics and
	Sustainability Committee Member	Management	For	Voted - For
1.13	Approve Remuneration of Trustees of Group Share
	Schemes/Other Personnel Funds	Management	For	Voted - For
2	Approve Financial Assistance in Terms of Section 44
	of the Companies Act	Management	For	Voted - For
3	Approve Financial Assistance in Terms of Section 45
	of the Companies Act	Management	For	Voted - For
4	Authorise Repurchase of N Ordinary Shares	Management	For	Voted - For
5	Authorise Specific Repurchase of N Ordinary Shares
	from Holders of N Ordinary Share	Management	For	Voted - For
6	Authorise Repurchase of A Ordinary Shares	Management	For	Voted - Against

33

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
NETCARE LTD.
Security ID: S5507D108		Ticker: NTC
Meeting Date: 03-Feb-23		Meeting Type: Annual
1.1	Re-elect Mark Bower as Director		Management	For	Voted - For
1.2	Re-elect Bukelwa Bulo as Director		Management	For	Voted - For
1.3	Re-elect Lezanne Human as Director		Management	For	Voted - For
1.4	Elect Ian Kirk as Director		Management	For	Voted - For
1.5	Elect Louisa Stephens as Director		Management	For	Voted - For
2	Reappoint Deloitte & Touche as Auditors		Management	For	Voted - For
3.1	Re-elect Mark Bower as Member of the Audit Committee		Management	For	Voted - For
3.2	Re-elect Bukelwa Bulo as Chairperson of the Audit
	Committee		Management	For	Voted - For
3.3	Re-elect Thabi Leoka as Member of the Audit
	Committee		Management	For	Voted - For
3.4	Elect Louisa Stephens as Member of the Audit
	Committee		Management	For	Voted - For
4	Authorise Ratification of Approved Resolutions		Management	For	Voted - For
5	Approve Remuneration Policy		Management	For	Voted - Abstain
6	Approve Implementation Report		Management	For	Voted - For
7	Authorise Repurchase of Issued Share Capital		Management	For	Voted - For
8	Approve Non-executive Directors' Remuneration		Management	For	Voted - For
9	Approve Financial Assistance to Related and
	Inter-related Companies		Management	For	Voted - For
NETEASE, INC.
Security ID: G6427A102		Ticker: 9999
Meeting Date: 15-Jun-23		Meeting Type: Annual
1a	Elect William Lei Ding as Director		Management	For	Voted - For
1b	Elect Grace Hui Tang as Director		Management	For	Voted - For
1c	Elect Alice Yu-Fen Cheng as Director		Management	For	Voted - Abstain
1d	Elect Joseph Tze Kay Tong as Director		Management	For	Voted - Abstain
1e	Elect Michael Man Kit Leung as Director		Management	For	Voted - Against
2	Ratify Appointment of PricewaterhouseCoopers Zhong
	Tian LLP and PricewaterhouseCoopers as Auditors		Management	For	Voted - For
3	Amend Company's Amended and Restated Memorandum and
	Articles of Association		Management	For	Voted - For
4	Approve Amended and Restated 2019 Share Incentive
	Plan		Management	For	Voted - Against
NOVATEK MICROELECTRONICS CORP.
Security ID: Y64153102		Ticker: 3034
Meeting Date: 31-May-23		Meeting Type: Annual
1	Approve Business Operations Report and Financial
	Statements		Management	For	Voted - For

34

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2	Approve Plan on Profit Distribution		Management	For	Voted - For
3	Approve Amendments to Articles of Association		Management	For	Voted - For
OCI NV
Security ID: N6667A111		Ticker: OCI
Meeting Date: 19-Aug-22		Meeting Type: Extraordinary Shareholders
	Extraordinary Meeting Agenda		Management	For	Non-Voting
1	Open Meeting		Management	For	Non-Voting
2	Amend Articles Re: Increase Nominal Value of Shares
	in the Share Capital and Subsequently Decrease the
	Nominal Value of Shares in the Share Capital,
	Combined with a Repayment of Capital		Management	For	Voted - For
3	Close Meeting		Management	For	Non-Voting
Meeting Date: 16-Feb-23		Meeting Type: Extraordinary Shareholders
	Extraordinary Meeting Agenda		Management	For	Non-Voting
1	Open Meeting		Management	For	Non-Voting
2	Amend Articles Re: Increase Nominal Value of Shares
	in the Share Capital and Subsequently Decrease the
	Nominal Value of Shares in the Share Capital,
	Combined with a Repayment of Capital		Management	For	Voted - For
3	Close Meeting		Management	For	Non-Voting
Meeting Date: 03-May-23		Meeting Type: Annual
	Annual Meeting Agenda		Management	For	Non-Voting
1	Open Meeting		Management	For	Non-Voting
2	Receive Report of Management Board (Non-Voting)		Management	For	Non-Voting
3	Approve Remuneration Report		Management	For	Voted - For
4	Adopt Financial Statements and Statutory Reports		Management	For	Voted - For
5	Approve Remuneration Policy for Executive Board		Management	For	Voted - For
6	Approve Remuneration Policy for Non-Executive
	Directors		Management	For	Voted - For
7	Approve Discharge of Executive Directors		Management	For	Voted - For
8	Approve Discharge of Non-Executive Directors		Management	For	Voted - For
9	Elect Nadia Sawiris as Non-Executive Director		Management	For	Voted - For
10	Elect Michael Bennett as Non-Executive Director		Management	For	Voted - For
11	Grant Board Authority to Issue Shares Up To 10
	Percent of Issued Capital Plus Additional 10
	Percent in Case of Merger or Acquisition Plus 1
	Percent if the Issuance of Shares or Granting of
	Rights Occurs for the Purpose of OCI's Equity
	Incentive Plans		Management	For	Voted - Against
12	Authorize Board to Exclude Preemptive Rights from
	Share Issuances		Management	For	Voted - Against
13	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital		Management	For	Voted - For
14	Close Meeting		Management	For	Non-Voting

35

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
PACIFIC BASIN SHIPPING LIMITED
Security ID: G68437139		Ticker: 2343
Meeting Date: 18-Apr-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3a	Elect Irene Waage Basili as Director		Management	For	Voted - For
3b	Elect John Mackay McCulloch Williamson as Director		Management	For	Voted - For
3c	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
4	Approve PricewaterhouseCoopers as Auditors and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
5	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - For
6	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
7	Adopt New Share Award Scheme		Management	For	Voted - Against
8	Approve Grant of New Shares Mandate to the
	Directors to Issue Shares		Management	For	Voted - Against
9	Adopt Second Amended and Restated By-Laws		Management	For	Voted - For
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.
Security ID: Y69790106		Ticker: 2318
Meeting Date: 12-May-23		Meeting Type: Annual
	AGM BALLOT FOR HOLDERS OF H SHARES		Management	For	Non-Voting
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Supervisory Committee		Management	For	Voted - For
3	Approve Annual Report and Its Summary		Management	For	Voted - For
4	Approve Financial Statements and Statutory Reports		Management	For	Voted - For
5	Approve Profit Distribution Plan and Proposed
	Declaration and Distribution of Final Dividends		Management	For	Voted - For
6	Approve Ernst & Young Hua Ming LLP as PRC Auditor
	and Ernst & Young as International Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
7	Elect Wang Guangqian as Director		Management	For	Voted - For
8	Approve Issuance of Debt Financing Instruments		Management	For	Voted - For
9	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights for Additional
	H Shares		Management	For	Voted - For
PORTO SEGURO SA
Security ID: P7905C107		Ticker: PSSA3
Meeting Date: 31-Mar-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports
	for Fiscal Year Ended Dec. 31, 2022		Management	For	Voted - For
2	Approve Allocation of Income and Dividends		Management	For	Voted - For
3	Ratify Interest-on-Capital-Stock Payments		Management	For	Voted - For

36

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
4	Approve Interest-on-Capital-Stock Payment Dates		Management	For	Voted - For
5	Approve Remuneration of Company's Management and
	Advisory Committees		Management	For	Voted - Abstain
6	Do You Wish to Request Installation of a Fiscal
	Council, Under the Terms of Article 161 of the
	Brazilian Corporate Law?		Management	None	Voted - Abstain
Meeting Date: 31-Mar-23		Meeting Type: Extraordinary Shareholders
1	Amend Article 18		Management	For	Voted - For
2	Consolidate Bylaws		Management	For	Voted - For
PT BANK CENTRAL ASIA TBK
Security ID: Y7123P138		Ticker: BBCA
Meeting Date: 16-Mar-23		Meeting Type: Annual
1	Approve Annual Report, Financial Statements,
	Statutory Reports and Discharge of Directors and
	Commissioners		Management	For	Voted - For
2	Approve Allocation of Income and Dividends		Management	For	Voted - For
3	Approve Remuneration and Tantiem of Directors and
	Commissioners		Management	For	Voted - For
4	Approve Auditors		Management	For	Voted - For
5	Approve Payment of Interim Dividends		Management	For	Voted - For
6	Approve Revised Recovery Plan		Management	For	Voted - For
7	Approve Resolution Plan		Management	For	Voted - For
RELIANCE INDUSTRIES LTD.
Security ID: Y72596102		Ticker: 500325
Meeting Date: 29-Aug-22		Meeting Type: Annual
1a	Accept Standalone Financial Statements and
	Statutory Reports		Management	For	Voted - For
1b	Accept Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
2	Approve Dividend		Management	For	Voted - For
3	Reelect Nita M. Ambani as Director		Management	For	Voted - For
4	Reelect Hital R. Meswani as Director		Management	For	Voted - For
5	Approve Deloitte Haskins & Sells LLP, Chartered
	Accountants as Auditors and Authorize Board to Fix
	Their Remuneration		Management	For	Voted - For
6	Approve Reappointment and Remuneration of Nikhil R.
	Meswani as a Whole-time Driector		Management	For	Voted - For
7	Elect K. V. Chowdary as Director		Management	For	Voted - For
8	Approve Remuneration of Cost Auditors		Management	For	Voted - For
9	Amend Object Clause of the Memorandum of Association		Management	For	Voted - For
10	Approve Material Related Party Transactions of the
	Company		Management	For	Voted - For

37

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
11	Approve Material Related Party Transactions of
	Subsidiaries of the Company		Management	For	Voted - For
Meeting Date: 30-Dec-22		Meeting Type: Special
	Postal Ballot		Management	For	Non-Voting
1	Elect K. V. Kamath as Director		Management	For	Voted - For
2	Amend Objects Clause of Memorandum of Association		Management	For	Voted - For
SAMSUNG ELECTRONICS CO., LTD.
Security ID: Y74718100		Ticker: 005930
Meeting Date: 03-Nov-22		Meeting Type: Special
1.1	Elect Heo Eun-nyeong as Outside Director		Management	For	Voted - For
1.2	Elect Yoo Myeong-hui as Outside Director		Management	For	Voted - For
Meeting Date: 15-Mar-23		Meeting Type: Annual
1	Approve Financial Statements and Allocation of
	Income		Management	For	Voted - For
2	Elect Han Jong-hui as Inside Director		Management	For	Voted - For
3	Approve Total Remuneration of Inside Directors and
	Outside Directors		Management	For	Voted - For
SAMSUNG LIFE INSURANCE CO., LTD.
Security ID: Y74860100		Ticker: 032830
Meeting Date: 16-Mar-23		Meeting Type: Annual
1	Approve Financial Statements and Allocation of
	Income		Management	For	Voted - For
2	Amend Articles of Incorporation		Management	For	Voted - For
3.1	Elect Jeon Young-muk as Inside Director		Management	For	Voted - For
3.2	Elect Park Jong-moon as Inside Director		Management	For	Voted - For
4	Approve Total Remuneration of Inside Directors and
	Outside Directors		Management	For	Voted - For
SANLAM LTD.
Security ID: S7302C137		Ticker: SLM
Meeting Date: 07-Jun-23		Meeting Type: Annual
	Ordinary Resolutions		Management	For	Non-Voting
1	Accept Financial Statements and Statutory Reports
	for the Year Ended 31 December 2022		Management	For	Voted - For
2	Reappoint KPMG Inc as Joint Auditors with Pierre
	Fourie as the Individual and Designated Auditor		Management	For	Voted - For

38

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
3	Reappoint PricewaterhouseCoopers Inc (PwC) as Joint
	Auditors with Alsue Du Preez as the Individual and
	Designated Auditor		Management	For	Voted - For
4	Elect Thembisa Skweyiya as Director		Management	For	Voted - For
5.1	Re-elect Elias Masilela as Director		Management	For	Voted - For
5.2	Re-elect Andrew Birrell as Director		Management	For	Voted - For
5.3	Re-elect Mathukana Mokoka as Director		Management	For	Voted - For
5.4	Re-elect Nicolaas Kruger as Director		Management	For	Voted - For
6	Re-elect Heinie Werth as Director		Management	For	Voted - For
7.1	Re-elect Andrew Birrell as Member of the Audit
	Committee		Management	For	Voted - For
7.2	Re-elect Nicolaas Kruger as Member of the Audit
	Committee		Management	For	Voted - For
7.3	Re-elect Mathukana Mokoka as Member of the Audit
	Committee		Management	For	Voted - For
7.4	Re-elect Kobus Moller as Member of the Audit
	Committee		Management	For	Voted - Against
7.5	Re-elect Karabo Nondumo as Member of the Audit
	Committee		Management	For	Voted - For
8.1	Approve Remuneration Policy		Management	For	Voted - For
8.2	Approve Remuneration Implementation Report		Management	For	Voted - For
9	Approve Remuneration of Executive Directors and
	Non-executive Directors for the Financial Year
	Ended 31 December 2022		Management	For	Voted - For
10	Place Authorised but Unissued Shares under Control
	of Directors		Management	For	Voted - For
11	Authorise Board to Issue Shares for Cash		Management	For	Voted - For
12	Authorise Ratification of Approved Resolutions		Management	For	Voted - For
	Special Resolutions		Management	For	Non-Voting
1	Approve Remuneration of Non-executive Directors for
	the Period 1 July 2023 until 30 June 2024		Management	For	Voted - For
2	Authorise Repurchase of Issued Share Capital		Management	For	Voted - For
3	Approve Financial Assistance in Terms of Section 44
	of the Companies Act		Management	For	Voted - For
4	Approve Financial Assistance in Terms of Section 45
	of the Companies Act		Management	For	Voted - For
5	Amend Memorandum of Incorporation Re: Clause 27.1.12		Management	For	Voted - For
6	Amend Memorandum of Incorporation Re: Odd-lot Offer		Management	For	Voted - For
SAUDI ARABIAN OIL CO.
Security ID: M8237R104 Ticker: 2222
Meeting Date: 08-May-23		Meeting Type: Annual
	Ordinary Business		Management	For	Non-Voting
1	Approve Board Report on Company Operations for FY
	2022		Management	For	Voted - For
2	Accept Financial Statements and Statutory Reports
	for FY 2022		Management	For	Voted - For
3	Approve Auditors' Report on Company Financial
	Statements for FY 2022		Management	For	Voted - For

39

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
4	Authorize Increase of Capital by Capitalizing from
	the Retained Earning for Bonus Issue and Amend
	Article 6 of Bylaws		Management	For	Voted - For
SOCIEDAD QUIMICA Y MINERA DE CHILE SA
Security ID: P8716X108		Ticker: SQM.B
Meeting Date: 26-Apr-23		Meeting Type: Annual
	Meeting for ADR Holders		Management	For	Non-Voting
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Designate Auditors		Management	For	Voted - Against
3	Designate Risk Assessment Companies		Management	For	Voted - For
4	Designate Account Inspectors		Management	For	Voted - For
5	Approve Investment Policy		Management	For	Voted - For
6	Approve Financing Policy		Management	For	Voted - For
7	Approve Dividends		Management	For	Voted - For
	Vote for Item 8.A or Item 8.B only; If You Vote for
	More than One Option, then the Ballot on this
	Resolution will not Count		Management	For	Non-Voting
8.A	Elect Antonio Gil Nievas as Director Representing
	Series B Shareholders		Management	None	Voted - For
8.B	Elect Directors		Management	None	Voted - Abstain
9	Approve Remuneration of Board of Directors and
	Board Committees		Management	For	Voted - For
10	Designate Newspaper to Publish Meeting
	Announcements, Other Business and Execution of
	Shareholders' Meeting Resolutions		Management	For	Voted - For
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
Security ID: Y84629107		Ticker: 2330
Meeting Date: 06-Jun-23		Meeting Type: Annual
1	Approve Business Operations Report and Financial
	Statements		Management	For	Voted - For
2	Approve Issuance of Restricted Stocks		Management	For	Voted - For
3	Amend Procedures for Endorsement and Guarantees		Management	For	Voted - For
4	Amend the Name of Audit Committee in the Policies
	(I)Procedures for Acquisition or Disposal of Assets
	(II)Procedures for Financial Derivatives
	Transactions (III)Procedures for Lending Funds to
	Other Parties (IV)Procedures for Endorsement and
	Guarantee		Management	For	Voted - For
TAV HAVALIMANLARI HOLDING AS
Security ID: M8782T109		Ticker: TAVHL.E
Meeting Date: 31-Mar-23		Meeting Type: Annual
	Annual Meeting Agenda		Management	For	Non-Voting

40

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1	Open Meeting, Elect Presiding Council of Meeting
	and Authorize Presiding Council to Sign Minutes of
	Meeting		Management	For	Voted - For
2	Accept Board Report		Management	For	Voted - For
3	Accept Audit Report		Management	For	Voted - For
4	Accept Financial Statements		Management	For	Voted - For
5	Approve Discharge of Board		Management	For	Voted - For
6	Approve Allocation of Income		Management	For	Voted - For
7	Approve Remuneration Policy		Management	For	Voted - For
8	Approve Disclosure Policy		Management	For	Voted - For
9	Approve Director Remuneration		Management	For	Voted - For
10	Ratify External Auditors		Management	For	Voted - For
11	Approve Upper Limit of Donations for 2023 and
	Receive Information on Donations Made in 2022		Management	For	Voted - For
12	Receive Information on Related Party Transactions		Management	For	Non-Voting
13	Receive Information on Guarantees, Pledges and
	Mortgages Provided to Third Parties		Management	For	Non-Voting
14	Grant Permission for Board Members to Engage in
	Commercial Transactions with Company and Be
	Involved with Companies with Similar Corporate
	Purpose in Accordance with Articles 395 and 396 of
	Turkish Commercial Law		Management	For	Voted - For
15	Wishes		Management	For	Non-Voting
16	Close Meeting		Management	For	Non-Voting
TECH MAHINDRA LIMITED
Security ID: Y85491127		Ticker: 532755
Meeting Date: 26-Jul-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Accept Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
3	Confirm Interim (Special) Dividend and Declare
	Final Dividend		Management	For	Voted - For
4	Reelect C. P. Gurnani as Director		Management	For	Voted - For
5	Approve B S R & Co. LLP, Chartered Accountants as
	Auditors and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
6	Elect Penelope Fowler as Director		Management	For	Voted - For
7	Approve Reappointment and Remuneration of C. P.
	Gurnani as Managing Director and CEO		Management	For	Voted - For
TENCENT HOLDINGS LIMITED
Security ID: G87572163		Ticker: 700
Meeting Date: 17-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3a	Elect Jacobus Petrus (Koos) Bekker as Director		Management	For	Voted - For

41

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
3b	Elect Zhang Xiulan as Director		Management	For	Voted - For
3c	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
4	Approve PricewaterhouseCoopers as Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
5	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - Against
6	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
Meeting Date: 17-May-23		Meeting Type: Extraordinary Shareholders
1a	Adopt 2023 Share Option Scheme		Management	For	Voted - For
1b	Approve Transfer of Share Options		Management	For	Voted - For
1c	Approve Termination of the Existing Share Option
	Scheme		Management	For	Voted - For
2	Approve Scheme Mandate Limit (Share Option) under
	the 2023 Share Option Scheme		Management	For	Voted - For
3	Approve Service Provider Sublimit (Share Option)
	under the 2023 Share Option Scheme		Management	For	Voted - For
4a	Adopt 2023 Share Award Scheme		Management	For	Voted - For
4b	Approve Transfer of Share Awards		Management	For	Voted - For
4c	Approve Termination of the Existing Share Award
	Schemes		Management	For	Voted - For
5	Approve Scheme Mandate Limit (Share Award) under
	the 2023 Share Award Scheme		Management	For	Voted - For
6	Approve Scheme Mandate Limit (New Shares Share
	Award) under the 2023 Share Award Scheme		Management	For	Voted - For
7	Approve Service Provider Sublimit (New Shares Share
	Award) under the 2023 Share Award Scheme		Management	For	Voted - For
TERNIUM SA
Security ID: 880890108		Ticker: TX
Meeting Date: 02-May-23		Meeting Type: Annual
	Meeting for ADR Holders		Management	For	Non-Voting
1	Approve Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
2	Approve Financial Statements and Statutory Reports		Management	For	Voted - For
3	Approve Allocation of Income and Dividends		Management	For	Voted - For
4	Approve Discharge of Directors		Management	For	Voted - For
5	Elect Directors (Bundled)		Management	For	Voted - For
6	Approve Remuneration of Directors		Management	For	Voted - For
7	Approve PricewaterhouseCoopers as Auditors and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
8	Allow Board to Appoint One or More of its Members
	as Company's Attorney-in-Fact		Management	For	Voted - For

42

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
THE SAUDI BRITISH BANK
Security ID: M8234F111		Ticker: 1060
Meeting Date: 21-Dec-22		Meeting Type: Ordinary Shareholders
	Ordinary Business		Management	For	Non-Voting
1.1	Elect Lubna Al Olayan as Director		Management	None	Voted - Abstain
1.2	Elect Mohammed Al Omran as Director		Management	None	Voted - Abstain
1.3	Elect Saad Al Fadheely as Director		Management	None	Voted - Abstain
1.4	Elect Ahmad Al Oulaqi as Director		Management	None	Voted - Abstain
1.5	Elect Sulayman Al Quweiz as Director		Management	None	Voted - Abstain
1.6	Elect Mohammed Al Shatwi as Director		Management	None	Voted - Abstain
1.7	Elect Ayman Al Rifaee as Director		Management	None	Voted - Abstain
1.8	Elect Mohammed Al Maaraj as Director		Management	None	Voted - Abstain
1.9	Elect Jihad Al Naqlah as Director		Management	None	Voted - Abstain
1.10	Elect Martin Powell as Director		Management	None	Voted - Abstain
1.11	Elect Stuart Gulliver as Director		Management	None	Voted - Abstain
2	Elect Members of Audit Committee and Approve its
	Responsibilities, Work Procedures, and Remuneration
	of its Members		Management	For	Voted - Against
3	Approve Authorization of the Board Regarding Future
	Related Party Transactions According to Article 71
	of the Companies Law		Management	For	Voted - For
4	Amend Audit Committee Charter		Management	For	Voted - For
5	Amend Remuneration and Nominations Committee Charter		Management	For	Voted - For
6	Amend Policy of Nomination and Selecting Directors
	and Members of Committees		Management	For	Voted - For
Meeting Date: 03-May-23		Meeting Type: Annual
	Ordinary Business		Management	For	Non-Voting
1	Approve Board Report on Company Operations for FY
	2022		Management	For	Voted - For
2	Accept Financial Statements and Statutory Reports
	for FY 2022		Management	For	Voted - For
3	Approve Auditors' Report on Company Financial
	Statements for FY 2022		Management	For	Voted - For
4	Approve Discharge of Directors for FY 2022		Management	For	Voted - For
5	Ratify Auditors and Fix Their Remuneration for Q1,
	Q2, Q3 and Annual Statement of FY 2023 and Q1 of FY
	2024		Management	For	Voted - Abstain
6	Approve Remuneration of Directors of SAR 4,820,000
	for FY 2022		Management	For	Voted - For
7	Approve Interim Dividends Semi Annually or
	Quarterly for FY 2023		Management	For	Voted - For
8	Approve Authorization of the Board Regarding Future
	Related Party Transactions According to Paragraph 1
	of Article 27 of Companies Law		Management	For	Voted - For
9	Approve Dividends of SAR 0.74 per Share for Second
	Half of FY 2022		Management	For	Voted - For

43

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
10	Authorize Share Repurchase Program up to 1,000,000
	Share to be Allocated for Long Term Incentive
	Program for Employees		Management	For	Voted - For
11	Approve Related Party Transactions with HSBC Bank
	Plc Re: Dispose Loans and Expected Credit Loses		Management	For	Voted - For
12	Amend Remuneration Policy of Board Members,
	Committees, and Executive Management		Management	For	Voted - For
13	Approve Corporate Social Responsibility Policy		Management	For	Voted - For
Meeting Date: 31-May-23		Meeting Type: Extraordinary Shareholders
	Extraordinary Business		Management	For	Non-Voting
1	Amend Article 2 of Bylaws Re: Company's Name		Management	For	Voted - For
2	Amend Article 13 of Bylaws Re: Capital Increase		Management	For	Voted - For
3	Amend Article 16 of Bylaws Re: Issuance and
	Offering of Debt Instruments		Management	For	Voted - Against
4	Amend Article 22 of Bylaws Re: Authorities of
	Chairman, Vice-Chairman and Managing Director		Management	For	Voted - For
5	Amend Article 23 of Bylaws Re: Authorities of the
	Managing Director		Management	For	Voted - For
6	Amend Articles of Bylaws According to the New
	Companies' Law		Management	For	Voted - Against
7	Approve Rearranging and Numbering of Articles of
	Bylaws in Accordance to the Proposed Amendments		Management	For	Voted - For
8	Amend Audit Committee Charter		Management	For	Voted - Against
TRIP.COM GROUP LIMITED
Security ID: G9066F101		Ticker: 9961
Meeting Date: 30-Jun-23		Meeting Type: Annual
1	Amend Third Amended and Restated Memorandum of
	Association and Articles of Association and Approve
	Fourth Amended and Restated Memorandum of
	Association and Articles of Association		Management	For	Voted - For
	Meeting for ADR Holders		Management	For	Non-Voting
1	Amend Third Amended and Restated Memorandum of
	Association and Articles of Association and Approve
	Fourth Amended and Restated Memorandum of
	Association and Articles of Association		Management	For	Voted - For
TSINGTAO BREWERY COMPANY LIMITED
Security ID: Y8997D102		Ticker: 168
Meeting Date: 18-Jul-22		Meeting Type: Extraordinary Shareholders
	Egm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Elect Jiang Zong Xiang as Director		Management	For	Voted - For
2	Elect Hou Qiu Yan as Director		Management	For	Voted - For

44

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
Meeting Date: 16-Jun-23		Meeting Type: Annual
	Agm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Work Report of the Board of Directors		Management	For	Voted - For
2	Approve Work Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Financial Report (Audited)		Management	For	Voted - For
4	Approve Profit and Dividend Distribution Proposal		Management	For	Voted - For
5	Approve PricewaterhouseCoopers Zhong Tian LLP as
	Auditor and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
6	Approve PricewaterhouseCoopers Zhong Tian LLP as
	Internal Control Auditor and Authorize Board to Fix
	Their Remuneration		Management	For	Voted - For
7	Approve Amendments to Articles of Association and
	Related Transactions		Management	For	Voted - For
UPL LIMITED
Security ID: Y9305P100		Ticker: 512070
Meeting Date: 25-Nov-22		Meeting Type: Extraordinary Shareholders
1	Elect Suresh Kumar as Director		Management	For	Voted - For
2	Elect Carlos Pellicer as Director		Management	For	Voted - Against
3	Elect Raj Tiwari as Director		Management	For	Voted - For
4	Approve Appointment and Remuneration of Raj Tiwari
	as Whole-Time Director		Management	For	Voted - For
5	Approve Business Realignment Consisting of Slump
	Sale of the "Advanta Seeds Business" to a
	Wholly-Owned Subsidiary viz. Advanta Enterprises
	Limited (AEL) and Investment in AEL		Management	For	Voted - For
6	Approve Business Realignment to Organise Investment
	in Advanta's International Seed Business under
	Advanta Mauritius Limited, Mauritius, Wholly-Owned
	Subsidiary of Advanta Enterprises Limited		Management	For	Voted - For
7	Approve Business Realignment Consisting of Slump
	Sale of the "Crop Protection Business" and "Adarsh
	Farm Services Business", Investment in UPL SAS and
	Realignment of Holding Structure of Subsidiaries		Management	For	Voted - For
8	Approve Continuation of Arrangements of Supply of
	Products/Material and Cost /Expenses Sharing
	Arrangement with UPL Sustainable Agri Solutions
	Limited and Advanta Enterprises Limited,
	Wholly-Owned Subsidiaries of the Company		Management	For	Voted - For
Meeting Date: 24-Mar-23		Meeting Type: Extraordinary Shareholders
1	Approve Sale/Purchase/Functional Support Services
	Transactions Amongst UPL Limited and Various
	Subsidiaries, Associates and Joint Ventures
	Carrying Out Operations in Ordinary Course of
	Business		Management	For	Voted - For
2	Approve Financial Support Transactions of UPL
	Limited and UPL Corporation Limited, Mauritius with

45

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
	Subsidiaries, Associates and Joint Ventures
	Carrying Out Operations in Ordinary Course of
	Business		Management	For	Voted - For
3	Approve Consolidation of Existing Loan Obligations
	of its Subsidiaries to UPL Corporation Limited,
	Mauritius into its Subsidiary viz. UPL Corporation
	Limited, Cayman		Management	For	Voted - For
VALE SA
Security ID: P9661Q155 Ticker: VALE3
Meeting Date: 21-Dec-22		Meeting Type: Extraordinary Shareholders
	Meeting for ADR Holders		Management	For	Non-Voting
1	Amend Articles Re: Wording Amendments		Management	For	Voted - For
2	Amend Articles Re: Changes in Board of Directors
	and Executive Board Meetings		Management	For	Voted - For
3	Amend Articles Re: Changes in the Authorities of
	the Board of Directors and the Executive Board		Management	For	Voted - For
4	Amend Articles Re: Provisions about the Advisory
	Committees to the Board of Directors		Management	For	Voted - For
5	Consolidate Bylaws		Management	For	Voted - For
Meeting Date: 28-Apr-23		Meeting Type: Annual/Special
	Meeting for ADR Holders		Management	For	Non-Voting
	Annual Meeting Agenda		Management	For	Non-Voting
1	Accept Financial Statements and Statutory Reports
	for Fiscal Year Ended Dec. 31, 2022		Management	For	Voted - For
2	Approve Capital Budget, Allocation of Income and
	Dividends		Management	For	Voted - For
3	Fix Number of Directors at 13		Management	For	Voted - For
4	Do You Wish to Adopt Cumulative Voting for the
	Election of the Members of the Board of Directors,
	Under the Terms of Article 141 of the Brazilian
	Corporate Law?		Management	Against	Voted - Abstain
5.1	Elect Daniel Andre Stieler as Director		Management	For	Voted - For
5.2	Elect Douglas James Upton as Independent Director		Management	For	Voted - For
5.3	Elect Fernando Jorge Buso Gomes as Director		Management	For	Voted - Against
5.4	Elect Joao Luiz Fukunaga as Director		Management	For	Voted - For
5.5	Elect Jose Luciano Duarte Penido as Independent
	Director		Management	For	Voted - For
5.6	Elect Luis Henrique Cals de Beauclair Guimaraes as
	Independent Director		Management	For	Voted - For
5.7	Elect Manuel Lino Silva de Sousa Oliveira (Ollie)
	as Independent Director		Management	For	Voted - For
5.8	Elect Marcelo Gasparino da Silva as Independent
	Director		Management	For	Voted - For
5.9	Elect Paulo Hartung as Independent Director		Management	For	Voted - For
5.10	Elect Rachel de Oliveira Maia as Independent
	Director		Management	For	Voted - For
5.11	Elect Shunji Komai as Director		Management	For	Voted - For

46

Ninety One Emerging Markets Equity Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
5.12	Elect Vera Marie Inkster as Independent Director	Management	For	Voted - For
	IF CUMULATIVE VOTE IS ADOPTED - Votes Are
	Distributed in Equal % Amongst Nominees voted FOR.
	If You Vote AGST, Contact Your Client Service Rep
	to Unequally Allocate % of Votes. If You Vote ABST,
	You Will Not Participate in Cumulative Voting.	Management	For	Non-Voting
6	In Case Cumulative Voting Is Adopted, Do You Wish
	to Equally Distribute Your Votes Amongst the
	Nominees below?	Management	For	Non-Voting
7.1	Percentage of Votes to Be Assigned - Elect Daniel
	Andre Stieler as Director	Management	For	Voted - For
7.2	Percentage of Votes to Be Assigned - Elect Douglas
	James Upton as Independent Director	Management	For	Voted - For
7.3	Percentage of Votes to Be Assigned - Elect Fernando
	Jorge Buso Gomes as Director	Management	For	Voted - Against
7.4	Percentage of Votes to Be Assigned - Elect Joao
	Luiz Fukunaga as Director	Management	For	Voted - For
7.5	Percentage of Votes to Be Assigned - Elect Jose
	Luciano Duarte Penido as Independent Director	Management	For	Voted - For
7.6	Percentage of Votes to Be Assigned - Elect Luis
	Henrique Cals de Beauclair Guimaraes as Independent
	Director	Management	For	Voted - For
7.7	Percentage of Votes to Be Assigned - Elect Manuel
	Lino Silva de Sousa Oliveira (Ollie) as Independent
	Director	Management	For	Voted - For
7.8	Percentage of Votes to Be Assigned - Elect Marcelo
	Gasparino da Silva as Independent Director	Management	For	Voted - For
7.9	Percentage of Votes to Be Assigned - Elect Paulo
	Hartung as Independent Director	Management	For	Voted - For
7.10	Percentage of Votes to Be Assigned - Elect Rachel
	de Oliveira Maia as Independent Director	Management	For	Voted - For
7.11	Percentage of Votes to Be Assigned - Elect Shunji
	Komai as Director	Management	For	Voted - For
7.12	Percentage of Votes to Be Assigned - Elect Vera
	Marie Inkster as Independent Director	Management	For	Voted - For
8.1	Elect Daniel Andre Stieler as Board Chairman	Management	For	Voted - For
9.1	Elect Marcelo Gasparino da Silva as Vice-Chairman	Management	For	Voted - For
10.1	Elect Heloisa Belotti Bedicks as Fiscal Council
	Member and Jandaraci Ferreira de Araujo as
	Alternate Appointed by Geracao L. Par Fundo de
	Investimento em Acoes and Other Shareholders	Shareholder	None	Voted - For
10.2	Elect Marcio de Souza as Fiscal Council Member and
	Ana Maria Loureiro Recart as Alternate Appointed by
	Caixa de Previdencia dos Funcionarios do Banco do
	Brasil - Previ	Shareholder	None	Voted - For
10.3	Elect Paulo Clovis Ayres Filho as Fiscal Council
	Member and Guilherme Jose de Vasconcelos Cerqueira
	as Alternate Appointed by Cosan	Shareholder	None	Voted - For
10.4	Elect Raphael Manhaes Martins as Fiscal Council
	Member and Adriana de Andrade Sole as Alternate
	Appointed by Geracao L. Par Fundo de Investimento
	em Acoes and Other Shareholders	Shareholder	None	Voted - For
11	Approve Remuneration of Company's Management and
	Fiscal Council	Management	For	Voted - For

47

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
	Extraordinary Meeting Agenda		Management	For	Non-Voting
1	Amend Article 5 to Reflect Changes in Capital		Management	For	Voted - For
WAL-MART DE MEXICO SAB DE CV
Security ID: P98180188		Ticker: WALMEX
Meeting Date: 30-Mar-23		Meeting Type: Annual
1a	Approve Report of Audit and Corporate Practices
	Committees		Management	For	Voted - For
1b	Approve CEO's Report		Management	For	Voted - For
1c	Approve Board Opinion on CEO's Report		Management	For	Voted - For
1d	Approve Board of Directors' Report		Management	For	Voted - For
1e	Approve Report Re: Employee Stock Purchase Plan		Management	For	Voted - For
2	Approve Consolidated Financial Statements		Management	For	Voted - For
3a	Approve Allocation of Income		Management	For	Voted - For
3b	Approve Ordinary Dividend of MXN 1.12 Per Share		Management	For	Voted - For
3c	Approve Extraordinary Dividend of MXN 1.57 Per Share		Management	For	Voted - For
4	Approve Report on Share Repurchase Reserves		Management	For	Voted - For
5a1	Accept Resignation of Blanca Trevino as Director		Management	For	Voted - For
5b1	Ratify Maria Teresa Arnal as Director		Management	For	Voted - For
5b2	Ratify Adolfo Cerezo as Director		Management	For	Voted - For
5b3	Ratify Ernesto Cervera as Director		Management	For	Voted - For
5b4	Ratify Kirsten Evans as Director		Management	For	Voted - For
5b5	Ratify Eric Perez Grovas as Director		Management	For	Voted - For
5b6	Ratify Leigh Hopkins as Director		Management	For	Voted - For
5b7	Ratify Elizabeth Kwo as Director		Management	For	Voted - For
5b8	Ratify Guilherme Loureiro as Director		Management	For	Voted - For
5b9	Ratify Judith McKenna as Board Chairman		Management	For	Voted - For
5b10 Ratify Karthik Raghupathy as Director			Management	For	Voted - For
5b11 Ratify Tom Ward as Director			Management	For	Voted - For
5c1	Ratify Adolfo Cerezo as Chairman of Audit and
	Corporate Practices Committees		Management	For	Voted - Against
5c2	Approve Discharge of Board of Directors and Officers		Management	For	Voted - For
5c3	Approve Directors and Officers Liability		Management	For	Voted - For
5d1	Approve Remuneration of Board Chairman		Management	For	Voted - For
5d2	Approve Remuneration of Director		Management	For	Voted - For
5d3	Approve Remuneration of Chairman of Audit and
	Corporate Practices Committees		Management	For	Voted - For
5d4	Approve Remuneration of Member of Audit and
	Corporate Practices Committees		Management	For	Voted - For
6	Authorize Board to Ratify and Execute Approved
	Resolutions		Management	For	Voted - For
WEICHAI POWER CO., LTD.
Security ID: Y9531A109		Ticker: 2338
Meeting Date: 28-Jun-23		Meeting Type: Annual
	Agm Ballot For Holders Of A Shares		Management	For	Non-Voting

48

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1	Approve Annual Report		Management	For	Voted - For
2	Approve Report of the Board of Directors		Management	For	Voted - For
3	Approve Report of the Supervisory Committee		Management	For	Voted - For
4	Approve Audited Financial Statements and Auditors'
	Report		Management	For	Voted - For
5	Approve Final Financial Report		Management	For	Voted - For
6	Approve Financial Budget Report		Management	For	Voted - Against
7	Approve Profit Distribution Plan		Management	For	Voted - For
8	Approve Grant of Mandate to the Board of Directors
	for the Payment of Interim Dividend		Management	For	Voted - For
9	Approve KPMG Huazhen LLP as Auditors and Authorize
	Board to Fix Their Remuneration		Management	For	Voted - For
10	Approve Hexin Accountants LLP as Internal Control
	Auditors and Authorize Board to Fix Their
	Remuneration		Management	For	Voted - For
	Elect Directors Via Cumulative Voting		Management	For	Non-Voting
11.1	Elect Ma Changhai as Director		Management	For	Voted - For
11.2	Elect Wang Decheng as Director		Management	For	Voted - For
11.3	Elect Ma Xuyao as Director		Management	For	Voted - For
11.4	Elect Richard Robinson Smith as Director		Management	For	Voted - For
	Elect Independent Directors Via Cumulative Voting		Management	For	Non-Voting
12.1	Elect Chi Deqiang as Director		Management	For	Voted - For
12.2	Elect Zhao Fuquan as Director		Management	For	Voted - For
12.3	Elect Xu Bing as Director		Management	For	Voted - For
WH GROUP LIMITED
Security ID: G96007102		Ticker: 288
Meeting Date: 06-Jun-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2a	Elect Ma Xiangjie as Director		Management	For	Voted - For
2b	Elect Huang Ming as Director		Management	For	Voted - For
2c	Elect Lau, Jin Tin Don as Director		Management	For	Voted - For
2d	Elect Zhou Hui as Director		Management	For	Voted - For
3	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
4	Approve Ernst & Young as Auditor and Authorize
	Board to Fix Their Remuneration		Management	For	Voted - For
5	Approve Final Dividend		Management	For	Voted - For
6	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
7	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - For
8	Authorize Reissuance of Repurchased Shares		Management	For	Voted - Against
9	Amend Current Amended and Restated Memorandum and
	Articles of Association and Adopt Second Amended
	and Restated Memorandum and Articles of Association		Management	For	Voted - For

49

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ZIJIN MINING GROUP CO., LTD.
Security ID: Y9892H107		Ticker: 2899
Meeting Date: 30-Dec-22		Meeting Type: Extraordinary Shareholders
	Egm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Change in Registered Share Capital and
	Amend Articles of Association		Management	For	Voted - For
2	Approve Provision of Guarantees		Management	For	Voted - For
3	Amend Working Rules for Independent Directors		Management	For	Voted - For
4	Approve Remuneration and Assessment Proposal of
	Directors and Supervisors		Management	For	Voted - For
	Elect Non-Independent Directors Via Cumulative
	Voting		Management	For	Non-Voting
5.1	Elect Chen Jinghe as Director		Management	For	Voted - For
5.2	Elect Zou Laichang as Director		Management	For	Voted - For
5.3	Elect Lin Hongfu as Director		Management	For	Voted - For
5.4	Elect Lin Hongying as Director		Management	For	Voted - For
5.5	Elect Xie Xionghui as Director		Management	For	Voted - For
5.6	Elect Wu Jianhui as Director		Management	For	Voted - For
5.7	Elect Li Jian as Director		Management	For	Voted - For
	Elect Independent Directors Via Cumulative Voting		Management	For	Non-Voting
6.1	Elect He Fulong as Director		Management	For	Voted - For
6.2	Elect Mao Jingwen as Director		Management	For	Voted - For
6.3	Elect Li Changqing as Director		Management	For	Voted - For
6.4	Elect Suen Man Tak as Director		Management	For	Voted - For
6.5	Elect Bo Shao Chuan as Director		Management	For	Voted - For
6.6	Elect Wu Xiaomin as Director		Management	For	Voted - For
	Elect Supervisors Via Cumulative Voting		Management	For	Non-Voting
7.1	Elect Lin Shuiqing as Supervisor		Management	For	Voted - For
7.2	Elect Lin Yan as Supervisor		Management	For	Voted - For
7.3	Elect Qiu Shujin as Supervisor		Shareholder	For	Voted - For
Meeting Date: 25-May-23		Meeting Type: Annual
	Agm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Independent Directors		Management	For	Voted - For
3	Approve Report of the Supervisory Committee		Management	For	Voted - For
4	Approve Annual Report and Its Summary Report		Management	For	Voted - For
5	Approve Financial Report		Management	For	Voted - For
6	Approve Profit Distribution Proposal		Management	For	Voted - For
7	Approve Calculation and Distribution Proposal for
	the Remuneration of the Executive Directors and
	Chairman of the Supervisory Committee		Management	For	Voted - For
8	Approve Ernst & Young Hua Ming LLP as Auditor and
	Authorize Chairman of the Board, President and
	Financial Controller to Fix Their Remuneration		Management	For	Voted - For
9	Approve General Mandate to Issue Debt Financing
	Instruments		Management	For	Voted - For

50

Ninety One Emerging Markets Equity Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
10	Approve Arrangement of Guarantees	Management	For	Voted - For
11	Approve Satisfaction of the Conditions for the
	Public Issuance of A Share Convertible Corporate
	Bonds	Management	For	Voted - For
	Resolutions In Relation To The Public Issuance Of A
	Share Convertible Corporate Bonds For The Year 2022	Management	For	Non-Voting
12.01Approve Type of Securities to be Issued		Management	For	Voted - For
12.02Approve Size of the Issuance		Management	For	Voted - For
12.03Approve Par Value and Issue Price		Management	For	Voted - For
12.04Approve Term of the A Share Convertible Corporate
	Bonds	Management	For	Voted - For
12.05Approve Coupon Rate of the A Share Convertible
	Corporate Bonds	Management	For	Voted - For
12.06Approve Timing and Method of Principal Repayment
	and Interest Payment	Management	For	Voted - For
12.07Approve Conversion Period		Management	For	Voted - For
12.08Approve Determination and Adjustment of the
	Conversion Price	Management	For	Voted - For
12.09Approve Terms of Downward Adjustment to Conversion
	Price	Management	For	Voted - For
12.10Approve Method for Determining the Number of A
	Shares to be Converted and Treatment for Remaining
	Balance of the A Share Convertible Corporate Bonds
	which is Insufficient to be Converted into One A
	Share	Management	For	Voted - For
12.11Approve Terms of Redemption		Management	For	Voted - For
12.12Approve Terms of Sale Back		Management	For	Voted - For
12.13Approve Entitlement to Dividend in the Year of
	Conversion	Management	For	Voted - For
12.14Approve Method of the Issuance and Target
	Subscribers	Management	For	Voted - For
12.15Approve Subscription Arrangement for the Existing A
	Shareholders	Management	For	Voted - For
12.16Approve Relevant Matters of the Bondholders'
	Meetings	Management	For	Voted - For
12.17Approve Use of Proceeds Raised		Management	For	Voted - For
12.18Approve Rating		Management	For	Voted - For
12.19Approve Management and Deposit for the Proceeds
	Raised	Management	For	Voted - For
12.20Approve Guarantee and Security		Management	For	Voted - For
12.21Approve Validity Period of the Resolution of the
	Issuance	Management	For	Voted - For
13	Approve Demonstration and Analysis Report in
	Relation to the Proposal on the Public Issuance of
	A Share Convertible Corporate Bonds of the Company	Management	For	Voted - For
14	Approve Plan of the Public Issuance of A Share
	Convertible Corporate Bonds of the Company (Revised
	Draft)	Management	For	Voted - For
15	Approve Feasibility Report on the Use of Proceeds
	Raised in the Public Issuance of A Share
	Convertible Corporate Bonds of the Company (Revised
	Draft)	Management	For	Voted - For

51

Ninety One Emerging Markets Equity Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
16	Approve Report on the Use of Proceeds Previously
	Raised		Management	For	Voted - For
17	Approve Recovery Measures and Undertakings by
	Relevant Parties in Relation to Dilutive Impact on
	Immediate Returns of the Public Issuance of A Share
	Convertible Corporate Bonds of the Company (Revised
	Draft)		Management	For	Voted - For
18	Approve Formulation of Rules for A Share
	Convertible Corporate Bondholders' Meetings of the
	Company		Management	For	Voted - For
19	Approve Possible Connected Transactions of
	Subscriptions of A Share Convertible Corporate
	Bonds Under the Public Issuance by the Company's
	Connected Persons		Management	For	Voted - For
20	Authorize Directors or Its Authorized Persons to
	Handle All the Matters Relating to the Public
	Issuance of A Share Convertible Corporate Bonds		Management	For	Voted - For
Meeting Date: 25-May-23		Meeting Type: Special
	Class Meeting For Holders Of H Shares		Management	For	Non-Voting
	Resolutions In Relation To The Public Issuance Of A
	Share Convertible Corporate Bonds For The Year 2022		Management	For	Non-Voting
1.01	Approve Type of Securities to be Issued		Management	For	Voted - For
1.02	Approve Size of the Issuance		Management	For	Voted - For
1.03	Approve Par Value and Issue Price		Management	For	Voted - For
1.04	Approve Term of the A Share Convertible Corporate
	Bonds		Management	For	Voted - For
1.05	Approve Coupon Rate of the A Share Convertible
	Corporate Bonds		Management	For	Voted - For
1.06	Approve Timing and Method of Principal Repayment
	and Interest Payment		Management	For	Voted - For
1.07	Approve Conversion Period		Management	For	Voted - For
1.08	Approve Determination and Adjustment of the
	Conversion Price		Management	For	Voted - For
1.09	Approve Terms of Downward Adjustment to Conversion
	Price		Management	For	Voted - For
1.10	Approve Method for Determining the Number of A
	Shares to be Converted and Treatment for Remaining
	Balance of the A Share Convertible Corporate Bonds
	which is Insufficient to be Converted into One A
	Share		Management	For	Voted - For
1.11	Approve Terms of Redemption		Management	For	Voted - For
1.12	Approve Terms of Sale Back		Management	For	Voted - For
1.13	Approve Entitlement to Dividend in the Year of
	Conversion		Management	For	Voted - For
1.14	Approve Method of the Issuance and Target
	Subscribers		Management	For	Voted - For
1.15	Approve Subscription Arrangement for the Existing A
	Shareholders		Management	For	Voted - For
1.16	Approve Relevant Matters of the Bondholders'
	Meetings		Management	For	Voted - For
1.17	Approve Use of Proceeds Raised		Management	For	Voted - For

52

Ninety One Emerging Markets Equity Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
1.18	Approve Rating	Management	For	Voted - For
1.19	Approve Management and Deposit for the Proceeds
	Raised	Management	For	Voted - For
1.20	Approve Guarantee and Security	Management	For	Voted - For
1.21	Approve Validity Period of the Resolution of the
	Issuance	Management	For	Voted - For
2	Approve Plan of the Public Issuance of A Share
	Convertible Corporate Bonds of the Company (Revised
	Draft)	Management	For	Voted - For
3	Authorize Directors or Its Authorized Persons to
	Handle All the Matters Relating to the Public
	Issuance of A Share Convertible Corporate Bonds	Management	For	Voted - For

53

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ASML HOLDING NV
Security ID: N07059202		Ticker: ASML
Meeting Date: 26-Apr-23		Meeting Type: Annual
	Annual Meeting Agenda		Management	For	Non-Voting
1	Open Meeting		Management	For	Non-Voting
2	Discuss the Company's Business, Financial Situation
	and Sustainability		Management	For	Non-Voting
3a	Approve Remuneration Report		Management	For	Voted - For
3b	Adopt Financial Statements and Statutory Reports		Management	For	Voted - For
3c	Receive Explanation on Company's Reserves and
	Dividend Policy		Management	For	Non-Voting
3d	Approve Dividends		Management	For	Voted - For
4a	Approve Discharge of Management Board		Management	For	Voted - For
4b	Approve Discharge of Supervisory Board		Management	For	Voted - For
5	Approve Number of Shares for Management Board		Management	For	Voted - For
6a	Amend Remuneration Policy for the Supervisory Board		Management	For	Voted - For
6b	Amend Remuneration of the Members of the
	Supervisory Board		Management	For	Voted - For
7	Receive Information on the Composition of the
	Management Board and Announce Intention to Appoint
	W.R. Allan to Management Board		Management	For	Non-Voting
8	Elect N.S. Andersen to Supervisory Board		Management	For	Voted - For
8b	Elect J.P. de Kreij to Supervisory Board		Management	For	Voted - For
8c	Discuss Composition of the Supervisory Board		Management	For	Non-Voting
9	Ratify PricewaterhouseCoopers Accountants N.V. as
	Auditors		Management	For	Voted - For
10a	Grant Board Authority to Issue Shares Up to 5
	Percent of Issued Capital Plus Additional 5 Percent
	in Case of Merger or Acquisition		Management	For	Voted - For
10b	Authorize Board to Exclude Preemptive Rights from
	Share Issuances		Management	For	Voted - For
11	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital		Management	For	Voted - For
12	Authorize Cancellation of Repurchased Shares		Management	For	Voted - For
13	Other Business (Non-Voting)		Management	For	Non-Voting
14	Close Meeting		Management	For	Non-Voting
AUTODESK, INC.
Security ID: 052769106		Ticker: ADSK
Meeting Date: 21-Jun-23		Meeting Type: Annual
1a	Elect Director Andrew Anagnost		Management	For	Voted - For
1b	Elect Director Karen Blasing		Management	For	Voted - For
1c	Elect Director Reid French		Management	For	Voted - For
1d	Elect Director Ayanna Howard		Management	For	Voted - For

54

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1e	Elect Director Blake Irving		Management	For	Voted - For
1f	Elect Director Mary T. McDowell		Management	For	Voted - For
1g	Elect Director Stephen Milligan		Management	For	Voted - For
1h	Elect Director Lorrie M. Norrington		Management	For	Voted - For
1i	Elect Director Elizabeth (Betsy) Rafael		Management	For	Voted - For
1j	Elect Director Rami Rahim		Management	For	Voted - For
1k	Elect Director Stacy J. Smith		Management	For	Voted - For
2	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
AUTOMATIC DATA PROCESSING, INC.
Security ID: 053015103		Ticker: ADP
Meeting Date: 09-Nov-22		Meeting Type: Annual
1a	Elect Director Peter Bisson		Management	For	Voted - For
1b	Elect Director David V. Goeckeler		Management	For	Voted - For
1c	Elect Director Linnie M. Haynesworth		Management	For	Voted - For
1d	Elect Director John P. Jones		Management	For	Voted - For
1e	Elect Director Francine S. Katsoudas		Management	For	Voted - For
1f	Elect Director Nazzic S. Keene		Management	For	Voted - For
1g	Elect Director Thomas J. Lynch		Management	For	Voted - For
1h	Elect Director Scott F. Powers		Management	For	Voted - For
1i	Elect Director William J. Ready		Management	For	Voted - For
1j	Elect Director Carlos A. Rodriguez		Management	For	Voted - For
1k	Elect Director Sandra S. Wijnberg		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Ratify Deloitte & Touche LLP as Auditors		Management	For	Voted - For
4	Amend Qualified Employee Stock Purchase Plan		Management	For	Voted - For
BECTON, DICKINSON AND COMPANY
Security ID: 075887109		Ticker: BDX
Meeting Date: 24-Jan-23		Meeting Type: Annual
1.1	Elect Director William M. Brown		Management	For	Voted - For
1.2	Elect Director Catherine M. Burzik		Management	For	Voted - For
1.3	Elect Director Carrie L. Byington		Management	For	Voted - For
1.4	Elect Director R. Andrew Eckert		Management	For	Voted - For
1.5	Elect Director Claire M. Fraser		Management	For	Voted - For
1.6	Elect Director Jeffrey W. Henderson		Management	For	Voted - For
1.7	Elect Director Christopher Jones		Management	For	Voted - For
1.8	Elect Director Marshall O. Larsen		Management	For	Voted - For
1.9	Elect Director Thomas E. Polen		Management	For	Voted - For
1.10	Elect Director Timothy M. Ring		Management	For	Voted - For

55

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1.11	Elect Director Bertram L. Scott		Management	For	Voted - For
2	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
5	Amend Omnibus Stock Plan		Management	For	Voted - For
6	Submit Severance Agreement (Change-in-Control) to
	Shareholder Vote		Shareholder	Against	Voted - Against
BEIERSDORF AG
Security ID: D08792109		Ticker: BEI
Meeting Date: 13-Apr-23		Meeting Type: Annual
1	Receive Financial Statements and Statutory Reports
	for Fiscal Year 2022 (Non-Voting)		Management	For	Non-Voting
2	Approve Allocation of Income and Dividends of EUR
	0.70 per Share		Management	For	Voted - Against
3	Approve Discharge of Management Board for Fiscal
	Year 2022		Management	For	Voted - For
4	Approve Discharge of Supervisory Board for Fiscal
	Year 2022		Management	For	Voted - For
5	Ratify Ernst & Young GmbH as Auditors for Fiscal
	Year 2023		Management	For	Voted - For
6	Approve Remuneration Report		Management	For	Voted - For
7.1	Elect Uta Kemmerich-Keil to the Supervisory Board		Management	For	Voted - For
7.2	Elect Beatrice Dreyfus as Alternate Supervisory
	Board Member		Management	For	Voted - For
8.1	Approve Virtual-Only Shareholder Meetings Until 2025		Management	For	Voted - For
8.2	Amend Articles Re: Participation of Supervisory
	Board Members in the Annual General Meeting by
	Means of Audio and Video Transmission		Management	For	Voted - For
BOOKING HOLDINGS INC.
Security ID: 09857L108		Ticker: BKNG
Meeting Date: 06-Jun-23		Meeting Type: Annual
1.1	Elect Director Glenn D. Fogel		Management	For	Voted - For
1.2	Elect Director Mirian M. Graddick-Weir		Management	For	Voted - For
1.3	Elect Director Wei Hopeman		Management	For	Voted - For
1.4	Elect Director Robert J. Mylod, Jr.		Management	For	Voted - For
1.5	Elect Director Charles H. Noski		Management	For	Voted - For
1.6	Elect Director Larry Quinlan		Management	For	Voted - For
1.7	Elect Director Nicholas J. Read		Management	For	Voted - For
1.8	Elect Director Thomas E. Rothman		Management	For	Voted - For
1.9	Elect Director Sumit Singh		Management	For	Voted - For
1.10	Elect Director Lynn Vojvodich Radakovich		Management	For	Voted - For
1.11	Elect Director Vanessa A. Wittman		Management	For	Voted - For

56

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Ratify Deloitte & Touche LLP as Auditors		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
5	Submit Severance Agreement (Change-in-Control) to
	Shareholder Vote		Shareholder	Against	Voted - Against
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
Security ID: M22465104		Ticker: CHKP
Meeting Date: 30-Aug-22		Meeting Type: Annual
1a	Reelect Gil Shwed as Director		Management	For	Voted - For
1b	Reelect Jerry Ungerman as Director		Management	For	Voted - For
1c	Elect Tzipi Ozer-Armon as Director		Management	For	Voted - For
1d	Reelect Tal Shavit as Director		Management	For	Voted - For
1e	Reelect Shai Weiss as Director		Management	For	Voted - For
2	Ratify Appoint of Kost, Forer, Gabbay & Kasierer as
	Auditors and Authorize Board to Fix Their
	Remuneration and Discuss Financial Statements and
	the Report of the Board		Management	For	Voted - For
3	Approve Compensation of Gil Shwed, CEO		Management	For	Voted - For
4	Readopt Compensation Policy for the Directors and
	Officers of the Company		Management	For	Voted - For
A	Vote FOR if you are NOT a controlling shareholder
	and do NOT have a personal interest in one or
	several resolutions, as indicated in the proxy
	card; otherwise, vote AGAINST. If you vote AGAINST,
	please provide an explanation to your account
	manager		Management	None	Voted - For
ELECTRONIC ARTS INC.
Security ID: 285512109		Ticker: EA
Meeting Date: 11-Aug-22		Meeting Type: Annual
1a	Elect Director Kofi A. Bruce		Management	For	Voted - For
1b	Elect Director Rachel A. Gonzalez		Management	For	Voted - For
1c	Elect Director Jeffrey T. Huber		Management	For	Voted - For
1d	Elect Director Talbott Roche		Management	For	Voted - For
1e	Elect Director Richard A. Simonson		Management	For	Voted - For
1f	Elect Director Luis A. Ubinas		Management	For	Voted - For
1g	Elect Director Heidi J. Ueberroth		Management	For	Voted - For
1h	Elect Director Andrew Wilson		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Ratify KPMG LLP as Auditors		Management	For	Voted - For
4	Amend Omnibus Stock Plan		Management	For	Voted - For

57

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
5	Reduce Ownership Threshold for Shareholders to Call
	Special Meetings to 15%		Management	For	Voted - For
6	Submit Severance Agreement (Change-in-Control) to
	Shareholder Vote		Shareholder	Against	Voted - Against
FACTSET RESEARCH SYSTEMS INC.
Security ID: 303075105		Ticker: FDS
Meeting Date: 15-Dec-22		Meeting Type: Annual
1a	Elect Director James J. McGonigle		Management	For	Voted - For
1b	Elect Director F. Philip Snow		Management	For	Voted - For
1c	Elect Director Maria Teresa Tejada		Management	For	Voted - For
2	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Declassify the Board of Directors		Management	For	Voted - For
5	Amend Certificate of Incorporation to Eliminate
	Certain Business Combination Restrictions		Management	For	Voted - For
6	Adopt the Jurisdiction of Incorporation as the
	Exclusive Forum for Certain Disputes		Management	For	Voted - For
7	Amend Certificate of Incorporation to Add Federal
	Forum Selection Provision		Management	For	Voted - For
8	Amend Certificate of Incorporation to Remove
	Creditor Compromise Provision		Management	For	Voted - For
9	Amend Certificate of Incorporation to Clarify,
	Streamline and Modernize the Certificate of
	Incorporation		Management	For	Voted - For
ICON PLC
Security ID: G4705A100		Ticker: ICLR
Meeting Date: 26-Jul-22		Meeting Type: Annual
1.1	Elect Director Steve Cutler		Management	For	Voted - For
1.2	Elect Director John Climax		Management	For	Voted - For
1.3	Elect Director Ronan Murphy		Management	For	Voted - For
2	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
3	Authorise Board to Fix Remuneration of Auditors		Management	For	Voted - For
4	Authorize Issue of Equity		Management	For	Voted - For
5	Authorize Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
6	Authorize Issue of Equity without Pre-emptive
	Rights in Connection with an Acquisition or Other
	Capital Investment		Management	For	Voted - For
7	Authorize Share Repurchase Program		Management	For	Voted - For
8	Approve the Price Range for the Reissuance of Shares		Management	For	Voted - For

58

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
INTUIT INC.
Security ID: 461202103		Ticker: INTU
Meeting Date: 19-Jan-23		Meeting Type: Annual
1a	Elect Director Eve Burton		Management	For	Voted - For
1b	Elect Director Scott D. Cook		Management	For	Voted - For
1c	Elect Director Richard L. Dalzell		Management	For	Voted - For
1d	Elect Director Sasan K. Goodarzi		Management	For	Voted - For
1e	Elect Director Deborah Liu		Management	For	Voted - For
1f	Elect Director Tekedra Mawakana		Management	For	Voted - For
1g	Elect Director Suzanne Nora Johnson		Management	For	Voted - For
1h	Elect Director Thomas Szkutak		Management	For	Voted - For
1i	Elect Director Raul Vazquez		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
4	Amend Qualified Employee Stock Purchase Plan		Management	For	Voted - For
JOHNSON & JOHNSON
Security ID: 478160104		Ticker: JNJ
Meeting Date: 27-Apr-23		Meeting Type: Annual
1a	Elect Director Darius Adamczyk		Management	For	Voted - For
1b	Elect Director Mary C. Beckerle		Management	For	Voted - For
1c	Elect Director D. Scott Davis		Management	For	Voted - For
1d	Elect Director Jennifer A. Doudna		Management	For	Voted - For
1e	Elect Director Joaquin Duato		Management	For	Voted - For
1f	Elect Director Marillyn A. Hewson		Management	For	Voted - For
1g	Elect Director Paula A. Johnson		Management	For	Voted - For
1h	Elect Director Hubert Joly		Management	For	Voted - For
1i	Elect Director Mark B. McClellan		Management	For	Voted - For
1j	Elect Director Anne M. Mulcahy		Management	For	Voted - For
1k	Elect Director Mark A. Weinberger		Management	For	Voted - For
1l	Elect Director Nadja Y. West		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Ratify PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - For
5	Adopt Mandatory Arbitration Bylaw - Withdrawn		Shareholder	Against	Non-Voting
6	Report on Government Financial Support and
	Equitable Access to Covid-19 Products		Shareholder	Against	Voted - Against
7	Adopt Policy to Include Legal and Compliance Costs
	in Incentive Compensation Metrics		Shareholder	Against	Voted - For
8	Report on Impact of Extended Patent Exclusivities
	on Product Access		Shareholder	Against	Voted - Against

59

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
MICROSOFT CORPORATION
Security ID: 594918104		Ticker: MSFT
Meeting Date: 13-Dec-22		Meeting Type: Annual
1.1	Elect Director Reid G. Hoffman		Management	For	Voted - For
1.2	Elect Director Hugh F. Johnston		Management	For	Voted - For
1.3	Elect Director Teri L. List		Management	For	Voted - For
1.4	Elect Director Satya Nadella		Management	For	Voted - For
1.5	Elect Director Sandra E. Peterson		Management	For	Voted - For
1.6	Elect Director Penny S. Pritzker		Management	For	Voted - For
1.7	Elect Director Carlos A. Rodriguez		Management	For	Voted - For
1.8	Elect Director Charles W. Scharf		Management	For	Voted - For
1.9	Elect Director John W. Stanton		Management	For	Voted - For
1.10	Elect Director John W. Thompson		Management	For	Voted - For
1.11	Elect Director Emma N. Walmsley		Management	For	Voted - For
1.12	Elect Director Padmasree Warrior		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Ratify Deloitte & Touche LLP as Auditors		Management	For	Voted - For
4	Report on Cost/Benefit Analysis of Diversity and
	Inclusion		Shareholder	Against	Voted - Against
5	Report on Hiring of Persons with Arrest or
	Incarceration Records		Shareholder	Against	Voted - Against
6	Assess and Report on the Company's Retirement
	Funds' Management of Systemic Climate Risk		Shareholder	Against	Voted - Against
7	Report on Government Use of Microsoft Technology		Shareholder	Against	Voted - Against
8	Report on Development of Products for Military		Shareholder	Against	Voted - Against
9	Report on Tax Transparency		Shareholder	Against	Voted - Against
MOODY'S CORPORATION
Security ID: 615369105		Ticker: MCO
Meeting Date: 18-Apr-23		Meeting Type: Annual
1a	Elect Director Jorge A. Bermudez		Management	For	Voted - For
1b	Elect Director Therese Esperdy		Management	For	Voted - For
1c	Elect Director Robert Fauber		Management	For	Voted - For
1d	Elect Director Vincent A. Forlenza		Management	For	Voted - For
1e	Elect Director Kathryn M. Hill		Management	For	Voted - For
1f	Elect Director Lloyd W. Howell, Jr.		Management	For	Voted - For
1g	Elect Director Jose M. Minaya		Management	For	Voted - For
1h	Elect Director Leslie F. Seidman		Management	For	Voted - For
1i	Elect Director Zig Serafin		Management	For	Voted - For
1j	Elect Director Bruce Van Saun		Management	For	Voted - For
2	Amend Omnibus Stock Plan		Management	For	Voted - For
3	Ratify KPMG LLP as Auditors		Management	For	Voted - For

60

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
4	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
5	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
NESTLE SA
Security ID: H57312649		Ticker: NESN
Meeting Date: 20-Apr-23		Meeting Type: Annual
1.1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
1.2	Approve Remuneration Report		Management	For	Voted - For
2	Approve Discharge of Board and Senior Management		Management	For	Voted - For
3	Approve Allocation of Income and Dividends of CHF
	2.95 per Share		Management	For	Voted - For
4.1.a Reelect Paul Bulcke as Director and Board Chair			Management	For	Voted - For
4.1.b Reelect Ulf Schneider as Director			Management	For	Voted - For
4.1.c Reelect Henri de Castries as Director			Management	For	Voted - Against
4.1.d Reelect Renato Fassbind as Director			Management	For	Voted - For
4.1.e Reelect Pablo Isla as Director			Management	For	Voted - For
4.1.f Reelect Patrick Aebischer as Director			Management	For	Voted - For
4.1.g Reelect Kimberly Ross as Director			Management	For	Voted - For
4.1.h Reelect Dick Boer as Director			Management	For	Voted - For
4.1.i	Reelect Dinesh Paliwal as Director		Management	For	Voted - For
4.1.j	Reelect Hanne Jimenez de Mora as Director		Management	For	Voted - For
4.1.k Reelect Lindiwe Sibanda as Director			Management	For	Voted - For
4.1.l	Reelect Chris Leong as Director		Management	For	Voted - For
4.1.mReelect Luca Maestri as Director			Management	For	Voted - For
4.2.1 Elect Rainer Blair as Director			Management	For	Voted - For
4.2.2 Elect Marie-Gabrielle Ineichen-Fleisch as Director			Management	For	Voted - For
4.3.1 Reappoint Pablo Isla as Member of the Compensation
	Committee		Management	For	Voted - For
4.3.2 Reappoint Patrick Aebischer as Member of the
	Compensation Committee		Management	For	Voted - For
4.3.3 Reappoint Dick Boer as Member of the Compensation
	Committee		Management	For	Voted - For
4.3.4 Reappoint Dinesh Paliwal as Member of the
	Compensation Committee		Management	For	Voted - For
4.4	Ratify Ernst & Young AG as Auditors		Management	For	Voted - For
4.5	Designate Hartmann Dreyer as Independent Proxy		Management	For	Voted - For
5.1	Approve Remuneration of Directors in the Amount of
	CHF 10.5 Million		Management	For	Voted - For
5.2	Approve Remuneration of Executive Committee in the
	Amount of CHF 72 Million		Management	For	Voted - For
6	Approve CHF 8 Million Reduction in Share Capital as
	Part of the Share Buyback Program via Cancellation
	of Repurchased Shares		Management	For	Voted - For
7.1	Amend Articles Re: General Meeting (Incl.
	Virtual-Only or Hybrid Shareholder Meetings)		Management	For	Voted - For
7.2	Amend Articles of Association		Management	For	Voted - For

61

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
8	Transact Other Business (Voting)		Management	Against	Voted - Against
NETEASE, INC.
Security ID: G6427A102		Ticker: 9999
Meeting Date: 15-Jun-23		Meeting Type: Annual
	Meeting for ADR Holders		Management	For	Non-Voting
1a	Elect William Lei Ding as Director		Management	For	Voted - For
1b	Elect Grace Hui Tang as Director		Management	For	Voted - For
1c	Elect Alice Yu-Fen Cheng as Director		Management	For	Voted - Abstain
1d	Elect Joseph Tze Kay Tong as Director		Management	For	Voted - Abstain
1e	Elect Michael Man Kit Leung as Director		Management	For	Voted - Against
2	Ratify Appointment of PricewaterhouseCoopers Zhong
	Tian LLP and PricewaterhouseCoopers as Auditors		Management	For	Voted - For
3	Amend Company's Amended and Restated Memorandum and
	Articles of Association		Management	For	Voted - For
4	Approve Amended and Restated 2019 Share Incentive
	Plan		Management	For	Voted - Against
PHILIP MORRIS INTERNATIONAL INC.
Security ID: 718172109		Ticker: PM
Meeting Date: 03-May-23		Meeting Type: Annual
1a	Elect Director Brant Bonin Bough		Management	For	Voted - For
1b	Elect Director Andre Calantzopoulos		Management	For	Voted - For
1c	Elect Director Michel Combes		Management	For	Voted - For
1d	Elect Director Juan Jose Daboub		Management	For	Voted - For
1e	Elect Director Werner Geissler		Management	For	Voted - For
1f	Elect Director Lisa A. Hook		Management	For	Voted - For
1g	Elect Director Jun Makihara		Management	For	Voted - For
1h	Elect Director Kalpana Morparia		Management	For	Voted - For
1i	Elect Director Jacek Olczak		Management	For	Voted - For
1j	Elect Director Robert B. Polet		Management	For	Voted - Against
1k	Elect Director Dessislava Temperley		Management	For	Voted - For
1l	Elect Director Shlomo Yanai		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Ratify PricewaterhouseCoopers SA as Auditors		Management	For	Voted - For
5	Disclose Nicotine Level Information, and Reduce
	Nicotine Levels in Tobacco Products		Shareholder	Against	Voted - Against

62

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
S&P GLOBAL INC.
Security ID: 78409V104		Ticker: SPGI
Meeting Date: 03-May-23		Meeting Type: Annual
1.1	Elect Director Marco Alvera		Management	For	Voted - For
1.2	Elect Director Jacques Esculier		Management	For	Voted - For
1.3	Elect Director Gay Huey Evans		Management	For	Voted - For
1.4	Elect Director William D. Green		Management	For	Voted - For
1.5	Elect Director Stephanie C. Hill		Management	For	Voted - For
1.6	Elect Director Rebecca Jacoby		Management	For	Voted - For
1.7	Elect Director Robert P. Kelly		Management	For	Voted - For
1.8	Elect Director Ian Paul Livingston		Management	For	Voted - For
1.9	Elect Director Deborah D. McWhinney		Management	For	Voted - For
1.10	Elect Director Maria R. Morris		Management	For	Voted - For
1.11	Elect Director Douglas L. Peterson		Management	For	Voted - For
1.12	Elect Director Richard E. Thornburgh		Management	For	Voted - For
1.13	Elect Director Gregory Washington		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
SAMSUNG ELECTRONICS CO., LTD.
Security ID: Y74718100		Ticker: 005930
Meeting Date: 03-Nov-22		Meeting Type: Special
	Meeting for GDR Holders		Management	For	Non-Voting
1.1	Elect Heo Eun-nyeong as Outside Director		Management	For	Voted - For
1.2	Elect Yoo Myeong-hui as Outside Director		Management	For	Voted - For
Meeting Date: 15-Mar-23		Meeting Type: Annual
	Meeting for GDR Holders		Management	For	Non-Voting
1	Approve Financial Statements and Allocation of
	Income		Management	For	Voted - For
2	Elect Han Jong-hui as Inside Director		Management	For	Voted - For
3	Approve Total Remuneration of Inside Directors and
	Outside Directors		Management	For	Voted - For
ST. JAMES'S PLACE PLC
Security ID: G5005D124 Ticker: STJ
Meeting Date: 18-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For

63

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
3	Approve Remuneration Policy		Management	For	Voted - For
4	Approve Remuneration Report		Management	For	Voted - For
5	Re-elect Andrew Croft as Director		Management	For	Voted - For
6	Re-elect Craig Gentle as Director		Management	For	Voted - For
7	Re-elect Emma Griffin as Director		Management	For	Voted - For
8	Re-elect Rosemary Hilary as Director		Management	For	Voted - For
9	Re-elect Lesley-Ann Nash as Director		Management	For	Voted - For
10	Re-elect Paul Manduca as Director		Management	For	Voted - For
11	Re-elect John Hitchins as Director		Management	For	Voted - For
12	Elect Dominic Burke as Director		Management	For	Voted - For
13	Reappoint PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - For
14	Authorise the Group Audit Committee to Fix
	Remuneration of Auditors		Management	For	Voted - For
15	Authorise Issue of Equity		Management	For	Voted - For
16	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
17	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For
18	Authorise the Company to Call General Meeting with
	Two Weeks' Notice		Management	For	Voted - For
THE CHARLES SCHWAB CORPORATION
Security ID: 808513105		Ticker: SCHW
Meeting Date: 18-May-23		Meeting Type: Annual
1a	Elect Director Marianne C. Brown		Management	For	Voted - For
1b	Elect Director Frank C. Herringer		Management	For	Voted - Abstain
1c	Elect Director Gerri K. Martin-Flickinger		Management	For	Voted - For
1d	Elect Director Todd M. Ricketts		Management	For	Voted - For
1e	Elect Director Carolyn Schwab-Pomerantz		Management	For	Voted - Abstain
2	Ratify Deloitte & Touche LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
5	Report on Gender/Racial Pay Gap		Shareholder	Against	Voted - Abstain
6	Report on Risks Related to Discrimination Against
	Individuals Including Political Views		Shareholder	Against	Voted - Against
THE ESTEE LAUDER COMPANIES INC.
Security ID: 518439104		Ticker: EL
Meeting Date: 18-Nov-22		Meeting Type: Annual
1a	Elect Director Ronald S. Lauder		Management	For	Voted - For
1b	Elect Director William P. Lauder		Management	For	Voted - For
1c	Elect Director Richard D. Parsons		Management	For	Voted - For
1d	Elect Director Lynn Forester de Rothschild		Management	For	Voted - For
1e	Elect Director Jennifer Tejada		Management	For	Voted - For
1f	Elect Director Richard F. Zannino		Management	For	Voted - For

64

Ninety One Global Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2	Ratify PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
VERISIGN, INC.
Security ID: 92343E102		Ticker: VRSN
Meeting Date: 25-May-23		Meeting Type: Annual
1.1	Elect Director D. James Bidzos		Management	For	Voted - For
1.2	Elect Director Courtney D. Armstrong		Management	For	Voted - For
1.3	Elect Director Yehuda Ari Buchalter		Management	For	Voted - For
1.4	Elect Director Kathleen A. Cote		Management	For	Voted - For
1.5	Elect Director Thomas F. Frist, III		Management	For	Voted - For
1.6	Elect Director Jamie S. Gorelick		Management	For	Voted - For
1.7	Elect Director Roger H. Moore		Management	For	Voted - Against
1.8	Elect Director Timothy Tomlinson		Management	For	Voted - Against
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Ratify KPMG LLP as Auditors		Management	For	Voted - For
5	Require Independent Board Chair		Shareholder	Against	Voted - For
VISA INC.
Security ID: 92826C839		Ticker: V
Meeting Date: 24-Jan-23		Meeting Type: Annual
1a	Elect Director Lloyd A. Carney		Management	For	Voted - For
1b	Elect Director Kermit R. Crawford		Management	For	Voted - For
1c	Elect Director Francisco Javier Fernandez-Carbajal		Management	For	Voted - For
1d	Elect Director Alfred F. Kelly, Jr.		Management	For	Voted - For
1e	Elect Director Ramon Laguarta		Management	For	Voted - For
1f	Elect Director Teri L. List		Management	For	Voted - For
1g	Elect Director John F. Lundgren		Management	For	Voted - For
1h	Elect Director Denise M. Morrison		Management	For	Voted - For
1i	Elect Director Linda J. Rendle		Management	For	Voted - For
1j	Elect Director Maynard G. Webb, Jr.		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Ratify KPMG LLP as Auditors		Management	For	Voted - For
5	Require Independent Board Chair		Shareholder	Against	Voted - Against

65

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ANALOG DEVICES, INC.
Security ID: 032654105		Ticker: ADI
Meeting Date: 08-Mar-23		Meeting Type: Annual
1a	Elect Director Vincent Roche		Management	For	Voted - For
1b	Elect Director James A. Champy		Management	For	Voted - For
1c	Elect Director Andre Andonian		Management	For	Voted - For
1d	Elect Director Anantha P. Chandrakasan		Management	For	Voted - For
1e	Elect Director Edward H. Frank		Management	For	Voted - For
1f	Elect Director Laurie H. Glimcher		Management	For	Voted - For
1g	Elect Director Karen M. Golz		Management	For	Voted - For
1h	Elect Director Mercedes Johnson		Management	For	Voted - For
1i	Elect Director Kenton J. Sicchitano		Management	For	Voted - Against
1j	Elect Director Ray Stata		Management	For	Voted - For
1k	Elect Director Susie Wee		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
ANSYS, INC.
Security ID: 03662Q105		Ticker: ANSS
Meeting Date: 12-May-23		Meeting Type: Annual
1a	Elect Director Robert M. Calderoni		Management	For	Voted - For
1b	Elect Director Glenda M. Dorchak		Management	For	Voted - For
1c	Elect Director Ajei S. Gopal		Management	For	Voted - For
2	Ratify Deloitte & Touche LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
5	Declassify the Board of Directors		Management	For	Voted - For
APTIV PLC
Security ID: G6095L109		Ticker: APTV
Meeting Date: 26-Apr-23		Meeting Type: Annual
1a	Elect Director Kevin P. Clark		Management	For	Voted - For
1b	Elect Director Richard L. (Rick) Clemmer		Management	For	Voted - For
1c	Elect Director Nancy E. Cooper		Management	For	Voted - For
1d	Elect Director Joseph L. (Jay) Hooley		Management	For	Voted - For
1e	Elect Director Merit E. Janow		Management	For	Voted - For
1f	Elect Director Sean O. Mahoney		Management	For	Voted - For
1g	Elect Director Paul M. Meister		Management	For	Voted - For

66

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1h	Elect Director Robert K. (Kelly) Ortberg		Management	For	Voted - For
1i	Elect Director Colin J. Parris		Management	For	Voted - For
1j	Elect Director Ana G. Pinczuk		Management	For	Voted - For
2	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - Against
AUTODESK, INC.
Security ID: 052769106		Ticker: ADSK
Meeting Date: 21-Jun-23		Meeting Type: Annual
1a	Elect Director Andrew Anagnost		Management	For	Voted - For
1b	Elect Director Karen Blasing		Management	For	Voted - For
1c	Elect Director Reid French		Management	For	Voted - For
1d	Elect Director Ayanna Howard		Management	For	Voted - For
1e	Elect Director Blake Irving		Management	For	Voted - For
1f	Elect Director Mary T. McDowell		Management	For	Voted - For
1g	Elect Director Stephen Milligan		Management	For	Voted - For
1h	Elect Director Lorrie M. Norrington		Management	For	Voted - For
1i	Elect Director Elizabeth (Betsy) Rafael		Management	For	Voted - For
1j	Elect Director Rami Rahim		Management	For	Voted - For
1k	Elect Director Stacy J. Smith		Management	For	Voted - For
2	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
BRAMBLES LIMITED
Security ID: Q6634U106 Ticker: BXB
Meeting Date: 18-Oct-22		Meeting Type: Annual
2	Approve Remuneration Report		Management	For	Voted - For
3	Elect Kendra Banks as Director		Management	For	Voted - For
4	Elect George El-Zoghbi as Director		Management	For	Voted - For
5	Elect Jim Miller as Director		Management	For	Voted - For
6	Approve Brambles Limited Performance Share Plan		Management	For	Voted - For
7	Approve Participation of Graham Chipchase in the
	Performance Share Plan		Management	For	Voted - For
8	Approve Participation of Nessa O'Sullivan in the
	Performance Share Plan		Management	For	Voted - For
9	Approve Participation of Graham Chipchase in the
	MyShare Plan		Management	For	Voted - For
10	Approve the Amendments to the Company's Constitution		Management	For	Voted - For

67

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD.
Security ID: Y1R48E105 Ticker: 300750
Meeting Date: 16-Nov-22		Meeting Type: Special
1	Approve Capital Increase and Share Expansion as
	well as Waiver of Rights and External Guarantees		Management	For	Voted - For
2	Approve Additional Guarantee Provision		Management	For	Voted - For
3	Approve Issuance of Medium-term Notes		Management	For	Voted - For
4	Elect Xin Rong (Katherine Rong XIN) as
	Non-independent Director		Management	For	Voted - For
Meeting Date: 31-Mar-23		Meeting Type: Annual
1	Approve Annual Report and Summary		Management	For	Voted - For
2	Approve Report of the Board of Directors		Management	For	Voted - For
3	Approve Report of the Board of Supervisors		Management	For	Voted - For
4	Approve Profit Distribution and Capitalization of
	Capital Reserves Plan		Management	For	Voted - For
5	Approve Financial Statements		Management	For	Voted - For
6	Approve 2022 and 2023 Remuneration of Directors		Management	For	Voted - For
7	Approve 2022 and 2023 Remuneration of Supervisors		Management	For	Voted - For
8	Approve Purchase of Liability Insurance for
	Directors, Supervisors and Senior Management Members		Management	For	Voted - For
9	Approve to Appoint Auditor		Management	For	Voted - For
10	Approve Related Party Transaction		Management	For	Voted - For
11	Approve Application of Credit Lines		Management	For	Voted - Against
12	Approve Estimated Amount of Guarantees		Management	For	Voted - Against
13	Approve Hedging Plan		Management	For	Voted - For
14	Approve Repurchase and Cancellation of Performance
	Shares Deliberated at the 11th Meeting of the Board
	of Directors		Management	For	Voted - For
15	Approve Repurchase and Cancellation of Performance
	Shares Deliberated at the 17th Meeting of the Board
	of Directors		Management	For	Voted - For
16	Approve Change in Registered Capital and Amendment
	of Articles of Association Deliberated at the 16th
	Meeting of the Board of Directors		Management	For	Voted - For
17	Approve Change in Registered Capital and Amendment
	of Articles of Association Deliberated at the 17th
	Meeting of the Board of Directors		Management	For	Voted - For
18	Approve Formulation of External Donation Management
	System		Management	For	Voted - Against
19	Amend the Currency Fund Management System		Management	For	Voted - Against
20	Amend Management System for Providing External
	Guarantees		Management	For	Voted - Against

68

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
CRODA INTERNATIONAL PLC
Security ID: G25536155		Ticker: CRDA
Meeting Date: 26-Apr-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Remuneration Policy		Management	For	Voted - For
3	Approve Remuneration Report		Management	For	Voted - For
4	Approve Final Dividend		Management	For	Voted - For
5	Elect Louisa Burdett as Director		Management	For	Voted - For
6	Re-elect Roberto Cirillo as Director		Management	For	Voted - For
7	Re-elect Jacqui Ferguson as Director		Management	For	Voted - For
8	Re-elect Steve Foots as Director		Management	For	Voted - For
9	Re-elect Anita Frew as Director		Management	For	Voted - For
10	Re-elect Julie Kim as Director		Management	For	Voted - For
11	Re-elect Keith Layden as Director		Management	For	Voted - For
12	Re-elect Nawal Ouzren as Director		Management	For	Voted - For
13	Re-elect John Ramsay as Director		Management	For	Voted - For
14	Reappoint KPMG LLP as Auditors		Management	For	Voted - For
15	Authorise the Audit Committee to Fix Remuneration
	of Auditors		Management	For	Voted - For
16	Authorise UK Political Donations and Expenditure		Management	For	Voted - For
17	Authorise Issue of Equity		Management	For	Voted - For
18	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
19	Authorise Issue of Equity without Pre-emptive
	Rights in Connection with an Acquisition or Other
	Capital Investment		Management	For	Voted - For
20	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For
21	Authorise the Company to Call General Meeting with
	Two Weeks' Notice		Management	For	Voted - For
22	Approve Sharesave Scheme		Management	For	Voted - For
23	Approve Increase in the Maximum Aggregate Fees
	Payable to Non-Executive Directors		Management	For	Voted - For
IBERDROLA SA
Security ID: E6165F166		Ticker: IBE
Meeting Date: 28-Apr-23		Meeting Type: Annual
1	Approve Consolidated and Standalone Financial
	Statements		Management	For	Voted - For
2	Approve Consolidated and Standalone Management
	Reports		Management	For	Voted - For
3	Approve Non-Financial Information Statement		Management	For	Voted - For
4	Approve Discharge of Board		Management	For	Voted - For
5	Amend Preamble and Heading of the Preliminary Title
	of the Bylaws		Management	For	Voted - For
6	Amend Articles Re: Corporate Structure of the
	Iberdola Group		Management	For	Voted - For

69

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
7	Amend Article 8 Re: Internal Regulations and
	Compliance System		Management	For	Voted - For
8	Approve Engagement Dividend		Management	For	Voted - For
9	Approve Allocation of Income and Dividends		Management	For	Voted - For
10	Approve Scrip Dividends		Management	For	Voted - For
11	Approve Scrip Dividends		Management	For	Voted - For
12	Approve Reduction in Share Capital via Amortization
	of Treasury Shares		Management	For	Voted - For
13	Advisory Vote on Remuneration Report		Management	For	Voted - Against
14	Approve Restricted Stock Plan		Management	For	Voted - For
15	Reelect Maria Helena Antolin Raybaud as Director		Management	For	Voted - For
16	Ratify Appointment of and Elect Armando Martinez
	Martinez as Director		Management	For	Voted - For
17	Reelect Manuel Moreu Munaiz as Director		Management	For	Voted - For
18	Reelect Sara de la Rica Goiricelaya as Director		Management	For	Voted - For
19	Reelect Xabier Sagredo Ormaza as Director		Management	For	Voted - For
20	Reelect Jose Ignacio Sanchez Galan as Director		Management	For	Voted - For
21	Fix Number of Directors at 14		Management	For	Voted - For
22	Authorize Board to Ratify and Execute Approved
	Resolutions		Management	For	Voted - For
INFINEON TECHNOLOGIES AG
Security ID: D35415104		Ticker: IFX
Meeting Date: 16-Feb-23		Meeting Type: Annual
1	Receive Financial Statements and Statutory Reports
	for Fiscal Year 2022 (Non-Voting)		Management	For	Non-Voting
2	Approve Allocation of Income and Dividends of EUR
	0.32 per Share		Management	For	Voted - For
3.1	Approve Discharge of Management Board Member Jochen
	Hanebeck for Fiscal Year 2022		Management	For	Voted - For
3.2	Approve Discharge of Management Board Member
	Constanze Hufenbecher for Fiscal Year 2022		Management	For	Voted - For
3.3	Approve Discharge of Management Board Member Sven
	Schneider for Fiscal Year 2022		Management	For	Voted - For
3.4	Approve Discharge of Management Board Member
	Andreas Urschitz (from June 1, 2022) for Fiscal
	Year 2022		Management	For	Voted - For
3.5	Approve Discharge of Management Board Member Rutger
	Wijburg (from April 1, 2022) for Fiscal Year 2022		Management	For	Voted - For
3.6	Approve Discharge of Management Board Member
	Reinhard Ploss (until March 31, 2022) for Fiscal
	Year 2022		Management	For	Voted - For
3.7	Approve Discharge of Management Board Member Helmut
	Gassel (until May 31, 2022) for Fiscal Year 2022		Management	For	Voted - For
4.1	Approve Discharge of Supervisory Board Member
	Wolfgang Eder for Fiscal Year 2022		Management	For	Voted - For
4.2	Approve Discharge of Supervisory Board Member
	Xiaoqun Clever for Fiscal Year 2022		Management	For	Voted - For

70

Ninety One Global Environment Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
4.3	Approve Discharge of Supervisory Board Member
	Johann Dechant for Fiscal Year 2022	Management	For	Voted - For
4.4	Approve Discharge of Supervisory Board Member
	Friedrich Eichiner for Fiscal Year 2022	Management	For	Voted - For
4.5	Approve Discharge of Supervisory Board Member
	Annette Engelfried for Fiscal Year 2022	Management	For	Voted - For
4.6	Approve Discharge of Supervisory Board Member Peter
	Gruber for Fiscal Year 2022	Management	For	Voted - For
4.7	Approve Discharge of Supervisory Board Member
	Hans-Ulrich Holdenried for Fiscal Year 2022	Management	For	Voted - For
4.8	Approve Discharge of Supervisory Board Member
	Susanne Lachenmann for Fiscal Year 2022	Management	For	Voted - For
4.9	Approve Discharge of Supervisory Board Member
	Geraldine Picaud for Fiscal Year 2022	Management	For	Voted - For
4.10	Approve Discharge of Supervisory Board Member
	Manfred Puffer for Fiscal Year 2022	Management	For	Voted - For
4.11	Approve Discharge of Supervisory Board Member
	Melanie Riedl for Fiscal Year 2022	Management	For	Voted - For
4.12	Approve Discharge of Supervisory Board Member
	Juergen Scholz for Fiscal Year 2022	Management	For	Voted - For
4.13	Approve Discharge of Supervisory Board Member
	Ulrich Spiesshofer for Fiscal Year 2022	Management	For	Voted - For
4.14	Approve Discharge of Supervisory Board Member
	Margret Suckale for Fiscal Year 2022	Management	For	Voted - For
4.15	Approve Discharge of Supervisory Board Member Mirco
	Synde (from June 1, 2023) for Fiscal Year 2022	Management	For	Voted - For
4.16	Approve Discharge of Supervisory Board Member Diana
	Vitale for Fiscal Year 2022	Management	For	Voted - For
4.17	Approve Discharge of Supervisory Board Member
	Kerstin Schulzendorf (until May 31, 2022) for
	Fiscal Year 2022	Management	For	Voted - For
5	Ratify KPMG AG as Auditors for Fiscal Year 2023 and
	for the Review of Interim Financial Reports for the
	First Half of Fiscal Year 2023	Management	For	Voted - For
6.1	Elect Herbert Diess to the Supervisory Board	Management	For	Voted - For
6.2	Elect Klaus Helmrich to the Supervisory Board	Management	For	Voted - For
7	Authorize Share Repurchase Program and Reissuance
	or Cancellation of Repurchased Shares	Management	For	Voted - For
8	Authorize Use of Financial Derivatives when
	Repurchasing Shares	Management	For	Voted - For
9.1	Amend Article Re: Location of Annual Meeting	Management	For	Voted - For
9.2	Approve Virtual-Only Shareholder Meetings Until 2028	Management	For	Voted - For
9.3	Amend Articles Re: Participation of Supervisory
	Board Members in the Annual General Meeting by
	Means of Audio and Video Transmission	Management	For	Voted - For
10	Approve Remuneration Policy	Management	For	Voted - For
11	Approve Remuneration Report	Management	For	Voted - For

71

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
NEXTERA ENERGY, INC.
Security ID: 65339F101		Ticker: NEE
Meeting Date: 18-May-23		Meeting Type: Annual
1a	Elect Director Nicole S. Arnaboldi		Management	For	Voted - For
1b	Elect Director Sherry S. Barrat		Management	For	Voted - Against
1c	Elect Director James L. Camaren		Management	For	Voted - Against
1d	Elect Director Kenneth B. Dunn		Management	For	Voted - Against
1e	Elect Director Naren K. Gursahaney		Management	For	Voted - For
1f	Elect Director Kirk S. Hachigian		Management	For	Voted - For
1g	Elect Director John W. Ketchum		Management	For	Voted - Against
1h	Elect Director Amy B. Lane		Management	For	Voted - For
1i	Elect Director David L. Porges		Management	For	Voted - For
1j	Elect Director Deborah "Dev" Stahlkopf		Management	For	Voted - For
1k	Elect Director John A. Stall		Management	For	Voted - For
1l	Elect Director Darryl L. Wilson		Management	For	Voted - For
2	Ratify Deloitte & Touche as Auditors		Management	For	Voted - Against
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
5	Disclose Board Skills and Diversity Matrix		Shareholder	Against	Voted - For
NOVOZYMES A/S
Security ID: K7317J133		Ticker: NZYM.B
Meeting Date: 02-Mar-23		Meeting Type: Annual
1	Receive Report of Board		Management	For	Non-Voting
2	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
3	Approve Allocation of Income and Dividends of DKK 6
	Per Share		Management	For	Voted - For
4	Approve Remuneration Report		Management	For	Voted - For
5	Approve Remuneration of Directors in the Amount of
	DKK 1.6 Million for Chairman, DKK1.07 Million for
	Vice Chairman and DKK 535,000 for Other Directors;
	ApproveRemuneration for Committee Work		Management	For	Voted - For
6	Reelect Cornelis de Jong (Chair) as Director		Management	For	Voted - For
7	Reelect Kim Stratton (Vice Chair) as Director		Management	For	Voted - For
8a	Reelect Heine Dalsgaard as Director		Management	For	Voted - For
8b	Elect Sharon James as Director		Management	For	Voted - For
8c	Reelect Kasim Kutay as Director		Management	For	Voted - For
8d	Reelect Morten Otto Alexander Sommer as Director		Management	For	Voted - For
9	Ratify PricewaterhouseCoopers as Auditors		Management	For	Voted - For
10a	Approve Creation of DKK 56.2 Million Pool of
	Capital in B Shares without Preemptive Rights; DKK
	56.2 Million Pool of Capital with Preemptive
	Rights; and Pool of Capital in Warrants without
	Preemptive Rights		Management	For	Voted - For

72

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
10b	Authorize Share Repurchase Program		Management	For	Voted - For
10c	Authorize Board to Decide on the Distribution of
	Extraordinary Dividends		Management	For	Voted - For
10d	Approve Indemnification of Members of the Board of
	Directors and Executive Management		Management	For	Voted - For
10e	Amend Remuneration Policy		Management	For	Voted - For
10f	Authorize Editorial Changes to Adopted Resolutions
	in Connection with Registration with Danish
	Authorities		Management	For	Voted - For
11	Other Business		Management	For	Non-Voting
Meeting Date: 30-Mar-23		Meeting Type: Extraordinary Shareholders
1	Approve Merger Agreement with Chr. Hansen Holding
	A/S		Management	For	Voted - For
2	Amend Articles Re: Number of Directors		Management	For	Voted - For
3.a	Approve Indemnification of Members of the Board of
	Directors and Executive Management		Management	For	Voted - For
3.b	Amend Articles Re: Indemnification		Management	For	Voted - For
3.c	Amend Remuneration Policy		Management	For	Voted - For
4	Authorize Editorial Changes to Adopted Resolutions
	in Connection with Registration with Danish
	Authorities		Management	For	Voted - For
ORSTED A/S
Security ID: K7653Q105 Ticker: ORSTED
Meeting Date: 07-Mar-23		Meeting Type: Annual
1	Receive Report of Board		Management	For	Non-Voting
2	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
3	Approve Remuneration Report (Advisory Vote)		Management	For	Voted - For
4	Approve Discharge of Management and Board		Management	For	Voted - For
5	Approve Allocation of Income and Dividends of DKK
	13.5 Per Share		Management	For	Voted - For
6.1	Fix Number of Directors at Eight		Management	For	Voted - For
6.2	Reelect Thomas Thune Andersen (Chair) as Director		Management	For	Voted - For
6.3	Reelect Lene Skole (Vice Chair) as Director		Management	For	Voted - For
6.4a	Reelect Jorgen Kildah as Director		Management	For	Voted - For
6.4b	Reelect Peter Korsholm as Director		Management	For	Voted - For
6.4c	Reelect Dieter Wimmer as Director		Management	For	Voted - For
6.4d	Reelect Julia King as Director		Management	For	Voted - For
6.4e	Elect Annica Bresky as New Director		Management	For	Voted - For
6.4f	Elect Andrew Brown as New Director		Management	For	Voted - For
7	Approve Remuneration of Directors in the Amount of
	DKK 1.2 Million for Chairman, DKK 800,000 for
	Deputy Chairman and DKK 400,000 for Other
	Directors; Approve Remuneration for Committee Work		Management	For	Voted - For
8	Ratify PricewaterhouseCoopers as Auditor		Management	For	Voted - For

73

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
9	Authorize Editorial Changes to Adopted Resolutions
	in Connection with Registration with Danish
	Authorities		Management	For	Voted - For
10	Other Business		Management	For	Non-Voting
ROCKWELL AUTOMATION, INC.
Security ID: 773903109		Ticker: ROK
Meeting Date: 07-Feb-23		Meeting Type: Annual
A1	Elect Director William P. Gipson		Management	For	Voted - For
A2	Elect Director Pam Murphy		Management	For	Voted - For
A3	Elect Director Donald R. Parfet		Management	For	Voted - For
A4	Elect Director Robert W. Soderbery		Management	For	Voted - For
B	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
C	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
D	Ratify Deloitte & Touche LLP as Auditors		Management	For	Voted - For
SCHNEIDER ELECTRIC SE
Security ID: F86921107		Ticker: SU
Meeting Date: 04-May-23		Meeting Type: Annual/Special
	Ordinary Business		Management	For	Non-Voting
1	Approve Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
3	Approve Treatment of Losses and Dividends of EUR
	3.15 per Share		Management	For	Voted - For
4	Approve Auditors' Special Report on Related-Party
	Transactions Mentioning the Absence of New
	Transactions		Management	For	Voted - For
5	Approve Compensation Report of Corporate Officers		Management	For	Voted - For
6	Approve Compensation of Jean-Pascal Tricoire,
	Chairman and CEO		Management	For	Voted - For
7	Approve Remuneration Policy of Jean-Pascal
	Tricoire, Chairman and CEO fom January 1, 2023
	until May 3, 2023		Management	For	Voted - For
8	Approve Remuneration Policy of Peter Herweck, CEO
	since May 4, 2023		Management	For	Voted - For
9	Approve Remuneration Policy of Jean-Pascal
	Tricoire, Chairman of the Board since May 4, 2023		Management	For	Voted - For
10	Approve Remuneration of Directors in the Aggregate
	Amount of EUR 2.8 Million		Management	For	Voted - For
11	Approve Remuneration Policy of Directors		Management	For	Voted - For
12	Reelect Leo Apotheker as Director		Management	For	Voted - For
13	Reelect Gregory Spierkel as Director		Management	For	Voted - For
14	Reelect Lip-Bu Tan as Director		Management	For	Voted - For

74

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
15	Elect Abhay Parasnis as Director		Management	For	Voted - For
16	Elect Giulia Chierchia as Director		Management	For	Voted - For
17	Approve Company's Climate Transition Plan		Management	For	Voted - For
18	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital		Management	For	Voted - For
	Extraordinary Business		Management	For	Non-Voting
19	Authorize Issuance of Equity or Equity-Linked
	Securities with Preemptive Rights up to Aggregate
	Nominal Amount of EUR 800 Million		Management	For	Voted - Against
20	Authorize Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights up to
	Aggregate Nominal Amount of EUR 224 Million		Management	For	Voted - For
21	Approve Issuance of Equity or Equity-Linked
	Securities for Private Placements up to Aggregate
	Nominal Amount of EUR 120 Million		Management	For	Voted - For
22	Authorize Board to Increase Capital in the Event of
	Additional Demand Related to Delegation Submitted
	to Shareholder Vote Under Items 19-21		Management	For	Voted - Against
23	Authorize Capital Increase of up to 9.81 Percent of
	Issued Capital for Contributions in Kind		Management	For	Voted - For
24	Authorize Capitalization of Reserves of Up to EUR
	800 Million for Bonus Issue or Increase in Par Value		Management	For	Voted - For
25	Authorize Capital Issuances for Use in Employee
	Stock Purchase Plans		Management	For	Voted - For
26	Authorize Capital Issuances for Use in Employee
	Stock Purchase Plans Reserved for Employees of
	International Subsidiaries		Management	For	Voted - For
27	Authorize Decrease in Share Capital via
	Cancellation of Repurchased Shares		Management	For	Voted - For
	Ordinary Business		Management	For	Non-Voting
28	Authorize Filing of Required Documents/Other
	Formalities		Management	For	Voted - For
SUNGROW POWER SUPPLY CO., LTD.
Security ID: Y8211M102 Ticker: 300274
Meeting Date: 19-May-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Financial Statements		Management	For	Voted - For
4	Approve Profit Distribution		Management	For	Voted - For
5	Approve Annual Report and Summary		Management	For	Voted - For
6	Approve Provision of Guarantees		Management	For	Voted - For
7	Approve Financial Assistance Provision		Management	For	Voted - For
8	Approve Foreign Exchange Hedging Business		Management	For	Voted - For
9	Approve Issuing of Letter of Guarantee		Management	For	Voted - For
10	Approve to Appoint Auditor		Management	For	Voted - For
11	Approve Remuneration of Directors, Supervisors and
	Senior Management Members		Management	For	Voted - For

75

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
12	Approve Repurchase and Cancellation of Performance
	Shares		Management	For	Voted - For
13	Amend Articles of Association		Management	For	Voted - Abstain
14	Elect Tao Gaozhou as Supervisor		Management	For	Voted - For
	ELECT NON-INDEPENDENT DIRECTORS VIA CUMULATIVE
	VOTING		Management	For	Non-Voting
15.1	Elect Cao Renxian as Director		Management	For	Voted - For
15.2	Elect Gu Yilei as Director		Management	For	Voted - For
15.3	Elect Zhao Wei as Director		Management	For	Voted - For
15.4	Elect Zhang Xucheng as Director		Management	For	Voted - For
15.5	Elect Wu Jiamao as Director		Management	For	Voted - For
	ELECT INDEPENDENT DIRECTORS VIA CUMULATIVE VOTING			Management	For	Non-Voting
16.1	Elect Gu Guang as Director		Management	For	Voted - For
16.2	Elect Li Mingfa as Director		Management	For	Voted - Against
16.3	Elect Zhang Lei as Director		Management	For	Voted - For
TE CONNECTIVITY LTD.
Security ID: H84989104		Ticker: TEL
Meeting Date: 15-Mar-23		Meeting Type: Annual
1a	Elect Director Jean-Pierre Clamadieu		Management	For	Voted - For
1b	Elect Director Terrence R. Curtin		Management	For	Voted - For
1c	Elect Director Carol A. (John) Davidson		Management	For	Voted - For
1d	Elect Director Lynn A. Dugle		Management	For	Voted - For
1e	Elect Director William A. Jeffrey		Management	For	Voted - For
1f	Elect Director Syaru Shirley Lin		Management	For	Voted - For
1g	Elect Director Thomas J. Lynch		Management	For	Voted - For
1h	Elect Director Heath A. Mitts		Management	For	Voted - For
1i	Elect Director Abhijit Y. Talwalkar		Management	For	Voted - For
1j	Elect Director Mark C. Trudeau		Management	For	Voted - For
1k	Elect Director Dawn C. Willoughby		Management	For	Voted - For
1l	Elect Director Laura H. Wright		Management	For	Voted - For
2	Elect Board Chairman Thomas J. Lynch		Management	For	Voted - For
3a	Elect Abhijit Y. Talwalkar as Member of Management
	Development and Compensation Committee		Management	For	Voted - For
3b	Elect Mark C. Trudeau as Member of Management
	Development and Compensation Committee		Management	For	Voted - For
3c	Elect Dawn C. Willoughby as Member of Management
	Development and Compensation Committee		Management	For	Voted - For
4	Designate Rene Schwarzenbach as Independent Proxy		Management	For	Voted - For
5.1	Accept Annual Report for Fiscal Year Ended
	September 30, 2022		Management	For	Voted - For
5.2	Accept Statutory Financial Statements for Fiscal
	Year Ended September 30, 2022		Management	For	Voted - For
5.3	Approve Consolidated Financial Statements for
	Fiscal Year Ended September 30, 2022		Management	For	Voted - For
6	Approve Discharge of Board and Senior Management		Management	For	Voted - For

76

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
7.1	Ratify Deloitte & Touche LLP as Independent
	Registered Public Accounting Firm for Fiscal Year
	2023		Management	For	Voted - For
7.2	Ratify Deloitte AG as Swiss Registered Auditors		Management	For	Voted - For
7.3	Ratify PricewaterhouseCoopers AG as Special Auditors		Management	For	Voted - For
8	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
9	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
10	Approve Remuneration Report		Management	For	Voted - For
11	Approve Remuneration of Executive Management in the
	Amount of USD 53.5 Million		Management	For	Voted - For
12	Approve Remuneration of Board of Directors in the
	Amount of USD 4.1 Million		Management	For	Voted - For
13	Approve Allocation of Available Earnings at
	September 30, 2022		Management	For	Voted - For
14	Approve Declaration of Dividend		Management	For	Voted - For
15	Authorize Share Repurchase Program		Management	For	Voted - For
16	Approve Reduction in Share Capital via Cancelation
	of Shares		Management	For	Voted - For
17	Amend Articles to Reflect Changes in Capital		Management	For	Voted - For
TRANE TECHNOLOGIES PLC
Security ID: G8994E103		Ticker: TT
Meeting Date: 01-Jun-23		Meeting Type: Annual
1a	Elect Director Kirk E. Arnold		Management	For	Voted - For
1b	Elect Director Ann C. Berzin		Management	For	Voted - Against
1c	Elect Director April Miller Boise		Management	For	Voted - For
1d	Elect Director Gary D. Forsee		Management	For	Voted - For
1e	Elect Director Mark R. George		Management	For	Voted - For
1f	Elect Director John A. Hayes		Management	For	Voted - For
1g	Elect Director Linda P. Hudson		Management	For	Voted - For
1h	Elect Director Myles P. Lee		Management	For	Voted - For
1i	Elect Director David S. Regnery		Management	For	Voted - For
1j	Elect Director Melissa N. Schaeffer		Management	For	Voted - For
1k	Elect Director John P. Surma		Management	For	Voted - Against
2	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Approve PricewaterhouseCoopers LLP as Auditors and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - Against
5	Authorize Issue of Equity		Management	For	Voted - For
6	Authorize Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
7	Authorize Reissuance of Repurchased Shares		Management	For	Voted - For

77

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
VESTAS WIND SYSTEMS A/S
Security ID: K9773J201		Ticker: VWS
Meeting Date: 12-Apr-23		Meeting Type: Annual
1	Receive Report of Board		Management	For	Non-Voting
2	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
3	Approve Allocation of Income and Omission of
	Dividends		Management	For	Voted - For
4	Approve Remuneration Report (Advisory Vote)		Management	For	Voted - For
5	Approve Remuneration of Directors in the Amount of
	DKK 1.4 Million for Chairman, DKK 910,350 for Vice
	Chairman and DKK 455,175 for Other Directors;
	Approve Remuneration for Committee Work		Management	For	Voted - For
6.a	Reelect Anders Runevad as Director		Management	For	Voted - For
6.b	Reelect Bruce Grant as Director		Management	For	Voted - For
6.c	Reelect Eva Merete Sofelde Berneke as Director		Management	For	Voted - For
6.d	Reelect Helle Thorning-Schmidt as Director		Management	For	Voted - For
6.e	Reelect Karl-Henrik Sundstrom as Director		Management	For	Voted - For
6.f	Reelect Kentaro Hosomi as Director		Management	For	Voted - For
6.g	Reelect Lena Olving as Director		Management	For	Voted - For
7	Ratify PricewaterhouseCoopers as Auditor		Management	For	Voted - Abstain
8.1	Authorize Share Repurchase Program		Management	For	Voted - For
9	Authorize Editorial Changes to Adopted Resolutions
	in Connection with Registration with Danish
	Authorities		Management	For	Voted - For
10	Other Business		Management	For	Non-Voting
VOLTRONIC POWER TECHNOLOGY CORP.
Security ID: Y937BE103		Ticker: 6409
Meeting Date: 09-Jun-23		Meeting Type: Annual
1	Approve Business Report and Financial Statements		Management	For	Voted - For
2	Approve Plan on Profit Distribution		Management	For	Voted - For
3	Approve Amendments to Articles of Association		Management	For	Voted - For
WASTE MANAGEMENT, INC.
Security ID: 94106L109		Ticker: WM
Meeting Date: 09-May-23		Meeting Type: Annual
1a	Elect Director Bruce E. Chinn		Management	For	Voted - For
1b	Elect Director James C. Fish, Jr.		Management	For	Voted - For
1c	Elect Director Andres R. Gluski		Management	For	Voted - For
1d	Elect Director Victoria M. Holt		Management	For	Voted - For
1e	Elect Director Kathleen M. Mazzarella		Management	For	Voted - For
1f	Elect Director Sean E. Menke		Management	For	Voted - For

78

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1g	Elect Director William B. Plummer		Management	For	Voted - For
1h	Elect Director John C. Pope		Management	For	Voted - Against
1i	Elect Director Maryrose T. Sylvester		Management	For	Voted - For
2	Ratify Ernst & Young LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
4	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
5	Approve Omnibus Stock Plan		Management	For	Voted - For
WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD.
Security ID: Y9717H100		Ticker: 300450
Meeting Date: 10-Oct-22		Meeting Type: Special
1	Approve Draft and Summary of Performance Shares
	Incentive Plan		Management	For	Voted - For
2	Approve Methods to Assess the Performance of Plan
	Participants		Management	For	Voted - For
3	Approve Authorization of the Board to Handle All
	Related Matters		Management	For	Voted - For
4	Approve Change in Registered Capital		Management	For	Voted - For
5	Amend Articles of Association		Management	For	Voted - For
6	Approve Provision of Guarantee for Wholly-owned
	Subsidiaries		Shareholder	For	Voted - For
7	Approve Wholly-owned Subsidiary's Provision of
	Guarantee for Wholly-owned Indirect Subsidiaries		Shareholder	For	Voted - For
Meeting Date: 04-Nov-22		Meeting Type: Special
1	Approve Issuance of GDR and Listing on SIX Swiss
	Exchange/London Stock Exchange as well as
	Conversion to an Overseas Fundraising Company		Management	For	Voted - For
	APPROVE PLAN ON ISSUANCE OF GDR AND LISTING ON SIX
	SWISS EXCHANGE/LONDON STOCK EXCHANGE		Management	For	Non-Voting
2.1	Approve Share Type and Par Value		Management	For	Voted - For
2.2	Approve Issue Time		Management	For	Voted - For
2.3	Approve Issue Manner		Management	For	Voted - For
2.4	Approve Issue Size		Management	For	Voted - For
2.5	Approve Scale of GDR in its Lifetime		Management	For	Voted - For
2.6	Approve Conversion Rate of GDR and Underlying A
	Shares		Management	For	Voted - For
2.7	Approve Manner of Pricing		Management	For	Voted - For
2.8	Approve Target Subscribers		Management	For	Voted - For
2.9	Approve Listing Location		Management	For	Voted - For
2.10	Approve Conversion Restriction Period of GDR and
	Underlying Securities A Shares		Management	For	Voted - For
2.11	Approve Underwriting Manner		Management	For	Voted - For
3	Approve Issuance of GDR for Fund-raising Use Plan		Management	For	Voted - For
4	Approve Roll-forward Profit Distribution Plan		Management	For	Voted - For

79

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
5	Approve Authorization of Board to Handle All
	Related Matters		Management	For	Voted - For
6	Approve Amendments to Articles of Association,
	Rules and Procedures Regarding General Meetings of
	Shareholders and Rules and Procedures Regarding
	Meetings of Board of Directors		Management	For	Voted - For
7	Amend Rules and Procedures Regarding Meetings of
	Board of Supervisors		Management	For	Voted - For
8	Approve Resolution Validity Period		Management	For	Voted - For
9	Approve Report on the Usage of Previously Raised
	Funds		Management	For	Voted - For
Meeting Date: 29-Dec-22		Meeting Type: Special
1	Approve Change in Usage of Raised Funds		Management	For	Voted - For
Meeting Date: 15-Feb-23		Meeting Type: Special
1	Approve Daily Related Party Transactions		Management	For	Voted - For
2	Approve Application for Comprehensive Credit Plan		Management	For	Voted - For
3	Approve Use of Idle Own Funds to Invest in
	Financial Products		Management	For	Voted - Against
Meeting Date: 17-May-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Financial Statements		Management	For	Voted - For
4	Approve Annual Report and Summary		Management	For	Voted - For
5	Approve Profit Distribution		Management	For	Voted - For
6	Approve Capital Occupation by Controlling
	Shareholders and Other Related-parties and
	Provision of External Guarantees		Management	For	Voted - For
7	Approve Remuneration of Directors and Senior
	Management Members		Management	For	Voted - For
8	Approve to Appoint Auditor		Management	For	Voted - For
XINYI SOLAR HOLDINGS LIMITED
Security ID: G9829N102 Ticker: 968
Meeting Date: 25-Nov-22		Meeting Type: Extraordinary Shareholders
1	Approve First Amendments and Adopt First Amended
	and Restated Articles		Management	For	Voted - For
2	Approve Second Amendments and Adopt Second Amended
	and Restated Memorandum and the Second Amended and
	Restated Articles		Management	For	Voted - For
3	Approve RMB Ordinary Share Issue and Specific
	Mandate		Management	For	Voted - For
4	Approve Plan for Distribution of Profits		Management	For	Voted - For
5	Approve Stabilization Plan		Management	For	Voted - For

80

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
6	Approve Profit Distribution and Return Policy		Management	For	Voted - For
7	Approve the Plan for the Use of the Net Proceeds		Management	For	Voted - For
8	Approve Remedial Measures for Potential Dilution		Management	For	Voted - For
9	Approve Seven Letters of Commitment and Undertakings		Management	For	Voted - For
10	Approve Adoption of General Meeting Procedures		Management	For	Voted - For
11	Approve Adoption of Board Meeting Procedures		Management	For	Voted - For
12	Authorize Board to Deal with Matters in Relation to
	the RMB Ordinary Share Issue and PRC Listing		Management	For	Voted - For
Meeting Date: 02-Jun-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3A1	Elect Lee Yin Yee as Director		Management	For	Voted - For
3A2	Elect Lee Yau Ching as Director		Management	For	Voted - For
3A3	Elect Tung Ching Sai as Director		Management	For	Voted - For
3B	Authorize Board to Fix Remuneration of Directors		Management	For	Voted - For
4	Approve PricewaterhouseCoopers as Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
5A	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
5B	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - Against
5C	Authorize Reissuance of Repurchased Shares		Management	For	Voted - Against
6	Elect Chu Charn Fai as Director		Management	For	Voted - For
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO., LTD.
Security ID: Y9890L126		Ticker: 002050
Meeting Date: 30-Aug-22		Meeting Type: Special
1	Approve Interim Profit Distribution		Management	For	Voted - For
2	Approve Provision of Guarantee		Management	For	Voted - For
Meeting Date: 14-Dec-22		Meeting Type: Special
1	Approve Issuance of GDR and Listing on Swiss Stock
	Exchange as well as Conversion to Overseas
	Fundraising Company		Management	For	Voted - For
	APPROVE PLAN ON ISSUANCE OF GDR AND LISTING ON
	SWISS STOCK EXCHANGE		Management	For	Non-Voting
2.1	Approve Share Type and Par Value		Management	For	Voted - For
2.2	Approve Issue Time		Management	For	Voted - For
2.3	Approve Issue Manner		Management	For	Voted - For
2.4	Approve Issue Size		Management	For	Voted - For
2.5	Approve Scale of GDR in its Lifetime		Management	For	Voted - For
2.6	Approve Conversion Rate of GDR and Underlying
	Securities A Shares		Management	For	Voted - For
2.7	Approve Pricing Method		Management	For	Voted - For
2.8	Approve Target Subscribers		Management	For	Voted - For

81

Ninety One Global Environment Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2.9	Approve Conversion Restriction Period for GDR and
	Underlying Securities A Shares		Management	For	Voted - For
2.10	Approve Underwriting Method		Management	For	Voted - For
3	Approve Report on the Usage of Previously Raised
	Funds		Management	For	Voted - For
4	Approve Usage Plan of Raised Funds		Management	For	Voted - For
5	Approve Resolution Validity Period		Management	For	Voted - For
6	Approve Distribution on Roll-forward Profits		Management	For	Voted - For
7	Approve Amendments to Articles of Association		Management	For	Voted - For
8	Amend Rules and Procedures Regarding General
	Meetings of Shareholders		Management	For	Voted - For
9	Amend Rules and Procedures Regarding Meetings of
	Board of Directors		Management	For	Voted - For
10	Amend Rules and Procedures Regarding Meetings of
	Board of Supervisors		Management	For	Voted - For
11	Approve Authorization of Board to Handle All
	Related Matters		Management	For	Voted - For
Meeting Date: 19-May-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Financial Statements		Management	For	Voted - For
4	Approve Annual Report and Summary		Management	For	Voted - For
5	Approve Profit Distribution		Management	For	Voted - For
6	Approve Application of Credit Lines		Management	For	Voted - For
7	Approve Bill Pool Business		Management	For	Voted - For
8	Approve Provision of Guarantees		Management	For	Voted - For
9	Approve to Appoint Auditor		Management	For	Voted - Against
10	Approve Futures Hedging Business		Management	For	Voted - For
11	Approve Foreign Exchange Hedging Business		Management	For	Voted - For
12	Approve Purchase of Liability Insurance for
	Directors, Supervisors and Senior Management Members		Management	For	Voted - For
13	Amend Articles of Association		Shareholder	For	Voted - For

82

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ACCENTURE PLC
Security ID: G1151C101 Ticker: ACN
Meeting Date: 01-Feb-23		Meeting Type: Annual
1a	Elect Director Jaime Ardila		Management	For	Voted - For
1b	Elect Director Nancy McKinstry		Management	For	Voted - For
1c	Elect Director Beth E. Mooney		Management	For	Voted - For
1d	Elect Director Gilles C. Pelisson		Management	For	Voted - For
1e	Elect Director Paula A. Price		Management	For	Voted - For
1f	Elect Director Venkata (Murthy) Renduchintala		Management	For	Voted - For
1g	Elect Director Arun Sarin		Management	For	Voted - For
1h	Elect Director Julie Sweet		Management	For	Voted - For
1i	Elect Director Tracey T. Travis		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Approve KPMG LLP as Auditors and Authorize Board to
	Fix Their Remuneration		Management	For	Voted - Against
5	Renew the Board's Authority to Issue Shares Under
	Irish Law		Management	For	Voted - For
6	Authorize Board to Opt-Out of Statutory Pre-Emption
	Rights		Management	For	Voted - For
7	Determine Price Range for Reissuance of Treasury
	Shares		Management	For	Voted - For
AIA GROUP LIMITED
Security ID: Y002A1105		Ticker: 1299
Meeting Date: 18-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For
3	Elect Edmund Sze-Wing Tse as Director		Management	For	Voted - For
4	Elect Jack Chak-Kwong So as Director		Management	For	Voted - For
5	Elect Lawrence Juen-Yee Lau as Director		Management	For	Voted - For
6	Approve PricewaterhouseCoopers as Auditor and
	Authorize Board to Fix Their Remuneration		Management	For	Voted - For
7A	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights		Management	For	Voted - For
7B	Authorize Repurchase of Issued Share Capital		Management	For	Voted - For
8	Approve Increase in Rate of Directors' Fees		Management	For	Voted - For
9	Amend Share Option Scheme		Management	For	Voted - For
10	Amend Restricted Share Unit Scheme		Management	For	Voted - For
11	Amend Employee Share Purchase Plan		Management	For	Voted - For
12	Amend Agency Share Purchase Plan		Management	For	Voted - For

83

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ALCON INC.
Security ID: H01301128		Ticker: ALC
Meeting Date: 05-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Discharge of Board and Senior Management		Management	For	Voted - For
3	Approve Allocation of Income and Dividends of CHF
	0.21 per Share		Management	For	Voted - For
4.1	Approve Remuneration Report (Non-Binding)		Management	For	Voted - For
4.2	Approve Remuneration of Directors in the Amount of
	CHF 3.9 Million		Management	For	Voted - For
4.3	Approve Remuneration of Executive Committee in the
	Amount of CHF 41.9 Million		Management	For	Voted - For
5.1	Reelect Michael Ball as Director and Board Chair		Management	For	Voted - For
5.2	Reelect Lynn Bleil as Director		Management	For	Voted - For
5.3	Reelect Raquel Bono as Director		Management	For	Voted - For
5.4	Reelect Arthur Cummings as Director		Management	For	Voted - For
5.5	Reelect David Endicott as Director		Management	For	Voted - For
5.6	Reelect Thomas Glanzmann as Director		Management	For	Voted - For
5.7	Reelect Keith Grossman as Director		Management	For	Voted - For
5.8	Reelect Scott Maw as Director		Management	For	Voted - For
5.9	Reelect Karen May as Director		Management	For	Voted - For
5.10	Reelect Ines Poeschel as Director		Management	For	Voted - For
5.11	Reelect Dieter Spaelti as Director		Management	For	Voted - For
6.1	Reappoint Thomas Glanzmann as Member of the
	Compensation Committee		Management	For	Voted - For
6.2	Reappoint Scott Maw as Member of the Compensation
	Committee		Management	For	Voted - For
6.3	Reappoint Karen May as Member of the Compensation
	Committee		Management	For	Voted - For
6.4	Reappoint Ines Poeschel as Member of the
	Compensation Committee		Management	For	Voted - For
7	Designate Hartmann Dreyer as Independent Proxy		Management	For	Voted - For
8	Ratify PricewaterhouseCoopers SA as Auditors		Management	For	Voted - For
9.1	Approve Creation of Capital Band within the Upper
	Limit of CHF 22 Million and the Lower Limit of CHF
	19 Million with or without Exclusion of Preemptive
	Rights		Management	For	Voted - For
9.2	Approve Creation of CHF 2 Million Pool of
	Conditional Capital for Financings, Mergers and
	Acquisitions		Management	For	Voted - For
9.3	Amend Articles Re: Conversion of Shares;
	Subscription Rights		Management	For	Voted - For
9.4	Amend Articles Re: General Meetings		Management	For	Voted - For
9.5	Amend Articles Re: Board Meetings; Powers of the
	Board of Directors		Management	For	Voted - For
9.6	Amend Articles Re: Compensation; External Mandates
	for Members of the Board of Directors and Executive
	Committee		Management	For	Voted - For

84

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
10	Transact Other Business (Voting)		Management	For	Voted - Against
ASML HOLDING NV
Security ID: N07059202		Ticker: ASML
Meeting Date: 26-Apr-23		Meeting Type: Annual
	Annual Meeting Agenda		Management	For	Non-Voting
1	Open Meeting		Management	For	Non-Voting
2	Discuss the Company's Business, Financial Situation
	and Sustainability		Management	For	Non-Voting
3a	Approve Remuneration Report		Management	For	Voted - For
3b	Adopt Financial Statements and Statutory Reports		Management	For	Voted - For
3c	Receive Explanation on Company's Reserves and
	Dividend Policy		Management	For	Non-Voting
3d	Approve Dividends		Management	For	Voted - For
4a	Approve Discharge of Management Board		Management	For	Voted - For
4b	Approve Discharge of Supervisory Board		Management	For	Voted - For
5	Approve Number of Shares for Management Board		Management	For	Voted - For
6a	Amend Remuneration Policy for the Supervisory Board		Management	For	Voted - For
6b	Amend Remuneration of the Members of the
	Supervisory Board		Management	For	Voted - For
7	Receive Information on the Composition of the
	Management Board and Announce Intention to Appoint
	W.R. Allan to Management Board		Management	For	Non-Voting
8	Elect N.S. Andersen to Supervisory Board		Management	For	Voted - For
8b	Elect J.P. de Kreij to Supervisory Board		Management	For	Voted - For
8c	Discuss Composition of the Supervisory Board		Management	For	Non-Voting
9	Ratify PricewaterhouseCoopers Accountants N.V. as
	Auditors		Management	For	Voted - For
10a	Grant Board Authority to Issue Shares Up to 5
	Percent of Issued Capital Plus Additional 5 Percent
	in Case of Merger or Acquisition		Management	For	Voted - For
10b	Authorize Board to Exclude Preemptive Rights from
	Share Issuances		Management	For	Voted - For
11	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital		Management	For	Voted - For
12	Authorize Cancellation of Repurchased Shares		Management	For	Voted - For
13	Other Business (Non-Voting)		Management	For	Non-Voting
14	Close Meeting		Management	For	Non-Voting
BEIERSDORF AG
Security ID: D08792109		Ticker: BEI
Meeting Date: 13-Apr-23		Meeting Type: Annual
1	Receive Financial Statements and Statutory Reports
	for Fiscal Year 2022 (Non-Voting)		Management	For	Non-Voting

85

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
2	Approve Allocation of Income and Dividends of EUR
	0.70 per Share		Management	For	Voted - Against
3	Approve Discharge of Management Board for Fiscal
	Year 2022		Management	For	Voted - For
4	Approve Discharge of Supervisory Board for Fiscal
	Year 2022		Management	For	Voted - For
5	Ratify Ernst & Young GmbH as Auditors for Fiscal
	Year 2023		Management	For	Voted - For
6	Approve Remuneration Report		Management	For	Voted - For
7.1	Elect Uta Kemmerich-Keil to the Supervisory Board		Management	For	Voted - For
7.2	Elect Beatrice Dreyfus as Alternate Supervisory
	Board Member		Management	For	Voted - For
8.1	Approve Virtual-Only Shareholder Meetings Until 2025		Management	For	Voted - For
8.2	Amend Articles Re: Participation of Supervisory
	Board Members in the Annual General Meeting by
	Means of Audio and Video Transmission		Management	For	Voted - For
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
Security ID: M22465104		Ticker: CHKP
Meeting Date: 30-Aug-22		Meeting Type: Annual
1a	Reelect Gil Shwed as Director		Management	For	Voted - For
1b	Reelect Jerry Ungerman as Director		Management	For	Voted - For
1c	Elect Tzipi Ozer-Armon as Director		Management	For	Voted - For
1d	Reelect Tal Shavit as Director		Management	For	Voted - For
1e	Reelect Shai Weiss as Director		Management	For	Voted - For
2	Ratify Appoint of Kost, Forer, Gabbay & Kasierer as
	Auditors and Authorize Board to Fix Their
	Remuneration and Discuss Financial Statements and
	the Report of the Board		Management	For	Voted - For
3	Approve Compensation of Gil Shwed, CEO		Management	For	Voted - For
4	Readopt Compensation Policy for the Directors and
	Officers of the Company		Management	For	Voted - For
A	Vote FOR if you are NOT a controlling shareholder
	and do NOT have a personal interest in one or
	several resolutions, as indicated in the proxy
	card; otherwise, vote AGAINST. If you vote AGAINST,
	please provide an explanation to your account
	manager		Management	None	Voted - For
CONSTELLATION SOFTWARE INC.
Security ID: 21037X100		Ticker: CSU
Meeting Date: 08-May-23		Meeting Type: Annual
1.1	Elect Director Jeff Bender		Management	For	Voted - For
1.2	Elect Director John Billowits		Management	For	Voted - For
1.3	Elect Director Susan Gayner		Management	For	Voted - For
1.4	Elect Director Claire Kennedy		Management	For	Voted - For

86

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
1.5	Elect Director Robert Kittel		Management	For	Voted - Withheld
1.6	Elect Director Mark Leonard		Management	For	Voted - For
1.7	Elect Director Mark Miller		Management	For	Voted - For
1.8	Elect Director Lori O'Neill		Management	For	Voted - For
1.9	Elect Director Donna Parr		Management	For	Voted - For
1.10	Elect Director Andrew Pastor		Management	For	Voted - For
1.11	Elect Director Laurie Schultz		Management	For	Voted - For
1.12	Elect Director Barry Symons		Management	For	Voted - For
1.13	Elect Director Robin Van Poelje		Management	For	Voted - For
2	Approve KPMG LLP as Auditors and Authorize Board to
	Fix Their Remuneration		Management	For	Voted - For
3	Advisory Vote on Executive Compensation Approach		Management	For	Voted - For
CSL LIMITED
Security ID: Q3018U109 Ticker: CSL
Meeting Date: 12-Oct-22		Meeting Type: Annual
2a	Elect Marie McDonald as Director		Management	For	Voted - Abstain
2b	Elect Megan Clark as Director		Management	For	Voted - For
3	Approve Remuneration Report		Management	For	Voted - For
4	Approve Grant of Performance Share Units to Paul
	Perreault		Management	For	Voted - For
ESSILORLUXOTTICA SA
Security ID: F31665106		Ticker: EL
Meeting Date: 17-May-23		Meeting Type: Annual/Special
	Ordinary Business		Management	For	Non-Voting
1	Approve Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
3	Approve Treatment of Losses and Dividends of EUR
	3.23 per Share		Management	For	Voted - For
4	Ratify Appointment of Mario Notari as Director		Management	For	Voted - For
5	Approve Auditors' Special Report on Related-Party
	Transactions		Management	For	Voted - For
6	Approve Compensation Report of Corporate Officers		Management	For	Voted - For
7	Approve Compensation of Chairman of the Board from
	January 1, 2022 until June 27, 2022		Management	For	Voted - For
8	Approve Compensation of Francesco Milleri, CEO
	until June 27, 2022 and Chairman and CEO since June
	27, 2022		Management	For	Voted - For
9	Approve Compensation of Paul du Saillant, Vice-CEO		Management	For	Voted - For
10	Approve Remuneration Policy of Directors		Management	For	Voted - For
11	Approve Remuneration Policy of Chairman and CEO		Management	For	Voted - For
12	Approve Remuneration Policy of Vice-CEO		Management	For	Voted - For

87

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
13	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital		Management	For	Voted - For
	Extraordinary Business		Management	For	Non-Voting
14	Authorize Decrease in Share Capital via
	Cancellation of Repurchased Shares		Management	For	Voted - For
15	Authorize Capitalization of Reserves of Up to EUR
	500 Million for Bonus Issue or Increase in Par Value		Management	For	Voted - For
16	Authorize Issuance of Equity or Equity-Linked
	Securities with Preemptive Rights up to Aggregate
	Nominal Amount of EUR 4 Million		Management	For	Voted - For
17	Approve Issuance of Equity or Equity-Linked
	Securities for Private Placements, up to Aggregate
	Nominal Amount of EUR 4 Million		Management	For	Voted - For
18	Authorize Capital Issuances for Use in Employee
	Stock Purchase Plans		Management	For	Voted - For
	Ordinary Business		Management	For	Non-Voting
19	Authorize Filing of Required Documents/Other
	Formalities		Management	For	Voted - For
EXPERIAN PLC
Security ID: G32655105		Ticker: EXPN
Meeting Date: 21-Jul-22		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Remuneration Report		Management	For	Voted - For
3	Re-elect Ruba Borno as Director		Management	For	Voted - For
4	Re-elect Alison Brittain as Director		Management	For	Voted - For
5	Re-elect Brian Cassin as Director		Management	For	Voted - For
6	Re-elect Caroline Donahue as Director		Management	For	Voted - For
7	Re-elect Luiz Fleury as Director		Management	For	Voted - For
8	Re-elect Jonathan Howell as Director		Management	For	Voted - For
9	Re-elect Lloyd Pitchford as Director		Management	For	Voted - For
10	Re-elect Mike Rogers as Director		Management	For	Voted - For
11	Reappoint KPMG LLP as Auditors		Management	For	Voted - For
12	Authorise Board to Fix Remuneration of Auditors		Management	For	Voted - For
13	Authorise Issue of Equity		Management	For	Voted - For
14	Approve Specific Terms Added to the Performance
	Share Plan and Co-Investment Plan; Approve Thank
	You Award 2021 Plan and Tax-Qualified Employee
	Share Purchase Plan		Management	For	Voted - For
15	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
16	Authorise Issue of Equity without Pre-emptive
	Rights in Connection with an Acquisition or Other
	Capital Investment		Management	For	Voted - For
17	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For

88

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
HANGZHOU TIGERMED CONSULTING CO., LTD.
Security ID: Y3043G118 Ticker: 3347
Meeting Date: 23-Nov-22		Meeting Type: Extraordinary Shareholders
	Egm Ballot For Holders Of H Shares		Management	For	Non-Voting
1	Approve Proposed Adoption of Restricted Share
	Incentive Scheme		Management	For	Voted - For
2	Approve Proposed Adoption of Management Measures
	for Assessment Relating to the Implementation of
	Restricted Share Incentive Scheme		Management	For	Voted - For
3	Approve Proposed Grant of Authority to Board to
	Handle Matters in Relation to Restricted Share
	Incentive Scheme		Management	For	Voted - For
Meeting Date: 23-May-23		Meeting Type: Annual
	Agm Ballot For Holders Of H ShareS		Management	For	Non-Voting
1	Approve Annual Report		Management	For	Voted - For
2	Approve Report of the Board		Management	For	Voted - For
3	Approve Report of the Supervisory Committee		Management	For	Voted - For
4	Approve Profit Distribution Plan		Management	For	Voted - For
5	Approve Final Financial Report		Management	For	Voted - For
6	Approve BDO China Shu Lun Pan Certified Public
	Accountants LLP as Domestic Auditor and BDO Limited
	as Overseas Auditor		Management	For	Voted - For
7	Approve Application to the Bank for the Integrated
	Credit Facility		Management	For	Voted - For
8	Approve Purchase of Short-Term Bank
	Principal-Guaranteed Wealth Management Products
	with Self-Owned Idle Funds		Management	For	Voted - For
9	Approve Remuneration and Allowance Standards of the
	Directors		Management	For	Voted - For
10	Approve Remuneration and Allowance Standard of the
	Supervisors		Management	For	Voted - For
11	Adopt Subsidiary Share Option Scheme		Management	For	Voted - Abstain
12	Approve Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights for H Shares		Management	For	Voted - Against
13	Approve Grant of General Mandate to the Board to
	Repurchase H Shares		Management	For	Voted - For
	Elect Executive Directors Via Cumulative Voting		Management	For	Non-Voting
14.01Elect Ye Xiaoping as Director			Shareholder	For	Voted - For
14.02Elect Cao Xiaochun as Director			Shareholder	For	Voted - For
14.03Elect Wu Hao as Director			Shareholder	For	Voted - For
14.04Elect Wen Zengyu as Director			Shareholder	For	Voted - For
	Elect Independent Non-Executive Directors Via
	Cumulative Voting		Management	For	Non-Voting
15.01Elect Yang Bo as Director			Shareholder	For	Voted - For
15.02Elect Liu Kai Yu Kenneth as Director			Shareholder	For	Voted - For
15.03Elect Yuan Huagang as Director			Shareholder	For	Voted - For

89

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
	Elect Non-Employee Representative Supervisors Via
	Cumulative Voting		Management	For	Non-Voting
16.01Elect Chen Zhimin as Supervisor			Management	For	Voted - For
16.02Elect Zhang Binghui as Supervisor			Management	For	Voted - For
Meeting Date: 23-May-23		Meeting Type: Special
	Class Meeting For Holders Of H Shares		Management	For	Non-Voting
1	Approve Grant of General Mandate to the Board to
	Repurchase H Shares		Management	For	Voted - For
HEINEKEN NV
Security ID: N39427211		Ticker: HEIA
Meeting Date: 20-Apr-23		Meeting Type: Annual
	Annual Meeting Agenda		Management	For	Non-Voting
1.a	Receive Report of Executive Board (Non-Voting)		Management	For	Non-Voting
1.b	Approve Remuneration Report		Management	For	Voted - For
1.c	Adopt Financial Statements		Management	For	Voted - For
1.d	Receive Explanation on Company's Dividend Policy		Management	For	Non-Voting
1.e	Approve Dividends		Management	For	Voted - For
1.f	Approve Discharge of Executive Directors		Management	For	Voted - For
1.g	Approve Discharge of Supervisory Board		Management	For	Voted - For
2.a	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital		Management	For	Voted - For
2.b	Grant Board Authority to Issue Shares Up To 10
	Percent of Issued Capital		Management	For	Voted - For
2.c	Authorize Board to Exclude Preemptive Rights from
	Share Issuances		Management	For	Voted - For
3.a	Reelect M.R. de Carvalho to Supervisory Board		Management	For	Voted - For
3.b	Reelect R.L. Ripley to Supervisory Board		Management	For	Voted - For
3.c	Elect B. Pardo to Supervisory Board		Management	For	Voted - For
3.d	Elect L.J. Hijmans van den Bergh to Supervisory
	Board		Management	For	Voted - For
4	Ratify Deloitte Accountants B.V. as Auditors		Management	For	Voted - For
HERMES INTERNATIONAL SCA
Security ID: F48051100		Ticker: RMS
Meeting Date: 20-Apr-23		Meeting Type: Annual/Special
	Ordinary Business		Management	For	Non-Voting
1	Approve Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
3	Approve Discharge of General Managers		Management	For	Voted - For
4	Approve Allocation of Income and Dividends of EUR
	13 per Share		Management	For	Voted - For

90

Ninety One International Franchise Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
5	Approve Auditors' Special Report on Related-Party
	Transactions	Management	For	Voted - Against
6	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital	Management	For	Voted - Against
7	Approve Compensation Report of Corporate Officers	Management	For	Voted - Against
8	Approve Compensation of Axel Dumas, General Manager	Management	For	Voted - Against
9	Approve Compensation of Emile Hermes SAS, General
	Manager	Management	For	Voted - Against
10	Approve Compensation of Eric de Seynes, Chairman of
	the Supervisory Board	Management	For	Voted - For
11	Approve Remuneration Policy of General Managers	Management	For	Voted - Against
12	Approve Remuneration Policy of Supervisory Board
	Members; Approve Remuneration of Supervisory Board
	Members in the Aggregate Amount of EUR 900,000	Management	For	Voted - For
13	Reelect Dorothee Altmayer as Supervisory Board
	Member	Management	For	Voted - Against
14	Reelect Monique Cohen as Supervisory Board Member	Management	For	Voted - For
15	Reelect Renaud Mommeja as Supervisory Board Member	Management	For	Voted - Against
16	Reelect Eric de Seynes as Supervisory Board Member	Management	For	Voted - Against
17	Renew Appointment of PricewaterhouseCoopers Audit
	as Auditor	Management	For	Voted - For
18	Renew Appointment of Grant Thornton Audit as Auditor	Management	For	Voted - For
	Extraordinary Business	Management	For	Non-Voting
19	Authorize Decrease in Share Capital via
	Cancellation of Repurchased Shares	Management	For	Voted - For
20	Authorize Capitalization of Reserves of up to 40
	Percent of Issued Capital for Bonus Issue or
	Increase in Par Value	Management	For	Voted - For
21	Authorize Issuance of Equity or Equity-Linked
	Securities with Preemptive Rights up to 40 Percent
	of Issued Capital	Management	For	Voted - Against
22	Authorize Issuance of Equity or Equity-Linked
	Securities without Preemptive Rights With Binding
	Priority Right up to 40 Percent of Issued Capital	Management	For	Voted - Against
23	Authorize Capital Issuances for Use in Employee
	Stock Purchase Plans	Management	For	Voted - For
24	Approve Issuance of Equity or Equity-Linked
	Securities for Qualified Investors, up to 20
	Percent of Issued Capital	Management	For	Voted - Against
25	Authorize Capital Increase of up to 10 Percent of
	Issued Capital for Contributions in Kind	Management	For	Voted - Against
26	Delegate Powers to the Management Board to Decide
	on Merger, Spin-Off Agreement and Acquisition	Management	For	Voted - Against
27	Delegate Powers to the Management Board to Issue
	Shares up to 40 Percent of Issued Capital in
	Connection with Item 26 Above	Management	For	Voted - Against
28	Authorize up to 2 Percent of Issued Capital for Use
	in Restricted Stock Plans	Management	For	Voted - Against
29	Authorize Filing of Required Documents/Other
	Formalities	Management	For	Voted - For

91

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
ICON PLC
Security ID: G4705A100		Ticker: ICLR
Meeting Date: 26-Jul-22		Meeting Type: Annual
1.1	Elect Director Steve Cutler		Management	For	Voted - For
1.2	Elect Director John Climax		Management	For	Voted - For
1.3	Elect Director Ronan Murphy		Management	For	Voted - For
2	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
3	Authorise Board to Fix Remuneration of Auditors		Management	For	Voted - For
4	Authorize Issue of Equity		Management	For	Voted - For
5	Authorize Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
6	Authorize Issue of Equity without Pre-emptive
	Rights in Connection with an Acquisition or Other
	Capital Investment		Management	For	Voted - For
7	Authorize Share Repurchase Program		Management	For	Voted - For
8	Approve the Price Range for the Reissuance of Shares		Management	For	Voted - For
INTERCONTINENTAL HOTELS GROUP PLC
Security ID: G4804L163		Ticker: IHG
Meeting Date: 05-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Remuneration Policy		Management	For	Voted - For
3	Approve Remuneration Report		Management	For	Voted - For
4	Approve Final Dividend		Management	For	Voted - For
5a	Elect Michael Glover as Director		Management	For	Voted - For
5b	Elect Byron Grote as Director		Management	For	Voted - For
5c	Elect Deanna Oppenheimer as Director		Management	For	Voted - For
5d	Re-elect Graham Allan as Director		Management	For	Voted - For
5e	Re-elect Keith Barr as Director		Management	For	Voted - For
5f	Re-elect Daniela Barone Soares as Director		Management	For	Voted - For
5g	Re-elect Arthur de Haast as Director		Management	For	Voted - For
5h	Re-elect Duriya Farooqui as Director		Management	For	Voted - For
5i	Re-elect Jo Harlow as Director		Management	For	Voted - For
5j	Re-elect Elie Maalouf as Director		Management	For	Voted - For
5k	Re-elect Sharon Rothstein as Director		Management	For	Voted - For
6	Reappoint PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - For
7	Authorise the Audit Committee to Fix Remuneration
	of Auditors		Management	For	Voted - For
8	Authorise UK Political Donations and Expenditure		Management	For	Voted - For
9	Approve Deferred Award Plan		Management	For	Voted - For
10	Authorise Issue of Equity		Management	For	Voted - For
11	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
12	Authorise Issue of Equity without Pre-emptive
	Rights in Connection with an Acquisition or Other
	Capital Investment		Management	For	Voted - For

92

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
13	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For
14	Authorise the Company to Call General Meeting with
	Two Weeks' Notice		Management	For	Voted - For
KWEICHOW MOUTAI CO., LTD.
Security ID: Y5070V116		Ticker: 600519
Meeting Date: 14-Dec-22		Meeting Type: Special
1	Amend Articles of Association		Management	For	Voted - For
2	Amend Rules and Procedures Regarding Meetings of
	Board of Directors		Management	For	Voted - For
3	Approve Shareholder Special Dividend Return Plan		Management	For	Voted - For
Meeting Date: 13-Jun-23		Meeting Type: Annual
1	Approve Report of the Board of Directors		Management	For	Voted - For
2	Approve Report of the Board of Supervisors		Management	For	Voted - For
3	Approve Report of the Independent Directors		Management	For	Voted - For
4	Approve Annual Report and Summary		Management	For	Voted - For
5	Approve Financial Statements		Management	For	Voted - For
6	Approve Financial Budget Plan		Management	For	Voted - For
7	Approve Profit Distribution		Management	For	Voted - For
8	Approve to Appoint Financial Auditor and Internal
	Control Auditor		Management	For	Voted - For
9	Approve Signing of Trademark License Agreement with
	Related Party		Management	For	Voted - For
10	Approve Participation in the Establishment of
	Industrial Development Funds		Management	For	Voted - Against
	ELECT NON-INDEPENDENT DIRECTORS VIA CUMULATIVE
	VOTING		Management	For	Non-Voting
11.1	Elect Ding Xiongjun as Director		Management	For	Voted - For
11.2	Elect Li Jingren as Director		Management	For	Voted - For
11.3	Elect Liu Shizhong as Director		Management	For	Voted - For
	ELECT INDEPENDENT DIRECTORS VIA CUMULATIVE VOTING			Management	For	Non-Voting
12.1	Elect Jiang Guohua as Director		Management	For	Voted - For
12.2	Elect Guo Tianyong as Director		Management	For	Voted - For
12.3	Elect Sheng Leiming as Director		Management	For	Voted - For
	ELECT SUPERVISORS VIA CUMULATIVE VOTING		Management	For	Non-Voting
13.1	Elect You Yalin as Supervisor		Management	For	Voted - For
13.2	Elect Li Qiangqing as Supervisor		Management	For	Voted - For
LONDON STOCK EXCHANGE GROUP PLC
Security ID: G5689U103 Ticker: LSEG
Meeting Date: 27-Apr-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Final Dividend		Management	For	Voted - For

93

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
3	Approve Remuneration Report		Management	For	Voted - For
4	Approve Remuneration Policy		Management	For	Voted - For
5	Re-elect Dominic Blakemore as Director		Management	For	Voted - For
6	Re-elect Martin Brand as Director		Management	For	Voted - For
7	Re-elect Kathleen DeRose as Director		Management	For	Voted - For
8	Re-elect Tsega Gebreyes as Director		Management	For	Voted - For
9	Re-elect Cressida Hogg as Director		Management	For	Voted - For
10	Re-elect Anna Manz as Director		Management	For	Voted - For
11	Re-elect Val Rahmani as Director		Management	For	Voted - For
12	Re-elect Don Robert as Director		Management	For	Voted - For
13	Re-elect David Schwimmer as Director		Management	For	Voted - For
14	Re-elect Douglas Steenland as Director		Management	For	Voted - For
15	Re-elect Ashok Vaswani as Director		Management	For	Voted - For
16	Elect Scott Guthrie as Director		Management	For	Voted - For
17	Elect William Vereker as Director		Management	For	Voted - For
18	Reappoint Ernst & Young LLP as Auditors		Management	For	Voted - For
19	Authorise Board to Fix Remuneration of Auditors		Management	For	Voted - For
20	Authorise Issue of Equity		Management	For	Voted - For
21	Authorise UK Political Donations and Expenditure		Management	For	Voted - For
22	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
23	Authorise Issue of Equity without Pre-emptive
	Rights in Connection with an Acquisition or Other
	Capital Investment		Management	For	Voted - For
24	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For
25	Authorise Off-Market Purchase of Shares from
	ConsortiumShareholders		Management	For	Voted - For
26	Authorise the Company to Call General Meeting with
	Two Weeks' Notice		Management	For	Voted - For
LONZA GROUP AG
Security ID: H50524133		Ticker: LONN
Meeting Date: 05-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Remuneration Report		Management	For	Voted - For
3	Approve Discharge of Board and Senior Management		Management	For	Voted - For
4	Approve Allocation of Income and Dividends of CHF
	3.50 per Share		Management	For	Voted - For
5.1.1 Reelect Albert Baehny as Director			Management	For	Voted - For
5.1.2 Reelect Marion Helmes as Director			Management	For	Voted - For
5.1.3 Reelect Angelica Kohlmann as Director			Management	For	Voted - For
5.1.4 Reelect Christoph Maeder as Director			Management	For	Voted - For
5.1.5 Reelect Roger Nitsch as Director			Management	For	Voted - For
5.1.6 Reelect Barbara Richmond as Director			Management	For	Voted - For
5.1.7 Reelect Juergen Steinemann as Director			Management	For	Voted - For
5.1.8 Reelect Olivier Verscheure as Director			Management	For	Voted - For
5.2	Reelect Albert Baehny as Board Chair		Management	For	Voted - For

94

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
5.3.1 Reappoint Angelica Kohlmann as Member of the
	Nomination and Compensation Committee		Management	For	Voted - For
5.3.2 Reappoint Christoph Maeder as Member of the
	Nomination and Compensation Committee		Management	For	Voted - For
5.3.3 Reappoint Juergen Steinemann as Member of the
	Nomination and Compensation Committee		Management	For	Voted - For
6	Ratify KPMG AG as Auditors for Fiscal Year 2023		Management	For	Voted - For
7	Ratify Deloitte AG as Auditors for Fiscal Year 2024		Management	For	Voted - For
8	Designate ThomannFischer as Independent Proxy		Management	For	Voted - For
9.1	Amend Corporate Purpose		Management	For	Voted - For
9.2	Approve Creation of Capital Band within the Upper
	Limit of CHF 86.6 Million and the Lower Limit of
	CHF 67.1 Million with or without Exclusion of
	Preemptive Rights		Management	For	Voted - For
9.3	Amend Articles Re: Voting on the Executive
	Committee Compensation		Management	For	Voted - For
9.4	Amend Articles of Association		Management	For	Voted - For
10	Approve Remuneration of Directors in the Amount of
	CHF 2.9 Million		Management	For	Voted - For
11.1	Approve Variable Short-Term Remuneration of
	Executive Committee in the Amount of CHF 3.5
	Million for Fiscal Year 2022		Management	For	Voted - For
11.2	Approve Variable Long-Term Remuneration of
	Executive Committee in the Amount of CHF 12.1
	Million for Fiscal Year 2023		Management	For	Voted - For
11.3	Approve Fixed Remuneration of Executive Committee
	in the Amount of CHF 3.3 Million for the Period
	July 1, 2023 - December 31, 2023		Management	For	Voted - For
11.4	Approve Fixed and Variable Long-Term Remuneration
	of Executive Committee in the Amount of CHF 19.6
	Million for the Period January 1, 2024 - December
	31, 2024		Management	For	Voted - For
12	Transact Other Business (Voting)		Management	For	Voted - Against
L'OREAL SA
Security ID: F58149133		Ticker: OR
Meeting Date: 21-Apr-23		Meeting Type: Annual/Special
	Ordinary Business		Management	For	Non-Voting
1	Approve Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Consolidated Financial Statements and
	Statutory Reports		Management	For	Voted - For
3	Approve Allocation of Income and Dividends of EUR 6
	per Share and an Extra of EUR 0.60 per Share to
	Long Term Registered Shares		Management	For	Voted - For
4	Reelect Sophie Bellon as Director		Management	For	Voted - For
5	Reelect Fabienne Dulac as Director		Management	For	Voted - For
6	Approve Remuneration of Directors in the Aggregate
	Amount of EUR 1.7 Million		Management	For	Voted - For
7	Approve Compensation Report of Corporate Officers		Management	For	Voted - For

95

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
8	Approve Compensation of Jean-Paul Agon, Chairman of
	the Board		Management	For	Voted - For
9	Approve Compensation of Nicolas Hieronimus, CEO		Management	For	Voted - For
10	Approve Remuneration Policy of Directors		Management	For	Voted - For
11	Approve Remuneration Policy of Chairman of the Board		Management	For	Voted - For
12	Approve Remuneration Policy of CEO		Management	For	Voted - For
13	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital		Management	For	Voted - For
	Extraordinary Business		Management	For	Non-Voting
14	Authorize Issuance of Equity or Equity-Linked
	Securities with Preemptive Rights up to Aggregate
	Nominal Amount of EUR 149,852,237.36		Management	For	Voted - Against
15	Authorize Capitalization of Reserves for Bonus
	Issue or Increase in Par Value		Management	For	Voted - For
16	Authorize Capital Increase of up to 2 Percent of
	Issued Capital for Contributions in Kind		Management	For	Voted - For
17	Authorize Capital Issuances for Use in Employee
	Stock Purchase Plans		Management	For	Voted - For
18	Authorize Capital Issuances for Use in Employee
	Stock Purchase Plans Reserved for Employees of
	International Subsidiaries		Management	For	Voted - For
19	Approve Contribution in Kind of 25,383,118 Shares
	from Affaires Marche France et Domaines
	d'Excellence and Luxury of Retail, their Valuation
	and Remuneration		Management	For	Voted - For
20	Approve Contribution in Kind of 1,277,836 Shares
	from l'Oreal International Distribution, its
	Valuation and Remuneration		Management	For	Voted - For
21	Authorize Filing of Required Documents/Other
	Formalities		Management	For	Voted - For
MASTERCARD INCORPORATED
Security ID: 57636Q104		Ticker: MA
Meeting Date: 27-Jun-23		Meeting Type: Annual
1a	Elect Director Merit E. Janow		Management	For	Voted - For
1b	Elect Director Candido Bracher		Management	For	Voted - For
1c	Elect Director Richard K. Davis		Management	For	Voted - For
1d	Elect Director Julius Genachowski		Management	For	Voted - For
1e	Elect Director Choon Phong Goh		Management	For	Voted - For
1f	Elect Director Oki Matsumoto		Management	For	Voted - For
1g	Elect Director Michael Miebach		Management	For	Voted - For
1h	Elect Director Youngme Moon		Management	For	Voted - For
1i	Elect Director Rima Qureshi		Management	For	Voted - Against
1j	Elect Director Gabrielle Sulzberger		Management	For	Voted - For
1k	Elect Director Harit Talwar		Management	For	Voted - For
1l	Elect Director Lance Uggla		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For

96

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year
4	Approve Qualified Employee Stock Purchase Plan		Management	For	Voted - For
5	Ratify PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - Against
6	Report on Overseeing Risks Related to Discrimination		Shareholder	Against	Voted - Against
7	Report on Establishing Merchant Category Code for
	Gun and Ammunition Stores		Shareholder	Against	Voted - Against
8	Report on Lobbying Payments and Policy		Shareholder	Against	Voted - Against
9	Amend Bylaws to Require Shareholder Approval of
	Certain Provisions Related to Director Nominations
	by Shareholders		Shareholder	Against	Voted - Against
10	Report on Cost-Benefit Analysis of Diversity and
	Inclusion Efforts		Shareholder	Against	Voted - Against
NESTLE SA
Security ID: H57312649		Ticker: NESN
Meeting Date: 20-Apr-23		Meeting Type: Annual
1.1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
1.2	Approve Remuneration Report		Management	For	Voted - For
2	Approve Discharge of Board and Senior Management		Management	For	Voted - For
3	Approve Allocation of Income and Dividends of CHF
	2.95 per Share		Management	For	Voted - For
4.1.a Reelect Paul Bulcke as Director and Board Chair			Management	For	Voted - For
4.1.b Reelect Ulf Schneider as Director			Management	For	Voted - For
4.1.c Reelect Henri de Castries as Director			Management	For	Voted - Against
4.1.d Reelect Renato Fassbind as Director			Management	For	Voted - For
4.1.e Reelect Pablo Isla as Director			Management	For	Voted - For
4.1.f Reelect Patrick Aebischer as Director			Management	For	Voted - For
4.1.g Reelect Kimberly Ross as Director			Management	For	Voted - For
4.1.h Reelect Dick Boer as Director			Management	For	Voted - For
4.1.i	Reelect Dinesh Paliwal as Director		Management	For	Voted - For
4.1.j	Reelect Hanne Jimenez de Mora as Director		Management	For	Voted - For
4.1.k Reelect Lindiwe Sibanda as Director			Management	For	Voted - For
4.1.l	Reelect Chris Leong as Director		Management	For	Voted - For
4.1.mReelect Luca Maestri as Director			Management	For	Voted - For
4.2.1 Elect Rainer Blair as Director			Management	For	Voted - For
4.2.2 Elect Marie-Gabrielle Ineichen-Fleisch as Director			Management	For	Voted - For
4.3.1 Reappoint Pablo Isla as Member of the Compensation
	Committee		Management	For	Voted - For
4.3.2 Reappoint Patrick Aebischer as Member of the
	Compensation Committee		Management	For	Voted - For
4.3.3 Reappoint Dick Boer as Member of the Compensation
	Committee		Management	For	Voted - For
4.3.4 Reappoint Dinesh Paliwal as Member of the
	Compensation Committee		Management	For	Voted - For
4.4	Ratify Ernst & Young AG as Auditors		Management	For	Voted - For
4.5	Designate Hartmann Dreyer as Independent Proxy		Management	For	Voted - For

97

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
5.1	Approve Remuneration of Directors in the Amount of
	CHF 10.5 Million		Management	For	Voted - For
5.2	Approve Remuneration of Executive Committee in the
	Amount of CHF 72 Million		Management	For	Voted - For
6	Approve CHF 8 Million Reduction in Share Capital as
	Part of the Share Buyback Program via Cancellation
	of Repurchased Shares		Management	For	Voted - For
7.1	Amend Articles Re: General Meeting (Incl.
	Virtual-Only or Hybrid Shareholder Meetings)		Management	For	Voted - For
7.2	Amend Articles of Association		Management	For	Voted - For
8	Transact Other Business (Voting)		Management	Against	Voted - Against
NETEASE, INC.
Security ID: G6427A102		Ticker: 9999
Meeting Date: 15-Jun-23		Meeting Type: Annual
1a	Elect William Lei Ding as Director		Management	For	Voted - For
1b	Elect Grace Hui Tang as Director		Management	For	Voted - For
1c	Elect Alice Yu-Fen Cheng as Director		Management	For	Voted - Abstain
1d	Elect Joseph Tze Kay Tong as Director		Management	For	Voted - Abstain
1e	Elect Michael Man Kit Leung as Director		Management	For	Voted - Against
2	Ratify Appointment of PricewaterhouseCoopers Zhong
	Tian LLP and PricewaterhouseCoopers as Auditors		Management	For	Voted - For
3	Amend Company's Amended and Restated Memorandum and
	Articles of Association		Management	For	Voted - For
4	Approve Amended and Restated 2019 Share Incentive
	Plan		Management	For	Voted - Against
PHILIP MORRIS INTERNATIONAL INC.
Security ID: 718172109		Ticker: PM
Meeting Date: 03-May-23		Meeting Type: Annual
1a	Elect Director Brant Bonin Bough		Management	For	Voted - For
1b	Elect Director Andre Calantzopoulos		Management	For	Voted - For
1c	Elect Director Michel Combes		Management	For	Voted - For
1d	Elect Director Juan Jose Daboub		Management	For	Voted - For
1e	Elect Director Werner Geissler		Management	For	Voted - For
1f	Elect Director Lisa A. Hook		Management	For	Voted - For
1g	Elect Director Jun Makihara		Management	For	Voted - For
1h	Elect Director Kalpana Morparia		Management	For	Voted - For
1i	Elect Director Jacek Olczak		Management	For	Voted - For
1j	Elect Director Robert B. Polet		Management	For	Voted - Against
1k	Elect Director Dessislava Temperley		Management	For	Voted - For
1l	Elect Director Shlomo Yanai		Management	For	Voted - For
2	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
3	Advisory Vote on Say on Pay Frequency		Management	One Year	Voted - One Year

98

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
4	Ratify PricewaterhouseCoopers SA as Auditors		Management	For	Voted - For
5	Disclose Nicotine Level Information, and Reduce
	Nicotine Levels in Tobacco Products		Shareholder	Against	Voted - Against
REA GROUP LTD
Security ID: Q8051B108		Ticker: REA
Meeting Date: 10-Nov-22		Meeting Type: Annual
2	Approve Remuneration Report		Management	For	Voted - For
3a	Elect Kelly Bayer Rosmarin as Director		Management	For	Voted - For
3b	Elect Michael Miller as Director		Management	For	Voted - For
3c	Elect Tracey Fellows as Director		Management	For	Voted - For
3d	Elect Richard Freudenstein as Director		Management	For	Voted - For
4	Approve Grant of Performance Rights to Owen Wilson		Management	For	Voted - Against
RECKITT BENCKISER GROUP PLC
Security ID: G74079107		Ticker: RKT
Meeting Date: 03-May-23		Meeting Type: Annual
1	Accept Financial Statements and Statutory Reports		Management	For	Voted - For
2	Approve Remuneration Report		Management	For	Voted - For
3	Approve Final Dividend		Management	For	Voted - For
4	Re-elect Andrew Bonfield as Director		Management	For	Voted - For
5	Re-elect Olivier Bohuon as Director		Management	For	Voted - For
6	Re-elect Jeff Carr as Director		Management	For	Voted - For
7	Re-elect Margherita Della Valle as Director		Management	For	Voted - For
8	Re-elect Nicandro Durante as Director		Management	For	Voted - For
9	Re-elect Mary Harris as Director		Management	For	Voted - For
10	Re-elect Mehmood Khan as Director		Management	For	Voted - For
11	Re-elect Pam Kirby as Director		Management	For	Voted - For
12	Re-elect Chris Sinclair as Director		Management	For	Voted - For
13	Re-elect Elane Stock as Director		Management	For	Voted - For
14	Re-elect Alan Stewart as Director		Management	For	Voted - For
15	Elect Jeremy Darroch as Director		Management	For	Voted - For
16	Elect Tamara Ingram as Director		Management	For	Voted - For
17	Reappoint KPMG LLP as Auditors		Management	For	Voted - For
18	Authorise the Audit Committee to Fix Remuneration
	of Auditors		Management	For	Voted - For
19	Authorise UK Political Donations and Expenditure		Management	For	Voted - For
20	Authorise Issue of Equity		Management	For	Voted - For
21	Authorise Issue of Equity without Pre-emptive Rights		Management	For	Voted - For
22	Authorise Issue of Equity without Pre-emptive
	Rights in Connection with an Acquisition or Other
	Capital Investment		Management	For	Voted - For
23	Authorise Market Purchase of Ordinary Shares		Management	For	Voted - For

99

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
24	Authorise the Company to Call General Meeting with
	Two Weeks' Notice		Management	For	Voted - For
SAP SE
Security ID: D66992104		Ticker: SAP
Meeting Date: 11-May-23		Meeting Type: Annual
1	Receive Financial Statements and Statutory Reports
	for Fiscal Year 2022 (Non-Voting)		Management	For	Non-Voting
2	Approve Allocation of Income and Dividends of EUR
	2.05 per Share		Management	For	Voted - For
3	Approve Discharge of Management Board for Fiscal
	Year 2022		Management	For	Voted - For
4	Approve Discharge of Supervisory Board for Fiscal
	Year 2022		Management	For	Voted - For
5	Approve Remuneration Report		Management	For	Voted - For
6	Authorize Share Repurchase Program and Reissuance
	or Cancellation of Repurchased Shares		Management	For	Voted - For
7	Authorize Use of Financial Derivatives when
	Repurchasing Shares		Management	For	Voted - For
8.1	Elect Jennifer Xin-Zhe Li to the Supervisory Board		Management	For	Voted - For
8.2	Elect Qi Lu to the Supervisory Board		Management	For	Voted - For
8.3	Elect Punit Renjen to the Supervisory Board		Management	For	Voted - For
9	Approve Remuneration Policy for the Management Board		Management	For	Voted - For
10	Approve Remuneration Policy for the Supervisory
	Board		Management	For	Voted - For
11.1	Approve Virtual-Only Shareholder Meetings Until 2025		Management	For	Voted - For
11.2	Amend Articles Re: Participation of Supervisory
	Board Members in the Virtual Annual General Meeting
	by Means of Audio and Video Transmission		Management	For	Voted - For
SIEMENS HEALTHINEERS AG
Security ID: D6T479107		Ticker: SHL
Meeting Date: 15-Feb-23		Meeting Type: Annual
1	Receive Financial Statements and Statutory Reports
	for Fiscal Year 2022 (Non-Voting)		Management	For	Non-Voting
2	Approve Allocation of Income and Dividends of EUR
	0.95 per Share		Management	For	Voted - For
3.1	Approve Discharge of Management Board Member
	Bernhard Montag for Fiscal Year 2022		Management	For	Voted - For
3.2	Approve Discharge of Management Board Member Jochen
	Schmitz for Fiscal Year 2022		Management	For	Voted - For
3.3	Approve Discharge of Management Board Member
	Darleen Caron for Fiscal Year 2022		Management	For	Voted - For
3.4	Approve Discharge of Management Board Member
	Elisabeth Staudinger-Leibrecht (since Dec. 1, 2021)
	for Fiscal Year 2022		Management	For	Voted - For

100

Ninety One International Franchise Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
3.5	Approve Discharge of Management Board Member
	Christoph Zindel (until March 31, 2022) for Fiscal
	Year 2022	Management	For	Voted - For
4.1	Approve Discharge of Supervisory Board Member Ralf
	Thomas for Fiscal Year 2022	Management	For	Voted - For
4.2	Approve Discharge of Supervisory Board Member
	Norbert Gaus for Fiscal Year 2022	Management	For	Voted - For
4.3	Approve Discharge of Supervisory Board Member
	Roland Busch for Fiscal Year 2022	Management	For	Voted - For
4.4	Approve Discharge of Supervisory Board Member
	Marion Helmes for Fiscal Year 2022	Management	For	Voted - For
4.5	Approve Discharge of Supervisory Board Member
	Andreas Hoffmann for Fiscal Year 2022	Management	For	Voted - For
4.6	Approve Discharge of Supervisory Board Member
	Philipp Roesler for Fiscal Year 2022	Management	For	Voted - For
4.7	Approve Discharge of Supervisory Board Member Peer
	Schatz for Fiscal Year 2022	Management	For	Voted - For
4.8	Approve Discharge of Supervisory Board Member
	Nathalie von Siemens for Fiscal Year 2022	Management	For	Voted - For
4.9	Approve Discharge of Supervisory Board Member
	Gregory Sorensen for Fiscal Year 2022	Management	For	Voted - For
4.10	Approve Discharge of Supervisory Board Member
	Karl-Heinz Streibich for Fiscal Year 2022	Management	For	Voted - For
5	Ratify Ernst & Young GmbH as Auditors for Fiscal
	Year 2023	Management	For	Voted - For
6	Approve Remuneration Report	Management	For	Voted - For
7.1	Elect Ralf Thomas to the Supervisory Board	Management	For	Voted - Against
7.2	Elect Veronika Bienert to the Supervisory Board	Management	For	Voted - Against
7.3	Elect Marion Helmes to the Supervisory Board	Management	For	Voted - For
7.4	Elect Peter Koerte to the Supervisory Board	Management	For	Voted - Against
7.5	Elect Sarena Lin to the Supervisory Board	Management	For	Voted - Against
7.6	Elect Nathalie von Siemens to the Supervisory Board	Management	For	Voted - Against
7.7	Elect Karl-Heinz Streibich to the Supervisory Board	Management	For	Voted - For
7.8	Elect Dow Wilson to the Supervisory Board	Management	For	Voted - Against
8	Approve Remuneration of Supervisory Board	Management	For	Voted - For
9	Approve Virtual-Only Shareholder Meetings Until 2028	Management	For	Voted - Against
10.1	Amend Articles Re: Participation of Supervisory
	Board Members in the Annual General Meeting by
	Means of Audio and Video Transmission	Management	For	Voted - For
10.2	Amend Articles Re: Participation of Supervisory
	Board Members in the Virtual General Meeting by
	Means of Audio and Video Transmission	Management	For	Voted - For
11	Approve Affiliation Agreement with Siemens
	Healthineers Holding I GmbH	Management	For	Voted - For

101

Ninety One International Franchise Fund
Proposal			Proposed by	Mgt. Position	Registrant Voted
TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.
Security ID: Y84629107		Ticker: 2330
Meeting Date: 06-Jun-23		Meeting Type: Annual
	Meeting for ADR Holders		Management	For	Non-Voting
1	Approve Business Operations Report and Financial
	Statements		Management	For	Voted - For
2	Approve Issuance of Restricted Stocks		Management	For	Voted - For
3	Amend Procedures for Endorsement and Guarantees		Management	For	Voted - For
4	Amend the Name of Audit Committee in the Policies
	(I)Procedures for Acquisition or Disposal of Assets
	(II)Procedures for Financial Derivatives
	Transactions (III)Procedures for Lending Funds to
	Other Parties (IV)Procedures for Endorsement and
	Guarantee		Management	For	Voted - For
THE ESTEE LAUDER COMPANIES INC.
Security ID: 518439104		Ticker: EL
Meeting Date: 18-Nov-22		Meeting Type: Annual
1a	Elect Director Ronald S. Lauder		Management	For	Voted - For
1b	Elect Director William P. Lauder		Management	For	Voted - For
1c	Elect Director Richard D. Parsons		Management	For	Voted - For
1d	Elect Director Lynn Forester de Rothschild		Management	For	Voted - For
1e	Elect Director Jennifer Tejada		Management	For	Voted - For
1f	Elect Director Richard F. Zannino		Management	For	Voted - For
2	Ratify PricewaterhouseCoopers LLP as Auditors		Management	For	Voted - For
3	Advisory Vote to Ratify Named Executive Officers'
	Compensation		Management	For	Voted - For
WOLTERS KLUWER NV
Security ID: N9643A197		Ticker: WKL
Meeting Date: 10-May-23		Meeting Type: Annual
	Annual Meeting Agenda		Management	For	Non-Voting
1	Open Meeting		Management	For	Non-Voting
2.a	Receive Report of Executive Board (Non-Voting)		Management	For	Non-Voting
2.b	Receive Report of Supervisory Board (Non-Voting)		Management	For	Non-Voting
2.c	Approve Remuneration Report		Management	For	Voted - For
3.a	Adopt Financial Statements and Statutory Reports		Management	For	Voted - For
3.b	Receive Explanation on Company's Dividend Policy		Management	For	Non-Voting
3.c	Approve Dividends		Management	For	Voted - For
4.a	Approve Discharge of Executive Board		Management	For	Voted - For
4.b	Approve Discharge of Supervisory Board		Management	For	Voted - For
5	Reelect Chris Vogelzang to Supervisory Board		Management	For	Voted - For

102

Ninety One International Franchise Fund
Proposal		Proposed by	Mgt. Position	Registrant Voted
6.a	Grant Board Authority to Issue Shares Up to 10
	Percent of Issued Capital	Management	For	Voted - For
6.b	Authorize Board to Exclude Preemptive Rights from
	Share Issuances	Management	For	Voted - For
7	Authorize Repurchase of Up to 10 Percent of Issued
	Share Capital	Management	For	Voted - For
8	Approve Cancellation of Shares	Management	For	Voted - For
9	Approve KPMG Accountants N.V as Auditors	Management	For	Voted - For
10	Other Business (Non-Voting)	Management	For	Non-Voting
11	Close Meeting	Management	For	Non-Voting

103

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Advisors’ Inner Circle Fund III

By:   /s/ Michael Beattie

Michael Beattie

President

Date: August 22, 2023

104