The Directors of AIG Investments Fund Management Limited, whose names appear on pages 4, 37 and 38 are the persons

responsible for the information contained in this Prospectus and the Supplements. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this
Prospectus and its Supplements is in accordance with the facts and does not omit anything likely to affect the import of such
information. The Directors accept responsibility accordingly.

IMPORTANT NOTE
• This Fund is an umbrella fund consisting of different Sub-Funds investing in equities, debt securities and
derivatives, each with different risk profiles.
• Some Sub-Funds may extensively invest in below investment grade debt, structured products (for instance,
asset backed or mortgage backed securities) or derivatives (up to 100% of a Sub-Fund’s net asset value). Such
investments can involve significant risks, including, counterparty/credit risk, liquidity risk and volatility risk,
which may potentially result in a total loss of your investment in such Sub-Fund(s).

• Sub-Funds which invest in emerging markets or small cap securities may be subject to higher liquidity and
volatility risks. Sub-Funds which invest in emerging markets may also be subject to additional legal, regulatory,
political, expropriation, repatriation and foreign exchange risk.

• Sub-Funds which invest in a single market may be subject to a higher concentration risk than Sub-Funds
following a more diversified policy.

• The investment decision is yours but you should not invest unless the intermediary who sells units of the Sub-
Fund(s) to you has advised you that the Sub-Fund(s) are suitable for you, and has explained why, including how
investing in the Sub-Fund(s) would be consistent with your investment objectives.

If you are in any doubt about the contents of this Prospectus, the risks involved in investing in the Fund or the
suitability for you of investing in the Fund, you should consult your stockbroker, bank manager, solicitor,
accountant or other independent financial adviser.

AIG GLOBAL FUNDS

PROSPECTUS
DATED 27 MARCH, 2009

The Fund is an open-ended umbrella unit trust established and authorised in Ireland as an undertaking for collective
investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in
Transferable Securities) Regulations, 2003 (S.I. No. 211 of 2003), as amended.

This Prospectus may only be issued with one or more Supplements, each containing information relating to a separate Sub-
Fund. Details relating to Classes may be dealt with in the relevant Sub-Fund Supplement. Each Supplement shall form part
of, and should be read in conjunction with, this Prospectus. To the extent that there is any inconsistency between this
Prospectus and any Supplement, the relevant Supplement shall prevail.

Application has been made for all Classes of AIG Emerging Europe Equity Fund, AIG Latin America Fund and AIG Latin
America Small & Mid Cap Fund, each a Sub-Fund of Fund, issued and to be issued, to be admitted to the official list of The
Irish Stock Exchange. As detailed in the relevant supplement, some of the aforementioned Listed Units of have been
admitted to the official list of The Irish Stock Exchange as of 16 December, 2008. It is expected that the remaining Listed
Units will be admitted as and when listed. No application has been made for the Listed Units or any other Units of the Fund to
be listed on any other stock exchange. The Directors do not anticipate that an active secondary market will develop in the
Listed Units. Neither the admission of the Listed Units to the official list nor their trading on the main market of the Irish Stock
Exchange nor the approval of the Fund’s Listing Particulars pursuant to the listing requirements of The Irish Stock Exchange
Limited shall constitute a warranty or representation by The Irish Stock Exchange Limited as to the competence of the
service providers to, or any other party connected with, the Fund, the adequacy of information contained in this document or
the suitability of the Fund for investment purposes.

Distribution of this Prospectus and the Supplements is not authorised in any jurisdiction unless it is accompanied by a copy of
the latest annual report of the Fund and, if published after such annual report, a copy of the latest semi-annual report. Such
reports shall form part of this Prospectus.
Manager
AIG Investments Fund Management Limited
AIG Centre, I F S C , North Wall Quay, Dublin 1, Ireland

Q:\Commer.aig\PROSPECT\AIG Global Funds - Annual Update 2008\AIG Global Funds - Updated Prospectus 2008 DF.doc
IMPORTANT INFORMATION
Capitalised terms used in this Prospectus without definition
are defined on pages 6 to 10 - "Interpretation" or in the
Appendices to the Prospectus.
The Fund is authorised and supervised by IFSRA.
Authorisation of the Fund and its Sub-Funds is not an
endorsement or guarantee of the Fund or of its Sub-
Funds by IFSRA nor is IFSRA responsible for the
contents of this Prospectus and its Supplements. The
authorisation of the Fund and its Sub-Funds by IFSRA
shall not constitute a warranty as to the performance
of the Fund or its Sub-Funds and IFSRA shall not be
liable for the performance or default of the Fund or its
Sub-Funds.
This Prospectus does not constitute an offer or solicitation
to anyone in any jurisdiction in which such offer or
solicitation is not authorised or to any person to whom it is
unlawful to make such offer or solicitation. No person may
treat this Prospectus as constituting an invitation to
purchase unless in the relevant jurisdiction such an
invitation could lawfully be made to such person and any
existing registration or other legal requirements have been
complied with. It is the responsibility of each person
wishing to make an application hereunder to satisfy himself
as to the full observance of the laws of the relevant
jurisdiction in connection therewith, including the obtaining
of any governmental or other consents which may be
required or the observance of other formalities which need
to be observed or the payment of transfer or other taxes
which may be required to be paid in such jurisdiction.
Statements in this Prospectus are based on the law and
practice currently in force in Ireland and are subject to
changes therein.
The Units have not been registered under the United
States Securities Act of 1933, as amended, or the United
States Investment Company Act of 1940, as amended (the
"1940 Act") and may not be offered, sold or delivered in
the United States or to or for the account of a US Person.
Notwithstanding the foregoing, the Directors may, with the
advice of counsel, approve the sale of Units to one or more
US Persons in circumstances in which it is reasonably
concluded that such sale would not have adverse
consequences to the Fund or its Sub-Funds. However, the
Fund and its Sub-Funds are not established for the
purpose of investment by US Persons. Any such investor
should consult their own legal, tax and other advisers to
determine whether an investment in the Fund or its Sub-
Funds could result in adverse consequences to the
investor or its related persons and affiliates. All US
Persons will have United States tax consequences arising
from investing in the Fund or one of its Sub-Funds. In
addition, US Persons related to foreign persons investing
in the Fund or its Sub-Funds may incur United States tax
consequences. It is suggested that such US Persons and
their related foreign investor in the Fund or its Sub-Funds
consult their United States tax advisers.
It is also a policy of the Fund to prohibit the sale of Units to
2
any investor to whom such sale would be unlawful in the
United States. The Fund has, and intends to exercise, the
right to force the redemption of any Units sold in
contravention of any of the prohibitions described in this
Prospectus. In addition, the Fund has, and shall be fully
protected in exercising, the right to compulsorily redeem
the Units of any investor at any time if, at the Fund's sole
discretion, such redemption would be appropriate to
protect the Fund from a requirement to register as an
investment company under the 1940 Act or from adverse
tax consequences. Applicants for Units and transferees will
be required to certify that they are not US Persons
prohibited from purchasing Units.
The Fund is authorised by the Hong Kong Securities and
Futures Commission under Section 104 of the Securities
and Futures Ordinance of Hong Kong. The Securities and
Futures Commission does not take any responsibility as to
the contents of this Prospectus or for the financial
soundness of the Fund or any of its Sub-Funds or for the
correctness of any statements made or opinion expressed
in this Prospectus.
Investors should note that because investments in
securities can be volatile and their value may decline
as well as appreciate, there can be no assurance that
the Fund or any of its Sub-Funds will be able to attain
its objective or that Units, when redeemed, will be
worth more than when they were purchased. The price
of Units as well as the income therefrom may fall as
well as rise to reflect the changes in the Net Asset
Value of each Sub-Fund. A redemption charge of up to
3% may be charged by the Manager. The difference at
any one time between the subscription and
redemption prices for Units means that the investment
should be viewed as medium to long-term. An
investment should only be made by those persons
who could sustain a loss on their investment.
The principal risk factors associated with investment in the
Fund and each Sub-Fund are set out on pages 19 to 25 -
"Risk Factors" and in the Supplement for each Sub-Fund,
where relevant.
It is a condition of subscription to the Fund and each Sub-
Fund that neither the Manager nor any of the Investment
Managers shall be liable to investors (or to any other
persons) for any error of judgement in the selection of the
Fund's or each Sub-Fund’s investments.
Neither the delivery of this Prospectus nor the offer, issue
or sale of Units in the Fund or any of its Sub-Funds shall
under any circumstances constitute a representation that
the information given in this Prospectus is correct as at any
time subsequent to the date hereof. This Prospectus will
be updated by the Manager to take into account any
material changes and any such amendments will be
notified in advance to IFSRA and to any relevant overseas
regulator(s), (as the context may require). Any such
changes will be notified to Unitholders in subsequent
periodic reports of the Fund.
Salesmen or agents appointed by the Manager shall not
have authority to represent the Manager in regard to
statements made contrary to the provisions of this
Prospectus and any information or representation not
contained herein given or made by any dealer, salesman,
or other person should be regarded as unauthorised and
accordingly may not be relied upon.

This Prospectus may be translated into other languages

provided that any such translation shall only contain the
same information and shall have the same meaning as this
Prospectus.

3
DIRECTORY Listing Sponsor

Directors of the Manager Dillon Eustace

33 Sir John Rogerson’s Quay
Dominique Baïkoff Orla Horn Dublin 2
Regina Harrington Frances Torsney Ireland
Win Neuger JJ O’Mahony
William Dooley
Steven Guterman

Promoter, Manager and Global Distributor

AIG Investments Fund Management Limited

AIG Centre
IFSC
North Wall Quay
Dublin 1
Ireland

Trustee

State Street Custodial Services (Ireland) Limited

Guild House
Guild Street
International Financial Services Centre
Dublin 1
Ireland

Administrative Agent

State Street Fund Services (Ireland) Limited

Guild House
Guild Street
International Financial Services Centre
Dublin 1
Ireland

Distributor

AIG Investments Europe Ltd.

Plantation Place South, 60 Great Tower Street,
London EC3R 5AZ,
England

Hong Kong Representative

AIG Global Investment Corporation (Hong Kong) Limited

16F AIG Tower
No.1 Connaught Road Central
Hong Kong

Legal Advisers

Dillon Eustace Solicitors

33 Sir John Rogerson's Quay
Dublin 2
Ireland

Auditors

PricewaterhouseCoopers
One Spencer Dock
North Wall Quay
Dublin 1
Ireland

4
CONTENTS 27 Application Procedure
28 Subscriptions via a Clearing System
2 IMPORTANT INFORMATION 28 Trading Practices
28 Redemption of Units – Redemption Procedure
4 DIRECTORY 29 Redemption Restrictions
30 Transfer of Units
6 INTERPRETATION 30 Switching of Units
30 Tax Liability of the Fund
11 THE FUND 30 Calculation of Net Asset Value of the Units
32 Anti Dilution Levy
12 INVESTMENT OF THE FUNDS ASSETS 32 Temporary Suspension of the Determination of the
Value of a Sub-Fund and the Issue and Redemption
12 The Investment Managers of Units
12 The Investment Objectives
12 Investment Policy 34 DISTRIBUTIONS
12 Investment through Subsidiaries
12 Investment Restrictions 35 MANAGEMENT AND FUND CHARGES
12 General
15 Restrictions on Borrowing, Lending and Dealing 35 Soft Commissions
15 Transactions in Financial Derivative Instruments
17 Equity and Equity Related Instruments 37 MANAGEMENT AND ADMINISTRATION OF
17 Co-Management of Assets THE FUND

19 RISK FACTORS 37 Promoter, The Manager and Global Distributor

38 The Trustee
19 Accounting Standards Risk 39 The Administrative Agent
19 Co-Management of Assets 39 Investment Managers
19 Counterparty Risk 39 Distributors
19 Counterparty Default: Absence of Regulation 40 The Hong Kong Representative
19 Credit Risk 40 Paying Agents
20 Currency Risk
20 Derivatives, Techniques and Instruments Risk 41 TAXATION
21 Emerging Markets Risk
22 Exchange Rate Risk 41 General
22 Global Financial Market Crisis and Governmental 41 Republic of Ireland
Intervention 41 The Fund
22 Interest Rate Risk 41 Unitholders Tax
22 Investing in Fixed Income Securities 43 Personal Portfolio Investment Undertaking
23 Investment Return (“PPIU”)
23 Legal Infrastructure 43 Capital Acquisitions Tax
23 Liquidity Risk 43 European Savings Directive
23 Market Disruption
23 Market Risk 45 GENERAL INFORMATION
23 Non-Convertibility of Currency
23 Political and / or Regulatory Risk 45 Publication of Price of Units
23 Redemption Risk 45 Notice to Unitholders
23 Redemption Restrictions 45 Meetings
24 Registration Risk 45 Financial Statements and Supply of Documents
24 Reliability of Credit Ratings 45 Material Contracts
24 Reliability of Information 46 Documents available for Inspection
24 Remittance of Principal and Investment Income 46 Winding Up
24 Settlement Risk 47 Miscellaneous
24 Stocklending Risk
24 Sub-Custody Risk 48 APPENDIX I
24 Suspension of Dealing
24 Unit Currency Designation Risk 48 Information on Anti Money Laundering
25 Valuation Risk Requirements
25 Conflicts of Interest
50 APPENDIX II
26 OPERATION OF THE FUND
50 List of Recognised Exchanges
26 Description of Units
26 Application for Units SUB-FUND SUPPLEMENTS
27 Restrictions on Ownership of Units and Anti
Money Laundering Requirements

5
INTERPRETATION
In this Prospectus:
all references to "US Dollars", "USD" and the sign "US$"
are references to the currency of the United States of
America;
all references to "euro", "EUR" or "€" are references to
the currency of the Member States who are participants in
the single European currency;
all references to "Yen", "JPY" or "¥" are references to the
currency of Japan;
all references to "Sterling" and "STG" are to the currency
of the United Kingdom;
all references to a specific time of day are references to
Irish time unless otherwise stated;
"Accounting Date"
means 31 December in each year or such other date as
the Directors may from time to time decide and notify to
Unitholders;
"Accounting Period"
means a period ending on an Accounting Date and
commencing from the first day immediately following the
Accounting Date of the previous year;
"Administration Agreement"
means the agreement dated 4 March, 2005 as amended
by the Supplemental Agreement dated 2 November, 2007
between the Manager and the Administrative Agent
pursuant to which the latter is appointed as Administrative
Agent to the Fund;
"Administrative Agent"
means State Street Fund Services (Ireland) Limited;
"AIG"
means American International Group, Inc.;
"Base Currency"
shall be set out in the relevant Supplement;
"Business Day"
means unless stated otherwise in the Supplement of the
relevant Sub-Fund any day (excluding Saturdays and
Sundays and Irish public holidays) which is a bank
business day in Ireland, and/or such other day or days as
the Manager (in consultation and as agreed with the
Administrative Agent) may from time to time decide and
notify in advance to Unitholders;
"Class" or "Class of Unit"
6
means a class of Unit within a Sub-Fund;
"Class Currency"
means the currency in which each Class of Unit of each
Sub-Fund is denominated;
"Clearing System"
means a Clearing System approved by the Manager;
"Country Supplement"
means any supplement to this Prospectus which is used
specifically for the offering of units of a Sub-Fund in a
particular jurisdiction, which is required under the laws or
regulations of that jurisdiction;
"Dealing Day"
means unless stated otherwise in the Supplement of the
relevant Sub-Fund every Business Day provided that there
shall be not less than two Dealing Days in any month;
"Directors"
means the directors of the Manager;
"Distribution Agreement"
means the agreement dated 2 May, 2007 between the
Manager and AIG Investments Europe Ltd. pursuant to
which the latter is appointed a Distributor to the Fund;
"Distributor"
means any one or more person or companies or any
successor person or companies appointed by the Manager
to distribute Units of the Fund.
"Duties and Charges"
means all stamp and other duties, taxes, governmental
charges, valuation fees, agent's fees, brokerage fees,
bank charges, transfer fees, registration fees and other
charges which may become or will become payable in
respect of or prior to or upon the occasion of any
transaction dealing or valuation but does not mean
commissions payable by the Unitholder to agents or
brokers on the issue of Units;
"Emerging Europe"
means Belarus, Bulgaria, Czech Republic, Estonia,
Georgia, Hungary, Latvia, Lithuania, Poland, Romania,
Slovak Republic, Slovenia, Ukraine. This list is subject to
change;
"EU"
means European Union;
"Exempt Irish Investor"
means

• a pension scheme which is an exempt approved
scheme within the meaning of Section 774 of the
Taxes Act or a retirement annuity contract or a
trust scheme to which Section 784 or 785 of the
Taxes Act applies;
• a company carrying on life business within the
meaning of Section 706 of the Taxes Act;
• an investment undertaking within the meaning of
Section 739B(1) of the Taxes Act;
• a special investment scheme within the meaning
of Section 737 of the Taxes Act;
• a charity being a person referred to in Section
739D(6)(f)(i) of the Taxes Act;
• a unit trust to which Section 731(5)(a) of the
Taxes Act applies;
• a specified company within the meaning of
Section 734(1) of the Taxes Act;
• a qualifying fund manager within the meaning of
Section 784A(1)(a) of the Taxes Act where the
Units held are assets of an approved retirement
fund or an approved minimum retirement fund;
• a qualifying savings manager within the meaning
of Section 848B of the Taxes Act in respect of
Units which are assets of a special savings
incentive account within the meaning of Section
848C of the Taxes Act;
• a personal retirement savings account ("PRSA")
administrator acting on behalf of a person who is
entitled to exemption from income tax and capital
gains tax by virtue of Section 787I of the Taxes
Act and the Units are assets of a PRSA;
• a credit union within the meaning of Section 2 of
the Credit Union Act, 1997;
• the National Pensions Reserve Fund
Commission;
• a company which is within the charge to
corporation tax in accordance with Section 110(2)
of the Taxes Act in respect of payments made to
it by the Fund; or
• any other Irish Resident or persons who are Irish
Ordinary Resident that may be permitted to own
Units under taxation legislation or by written
practice or concession of the Revenue
Commissioners without giving rise to a charge to
tax in the Fund or jeopardising tax exemptions
associated with the Fund giving rise to a charge
to tax in the Fund;
provided that they have correctly completed the Relevant
Declaration.
"Fund"
means AIG Global Funds;
"Global Distributor"
means AIG Investments Fund Management Limited;
"IFSRA"
means the Irish Financial Services Regulatory Authority;
7
"IFSRA Notices"
means the notices issued by IFSRA from time to time in
relation to a UCITS pursuant to the Regulations;
"IFSRA Guidance Notes"
means the guidance notes issued by IFSRA from time to
time in relation to a UCITS;
"Intermediary"
means a person who:-
(a) carries on a business which consists of, or
includes, the receipt of payments from an
investment undertaking on behalf of other
persons, or
(b) holds Units in an investment undertaking on
behalf of other persons;
"Investment Management Agreement"
means the agreement for each Sub-Fund between the
Manager and the Investment Manager of each Sub-Fund
pursuant to which the latter was appointed as investment
manager to the relevant Sub-Fund;
"Investment Manager"
means the investment manager or investment managers
appointed to manage the assets of a Sub-Fund;
"Ireland"
means the Republic of Ireland;
"Irish Resident"
• in the case of an individual, means an individual who
is resident in Ireland for tax purposes.
• in the case of a trust, means a trust that is resident in
Ireland for tax purposes.
• in the case of a company, means a company that is
resident in Ireland for tax purposes.
An individual will be regarded as being resident in Ireland
for a twelve month tax year if he/she is present in Ireland:
(1) for a period of at least 183 days in that twelve month
tax year; or (2) for a period of at least 280 days in any two
consecutive tax years, provided that the individual is
resident in Ireland for at least 31 days in each twelve
month period. In determining days present in Ireland, an
individual is deemed to be present if he/she is in Ireland at
any time during the day. This new test takes effect form 1
January 2009 (previously in determining days present in
Ireland an individual was deemed to be present if he/she
was in Ireland at the end of the day (midnight)).
A trust will generally be Irish resident where the trustee is
resident in Ireland or a majority of the trustees (if more
than one) are resident in Ireland.
A company which has its central management and control
in Ireland is resident in Ireland irrespective of where it is
incorporated. A company which does not have its central
management and control in Ireland but which is
incorporated in Ireland is resident in Ireland except where: the Prospectus;

- the company or a related company carries on a "Minimum Initial Subscription"

trade in Ireland, and either the company is
ultimately controlled by persons resident in EU
Member States or in countries with which Ireland
has a double taxation treaty, or the company or a
related company are quoted companies on a
recognised Stock Exchange in the EU or in a
treaty country under a double taxation treaty
between Ireland and that country;
means the minimum initial subscription for Units as
specified in the Prospectus;
"Minimum Subsequent Subscription"
means the minimum subsequent subscription for Units as
specified in the Prospectus;

or "Money Market Instruments"

- the company is regarded as not resident in means instruments normally dealt in on the money market
Ireland under a double taxation treaty between which are liquid and have a value which can be accurately
Ireland and another country. determined at any time;

It should be noted that the determination of a company’s "Net Asset Value"

residence for tax purposes can be complex in certain
cases and potential investors are referred to the specific has the meaning assigned to it on pages 30 to 32 -
legislative provisions that are contained in Section 23A of "Calculation of Net Asset Value of the Units";
the Taxes Act.
"OECD"
"Irish Ordinary Resident"
means the Organisation of Economic Co-Operation and
• in the case of an individual, means an individual who Development which currently includes the following states:
is ordinarily resident in Ireland for tax purposes
Australia
• in the case of a trust, means a trust that is ordinarily Austria
resident in Ireland for tax purposes. Belgium
Canada
An individual will be regarded as ordinarily resident for a Czech Republic
particular tax year if he/she has been Irish Resident for the Denmark
three previous consecutive tax years (i.e. he/she becomes Finland
ordinarily resident with effect from the commencement of France
the fourth tax year). An individual will remain ordinarily Germany
resident in Ireland until he/she has been non-Irish Resident Greece
for three consecutive tax years. Thus, an individual who is Hungary
resident and ordinarily resident in Ireland in the tax year 1 Iceland
January 2009 to 31 December 2009 and departs from Ireland
Ireland in that tax year will remain ordinarily resident up to Italy
the end of the tax year 1 January 2012 to 31 December Japan
2012. South Korea
Luxembourg
The concept of a trust’s ordinary residence is somewhat Mexico
obscure and linked to its tax residence. The Netherlands
New Zealand
"Manager" Norway
Poland
means AIG Investments Fund Management Limited; Portugal
Slovak Republic
"Member State" Spain
Sweden
means any state which from time to time is a member of Switzerland
the European Union; Turkey
United Kingdom
"Minimum Holding" United States

means the minimum number or value of Units which must This list is subject to change;
be held by Unitholders as specified in the Prospectus;
"OTC"
"Minimum Redemption"
means over-the-counter;
means the minimum redemption for Units as specified in

8
"Paying Agency Agreement"
means one or more Paying Agency Agreements made
between the Manager and one or more Paying Agents
appointed by the Manager from time to time as shall be set
out in one or more Country Supplements;
"Paying Agent"
means one or more paying agents appointed by the
Manager in certain jurisdictions from time to time as shall
be set out in one or more Country Supplements;
"Recognised Clearing System"
means Bank One NA, Depositary and Clearing Centre,
Clearstream Banking AG, Clearstream Banking SA,
CREST, Depositary Trust Company of New York,
Euroclear, National Securities Clearing System, Sicovam
SA, SIS Sega Intersettle AG or any other system for
clearing units which is designated for the purposes of
Chapter 1A in Part 27 of the Taxes Act, by the Irish
Revenue Commissioners as a recognised clearing system.
"Recognised Exchange"
means in relation to any investment, any stock exchange,
over-the-counter market or other securities market as
listed in Appendix II in accordance with the requirements of
IFSRA which does not issue a list of approved markets;
"Regulations"
means the European Communities (Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (Statutory Instrument No. 211 of 2003)
as amended, and any amendment thereto for the time
being in force and any notice or notices issued pursuant
thereto by IFSRA from time to time;
"Relevant Declaration"
means the declaration relevant to the Unitholder as set out
in Schedule 2B of the Taxes Act.
"Relevant Period"
means a period of 8 years beginning with the acquisition of
a Unit by a Unitholder and each subsequent period of 8
years beginning immediately after the preceding relevant
period;
"Selective Default"
means the rating applied when Standard & Poor's believes
that an obligor has selectively defaulted on a specific issue
or class of obligations but it will continue to meet its
payment obligations on other issues or classes of
obligations in a timely manner.
"Sub-Fund"
means the Sub-Funds established by the Manager from
time to time with the prior approval of IFSRA;
9
"Taxes Act"
means the Taxes Consolidation Act, 1997 (of Ireland) as
amended;
"Trust Deed"
means the Trust Deed dated 4 March, 2005, as amended
by the First Supplemental Trust Deed dated 6 July, 2005, a
Second Supplemental Trust Deed dated 13 December,
2005, a Third Supplemental Trust Deed dated 7 February,
2006, a Fourth Supplemental Trust Deed dated 3 July,
2007, a Fifth Supplemental Trust Deed dated 2 November,
2007, and a Sixth Supplemental Trust Deed dated 27
March, 2009;
"Trustee"
means State Street Custodial Services (Ireland) Limited;
"Unit"
means a participating Unit or a fraction of a Unit in a Sub-
Fund which may be sub-divided into different Classes of
Unit;
"Unitholder"
means any person holding a Unit of a Sub-Fund;
"UCITS"
means an undertaking for collective investment in
transferable securities,
- the sole object of which is the collective investment in
transferable securities and/or other liquid financial
assets referred to in Regulation 45 of the Regulations
of capital raised from the public and which operates
on the principle of risk spreading;
- the shares or units of which are, at the request of
holders, repurchased or redeemed, directly or
indirectly, out of the undertaking’s assets;
"United States"
means the United States of America, any state, territory, or
possession thereof, any area subject to its jurisdiction, the
District of Columbia or any enclave of the United States
Government or its agencies or instrumentalities;
"US Person"
means any of the following:-
(a) a citizen of the United States;
(b) a natural person resident in the United States;
(c) a resident alien of the United States, as defined in
Section 7701(b) of the United States Internal
Revenue Code of 1986 as amended (the "Code");
(d) a partnership, corporation, or other entity created,
 organised, incorporated, or existing in or under
the laws of the United States, or which has its
principal place of business in the United States;
(e) an estate or trust:
(i) the income of which is subject to United
States income tax regardless of source,
or whose income from sources outside
the United States (that is not effectively
connected with the conduct of a trade or
business in the United States) is
includible in gross income for United
States federal income tax purposes; or
(ii) of which an executor, administrator, or
trustee is a US Person (excluding (A) an
estate governed by foreign law with an
executor or Administrative Agent which
is not a US Person and which has sole
or joint investment discretion with
respect to the estate assets, or (B) a
trust with a trustee which is not a US
Person and which has sole or joint
investment discretion with respect to the
trust assets and with no beneficiary (or
settlor, in the case of a revocable trust)
which is a US Person);
(f) an entity organised principally for passive
investment, such as a commodity pool,
investment company or other similar entity
(including a pension plan for the employees,
officers, or principals of an entity created,
organised, or existing in or under the laws of the
United States or which has its principal place of
business or is engaged in a trade or business in
the United States, but excluding a pension plan
for the employees, officers, or principals of an
entity created, organised or existing in or under
the laws of a foreign jurisdiction and which has its
principal place of business outside the United
States and was established and is administered
in accordance with the law of a country other than
the United States and customary practices and
documentation of such country),
(i) in which US Persons hold units/shares
of participation representing in the
aggregate 10% or more of the beneficial
interests in the entity, or
(ii) which has as a principal purpose the
facilitating of investment by a US Person
in a commodity pool with respect to
which the operator is exempt from
certain requirements of Part 4 of the
regulations of the United States
Commodity Futures Trading
Commission by virtue of its participants
being non-US Persons.
(g) an agency or branch of a foreign entity located in
the United States;
10
(h) a non-discretionary account or similar account
(other than an estate or trust) held by a dealer or
other fiduciary for the benefit or account of a US
Person;
(i) a discretionary account or similar account (other
than an estate or trust) held by a dealer or other
fiduciary created, organised, incorporated,
existing, or (if a natural person) resident in the
United States, unless held by a dealer or other
professional fiduciary for the benefit or account of
a person which is not a US Person; or
(j) a partnership, corporation, or other entity created,
organised, incorporated, or existing under the
laws of a foreign jurisdiction and
formed by a US Person principally for purposes of
investing in securities not registered under the
United States Securities Act of 1933 as amended.
For purposes of sub-paragraphs (a) – (j) above, a
Unitholder which is not otherwise a US Person shall be
deemed to be a US Person if, as a result of the ownership
of Units by such Unitholder, another person which is a
"United States Person" (within the meaning of Code
Section 7701(a)(3)) could, in respect of the Fund, under
any circumstances, meet the ownership requirements of (i)
Code Section 1298(a) (relating to indirect ownership
through passive foreign investment companies, 50%-
owned corporations, partnerships, estates, trusts, or
options, or as otherwise provided in the Code), or (ii) the
information reporting provisions of Code Section 551(c)
(requiring at least 5% direct, indirect, or constructive
ownership), Code Section 6035 (requiring at least 10%
direct, indirect, or constructive ownership), Code Section
6038 (requiring more than 50% direct, indirect, or
constructive ownership), or Code Section 6046 (requiring
at least 10% direct, indirect, or constructive ownership);
"Value of the Sub-Fund"
means the value of the assets of the Sub-Fund less all
liabilities of the Sub-Fund except for outstanding
management and Sub-Fund charges.
THE FUND available for such purpose.

The Fund was constituted on 4 March, 2005 as an open- Units in each Sub-Fund may be designated as different
ended umbrella unit trust established and authorised in Classes with different rights or benefits attaching thereto.
Ireland as an undertaking for collective investment in Prior to the issue thereof, the Manager will designate the
transferable securities pursuant to the Regulations. Class from which such Units in a Sub-Fund will be issued.
A separate portfolio of assets shall not be maintained for a
The Base Currency of each Sub-Fund is set out in the Class of Unit within a Sub-Fund. The creation of any such
relevant Supplement. Classes shall be notified to and cleared by IFSRA in
advance.
The Trust Deed constitutes the Fund which is made up of
the Sub-Funds. Applications for Units shall only be The Sub-Funds at the date of this Prospectus are as listed
accepted in the Class Currency of the relevant Sub-Fund below and may be updated from time to time:-
unless otherwise agreed in advance with the Manager.
Monies subscribed in a currency other than the Class AIG American Equity Fund
Currency of the relevant Sub-Fund will be converted by the AIG Asia Balanced Fund
Administrative Agent to the Class Currency of the relevant AIG Balanced World Fund
Sub-Fund at the Unitholder’s risk and expense and at what AIG Dynamic Emerging World Fund
the Administrative Agent considers to be the prevailing AIG Emerging Europe Equity Fund
exchange rate and such subscription shall be deemed to AIG Emerging Markets Bond Fund
be in the amount so converted. AIG Emerging Markets Local Currency Bond Fund
AIG Europe Focus Equity Fund
Additional Sub-Funds may, with the prior approval of AIG Europe Fund
IFSRA and the Trustee, be added by the Manager. The AIG Europe Large Cap Research Enhanced Fund
name of each additional Sub-Fund, the terms and AIG Europe Small & Mid Cap Fund
conditions of its initial offer of Units, details of its AIG Europe Small Companies Fund
investment objective and policies, its Base Currency and AIG Global Bond Fund
any applicable fees and expenses shall be set out in a AIG Global Emerging Markets Fund
Supplement to this Prospectus. The Manager may, with AIG Global Equities Value Fund
the prior approval of the Trustee, close any Sub-Fund in AIG Global Equity Fund
existence by serving not less than three months notice to AIG Greater China Equity Fund
Unitholders in that Sub-Fund and by applying to IFSRA for AIG India Equity Fund
revocation of that Sub-Fund’s approval. To invest in the AIG Japan Focus Equity Fund
Fund is to purchase Units in a Sub-Fund or Sub-Funds. It AIG Japan New Horizon Fund
is the Sub-Fund which accumulates the assets on behalf of AIG Japan Small Companies Fund
the Unitholders. A Unit in a Sub-Fund represents the AIG Japan Smaller Companies Plus Fund
beneficial ownership of one undivided unit in the assets of AIG Latin America Fund
the relevant Sub-Fund referable to that type of Unit. AIG Latin America Small & Mid Cap Fund
AIG New Asia Capital Opportunities Fund
The proceeds from the issue of Units in a Sub-Fund shall AIG South East Asia Fund
be applied in the records and accounts of the Fund for that AIG Southeast Asia Small & Mid Cap Fund
Sub-Fund and the assets and liabilities and income and AIG Southeast Asia Small Companies Fund
expenditure attributable thereto shall be applied to that AIG Strategic Bond Fund
Sub-Fund subject to the provisions of the Trust Deed. The AIG US Dollar Managed Cash Fund
assets of a Sub-Fund will be invested separately in AIG US Focus Equity Fund
accordance with the investment objective and policies of AIG US High Yield Bond Fund
that Sub-Fund as set out in a Supplement to this AIG US Large Cap Research Enhanced Fund
Prospectus. Supplements may be added to or removed AIG US Small Cap Growth Fund
from this Prospectus as Sub-Funds are added to the Fund
or closed, as the case may be.

Each Sub-Fund will be treated as bearing its own liabilities

as may be determined at the discretion of the Trustee with
the approval of the Manager, provided however, that if the
Trustee is of the opinion that a particular liability does not
relate to any particular Sub-Fund or Sub-Funds, that
liability shall be borne jointly by all Sub-Funds pro rata to
their respective Net Asset Value at the time when the
expense is incurred.

The Fund is not liable as a whole as the assets of each

Sub-Fund shall belong exclusively to that Sub-Fund, shall
be segregated from the other Sub-Funds, shall not be
used to discharge directly or indirectly the liabilities of or
claims against any other Sub-Fund and shall not be

11
INVESTMENT OF THE FUND'S ASSETS
The Investment Managers
Pursuant to a number of Investment Management
Agreements, as detailed in each of the Supplements to this
Prospectus, the Manager has appointed Investment
Manager(s) for each of the Sub-Funds as set out in each of
the Supplements to this Prospectus.
Each Investment Management Agreement provides that the
Investment Manager(s) of each Sub-Fund will manage the
portfolio of each Sub-Fund in conformity with the
investment objectives and investment policies of each Sub-
Fund as set out in the relevant Supplement and the
investment restrictions as set out in this Prospectus.
Each Investment Manager is free to render investment
management services to others and to engage in other
activities. The fees of each Investment Manager will be
paid by the Manager.
Investment Managers may, in accordance with the
requirements of IFSRA and subject to the prior consent of
the Manager, delegate to one or more sub-investment
managers all or part of their responsibility to manage the
assets of one or more Sub-Funds. The fees of any sub-
investment manager appointed in respect of a Sub-Fund
shall be borne by the relevant Investment Manager and
shall not be charged to the relevant Sub-Fund. Details of
any sub-investment managers appointed in respect of a
particular Sub-Fund will be contained in the supplements
of the relevant Sub-Fund and will be disclosed in the
periodic reports of the Fund.
The Investment Objectives
The investment objective and policy for each Sub-Fund will
be formulated by the Manager in consultation with the
Investment Manager at the time of the creation of the Sub-
Funds. The investment objective and policies of the Sub-
Funds are set out in the Supplements to this Prospectus.
The assets of a Sub-Fund will be invested separately in
accordance with the investment objective and policy of that
Sub-Fund.
The investment objective of each Sub-Fund will not be
amended without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the relevant Sub-Fund and in the event of any such
change, reasonable notice will be given to Unitholders to
enable them to redeem their Units before the changes take
effect.
Investment Policy
The investment policy of each Sub-Fund is set out in the
relevant Supplement.
Material changes to the investment policy of each Sub-
Fund will not be made without the prior written approval on
the basis of a majority of votes cast at a general meeting of
Unitholders of the relevant Sub-Fund and in the event of
any such change, reasonable notice will be given to
Unitholders to enable them redeem their Units before the
12
changes take effect.
Investment through Subsidiaries
The Manager may, with the prior approval of the Financial
Regulator, from time to time make investments for efficient
portfolio management through wholly-owned subsidiaries
incorporated in any relevant jurisdiction in order to
minimise the effects of exchange control and/or take
advantage of applicable tax treaties. The Directors of the
Manager will always form a majority of the directors of any
subsidiary through which a Sub-Fund may invest. The
investment objective and policy of the relevant Sub-Fund
will not only be applied to the Sub-Fund but also to the
subsidiary and the investments of the subsidiary will be
treated as being held by the Sub-Fund. The assets and
shares of any subsidiary will be held by the Trustee or an
appointed sub-custodian.
Investment Restrictions
The permitted investments and investment restrictions
applying to each Sub-Fund, in accordance with the
qualifications and exemptions contained in the Regulations
and IFSRA Notices, are set out below. The Manager may
from time to time impose such further investment
restrictions as shall be compatible with or in the interest of
the Unitholders, in order to comply with the laws and
regulations of the countries where Units of the Fund are
placed.
During such period as any of the Sub-Funds are
authorised by the Hong Kong Securities and Futures
Commission (the "SFC") for the purpose of distribution in
Hong Kong, Unitholders will be given not less than one
month's notice of any amendment to the investment
restrictions, unless previously agreed with IFSRA and the
SFC. Any such further restrictions shall be in accordance
with the requirements of IFSRA.
General
1. Eligible Assets
Investments of each of the Sub-Funds are
confined to:
1.1 Transferable securities and money market
instruments which are either admitted to official
listing on a stock exchange in a Member State or
non-Member State or which are dealt on a market
which is regulated, operates regularly, is
recognised and open to the public in a Member
State or non-Member State.
1.2 Recently issued transferable securities which will
be admitted to official listing on a stock exchange
or other market (as described above) within a
year.
1.3 Money market instruments, as defined in IFSRA
Notices, other than those dealt on a regulated
market.
1.4 Units/shares of UCITS.

1.5 Units/shares of non-UCITS as set out in the
IFSRA Guidance Note 2/03.
1.6 Deposits with credit institutions as prescribed in
the IFSRA Notices.
1.7 Financial derivative instruments as prescribed in
the IFSRA Notices.
2. Investment Restrictions
2.1 Each Sub-Fund may invest no more than 10% of
its Net Asset Value in transferable securities and
money market instruments other than those
referred to in paragraph 1.
2.2 Each Sub-Fund may invest no more than 10% of
its Net Asset Value in recently issued transferable
securities which will be admitted to official listing
on a stock exchange or other market (as
described in paragraph 1.2) within a year. This
restriction will not apply in relation to investment
by any Sub-Fund in certain US securities known
as rule 144A securities provided that:
- the securities are issued with an undertaking
to register with the US Securities and
Exchanges Commission within one year of
issue; and
- the securities are not illiquid securities i.e. they
may be realised by the Sub-Fund within seven
days at the price, or approximately at the
price, at which they are valued by the Sub-
Fund.
2.3 Each Sub-Fund may invest no more than 10% of
its Net Asset Value in transferable securities and
money market instruments issued by the same
body provided that the total value of transferable
securities and money market instruments held in
the issuing bodies in each of which it invests
more than 5% is less than 40%.
2.4 Subject to the prior approval of IFSRA, the limit of
10% (in 2.3) is raised to 25% in the case of bonds
that are issued by a credit institution which has its
registered office in a Member State and is subject
by law to special public supervision designed to
protect bond-holders. If any of the Sub-Funds
invests more than 5% of its Net Asset Value in
these bonds issued by one issuer, the total value
of these investments may not exceed 80% of the
Net Asset Value of that Sub-Fund.
2.5 The limit of 10% (in 2.3) is raised to 35% if the
transferable securities or money market
instruments are issued or guaranteed by a
Member State or its local authorities or by a non-
Member State or public international body of
which one or more Member States are members.
2.6 The transferable securities and money market
instruments referred to in 2.4. and 2.5 shall not be
13
taken into account for the purpose of applying the
limit of 40% referred to in 2.3.
2.7 No Sub-Fund may invest more than 20% of its
Net Asset Value in deposits made with the same
credit institution.
Deposits with any one credit institution, other than
credit institutions authorised in the EEA or credit
institutions authorised within a signatory state
(other than an EEA Member State) to the Basle
Capital Convergence Agreement of July 1988,
(Switzerland, Canada, Japan, United States) or a
credit institution authorised in Jersey, Guernsey,
the Isle of Man, Australia or New Zealand, held as
ancillary liquidity, must not exceed 10% of net
assets.
This limit may be raised to 20% in the case of
deposits made with the Trustee.
2.8 The risk exposure of any Sub-Fund to a
counterparty to an over the counter ("OTC")
derivative may not exceed 5% of Net Asset Value
of that Sub-Fund.
This limit is raised to 10% in the case of a credit
institution authorised in the EEA, a credit
institution authorised within a signatory state
(other than an EEA Member State) to the Basle
Capital Convergence Agreement of July 1988 or
a credit institution authorised in Jersey,
Guernsey, the Isle of Man, Australia or New
Zealand.
2.9 Notwithstanding paragraphs 2.3, 2.7 and 2.8
above, a combination of two or more of the
following issued by, or made or undertaken with,
the same body may not exceed 20% of Net Asset
Value:
- investments in transferable securities or
money market instruments;
- deposits, and/or
- risk exposures arising from OTC
derivatives transactions.
2.10 The limits referred to in 2.3, 2.4, 2.5, 2.7, 2.8 and
2.9 above may not be combined, and therefore,
exposure to a single body shall not exceed 35%
of Net Asset Value.
2.11 Group companies are regarded as a single issuer
for the purposes of 2.3, 2.4, 2.5, 2.7, 2.8 and 2.9.
However, a limit of 20% of the Net Asset Value
may be applied to investment in transferable
securities and money market instruments within
the same group.
2.12 Each Sub-Fund may invest up to 100% of its Net
Asset Value in transferable securities and money
market instruments issued by or guaranteed by
the government or local authorities of any
Member State, any OECD member countries
where such securities are rated investment grade
 by an international rating agency, the government
of Australia, Canada, Japan, New Zealand,
Norway, Switzerland, or the European Investment
Bank, the European Union, Euratom, The
European Bank for Reconstruction and
Development, The World Bank, The Asian
Development Bank, The Inter-American
Development Bank and issues backed by the full
faith and credit of the Government of the United
States of America including issues by the U.S.
Federal National Mortgage Association and the
Federal Home Loan Mortgage Corporation.
However, each Sub-Fund must hold at least six
different issues with securities from any one issue
not exceeding 30% of the Net Asset Value of that
Sub-Fund.
3. Investment in Collective Investment Schemes
("CIS")
3.1 Each Sub-Fund may not invest more than 20% of
its Net Asset Value in any one CIS.
3.2 Investment in non-UCITS may not, in aggregate,
exceed 30% of Net Asset Value.
3.3 The CIS are prohibited from investing more than
10% of their net asset value in other CIS.
3.4 When a Sub-Fund invests in the shares/units of
other CIS that are managed, directly or by
delegation, by the Manager or by any other
company with which the Manager is linked by
common management or control, or by a
substantial direct or indirect holding (i.e. more
than 10% of the capital or voting rights), Manager
or linked company may not charge subscription,
conversion or redemption fees or any
management fees on account of the Sub-Fund’s
investment in the shares/units of such other CIS.
3.5 Where a commission (including a rebated
commission) is received by a Sub-Fund's
Manager or Investment Manager by virtue of an
investment in the units/shares of another CIS, this
commission must be paid into the property of the
relevant Sub-Fund.
4. General Provisions
4.1 None of the Sub-Funds, nor the Manager acting
in connection with all of the CIS it manages, may
acquire any shares carrying voting rights which
would enable it to exercise significant influence
over the management of an issuing body.
4.2 Each Sub-Fund may acquire no more than:
(i) 10% of the non-voting shares of any single
issuing body;
(ii) 10% of the debt securities of any single
issuing body;
(iii) 25% of the shares/units of any single CIS;
(iv) 10% of the money market instruments of any
single issuing body.
14
NOTE: The limits laid down in (ii), (iii) and (iv)
above may be disregarded at the time of
acquisition if at that time the gross amount of the
debt securities or of the money market
instruments, or the net amount of securities in
issue cannot be calculated.
4.3 4.1 and 4.2 shall not be applicable to:
(i) transferable securities and money market
instruments issued or guaranteed by a
Member State or its local authorities;
(ii) transferable securities and money market
instruments issued or guaranteed by a non-
Member State;
(iii) transferable securities and money market
instruments issued by public international
bodies of which one or more Member States
are members;
(iv) shares held by any Sub-Fund in the capital of
a company incorporated in a non-Member
State which invests its assets mainly in the
securities of issuing bodies having their
registered offices in that State, where, under
the legislation of that State, such a holding
represents the only way in which that Sub-
Fund can invest in the securities of issuing
bodies of that State. This waiver is applicable
only if in its investment policies the company
from the non-Member State complies with
the limits laid down in 2.3 to 2.11, 3.1, 3.2,
4.1, 4.2, 4.4, 4.5 and 4.6 and provided that
where these limits are exceeded, 4.5 and 4.6
are observed;
(v) shares held by an investment company or
investment companies in the capital of
subsidiary companies carrying on only the
business of management, advice or
marketing in the country where the subsidiary
is located, in regard to the repurchase of
shares / units at shareholders / unitholders’
request exclusively on their behalf.
4.4 Each Sub-Fund need not comply with the
investment restrictions herein when exercising
subscription rights attaching to transferable
securities or money market instruments which
form part of their assets.
4.5 IFSRA may allow recently authorised UCITS to
derogate from the provisions of 2.3 to 2.12, 3.1
and 3.2 for six months following the date of their
authorisation, provided they observe the principle
of risk spreading.
4.6 If the limits laid down herein are exceeded for
reasons beyond the control of any Sub-Fund, or
as a result of the exercise of subscription rights,
that Sub-Fund must adopt as a priority objective
for its sales transactions the remedying of that
situation, taking due account of the interests of its
Unitholders.
4.7 None of the Sub-Funds, the Manager or the
 Trustee may carry out uncovered sales of:
- transferable securities;
- money market instruments;
- units of CIS; or
- financial derivative instruments.
4.8 Each Sub-Fund may hold ancillary liquid assets.
5. Financial Derivative Instruments ("FDIs")
5.1 Each Sub-Fund’s global exposure (as prescribed
in the IFSRA Notices) relating to FDI must not
exceed its total net asset value.
5.2 Position exposure to the underlying assets of FDI,
including embedded FDI in transferable securities
or money market instruments, when combined
where relevant with positions resulting from direct
investments, may not exceed the investment
limits set out in the IFSRA Notices. (This
provision does not apply in the case of index
based FDI provided the underlying index is one
which meets with the criteria set out in the IFSRA
Notices.)
5.3 Each Sub-Fund may invest in FDI's dealt in OTC
provided that the counterparties to the OTC's are
institutions subject to prudential supervision and
belonging to categories approved by IFSRA.
5.4 Investment in FDI's is subject to the conditions
and limits laid down by IFSRA.
Restrictions on Borrowing, Lending and Dealing
(1) Each Sub-Fund may only borrow an amount
which in the aggregate does not exceed 10% of
its Net Asset Value. Such borrowings may,
however, only be made on a temporary basis.
Each Sub-Fund may give a charge over the
assets of the Sub-Fund in order to secure
borrowings. Further, each Sub-Fund may not
invest more than 10% of its Net Asset Value in
partly paid securities.
(2) Each Sub-Fund may acquire foreign currency by
means of a "back-to-back" loan. Foreign currency
obtained in this manner is not classed as
borrowings for the purposes of the borrowing
restrictions contained in the Regulations and (1)
above, provided that the offsetting deposit:-
(i) is denominated in the Base Currency of
the relevant Sub-Fund;
(ii) equals or exceeds the value of the
foreign currency loan outstanding.
However, where foreign currency borrowings
exceed the value of the back-to-back deposit, any
excess is regarded as borrowing for the purpose
of Regulation 70 of the Regulations and (1)
above.
15
(3) Each Sub-Fund may not, save as set out in (1)
above, mortgage, hypothecate or in any manner
transfer as security for indebtedness, any
securities owned or held by that Sub-Fund
provided that the purchase or sale of securities on
a when-issued or delayed-delivery basis, and
margin paid with respect to the writing of options
or the purchase or sale of forward or futures
contracts, are not deemed to be the pledge of the
assets.
(4) Without prejudice to the powers of the Sub-Funds
to invest in transferable securities, each Sub-
Fund may not lend or act as guarantor on behalf
of third parties.
(5) Each Sub-Fund may engage in stocklending for
the purpose of generating additional capital or
income in accordance with the guidelines set out
by IFSRA.
Transactions in Financial Derivative Instruments
A Sub-Fund may employ Financial Derivative Instruments
for a number of purposes which principally include the
following: (a) a reduction of risk; (b) a reduction of cost with
no increase or a minimal increase in risk; or (c) generation
of additional capital or income with no, or an acceptably
low level of risk (relative to the expected return).
In addition, a Sub-Fund may utilise Financial Derivative
Instruments intended to provide protection against
exchange rate risks, in the context of the management of
its assets and liabilities subject to the conditions and limits
laid down by IFSRA. In this regard, a Sub-Fund may: (i)
utilise OTC contracts; (ii) utilise currency options; or (iii)
hedge exposure to one currency by entering into forward
currency transactions in a related currency because of the
expected future correlation between the two currencies.
A description of the main Financial Derivative Instruments
that may be used and the purposes for their use are set
out below.
Forward Currency Contracts and Currency Options
Forward currency contracts and currency options may, at
the Investment Managers’ discretion, be used to hedge
some or all of the exchange risk/currency exposure arising
as a result of the fluctuation between the currency in which
the Net Asset Value per Unit is computed and the
currencies in which each Sub-Fund’s investments are
denominated. In addition, forward currency contracts and
currency options may be used to protect the value of the
currency of each Class from the adverse movements of
other currencies.
Access Products
A Sub-Fund may employ access vehicles such as low
exercise price options (which may be known as certificates
or notes) in order to gain an exposure to a particular
security or markets. Low exercise price options held by a
Sub-Fund may be cash settled, listed on a Recognised
Exchange in the European Economic Area (EEA)
(European Union, Norway, Iceland, Lichtenstein),
Switzerland, Australia, Canada, Japan, New Zealand or
the United States and shall be exercisable at any time over
the life of the option. In addition, the underlying investment
of a low exercise price option shall be one in which the
Sub-Fund could invest in directly in accordance with its
investment objective and policy.
Warrants, Convertible Bonds and Convertible Debentures
A Sub-Fund may purchase warrants, convertible bonds
and convertible debentures to provide an efficient, liquid
mechanism for taking a position in securities without the
need to purchase and hold the security.
Other Financial Derivative Instruments
Other financial derivative instruments such as options,
futures and swaps may be employed for hedging exposure
to a market, sector or region.
A Sub-Fund may sell futures on securities, currencies or
interest rates to provide an efficient, liquid and effective
method for the management of risks by "locking in" gains
and/or protecting against future declines in value. A Sub-
Fund may also buy futures on securities, currencies or
interest rates to provide a cost effective and efficient
mechanism for taking a position in securities.
A Sub-Fund may utilise options (including equity index
options, options on futures and options on swaps) to
increase its current return by writing covered call options
and put options on securities it owns or in which it may
invest and on currencies.
A Sub-Fund may enter into swap agreements (including
total return swaps) with respect to currencies, interest
rates and securities. A Sub-Fund may use these
techniques to protect against changes in interest rates and
currency exchange rates. In respect of currencies a Sub-
Fund may utilise currency swap contracts where the Sub-
Fund may exchange currencies at a fixed rate of exchange
for currencies at a floating rate of exchange or currencies
at a floating rate of exchange for currencies at a fixed rate
of exchange. In respect of interest rates a Sub-Fund may
utilise interest rate swap contracts where the Sub-Fund
may exchange floating interest rate cash flows for fixed
interest rate cash flows or fixed interest rate cash flows for
floating interest rate cash flows.
A Sub-Fund may utilise collateralised debt obligations
("CDO") which is a security backed by a pool of bonds,
loans and other assets. CDOs do not specialize in one
type of debt and accordingly, a CDO may own corporate
bonds, commercial loans, asset-backed securities,
residential mortgage-backed securities, commercial
mortgage-backed securities, and emerging market debt.
The CDO's securities are typically divided into several
classes, or bond tranches, that have differing levels of
investment grade or credit tolerances. Most CDO issues
are structured in a way that enables the senior bond
classes and mezzanine classes to receive investment-
grade credit ratings; credit risk is shifted to the most junior
class of securities. If any defaults occur in the assets
backing a CDO, the senior bond classes are first in line to
16
receive principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche.
A Sub-Fund may utilise Credit Default Swaps ("CDS"),
which are financial derivative instruments which operate to
mitigate credit risk. Under a CDS agreement one party,
referred to as the protection buyer, purchases protection
from the other party referred to as protection seller for
losses that might be incurred as a result of a default or
other credit event in relation to an underlying security. The
protection buyer pays a premium for the protection and the
protection seller agrees to make a payment to compensate
the protection buyer for losses incurred upon the
occurrence of any one of a number of possible specified
credit events, as set out in the CDS agreement.
A Sub-Fund may utilise Credit Linked Notes ("CLN") which
are securities that pay a fixed or floating coupon during the
life of the note (the coupon is linked to the performance of
a reference asset, typically bonds) and which allows the
issuer to transfer a specific credit risk to an investor. At
maturity, the investor receives the par value of the
underlying security unless the referenced credit defaults or
declares bankruptcy, in which case the investor receives
an amount equal to the recovery rate.
In respect of securities and securities indices, a Sub-Fund
may utilise total return swap contracts where the Sub-Fund
may exchange floating interest rate cash flows for fixed
cash flows based on the total return of an equity or fixed
income instrument or a securities index or fixed cash flow
based on total return of an equity or fixed income
instrument or a securities index for floating interest rate
cash flows. These contracts allow a Sub-Fund to manage
its exposures to certain securities or securities indices. For
these instruments the Sub-Fund’s return is based on the
movement of interest rates relative to the return on the
relevant security of index.
Securities Lending and Repurchase Agreements
Subject to the conditions and limits set out in the IFSRA
Notices, a Sub-Fund may utilise stocklending agreements.
In such a transaction the Sub-Fund may temporarily
transfer its securities to a borrower, with agreement by the
borrower to return equivalent securities to the Sub-Fund. In
entering into such transactions the Sub-Fund will be
endeavouring to increase the returns on its portfolio of
securities by receiving a fee for lending its securities to the
borrower. Please see Stocklending Risk in the section
"Risk Factors" for details of the risks involved in such
practices.
In lending its securities, the Fund and its Sub-Funds will
receive income while retaining the securities' potential for
capital appreciation. The advantage of such loans is that
the Fund and its Sub-Funds continue to receive the
interest and dividends on loaned securities while at the
same time earning lending income on those securities.
Subject to the conditions and limits set out in the IFSRA
Notices, a Sub-Fund may enter into repurchase / reverse
repurchase agreements. Such a transaction is an
agreement whereby one party sells the other a security at
a specified price with a commitment to buy the security
back at a later date for another specified price. The Sub-
Fund may enter into such agreements as follows (a) if the
Sub-Fund has short-term funds to invest then the
difference between the sale and repurchase prices paid for
the security represents a return to the Sub-Fund similar to
interest on a loan or (b) if the Sub-Fund wishes to briefly
obtain use of a particular security.
Use of Financial Derivative Instruments for Investment
Purposes
Where disclosed in the relevant Supplement, a Sub-Fund
may also invest in financial derivative instruments including
equivalent cash settled instruments dealt in on a
Recognised Exchange and/or in OTC derivative
instruments in each case under and in accordance with
conditions or requirements imposed by IFSRA. The
financial derivative instruments in which the Fund may
invest and the expected effect of investment in such
financial derivative instruments on the risk profile of a Sub-
Fund will be disclosed in the relevant Supplement.
Risk Management Process
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Investment
Manager will not utilise financial derivatives which have not
been included in the risk management process until such
time as a revised risk management process has been
reviewed by IFSRA. The Manager will provide on request
to Unitholders supplementary information relating to the
risk management methods employed including the
quantitative limits that are applied and any recent
developments in the risk and yield characteristics of the
main categories of investments.
Equity and Equity Related Instruments
Low Exercise Price Options
Low Exercise Price Options (LEPO’s) are options with an
exercise price very close to zero. LEPO’s are traded on
margins. Initial margin deposits are made upon entering a
LEPO and are generally made in cash or cash equivalents.
LEPO’s allow investors to profit from movements in the
underlying security. Buying a LEPO is similar to a forward
purchase of shares, while selling a LEPO is similar to a
forward sale of shares. LEPO’s are valued based upon
their quoted settlement prices.
Optimised Portfolios as Listed Securities
Optimised Portfolios as Listed Securities (OPALS) consist
of a portfolio of securities used to closely track an index
without the exposure of purchasing all securities within that
index. The optimized stock portfolio is designed to track an
equity index with fewer issues than the index contains and
are listed on Recognised Exchanges.
Performance Linked to Equity Securities
Performance Linked to Equity Securities (PERLES) are
instruments whose underlying security is an equity index, a
17
specific equity basket or an investment strategy. Investing
in PERLES has practically the same potential for profit and
loss as a comparable direct investment in equities.
Whenever the underlying equity market rises, the value of
PERLES increases proportionately and whenever that
market falls, the value of PERLES decreases
proportionately. While investors are therefore exposed to
the typical risks associated with a direct investment, the
effect of the risk is minimised as it is spread over many
different stocks.
Co-Management of Assets
For the purposes of effective management the Manager, in
consultation with the Investment Manager, may choose to
co-manage assets of certain Sub-Funds in conjunction
with other Sub-Funds of the Fund. The assets which are
co-managed shall be referred to as a pool (hereinafter the
"Pool") comprising investments contributed by all Sub-
Funds which participate in the Pool ("Participating Sub-
Fund").
Opportunities to establish pooling arrangements usually
arise where the investment objectives and policies of a
Sub-Fund are sufficiently similar to enable assets
contributed by a Sub-Fund to be co-managed by the same
Investment Manager with assets of other Sub-Funds in the
Pool.
These pooling arrangements are an administrative device
designed to reduce operational and other expenses and do
not change the legal rights and obligations of Unitholders.
The Pools do not constitute separate legal entities and are
not directly accessible to investors or creditors. Each of
the Participating Sub-Funds shall remain entitled to its
specific assets.
Where assets of more than one Participating Sub-Fund are
pooled, the assets attributable to each Participating Sub-
Fund will initially be determined by reference to its initial
allocation of assets to such Pool and will change in the
event of additional allocations or withdrawals. The
entitlements of each Participating Sub-Fund to the co-
managed assets apply to each and every line of
investments of such pool. Additional investments made on
behalf of the Participating Sub-Funds shall be allocated to
such Participating Sub-Funds in accordance with the
respective entitlement, whereas assets sold should be
levied similarly on the assets attributable to each
Participating Sub-Fund.
Investors should note that the pooling arrangement may
cause the composition of assets of a Participating Sub-
Fund to be altered as a result of subscriptions and
redemptions in another Participating Sub-Fund, which
would cause the Investment Manager to dispose of or
acquire assets for the Pool or may cause the Investment
Manager to increase the amount of ancillary liquid assets
held by the Investment Manager.
The Pool is not liable as a whole as the assets of each
Participating Sub-Fund shall belong exclusively to that
Participating Sub-Fund, shall be segregated from the other
Participating Sub-Funds, shall not be used to discharge
directly or indirectly the liabilities of or claims against any
other Participating Sub-Fund and shall not be available for
such purpose.

The Manager may elect at any time to terminate the

pooling arrangements on notice to the Investment
Manager, the Administrative Agent and the Trustee and
will ensure that any such pooling arrangements are fairly
allocated between the Fund (or relevant Sub-Fund) and
any other Fund.

18
RISK FACTORS
Potential investors should consider the following risks and
any additional risk(s) relating to any specific Sub-Fund,
contained in the relevant Supplement, before investing in
any of the Sub-Funds.
Investors should note that investment in a Sub-Fund may
decline in value and should be prepared to sustain a total
loss of their investment in a Sub-Fund. Investment in a
Sub-Fund is not in the nature of a deposit in a bank
account and is not protected by any government,
government agency or other guarantee scheme which may
be available to protect the holder of a bank deposit
account. Neither the Manager, nor any of the Investment
Managers, Sub-Investment Managers, Investment
Advisers or Sub-Investment Advisers appointed by the
Manager in respect of any of the Sub-Funds, nor any of
their respective subsidiaries, affiliates, associates, agents
or delegates, guarantees the performance or any future
return of any Sub-Fund.
There is no assurance that the investment objective of any
of the Sub-Funds will be achieved. Past performance is not
necessarily a guide to future performance and investments
should be regarded as medium to long-term. Investment in
a Sub-Fund should not be the sole or principal component
of any investment portfolio.
Accounting Standards Risk
Accounting standards in some of the countries in which a
Sub-Fund may invest do not correspond to international
accounting standards. In addition, auditing requirements
and standards differ from those generally accepted in
international capital markets. Accordingly, a Sub-Fund may
have access to less reliable financial information on a Sub-
Fund’s investments and on other investments than would
normally be the case in more sophisticated markets.
Co-Management of Assets
Investors should note that the co-management of assets
may cause the composition of assets of a Sub-Fund
participating in the pooling arrangement to be altered as a
result of subscriptions and redemptions in other
participating Sub-Funds, which may cause the Investment
Manager to dispose of or acquire assets for the Pool or
may cause the Investment Manager to increase the
amount of ancillary liquid assets held by the Investment
Manager.
Counterparty Risk
Each Sub-Fund may have credit exposure to
counterparties by virtue of positions in swaps, repurchase
transactions, forward exchange rate and other financial or
derivative contracts held by the Sub-Fund. To the extent
that a counterparty defaults on its obligation and the Sub-
Fund is delayed or prevented from exercising its rights with
respect to the investments in its portfolio, it may
experience a decline in the value of its position, lose
income and incur costs associated with asserting its rights.
Each Sub-Fund may also be exposed to a credit risk on
19
parties with whom it trades securities, and may also bear
the risk of settlement default, in particular in relation to
debt securities such as bonds, notes and similar debt
obligations or instruments.
Counterparty Default: Absence of Regulation
In general, there is less government regulation and
supervision of transactions in the OTC markets (in which
currencies, spot and option contracts, certain options on
currencies and swaps are generally traded) than of
transactions entered into on Recognised Exchanges. In
addition, many of the protections afforded to participants
on some Recognised Exchanges, such as the
performance guarantee of an exchange clearing house,
might not be available in connection with OTC
transactions. OTC options are not regulated. OTC options
are non-exchange traded option agreements, which are
specifically tailored to the needs of an individual investor.
These options enable the user to structure precisely the
date, market level and amount of a given position. The
counterparty for these agreements will be the specific firm
involved in the transaction rather than a Recognised
Exchange and accordingly the bankruptcy or default of a
counterparty with which a Sub-Fund trades OTC options
could result in substantial losses to the Sub-Fund. In
addition, a counterparty may not settle a transaction in
accordance with its terms and conditions because the
contract is not legally enforceable or because it does not
accurately reflect the intention of the parties or because of
a dispute over the terms of the contract (whether or not
bona fide) or because of a credit or liquidity problem, thus
causing the Sub-Fund to suffer a loss. To the extent that a
counterparty defaults on its obligation and a Sub-Fund is
delayed or prevented from exercising its rights with respect
to the investments in its portfolio, it may experience a
decline in the value of its position, lose income and incur
costs associated with asserting its rights. Counterparty
exposure will be in accordance with each Sub-Fund’s
investment restrictions. Regardless of the measures a
Sub-Fund may implement to reduce counterparty credit
risk, however, there can be no assurance that a
counterparty will not default or that the Sub-Fund will not
sustain losses on the transactions as a result.
Credit Risk
There can be no assurance that the issuers of securities or
other instruments in which a Sub-Fund may invest will not
be subject to credit difficulties, leading to either the
downgrading of such securities or instruments, or to the
loss of some or all of the sums invested in such securities
or instruments or payments due on such securities or
instruments. Sub-Funds may also be exposed to a credit
risk in relation to the counterparties with whom they
transact or place margin or collateral in respect of
transactions in financial derivative instruments and may
bear the risk of counterparty default. When a Sub-Fund
invests in an security or other instrument which is
guaranteed by a bank or other type of financial institution
there can be no assurance that such guarantor will not
itself be subject to credit difficulties, which may lead to the
downgrading of such securities or instruments, or to the
loss of some or all of the sums invested in such securities
or instruments, or payments due on such securities or
instruments.
Currency Risk
The Net Asset Value per Unit will be computed in the
Class Currency, whereas the Sub-Fund’s investments may
be acquired in a wide range of currencies some of which
may not be freely convertible currencies. It may not be
possible or practicable to hedge against the consequent
currency risk exposure and in certain instances the
Investment Manager may not consider it desirable to
hedge against such risk. The Manager and the Investment
Manager will enter, and the Investment Managers may
recommend entering, into transactions at their discretion
and solely for the purposes of hedging currency exposure
in accordance with IFSRA’s Notices and the guidelines set
out by IFSRA.
In addition, a Class of Unit may be designated in a
currency other than the Base Currency of a Sub-Fund
which may give rise to a unit currency designation risk
which is set out below.
Derivatives, Techniques and Instruments Risk
General
The prices of derivative instruments, including futures and
options prices, are highly volatile. Price movements of
forward contracts, futures contracts and other derivative
contracts are influenced by, among other things, interest
rates, changing supply and demand relationships, trade,
fiscal, monetary and exchange control programmes and
policies of governments, and national and international
political and economic events and policies. In addition,
governments from time to time intervene, directly and by
regulation, in certain markets, particularly markets in
currencies and interest rate related futures and options.
Such intervention often is intended directly to influence
prices and may, together with other factors, cause all of
such markets to move rapidly in the same direction
because of, among other things, interest rate fluctuations.
The use of techniques and instruments also involves
certain special risks, including (1) a dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the hedging instruments and
the securities or market sectors being hedged, (3) the fact
that skills needed to use these instruments are different
from those needed to select the Sub-Fund's securities, (4)
the possible absence of a liquid market for any particular
instrument at any particular time, and (5) possible
impediments to effective portfolio management or the
ability to meet redemption requests as a result of the risks
detailed at (1) to (4).
Correlation Risk
The prices of derivative instruments may be imperfectly
correlated to the prices of the underlying securities, for
example, because of transaction costs and interest rate
movements. The prices of exchange traded derivative
instruments may also be subject to changes in price due to
supply and demand factors.
20
Loss of Favourable Performance
The use of derivative instruments to hedge or protect
against market risk or to generate additional revenue by
writing covered call options may reduce the opportunity to
benefit from favourable market movements.
Counterparty Exposure and Legal Risk
The use of OTC derivatives, such as forward contracts,
swap agreements and contracts for difference, will expose
the Sub-Funds to credit risk with respect to the
counterparty involved and the risk that the legal
documentation of the contract may not accurately reflect
the intention of the parties.
Settlement Risk
As some of the derivative instruments in which a Sub-Fund
may invest may be traded on markets where the trading,
settlement and custodial systems are not fully developed,
the derivative instruments of a Sub-Fund which are traded
in such markets and which have been entrusted to sub-
custodians in such markets may be exposed to risk in
circumstances in which the Custodian will have no liability.
Liquidity Risk
Futures positions may be illiquid or difficult to close out
because of limits imposed by the relevant exchange on
daily price movements. OTC positions are, by definition,
illiquid, but the Investment Manager will only enter into
OTC transactions with counterparties which are
contractually obliged to close out a position on request.
Market Risk
When a Sub-Fund purchases a security or an option, the
risk to the Sub-Fund is limited to the loss of its investment.
In the case of a transaction involving futures, forwards,
swaps, contracts for differences or writing options, that
Sub-Fund's liability may be potentially unlimited until the
position is closed.
Margin
A Sub-Fund may be obliged to pay margin deposits and
option premia to brokers in relation to futures and option
contracts entered into for the Sub-Fund. While exchange
traded contracts are generally guaranteed by the relevant
exchange, the relevant Sub-Fund may still be exposed to
the fraud or insolvency of the broker through which the
transaction is undertaken. The Sub-Fund will seek to
minimise this risk by trading only through high quality
names.
Liquidity of Futures Contracts
Futures positions may be illiquid because certain
commodity exchanges limit fluctuations in certain futures
contract prices during a single day by regulations referred
to as "daily price fluctuation limits" or "daily limits". Under
such daily limits, during a single trading day no trades may
be executed at prices beyond the daily limits. Once the
price of a contract for a particular future has increased or
decreased by an amount equal to the daily limit, positions
in the future can neither be taken nor liquidated unless
traders are willing to effect trades at or within the limit. This
could prevent a Sub-Fund from liquidating unfavourable
positions.
Forward Trading
Forward contracts and options thereon, unlike futures
contracts, are not traded on exchanges and are not
standardised; rather, banks and dealers act as principals in
these markets, negotiating each transaction on an
individual basis. Forward and "cash" trading is
substantially unregulated; there is no limitation on daily
price movements and speculative position limits are not
applicable. The principals who deal in the forward markets
are not required to continue to make markets in the
currencies or commodities they trade and these markets
can experience periods of illiquidity, sometimes of
significant duration. Market illiquidity or disruption could
result in major losses to a Sub-Fund.
Credit Default Swap Risk
If a Sub-Fund is the buyer of a credit default swap, it would
be entitled to receive the agreed-upon value (or par) of a
referenced debt obligation from the counterparty to the
swap on the occurrence of certain credit events in relation
to the relevant reference entity. As consideration, the Sub-
Fund would pay to the counterparty a periodic stream of
fixed payments during the life of the swap if no credit event
has occurred, in which case the Sub-Fund would receive
no benefits under the swap. In circumstances in which a
Sub-Fund does not own the debt securities that are
deliverable under a credit default swap, the Sub-Fund is
exposed to the risk that deliverable securities will not be
available in the market, or will be available only at
unfavourable prices. In certain instances of issuer defaults
or restructurings, it has been unclear under the standard
industry documentation for credit default swaps whether or
not a "credit event" triggering the seller's payment
obligation had occurred. In either of these cases, a Sub-
Fund would not be able to realize the full value of the credit
default swap upon a default by the reference entity. As a
seller of credit default swaps, a Sub-Fund incurs exposure
to the credit of the reference entity and is subject to many
of the same risks it would incur if it were holding debt
securities issued by the reference entity. However, a Sub-
Fund will not have any legal recourse against the
reference entity and will not benefit from any collateral
securing the reference entity's debt obligations.
Forward Exchange Contract Risk
Each Sub-Fund may from time to time enter into currency
exchange transactions by buying currency exchange
forward contracts for the purposes of hedging against
currency exposure.
Each Sub-Fund may enter into forward contracts to hedge
against a change in such currency exchange rates that
would cause a decline in the value of existing investments
denominated or principally traded in a currency other than
the Base Currency of that Sub-Fund. To do this, the Sub-
21
Fund would enter into a forward contract to sell the
currency in which the investment is denominated or
principally traded in exchange for the Base Currency of the
Sub-Fund. Although these transactions are intended to
minimise the risk of loss due to a decline in the value of
hedged currency, at the same time they limit any potential
gain that might be realised should the value of the hedged
currency increase. The precise matching of the forward
contract amounts and the value of the securities involved
will not generally be possible because the future value of
such securities will change as a consequence of market
movements in the value of such securities between the
date when the forward contract is entered into and the date
when it matures. The successful execution of a hedging
strategy which matches exactly the profile of the
investments of a Sub-Fund cannot be assured.
Futures and Options Trading is Speculative and Volatile
Substantial risks are involved in trading futures, forward
and option contracts and various other instruments in
which the Sub-Funds may invest. Certain of the
instruments in which the Sub-Funds may invest are
interest and foreign exchange rate sensitive, which means
that their value and, consequently, the Net Asset Value,
will fluctuate as interest and / or foreign exchange rates
fluctuate. A Sub-Fund’s performance, therefore, will
depend in part on its ability to anticipate and respond to
such fluctuations in market interest rates, and to utilise
appropriate strategies to maximise returns to the Sub-
Fund, while attempting to minimise the associated risks to
its investment capital. Variance in the degree of volatility of
the market from a Sub-Fund’s expectations may produce
significant losses to such Sub-Fund.
Emerging Markets Risk
Certain Sub-Funds may invest in equity or debt securities
of companies in 'emerging' or 'developing' markets. Such
securities may involve a high degree of risk and may be
considered speculative. Risks include (i) greater risk of
expropriation, confiscatory taxation, nationalization, and
social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' markets issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict a Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing' markets in
which a Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or ‘developing’
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Exchange Rate Risk
In general, prices for each Sub-Fund's securities will be
quoted in local currencies. The Base Currency of each
Sub-Fund is set out in the Supplement of the relevant Sub-
Fund and each Sub-Fund's distributions will be made in
the Class Currency of the relevant class of Unit of each
Sub-Fund. Accordingly, changes in currency exchange
rates between the Base Currency or the Class Currency
and the various local currencies will affect the Sub-Fund's
Net Asset Value and the eventual capital returns of each
Sub-Fund. While Asian currencies are historically non-
volatile relative to the US Dollar and are generally on a
pegged / managed float against the US Dollar, certain
economic and political events in each of the Asian
economies, including changes in foreign exchange policies
and current account positions, could cause greater
exchange rate volatility.
Global Financial Market Crisis and Governmental
Intervention
The global financial markets are currently undergoing
pervasive and fundamental disruptions and dramatic
instability. The extent to which the underlying causes of
instability are pervasive throughout global financial
markets and have the potential to cause further instability
is not yet clear but these underlying causes have led to
extensive and unprecedented governmental intervention.
Regulators in many jurisdictions have implemented or
proposed a number of wideranging emergency regulatory
measures, including a proposed “bailout fund” in the
United States, and restrictions on the short selling of
financial and other stocks in many jurisdictions. Such
intervention has in certain cases been implemented on an
“emergency” basis without much or any notice with the
consequence that some market participants’ ability to
continue to implement certain strategies or manage the
risk of their outstanding positions has been suddenly and /
22
or substantially eliminated. In addition, due to the uncertain
stability of global financial institutions, the security of
assets held by any financial institution cannot be
guaranteed, notwithstanding the terms of any agreement
with such institution. Given the complexities of the global
financial markets and the limited time frame within which
governments have been able to take action, these
interventions have sometimes been unclear in scope and
application, resulting in confusion and uncertainty which in
itself has been materially detrimental to the efficient
functioning of such markets as well as previously
successful investment strategies. It is impossible to predict
with certainty what additional interim or permanent
governmental restrictions may be imposed on the markets
and / or the effect of such restrictions on ability of any Sub-
Fund to implement it’s investment objective / investment
policy. However, the Manager believes that there is a
likelihood of increased regulation of the global financial
markets, which increased regulation could be materially
detrimental to the performance of the Sub-Funds.
Interest Rate Risk
The fixed income securities in which each relevant Sub-
Fund may invest are interest rate sensitive, which means
that their value and, consequently, the Net Asset Value of
each relevant Sub-Fund will fluctuate as interest rates
fluctuate. An increase in interest rates will generally reduce
the value of the fixed income securities. Each relevant
Sub-Fund's performance, therefore, will depend in part on
its ability to anticipate and respond to such fluctuations in
market interest rates and to utilise appropriate strategies to
maximise returns to the Sub-Fund while attempting to
minimise the associated risks to its investment capital.
Investing in Fixed Income Securities
Investment in fixed income securities is subject to interest
rate, sector, security and credit risks. Lower-rated
securities will usually offer higher yields than higher-rated
securities to compensate for the reduced creditworthiness
and increased risk of default that these securities carry.
Lower-rated securities generally tend to reflect short-term
corporate and market developments to a greater extent
than higher-rated securities which respond primarily to
fluctuations in the general level of interest rates. There are
fewer investors in lower-rated securities and it may be
harder to buy and sell such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly, a
Sub-Fund’s investment in such markets may be less liquid
and their prices may be more volatile than comparable
investments in securities trading in markets with larger
trading volumes. Moreover, the settlement periods in
certain markets may be longer than in others which may
affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario a Sub-Fund may re-invest
the proceeds of the pay-off at the then current yields,
which will be lower than those paid by the security that was
paid off. Pre-payments may cause losses on securities
purchased at a premium, and unscheduled pre-payments,
which will be made at par, will cause that Sub-Fund to
experience loss equal to any unamortized premium.
Investment Return
Investment performance information is not necessarily
indicative of each Sub-Fund's future performance. The
economic and financial performance, and fiscal and
monetary management of certain countries, have
registered favourable growth and stability during the past
five years. There is, however, no guarantee that these
levels of economic growth and stability will continue in the
future. Accordingly, a Sub-Fund's future performance may
not replicate the past investment performance of similar
types of investments supervised by the relevant
Investment Manager.
Legal Infrastructure
Company laws in some targeted countries are in their early
stage. In the development of these, certain new laws might
have a negative impact on the value of an investment
which cannot be foreseen at the time the investment is
made. As the efficacy of such laws is as yet uncertain,
there can be no assurance as to the extent to which rights
of foreign Unitholders can be protected. In addition, there
may also be a shortage of qualified judicial and legal
professionals to interpret or advise upon recently enacted
and future laws in some jurisdictions.
Liquidity Risk
Each Sub-Fund endeavours to acquire only such financial
instruments for which a liquid market exists. However, not
all securities invested in by a Sub-Fund will be listed or
rated and consequently liquidity may be low. Moreover, the
accumulation and disposal of holdings in some
investments may be time consuming and may need to be
conducted at unfavourable prices. Each Sub-Fund may
also encounter difficulties in disposing of assets at their fair
market price due to adverse market conditions leading to
limited liquidity.
Market Disruptions
A Sub-Fund may incur major losses in the event of
disrupted markets and other extraordinary events which
may affect markets in a way that is not consistent with
historical pricing relationships. The risk of loss from a
disconnect with historical prices is compounded by the fact
that in disrupted markets many positions become illiquid,
making it difficult or impossible to close out positions
against which the markets are moving. The financing
available to a Sub-Fund from its banks, dealers and other
counterparties will typically be reduced in disrupted
markets. Such a reduction may result in substantial losses
to such Sub-Fund. Sudden restrictions of credit by the
dealer community has resulted in forced liquidations and
major losses for a number of investment funds and other
vehicles. Because market disruptions and losses in one
23
sector can cause ripple effects in other sectors, many
investment funds and other vehicles have suffered heavy
losses even though they were not necessarily heavily
invested in credit-related investments. A financial
exchange may from time to time suspend or limit trading.
Such a suspension could render it difficult or impossible for
any of the Sub-Funds to liquidate affected positions and
thereby expose the Sub-Funds to losses. There is also no
assurance that off-exchange markets will remain liquid
enough for the Sub-Funds to close out positions.
Market Risk
Some of the markets or exchanges on which a Sub-Fund
may invest may prove to be illiquid or highly volatile from
time to time and this may affect the price at which a Sub-
Fund may liquidate positions to meet repurchase requests
or other funding requirements.
Non-Convertibility of Currency
At the time of remittance of income and capital gains, there
is no certainty that there will be liquidity. Also, the local
authorities might impose certain exchange control
measures which might fully or partially affect convertibility
of the local currency into the Base Currency of a Sub-Fund
or the Class Currency of a Unit.
Political and / or Regulatory Risks
The value of the assets of each Sub-Fund may be affected
by uncertainties such as international political
developments, changes in government policies, taxation,
restrictions on foreign investments and currency
repatriation, currency fluctuations, and other developments
in the legal, regulatory and political climate in the countries
in which investments may be made, which may or may not
occur without prior notice. Any such changes or
developments may affect the value and marketability of the
Sub-Fund's investments. Furthermore, it should be noted
that the legal infrastructure and accounting, auditing and
reporting standards in certain countries in which
investment may be made do not provide the same degree
of investor protection or information to investors as would
generally apply in more developed countries.
Redemption Risk
Substantial redemptions of Units could require a Sub-Fund
to liquidate positions more rapidly than would otherwise be
desirable, which could adversely affect the trading
performance of the Sub-Fund and even cause the
liquidation of the Sub-Fund. In these and other exceptional
circumstances the Manager may impose restrictions on the
redemption of Units as further described below.
Redemption Restrictions
In certain situations the Manager may impose restrictions
on the redemption of Units in a particular Sub-Fund or the
Fund as a whole. In such situations a Unitholder either
may not receive its redemption proceeds until after the
sale of sufficient investments to meet those redemption
requests, or may not be permitted to redeem its
Unitholding until one or more Dealing Days after the
Dealing day to which its redemption request related, or
may have its redemption request satisfied by the transfer
to it of assets of the relevant Sub-Fund in specie.
Registration Risk
In some emerging market countries, evidence of legal title
to shares is maintained in “book-entry” form. In order to be
recognised as the registered owner of the shares of a
company, a purchaser or purchasers’ representative must
physically travel to a registrar and open an account with
the registrar (which, in certain cases, requires the payment
of an account opening fee). Thereafter, each time that the
purchaser purchases additional shares of the company,
the purchasers’ representative must present to the
registrar powers of attorney from the purchaser and the
seller of such shares, along with evidence of such
purchase, at which time the registrar will debit such
purchased shares from the seller’s account maintained on
the register and credit such purchased shares to the
purchaser’s account to be maintained on the register.
The role of the registrar in such custodial and registration
processes is crucial. Registrars may not be subject to
effective government supervision and it is possible for a
Sub-Fund to lose its registration through fraud, negligence
or mere oversight on the part of the registrar.
Furthermore, while companies in certain emerging market
countries may be required to maintain independent
registrars that meet certain statutory criteria, in practice,
there can be no guarantee that this regulation has been
strictly enforced. Because of this possible lack of
independence, management of companies in such
emerging market countries can potentially exert significant
influence over the shareholding in such companies. If the
company register were to be destroyed or mutilated, the
Sub-Funds holding of the shares of the company could be
substantially impaired, or in certain cases, deleted.
Registrars often do not maintain insurance against such
occurrences, nor are they likely to have assets sufficient to
compensate shareholders. While the registrar and the
company may be legally obliged to remedy such loss,
there is no guarantee that either of them would do so, nor
is there any guarantee that an affected Sub-Fund would be
able to bring successfully a claim against them as a result
of such loss. Furthermore, the registrar or the relevant
company could wilfully refuse to recognise the Fund or a
Sub-Fund as the registered holder of shares previously
purchased by or in respect of a Sub-Fund due to the
destruction of the company’s register.
Reliability of Credit Ratings
A Sub-Fund may in accordance with its investment policy
only be permitted to invest in securities / investments of a
certain credit rating. Credit ratings may however not
always be an accurate or reliable measure of the strength
of the securities / investments being invested in. Where
such credit ratings prove inaccurate or unreliable losses
may be incurred by any Sub-Fund which has invested in
such securities / investments.
Reliability of Information
There is no assurance that the sources of the information
24
concerning the targeted countries are wholly reliable.
Official statistics may be produced on a basis different to
that used in developed countries. Any statements relating
to some of the targeted countries must therefore be
subject to some degree of uncertainty due to doubts about
the reliability of available official and public information.
Remittance of Principal and Investment Income
The remittance of profits earned by foreign investors in
certain countries and the repatriation of their investments
are governed by relevant local regulations. Pursuant to
these regulations, remittances of principal and investment
income of the investments and any other amounts may be
subject to the approvals of the respective foreign exchange
control authorities. There is no certainty that such
approvals may be obtained at all times.
Settlement Risk
The trading and settlement practices and the reliability of
the trading and settlement systems of some of the markets
or exchanges on which a Sub-Fund may invest may not be
the same as those in more developed markets, which may
increase settlement risk and/or result in delays in realising
investments made by, or disposed of, by a Sub-Fund.
Stocklending Risk
In the event of a Sub-Fund entering into stocklending
agreements, Unitholders should be aware that, as with any
extensions of credit, there are risks of delay and recovery.
Should the borrower of the securities fail financially, the
collateral received will be called upon. The value of the
collateral received will equal or exceed in value at all times
the value of the securities loaned. In the event of a sudden
upward market movement, there is a risk that the value of
the collateral may fall below the value of the securities
transferred.
Sub-Custody Risk
As a Sub-Fund may invest in markets where custodial
and/or settlement systems are not fully developed, the
assets of a Sub-Fund which are traded in such markets
and which have been entrusted to sub-custodians, in
circumstances where the use of such sub-custodians is
necessary, may be exposed to risk in circumstances where
the Trustee will have no liability. Markets which the
Manager considers that custodial and / or settlement
systems are not fully developed include Russia.
Suspension of Dealing
In certain situations the Manager, may with the consent of
the Trustee, temporarily suspend the determination of the
Net Asset Value of any Sub-Fund. Any such suspension
would result in the suspension of the issuing and
redemption of the relevant Sub-Fund's Units to and from
its Unitholders during such period of suspension.
Unit Currency Designation Risk
A Class of Unit of a Sub-Fund may be designated in a
currency other than the Base Currency of that Sub-Fund.
Changes in the exchange rate between the Base Currency
and such designated currency may lead to a depreciation
of the value of such Units as expressed in the designated
currency. The Investment Manager may or may not try to
mitigate this risk by using Financial Derivative Instruments,
including currency options and forward currency exchange
contracts set out by, and within the conditions and limits
imposed, by IFSRA. A Class of Unit may not be leveraged
as a result of the use of such techniques and instruments,
the use of which may be up to but may not exceed 105%
of the Net Asset Value attributable to the relevant Class of
Unit. Investors should be aware that this strategy may
substantially limit Unitholders of the relevant Class of Unit
from benefiting if the designated currency falls against the
Base Currency. In such circumstances, Unitholders of the
Class of Unit of such a Sub-Fund may be exposed to
fluctuations in the Net Asset Value per Unit reflecting the
gains/losses on and the costs of the relevant financial
instruments.
In the case of an unhedged Class of Unit, a currency
conversion will take place on subscriptions, redemptions,
exchanges and distributions at prevailing exchange rates.
Although hedging strategies may not necessarily be used
in relation to each Class of Unit within a Sub-Fund, the
financial instruments used to implement such strategies
shall be assets/liabilities of that Sub-Fund as a whole.
However, the gains/losses on and the costs of the relevant
financial instruments will accrue solely to the relevant
Class of Unit of that Sub-Fund. Any currency exposure of
this Class of Unit may not be combined with or offset with
that of any other Class of Unit of such a Sub-Fund. The
currency exposures of the assets of that Sub-Fund will not
be allocated to separate Classes of Units.
Valuation Risk
The Investment Manager may be consulted with respect to
the valuation of certain investments. There is an inherent
conflict of interest between the involvement of the
Investment Manager in determining the valuation price of a
Sub-Fund's investments and the Investment Manager's
other duties and responsibilities in relation to that Sub-
Fund.
Conflicts of Interest
AIG and its affiliates are engaged in a broad spectrum of
activities, including, among others, financial advisory
services, merchant banking, consumer finance, brokerage
services, principal investments and sponsoring, managing
and arranging private and public investment funds. In the
ordinary course of their businesses, AIG and its affiliates
may engage in activities where their interests or the
interests of their clients conflict with the interests of the
Fund and each of its Sub-Funds.
The Manager, the Investment Manager and their affiliates
may provide investment management and other services
to other clients (including investment companies), including
clients which may invest in the securities in which the Fund
and each Sub-Fund may invest, and, in providing such
services, may use information obtained by the Manager,
and/or the Investment Manager or their affiliates which is
25
used in managing the Fund's and each Sub-Fund’s
investments. In the event of a conflict of interest arising,
the Manager or the Investment Manager or their affiliates
will ensure that it is resolved fairly in the best interests of
the Unitholders and that investment opportunities shall be
fairly allocated to their respective clients.
The Manager, the Trustee, the Administrative Agent and/or
the Investment Manager (collectively the "Parties") are or
may be involved in other financial, investment and
professional activities which may on occasion cause a
conflict of interest with the interests of the Fund which
include the valuation of unlisted securities (in
circumstances in which fees payable to the Party valuing
such securities may increase as the value of the assets
increases) or the Parties may engage in transactions with
the Fund and each Sub-Fund whereby any of the Parties,
their affiliates or any other party having an interest in the
Fund or any of its Sub-Funds, or any of their affiliates is
acting in the capacity of broker, intermediary, principal or
counterparty provided that such transactions are carried
out on terms similar to those which would apply in a like
transaction between parties not connected with the Parties
and such transactions are carried out on normal
commercial terms negotiated at arm's length, are in the
best interests of Unitholders, and
(i) the valuation is certified by a person approved by
the Trustee (or in the case of a transaction
involving the Trustee, by the Manager) as
independent and competent; or
(ii) the execution of such transaction is on best terms
reasonably obtainable on an organised
investment exchange or other regulated market
under its rules, or
(iii) where (i) and (ii) are not practical, such
transactions shall be executed on terms which the
Trustee (or in the case of a transaction involving
the Trustee, the Manager) is satisfied conform to
the principle that the transaction is carried out as
if effected on normal commercial terms, to ensure
that the transactions are negotiated at arm's
length and that they are in the best interests of
Unitholders.
In these circumstances, or where non-listed securities are
being valued by a competent person, should any conflict
arise due to the competent person being a party connected
with the Fund or any of its Sub-Funds, it will be resolved
fairly and in the best interests of Unitholders.
OPERATION OF THE FUND
Description of Units
The Directors have power to classify the Units in each
Sub-Fund and to differentiate between such Classes as
they deem appropriate. Any such differences will be set
out in the relevant Supplement for each Sub-Fund.
Details of the levels of management fee are set out on
page 35 "Management and Fund Charges" and in the
relevant Supplements.
Details of the Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription and Minimum
Redemption amounts applicable to each Class of Unit in
each Sub-Fund are set out in the relevant Supplements.
The Manager reserves the right from time to time to waive
any requirements relating to the Minimum Initial
Subscription, the Minimum Holding, the Minimum
Subsequent Subscription and the Minimum Redemption
amounts as and when it determines at its reasonable
discretion.
A Class of Unit of a Sub-Fund designated in a currency
other than the Base Currency may be hedged against
exchange rate fluctuation risks between the designated
currency of the Class of Unit and the Base Currency in
which the assets of the Sub-Fund are designated.
The relevant Investment Manager may attempt to mitigate
the risk of depreciation by using Financial Derivative
Instruments, including currency options and forward
currency exchange contracts as set out, and within the
conditions and limits imposed, by IFSRA.
It is not intended that a Class of Unit in a Sub-Fund will be
leveraged as a result of the use of such techniques and
instruments. However, as a result of market movements
the use of hedging techniques and instruments may result
in a hedged Class of Unit being over or under hedged and
leverage which may be generated through the use of such
techniques and instruments may be up to but shall not
exceed 105% of the Net Asset Value attributable to the
relevant hedged Class of Unit. Hedged positions will be
kept under review to ensure that over-hedged positions do
not exceed 105% of the Net Asset Value attributable to the
relevant hedged Class of Unit. This review will also
incorporate a procedure to ensure that positions in excess
of 100%, as a result of market movement, of the Net Asset
Value attributable to the relevant hedged Class of Unit will
not be carried forward from month to month.
Investors should be aware that although hedging
transactions are intended to minimise the risk of loss due
to a decline in the value of hedged Class of Unit, at the
same time Unitholders in the hedged Class of Unit will not
benefit if the Class Currency falls against the Base
Currency and/or currencies in which the assets of the Sub-
Fund are denominated.
In such circumstances, Unitholders of the Class of Unit of
the Sub-Fund may be exposed to fluctuations in the Net
Asset Value per Unit reflecting the gains/losses on and the
26
costs of the relevant financial instruments. The periodic
reports will indicate how hedging transactions have been
utilised.
As hedging strategies may be used in relation to each
Class of Unit within each Sub-Fund, the financial
instruments used to implement such strategies shall be
assets/liabilities of each Sub-Fund as a whole. However
the gains/losses on and the costs of the relevant financial
instruments will accrue solely to the relevant Class of Unit
of each Sub-Fund. Any currency exposure of a Class of
Unit may not be combined with or offset with that of any
other Class of Unit of each Sub-Fund. The currency
exposures of the assets of a Sub-Fund will not be
allocated to separate Classes of Units.
As there are different classes of Units within each Sub-
Fund, the Net Asset Value per Unit amongst such classes
may differ to reflect the fact that there are differing levels of
fees and expenses or that they are designated in different
currencies or that the gains/losses on and costs of different
financial instruments employed for currency hedging
between a Base Currency and a designated currency are
attributed to them. Save as provided herein, all Units of
each class within each Sub-Fund will rank pari passu.
The Units issued by each Sub-Fund are all freely
transferable (except to U.S. Persons) subject to the
approval of the Manager or its delegate. The Units, which
are of no par value and which must be fully paid for upon
issue, carry no preferential or pre-emptive rights.
Where subscription monies will not purchase an exact
number of Units, a fraction of a Unit may be issued.
Fractions of Units will carry no voting rights.
Application for Units
Units are issued on each Dealing Day at the Net Asset
Value per Unit determined in the manner outlined on
pages 30 to 32 - "Calculation of Net Asset Value of the
Units".
A sales charge not exceeding 6% of the Net Asset Value
per Unit may be charged for each Class of Unit in a Sub-
Fund by the Manager or its delegate, it being understood
that the Manager may at its discretion waive such charge
or differentiate between investors as to the amount of such
charge within the permitted limits.
The Manager is empowered under the Trust Deed to
change the frequency of the Dealing Days provided that
there will always be at least two Dealing Days in each
month. Reasonable notice of any exercise by the Manager
of this discretion will be given to each Unitholder.
A register of Unitholders will be maintained by the
Administrative Agent for all Unitholders. Unitholders will
receive written confirmation of entry on the register of
Unitholders. Units will normally be issued in uncertificated
registered form.
Investors and AIG member companies may subscribe to
each Sub-Fund, by contributing cash or investments in the
manner set out in the Trust Deed as described below. The
nature of the investments to be transferred to the relevant
Sub-Fund from portfolios or other collective investment
schemes must qualify as investments of the Sub-Fund in
accordance with the investment objectives, policies and
restrictions of the Sub-Fund and will be valued in the same
manner as the Sub-Fund's investments. The number of
Units to be issued shall be that number that would have
been issued for cash at the current price against payment
of a sum equal to the value of the investments transferred
plus such sum as the Manager considers represents an
appropriate provision for fiscal and purchase charges
which would arise on the acquisition of the investments by
purchase for cash but minus such sum as the Manager
considers represents any fiscal or other expenses as
aforesaid to be paid out of the Sub-Fund's assets in
connection with the vesting of the investments. The
investments to be transferred to each Sub-Fund shall be
valued on such basis as the Manager may decide and the
value will not exceed the highest amount which would
have been obtained on the date of the exchange by
applying the method of calculating the value of the
investments as set out on pages 30 to 32. The Trustee
must be satisfied that the terms of the exchange shall not
be such as are likely to result in any prejudice to the
existing Unitholders. No Units shall be issued until the
investments have been vested in the Trustee to the
Trustee's satisfaction.
Restrictions on Ownership of Units and Anti-Money
Laundering Requirements
The Manager may restrict or prevent the ownership of
Units by any person, firm or corporation. More specifically,
US Persons, as defined on pages 9 to 10 - "Interpretation",
may not purchase Units in any Sub-Fund other than as set
out on page 3. Where a person becomes aware that he is
holding Units in contravention of the restrictions set out on
page 2, he shall forthwith redeem his Units or sell them to
a person duly qualified to hold the Units.
Any person who, by virtue of his holding, is in breach of the
laws and regulations of any competent jurisdiction and
whose holding could, in the opinion of the Manager, cause
the Fund or any Sub-Fund some financial or fiscal
disadvantage, shall indemnify the Fund and each Sub-
Fund, the Manager, the Trustee, the Administrative Agent
and Unitholders for any loss suffered by it or them as a
result of such person or persons acquiring or holding Units
in any of the Sub-Funds. The Manager has power under
the Trust Deed to compulsorily redeem any Units held in
contravention of the restrictions set out on page 2.
Measures provided for in the Criminal Justice Act, 1994
(as amended) which are aimed towards the prevention of
money laundering may require a detailed verification of
each applicant's identity and address. Depending on the
circumstances of each application, a detailed verification
may not be required where (i) the applicant makes
payment from an account held in the applicant's name at a
credit institution or (ii) the application is made through a
credit institution or (iii) the investment is made by a
Designated Body (as defined in Appendix I). These
exceptions will only apply if the credit institution or
Designated Body referred to above is located in a country
which has equivalent anti-money laundering legislation to
27
that in place in Ireland. A list of these countries is
contained in Appendix I.
By way of example an individual may be required to
produce a copy of a passport or identification card,
together with two sources of evidence of his/her address
such as a utility bill or bank statement. In the case of
corporate applicants this may require (inter alia) production
of a certified copy of the certificate of incorporation (and
any change of name), memorandum and articles of
association (or equivalent), the names, occupations, dates
of birth and residential and business address(es) of all
directors. The requirements are set out in Appendix I
hereto.
The Manager and the Administrative Agent each reserve
the right to request such information as may be necessary
to verify the identity and address of an applicant. In the
event of delay or failure by the applicant to produce any
information required for verification purposes, the Manager
or the Administrative Agent may refuse to accept the
application and subscription monies.
Application Procedure
Initial applications for Units should be made in writing or by
facsimile to the Administrative Agent by completing an
application form, which is available from the Manager or
from the website, www.aiginvestments.com and sending
the original application form and supporting documentation
in relation to money laundering prevention checks which
must be received promptly by the Administrative Agent at
the following address:-
AIG Global Funds - insert name of relevant Sub-Fund
c/o State Street Fund Services (Ireland) Limited
Guild House
Guild Street
International Financial Services Centre
Dublin 1
Ireland
Subsequent applications for Units may be submitted by
facsimile, by post, by electronic transmission or by
telephone provided the initial original application form has
already been received by the Administrative Agent.
An application for Units should be received by the
Administrative Agent not later than 12.00 noon (Irish time)
on the relevant Dealing Day unless stated otherwise in the
Supplement of the relevant Sub-Fund or Country
Supplement.
Any application received after such time on a Dealing Day
will be dealt with on the next succeeding Dealing Day.
However, the Manager may in its sole discretion accept
applications received after that time provided they are
received prior to calculation of the Net Asset Value of the
relevant Sub-Fund.
The Manager and/or the Administrative Agent may
communicate to investors in the future by way of an
addendum to the Supplement of the relevant Sub-Fund as
to the appointment of sub-transfer agents, or independent
intermediaries, paying agents or distributors and the
appropriate method of applying for Units through them.
On receipt of full particulars and following the processing
by the Administrative Agent of the application, a contract
note, including the Unitholder’s account number, will be
issued to the Unitholder. This account number should be
used by the Unitholder in all subsequent communications
with the Administrative Agent or the Manager including
subscriptions and redemptions.
Credit in cleared funds must be received by the relevant
Sub-Fund on or before the third Business Day following
the Dealing Day on which the application was effected,
unless otherwise stated in the Supplement of the relevant
Sub-Fund or Country Supplement. The Manager reserves
the right to extend the settlement period if so required by
market practice. If on the final date of the settlement period
banks are not open for business in the country of the
reference currency of the relevant Class of Units of a Sub-
Fund, then settlement will be on the next Business Day on
which those banks are open.
The Manager reserves the right to reject, in whole or in
part, any application at its discretion.
If a Unitholder fails to pay any amount payable in respect
of Units on the day appointed for payment, the Manager
may either cancel the allotment of such Units or serve a
notice on the Unitholder requiring payment of the amount
outstanding together with any accrued interest and any
cost incurred by the Fund or any Sub-Fund by reason of
non-payment. If the Manager cancels the issue of Units,
any funds received will be returned to the applicant at the
applicant's risk less an amount to cover any costs incurred
by the Fund or any Sub-Fund. The Manager reserves the
right at its discretion to delay the issue of Units until receipt
of cleared funds.
Subscriptions via a Clearing System
Initial or subsequent subscriptions for Units can also be
made through a Clearing System, for onward transmission
to the Administrative Agent. The Clearing System may
provide a nominee service for investors purchasing Units
through them and investors may elect to make use of such
service pursuant to which the nominee will hold Units in its
name for and on behalf of the investors. Notwithstanding
the above, investors retain the ability to invest directly in
the Sub-Funds, without using such nominee services.
Units may be issued to and registered in the name of a
Clearing System (or its nominee) nominated by or on
behalf of an investor, or third party nominee service
provider, as the case may be, that is recognised and
accepted by the Manager or the Administrative Agent.
Accountholders may incur fees normally payable in respect
of the maintenance and operation of accounts in such
Clearing System (or nominee).
Different subscription procedures and time limits may
apply if applications for Units are made via a Clearing
System although the ultimate deadline with the
Administrative Agent remains unaffected. Full payment
instructions for subscribing may be obtained through the
Clearing System. Investors should note that they may be
unable to purchase or redeem Units subscribed through a
28
Clearing System on days that a Clearing System is not
open for business.
Trading Practices
The Manager generally encourages Unitholders to invest
in the Fund or any of its Sub-Funds as part of a long-term
investment strategy.
The Manager, on behalf of the Fund, seeks to deter and
prevent certain trading practices, such as excessive short-
term trading, sometimes referred to as "market timing"
which may have a detrimental effect on the Sub-Funds and
their Unitholders. To the extent that there is a delay
between a change in the value of a Sub-Fund’s
investments, and the time when that change is reflected in
the Net Asset Value of the Sub-Fund’s Units, the Sub-
Fund is exposed to the risk that investors may seek to
exploit this delay by purchasing or redeeming Units at Net
Asset Values that do not reflect appropriate fair value
prices. The Manager seeks to deter and prevent this
activity, sometimes referred to as "stale price arbitrage".
The Manager seeks to monitor Unitholder account
activities in order to detect and prevent excessive and
disruptive trading practices. The Manager reserves the
right to restrict or refuse any subscription or switching
transaction if, in the judgment of the Manager, the
transaction may adversely affect the interests of a Sub-
Fund or its Unitholders. If an application is rejected, the
Administrative Agent, at the risk of the applicant, will return
the application monies or the balance thereof within five
Business Days of the rejection, at the cost and risk of the
applicant and without interest, by bank transfer to the
account from which it was paid.
Redemption of Units - Redemption Procedure
A Unitholder may request the redemption of his holding of
Units at the prevailing Net Asset Value per Unit on any
Dealing Day. A redemption charge not exceeding 3% of
the Net Asset Value per Unit may be charged for each
Class of Unit in a Sub-Fund by the Manager or its
delegate, it being understood that the Manager may at its
discretion waive such charge or differentiate between
investors as to the amount of such charge within the
permitted limits. The number of Units which may be
redeemed at any time shall be subject to the Minimum
Redemption and Minimum Holding for that Class of Unit.
The Manager shall have the power to compulsorily redeem
the Units on any Dealing Day on which the Net Asset
Value of all of the Units held by any Unitholder would be
less than the Minimum Holding for the time being
determined by the Manager pursuant to the provisions of
the Trust Deed.
Units may be redeemed by completing a redemption
request in writing, by facsimile, by electronic transmission
or by telephone.
No redemption request received by facsimile, by post, by
electronic transmission or by telephone shall be paid until
such time as the original application form for the initial
subscription of Units and all necessary anti-money
laundering checks have been completed.

In addition, redemption proceeds shall only be made into
the account of record specified in the original application
form submitted and any amendments to the investor’s
registration details and payment instructions can only be
effected upon receipt of original documentation.
The redemption requests should be forwarded to the
following address:
AIG Global Funds - insert name of Sub-Fund
c/o State Street Fund Services (Ireland) Limited
Guild House
Guild Street
International Financial Services Centre
Dublin 1
Ireland
The redemption request should be received by the
Administrative Agent not later than 12.00 noon (Irish time)
on the relevant Dealing Day unless stated otherwise in the
Supplement of the relevant Sub-Fund or Country
Supplement.
Any redemption request received after such time on a
Dealing Day will be dealt with on the Dealing Day or
Dealing Days next following such request. However, the
Manager may in its sole discretion accept redemption
requests received after that time provided they are
received prior to calculation of the Net Asset Value of the
relevant Sub-Fund.
Proceeds of redemption will be paid at the expense of the
Unitholder by the electronic transfer of funds to an account
maintained by the Unitholder in the currency of the
relevant class, or in any other currency, following prior
agreement with the Administrative Agent and at the
expense of the Unitholder, on or before the fifth Business
Day following the Dealing Day, unless otherwise stated in
the Supplement of the relevant Sub-Fund or Country
Supplement.
The Manager reserves the right to reduce the settlement
period if so required by market practice.
If on the final date of the settlement period banks are not
open for business in the country of the reference currency
of the relevant Sub-Fund, then settlement will be on the
next Business Day on which those banks are open. In
certain circumstances and as pre-agreed with the
Administrative Agent, redemption proceeds may be paid
by cheque and posted to and at the risk and expense of
the Unitholder.
A Unitholder may not withdraw his request for redemption
except in the event of a suspension of the issue and
redemption of Units to and from the Unitholders (see
below) and in such event a withdrawal will be effective only
if written notification is received by the Administrative
Agent before the termination of the period of suspension. If
the request is not so withdrawn the redemption will be
made on the Dealing Day next following the end of the
suspension.
The redemption procedures and the dealing deadlines may
29
be different if applications for redemption are made
through a Clearing System, although the ultimate dealing
deadlines and procedures referred to herein will remain
unaffected. Applicants for redemptions may obtain
information on the redemption procedure directly from the
Clearing System.
Redemption Restrictions
If on any Dealing Day net redemption requests (being
redemption requests net of subscription requests received
by the Manager in respect of a particular Dealing Day)
received from (i) a Unitholder or (ii) all Unitholders in a
Sub-Fund, is more than 5% or 10% respectively of the Net
Asset Value of that Sub-Fund the redemption proceeds
payable to such Unitholder or to all such Unitholders may
be determined after the sale of sufficient investments to
meet those redemption requests and such Unitholder or
Unitholders will receive payment of the redemption amount
calculated in respect of the relevant Dealing Day as
determined in accordance with the Fund’s valuation
provisions on a pro rata basis after the sale of the relevant
investments has been completed, provided such payment
is made within 14 days of the relevant Dealing Day.
If the number of Units falling to be redeemed on any
Dealing Day is equal to one tenth or more of the net asset
value of a Sub-Fund on that day then the Manager may, at
its discretion, refuse to redeem any Units in excess of one
tenth of the net asset value of the Sub-Fund as aforesaid
and, if it so refuses, upon notification to the relevant
Unitholders, the request(s) for redemption on such Dealing
Day shall be reduced rateably and the Units to which each
request relates, which are not redeemed by reason of such
refusal, shall be treated as if a request for redemption had
been made in respect of each subsequent Dealing Day
until all the Units to which the original request(s) related
have been redeemed. Requests for redemption which
have been carried forward from an earlier Dealing Day
shall (subject always to the foregoing limits) be complied
with in priority to later requests.
If the number of Units falling to be redeemed on any
Dealing Day is equal to one tenth or more of the net asset
value of a Sub-Fund the Manager may, with the consent of
the relevant Unitholder, satisfy any request for redemption
of Units by the transfer to those Unitholders of assets of
the relevant Sub-Fund in specie provided that any said
Unitholders shall be entitled to request the sale of any
asset or assets to be so distributed and the distribution to
such Unitholder of the cash proceeds of such sale and that
such in specie distribution will not materially prejudice the
interests of the remaining Unitholders.
The Trust Deed provides that the Sub-Fund shall transfer
to each Unitholder that proportion of the assets of the Sub-
Fund which is then equivalent in value to the Unitholding of
the Unitholders then requesting redemption of their Units,
the nature and type of the assets to be transferred being
determined by the Manager at its sole discretion, subject to
the approval of the Trustee and not prejudicial to the
interests of the remaining Unitholders and for the foregoing
purposes the value of the assets shall be determined on
the same basis as used in calculating the Net Asset Value
of the Units being so redeemed.
Transfer of Units
A transfer of Units will not be considered unless the
transferee, if not an existing Unitholder, has completed an
application form, together with all required supporting
documentation to the satisfaction of the Manager or its
delegate. Furthermore, the Manager and the
Administrative Agent reserve the right to request such
information as is necessary to verify the identity of the
transferee and to request such representations and
warranties as may appear to the Manager or the
Administrative Agent as appropriate. In addition, at the
discretion of the Manager, without prejudice to the
generality of the foregoing, no transfer of all or part of a
holding of such Units shall be so registered if either the
transferor or transferee as a result of such transfer would
have a holding of Units less than the Minimum Holding, or
any payment of taxation remains outstanding.
Every instrument of transfer must be signed by the
transferor and the transferor shall be deemed to remain
the holder of the Units intended to be transferred until the
name of the transferee is entered in the relevant register in
respect thereof. The instrument of transfer must be
accompanied by such certificates as to the qualification of
the transferee as required by the Manager or the
Administrative Agent.
The Manager may decline to register any transfer of Units
if:
(i) the transfer is made in contravention of any
restrictions on ownership imposed by the
Manager or might result in legal, regulatory,
pecuniary, taxation or material administrative
disadvantage to a Sub Fund or its Unitholders; or
(ii) in consequence of the transfer, the transferor or
the transferee would hold a number of Units less
than the Minimum Holding as specified in the
Prospectus from time to time; or
(iii) all applicable taxes and/or stamp duties have not
been paid in respect of the instrument of transfer;
or
(iv) the instrument of transfer is not delivered to the
Manager or its delegate accompanied by such
evidence as the Manager may reasonably require
to show the right of the transferor to make the
transfer and such other information as the
Manager may reasonably require from the
transferee.
Switching of Units
Unitholders may, at the discretion of the Manager, switch
some or all of their Units in one or more of the Sub-Funds
("Original Units") into Units in another Sub-Fund ("New
Units").
A switching application may be submitted by facsimile, by
post, by electronic transmission or by telephone provided
the original application form for the initial subscription of
Units and all necessary anti-money laundering checks
have been completed. Instructions should include full
registration details.
30
Switching instructions received up to 12.00 noon (Irish
time) on a Dealing Day will be dealt with on that Dealing
Day unless stated otherwise in the Supplement of the
relevant Sub-Fund or Country Supplement.
Any switching instruction received after such time on a
Dealing Day will be dealt with on the Dealing Day or
Dealing Days next following such instruction. However, the
Manager may in its sole discretion accept switching
instructions received after that time provided they are
received prior to calculation of the Net Asset Value of the
relevant Sub-Fund. On the relevant Dealing Day the
Original Units to be switched shall ipso facto be switched
into the appropriate number of New Units.
The Original Units shall on that Dealing Day have the
same value (the "Switched Amount") as if they were being
redeemed by the Manager from the Unitholder. The
appropriate number of New Units shall be equal to the
number of Units in the Sub-Fund or Sub-Funds that would
be issued on that Dealing Day if the Switched Amount
were invested in that Sub-Fund or Sub-Funds. The
Manager may at its discretion impose a switching charge
of up to 3% of the Net Asset Value of the Units switched.
Tax Liability of the Fund
If the Fund or any of its Sub-Funds, the Manager or the
Trustee becomes liable to account for tax in Ireland or any
other jurisdiction in the event that a Unitholder or beneficial
owner of a Unit were to receive a distribution in respect of
his/her Units or to dispose (or be deemed to have
disposed) of his/her Units in any way ("Chargeable
Event"), the Manager shall be entitled to deduct from the
payment arising on a Chargeable Event an amount equal
to the appropriate tax and/or where applicable, to
appropriate, cancel or compulsorily repurchase such
number of Units held by the Unitholder or such beneficial
owner as are required to meet the amount of tax.
The relevant Unitholder shall indemnify and keep the Fund
and each of its Sub-Funds, the Manager and the Trustee
indemnified against loss arising to the Fund, each of its
Sub-Funds, the Manager or the Trustee by reason of the
Fund, the Manager or the Trustee becoming liable to
account for tax in Ireland or any other jurisdiction on the
happening of a Chargeable Event if no such deduction,
appropriation, cancellation or compulsory repurchase has
been or could be made.
Calculation of Net Asset Value of the Units
The Net Asset Value per Unit will be expressed in the
Class Currency of the relevant Sub-Fund as a per Unit
figure.
It will be calculated for each Dealing Day by dividing the
value of the assets of the relevant Sub-Fund less its
liabilities to include at the discretion of the Manager, a
provision for Duties and Charges as defined below by the
number of Units then outstanding.
In order to determine the Net Asset Value of Units, the
value of the assets of the relevant Sub-Fund is calculated
in accordance with the provisions set out at (1) – (10)
below.
That value is adjusted for accrued income and liabilities
excluding management fees and Unitholder servicing and
maintenance fees and other class specific charges. It is
then allocated between the various Classes based on their
pro rata closing Net Asset Values as of the previous
Dealing Day. The management fee, the Unitholder
servicing and maintenance fees (as appropriate) and other
class specific charges are then applied to each Class.
The Net Asset Value of each Class of the relevant Sub-
Fund is calculated in the Base Currency of that Sub-Fund.
For those Classes denominated in a currency other than
the Base Currency, the Net Asset Value of such Classes is
translated to the relevant currency. This amount is then
divided by the number of Units attributed to each Class of
Unit in issue to give the Net Asset Value of each type of
Unit.
Where there is more than one Class of Unit in issue in a
Sub-Fund, the Net Asset Value per Unit of such class may
be adjusted to reflect the expenses, liabilities or assets
attributable to such type or Class of Unit (including the
gains/losses on and costs of financial instruments
employed for currency hedging between the Base
Currency and a designated currency).
In determining the value of the assets of each Sub-Fund
investments or other assets shall be valued as of the last
known market price on the relevant market on the relevant
Dealing Day as follows:-
(1) Securities admitted to official listing on a
Recognised Exchange or traded on another
regulated market which operates regularly and is
recognised and open to the public shall be valued
on the basis of the last traded price or, If the last
traded price is not available, the last bid price
quoted for those securities provided always that if
for a specific security the last traded price or last
bid price quoted is not available or does not in the
opinion of the Manager or its delegate reflect their
fair value, the value shall be the probable
realisation value estimated with care and in good
faith by the Manager or by a competent person
appointed by the Manager and approved for the
purpose by the Trustee or by any other means
provided the value is approved by the Trustee.
(2) where a security is listed on several exchanges,
the relevant market shall be the market that
constitutes the main market, or one which the
Manager determines provides the fairest criteria
in a value for the investments or other assets.
The value of any investment listed on a stock
exchange but acquired or traded at a premium or
at a discount outside the relevant stock exchange
may with the approval of the Trustee be valued
taking into account the level of premium or
discount as at the date of valuation of the
investment. The Trustee must ensure that the
adoption of such procedure is justifiable in the
context of establishing the probable realisation
31
value of the security. Such premium or discount
shall be provided by an independent broker or
market maker or if such prices are unavailable, by
the Investment Manager.
(3) the value of an asset may be adjusted by the
Manager where such adjustment is considered
necessary to reflect the fair value in the context of
currency, marketability, dealing costs and/or such
other considerations which are deemed relevant.
(4) non-listed securities shall be valued by the
Manager or by a competent person appointed by
the Manager and approved for the purposes by the
Trustee with care and in good faith on the basis of
their probable realisation value and such value
shall be approved by the Trustee or such other
means provided the value is approved by the
Trustee. In the case where the competent person
may be a party connected with the Fund or the
relevant Sub-Fund or the Manager, if any conflict
should arise, it will be resolved fairly and in the
best interests of Unitholders;
(5) cash and other liquid assets will be valued at their
nominal value plus accrued interest;
(6) derivative contracts traded on a market shall be
valued at the settlement price as determined by
the market. If the settlement price is not available,
the value shall be the probable realisation value
estimated with care and in good faith by the
Manager or a competent person appointed by the
Manager and approved for the purpose by the
Trustee. Derivatives contracts which are not
traded on a market (such as swap agreements)
will be valued on the basis of a price provided by a
counterparty (on at least a daily basis). This value
will be verified by a party independent of the
counterparty, at least weekly, which independent
party will be approved for such purpose by the
Trustee;
(7) forward foreign exchange contracts shall be
valued in the same manner as derivative contracts
which are not traded on a regulated market or by
reference to the price at which a new forward
contract of the same size and maturity could be
undertaken;
(8) shares/units in collective investment schemes not
valued pursuant to paragraph (1) and (2) above
shall be valued at the latest available bid price or
at latest net asset value of the shares/units of the
relevant collective investment scheme.
(9) The Manager or its delegate may value securities
having a residual maturity not exceeding six
months using the amortised cost method of
valuation.
(10) In relation to each Sub-Fund which is a money
market fund (hereinafter a "Money Market Sub-
Fund") the Administrative Agent shall determine
the Net Asset Value of each Sub-Fund on each
Dealing Day at 4.30 p.m. (Irish time). In
determining the Net Asset Value there shall be
added to the assets any interest accrued but not
received and any amounts available for distribution
but in respect of which no distribution has been
made and there shall be deducted from the assets
all liabilities accrued including any dividends
declared. The Net Asset Value per Unit of a Class
of Units shall be calculated on each Dealing Day
by determining that proportion of the Net Asset
Value of the relevant Sub-Fund which is
attributable to such Class of Units and dividing the
resulting sum by the number of Units in issue in
such Class on the relevant Dealing Day.
Each Money Market Sub-Fund will be valued using
the amortised cost method of valuation. This
involves valuing an instrument at its initial cost and
thereafter assuming a constant amortization to
maturity of any discount or premium, regardless of
the impact of fluctuating interest rates on the
market value of the instrument. This method may
result in periods during which values, as
determined by amortised cost, are higher or lower
than the price the Money Market Sub-Fund would
receive if it sold the instrument. The value of
securities in the Money Market Sub-Fund can be
expected to vary with changes in prevailing
interest rates. This method may only be used in
respect of a Money Market Sub-Fund which
invests primarily in money market instruments.
Each Money Market Sub-Fund will maintain a
weighted average maturity appropriate to the
Money Market Sub-Fund's objective of maintaining
a stable Net Asset Value for "Y" Distribution Units,
provided that the Money Market Sub-Fund will not
purchase any security with a remaining maturity of
more than 397 days (thirteen months) or floating
rate notes with a remaining final maturity of more
than 2 years nor will it maintain a weighted
average maturity which exceeds 60 days. Floating
Rate notes must have a market value which
approximates to amortised cost value and must
have at least an annual reset date. The Manager
has also undertaken to establish procedures
reasonably designed, taking into account current
market conditions and the investment objective of
the Money Market Sub-Fund to stabilise the Net
Asset Value per "Y" Distribution Unit of each
Money Market Sub-Fund for purposes of sales and
redemptions at US$1, or such other unit of foreign
currency which the Manager may in its discretion
deem appropriate. These procedures include
review by the Administrative Agent on a weekly
basis, to determine the extent, if any, to which the
Net Asset Value per "Y" Distribution Unit of the
Money Market Sub-Fund calculated by using
available market quotations deviates from US$1
per Unit, or as appropriate, deviates from such
other unit of foreign currency. In the event of a
deviation in excess of 0.3%, a daily review will
take place. In the event such deviation exceeds
0.5%, the Manager shall promptly consider what
action, if any, should be initiated, if the amortised
32
cost price per Unit may result in material dilution or
other unfair results to new or existing investors
and that they take such steps as they consider
appropriate to eliminate or reduce, to the extent
reasonably practicable, any such dilution or unfair
results. These steps may include selling portfolio
instruments prior to maturity, shortening the
weighted average maturity, withholding or
reducing dividends, reducing the number of the
Sub-Fund's outstanding Units without monetary
dividends, or utilising a Net Asset Value per Unit
determined by establishing the probable
realisation value estimated with care and in good
faith by the Manager or a competent person
appointed by the Manager and approved for the
purpose by the Trustee. All reviews and
procedures above shall be clearly documented.
In the event of it being impossible or incorrect to carry out
a valuation of a specific asset in accordance with the
valuation rules set out in (1) - (10) above, the
Administrative Agent is entitled to use other generally
recognised valuation methods in order to reach a proper
valuation of that specific asset provided that any alternative
method is approved by the Trustee.
The value of each Sub-Fund may be recalculated without
notice, in the event of extreme volatility in stock market
movements, if the Manager, with the approval of the
Trustee, considers that such recalculation better reflects
the value of each Sub-Fund.
Anti Dilution Levy
In calculating the Net Asset Value per Unit for the purpose
of subscription the Manager may require the Administrative
Agent to adjust the valuation basis of the Net Asset Value
per Unit to reflect the value of the relevant Sub-Fund's
investments, by valuing the investments using the market
dealing offer price on the relevant market at the relevant
time in order to preserve the value of the Unitholding of
continuing Unitholders in the event of substantial or
recurring net subscription of Units.
In calculating the Net Asset Value per Unit for the
purposes of redemption the Manager may require the
Administrative Agent to adjust the valuation basis of the Net
Asset Value per Unit to reflect the value of the relevant
Sub-Fund's investments, by valuing the investments using
the market dealing bid price on the relevant market at the
relevant time in order to preserve the value of the
Unitholding of continuing Unitholders in the event of
substantial or recurring net redemption of Units.
Temporary Suspension of the Determination of the
Value of the Fund and of the Issue and Redemption of
Units
The Manager may with the consent of the Trustee,
temporarily suspend the determination of the Net Asset
Value of any Sub-Fund and the issue and redemption of
the relevant Sub-Fund's Units to and from its Unitholders
during:
- any period (other than ordinary holidays or
 customary weekend closings) when any market
or Recognised Exchange is closed and which is
the main market or Recognised Exchange for a
significant portion of the Fund's investments or in
which trading thereon is restricted or suspended;
or

- any period when a political, economic, military,

monetary or other emergency exists as a result of
which disposal by the Sub-Fund of investments
which constitute a substantial portion of the
assets of the Sub-Fund is impracticable or it is not
possible to transfer monies involved in the
acquisition or disposition of investments at normal
rates of exchange, or it is not practically feasible
for the Administrative Agent fairly to determine
the value of any assets of the Sub-Fund; or

- any period when for any reason, the value of a

substantial portion of the investments owned by
the Sub-Fund cannot be reasonably, promptly or
accurately ascertained; or

- any period when the Sub-Fund or the Manager is

unable to repatriate funds for the purpose of
making payments on the redemption of Units from
Unitholders or making any transfer of funds
involved in the realisation or acquisition of
investments or when payments due on a
redemption of Units from Unitholders cannot in
the reasonable opinion of the Manager be
effected at normal rates of exchange; or

- any period during which there is a breakdown in

the means of communication normally employed
in determining the price of any of the investments
or the current prices on any market or
Recognised Exchange; or

- any period when such suspension is required by

IFSRA in the interests of Unitholders and/or the
public.

Any such suspension shall be notified to IFSRA and to the

Irish Stock Exchange (in the case of Sub-Funds listed on
the Irish Stock Exchange) immediately and in any event on
the same Business Day on which the suspension takes
place and will be communicated to the persons likely to be
affected thereby in such manner as the Manager may
deem appropriate if in the opinion of the Manager it is likely
to exceed fourteen (14) Business Days and will be notified
to investors requesting issue or redemption of Units by the
Administrative Agent at the time of application or receipt of
the written request for such redemption.

No Units shall be issued or redeemed during a period of

suspension, however, all reasonable steps shall be taken
to bring any period of suspension to an end as soon as
possible.

33
DISTRIBUTIONS

Unless stated otherwise in the Supplement of the relevant

Sub-Fund, the Manager may declare a distribution once a
year out of the net income (whether in the form of
dividends, interest or otherwise) available for distribution
by a Sub-Fund and realised profits less realised losses
and unrealised profits less unrealised losses. The
Manager may also declare interim distributions on the
same basis.

Annual distributions (if declared) will be declared and paid

on or before 30 June in each year.

Unless stated otherwise in the Supplement of the relevant

Sub-Fund, Unitholders may elect in an application for Units
either to receive distributions in respect of a Sub-Fund in
cash or to reinvest the distribution amount in further Units
in such Sub-Fund. In the absence of the Unitholder making
the election as above, the Manager will continue to so
reinvest the distribution amount in Units until otherwise
directed in writing by any Unitholder. If distributions are to
be paid in cash, they will normally be paid by electronic
transfer at the Unitholder's risk and expense.

In the event that a Unitholder has elected to receive cash

payments of distributions, where the amount of any
distribution payable to an individual Unitholder is less than
USD50 (or its equivalent in another currency), the
Manager at its sole discretion may elect not to make any
such payment and, in lieu thereof, to issue and credit to
the account of the relevant Unitholder the number of Units
in a Sub-Fund corresponding to the relevant USD amount
(or its equivalent in another currency) calculated at the Net
Asset Value per Unit pertaining on the relevant date of
distribution.

All Units shall rank for distribution as and from the date on
which they were issued.

All dividends unclaimed after a period of six years shall be

forfeited and shall revert to the relevant Sub-Fund.

The Manager may apply to HM Revenue and Customs for

certification of certain Classes of Units of certain Sub-
Funds as a distributing class in each accounting period of
the Fund. The Manager intends to take all practicable
steps, consistent with applicable laws, regulatory
requirements and investment objectives and policies of
such Classes of Units, to facilitate certification as a
distributing class. Such certification is granted
retrospectively and there can be no guarantee that
certification will be obtained. The exact conditions that
must be fulfilled to obtain certification (including the proper
method of computing United Kingdom equivalent profits)
may be affected by changes in HM Revenue and Customs
practice or by changes to the provisions of the relevant
legislation.

34
MANAGEMENT AND FUND CHARGES
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
each Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in a Sub-Fund at the rates stated in the
Supplement of the relevant Sub-Fund.
This fee is subject to an annual minimum of USD25,000
per Sub-Fund. This fee shall (unless otherwise stated in
the Supplement of the relevant Sub-Fund) be borne by
each Class of Unit in each Sub-Fund based on the pro-rata
Net Asset Value of each Class of Unit in each Sub-Fund.
In turn, the Manager shall pay the fees of the Investment
Manager(s). The Investment Manager(s) will not receive
any remuneration directly from any Sub-Fund. The
Manager shall pay the fees of each Distributor out of the
Manager’s fees and not directly out of the assets of the
Fund or its Sub-Funds.
In addition to such remuneration, the Manager is entitled to
be repaid all of its disbursements including but not limited
to the disbursements and out-of-pocket expenses of the
Investment Manager and the Administrative Agent (plus
value added tax, if any).
In addition to such fees, a unitholder servicing and
maintenance fee not exceeding 1% per annum of the Net
Asset Value of the relevant Class of Unit in a Sub-Fund (or
such other rate as specified in the Supplement of the
relevant Sub-Fund) accrued at each Dealing Day and
payable monthly in arrears to the Manager may be payable
out of the assets of the relevant Sub-Fund.
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
The Administrative Agent receives a fee from each Sub-
Fund based on the Sub-Fund's Net Asset Value subject to
a maximum fee of 0.3% per annum and subject to an
annual minimum fee to be agreed between the Manager
and the Administrative Agent (plus value added tax, if any,
in each case). The fee is accrued on each Dealing Day
and is paid monthly in arrears.
The Administrative Agent is also entitled to be reimbursed
for all its disbursements and out-of-pocket expenses.
All such fees, disbursements and out-of-pocket expenses
will be paid by the Manager on behalf of the Fund or the
relevant Sub-Fund.
The annual remuneration of the Trustee, which is payable
out of each Sub-Fund is based on the Net Asset Value of
the relevant Sub-Fund and shall be subject to a maximum
fee of 0.3% per annum, and an annual minimum fee to be
agreed between the Manager and the Trustee (plus value
added tax, if any), and will be retained by the Trustee out
of the Sub-Fund. The fee is accrued at each Dealing Day
and is payable monthly in arrears.
35
In addition to such remuneration the Trustee is entitled to
be repaid all of its disbursements, including the fees and
expenses of any sub-custodian (which shall be at normal
commercial rates) and which will be retained by the
Trustee out of the relevant Sub-Fund and transaction
charges (which shall also be at normal commercial rates)
levied by the Trustee.
The Manager will pay, out of the assets of the Fund or a
Sub-Fund, the fees and out of pocket expenses (where
applicable) of any Paying Agent/ correspondent bank
which shall be calculated at normal commercial rates. Any
such Paying Agent or correspondent bank will also be
entitled to receive, from the Manager, transaction charges
at normal commercial rates.
The costs and expenses of establishing the Fund and its
initial Sub-Funds and the expenses of the initial issue of
Units including the costs incurred in connection with the
preparation and publication of the Prospectus and all legal
and printing costs have been paid by the Manager.
The costs and expenses of establishing additional Sub-
Funds and the expenses of the initial issue of Units
including the costs incurred in connection with the
preparation and publication of Supplements and all legal,
printing and registration costs will be borne by the relevant
Sub-Fund and shall amortised over such period as
described in the Supplement of the relevant Sub-Fund.
The Manager is responsible for the expenses incurred by it
in connection with litigation, actual or prospective.
Pursuant to provisions contained in the Trust Deed, the
Manager shall indemnify the Trustee against certain costs
and expenses including costs and expenses incurred by it
in litigation by or on behalf of the Fund or any of its Sub-
Funds. The Manager is entitled to recover from the Fund
or any of its Sub-Funds the costs and expenses incurred
by it in litigation by or on behalf of the Fund or any of its
Sub-Funds.
The Manager pays all its expenses, with the approval of
the Trustee.
Expenses paid by the Fund (or a wholly owned subsidiary
which may be established by the Manager) include but are
not limited to: brokerage commissions, legal, audit,
translation and accounting expenses, interest on
borrowing, taxes and governmental expenses; costs of
preparation, printing and distribution of reports and notices,
cost of periodic update of prospectus; custody and transfer
expenses; stock exchange listing fees (if any); all
expenses for registration including translation expenses
and distribution in multiple jurisdictions; expenses of
Unitholders meetings, insurance premiums, expenses of
the publication and distribution of the Net Asset Value,
including clerical costs of issue or redemption of Units and
any other expenses. Any such expenses may be deferred
and amortised by the Fund, in accordance with standard
accounting practice, at the discretion of the Manager.
Soft Commissions
The Manager and the Investment Managers may utilise
brokers with whom soft commission arrangements are in
place. A report thereon will be included in the Fund's
annual and semi-annual reports to the extent that Fund
brokerage commissions are utilised to satisfy any soft
commission obligations. Any such arrangements will
provide for best execution, goods and services will be of
demonstrable benefit to Unitholders and brokerage rates
will not be in excess of customary institutional full-service
brokerage rates. The benefits provided under the
arrangement will be those which assist in the provision of
investment services to the Fund. Neither the Manager, the
Investment Managers nor any of their connected persons
will retain cash rebates.

36
MANAGEMENT AND ADMINISTRATION OF THE F U N D
Promoter, Manager and Global Distributor
The Promoter, Manager and Global Distributor of the
Fund, AIG Investments Fund Management Limited is an
indirect wholly-owned subsidiary of AIG, one of the world's
leading international insurance and financial services
organisations. AIG Investments Fund Management Limited
is a limited liability company incorporated in Ireland on 25
May, 1989, which has an authorised share capital of
US$1,000,000 of which US$368,513 divided into 368,513
ordinary shares of US$1 each, is issued and fully paid up.
The sole business of AIG Investments Fund Management
Limited is the management of collective investment
vehicles.
AIG Investments Fund Management Limited has been
appointed to manage the Fund and each Sub-Fund
pursuant to the Trust Deed and has delegated the
registration, valuation and administrative functions relating
to the Fund and each Sub-Fund to the Administrative
Agent. Details of the Administrative Agent are set out on
page 27 - "The Administrative Agent".
The Company Secretary of the Manager is Tudor Trust
Limited.
The Directors of the Manager are as follows:-
Dominique Baïkoff
William Dooley
Steven Guterman
Regina Harrington
Orla Horn
Win Neuger
Frances Torsney
JJ O’Mahony
Dominique Baïkoff
Ms. Baïkoff joined AIG Investments in 1997 and is Head of
Legal & Compliance for AIG Investments’ financial
services companies in Dublin. She has 18 years of
international financial services experience, having worked
in London and Luxembourg before moving to Ireland. Prior
to joining AIG Investments, Ms. Baïkoff worked for
JPMorgan Chase in Luxembourg. Ms. Baïkoff received her
B.A. and LLB. degrees from the University of Cape Town.
She is a member of the Association of Compliance Officers
in Ireland.
William Dooley
Mr. Dooley is Senior Vice President, Financial Services of
AIG, responsible for AIG’s financial services businesses,
including International Lease Finance Corporation, the AIG
Capital Markets business, which includes the combined
operations of AIG Financial Products Corp., American
General Finance, Inc., AIG Consumer Finance Group, Inc.,
AIG Capital Corporation, and Imperial A.I. Credit
Companies. He joined AIG in 1978 and was elected Vice
President in 1996 and Senior Vice President in 1998.
Prior to his current position, Mr. Dooley served in various
37
roles in AIG’s financial management and investment areas,
including VP and Treasurer of AIG, Senior Vice President
and Chief Investment Officer of American International
Underwriters, Senior Vice President and Treasurer of AIG
Investment Corporation and Vice President of AIU Euro
Markets. While with AIU Euro Markets, he was responsible
for the day-to-day management of international fixed
income portfolios, which totalled over USD 4 billion. Prior
to joining AIG, Mr. Dooley was employed by European
American Bank, New York. Mr. Dooley is a Custodian of
St. Mary’s Roman Catholic Church in Middletown, NJ, as
well as a member of the Bishops’ Financial Council of the
Dioceses of Trenton. Mr. Dooley received a B.S. in
Business Administration from Manhattan College and an
M.B.A. in Finance from Pace University. He is married with
four children and lives in Middletown, NJ.
Steven Guterman
Mr. Guterman is responsible for AIG Investments' global
institutional asset management effort, which includes new
business development, marketing, client service and
Request for Proposals. He is also a Vice President of AIG.
Mr. Guterman joined AIG Investments through the
acquisition of American General Investment Management
(AGIM) in 2001. At AGIM, Mr. Guterman held a similar
position as Executive Vice President and Head of
Institutional Asset Management. Prior to joining AGIM in
1998, he was a Managing Director and Head of U.S. Fixed
Income Portfolio Management with Salomon Brothers
Asset Management. Mr. Guterman joined Salomon in 1983
as a research analyst where he pioneered the
development of many of the firm's proprietary quantitative
models used for analyzing mortgage-backed securities
(MBS) including prepayment, option-adjusted spread
(OAS) and asset/liability models. Mr. Guterman began his
financial career in 1980 with Chase Manhattan Bank. He
began his professional career as a Principal Investigator at
Brookhaven National Laboratory. Mr. Guterman earned a
BS in applied mathematics from the State University of
New York at Stony Brook and an MBA in quantitative
analysis from Long Island University.
Regina Harrington
Ms. Harrington joined the Manager in April 1992 and is
responsible for all aspects of fund administration and
accounting for the funds managed by the Manager. She is
also responsible for the performance measurement
function for the Manager in Europe. She spent the
previous 5 years with Goodbody Stockbrokers and Allied
Irish Securities as an institutional gilt dealer and
investment consultant for private clients. Prior to this, she
worked with Irish Life plc in various positions within
investment and financial accounting. She is a Fellow of the
Association of Chartered Certified Accountants in Ireland.
Orla Horn
Ms. Horn joined AIG in September 1991 when she
returned to her native Dublin. With 20 years global
investment experience, Ms. Horn has overall general
management responsibility for the AIG financial services
companies in Ireland. Since joining the group she has
continued to develop the range, quality and streamlined
automation of global investment products and services
available to AIG and its clients from this region. She spent
the previous 6 years working in the US Mutual Funds
Industry with Investors Bank & Trust Company Ltd.,
Boston. Ms. Horn has a diploma in Business Studies from
Ballsbridge Commercial College in Dublin.
Win Neuger
Mr. Neuger is responsible for directing AIG Investments’
strategies on a worldwide basis. He is also Executive Vice
President and Chief Investment Officer of AIG. Mr. Neuger
joined AIG Investments in 1995, with investment
management experience since 1981. Before joining AIG
Investments, he was with Bankers Trust Company, where
he served both as Managing Director, Fixed Income and,
subsequently, Managing Director, Global Equities. Prior to
joining Bankers Trust, Mr. Neuger served as Chief
Investment Officer at Western Asset Management. He
was also the Head of Fixed Income at Northwestern
National Bank in Minnesota. Mr. Neuger received an AB
from Dartmouth College and an MBA from Dartmouth’s
Amos Tuck Graduate School of Business. He is a CFA
charterholder and is a member of the New York Society of
Security Analysts (NYSSA), the CFA Institute (formerly
AIMR) and the Council on Foreign Relations.
Frances Torsney
Ms. Torsney is a Director of Core Global Operations for the
AIG Investments’ Companies in Dublin. She has overall
responsibility for operational support, new client take-ons,
and is audit co-ordinator for these companies. In addition,
she is responsible for the continued enhancement and
development of new services and opportunities for the AIG
Dublin Companies. Prior to joining AIG in July 1995, Ms.
Torsney had over 15 years experience in client support,
global operations and new business development spent
with Montgomery Oppenheim Ltd. Prior to that she worked
with Bank of Ireland Securities Asset Management Ltd.
Ms. Torsney holds a Bachelor of Business Studies
honours degree from John Moores University, Liverpool.
JJ O’Mahony
Mr. O'Mahony is a Director of the Manager. He joined the
firm in February 1998 and is responsible for the day to day
business support, fund administration and transfer agency
functions for funds managed by the firm. On his return to
Ireland in 1992 he joined Bankers Trust in Dublin, having
spent the previous two years working in their Sydney
office. Prior to joining Bankers Trust, he held various
positions including the Workers Compensation Board of
New South Wales and five years in a private accounting
practice in his native Cork. Mr. O’Mahony holds an MBA
from Michael Smurfit Graduate School of Business.
In addition to managing the Fund, the Manager manages
the following funds: -
AIG Asian Capital Growth Fund
AIG International Money Market Funds plc
AIG Multistrategy Investments plc
AIG Global Select Funds
AIG Global Structured Funds
38
The Directors are satisfied that no actual or potential
conflict of interest arises as a result of the Manager
managing the above mentioned funds. However, if any
conflict of interest should arise, the Manager will ensure
that it is resolved fairly in the interests of Unitholders.
No Director of the Manager has: (i) any unspent
convictions in relation to indictable offences; or (ii) been
bankrupt or the subject of an involuntary arrangement, or
has had a receiver appointed to any asset of such Director;
or (iii) been a director of any company which, while he was
a director with an executive function or within 12 months
after he ceased to be a director with an executive function,
had a receiver appointed or went into compulsory
liquidation, creditors voluntary liquidation, administration or
company voluntary arrangements, or made any
composition or arrangements with its creditors generally or
with any class of its creditors; or (iv) been a partner of any
partnership, which while he was a partner or within 12
months after he ceased to be a partner, went into
compulsory liquidation, administration or partnership
voluntary arrangement, or had a receiver appointed to any
partnership asset; (v) had any public criticism by statutory
or regulatory authorities (including recognised professional
bodies); or (vi) been disqualified by a court from acting as
a director or from acting in the management or conduct of
affairs of any company.
For the purposes of this document, the address of each of
the Directors is the office of the Manager.
Directors’ Interests
(a) No Director of the Manager has or has had any
direct interest in the promotion of the Fund or in
any transaction effected by the Fund which is
unusual in its nature or conditions or is significant
to the business of the Fund up to the date of this
Prospectus or in any contracts or arrangements
of the Fund subsisting at the date of this
document.
(b) No present Director of the Manager or any person
connected with a Director of the Manager has any
interests beneficial or non-beneficial in the Listed
Units.
The Manager shall have the power, on the giving of three
(3) months' written notice to the Trustee, to retire in favour
of some other company approved by the Trustee and
IFSRA and approved by an Extraordinary Resolution of the
Unitholders. Such retirement and the appointment of a
replacement manager must be approved by IFSRA.
The Manager, on behalf of the Fund, shall act as Global
Distributor of Units and provide Unitholders with Unitholder
servicing and maintenance services.
The Manager, as Global Distributor, may, from time to
time, appoint sub-distributors in accordance with the
requirements of IFSRA.
The Trustee
State Street Custodial Services (Ireland) Limited has been
appointed to act as Trustee of the Fund.
The principal activity of the Trustee is to act as
trustee/custodian of the assets of collective investment
schemes. The Trustee is regulated by IFSRA. As at 31
July, 2008, the Trustee has assets in excess of USD 250
billion under custody.
The Trustee is a private limited company incorporated in
Ireland on 22 May 1991. The Trustee is ultimately owned
by State Street Corporation. Its authorised share capital is
GBP5,000,000 and its issued and paid up capital is
GBP200,000.
State Street Corporation is a leading world-wide specialist
in providing sophisticated global investors with investment
servicing and investment management. State Street is
headquartered in Boston, Massachusetts, USA, and trades
on the New York Stock Exchange under the symbol "STT".
The Trustee may not retire or be removed from office until
a new trustee approved by IFSRA is appointed as a
replacement. If no trustee has been appointed within a
period of three months from the date on which the Trustee
notifies the Manager of its intention to retire or from the
date on which the Manager notifies the Trustee of its
desire to terminate its appointment, the Manager shall
repurchase all of the Units outstanding at that time. The
Fund shall be terminated and the Manager shall apply to
IFSRA for revocation of the Fund's authorisation. In such
event, the Trustee shall not retire until the Fund's
authorisation has been revoked by IFSRA.
Pursuant to provisions contained in the Trust Deed, the
Trustee shall be indemnified out of the assets of the Fund
in certain circumstances subject to exclusions in the case
of its unjustifiable failure to perform its obligations or its
improper performance of them.
The Trustee has full power to delegate the whole or any
part of its custodial functions but its liability will not be
affected by the fact that it has entrusted to a third party
some or all of the assets in its safekeeping. In order to
discharge its liability with respect to third parties, the
Trustee must exercise care and diligence in choosing and
appointing a third party as a safekeeping agent so as to
ensure that the third party has and maintains the expertise,
competence and standing appropriate to discharge the
responsibilities concerned and must maintain an
appropriate level of supervision over safe-keeping agents
and make appropriate enquiries from time to time to
confirm that the obligations of the agent continue to be
competently discharged. The Trustee may not delegate its
fiduciary duties.
The Administrative Agent
The Manager has appointed State Street Fund Services
(Ireland) Limited to act as Administrative Agent of the Fund
and each Sub-Fund.
The principal activity of the Administrative Agent is to act
as administrator for collective investment schemes. The
Administrative Agent is regulated by IFSRA.
39
The Administrative Agent is responsible for performing the
day to day administration of the Fund and for providing
fund accounting for the Fund, including the calculation of
the Net Asset Value and the Net Asset Value per Class
Unit, and for providing registration, transfer agency and
related services to the Fund.
The Administrative Agent is a private limited company
incorporated in Ireland on 23 March 1992 and is ultimately
owned by State Street Corporation. The authorised share
capital of the Administrative Agent is GBP5,000,000 with
an issued and paid up share capital of GBP350,000.
Under the Administration Agreement the Administrative
Agent is not liable for any loss of any nature whatsoever
suffered by the Unitholders, the Fund or its Sub-Funds or
the Manager or any person in connection with the
performance of its obligations under the Administration
Agreement except where that loss results directly from
fraud, negligence, wilful default, or recklessness on the
part of the Administrative Agent in the performance of its
obligations and duties under the Administration
Agreement. The Administrative Agent shall not be liable for
any indirect, special or consequential loss.
Investment Managers
The Manager may, in accordance with the requirements of
the Financial Regulator, appoint one or more Investment
Managers to manage the assets of one or more Sub-
Funds. Any Investment Manager so appointed will be
granted discretionary authority to manage the relevant
Sub-Fund, subject to the investment objective and policy
and any investment restrictions applicable to that Sub-
Fund. Biographical details of the Investment Manager
appointed in respect of a particular Sub-Fund shall be set
out in the Supplement of that Sub-Fund.
Distributors
AIG Investments Fund Management Limited acts as
Global Distributor and may appoint one or more
Distributors to distribute on its behalf Units in one or more
classes of one or more Sub-Funds.
As Global Distributor, AIG Investments Fund Management
Limited has appointed AIG Investments Europe Ltd.
pursuant to a distribution agreement 2 May, 2007 to act as
a Distributor of Units and to provide Unitholders with
Unitholder servicing and maintenance services. The
Global Distributor shall pay an annual fee to be agreed
between the Global Distributor and AIG Investments
Europe Ltd. out of the Global Distributor’s fee and not
directly out of the assets of the Fund or its Sub-Funds.
The agreement with AIG Investments Europe Ltd., shall
remain in force unless (i) either party to the agreement
gives 90 days written notice of termination to the other, or
(ii) in the circumstances set out in the respective
agreements.
The Global Distributor shall indemnify and keep
indemnified and hold harmless AIG Investments Europe
Ltd. in respect of any loss or damage howsoever caused to
the entity arising out of the negligence and/or default, fraud
or breach of the agreement by the Global Distributor or its
agents or any of them.

The Distributor may from time to time appoint sub-

distributors.

Hong Kong Representative

In respect of those Sub-Funds registered in Hong Kong,

the Manager on behalf of the Fund has appointed AIG
Global Investment Corporation (Hong Kong) Limited as the
Hong Kong Representative pursuant to a Hong Kong
Representative Agreement dated 4 March, 2005.

The agreement with the Hong Kong Representative shall

remain in force unless (i) either party gives 30 days written
notice of termination to the other or (ii) in the
circumstances set out in the agreement.

Each party agrees to indemnify and hold harmless the

other against all claims, actions, demands, damages, costs
and losses (including legal fees) arising out of or in relation
to that party's performance of its duties, except any loss
resulting from negligence, wilful misfeasance, bad faith or
reckless disregard of its obligations or duties under the
agreement.

The remuneration of the Hong Kong Representative shall

be paid out of the assets of each Sub-Fund and shall not
exceed 0.05% per annum of the value of the relevant Sub-
Fund attributable to Hong Kong investors introduced into
that Sub-Fund by the Hong Kong Representative. Such
compensation shall accrue daily and be payable monthly in
arrears.

The Hong Kong Representative shall also be entitled to

receive an initial sales charge not exceeding 6% of the
issue price of each Unit.

Paying Agents

Local laws/regulations in EEA Member States may require

the appointment of paying agents / representatives /
distributors / correspondent banks and maintenance of
accounts by such paying agents through which
subscription and redemption monies or distributions may
be paid. Unitholders who choose or are obliged under
local regulations to pay or receive subscription or
redemption monies or distributions via an intermediate
entity rather than directly to the Administrative Agent (e.g.
a paying agent in a local jurisdiction) bear a credit risk
against that intermediate entity with respect to (a)
subscription monies prior to the transmission of such
monies to the Administrative Agent for the account of the
Trust or the relevant Fund and (b) redemption monies
payable by such intermediate entity to the relevant
Unitholder. Fees and expenses of paying agents
appointed by the Manager on behalf of the Fund or a Sub-
Fund which will be at normal commercial rates will be
borne by the Fund or the Sub-Fund in respect of which a
paying agent has been appointed.

40
TAXATION
General
The following is a brief summary of certain aspects of Irish
taxation law and practice relevant to the transactions
contemplated in this Prospectus. It is based on the law and
practice and official interpretation currently in effect, all of
which are subject to change.
The information given is not exhaustive and does not
constitute legal or tax advice. Prospective investors should
consult their own professional advisers as to the
implications of their subscribing for, purchasing, holding,
switching or disposing of Units under the laws of the
jurisdictions in which they may be subject to tax.
Dividends, interest and capital gains (if any) which the
Fund or any of its Sub-Funds receives with respect to their
investments (other than securities of Irish issuers) may be
subject to taxes, including withholding taxes, in the
countries in which the issuers of investments are located. It
is anticipated that the Fund may not be able to benefit from
reduced rates of withholding tax in double taxation
agreements between Ireland and such countries. If this
position changes in the future and the application of a
lower rate results in a repayment to the Fund the Net Asset
Value will not be re-stated and the benefit will be allocated
to the existing Unitholders rateably at the time of the
repayment.
Republic of Ireland
The Manager has been advised that on the basis that the
Fund and its Sub-Funds are resident in Ireland for taxation
purposes, the taxation position of the Fund and the
Unitholders is as set out below:
The Fund
The Fund shall be regarded as resident in Ireland for tax
purposes if the Trustee of the Fund is regarded as tax
resident in Ireland. It is the intention of the Manager that
the business of the Fund will be conducted in such a
manner as to ensure that it is Irish resident for tax
purposes.
The Manager has been advised that the Fund qualifies as
an investment undertaking as defined in Section 739B (1)
of the Taxes Act. Under current Irish law and practice, the
Fund is not chargeable to Irish tax on its income and gains.
However, tax can arise on the happening of a Chargeable
Event in the Fund. A Chargeable Event includes any
distribution payments to Unitholders or any encashment,
redemption, cancellation, transfer or deemed disposal (a
deemed disposal will occur at the expiration of a Relevant
Period) of Units. No tax will arise on the Fund in respect of
Chargeable Events in respect of a Unitholder who is
neither Irish Resident nor Irish Ordinary Resident at the
time of the Chargeable Event provided that a Relevant
Declaration is in place and the Fund is not in possession of
any information which would reasonably suggest that the
information contained therein is no longer materially
correct. In the absence of a Relevant Declaration there is
41
a presumption that the investor is Irish Resident or Irish
Ordinary Resident.
A Chargeable Event does not include:
• An exchange by a Unitholder, effected by way of an
arms length bargain where no payment is made to the
Unitholder, of Units in the Fund for other Units in the
Fund;
• Any transactions (which might otherwise be a
Chargeable Event) in relation to units held in a
recognised clearing system as designated by order of
the Irish Revenue Commissioners;
• A transfer by a Unitholder of the entitlement to a Unit
where the transfer is between spouses and former
spouses, subject to certain conditions; or
• An exchange of Units arising on a qualifying
amalgamation or reconstruction (within the meaning of
Section 739H of the Taxes Act) of the Fund with
another investment undertaking.
If the Fund becomes liable to account for tax if a
Chargeable Event occurs, the Fund shall be entitled to
deduct from the payment giving rise to a Chargeable Event
an amount equal to the appropriate tax and/or where
applicable, to appropriate or cancel such number of Units
held by the Unitholder or the beneficial owner of the Units
as are required to meet the amount of tax. The relevant
Unitholder shall indemnify and keep the Fund indemnified
against loss arising to the Fund by reason of the Fund
being liable to account for tax on the happening of a
Chargeable Event if no such deduction, appropriation or
cancellation has been made.
Dividends received by the Fund from investment in Irish
equities may be subject to Irish dividend withholding tax at
the standard rate of income tax (currently 20%). However,
the Fund can make a declaration to the payer that it is a
collective investment undertaking beneficially entitled to
the dividends which will entitle the Fund to receive such
dividends without deduction of Irish dividend withholding
tax.
No stamp duty is payable in Ireland on the issue, transfer,
repurchase or redemption of Units in the Fund. Where any
subscription for or redemption of Units is satisfied by the in
specie transfer of securities, property or other types of
assets, Irish stamp duty may arise on the transfer of such
assets.
No Irish stamp duty will be payable by the Fund on the
conveyance or transfer of stock or marketable securities
provided that the stock or marketable securities in question
have not been issued by a company registered in Ireland
and provided that the conveyance or transfer does not
relate to any immovable property situated in Ireland or any
right over or interest in such property or to any stocks or
marketable securities of a company (other than a company
which is an investment undertaking within the meaning of
Section 739B (1) of the Taxes Act) which is registered in
Ireland.
Unitholders Tax
Any payments to a Unitholder or any encashment,
redemption, cancellation or transfer of Units held in a
Recognised Clearing System will not give rise to a
Chargeable Event in the Fund (there is however ambiguity
in the legislation as to whether the rules outlined in this
paragraph with regard to Units held in a Recognised
Clearing System, apply in the case of chargeable events
arising on a deemed disposal therefore, as previously
advised, Unitholders should seek their own tax advice in
this regard). Thus the Fund will not have to deduct any
Irish taxes on such payments regardless of whether they
are held by Unitholders who are Irish Residents or Irish
Ordinary Resident, or whether a non-resident Unitholder
has made a Relevant Declaration. However, Unitholders
who are Irish Resident or Irish Ordinary Resident or who
are not Irish Resident or Irish Ordinary Resident but whose
Units are attributable to a branch or agency in Ireland may
still have a liability to account for Irish tax on a distribution
or encashment, redemption or transfer of their Units.
To the extent any Units are not held in a Recognised
Clearing System at the time of a Chargeable Event (and
subject to the point made in the previous paragraph in
relation to a Chargeable Event arising on a deemed
disposal), the following tax consequences will typically
arise on a Chargeable Event.
(i) Unitholders who are neither Irish Resident nor
Irish Ordinary Resident
The Fund will not have to deduct tax on the occasion of a
Chargeable Event in respect of a Unitholder if (a) the
Unitholder is neither Irish Resident nor Irish Ordinary
Resident, (b) the Unitholder has made a Relevant
Declaration and (c) the Fund is not in possession of any
information which would reasonably suggest that the
information contained therein is no longer materially
correct. In the absence of a Relevant Declaration tax will
arise on the happening of a Chargeable Event in the Fund
regardless of the fact that a Unitholder is neither Irish
Resident nor Irish Ordinary Resident. The appropriate tax
that will be deducted is as described below.
To the extent that a Unitholder is acting as an Intermediary
on behalf of persons who are neither Irish Resident nor
Irish Ordinary Resident, no tax will have to be deducted by
the Fund on the occasion of a Chargeable Event provided
that the Intermediary has made a Relevant Declaration
that he/she is acting on behalf of such persons and the
Fund is not in possession of any information which would
reasonably suggest that the information contained therein
is no longer materially correct.
Unitholders who are neither Irish Residents nor Irish
Ordinary Residents in Ireland and who have made
Relevant Declarations in respect of which the Fund is not
in possession of any information which would reasonably
suggest that the information contained therein is no longer
materially correct, will not be liable to Irish tax in respect of
income from their Units and gains made on the disposal of
their Units. However, any corporate Unitholder which is
not Irish Resident and which holds Units directly or
indirectly by or for a trading branch or agency in Ireland will
be liable to Irish tax on income from their Units or gains
made on disposals of the Units.
42
Where tax is withheld by the Fund on the basis that no
Relevant Declaration has been filed with the Fund by the
Unitholder, Irish legislation provides for a refund of tax only
to companies within the charge to Irish corporation tax, to
certain incapacitated persons and in certain other limited
circumstances.
(ii) Unitholders who are Irish Resident or Irish
Ordinary Resident
Unless a Unitholder is an Exempt Irish Investor and makes
a Relevant Declaration to that effect and the Fund is not in
possession of any information which would reasonably
suggest that the information contained therein is no longer
materially correct or unless the Units are purchased by the
Courts Service, tax at the standard rate of income tax plus
3% (i.e. 23%) will be required to be deducted by the Fund
from a distribution (where payments are made annually or
at more frequent intervals) to a Unitholder who is Irish
Resident or Irish Ordinary Resident. Similarly, tax at the
standard rate plus 6% (i.e. 26%) will have to be deducted
by the Fund on any other distribution or gain arising to the
Unitholder (other than an Exempt Irish Investor who has
made a Relevant Declaration) on an encashment,
redemption, cancellation, transfer or deemed disposal (see
below) of Units by a Unitholder who is Irish Resident or
Irish Ordinary Resident.
The Finance Act 2006 introduced rules (which were
subsequently amended by the Finance Act 2008) in
relation to an automatic exit tax for Unitholders who are
Irish Resident or Irish Ordinary Resident in respect of Units
held by them in the Fund at the ending of a Relevant
Period. Such Unitholders (both companies and individuals)
will be deemed to have disposed of their Units (“deemed
disposal”) at the expiration of that Relevant Period and will
be charged to tax at the standard rate of income tax plus
6% (i.e. 26%) on any deemed gain (calculated without the
benefit of indexation relief) accruing to them based on the
increased value (if any) of the Units since purchase or
since the previous exit tax applied, whichever is later.
For the purposes of calculating if any further tax arises on
a subsequent Chargeable Event (other than Chargeable
Events arising from the ending of a subsequent Relevant
Period or where payments are made annually or at more
frequent intervals), the preceding deemed disposal is
initially ignored and the appropriate tax calculated as
normal. Upon calculation of this tax, credit is immediately
given against this tax for any tax paid as a result of the
preceding deemed disposal. Where the tax arising on the
subsequent Chargeable Event is greater than that which
arose on the preceding deemed disposal, the Fund will
have to deduct the difference. Where the tax arising on the
subsequent Chargeable Event is less than that which
arose on the preceding deemed disposal, the Fund will
refund the Unitholder for the excess (subject to the
paragraph headed “15% threshold” below).
10% Threshold
However, where Unitholders who are Irish Resident or Irish
Ordinary Resident (other than Exempt Irish Investors) hold
less than 10% of the Fund (calculated by value of Units) or
in the case of an umbrella fund, 10% of the relevant sub-
fund (calculated by value of Units) immediately before a
deemed disposal, then the obligation to account for the tax
on any gain arising on a deemed disposal will be the
responsibility of the Unitholder on a self assessment basis
("self-assessors") as opposed to the Fund (or its service
providers) provided:
- the Fund has made an appropriate election in
accordance with Section 739E(2A)(ii) of the
Taxes Act; and
- the Fund has advised the relevant Unitholder
accordingly in this regard.
15% Threshold
Where Unitholders who are Irish Resident or Ordinary
Resident (other than Exempt Irish Investors) hold less than
15% of the Fund (calculated by value of Units) immediately
before the deemed disposal and (i) a refund of tax arises
(e.g. due to a subsequent loss on an actual disposal), (ii)
the Fund has made an appropriate election in accordance
with Section 739E(1A)(b)(ii)(II) of the Taxes Act and (iii)
the Fund has advised the relevant Unitholder accordingly
in this regard, then, in such circumstances, the relevant
Unitholder(s) must (if they wish to receive a refund of tax),
seek to be refunded the amount of excess of the first tax
over the “second tax” directly from the Irish Revenue
Commissioners as opposed to the Fund seeking same (on
receipt of a claim by the Unitholder).
Other
To avoid multiple deemed disposal events for multiple
units an irrevocable election under Section 739D(5B) can
be made by the Fund to value the units held at the 30th
st
June or 31 December of each year prior to the deemed
disposal occurring. While the legislation is ambiguous, it is
generally understood that the intention is to permit a fund
to group units in six month batches and thereby make it
easier to calculate the exit tax by avoiding having to carry
out valuations at various dates during the year resulting in
a large administrative burden.
The Irish Revenue Commissioners are currently in the
process of providing updated investment undertaking
guidance notes which should deal with the practical
aspects of how the above calculations/objectives will be
accomplished. These guidance notes should issue early
this year (2009).
Unitholders (depending on their own personal tax position)
who are Irish Resident or Irish Ordinary Resident may still
be required to pay tax or further tax on a distribution or
gain arising on an encashment, redemption, cancellation
or transfer of their Units. Alternatively they may be entitled
to a refund of all or part of any tax deducted by the Fund
on a Chargeable Event.
Personal Portfolio Investment Undertaking (“PPIU”)
The Finance Act 2007 introduced new provisions regarding
the taxation of Irish Resident individuals or Irish Ordinary
Resident individuals who hold units in investment
undertakings. The new provisions introduce the concept of
a PPIU. Essentially, an investment undertaking will be
43
considered a PPIU in relation to a specific investor where
that investor can influence the selection of some or all of
the property held by the investment undertaking.
Depending on an individuals circumstances, an investment
undertaking may be considered a PPIU in relation to some,
none or all individual investors i.e. it will only be a PPIU in
respect of those individuals’ who can "influence" selection.
Any gain arising on a Chargeable Event in relation to an
investment undertaking which is a PPIU in respect of an
individual that gave rise to the Chargeable Event and
th
occurs on or after 20 February 2007, will be taxed at the
standard rate plus 26 per cent (currently 46%). Specific
exemptions apply where the property invested in has been
widely marketed and made available to the public or for
non-property investments entered into by the investment
undertaking.
Capital Acquisitions Tax
The disposal of Units may be subject to Irish gift or
inheritance tax (Capital Acquisitions Tax). However,
provided that the Fund falls within the definition of
investment undertaking (within the meaning of Section
739B (1) of the Taxes Act), the disposal of Units by a
Unitholder is not liable to Capital Acquisitions Tax provided
that (a) at the date of the gift or inheritance, the donee or
successor is neither domiciled nor Irish Ordinary Resident;
(b) at the date of the disposition, either the Unitholder
disposing ("disponer") of the Units is neither domiciled nor
Irish Ordinary Resident or the disposition is not subject to
Irish law; and (c) the Units are comprised in the gift or
inheritance at the date of such gift or inheritance and at the
valuation date.
With regard to Irish tax residency for Capital Acquisitions
Tax purposes, special rules apply for non-Irish domiciled
persons. A non-Irish domiciled donee or disponer will not
be deemed to be resident or ordinarily resident in Ireland
at the relevant date unless;
i) that person has been resident in Ireland for the 5
consecutive years of assessment immediately preceding
the year of assessment in which that date falls; and
ii) that person is either resident or ordinarily resident in
Ireland on that date.
European Savings Directive
Dividends and other distributions made by the Fund,
together with payment of the proceeds of sale and/or
redemption of Units in the Fund, may in future (depending
on the investment portfolio of the Fund and the location of
the paying agent – the definition of a paying agent for the
purposes of the Savings Directive is not necessarily the
same person who may legally be regarded as the paying
agent) be subject to the exchange of information regime or
withholding tax imposed by EU Council Directive
2003/48/EC of 3 June 2003 on taxation of savings income
in the form of interest payments. If a payment is made to a
Unitholder who is an individual resident in a Member State
of the European Union (or a "residual entity" established in
a Member State) by a paying agent resident in another
Member State (or in certain circumstances the same
Member State of the Unitholder) then the Directive may
apply. The Directive applies to payments of "interest"
made on or after 1 July 2005, applicants for Units in the
Fund will be requested to provide certain information as
required under the Directive. It should be noted that the
imposition of exchange of information and/or withholding
tax on payments made to certain individuals and residual
entities resident in an EU Member State also applies to
those resident or located in any of the following countries;
Anguilla, Aruba, British Virgin Islands, Cayman Island,
Guernsey, Isle of Man, Jersey, Montserrat, Netherlands
Antilles and Turks and Caicos Islands.

Finally, the following countries, Andorra, Liechtenstein,

Monaco, San Marino and Switzerland, will not be
participating in automatic exchange of information. To the
extent that they will exchange information it will be on a
request basis only. Their participation is confined to
imposing a withholding tax.

44
GENERAL INFORMATION
Publication of Price of Units
Except where the issue and redemption of Units has been
suspended, in the circumstances described on pages 32 –
33, the Net Asset Value per Unit of each Sub-Fund will be
made public at the address of the Administrative Agent
and will be published, on each Dealing Day, at the
following website address: www.aiginvestments.com and
at such other sources as the Directors may deem
appropriate. The Net Asset Value per Unit of the Listed
Units will be sent to the Irish Stock Exchange immediately
upon calculation.
Notices to Unitholders
Any Notices required to be sent to Unitholders may be sent
either by post to the address of each Unitholder, or the first
named of joint Unitholders on the relevant register of
Unitholders or to the most recently available facsimile
number of any such Unitholder or by electronic mail.
Meetings
The Trustee or the Manager may convene a meeting of
Unitholders of a Sub-Fund at any time. The Manager must
convene such a meeting if requested to do so by the
holders of not less than seventy-five per cent. (75%) in
aggregate of the Units in issue (excluding Units held by the
Manager) of the relevant Sub-Fund.
All business transacted at a meeting of Unitholders duly
convened and held shall be by way of extraordinary
resolution unless otherwise provided in the notice
convening the meeting.
Not less than twenty one (21) days’ notice of every
meeting must be given to Unitholders. The notice shall
specify the place, day and hour of meeting and the terms
of the resolution to be proposed. A copy of the notice shall
be sent by post to the Trustee unless the meeting shall be
convened by the Trustee. A copy of the notice shall be
sent by post to the Manager unless the meeting shall be
convened by the Manager. The accidental omission to
give notice to or the non-receipt of notice by any of the
Unitholders shall not invalidate the proceedings at any
meeting.
The quorum shall be Unitholders present in person or by
proxy holding or representing at least one tenth in number
of the Units for the time being in issue of the relevant Sub-
Fund. No business shall be transacted at any meeting
unless the requisite quorum is present at the
commencement of business.
At any meeting (a) on a show of hands every Unitholder
who is present in person or by a proxy shall have one vote
and (b) on a poll every Unitholder who is present in person
or by proxy shall have one vote for every Unit of which he
is the Unitholder.
With regard to the respective rights and interests of
Unitholders in different Sub-Funds the foregoing provisions
shall have effect subject to the following modifications:
45
(a) a resolution which in the opinion of the Manager
affects one Sub-Fund only shall be deemed to
have been duly passed if passed at a separate
meeting of the Unitholders of that Sub-Fund;
(b) a resolution which in the opinion of the Manager
affects more than one Sub-Fund but does not
give rise to a conflict of interest between the
Unitholders of the Units of the respective Sub-
Funds shall be deemed to have been duly passed
at a single meeting of the Unitholders of those
Sub-Funds;
(c) a resolution which in the opinion of the Manager
affects more than one Sub-Fund and gives or
may give rise to a conflict of interest between the
Unitholders of the Units of the respective Sub-
Funds shall be deemed to have been duly passed
only if, in lieu of being passed at a single meeting
of the Unitholders of those Sub-Funds, it shall be
passed at separate meetings of the Unitholders of
those Sub-Funds.
Financial Statements and Supply of Documents
The accounting year of the Fund and each Sub-Fund is 31
December in each year. An annual report of the Fund and
each Sub-Fund will be prepared, not later than 4 months
after the end of the period to which it relates, and will be
sent by the Manager to all Unitholders and to the Irish
Stock Exchange. A semi-annual report of the Fund and
each Sub-Fund will also be prepared not later than 2
months after the end of the period to which it relates (such
period being the six months up to 30 June in each year)
and sent to all Unitholders and to the Irish Stock
Exchange. The semi-annual report will be unaudited and
the annual report will be audited. The most recent annual
report will be sent to any Unitholder or prospective
investors on request. Unitholders may elect to receive the
annual and semi-annual accounts by electronic mail.
Material Contracts
The following contracts, not being contracts entered into in
the ordinary course of business, have been entered into
and are or may be material:
(i) Trust Deed dated 4 March, 2005, between the
Manager and State Street Custodial Services
(Ireland) Limited, as amended by the First
Supplemental Trust Deed dated 6 July, 2005, the
Second Supplemental Trust Deed dated 13
December, 2005, the Third Supplemental Trust
Deed dated 7 February, 2006, the Fourth
Supplemental Trust Deed dated 3 July, 2007, the
Fifth Supplemental Trust Deed dated 2
November, 2007 and the Sixth Supplemental
Trust Deed dated 27 March, 2009;
(ii) Administration Agreement, dated 4 March,
2005 between the Manager and State Street
Fund Services (Ireland) Limited as amended by
the Supplemental Agreement dated 2 November,
2007 pursuant to which the latter was appointed
as registrar, transfer, valuation and administrative
agent of the Fund. This agreement may be
 terminated by either party on 90 days written
notice.
(iii) Distribution Agreement dated 2 May, 2007
between the Manager and AIG Investments
Europe Ltd. pursuant to which the latter was
appointed a Distributor of the Fund. This
agreement may be terminated by either party on
90 days written notice.
(iv) Hong Kong Representative Agreement dated 4
March, 2005, between the Manager and AIG
Global Investment Corporation (Hong Kong)
Limited pursuant to which the latter was
appointed Hong Kong Representative for the
Fund. This agreement may be terminated by
either party on 30 days written notice.
The Investment Management Agreement between the
Manager and the relevant Investment Manager(s) of each
of the Sub-Funds will be detailed in the relevant
Supplements hereto.
(iii)
Additional material contracts, where specific to a certain
Sub-Fund or Sub-Funds, will be detailed in the relevant
Supplements hereto.
reconstruction or amalgamation upon terms
previously approved in writing by the Trustee) or
ceases business or becomes (in the reasonable
judgement of the Trustee) subject to the de
facto control of some corporation or person of
whom the Trustee does not reasonably approve
or if a receiver is appointed in respect of any of
the assets of the Manager or if an examiner is
appointed to the Manager pursuant to the
Companies (Amendment) Act, 1990, as
amended or if the Manager has ceased
business;
(ii) if in the reasonable opinion of the Trustee the
Manager or its delegates shall be incapable of
performing or shall in fact fail to perform its
duties satisfactorily or shall do any other thing
which in the reasonable opinion of the Trustee
is intended to bring the Fund into disrepute or to
be harmful to the interests of the Unitholders
and a replacement manager is not appointed;
if any law shall be passed which renders it
illegal or, in the reasonable opinion of the
Trustee, impractical or inadvisable to continue
the Fund or any of its Sub-Funds; or

Documents Available for Inspection
Copies of the following documents may be inspected at
the registered office of the Manager on any Business
Day:
(a) Annual reports, incorporating audited financial
statements, and semi-annual reports,
incorporating unaudited financial statements,
when published;
(b) Material contracts referred to above and in the
relevant Supplement;
(c) The Regulations and the IFSRA Guidance Notes;
(d) A list of the directorships and partnerships of
each of the Directors over the previous five years,
indicating whether such directorships or
partnerships are current.
Copies of the documents referred to above can be
obtained on request from the Manager and, in the case of
(b) and (c) for such fee as the Manager deems
appropriate, save for the Trust Deed, which can be
obtained at no charge. Copies of the documents ((a) to
(d)) will be available from the offices of the Listing Sponsor
for a period of 14 days from the date of this document.
Winding Up
The Fund or any Sub-Fund may be terminated in the
following circumstances:
(a) By the Trustee, if it appears that:
(i) the Manager shall go into liquidation (except a
voluntary liquidation for the purpose of
(iv) if within three months from the date of the
Trustee expressing in writing to the Manager the
desire to retire, the Manager shall have failed to
appoint a new trustee.
(b) By the Manager, if it appears that:
(i) the value of any Sub-Fund has fallen below
US$50,000,000;
(ii) the Trustee shall go into liquidation (except a
voluntary liquidation for the purpose of
reconstruction or amalgamation upon terms
previously approved in writing by the Manager)
or ceases business or becomes (in the
reasonable judgement of the Manager) subject
to the de facto control of some corporation or
person of whom the Manager does not
reasonably approve or if a receiver is appointed
in respect of any of the assets of the Trustee or
if an examiner is appointed to the Trustee
pursuant to the Companies (Amendment) Act,
1990, as amended
(iii) the Fund and each Sub-Fund is no longer an
authorised UCITS;
(iv) if any law shall be passed which renders it
illegal or in the reasonable opinion of the
Manager impracticable or inadvisable to
continue the Fund or any of its Sub-Funds; or
(v) if within three months from the date the
Manager expresses in writing to the Trustee the
desire to retire, the Trustee shall have failed to
appoint a new manager.
(c) By the Unitholders, by resolution in an extraordinary

46
general meeting.
In the case of the Trustee and the Manager terminating the
Fund or any Sub-Fund, they must, if possible, give three
months notice to the Unitholders before termination. If
three months notice is not possible, the Trustee and the
Manager will give notice of the termination as soon as
practicable.
Upon termination of the Fund or one or more Sub-Funds
the Manager shall at such time or times as it shall deem
convenient and at its entire discretion procure the
distribution to the Unitholders pro rata to the number and
class of Units of each Sub-Fund held by them respectively
all net cash proceeds derived from the realisation of the
Investments of the relevant Sub-Fund and any cash then
forming part of the relevant Sub-Fund so far as the same
are available for the purpose of such distribution.
Subject to the Regulations and in accordance with the
requirements of IFSRA the Fund or any of its Sub-Funds
may with the sanction of a special resolution of the
Unitholders, conferring either a general authority on the
Manager or an authority in respect of any particular
arrangement, and the unanimous consent of the Manager,
merge with another UCITS (the "Transferee") or transfer
the whole or part of the assets of the Fund or any of its
Sub-Funds to the Transferee on terms that Unitholders
shall receive, in compensation from the Transferee,
shares/units of equivalent value to their unitholding in the
Fund or any of its Sub-Funds.
47
Miscellaneous
Neither the Fund nor any of its Sub-Funds are involved in
any litigation or arbitration and no litigation, arbitration
proceedings or claim is known to the Manager to be
pending or threatened against the Fund or any of its Sub-
Funds.
At the date of this Prospectus, the Fund and each Sub-
Fund has no loan capital (including term loans),
outstanding or created but unissued and no outstanding
mortgages, charges or other borrowings or indebtedness
in the nature of borrowings including bank overdrafts and
liabilities under acceptances or acceptance credits, hire
purchase or finance lease commitments, guarantees or
other contingent liabilities.
At the date of this Prospectus, no Units have been
conditionally or unconditionally put under option.
No Director of the Manager has or has had any direct
interest in the promotion of the Fund or in any transaction
effected by the Fund which is unusual in its nature or
conditions or is significant to the business of the Fund up
to the date of this Prospectus or in any contracts or
arrangements of the Fund subsisting at the date of this
document.
No present Director of the Manager or any person
connected with a Director of the Manager has any interests
beneficial or non-beneficial in the Listed Units.
APPENDIX I
INFORMATION ON ANTI-MONEY LAUNDERING
REQUIREMENTS
(A) The following are "Designated Bodies" under Section
32(1) of the Criminal Justice Act, 1994 ("the Act"):
banks and building societies;
money brokers;
life assurance companies;
providers of services in futures and options
exchange;
An Post;
credit unions;
stock brokers;
bureaux de change.
The Irish Minister for Justice, Equality and Law
Reform has prescribed the following bodies as
Designated Bodies pursuant to the Act:
(B) (1) Persons who, as a principal activity, carry out
one or more of the following operations:
- lending;
- acceptances of deposits and other payable
funds from the public;
- financial leasing;
- money transmission services;
- issuing and administering means of payment
(e.g. Credit cards, travellers' cheques and
bankers' drafts);
- guarantees and commitments;
- trading for own account or for account of
customers in:
(i) money market instruments (cheque,
bills, cd's, etc.);
(ii) foreign exchange;
(iii) financial futures and options;
(iv) exchange and interest rate
instruments;
(v) transferable securities.
- participation in securities issues and the
provision of services related to such issues;
- money broking
- advice to undertakings on capital structure,
industrial strategy and related questions and
advice on services relating to mergers and
the purchase of undertakings;
- portfolio management and advice;
- safe-keeping and administration of
securities;
- safe custody services;
- activities relating to the carrying on the
profession or trade of:
(a) an accountant (other than an accountant
who provides service in his or her
capacity as an accountant to a person
who employs him or her under a contract
of service),
(b) an auctioneer,
48
(c) an auditor,
(d) an estate agent,
(e) a tax advisor.
- Activities relating to the carrying on of the
profession of solicitor consisting of:
(a) the provision of assistance in the
planning or execution of transactions for
clients concerning the -
(i) buying or selling of land or business
entities;
(ii) managing of client money, securities
or other assets;
(iii) opening or management of bank,
savings or securities accounts;
(iv) organisation of contributions
necessary for the creation, operation
or management of companies;
(v) creation, operation or management of
trusts, companies or similar
structures; or
(b) the acting on behalf of and for a client in
any financial or transaction relating to
land.
- Activities consisting of:
(a)the provision of services to a person
in connection with the purchase or
sale of land where payment for the
land concerned is in cash and is not
less than €13,000,
(b) the provision of investment business
services or investment advice,
the carrying out of trustee or
custodian duties for a collective
investment scheme, or
(c) the provision of money remittance
services.
- Activities of administration companies
consisting of the provision of services to
collective investment schemes.
- Activities of dealers in high-value goods,
including precious stones, precious metals
and works of art where payment is made in
cash for a sum of €15,000 or more.
- Activity of operating a casino.
- the purchase or sale of units or shares of
collective investment schemes authorised
under the European Communities
(Undertakings for Collective Investment in
Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003) as amended, the Unit
Trusts Act, 1990, Part XIII of the Companies
Act, 1990, or the Investment Limited
Partnerships Act, 1994 (S.I. No. 324 of
1995)
 (2) An investment company authorised under the ii) two original documents verifying the
European Communities (Undertakings for applicant(s) permanent address (e.g.,
Collective Investment in Transferable bank statement, recent utility bill)
Securities) Regulations, 2003 (S.I. No. 211 of
2003), as amended; OR

(3) A management company of a unit trust scheme b) in the case of Corporate Entities
authorised under the European Communities
(Undertakings for Collective Investment and i) original or certified true copy of the
Transferable Securities) Regulations, 2003 (S.I. Certificate of Incorporation or
No. 211 of 2003), as amended; Certificate to Trade AND
ii) Memorandum and Articles of
(4) A management company of a unit trust scheme Association; AND
authorised under the Unit Trusts Act, 1990; iii) list of Directors' names, occupations,
residential and business addresses and
(5) An investment company authorised under Part dates of birth AND
XIII of the Companies Act, 1990; iv) a properly authorised mandate of the
Directors to open/operate an account
(6) A general partner of an investment limited OR
partnership authorised under the Investment
Limited Partnerships Act, 1994; c) in the case of Corporate Entities not quoted on a
Stock Exchange in a Prescribed Country and not a
(7) Any person who is an insurance broker or an subsidiary of a corporate entity quoted on such a
insurance agent for the purposes of the Stock Exchange, in addition to the documentation
Insurance Act, 1989. required under b(i) to (iv),

(C) The following is a list of countries prescribed by i) individual verification must be carried out on at
the Minister for Justice, Equality and Law Reform least 2 directors of such corporate entity, and
("Prescribed Countries"):
ii) a list of names and addresses of shareholder(s)
- Member States of the European Union; holding 10% or more of the issued share capital of
- Argentina; the Corporate Entity, and in the case of individual
- Australia; shareholder(s), their occupation(s) and date(s) of
- Brazil; birth.
- Canada;
- Channel Islands;
- Hong Kong;
- Iceland;
- Isle of Man;
- Japan;
- Lichtenstein;
- Mexico;
- New Zealand;
- Norway;
- Russian Federation;
- Singapore;
- South Africa;
- Switzerland;
- Turkey;
- United States of America.

D) Those person(s) or entity/ies wishing to apply for

Units in the relevant Sub-Fund who do not qualify
as a Designated Body and whose subscription
monies do not originate from an account in the
name of the applicant(s) with a bank in a
Prescribed Country, must submit together with
such application, EITHER

a) in the case of Personal Clients

i) certified true copy of a document

verifying name(s) and date of birth (e.g.,
current valid full passport) AND

49
APPENDIX II
LIST OF RECOGNISED EXCHANGES
The following is a list of regulated stock exchanges and
markets in which the assets of the Fund may be invested
from time to time and is set out in accordance with IFSRA’s
requirements. With the exception of permitted investments in
unlisted securities or in shares/units of open-ended collective
investment schemes, investment will be restricted to the
stock exchanges and markets below. IFSRA does not issue
a list of approved stock exchanges or markets.
(i) any Stock Exchange in any EU Member State,
Australia, Switzerland, Norway, New Zealand, United
States of America, Canada and Japan; or
(ii) Argentina - Bolsa de Comercio de Buenos Aires
(BCBA)
Argentina - Mercado Abierto Electrònico (MAE)
Bahrain - Bahrain Stock Exchange
Bangladesh - Dhaka Stock Exchange
Bangladesh - Chittagong Stock Exchange
Benin - Bourse Régionale des Valeurs Mobilières
(BRVM)
Bermuda - Bermuda Stock Exchange
Bolivia - Bolsa Boliviana de Valores
Botswana - Botswana Stock Exchange
Brazil - Bolsa Brasileira de Futuros
Brazil - Bolsa de Mercadorias e Futuros (BM&F)
Brazil - Bolsa de Valores de São Paulo (BOVESPA)
Brazil - Sociedade Operadora de Mercado de Ativos
(SOMA)
Burkina Faso - Bourse Régionale des Valeurs
Mobilières (BRVM)
Cayman Islands - Cayman Islands Stock Exchange
Chile - Bolsa de Comercio de Santiago
Chile - Bolsa de Valparaiso
Chile - Bolsa Electronica de Chile
Peoples' Rep. of China - Shanghai Stock Exchange
Peoples' Rep. of China - Shenzhen Stock Exchange
Colombia - Bolsa de Valores de Columbia
Costa Rica - Bolsa Nacional de Valores
Croatia - Varazdin Stock Exchange
Croatia - Zagreb Stock Exchange
Ecuador - Bolsa de Valores de Guayaquil
Ecuador - Bolsa de Valores de Quito CC
Egypt - Alexandria Stock Exchange
Egypt - Cairo Stock Exchange
Ghana - Ghana Stock Exchange
Guinea - Bissau-Bourse Régionale des Valeurs
Mobilières (BRVM)
Hong Kong - Hong Kong Exchanges and Clearing
Ltd.(HKEx)
Hong Kong - Hong Kong Futures Exchange
Hong Kong - HK Growth Enterprise Market
Hong Kong - Stock Exchange of Hong Kong (SEHK)
Iceland - Iceland Stock Exchange
India - BSE, The Bombay (Mumbai )Stock Exchange
India - National Stock Exchange of India
Indonesia - Jakarta Stock Exchange
Indonesia - Surabaya Stock Exchange
Israel - Tel-Aviv Stock Exchange
Ivory Coast - Bourse Régionale des Valeurs Mobilières
(BRVM)
50
Jamaica - Jamaican Stock Exchange
Jordan - Amman Stock Exchange
Kazakhstan (Rep. Of) - Kazakhstan Stock Exchange
Kenya - Nairobi Stock Exchange
Korea - Korea Futures Exchange (KOFEX)
Korea - Korea Stock Exchange (KSX)
Korea - Korean Securities Dealers Association
Automated Quotation (KOSDAQ)
Lebanon - Beirut Stock Exchange
Malaysia - Bursa Malaysia Berhad
Malaysia - Bursa Malaysia Derivatives Berhad /
Malaysian Derivatives Exchange (MDEX)
Malaysia - Kuala Lumpur Second Board
Malaysia - Malaysian Exchange of Securities Dealing &
Automated Quotation Bhd (MESDAQ)
Mali - Bourse Régionale des Valeurs Mobilières
(BRVM)
Mauritius - Stock Exchange of Mauritius
Mexico - Bolsa Mexicana de Valores
Mexico - Mercada Mexicana de Derivados
Morocco - Société de la Bourse des Valeurs de
Casablanca / Bourse de Casablanca
Namibia - Namibian Stock Exchange
New Zealand - New Zealand Futures and Options
Exchange Ltd.
New Zealand - New Zealand Stock Exchange
Ltd.(NZX)
Niger - Bourse Régionale des Valeurs Mobilières
(BRVM)
Nigeria - Nigeria Stock Exchange
Oman - Muscat Securities Market
Pakistan - Islamabad Stock Exchange
Pakistan - Karachi Stock Exchange
Pakistan - Lahore Stock Exchange
Palestine - Palestine Securities Exchange
Panama - Bolsa de Valores de Panamá (BVP)
Peru - Bolsa de Valores de Lima
Peru - Bolsa de Productos de Lima
Philippines - Philippine Stock Exchange
Qatar - Doha Securities Exchange
Russia - Moscow Interbank Currency Exchange (MIC
Ex)
Russia - RTS1
Russia - RTS2
Saudi Arabia - Tadawul - Saudi Arabian Monetary
Authority
Serbia - Belgrade Stock Exchange
Senegal - Bourse Régionale des Valeurs Mobilières
(BRVM)
Singapore - Central Limit Order Book International
(CLOB)
Singapore - Singapore Exchange (SGX)
Singapore - Stock Exchange of Singapore Dealing and
Automated Quotation System (SESDAQ)
South Africa - Alternative Exchange (Alt-X)
South Africa - Bond Exchange of South Africa (BESA)
South Africa - Equity Options Market (EOM), a division
of JSE
South Africa - South Africa Futures Exchange
(SAFEX), a division of JSE
South Africa - JSE Securities Exchange South Africa
Sri Lanka - Colombo Stock Exchange
Swaziland - Swaziland Stock Exchange
Taiwan (Republic of China) - GreTai Securities Market
(GTSM)
 Taiwan (Republic of China) - Taiwan Stock Exchange
Thailand - Market for Alternative Investments
Thailand - Stock Exchange of Thailand
Togo - Bourse Régionale des Valeurs Mobilières
(BRVM)
Trinidad & Tobago - Trinidad & Tobago Stock
Exchange
Tunisia - Bourse des Valeurs Mobilieres de Tunis
Turkey - Istanbul Stock Exchange
Uganda - Uganda Stock Exchange
Ukraine - Crimea Stock Exchange
Ukraine - Donetsk Stock Exchange
Ukraine - Persha Fondova Torgovelna Systema
(PFTS)
Ukraine - Kiev Stock Exchange
Ukraine - Ukrainian Stock Exchange
Ukraine - Ukrainian Interbank Currency Exchange
(UICE)
United Arab Emirates - Dubai Financial Market
Uruguay - Bolsa de Valores de Montevideo (BVM)
Venezuela - Bolsa de Valores de Caracas
Vietnam - Securities Trading Center (STC), Ho Chi
Minh City
Zambia - Lusaka Stock Exchange (LuSE)
The markets and exchanges described above are set out
in accordance with the requirements of IFSRA which does
not issue a list of approved markets.
(iii) any of the following markets
MICEX (equity securities that are traded on level 1 or
level 2 only);
RTS1 (equity securities that are traded on level 1 or
level 2 only);
RTS2 (equity securities that are traded on level 1 or
level 2 only);
the market organised by the International Capital
Market Association;
the market conducted by the "listed money market
institutions", as described in the FSA publication "The
Investment Business Interim Prudential Sourcebook
(which replaces the "Grey Paper") as amended from
time to time;
AIM - the Alternative Investment Market in the UK,
regulated and operated by the London Stock
Exchange;
The OTC market in Japan regulated by the Securities
Dealers Association of Japan.
NASDAQ in the United States;
The market in US government securities conducted by
primary dealers regulated by the Federal Reserve
Bank of New York;
The OTC market in the United States regulated by the
National Association of Securities Dealers Inc. (also
described as the OTC market in the United States
conducted by primary and secondary dealers)
regulated by the Securities and Exchanges
51
Commission and by the National Association of
Securities Dealers (and by banking institutions
regulated by the US Comptroller of the Currency, the
Federal Reserve System or Federal Deposit Insurance
Corporation);
The French market for Titres de Créances Négotiables
(OTC market in negotiable debt instruments);
NASDAQ Europe; this is a recently formed market and
the general level of liquidity may not compare
favourably to that found on more established
exchanges;
the OTC market in Canadian Government Bonds,
regulated by the Investment Dealers Association of
Canada.
SESDAQ (the second tier of the Singapore Stock
Exchange.)
All derivatives exchanges on which permitted financial
derivative instruments may be listed or traded:
-in a Member State
-in a Member State in the European Economic Area
(European Union Norway, Iceland and Liechtenstein);
- in United States of America, on the Chicago Board
of Trade; the Chicago Board Options Exchange; the
Chicago Mercantile Exchange; the Eurex US; the
New York Futures Exchange; the New York Board of
Trade; the New York Mercantile Exchange
- in China, on the Shanghai Futures Exchange;
- in Hong Kong, on the Hong Kong Futures Exchange;
- in Japan, on the Osaka Securities Exchange; Tokyo
International Financial Futures Exchange; Tokyo Stock
Exchange;
in New Zealand, on the New Zealand Futures and
Options Exchange;
- in Singapore, on the Singapore International
Monetary Exchange; Singapore Commodity Exchange.
For the purposes only of determining the value of the
assets of the Fund, the term "Recognised Exchange" shall
be deemed to include, in relation to any futures or options
contract utilised by the Fund any organised exchange or
market on which such futures or options contract is
regularly traded.
 SUPPLEMENT 1
AIG American Equity Fund
Supplement 1 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG American Equity Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA pursuant to the provisions
of the European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008, the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$ 411.4 billion, which are predominantly
assets of AIG companies. The Investment Manager is also
52
a member company of AIG Investments. AIG Investments
comprises a group of international companies which
provide investment advice and market asset management
products and services to clients around the world. As of 30
September, 2008, total assets under management is US
$676.9 billion, of which approximately US $565.4 billion
relates to AIG affiliated assets, including those managed
by joint ventures and certain other AIG investment adviser
subsidiaries, but do not include assets sub-advised to third
party managers.
2. Investment Objective
The investment objective of the Sub-Fund is to attain long
term growth of capital by means of a diversified portfolio
through investment in equity and equity-related securities
of companies at least 90% of which have assets, products
or operations based in the United States or are included in
the Russell 1000 Index. Up to 10% of the value of the Sub-
Fund may be invested in other companies which have a
US Stock Exchange listing.
The Russell 1000 Index is constructed by the Russell
Investment Group to provide a comprehensive and
unbiased barometer for the large-cap segment of the US
equity universe and is completely reconstituted annually to
ensure new and growing equities are reflected.
3. Investment Policy
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through radical
transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situations.
Distinct quantitative and qualitative criteria are used for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
53
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the Standard &
Poors 500 Total Return Index (the "Index"). The Index is a
total return, market-weighted index, representing the
aggregate market value of the common equity of 500
stocks traded on the New York Stock Exchange.
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and include Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Investment Restriction
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factor
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factor applies to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Volatility Risk: All markets are subject to volatility based
54
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A Units and Class Y Units are currently in issue and
are available for subscription at the Net Asset Value per
Unit of the relevant Class.
Class A1, Class A2 and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY 1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y1, Class Y2 and Class Y3 Units are being offered
to the investors at Euro100, STG100 and JPY 1,500
respectively during the Initial Offer Period which has There is no Minimum Holding for Class X, Class X1, Class
commenced and will close on 25 September, 2009 at noon X2 or Class X3 Units.
(Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in the Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100
and JPY 1,500 respectively during the Initial Offer Period Class C Units USD 250
which has commenced and will close on 25 September, Class C1 Units Euro 250
2009 at noon (Irish time). Class C2 Units STG 250
Class C3 Units JPY 30,000
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have Class H Units USD 250
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
All Classes of Units which have not already been issued Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
may be offered to the investors on such other dates as the Class X, Class X1, Class X2, or Class X3 Units.
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units 8. Dealing Day
shall be issued at the Net Asset Value per Unit of the
relevant Class. The Dealing Day for the Sub-Fund is each Business Day.

7. Minimum Initial Subscription, Minimum 9. Management and Fund Charges

Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:

Class A Units USD 1,000 Class A Units 1.30%

Class A1 Units Euro 1,000 Class A1 Units 1.30%
Class A2 Units STG 1,000 Class A2 Units 1.30%
Class A3 Units JPY 125,000 Class A3 Units 1.30%

Class C Units USD 1,000 Class C Units 2.25%

Class C1 Units Euro 1,000 Class C1 Units 2.25%
Class C2 Units STG 1,000 Class C2 Units 2.25%
Class C3 Units JPY 125,000 Class C3 Units 2.25%

Class H Units USD 1,000 Class H Units 4.00%

Class Y Units USD 1,000,000 Class Y Units 1.00%

Class Y1 Units Euro 1,000,000 Class Y1 Units 1.00%
Class Y2 Units STG 1,000,000 Class Y2 Units 1.00%
Class Y3 Units JPY 125,000,000 Class Y3 Units 1.00%

Class YD Units USD 1,000,000 Class YD Units 1.00%

Class Y1D Units Euro 1,000,000 Class Y1D Units 1.00%
Class Y3D Units JPY 125,000,000 Class Y3D Units 1.00%

The Minimum Initial Subscription for Class X, Class X1, Class X Units 0%
Class X2 and Class X3 Units is as follows: Class X1 Units 0%
Class X2 Units 0%
Class X Units USD 10,000,000 Class X3 Units 0%
Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000 Class H Units are available for subscription by Latin
Class X3 Units JPY 1,250,000,000 American investors only and are subject to a higher

55
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.

With respect to Class A, Class A1, Class A2 and Class

A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

10. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

11. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

12. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a side
letter dated 13 December, 2005, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.

Dated: 27 March, 2009

56
 SUPPLEMENT 2
AIG Asia Balanced Fund
Supplement 2 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Asia Balanced Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA pursuant to the provisions
of the European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
Definitions
"Asian Region" includes Bangladesh, Hong Kong, India,
Indonesia, Korea, Malaysia, Pakistan, The People's
Republic of China, The Philippines, Singapore, Sri Lanka,
Taiwan and Thailand.
1. The Investment Manager
The Manager has appointed AIG Global Investment
Corporation (Asia) Ltd., 16/F AIG Tower, No. 1 Connaught
Road Central, Hong Kong to act as investment manager to
57
the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
The Investment Manager, which is a member company of
AIG Investments, is incorporated in Bermuda and based in
Hong Kong, manages investment portfolios in Hong Kong,
Singapore, Malaysia, Thailand, Taiwan, Korea, the
Philippines, Indonesia, India and Australia. There are
investment professionals of AIG companies in all of these
locations. As at 30 September, 2008, it had responsibility
for the investment of assets exceeding US$ 110.1 billion,
which are predominantly assets of AIG companies.
The Investment Manager is ultimately a wholly-owned
subsidiary of AIG. AIG's origins are in Asia and
accordingly, AIG has more than 75 years experience in the
Asian region. Subsidiaries of AIG are active investors in
equity funds, venture capital and financial services
companies. AIG's South East Asia region network provides
first hand political and economic insight which is a valuable
resource of the Investment Manager.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US$ 676.9 billion, of which
approximately US$ 565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund will be managed to provide investors with
income and long-term capital appreciation through
investment in equities, equity-related securities and debt
securities of Asian issuers in the Asian Region.
3. Investment Policy
The Sub-Fund will, under normal market conditions, invest
the majority of its total assets in a broad range of equity
and equity-related securities of Asian companies i.e.
companies whose assets, products or operations are in
Asia and debt securities of Asian issuers, including
commercial paper, bonds or other debt instruments issued
or guaranteed by Asian corporations or entities, obligations
of supra-national community, regional or world institutions
or organisations issued or guaranteed by Asian
government or governmental subdivisions, certificates of
deposit, bankers acceptances issued or supported by the
credit of Asian banks.
The Sub-Fund will invest in fixed and/or floating rate debt
securities of varying maturities. The percentage of debt
securities with a credit rating of less than BBB by Standard
and Poor's Corporation, or equivalent by Moody's or other
rating agency will be similar to that of the HSBC Asian US
Dollar Bond Total Return Index. Where no rating is
available, the Manager, with the advice of the Investment
Manager, may assign its own rating, which must be
deemed to be the equivalent of the previously mentioned
Standard and Poor's, Moody's or other agency rating.
A major proportion of the Sub-Fund's assets will be
invested in large, well established companies with the
remainder being invested in smaller companies.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
58
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA’s Notices.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.

A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may also engage in forward foreign
exchange contracts, including non-deliverable forwards, for
investment purposes or for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
59
The performance of the Sub-Fund’s portfolio of
investments will be measured against a blended index of
70% of the MSCI AC (All Country) Asia ex-Japan Daily
Total Return Index and 30% of the HSBC Asian US Dollar
Bond Total Return Index (the "Indices"). The MSCI AC (All
Country) Asia ex-Japan Daily Total Return Index is a free
float-adjusted market capitalisation index that is designed
to measure equity market performance in Asia, excluding
Japan. The HSBC Asian US Dollar Bond Total Return
Index is a benchmark tracking the return of an Asian bond
portfolio. It consists mainly of US dollar-denominated fixed
rate straight bonds. The Investment Manager may
consider that, where the Sub-Fund's portfolio make up is
different to that of the Indices, it is necessary or desirable
to replicate the currency exposure of the Indices and
therefore the Investment Manager is entitled to alter the
currency exposure characteristics of certain of the assets
held within the Sub-Fund through the use of forward and
futures currency contracts so that, whilst its own
determination of portfolio make up may be reflected in the
actual portfolio make up, the currency exposure can reflect
that of the Indices.
The Investment Manager is, however, entitled at any time
to change the Indices where, for reasons outside the
Investment Manager's control, the Indices have been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Indices in the next annual or half-yearly report of the Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and may
not be appropriate for all investors.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and include Credit Risk, Emerging Markets
Risk, Financial Derivative Instruments Risk, Fixed Income
Securities, Below Investment Grade Debt Securities,
Credit Default Swaps and Volatility Risk. These risk factors
may not be a complete list of all risk factors associated
with an investment in the Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Credit Risk: There can be no assurance that the issuers
of securities or other instruments in which a Sub-Fund may
invest will not be subject to credit difficulties, leading to
either the downgrading of such securities or instruments,
or to the loss of some or all of the sums invested in such
securities or instruments or payments due on such
securities or instruments. Sub-Funds may also be exposed
to a credit risk in relation to the counterparties with whom
they transact or place margin or collateral in respect of
transactions in financial derivative instruments and may
bear the risk of counterparty default. When a Sub-Fund
invests in an security or other instrument which is
guaranteed by a bank or other type of financial institution
there can be no assurance that such guarantor will not
itself be subject to credit difficulties, which may lead to the
downgrading of such securities or instruments, or to the
loss of some or all of the sums invested in such securities
or instruments, or payments due on such securities or
instruments.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
60
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Below Investment Grade Debt Securities: An
investment in high yield securities, or below investment
61
grade debt securities, meaning securities rated below
Baa3 by Moody’s or below BBB- by Standard and Poors,
sometimes referred to as "junk bonds", or low credit quality
securities involves a higher degree of risk than investment
in investment grade debt securities. Issuers of these
securities are often highly leveraged, so that their ability to
service debt obligations during an economic downturn may
be impaired. The lower ratings of securities reflect a
greater possibility of adverse changes in the financial
condition of the issuer, which may impair the ability of the
issuer to make payments of interest and principal. The risk
of loss due to default in payment of interest or principal by
such issuers is significantly greater than in the case of
investment grade securities because such securities
frequently are subordinated to the prior payment of senior
indebtedness. In the case of default or winding up of an
issuer of below investment grade securities, there is a
greater risk that the capital / assets of the issuer will be
insufficient to meet all of its liabilities and the holders of
below investment grade securities, (who rank as
unsecured creditors) could in such circumstances lose
their entire investment. An economic downturn or a period
of rising interest rates could adversely affect the market for
these securities and reduce the Sub-Fund’s ability to sell
these securities (liquidity risk).
The market for below investment grade rated securities
may be thinner and less active than that for higher quality
securities which can adversely affect the price at which
securities can be sold. To the extent that there is no
regular secondary market trading for certain lower rated
securities, the investment manager may experience
difficulty in valuing such securities and in turn the Sub-
Fund’s assets.
Credit Default Swaps: When the Sub-Fund is the buyer of
a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class Y, Class Y1, Class Y2 and Class Y3 Units are being
offered to investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).

Class A Units denominated in US Dollars Subscriptions for Class X, Class X1, Class X2 or Class X3
Class A1 Units denominated in Euro Units will only be accepted from investors who have
Class A2 Units denominated in Sterling entered into a separate arrangement (legal agreement)
Class A3 Units denominated in Japanese Yen with the Manager or its delegate.

Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.

Class Y Units denominated in US Dollars 6. Minimum Initial Subscription, Minimum

Class Y1 Units denominated in Euro Holding, Minimum Subsequent Subscription
Class Y2 Units denominated in Sterling and Minimum Redemption Requirements
Class Y3 Units denominated in Japanese Yen
The Minimum Initial Subscription and Minimum Holding
Class YD Units denominated in US Dollars applicable to each Class of Unit in the Sub-Fund is as
Class Y1D Units denominated in Euro follows:
Class Y3D Units denominated in Japanese Yen
Class A Units USD 1,000
Class X Units denominated in US Dollars Class A1 Units Euro 1,000
Class X1 Units denominated in Euro Class A2 Units STG 1,000
Class X2 Units denominated in Sterling Class A3 Units JPY 125,000
Class X3 Units denominated in Japanese Yen
Class C Units USD 1,000
Class L Units denominated in US Dollars Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class L Units are currently in issue and are available for Class C3 Units JPY 125,000
subscription at the Net Asset Value.
Class H Units USD 1,000
Class A, Class A1, Class A2, and Class A3 Units are being
offered to investors at USD12.50, Euro12.50, STG12.50 Class Y Units USD 1,000,000
and JPY 1,500 respectively during the Initial Offer Period Class Y1 Units Euro 1,000,000
which has commenced and will close on 25 September, Class Y2 Units STG 1,000,000
2009 at noon (Irish time). Class Y3 Units JPY 125,000,000

Class C, Class C1, Class C2 and Class C3 Units are being Class YD Units USD 1,000,000
offered to investors at USD12.50, Euro12.50, STG12.50 Class Y1D Units Euro 1,000,000
and JPY 1,500 respectively during the Initial Offer Period Class Y3D Units JPY 125,000,000
which has commenced and will close on 25 September,
2009 at noon (Irish time). The Minimum Initial Subscription for Class X, Class X1,
Class X2, Class X3 Units is as follows:
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and Class X Units USD 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000

62
Class X3 Units JPY 1,250,000,000 Class H Units are available for subscription by Latin
American investors only and are subject to a higher
There is no Minimum Holding for Class X, Class X1, Class management fee than other Unit Classes, this is due to
X2 or Class X3 Units. market factors applicable to Latin American countries.

There is no Minimum Initial Subscription or Minimum With respect to Class A, Class A1, Class A2 and Class
Holding for Class L Units. A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
The Minimum Subsequent Subscription and Minimum Manager at a rate of up to 0.50% of the Net Asset Value
Redemption applicable to each Class of Unit in the Sub- of the Sub-Fund attributable to these Classes of Units.
Fund is as follows: With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
Class A Units USD 250 be payable out of the assets of the Sub-Fund to the
Class A1 Units Euro 250 Manager at a rate of up to 0.10% of the Net Asset Value
Class A2 Units STG 250 of the Sub-Fund attributable to these Classes of Units.
Class A3 Units JPY 30,000 The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
Class C Units USD 250
Class C1 Units Euro 250 For all other classes of Units a Unitholder servicing and
Class C2 Units STG 250 maintenance fee not exceeding 1% per annum accrued at
Class C3 Units JPY 30,000 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Class H Units USD 250 Asset Value of the Sub-Fund attributable to the relevant
class of Units.
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1, Details of any other fees and charges relating to the Sub-
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D, Fund are contained in the section headed "Management
Class X, Class X1, Class X2, Class X3 or Class L Units. and Fund Charges" in the main body of the Prospectus.

7. Management and Fund Charges 8. Distributions

The Manager is entitled to receive an annual fee accrued In relation to Class YD, Class Y1D and Class Y3D Units,
at each Dealing Day and payable monthly in arrears out of the Manager intends to declare a distribution on the last
the Sub-Fund as a percentage of the Net Asset Value of Business Day of May and November of each year.
each Class of Unit in the Sub-Fund at the rates stated Distributions shall generally be declared out of the net
below: income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class A Units 1.30% the realised profits less realised losses and unrealised
Class A1 Units 1.30% profits less unrealised losses.
Class A2 Units 1.30%
Class A3 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Manager may declare a distribution once a year out of the
Class C Units 2.25% net income (whether in the form of dividends, interest or
Class C1 Units 2.25% otherwise) available for distribution by the Sub-Fund and
Class C2 Units 2.25% the realised profits less realised losses and unrealised
Class C3 Units 2.25% profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
Class H Units 4.00% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class Y Units 1.00%
Class Y1 Units 1.00% 9. Dealing Day
Class Y2 Units 1.00%
Class Y3 Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.

Class YD Units 1.00% 10. Currency of the Sub-Fund

Class Y1D Units 1.00%
Class Y3D Units 1.00% The Base Currency of the Sub-Fund is US Dollars.

Class X Units 0% 11. Material Contracts

Class X1 Units 0%
Class X2 Units 0% (i) Investment Management Agreement dated 4
Class X3 Units 0% March, 2005, between the Manager and AIG
Global Investment Corporation (Asia) Ltd.,
Class L Units 1.25% pursuant to which the latter was appointed as
investment manager to the Sub-Fund. This

63
 agreement may be terminated by either party on 90
days written notice.

Dated: 27 March, 2009

64
 SUPPLEMENT 3
AIG Balanced World Fund
Supplement 3 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Balanced World Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA on pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. Investment Managers
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, and
AIG Investments Europe Ltd., Plantation Place South, 60
Great Tower Street, London EC3R 5AZ, England, to act as
investment managers to the Sub-Fund. The Investment
Managers have the responsibility for the investment
management, on a discretionary basis of the assets of the
Sub-Fund which shall be allocated between the Investment
Managers in such proportions as may be agreed between
the Manager and each Investment Manager from time to
65
time. Unitholders in the Sub-Fund shall have no influence
over the allocation of assets of the Sub-Fund by the
Manager between each Investment Manager.
AIG Global Investment Corp. is a US based investment
manager, regulated by the Securities and Exchange
Commission, and is an indirectly wholly-owned subsidiary
of AIG. As at 30 September, 2008, AIG Global Investment
Corp. had responsibility for the investment of assets
exceeding approximately US$411.4 billion, which are
predominantly assets of AIG companies. AIG Global
Investment Corp. is also a member company of AIG
Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
AIG Investments Europe Ltd. is authorised and regulated
by the United Kingdom Financial Services Authority in the
conduct of its investment business. AIG Investments
Europe Ltd. is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
2. Sub-Investment Manager
The Investment Managers, with the consent of the
Manager, have appointed AIG Investments Japan Co., Ltd.
(the "Sub-Investment Manager") to manage the investment
and re-investment of assets of the Sub-Fund that are
allocated by the Investment Managers to the Sub-
Investment Manager.
AIG Investments Japan Co., Ltd. is a company
incorporated under the laws of Japan on 17 November
1986. As at 31 December, 2008 the company had JPY
8,182.15 billion assets under management.
3. Investment Objective
The Sub-Fund seeks long-term capital appreciation by
identifying new and changing worldwide economic and
investment trends and investing in assets globally to
benefit therefrom.
4. Investment Policy
The Sub-Fund will select equity, equity-related, debt and
short term securities of companies and debt securities of
governments throughout the world, which are expected by
the Investment Managers to benefit from such trends. The
Sub-Fund will invest in investment grade, sovereign,
supranational and corporate bond issues of fixed and/or
floating rate with a rating of no less than BBB- by Standard
and Poor’s Corporation, or equivalent by Moody’s or other
rating agency. Where no rating is available, the Manager,
with the advice of the Investment Managers, may assign
its own rating, which must be deemed the equivalent of the
previously mentioned Standard and Poor’s rating, or
equivalent by Moody’s or other rating agency.
In allocating the Sub-Fund's investments, the Investment
Managers will continually assess major economic and
business conditions while trying to identify underlying
trends. These conditions will include economic growth
rates, business prospects for particular industries and
companies, securities prices, interest rates, currency
exchange rates and trade and payment balances, as well
as political developments, including changes in
government fiscal, monetary, regulatory and labour
policies, in the leading countries of the world. The
Investment Managers will analyse, value and select
securities which it expects to profit from such trends.
Since the Sub-Fund aims to identify major trends
worldwide, its overall investment strategy will be flexible.
Thus, the percentage of the Sub-Fund's assets invested in
securities of companies and governments located in
particular geographic regions of the world will change from
time to time depending upon the investment outlook for
each as counselled by the Investment Managers.
While the Sub-Fund seeks investment opportunities in the
world's major stock and bond markets, the Sub-Fund's
policy normally is to invest in securities in North America,
Europe, Asia, Australasia and Japan.
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed / traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
The Investment Managers believe that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through radical
transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
66
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity related
instruments including but not limited to LEPO's, OPALS,
PERLES(as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA Notices.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Fund may also engage in forward foreign exchange
contracts for hedging purposes, to alter the currency
exposure of the underlying assets, in accordance with the
limits set out by IFSRA. The Sub-Fund may also hedge
currency exchange risk by entering into forward, futures
and currency swap contracts and purchasing and selling
put or call options on foreign currency and on foreign
currency futures contracts within the limits set out by
IFSRA. Because currency positions held by the Sub-Fund
67
may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The performance of the Sub-Fund’s portfolio of
investments will be measured against a blended index of
60% of the MSCI World Daily Total Return Net Index (the
"MSCI Index") and 40% of the Citigroup World Broad
Investment Grade (non-MBS) Index (the "Citigroup Index").
The MSCI Index is a free float-adjusted market
capitalization index that is designed to measure global
developed market equity performance. As of November,
2005 the MSCI Index consisted of the following 23
developed market country indices: Australia, Austria,
Belgium, Canada, Denmark, Finland, France, Germany,
Greece, Hong Kong, Ireland, Italy, Japan, Netherlands,
New Zealand, Norway, Portugal, Singapore, Spain,
Sweden, Switzerland, the United Kingdom and the United
States. The Citigroup Index is a market-capitalization-
weighted benchmark that tracks the performance of
government or government-sponsored and corporate
investment-grade debt. The index is composed of debt
with fixed-rate, no zero coupons and maturities of one year
or longer excluding any mortgage-backed asset class.
The Investment Managers may consider that, where the
Sub-Fund's portfolio make up is different to that of the
referenced index, it is necessary or desirable to replicate
the currency exposure of the index and therefore the
Investment Managers are entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
index.
The Investment Managers are however, entitled at any
time to change one or both of the indices where, for
reasons outside the Investment Managers’ control, the
index has been replaced by another index or where
another index may reasonably be considered by the
Investment Managers to have become the industry
standard for the relevant exposure. Unitholders will be
advised of any change in the indices in the next annual or
half-yearly report of the Sub-Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Managers
believe that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and include Political & Economic Risk:
Russia, Emerging Markets Risk, Financial Derivative
Instruments, Fixed Income Securities, Credit Default
Swaps and Volatility Risk. These risk factors may not be a
complete list of all risk factors associated with an
investment in the Sub-Fund.
5. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
In addition, during such period as the Sub-Fund is
registered in Taiwan the following investment restriction
shall also apply:
• The Sub-Fund shall not carry out uncovered
sales of derivatives;
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40% of
the net asset value of the Sub-Fund; the total
value of the Sub-Fund’s open short positions in
derivatives may not exceed the total market
68
value in corresponding securities required to be
held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
6. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Political and Economic Risk, Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform and property
rights), the economy's heavy reliance on oil, unfavourable
political developments and/or government policies, and
other economic issues. Whilst the Sub-Fund may invest to
a limited extent in Russian equities traded on the MICEX
and RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
69
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Credit Default Swaps: When the Sub-Fund is the buyer
of a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
7. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
70
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A and Class Y Units are currently in issue and are
available for subscription at the Net Asset Value.
Thereafter, classes of Units will be offered at the Net Asset
Value per Unit.
Class A1, Class A2 and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY 1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y1, Class Y2 and Class Y3 Units are being offered
to the investors at Euro100, STG100 and JPY 1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which will has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG 100
and JPY 1,500 respectively during the Initial Offer Period
which has commenced and will close on 25 September,
2009 at noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.
Class H Units USD 250
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2, or Class X3 Units.
9. Dealing Day
The Dealing Day for the Sub-Fund is each Business Day.

8. Minimum Initial Subscription, Minimum 10. Management and Fund Charges

Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:

Class A Units USD 1,000 Class A Units 1.30%

Class A1 Units Euro 1,000 Class A1 Units 1.30%
Class A2 Units STG 1,000 Class A2 Units 1.30%
Class A3 Units JPY 125,000 Class A3 Units 1.30%

Class C Units USD 1,000 Class C Units 2.25%

Class C1 Units Euro 1,000 Class C1 Units 2.25%
Class C2 Units STG 1,000 Class C2 Units 2.25%
Class C3 Units JPY 125,000 Class C3 Units 2.25%

Class H Units USD 1,000 Class H Units 4.00%

Class Y Units USD 1,000,000 Class Y Units 1.00%

Class Y1 Units Euro 1,000,000 Class Y1 Units 1.00%
Class Y2 Units STG 1,000,000 Class Y2 Units 1.00%
Class Y3 Units JPY 125,000,000 Class Y3 Units 1.00%

Class YD Units USD 1,000,000 Class YD Units 1.00%

Class Y1D Units Euro 1,000,000 Class Y1D Units 1.00%
Class Y3D Units JPY 125,000,000 Class Y3D Units 1.00%

The Minimum Initial Subscription for Class X, Class X1, Class X Units 0%
Class X2, Class X3 Units is as follows: - Class X1 Units 0%
Class X2 Units 0%
Class X Units USD 10,000,000 Class X3 Units 0%
Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000 Class H Units are available for subscription by Latin
Class X3 Units JPY 1,250,000,000 American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
There is no Minimum Holding for Class X, Class X1, Class market factors applicable to Latin American countries.
X2 or Class X3 Units.
With respect to Class A, Class A1, Class A2 and Class
The Minimum Subsequent Subscription and Minimum A3 Units, a Unitholder servicing and maintenance fee will
Redemption applicable to each Class of Unit in the Sub- be payable out of the assets of the Sub-Fund to the
Fund is as follows: Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class A Units USD 250 With respect to Class X, Class X1, Class X2 and Class
Class A1 Units Euro 250 X3 Units, a Unitholder servicing and maintenance fee will
Class A2 Units STG 250 be payable out of the assets of the Sub-Fund to the
Class A3 Units JPY 30,000 Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class C Units USD 250 The Unitholder servicing and maintenance fee is accrued
Class C1 Units Euro 250 at each Dealing Day and is payable monthly in arrears.
Class C2 Units STG 250
Class C3 Units JPY 30,000 For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at

71
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

11. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

12. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

13. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a
side letter dated 13 December, 2005, pursuant
to which the latter was appointed as an
investment manager to the Sub-Fund. This
agreement may be terminated by either party
on 90 days written notice.

(ii) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Investments Europe Ltd., as amended by a
side letter dated 13 December, 2005, pursuant
to which the latter was appointed as an
investment manager to the Sub-Fund. This
agreement may be terminated by either party
on 90 days written notice.

(iii) Sub-Investment Management Agreement

dated 2 November, 2007 between the
Investment Managers and AIG Investments
Japan Co., Ltd. pursuant to which the latter
was appointed as sub-investment manager to
the Sub-Fund. This agreement may be
terminated by either party on 90 days written
notice.

Dated: 27 March, 2009

72
 SUPPLEMENT 4
AIG Dynamic Emerging World Fund
Supplement 4 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Dynamic Emerging World Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. Investment Managers
The Manager has appointed AIG Global Investment Corp.,
70 Pine Street, 12th Floor, New York, NY 10270, USA, and
AIG Investments Europe Ltd., Plantation Place South, 60
Great Tower Street, London EC3R 5AZ, England, to act as
investment managers to the Sub-Fund. The Investment
Managers have the responsibility for the investment
management, on a discretionary basis of the assets of the
Sub-Fund which shall be allocated between the Investment
Managers in such proportions as may be agreed between
73
the Manager and each Investment Manager from time to
time. Unitholders in the Sub-Fund shall have no influence
over the allocation of assets of the Sub-Fund by the
Manager between each Investment Manager.
AIG Global Investment Corp. is a US based investment
manager, regulated by the Securities and Exchange
Commission, and is an indirectly wholly-owned subsidiary
of AIG. As at 30 September, 2008, AIG Global Investment
Corp. had responsibility for the investment of assets
exceeding approximately US$411.4 billion, which are
predominantly assets of AIG companies. AIG Global
Investment Corp. is also a member company of AIG
Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
AIG Investments Europe Ltd. is authorised and regulated
by the United Kingdom Financial Services Authority in the
conduct of its investment business. AIG Investments
Europe Ltd. is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$ 71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
2. Investment Objective
The Sub-Fund seeks to achieve relatively high rates of
growth on a long-term basis through careful selection of
equity and equity-related securities and fixed income
securities in the emerging markets whilst seeking to
protect the Sub-Fund from downside risk.
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in equity and equity-related
securities and fixed income securities of issuers domiciled
in or exercising the predominant part of their economic
activities in global emerging markets.
The investment policy of the Sub-Fund is to exploit the
most desirable characteristics of both emerging debt and
equity, capturing the upside of equities in a risk-seeking,
benign environment and providing defensive attributes in
risk averse, hostile environments.
The Sub-Fund relies on a proprietary, quantitatively driven
model to define the investment environment of each
country that comprises the MSCI Emerging Markets Index.
The Sub-Fund will remain broadly country neutral relative
to the MSCI Emerging Markets Index.
If the model designates a benign environment in a
particular country, then the Global Emerging Markets
Equity Team applies their bottom-up process to construct a
portfolio of stocks in that country.
If the model designates a hostile environment in a
particular country, then the Global Emerging Markets Fixed
Income Team applies its bottom up selection process to
bond selection within the US$ sovereign credits.
The Investment Managers believe that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through radical
transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may also purchase bonds and other debt
securities, such as government securities, government
backed securities, asset backed securities, equipment trust
certificates and mortgage backed securities issued by
governments, their agencies, instrumentalities and
corporate entities located in emerging markets, but issued
in other than their respective domestic markets and listed
and/or traded in any market as set out in Appendix II to the
Prospectus, subject to any country limitations imposed by
the investment objective or policy.
In addition, the Sub-Fund may purchase fixed income
securities issued by OECD domiciled or other issuers
where such securities are denominated in an emerging
market currency where such securities are listed and/or
traded in any market as set out in Appendix II to the
Prospectus, subject to any country limitations imposed by
the investment objective or policy.
Up to 30% of the Net Asset Value of the Sub-Fund may be
invested in fixed income instruments, as set out above,
74
which have a short term (maturity of less than one year)
debt rating of C by Standard and Poor’s, or equivalent by
Moody’s or other rating agency; and a minimum long-term
debt rating of C by Standard and Poor’s, or equivalent by
Moody’s or other rating agency. Where no rating is
available, the Manager, with the advice of one or both of
the Investment Managers, may assign its own rating,
which must be deemed the equivalent of C or better as
rated by Standard and Poor’s, or equivalent by Moody’s or
other rating agency.
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed/traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may also engage in forward foreign
75
exchange contracts, including non-deliverable forwards, for
investment purposes or for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI Emerging
Markets Daily Total Return Net Index (the "Index"). The
Index is a free float-adjusted market capitalization index
that is designed to measure equity market performance in
global emerging markets. The Investment Managers may
consider that, where the Sub-Fund 's portfolio make up is
different to that of the referenced Index, it is necessary or
desirable to replicate the currency exposure of the Index
and therefore the Investment Managers are entitled to alter
the currency exposure characteristics of certain of the
assets held within the Sub-Fund through the use of
forward currency and futures contracts so that, whilst its
own determination of portfolio make up may be reflected in
the actual portfolio make up, the currency exposure can
reflect that of the Index.
The Investment Managers are, however, entitled at any
time to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Managers to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Managers
believe that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and include Political & Economic Risk:
Russia, Emerging Markets Risk, Financial Derivative
Instruments, Fixed Income Securities, Credit Default
Swaps and Volatility Risk. These risk factors may not be a
complete list of all risk factors associated with an
investment in the Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
76
reforms (e.g. banking sector, land reform, property rights),
the economy's heavy reliance on oil, unfavourable political
developments and/or government policies, and other
economic issues. Whilst the Sub-Fund may invest to a
limited extent in Russian equities traded on the MICEX and
RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
77
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Credit Default Swaps: When the Sub-Fund is the buyer
of a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to Class Y1, Class Y2 and Class Y3 Units are being offered
realize the full value of the credit default swap upon a to the investors at Euro100, STG100 and JPY 1,500
default by the reference entity. As a seller of credit default respectively during the Initial Offer Period which has
swaps, the Sub-Fund incurs exposure to the credit of the commenced and will close on 25 September, 2009 at noon
reference entity and is subject to many of the same risks it (Irish time).
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any Class X, Class X1, Class X2 and Class X3 Units are being
legal recourse against the reference entity and will not offered to the investors at USD100, Euro100, STG100 and
benefit from any collateral securing the reference entity's JPY 1,500 respectively during the Initial Offer Period which
debt obligations. has commenced and will close on 25 September, 2009 at
noon (Irish time).
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging' Subscriptions for Class X, Class X1, Class X2 or Class X3
or 'developing' markets may involve a higher degree of risk Units will only be accepted from investors who have
due to the small current size of the markets for securities entered into a separate arrangement (legal agreement)
of 'emerging' or 'developing' market issuers and the with the Manager or its delegate.
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and All Classes of Units which have not already been issued
political events in 'emerging' or 'developing' economies, may be offered to the investors on such other dates as the
including changes in foreign exchange policies and current Manager may at its discretion, and with the consent of the
account positions, could also cause greater volatility in Trustee, determine and notify to IFSRA. Thereafter, Units
exchange rates. As stated previously, some of the markets shall be issued at the Net Asset Value per Unit of the
or exchanges on which a Sub-Fund may invest may prove relevant Class.
to be highly volatile from time to time.
6. Minimum Initial Subscription, Minimum
5. Application for Units Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The following classes of Unit are currently, or may be,
offered: The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
Class A Units denominated in US Dollars follows:
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling Class A Units USD 1,000
Class A3 Units denominated in Japanese Yen Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class C Units denominated in US Dollars Class A3 Units JPY 125,000
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling Class C Units USD 1,000
Class C3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class Y Units denominated in US Dollars Class C3 Units JPY 125,000
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling Class Y Units USD 1,000,000
Class Y3 Units denominated in Japanese Yen Class Y1 Units Euro 1,000,000
Class Y2 Units STG 1,000,000
Class X Units denominated in US Dollars Class Y3 Units JPY 125,000,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling The Minimum Initial Subscription for Class X, Class X1,
Class X3 Units denominated in Japanese Yen Class X2, Class X3 Units is as follows:

Class A, Class C1 and Class Y Units are currently in issue Class X Units USD 10,000,000
and are available for subscription at the Net Asset Value. Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000
Class A1, Class A2 and Class A3 Units are being offered Class X3 Units JPY 1,250,000,000
to the investors at Euro12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has There is no Minimum Holding for Class X, Class X1, Class
commenced and will close on 25 September, 2009 at noon X2 or Class X3 Units.
(Irish time).
The Minimum Subsequent Subscription and Minimum
Class C, Class C2 and Class C3 Units are being offered to Redemption applicable to each Class of Unit in the Sub-
the investors at USD12.50, STG12.50 and JPY 1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250

78
Class A3 Units JPY 30,000 Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.
Class C Units USD 250
Class C1 Units Euro 250 9. Distributions
Class C2 Units STG 250
Class C3 Units JPY 30,000 In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
There are no Minimum Subsequent Subscription or Business Day of May and November of each year.
Minimum Redemption amounts for the Class Y, Class Y1, Distributions shall generally be declared out of the net
Class Y2, Class Y3, Class X, Class X1, Class X2, or Class income (whether in the form of dividends, interest or
X3 Units. otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
7. Dealing Day less unrealised losses.

The Dealing Day for the Sub-Fund is each Business Day.
8. Management and Fund Charges
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:
In respect of all other Unit Classes of the Sub-Fund the
Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

Class A Units 1.30% 10. Currency of the Sub-Fund

Class A1 Units 1.30%
Class A2 Units 1.30% The Base Currency of the Sub-Fund is US Dollars.
Class A3 Units 1.30%
11. Material Contracts
Class C Units 2.25%
Class C1 Units 2.25% (i) Investment Management Agreement dated 4
Class C2 Units 2.25% March, 2005, between the Manager and AIG
Class C3 Units 2.25% Global Investment Corp., as amended by a side
letter dated 13 December, 2005, pursuant to which
Class Y Units 1.00% the latter was appointed as an investment manager
Class Y1 Units 1.00% to the Sub-Fund. This agreement may be
Class Y2 Units 1.00% terminated by either party on 90 days written
Class Y3 Units 1.00% notice.

Class X Units 0% (i) Investment Management Agreement dated 4

Class X1 Units 0% March, 2005, between the Manager and AIG
Class X2 Units 0% Investments Europe Ltd., as amended by a side
Class X3 Units 0% letter dated 13 December, 2005, pursuant to which
the latter was appointed as an investment manager
With respect to Class A, Class A1, Class A2 and Class to the Sub-Fund. This agreement may be
A3 Units, a Unitholder servicing and maintenance fee will terminated by either party on 90 days written
be payable out of the assets of the Sub-Fund to the notice.
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units. Dated: 27 March, 2009
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

79
 SUPPLEMENT 5
AIG Emerging Europe Equity Fund
Supplement 5 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Emerging Europe Equity Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
Application has been made for all Classes of AIG
Emerging Europe Equity Fund issued and to be issued, to
be admitted to the official list of The Irish Stock Exchange.
As of 16 December, 2008, Class A Units, Class C1 Units,
Class Y Units and Class Y3 Units have been admitted to
the official list of the Irish Stock Exchange and it is
expected that the remaining Listed Units will be admitted
as and when listed.
The launch and listing of various Classes may occur at
different times and therefore at the time of the launch of
given Class(es), the pool of assets to which a given Class
relates may have commenced to trade.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Definitions
80
"Emerging European Countries"
means Belarus, Bulgaria, Czech Republic, Estonia,
Georgia, Hungary, Latvia, Lithuania, Poland, Romania,
Slovak Republic, Slovenia, Ukraine.
2. Investment Managers
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, and
AIG Investments Europe Ltd., Plantation Place South, 60
Great Tower Street, London EC3R 5AZ, England, to act as
investment managers to the Sub-Fund. The Investment
Managers have the responsibility for the investment
management on a discretionary basis of the assets of the
Sub-Fund which shall be allocated between the two
Investment Managers in such proportions as may be
agreed between the Manager and each Investment
Manager from time to time. Unitholders in the Sub-Fund
shall have no influence over the allocation of assets of the
Sub-Fund by the Manager between each Investment
Manager.
AIG Investments Europe Ltd. is authorised and regulated
by the United Kingdom Financial Services Authority in the
conduct of its investment business. AIG Investments
Europe Ltd. is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008, it had responsibility for the
investment of assets exceeding US$ 71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
AIG Global Investment Corp. is a US based investment
manager regulated by the Securities and Exchange
Commission, and is an indirectly wholly-owned subsidiary
of AIG. As at 30 September, 2008, it had responsibility for
the investment of assets exceeding approximately
US$411.4 billion, which are predominantly assets of AIG
companies.
AIG Global Investment Corp. is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
3. Investment Objective
The Sub-Fund seeks to achieve a superior rate of return
by making equity and equity-related investments with
superior growth potential primarily in the emerging
European markets. Details of these markets are set out
below under "Investment Policy".
The Investment Managers believe that emerging European
countries will be particularly attractive for investment as
significant restructuring has taken place in many of the
emerging European economies and this process is
expected to continue and broaden across these markets.
The Sub-Fund is designed to enable investors to
participate in the high rates of growth generated by these
events.
4. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund's total assets in equity and equity-related
securities (excluding convertibles and bonds with warrants
attached) of issuers domiciled in or exercising the
predominant part of their economic activities in the Czech
Republic, Hungary, Poland, Russia and Turkey. Within the
remaining one-third, the Sub-Fund may invest in
transferable securities not meeting the above
requirements, including investments in other Emerging
European Countries and member countries of the
European Bank for Reconstruction and Development
(EBRD).
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of the Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed/traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
The Investment Managers believe that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through radical
transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
81
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
Investments will be selected on a total return basis,
considering both the potential capital appreciation and
yield of each issue, although capital appreciation
considerations will dominate.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI Emerging
Markets Europe 10/40 Equity Daily Total Return Net Index
(the "Index"). The Index is a free float-adjusted market
capitalization index designed to measure the equity market
performance in the emerging market countries of Europe.
The Index is a proprietary index methodology designed to
ensure on-going consistency with the UCITS directive
prescribing that the maximum weight of securities of any
single issuer cannot exceed 10% of the market value of a
fund and that the sum of the weights of all issuers
representing more than 5% of the market value of a fund
cannot collectively exceed 40%. The Investment Managers
may consider that, where the Sub-Fund 's portfolio make
up is different to that of the referenced Index, it is
necessary or desirable to replicate the currency exposure
of the Index and therefore the Investment Managers are
entitled to alter the currency exposure characteristics of
certain of the assets held within the Sub-Fund through the
use of forward and futures currency contracts so that,
whilst its own determination of portfolio make up may be
reflected in the actual portfolio make up, the currency
exposure can reflect that of the Index.
The Investment Managers are, however, entitled at any
time to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Managers to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA.
Because currency positions held by the Sub-Fund may not
correspond with the asset position held, the performance
may be strongly influenced by movements in the FX
exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Managers
82
believe that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and include Political & Economic Risk:
Russia, Emerging Markets Risk and Volatility Risk. These
risk factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
5. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
6. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform, and property
rights), the economy's heavy reliance on oil, unfavourable
political developments and/or government policies, and
other economic issues. Whilst the Sub-Fund may invest to
a limited extent in Russian equities traded on the MICEX
and RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
83
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
7. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling shall be issued at the Net Asset Value per Unit of the
Class C3 Units denominated in Japanese Yen relevant Class.

Class H Units denominated in US Dollars 8. Minimum Initial Subscription, Minimum

Holding, Minimum Subsequent Subscription
Class Y Units denominated in US Dollars and Minimum Redemption Requirements
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling The Minimum Initial Subscription and Minimum Holding
Class Y3 Units denominated in Japanese Yen applicable to each Class of Unit in the Sub-Fund is as
follows:
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro Class A Units USD 1,000
Class Y3D Units denominated in Japanese Yen Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class X Units denominated in US Dollars Class A3 Units JPY 125,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling Class C Units USD 1,000
Class X3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A, Class C1, Class Y and Class Y3 Units are Class C3 Units JPY 125,000
currently in issue and are available for subscription at the
Net Asset Value per Unit of the relevant Class. Class H Units USD 1,000

Class A1, Class A2 and Class A3 Units are being offered Class Y Units USD 1,000,000
to the investors at Euro12.50, STG12.50 and JPY 1,500 Class Y1 Units Euro 1,000,000
respectively during the Initial Offer Period which has Class Y2 Units STG 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y3 Units JPY 125,000,000
(Irish time).
Class YD Units USD 1,000,000
Class C, Class C2 and Class C3 Units are being offered to Class Y1D Units Euro 1,000,000
the investors at USD12.50, STG12.50 and JPY 1,500 Class Y3D Units JPY 125,000,000
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon The Minimum Initial Subscription for Class X, Class X1,
(Irish time). Class X2, Class X3 Units is as follows:

Class H Units are being offered to investors at USD12.50 Class X Units USD 10,000,000
during the Initial Offer Period which has commenced and Class X1 Units Euro 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000
Class Y1 and Class Y2 Units are being offered to the
investors at Euro100 and STG100 respectively during the There is no Minimum Holding for Class X, Class X1, Class
Initial Offer Period which has commenced and will close on X2 or Class X3 Units.
25 September, 2009 at noon (Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in the Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X 2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100
and JPY 1,500 respectively during the Initial Offer Period Class C Units USD 250
which has commenced and will close on 25 September, Class C1 Units Euro 250
2009 at noon (Irish time). Class C2 Units STG 250
Class C3 Units JPY 30,000
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have Class H Units USD 250
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
All Classes of Units which have not already been issued Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
may be offered to the investors on such other dates as the Class X, Class X1, Class X2, or Class X3 Units.
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units 9. Dealing Day

84
The Dealing Day for the Sub-Fund is each Business Day. 11. Distributions

10. Management and Fund Charges In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
The Manager is entitled to receive an annual fee accrued Business Day of May and November of each year.
at each Dealing Day and payable monthly in arrears out of Distributions shall generally be declared out of the net
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: realised profits less realised losses and unrealised profits
less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30% Manager may declare a distribution once a year out of the
Class A3 Units 1.30% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class C Units 2.25% realised profits less realised losses and unrealised profits
Class C1 Units 2.25% less unrealised losses. The Manager may also declare
Class C2 Units 2.25% interim distributions on the same basis. Annual
Class C3 Units 2.25% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class H Units 4.00%
12. Currency of the Sub-Fund
Class Y Units 1.00%
Class Y1 Units 1.00% The Base Currency of the Sub-Fund is US Dollars.
Class Y2 Units 1.00%
Class Y3 Units 1.00% 13. Material Contracts

Class YD Units 1.00% (i) Investment Management Agreement dated 4

Class Y1D Units 1.00% March, 2005, between the Manager and AIG
Class Y3D Units 1.00% Investments Europe Ltd., as amended by a side
letter dated 13 December, 2005, pursuant to which
Class X Units 0% the latter was appointed as an investment manager
Class X1 Units 0% to the Sub-Fund. This agreement may be
Class X2 Units 0% terminated by either party on 90 days written
Class X3 Units 0% notice.

Class H Units are available for subscription by Latin (ii) Investment Management Agreement dated 4
American investors only and are subject to a higher March, 2005, between the Manager and AIG
management fee than other Unit Classes, this is due to Global Investment Corp., as amended by a side
market factors applicable to Latin American countries. letter dated 13 December, 2005, pursuant to which
the latter was appointed as an investment manager
With respect to Class A, Class A1, Class A2 and Class to the Sub-Fund. This agreement may be
A3 Units, a Unitholder servicing and maintenance fee will terminated by either party on 90 days written
be payable out of the assets of the Sub-Fund to the notice.
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units. Dated: 27 March, 2009
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

85
 SUPPLEMENT 6
AIG Emerging Markets Bond Fund
Supplement 6 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Emerging Markets Bond Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. Investment Manager
The Manager has appointed AIG Investments Europe Ltd.,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England, to act as investment manager to the
Sub-Fund. The Investment Manager has the responsibility
for the investment management, on a discretionary basis,
of the assets of the Sub-Fund.
The Investment Manager is authorised and regulated by
the United Kingdom Financial Services Authority in the
86
conduct of its investment business. The Investment
Manager is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008, it had responsibility for the
investment of assets exceeding US$71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve long-term, capital
appreciation through investment in bond issues issued
primarily by governments, their agencies, local authorities
and instrumentalities and corporate entities located in
emerging markets in Europe, Latin America, Asia, the
Middle East and Africa. Such securities may be
denominated in the local currency of any of the OECD
member countries or the local currency of the emerging
countries in which the Sub-Fund is permitted to invest as
per investment guidelines.
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in bond issues of issuers
domiciled in or exercising the predominant part of their
economic activities in global emerging markets, including
but not limited to, markets located in Emerging Europe, the
Middle East, Asia, Latin America and Africa. Of its total
assets the Sub-Fund may invest one-third in money
market instruments such as time deposits, convertible
bonds, or fixed or floating rate commercial paper, 25% in
convertibles and bonds with warrants attached and 10% in
equity and equity-related securities (excluding convertibles
and bonds with warrants attached), provided that these
investments in aggregate do not exceed one-third of the
Sub-Fund’s total assets.
The Sub-Fund's assets will be predominately invested in
government and/or corporate fixed and/or floating rate
bond issues which have a short term (maturity of less than
one year) debt rating of C by Standard and Poor’s, or
equivalent by Moody’s or other rating agency; and a
minimum long-term debt rating of C by Standard and
Poor’s, or equivalent by Moody’s or other rating agency.
Where no rating is available, the Manager, with the advice
of the Investment Manager, may assign its own rating,
which must be deemed the equivalent of C or better as
rated by Standard and Poor’s, or equivalent by Moody’s or
other rating agency. The Investment Manager may invest
in securities rated Selective Default by Standard and
Poor’s, or equivalent by another rating agency.

The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may also engage in forward foreign
exchange contracts, including non-deliverable forwards, for
investment purposes or for hedging purposes, to alter the
87
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the JP Morgan
Emerging Markets Bond Index Plus (EMBI+) (the "Index")
which tracks daily total returns for traded external debt
instruments in emerging markets. The instruments include
external-currency-denominated Brady bonds, loans and
Eurobonds, as well as U.S. dollar local market instruments.
The Investment Manager may consider that, where the
Sub-Fund 's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and include Emerging Markets Risk,
Below Investment Grade Debt Securities, Credit Risk
Financial Derivative Instruments, Fixed Income Securities,
Credit Default Swaps, Money Market Instrument Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
88
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
In addition, during such period as the Sub-Fund is
registered in Taiwan the following investment restriction
shall also apply:
• The Sub-Fund shall not carry out uncovered
sales of derivatives;
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40% of
the net asset value of the Sub-Fund; the total
value of the Sub-Fund’s open short positions in
derivatives may not exceed the total market
value in corresponding securities required to be
held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Unit Class Currency Hedging
In relation to Class A1H and Class Y1H Units only, it is the
intention of the Manager or it’s delegate to hedge the
currency exposure between Euro (the denominated
currency of Class A1H and Class Y1H Units) and US
Dollars (the Base Currency of the Sub-Fund). The
Manager or it’s delegate will seek to achieve this hedging
by using Financial Derivative Instruments, including but not
limited to currency options and forward currency exchange
contracts as set out, and within the conditions and limits
imposed, by IFSRA. The conditions in relation to the use
of such hedging strategies are described in the section
entitled "Operation of the Fund – Description of Units" on
page 26 of the Prospectus. Investors’ attention is also
drawn to the risks relating to the adoption of unit class
currency hedging strategies, which are described in the
paragraph entitled "Unit Currency Designation Risk" on
pages 24 and 25 of the Prospectus.
6. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Below Investment Grade Debt Securities: An
investment in high yield securities, or below investment
grade debt securities, meaning securities rated below
Baa3 by Moody’s or below BBB- by Standard and Poors,
sometimes referred to as "junk bonds", or low credit quality
securities involves a higher degree of risk than investment
in investment grade debt securities. Issuers of these
securities are often highly leveraged, so that their ability to
service debt obligations during an economic downturn may
be impaired. The lower ratings of securities reflect a
greater possibility of adverse changes in the financial
condition of the issuer, which may impair the ability of the
issuer to make payments of interest and principal. The risk
of loss due to default in payment of interest or principal by
such issuers is significantly greater than in the case of
investment grade securities because such securities
frequently are subordinated to the prior payment of senior
indebtedness. In the case of default or winding up of an
issuer of below investment grade securities, there is a
greater risk that the capital / assets of the issuer will be
insufficient to meet all of its liabilities and the holders of
below investment grade securities, (who rank as
89
unsecured creditors) could in such circumstances lose
their entire investment. An economic downturn or a period
of rising interest rates could adversely affect the market for
these securities and reduce the Sub-Fund’s ability to sell
these securities (liquidity risk).
The market for below investment grade rated securities
may be thinner and less active than that for higher quality
securities which can adversely affect the price at which
securities can be sold. To the extent that there is no
regular secondary market trading for certain lower rated
securities, the investment manager may experience
difficulty in valuing such securities and in turn the Sub-
Fund’s assets.
Credit Risk: There can be no assurance that the issuers
of securities or other instruments in which a Sub-Fund may
invest will not be subject to credit difficulties, leading to
either the downgrading of such securities or instruments,
or to the loss of some or all of the sums invested in such
securities or instruments or payments due on such
securities or instruments. Sub-Funds may also be exposed
to a credit risk in relation to the counterparties with whom
they transact or place margin or collateral in respect of
transactions in financial derivative instruments and may
bear the risk of counterparty default. When a Sub-Fund
invests in an security or other instrument which is
guaranteed by a bank or other type of financial institution
there can be no assurance that such guarantor will not
itself be subject to credit difficulties, which may lead to the
downgrading of such securities or instruments, or to the
loss of some or all of the sums invested in such securities
or instruments, or payments due on such securities or
instruments.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
90
Fund to experience loss equal to any unamortized
premium.
Credit Default Swaps: When the Sub-Fund is the buyer of
a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Money Market Instrument Risk: Investors should note
the difference between the nature of a deposit and the
nature of an investment in the Sub-Fund, in particular the
risk that the principal invested in the Sub-Fund is capable
of fluctuation and thus Unitholders may not have all of their
principle returned to them on redemption. In addition
investment in the Sub-Fund will not benefit from any
deposit protection scheme such as might be applicable to
an investment in a bank deposit.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
7. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A1H Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen respectively during the Initial Offer Period which has
Class AD Units denominated in US Dollars commenced and will close on 25 September, 2009 at noon
(Irish time).
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro Class Y1H Units are being offered to the investors at
Class C2 Units denominated in Sterling Euro100 during the Initial Offer Period which has
Class C3 Units denominated in Japanese Yen commenced and will close on 25 September, 2009 at noon
(Irish time).
Class H Units denominated in US Dollars
Class X, Class X1, Class X2 and Class X3 Units are being
Class JD Units denominated in US Dollars offered to the investors at USD100, Euro100, STG100
Class J3D Units denominated in Japanese Yen and JPY 1,500 respectively during the Initial Offer Period
which has commenced and will close on 25 September,
Class Y Units denominated in US Dollars 2009 at noon (Irish time).
Class Y1 Units denominated in Euro
Class Y1H Units denominated in Euro Subscriptions for Class JD and J3D Units will only be
Class Y2 Units denominated in Sterling accepted for investors who are fund of funds type
Class Y3 Units denominated in Japanese Yen Japanese investment trusts organised under the Law
Concerning Investment Trusts and Investment
Class YD Units denominated in US Dollars Corporations of Japan which are managed by the
Class Y1D Units denominated in Euro Investment Manager or other investment trust companies
Class Y3D Units denominated in Japanese Yen registered under the Financial Instruments and Exchange
Act of Japan.
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro Subscriptions for Class X, Class X1, Class X2 or Class X3
Class X2 Units denominated in Sterling Units will only be accepted from investors who have
Class X3 Units denominated in Japanese Yen entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
Class A and Class Y Units are currently in issue and are
available for subscription at the Net Asset Value. All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Class A1, Class A2, Class A3 and Class AD Units are Manager may at its discretion, and with the consent of the
being offered to the investors at Euro12.50, STG12.50, Trustee, determine and notify to IFSRA. Thereafter, Units
JPY 1,500 and USD12.50 respectively during the Initial shall be issued at the Net Asset Value per Unit of the
Offer Period which has commenced and will close on 25 relevant Class.
September, 2009 at noon (Irish time).
8. Minimum Initial Subscription, Minimum
Class A1H Units are being offered to the investors at Holding, Minimum Subsequent Subscription
Euro12.50 during the Initial Offer Period which has and Minimum Redemption Requirements
commenced and will close on 25 September, 2009 at noon
(Irish time). The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
Class C, Class C1, Class C2 and Class C3 Units are being follows:
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY 1,500 respectively during the Initial Class A Units USD 1,000
Offer Period which has commenced and will close on 25 Class A1 Units Euro 1,000
September, 2009 at noon (Irish time). Class A1H Units Euro 1,000
Class A2 Units STG 1,000
Class H Units are being offered to investors at USD12.50 Class A3 Units JPY 125,000
during the Initial Offer Period which has commenced and Class AD Units USD 1,000
will close on 25 September, 2009 at noon (Irish time).
Class C Units USD 1,000
Class JD Units and Class J3D Units are being offered to Class C1 Units Euro 1,000
investors at USD 100 and JPY 1,500 respectively during Class C2 Units STG 1,000
the Initial Offer Period which has commenced and will Class C3 Units JPY 125,000
close on 25 September, 2009 at noon (Irish time).
Class H Units USD 1,000
Class Y1, Class Y2 and Class Y3 Units are being offered
to the investors at Euro100, STG100 and JPY 1,500 Class JD Units USD 1,000,000
respectively during the Initial Offer Period which has Class J3D Units JPY 125,000,000
commenced and will close on 25 September, 2009 at noon
(Irish time). Class Y Units USD 1,000,000
Class Y1 Units Euro 1,000,000
Class YD, Class Y1D and Class Y3D Units are being Class Y1H Units Euro 1,000,000
offered to investors at USD100, Euro100 and JPY1,500 Class Y2 Units STG 1,000,000

91
Class Y3 Units JPY 125,000,000 Class H Units 4.00%

Class YD Units USD 1,000,000 Class JD Units 0.50%

Class Y1D Units Euro 1,000,000 Class J3D units 0.50%
Class Y3D Units JPY 125,000,000
Class Y Units 0.75%
The Minimum Initial Subscription for Class X, Class X1, Class Y1 Units 0.75%
Class X2, Class X3 Units is as follows: Class Y1H Units 0.75%
Class Y2 Units 0.75%
Class X Units USD 10,000,000 Class Y3 Units 0.75%
Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000 Class YD Units 0.75%
Class X3 Units JPY 1,250,000,000 Class Y1D Units 0.75%
Class Y3D Units 0.75%
There is no Minimum Holding for Class X, Class X1, Class
X2 or Class X3 Units. Class X Units 0%
Class X1 Units 0%
The Minimum Subsequent Subscription and Minimum Class X2 Units 0%
Redemption applicable to each Class of Unit in the Sub- Class X3 Units 0%
Fund is as follows:
Class H Units are available for subscription by Latin
Class A Units USD 250 American investors only and are subject to a higher
Class A1 Units Euro 250 management fee than other Unit Classes, this is due to
Class A1H Units Euro 250 market factors applicable to Latin American countries.
Class A2 Units STG 250
Class A3 Units JPY 30,000 With respect to Class A, Class A1, Class A1H, Class A2,
Class AD Units USD 250 Class A3 and Class AD Units, a Unitholder servicing and
maintenance fee will be payable out of the assets of the
Class C Units USD 250 Sub-Fund to the Manager at a rate of up to 0.50% of the
Class C1 Units Euro 250 Net Asset Value of the Sub-Fund attributable to these
Class C2 Units STG 250 Classes of Units. With respect to Class X, Class X1,
Class C3 Units JPY 30,000 Class X2 and Class X3 Units, a Unitholder servicing and
maintenance fee will be payable out of the assets of the
Class H Units USD 250 Sub-Fund to the Manager at a rate of up to 0.10% of the
Net Asset Value of the Sub-Fund attributable to these
There are no Minimum Subsequent Subscription or Classes of Units. The Unitholder servicing and
Minimum Redemption amounts for the Class JD, Class maintenance fee is accrued at each Dealing Day and is
J3D, Class Y, Class Y1, Class Y1H, Class Y2, Class Y3, payable monthly in arrears.
Class YD, Class Y1D, Class Y3D, Class X, Class X1,
Class X2, or Class X3 Units. For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
9. Dealing Day each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
The Dealing Day for the Sub-Fund is each Business Day. Asset Value of the Sub-Fund attributable to the relevant
class of Units.
10. Management and Fund Charges
Details of any other fees and charges relating to the Sub-
The Manager is entitled to receive an annual fee accrued Fund are contained in the section headed "Management
at each Dealing Day and payable monthly in arrears out of and Fund Charges" in the main body of the Prospectus.
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated 11. Currency of the Sub-Fund
below:
The Base Currency of the Sub-Fund is US Dollars.
Class A Units 1.30%
Class A1 Units 1.30% 12. Distributions
Class A1H Units 1.30%
Class A2 Units 1.30% In relation to the Class AD Units, the Manager intends to
Class A3 Units 1.30% declare a distribution on the last Business Day of each
Class AD Units 1.30% month. Distributions shall generally be declared out of the
net income (whether in the form of dividends, interest or
Class C Units 2.25% otherwise) available for distribution by the Sub-Fund and
Class C1 Units 2.25% realised profits less realised losses and unrealised profits
Class C2 Units 2.25% less unrealised losses.
Class C3 Units 2.25%
In relation to Class JD, J3D, YD, Y1D, and Y3D Units, the

92
Manager intends to declare a distribution on the last
Business Day of February and August of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of the other classes of Units the Manager may

declare a distribution once a year out of the net income
(whether in the form of dividends, interest or otherwise)
available for distribution by the Sub-Fund and realised
profits less realised losses and unrealised profits less
unrealised losses. The Manager may also declare interim
distributions on the same basis. Annual distributions (if
declared) will be declared and paid on or before 30 June in
each year.

13. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Investments Europe Ltd., as amended by a side
letter dated 13 December, 2005, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.

Dated: 27 March, 2009

93
 SUPPLEMENT 7
AIG Emerging Markets Local Currency Bond Fund
Supplement 7 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Emerging Markets Local Currency Bond Fund (the
"Sub-Fund"), a sub-fund of AIG Global Funds (the "Fund")
an open-ended umbrella unit trust authorised by IFSRA
pursuant to the provisions of the European Communities
(Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003, as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the sub-fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors. The Sub-Fund
may invest in financial derivative instruments for
investment purposes as specified in this Supplement.
1. The Investment Manager
The Manager has appointed AIG Investments Europe Ltd.,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England, to act as investment manager to the
Sub-Fund (the "Investment Manager"). The Investment
Manager has the responsibility for the investment
management on a discretionary basis of the assets of the
Sub-Fund.
The Investment Manager is authorised and regulated in
the United Kingdom by the Financial Services Authority in
the conduct of its investment business. The Investment
Manager is a London based investment management
94
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund’s investment objective is to seek a high
level of total return and income consistent with
conservation of capital through investment of not less than
two thirds of the Sub-Fund’s total net assets in local
currency fixed instruments issued by sovereign or quasi-
sovereign or corporate entities located in regions including,
but not limited to, Latin America, Emerging Europe, Asia,
Middle East, Africa and Russia.
3. Investment Policy
Under normal circumstances, the Sub-Fund will invest at
least 80% of its assets in fixed income instruments, such
as bonds or credit linked notes, which are denominated in
local emerging markets currencies or directly in emerging
market currencies.
The Sub-Fund's assets will be predominantly invested in
sovereign or quasi-sovereign and/or corporate entities
fixed and/or floating rate bond issues which have a short
term (maturity of less than one year) debt rating of C by
Standard and Poor's, or equivalent by Moody's or other
rating agency and a minimum long-term debt rating of C by
Standard and Poor's, or equivalent by Moody's or other
rating agency. Where no rating is available, the Manager,
with the advice of the Investment Manager, may assign its
own rating, which must be deemed the equivalent of C or
better as rated by Standard and Poor's, or equivalent by
Moody's or other rating agency. The Investment Manager
may invest in securities rated Selective Default by
Standard and Poor's, or equivalent by another rating
agency.
The Sub-Fund may also invest in collateralised debt
obligations, credit linked notes, or derivatives such as
options, futures contracts, and credit default swaps.
Under normal market conditions, the Sub-Fund will
maintain exposure to at least 6 emerging markets for
diversification purposes. The Sub-Fund may invest no
more than 20% of its net assets in a single emerging
market as at the time of purchase.
The Sub-Fund may invest in locally listed Russian bonds
although no more than 20% of Net Asset Value will be
invested in locally listed Russian bonds at any one time
and investment will only be made in bonds that are
listed/traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
In general, the Sub-Fund will not hedge its exposure to
movements in exchange rates between the base currency
and the local currencies of the invested assets. However,
for US$ denominated Unit classes, the Sub-Fund’s
investments may be hedged back into US$ for example, in
circumstances where there is market volatility or where the
Investment Manager considers that it is prudent to hedge
against currency risk
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
95
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par value
of the underlying security unless the referenced credit
defaults or declares bankruptcy, in which case the investor
receives an amount equal to the recovery rate.
The Sub-Fund may also engage in forward foreign
exchange contracts, including non deliverable forwards, for
investment purposes or for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The performance of the Sub-Fund will be measured
against the JP Morgan Government Bond Index Emerging
Markets (GBI-EM) Diversified Index (the "Index"). The
Index is a local emerging markets debt benchmark that
tracks local currency government bonds issued by
emerging markets. The Investment Manager may consider
that, where the Sub-Fund's portfolio make up is different to
that of the Index, it is necessary or desirable to replicate
the currency exposure of the Index and therefore the
Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
96
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and include Emerging Markets Risk,
Financial Derivative Instruments, Fixed Income Securities,
Credit Default Swaps, Political & Economic Risk: Russia
and Volatility Risk. These risk factors may not be a
complete list of all risk factors associated with an
investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
In addition, during such period as the Sub-Fund is
registered in Taiwan the following investment restriction
shall also apply:
• The Sub-Fund shall not carry out uncovered
sales of derivatives;
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40% of
the net asset value of the Sub-Fund; the total
value of the Sub-Fund’s open short positions in
derivatives may not exceed the total market
value in corresponding securities required to be
held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
97
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Credit Default Swaps: When the Sub-Fund is the buyer of
a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Political and Economic Risk: Russia: There are
significant risks inherent in investing in Russia. There is no
history of stability in the Russian market and no guarantee
of future stability. The economic infrastructure of Russia is
poor and the country maintains a high level of external and
internal debt. Tax regulations are ambiguous and unclear
and there is a risk of imposition of arbitrary or onerous
taxes. Banks and other financial systems are not well
developed or regulated and as a result tend to be untested
and have low credit ratings. Bankruptcy and insolvency are
a commonplace feature of the business environment.
Foreign investment is affected by restrictions in terms of
repatriation and convertibility of currency. Regulations
governing securities investment may not exist or may be
applied in an arbitrary and inconsistent manner. Foreign
investors cannot be guaranteed redress in a court of law
for breach of local laws, regulations or contracts.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
98
6. Application for Units
The following classes of Units currently are or may be
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class AD Units denominated in US Dollars
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class JD Units denominated in US Dollars
Class J3D Units denominated in Japanese Yen
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class Y, Class Y3D and Class J3D are currently in issue
and are available for subscription at the Net Asset Value
per Unit of the relevant Class.
Class A, Class A1, Class A2, Class A3 and Class AD Units
are being offered to the investors at USD 12.50, Euro
12.50, STG 12.50, JPY 1,500 and USD 12.50 respectively
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro 12.50, STG
12.50 and JPY 1,500 respectively during the Initial Offer
Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class Y1, Class Y2, Class Y3, Class YD are being offered
to the investors at Euro100, STG100, JPY 1,500 and USD
100 respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class JD Units are being offered to investors at USD 100
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. Class JD Units USD 1,000,000
Class J3D Units JPY 125, 000,000
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the Class Y Units USD 1,000,000
Manager may determine and notify to IFSRA. Thereafter, Class Y1 Units Euro 1,000,000
Units shall be issued at the Net Asset Value per Unit of the Class Y2 Units STG 1,000,000
relevant Class. Class Y3 Units JPY 125,000,000
Class YD Units USD 1,000,000
Subscriptions for Class JD and J3D Units will only be Class Y3D Units JPY 125,000,000
accepted for investors who are fund of funds type
Japanese investment trusts organized under the Law There is no Minimum Holding for Class X, Class X1, Class
Concerning Investment Trusts and Investments X2 or Class X3 Units.
Corporations of Japan which are managed by the
Investment Manager or other investment trust companies The Minimum Subsequent Subscription and Minimum
registered under the Financial Instruments and Exchange Redemption applicable to each Class of Unit in the Sub-
Act of Japan. Fund is as follows:

7. Minimum Initial Subscription, Minimum Class A Units USD 250

Holding, Minimum Subsequent Subscription Class A1 Units Euro 250
and Minimum Redemption Requirements Class A2 Units STG 250
Class A3 Units JPY 30,000
The Minimum Initial Subscription applicable to each Class Class AD Units USD 250
of Unit in the Sub-Fund is as follows:
Class C Units USD 250
Class A Units USD 1,000 Class C1 Units Euro 250
Class A1 Units Euro 1,000 Class C2 Units STG 250
Class A2 Units STG 1,000 Class C3 Units JPY 30,000
Class A3 Units JPY 125,000
Class AD Units USD 1,000 There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
Class C Units USD 1,000 Class Y2, Class Y3, Class YD, Class Y3D, Class JD,
Class C1 Units Euro 1,000 Class J3D, Class X, Class X1, Class X2 or Class X3.
Class C2 Units STG 1,000
Class C3 Units JPY 125,000 8. Management and Fund Charges

Class JD Units USD 1,000,000 The Manager is entitled to receive an annual fee accrued
Class J3D Units JPY 125,000,000 at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
Class Y Units USD 1,000,000 each Class of Unit in the Sub-Fund at the rates stated
Class Y1 Units Euro 1,000,000 below:
Class Y2 Units STG 1,000,000
Class Y3 Units JPY 125,000,000 Class A Units 1.50%
Class YD Units USD 1,000,000 Class A1 Units 1.50%
Class Y3D Units JPY 125,000,000 Class A2 Units 1.50%
Class A3 Units 1.50%
Class AD Units 1.50%
Class X Units USD 10,000,000
Class X1 Units Euro 10,000,000 Class C Units 2.25%
Class X2 Units STG 10,000,000 Class C1 Units 2.25%
Class X3 Units JPY 1,250,000,000 Class C2 Units 2.25%
Class C3 Units 2.25%
The Minimum Holding applicable to each Class of Unit in
the Sub-Fund is as follows: Class JD Units 0.50%
Class J3D Units 0.50%
Class A Units USD 1,000
Class A1 Units Euro 1,000 Class Y Units 1.00%
Class A2 Units STG 1,000 Class Y1 Units 1.00%
Class A3 Units JPY 125,000 Class Y2 Units 1.00%
Class AD Units USD 1,000 Class Y3 Units 1.00%
Class YD Units 1.00%
Class C Units USD 1,000 Class Y3D Units 1.00%
Class C1 Units Euro 1,000
Class C2 Units STG 1,000 Class X Units 0%
Class C3 Units JPY 125,000 Class X1 Units 0%

99
Class X2 Units 0% distributions (if declared) will be declared and paid on or
Class X3 Units 0% before 30 June in each year.

With respect to Class A, Class A1, Class A2, Class A3
and Class AD Units, a Unitholder servicing and
maintenance fee will be payable out of the assets of the
Sub-Fund to the Manager at a rate of up to 0.50% of the
Net Asset Value of the Sub-Fund attributable to these
Classes of Units. With respect to Class X, Class X1,
Class X2 and Class X3 Units, a Unitholder servicing and
maintenance fee will be payable out of the assets of the
Sub-Fund to the Manager at a rate of up to 0.10% of the
Net Asset Value of the Sub-Fund attributable to these
Classes of Units. The Unitholder servicing and
maintenance fee is accrued at each Dealing Day and is
payable monthly in arrears.
For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.
10. Dealing Day
The Dealing Day for the Sub-Fund is each Business Day.
11. Currency of the Sub-Fund
The Base Currency of the Sub-Fund is US Dollars.
12. Material Contracts
(i) Investment Management Agreement dated
4 March, 2005 between the Manager and AIG
Investments Europe Ltd. as amended by side letter
dated 27 November, 2006 pursuant to which the
latter was appointed as investment manager to the
Sub-Fund. This agreement may be terminated by
either party on 90 days written notice.
Dated: 27 March, 2009

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately
€10,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will, in accordance with
standard accounting practice, be amortised over a twelve-
month period from the date on which the Sub-Fund
commenced business.

9. Distributions

In relation to the Class JD, J3D, YD and Y3D Units, the

Manager intends to declare a distribution on the last day of
February, May, August and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividend, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In relation to Class AD Units, the Manager intends to

declare a distribution on the last Business Day of each
month. Distributions shall generally be declared out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect all other Unit Classes of the Sub-Fund, the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual

100
 SUPPLEMENT 8
AIG Europe Focus Equity Fund
Supplement 8 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Europe Focus Equity Fund (the "Sub-Fund"), a sub-
fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA on 4 March, 2005,
pursuant to the provisions of the European Communities
(Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003 (S.I. No. 211 of 2003), as
amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. The Investment Manager
The Manager has appointed AIG Investments Europe Ltd,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England to act as investment manager to the
Sub-Fund. The Investment Manager has the responsibility
for the investment management, on a discretionary basis,
of the assets of the Sub-Fund.
The Investment Manager is authorised and regulated by
the United Kingdom Financial Services Authority in the
conduct of its investment business. The investment
Manager is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
101
investment of assets exceeding US$71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US$ 676.9 billion, of which
approximately US$565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund will be managed to provide investors with
long-term capital appreciation through investment in a
concentrated portfolio of high conviction equity and equity-
related securities (stocks that the Investment Manager
strongly believes are attractively valued and will
appreciate) of European companies i.e. companies
incorporated in Europe or companies whose majority
assets, products or operations are in Europe. Up to 10% of
the value of the Sub-Fund may be invested in other
companies which are listed on a European Recognised
Exchange.
3. Investment Policy
The Sub-Fund's investment in European equity securities
and equity-related securities will consist primarily of
securities listed on Recognised Exchanges.
Under normal market conditions, a majority of the Sub-
Fund's total assets will be invested in equity and equity-
related securities of companies whose shares are listed on
Recognised Exchanges of EU Member States, with the
remainder generally being invested in equity and equity-
related securities traded on other Recognised Exchanges
and markets in Europe as set out in Appendix II.
The Sub-Fund's investments may be allocated across any
of the European equity markets (including emerging
European equity markets being predominantly Russia and
the European accession states).
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed / traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
Under certain circumstances, such as merger, acquisition
or share exchange activity involving a European company,
the Sub-Fund may hold the stocks of non-European
companies.
The Sub-Fund will employ an investment strategy that is
flexible in order to meet rapidly changing market conditions
and the investment environment. The Sub-Fund will not
pursue trading of securities for short-term capital gain.
However, such short term profit may occur as a result of
changes in economic and market conditions as well as
changes in corporate fundamentals.
The Sub-Fund’s assets will be invested in a concentrated
portfolio of equity and equity-related securities of listed
companies of all capitalisations, for which the Investment
Manager has a high level of conviction. It is anticipated
that the majority of the Sub-Fund's assets will be invested
in equity and equity-related securities of large, well
established companies with the rest being invested in
equity and equity-related securities of smaller companies
that are deemed attractive for capital appreciation.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates, each of
which may assist in achieving the investment objective of
the Sub-Fund. Where utilised, LEPO's, OPALS and
PERLES will be listed or traded on one or more of the
stock exchanges or recognised markets on which the Sub-
Fund is permitted to invest, as set out in Appendix II to the
Prospectus. These instruments shall in each case
comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
102
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
During certain market conditions as the Investment
Manager considers appropriate the Sub-Fund may hold up
to 35% of its net assets in cash or cash-equivalent
instruments such as treasury bills, commercial paper, or
certificates of deposit.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may invest in equity index futures, and
forwards, options, swaps or contracts for difference for
cash management and cash equitisation purposes, or as
an alternative to acquiring the underlying securities where
the Investment Manager considers such investment may
be accomplished in a more efficient or less costly way
through the use of derivatives. Forwards, options and
swaps which the Sub-Fund invests in will derive their value
from an equity index. Investment in financial derivative
instruments may be used to maintain or manage exposure
to the market for short periods (typically less than one
month but in any event not exceeding six months), while
the Investment Manager identifies appropriate high
conviction equity and equity related securities in which to
invest, or alternatively, to manage the cash flows from
subscriptions and redemptions into and out of the Sub-
Fund more efficiently than by buying and selling
transferable securities. The Sub-Fund will not be leveraged
as a result of investment in any of these derivative
instruments.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI Europe Daily
Total Return Net Index (the "Index"). The Index is a free
float-adjusted market capitalization index that is designed
to measure developed market equity performance in
European countries. The Investment Manager may
consider that, where the Sub-Fund's portfolio make up is
different to that of the Index, it is necessary or desirable to
replicate the currency exposure of the Index and therefore
the Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
103
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk
characteristics of the investments.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and include Emerging Markets Risk,
Financial Derivative Instruments, Political and Economic
Risk: Russia and Volatility Risk. These risk factors may not
be a complete list of all risk factors associated with an
investment in the Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
104
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform, and property
rights), the economy's heavy reliance on oil, unfavourable
political developments and/or government policies, and
other economic issues. Whilst the Sub-Fund may invest to
a limited extent in Russian equities traded on the MICEX
and RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
(Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to the investors at USD100, Euro100 and
JPY1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may determine and notify to IFSRA. Thereafter,
Units shall be issued at the Net Asset Value per Unit of the
relevant Class.

Class H Units denominated in US Dollars 6. Minimum Initial Subscription, Minimum

Holding, Minimum Subsequent Subscription
Class Y Units denominated in US Dollars and Minimum Redemption Requirements
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling The Minimum Initial Subscription and Minimum Holding
Class Y3 Units denominated in Japanese Yen applicable to each Class of Unit in the Sub-Fund is as
follows:
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro Class A Units USD 1,000
Class Y3D Units denominated in Japanese Yen Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class X Units denominated in US Dollars Class A3 Units JPY 125,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling Class C Units USD 1,000
Class X3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A1 and Class Y1 Units are currently in issue and are Class C3 Units JPY 125,000
available for subscription at the Net Asset Value per Unit of
the relevant Class. Class H Units USD 1,000

Class A, Class A2 and Class A3 Units are being offered to Class Y Units USD 1,000,000
the investors at USD12.50, STG12.50 and JPY1,500 Class Y1 Units Euro 1,000,000
respectively during the Initial Offer Period which has Class Y2 Units STG 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y3 Units JPY 125,000,000
(Irish time).
Class YD Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y1D Units Euro 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y3D Units JPY 125,000,000
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25 The Minimum Initial Subscription for Class X, Class X1,
September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows:

Class H is being offered to the investors at USD12.50 Class X Units USD 10,000,000
during the Initial Offer Period which has commenced and Class X1 Units Euro 10,000,000
will close 25 September, 2009 at noon (Irish time). Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000
Class Y, Class Y2 and Class Y3 Units are being offered to
the investors at USD100, STG100 and JPY1,500 There is no Minimum Holding for Class X, Class X1, Class
respectively during the Initial Offer Period which has X2 or Class X3 Units.
commenced and will close on 25 September, 2009 at noon

105
The Minimum Subsequent Subscription and Minimum Unitholder servicing and maintenance fee is accrued at
Redemption applicable to each Class of Unit in the Sub- each Dealing Day and is payable monthly in arrears.
Fund is as follows:
For all other classes of Units a Unitholder servicing and
Class A Units USD 250 maintenance fee not exceeding 1% per annum accrued at
Class A1 Units Euro 250 each Dealing Day and payable monthly in arrears may, at
Class A2 Units STG 250 the discretion of the Manager, be payable out of the Net
Class A3 Units JPY 30,000 Asset Value of the Sub-Fund attributable to the relevant
class of Units.
Class C Units USD 250
Class C1 Units Euro 250 The costs and expenses of establishing the Sub-Fund and
Class C2 Units STG 250 the expenses associated with the issue of Units, including
Class C3 Units JPY 30,000 the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
Class H Units USD 250 costs, which are estimated to amount to approximately
€20,000, will be paid out of the assets of the Sub-Fund.
There are no Minimum Subsequent Subscription or These costs and expenses will be amortised over a three
Minimum Redemption amounts for the Class Y, Class Y1, year period in accordance with standard accounting
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D, practice.
Class X, Class X1, Class X2, or Class X3 Units.
Details of any other fees and charges relating to the Sub-
7. Management and Fund Charges Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of 8. Distributions
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated In relation to Class YD, Class Y1D and Class Y3D Units,
below: the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Class A Units 1.80% Distributions shall generally be declared out of the net
Class A1 Units 1.80% income (whether in the form of dividends, interest or
Class A2 Units 1.80% otherwise) available for distribution by the Sub-Fund and
Class A3 Units 1.80% realised profits less realised losses and unrealised profits
less unrealised losses.
Class C Units 2.25%
Class C1 Units 2.25% In respect of all other Unit Classes of the Sub-Fund, the
Class C2 Units 2.25% Manager may declare a distribution once a year out of the
Class C3 Units 2.25% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class H Units 4.00% the realised profits less realised losses and unrealised
profits less unrealised losses. The Manager may also
Class Y Units 1.00% declare interim distributions on the same basis. Annual
Class Y1 Units 1.00% distributions (if declared) will be declared and paid on or
Class Y2 Units 1.00% before 30 June in each year.
Class Y3 Units 1.00%
9. Dealing Day
Class YD Units 1.00%
Class Y1D Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.
Class Y3D Units 1.00%
10. Currency of the Sub-Fund
Class X Units 0%
Class X1 Units 0% The Base Currency of the Sub-Fund is Euro
Class X2 Units 0%
Class X3 Units 0% 11. Material Contracts

Class H Units are available for subscription by Latin
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.
With respect to Class X, Class X1, Class X2 and Class X3
Units, a Unitholder servicing and maintenance fee will be
payable out of the assets of the Sub-Fund to the Manager
at a rate of up to 0.10% of the Net Asset Value of the Sub-
Fund attributable to these Classes of Units. The
(i) Investment Management Agreement dated 4
March, 2005 between the Manager and AIG
Investments Europe Limited as amended by a side
letter dated 11 December 2007, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.
Dated: 27 March, 2009

106
 SUPPLEMENT 9
AIG Europe Fund
Supplement 9 to the Prospectus dated 27 March, 2009
for AIG Global Funds
This Supplement contains specific information in relation to
AIG Europe Fund (the "Sub-Fund"), a sub-fund of AIG
Global Funds (the "Fund") an open-ended umbrella unit
trust authorised by IFSRA pursuant to the provisions of the
European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended .
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. The Investment Manager
The Manager has appointed AIG Investments Europe Ltd.,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England to act as investment manager to the
Sub-Fund. The Investment Manager has the responsibility
for the investment management, on a discretionary basis,
of the assets of the Sub-Fund.
The Investment Manager is authorised and regulated by
the United Kingdom Financial Services Authority in the
conduct of its investment business. The investment
Manager is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$71.98 billion, which
107
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve a superior rate of return
by making equity and equity-related investments in
companies whose assets, products or operations are
located in Europe. Up to 10% of the value of the Sub-Fund
may be invested in other companies which are listed on a
European Recognised Exchange.
3. Investment Policy
The Sub-Fund's investments may be allocated across any
of the European equity markets but will principally be
allocated across equity markets of the United Kingdom,
Germany, France, Switzerland, the Netherlands, Italy,
Sweden, Norway, Finland, Denmark, Spain and others
(including Emerging European equity markets being
predominantly Russia and the European accession
States).
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed / traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
To facilitate movements in country and sector weightings,
the majority of investments within the Sub-Fund will be in
large well established companies. The remainder of the
Sub-Fund will be invested in smaller companies, which the
Investment Manager believes offer superior long-term
growth opportunities.
The Sub-Fund will be actively managed with an investment
horizon of approximately one year. Investments will be
selected considering both the potential for capital
appreciation and income. The Sub-Fund will be managed
so as to be fully invested, other than during periods where
the Investment Manager believes a larger cash position is
warranted.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
108
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI Europe Daily
Total Return Net Index (the "Index"). The Index is a free
float-adjusted market capitalization index that is designed
to measure developed market equity performance in
European countries. The Investment Manager may
consider that, where the Sub-Fund's portfolio make up is
different to that of the Index, it is necessary or desirable to
replicate the currency exposure of the Index and therefore
the Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and include Emerging Markets Risk,
Political and Economic Risk: Russia and Volatility Risk.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
109
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform, and property
rights), the economy's heavy reliance on oil, unfavourable
political developments and/or government policies, and
other economic issues. Whilst the Sub-Fund may invest to
a limited extent in Russian equities traded on the MICEX
and RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
110
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class L Units denominated in US Dollars
Class A, Class L and Class Y Units are currently in issue
and are available for subscription at the Net Asset Value.
Class A1, Class A2, and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y1, Class Y2 and Class Y3 Units are being offered
to the investors at Euro100, STG100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time). Fund are as follows:

Class X, Class X1, Class X2 and Class X3 Units are being Class A Units USD 250
offered to the investors at USD100, Euro100, STG100 and Class A1 Units Euro 250
JPY 1,500 respectively during the Initial Offer Period which Class A2 Units STG 250
has commenced and will close on 25 September, 2009 at Class A3 Units JPY 30,000
noon (Irish time).
Class C Units USD 250
Subscriptions for Class X, Class X1, Class X2 or Class X3 Class C1 Units Euro 250
Units will only be accepted from investors who have Class C2 Units STG 250
entered into a separate arrangement (legal agreement) Class C3 Units JPY 30,000
with the Manager or its delegate.
Class H Units USD 250
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the There is no Minimum Subsequent Subscription or
Manager may at its discretion, and with the consent of the Minimum Redemption amounts for the Class Y, Class Y1,
Trustee, determine and notify to IFSRA. Thereafter, Units Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
shall be issued at the Net Asset Value per Unit of the Class X, Class X1, Class X2, Class X3 or Class L Units.
relevant Class.
8. Management and Fund Charges
7. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription The Manager is entitled to receive an annual fee accrued
and Minimum Redemption Requirements at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
The Minimum Initial Subscription and Minimum Holding each Class of Unit in the Sub-Fund at the rates stated
applicable to each Class of Unit in the Sub-Fund is as below:
follows:
Class A Units 1.30%
Class A Units USD 1,000 Class A1 Units 1.30%
Class A1 Units Euro 1,000 Class A2 Units 1.30%
Class A2 Units STG 1,000 Class A3 Units 1.30%
Class A3 Units JPY 125,000
Class C Units 2.25%
Class C Units USD 1,000 Class C1 Units 2.25%
Class C1 Units Euro 1,000 Class C2 Units 2.25%
Class C2 Units STG 1,000 Class C3 Units 2.25%
Class C3 Units JPY 125,000
Class H Units 4.00%
Class H Units USD 1,000
Class Y Units 1.00%
Class Y Units USD 1,000,000 Class Y1 Units 1.00%
Class Y1 Units Euro 1,000,000 Class Y2 Units 1.00%
Class Y2 Units STG 1,000,000 Class Y3 Units 1.00%
Class Y3 Units JPY 125,000,000
Class YD Units 1.00%
Class YD Units USD 1,000,000 Class Y1D Units 1.00%
Class Y1D Units Euro 1,000,000 Class Y3D Units 1.00%
Class Y3D Units JPY 125,000,000
Class X Units 0%
The Minimum Initial Subscription for Class X, Class X1, Class X1 Units 0%
Class X2, Class X3 Units is as follows: Class X2 Units 0%
Class X3 Units 0%
Class X Units USD 10,000,000
Class X1 Units Euro 10,000,000 Class L Units 1.25%
Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000 Class H Units are available for subscription by Latin
American investors only and are subject to a higher
There is no Minimum Holding for Class X, Class X1, Class management fee than other Unit Classes, this is due to
X2 or Class X3 Units. market factors applicable to Latin American countries.

There is no Minimum Initial Subscription or Minimum
Holding for Class L Units.
The Minimum Subsequent Subscription and Minimum
Redemption applicable to each Class of Unit in the Sub-
With respect to Class A, Class A1, Class A2 and Class
A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.

111
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

9. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

10. Dealing Day

The Dealing Day for the Sub-Fund is each Business Day.

11. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

12. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Investments Europe Ltd. pursuant to which AIG
Investments Europe Ltd. was appointed as
investment manager to the Sub-Fund. This
agreement may be terminated by either party
thereto on 90 days written notice.

Dated: 27 March, 2009

112
 SUPPLEMENT 10
AIG Europe Large Cap Research Enhanced Fund
Supplement 10 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Europe Large Cap Research Enhanced Fund (the
"Sub-Fund"), a sub-fund of AIG Global Funds (the "Fund")
an open-ended umbrella unit trust authorised by IFSRA on
4 March, 2005, pursuant to the provisions of the European
Communities (Undertakings for Collective Investment in
Transferable Securities) Regulations, 2003, as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008 the Investment Manager
had responsibility for the investment of assets exceeding
approximately USD 411.4 billion.
113
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world.
As at 30 September, 2008 AIG Investments member
companies had responsibility for the investment of
approximately USD 676.9 billion, of which USD 565.4
billion relates to AIG affiliated assets, including those
managed by joint ventures, but do not include assets sub-
advised to third party managers.
2. Investment Objective
The investment objective of the Sub-Fund is to attain long
term growth of capital by means of a diversified portfolio
through investment in equity and equity-related securities
of companies, at least 90% of which have assets, products
or operations based in Europe or are included in the MSCI
Europe Index. Up to 10% of the value of the Sub-Fund
may be invested in other companies which have a
European Recognised Exchange listing.
3. Investment Policy
At least two-thirds of the Sub-Fund’s total assets will be
invested in equities and equity-related securities of issuers
included in the MSCI Europe Index, domiciled in or
exercising the predominant part of their commercial
activities in Europe.
The Sub-Fund may also invest in other transferable
securities such as equities and equity-related securities.
Such investments must be in accordance with the
investment objective, investment policy and investment
restrictions of the Sub-Fund.
Portfolio selection will adhere to an optimisation process
that favours stocks ranked highly through the Investment
Manager's growth categorisation process and then
configures those into a portfolio in a manner to very tightly
control the portfolio’s tracking error to the MSCI Europe
Index.
The MSCI Europe Index is a capitalisation weighted index
of companies listed in Austria, Belgium, Denmark, Finland,
France, Germany, Greece, Ireland, Italy, Netherlands,
Norway, Portugal, Spain, Sweden, Switzerland and United
Kingdom and is designed to broadly and fairly represent
the full diversity of business activities in those markets with
an aim to capture 85% of the free float adjusted market
capitalization in each industry group and in each country.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situations.
Distinct quantitative criteria are used for buy and sell
decisions depending upon the growth classification.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
share index notes and participation receipts / participation
certificates, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or markets in which
the Sub-Fund is permitted to invest, as set out in Appendix
II of the Prospectus. These instruments shall in each case
comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments, however it will also have an economic
exposure to the underlying securities themselves. Any
LEPO's purchased or sold by the Sub-Fund will be
exercisable at any time over the duration of its life and may
be settled on a cash basis.
The Sub Fund intends to invest in financial derivative
instruments including futures,equity index futures,
forwards, swaps, options and contracts for difference in
accordance with the conditions and requirements imposed
by IFSRA and in accordance with the risk management
process as filed with IFSRA.
The Sub-Fund may also invest in American, International
and Global Depository Receipts (ADR’s / IDR’s / GDR’s)
which are listed on a Recognised Exchange. Such
investments must be in accordance with the investment
objective, investment policy and investment restrictions of
the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
114
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI Europe
Daily Total Return Net Index (the "Index").
The Index is a free float-adjusted market capitalisation
weighted index that is designed to measure developed
market equity performance in Europe. As of June 2007,
the Index consisted of the following 16 developed market
country indices: Austria, Belgium, Denmark, Finland,
France, Germany, Greece, Ireland, Italy, the Netherlands,
Norway, Portugal, Spain, Sweden, Switzerland and the
United Kingdom.
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Because currency positions held by the Sub-Fund may not
correspond with the asset position held, the performance
may be strongly influenced by movements in the FX
exchange rates.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and swap currency contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective and any material
changes to the investment policy of the Sub-Fund may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change to
the investment objective and/or a change to the investment
policy, a reasonable notification period will be provided to
Unitholders to enable them to redeem their Units prior to
the implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions" on page 12 of the main body of the
Prospectus.
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of investments.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II of the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund’s investment objective and
investment policy as detailed above. IFSRA does not issue
a list of approved markets. With the exception of permitted
investment in unlisted securities investments will be
restricted to those stock exchanges and markets listed in
Appendix II of the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Additional Risk Factor
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factor applies to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
115
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes will be offered during the Initial Offer
Period.
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A, Class A1, Class A2, and Class A3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y, Class Y1, Class Y2 and Class Y3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to the investors at USD100, Euro100 and
JPY1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time). Class A2 Units STG 250
Class A3 Units JPY 30,000
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and Class C Units USD 250
JPY 1,500 respectively during the Initial Offer Period which Class C1 Units Euro 250
has commenced and will close on 25 September, 2009 at Class C2 Units STG 250
noon (Irish time). Class C3 Units JPY 30,000

Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may determine and notify to IFSRA. Thereafter,
Units shall be issued at the Net Asset Value per Unit of the
relevant Class.
6. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
Class H Units USD250
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2 or Class X3.
7. Management and Fund Charges
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below.

The Minimum Initial Subscription and Minimum Holding Class A Units 1.10%
applicable to each Class of Unit in each Sub-Fund is as Class A1 Units 1.10%
follows: Class A2 Units 1.10%
Class A3 Units 1.10%
Class A Units USD 1,000
Class A1 Units Euro 1,000 Class C Units 2.25%
Class A2 Units STG 1,000 Class C1 Units 2.25%
Class A3 Units JPY 125,000 Class C2 Units 2.25%
Class C3 Units 2.25%
Class C Units USD 1,000
Class C1 Units Euro 1,000 Class H Units 4.00%
Class C2 Units STG 1,000
Class C3 Units JPY 125,000 Class Y Units 0.50%
Class Y1 Units 0.50%
Class H Units USD 1,000 Class Y2 Units 0.50%
Class Y3 Units 0.50%
Class Y Units USD 1,000,000
Class Y1 Units Euro 1,000,000 Class YD Units 0.50%
Class Y2 Units STG 1,000,000 Class Y1D Units 0.50%
Class Y3 Units JPY 125,000,000 Class Y3D Units 0.50%

Class YD Units USD 1,000,000 Class X Units 0%

Class Y1D Units Euro 1,000,000 Class X1 Units 0%
Class Y3D Units JPY 125,000,000 Class X2 Units 0%
Class X3 Units 0%
The Minimum Initial Subscription for Class X, Class X1,
Class X2, or Class X3 Units is as follows: Class H Units are available for subscription by Latin
American investors only and are subject to a higher
Class X Units USD 10,000,000 management fee than other Unit Classes, this is due to
Class X1 Units Euro 10,000,000 market factors applicable to Latin American countries.
Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000 With respect to Class X, Class X1, Class X2 and Class X3
Units, a Unitholder servicing and maintenance fee will be
There is no Minimum Holding for Class X, Class X1, Class payable out of the assets of the Sub-Fund to the Manager
X2, or Class X3 Units. at a rate of up to 0.10% of the Net Asset Value of the Sub-
Fund attributable to these Classes of Units. The Unitholder
The Minimum Subsequent Subscription and Minimum servicing and maintenance fee is accrued at each Dealing
Redemption applicable to each Class of Unit in each Sub- Day and is payable monthly in arrears.
Fund is as follows:
For all other classes of Units a Unitholder servicing and
Class A Units USD 250 maintenance fee not exceeding 1% per annum accrued at
Class A1 Units Euro 250 each Dealing Day and payable monthly in arrears may, at

116
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately
€20,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will be amortised over a three
year period in accordance with standard accounting
practice.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

8. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund, the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
the realised profits less realised losses and unrealised
profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

9. Dealing Day

The Dealing Day for the Sub-Fund is each Business Day.

10. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is Euro.

11. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a side
letter dated 11 December, 2007, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.

Dated: 27 March, 2009

117
 SUPPLEMENT 11
AIG Europe Small & Mid Cap Fund
Supplement 11 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Europe Small & Mid Cap Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities (Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Investments Europe Ltd.,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England, to act as investment manager to the
Sub-Fund (the "Investment Manager"). The Investment
Manager has the responsibility for the investment
management on a discretionary basis of the assets of the
Sub-Fund.
The Investment Manager is authorised and regulated in
the United Kingdom by the Financial Services Authority in
the conduct of its investment business. The Investment
Manager is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG.
118
As at 30 September, 2008, it had responsibility for the
investment of assets exceeding US$ 71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $ 565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve long term capital growth
by making equity and equity-related investments in small
and medium sized companies, whose assets, products or
operations are in Europe
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in equity and equity-related
securities (excluding convertibles and bonds with warrants
attached) of companies domiciled in or exercising the
predominant part of their commercial activities in Europe
and having a market capitalisation at the time of
acquisition of between €1,000,000,000 and
€5,000,000,000 (or equivalent). Within the remaining one-
third, the Sub-Fund may invest in transferable securities
not meeting the above requirements.
The remainder of the Sub-Fund's total assets may be
invested in equity and equity-related securities of
worldwide issuers having any market capitalisation.
The Sub-Fund's investment policy will require some
flexibility as, for example, companies which may be
regarded as small or medium sized, as determined by
market capitalisation in one country, may be considered as
much more significant in other countries. Market
appreciation and change in the level of valuation would
also alter any absolute definition of a smaller or medium
sized company but would not change any relative
definition.
There are two primary elements to the investment policy:
first, to benefit from what the Investment Manager believes
to be the continuing equity investment attraction of Europe
and second, to leverage this by taking advantage of the
greater growth opportunities and flexibility afforded to small
and medium sized companies.
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed / traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
The Sub-Fund will not invest more than 25% in aggregate
of the Sub-Fund’s Net Asset Value in securities listed on
Recognised Exchanges in emerging markets.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through radical
transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are used for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
119
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the S&P Europe
Between EUR1 Billion and EUR5 Billion Index (the
"Index"). The Index consists of approximately 600 small-
and mid-capitalization companies, whose shares are listed
on European stock exchanges, including the U.K. The
Investment Manager may consider that, where the Sub-
Fund's portfolio make up is different to that of the Index, it
is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund’s
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change this Supplement shall be
amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund’s investment objective and policy
as detailed above. IFSRA does not issue a list of approved
markets. With the exception of permitted investment in
unlisted securities investments will be restricted to those
stock exchanges and markets listed in Appendix II to the
Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and include Emerging Markets Risk,
Political & Economic Risk: Russia, Small Capitalised
Companies Risk and Volatility Risk. These risk factors may
not be a complete list of all risk factors associated with an
investment in the Sub-Fund.
120
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform, and property
rights), the economy's heavy reliance on oil, unfavourable
political developments and/or government policies, and
other economic issues. Whilst the Sub-Fund may invest to
a limited extent in Russian equities traded on the MICEX
and RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
121
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. The securities of small or medium-sized
companies are often traded over-the-counter, and may not
be traded in volumes typical of securities traded on a
national securities exchange. Consequently, an investment
in securities of smaller capitalised companies may be more
illiquid than that of larger capitalisation stocks and may be
subject to more volatility than securities of larger, more
established companies. In addition, the quality, reliability,
and availability of information for smaller to mid
capitalisation companies may not provide the same degree
of information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Units are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro Class C Units USD 1,000
Class X2 Units denominated in Sterling Class C1 Units Euro 1,000
Class X3 Units denominated in Japanese Yen Class C2 Units STG 1,000
Class C3 Units JPY 125,000
Class A, Class A1, Class Y and Class Y1 Units are
currently in issue and are available for subscription at the Class H Units USD 1,000
Net Asset Value per Unit of the relevant Class.
Class Y Units USD 1,000,000
Class A2 and Class A3 Units are being offered to the Class Y1 Units Euro 1,000,000
investors at STG12.50 and JPY1,500 respectively during Class Y2 Units STG 1,000,000
the Initial Offer Period which has commenced and will Class Y3 Units JPY 125,000,000
close on 25 September, 2009 at noon (Irish time).
Class YD Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y1D Units Euro 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y3D Units JPY 125,000,000
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25 The Minimum Initial Subscription for Class X, Class X1,
September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows: -

Class H Units are being offered to investors at USD12.50 Class X Units USD 10,000,000
during the Initial Offer Period which has commenced and Class X1 Units Euro 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000
Class Y2 and Class Y3 are being offered to the investors
at STG100 and JPY1,500 respectively during the Initial There is no Minimum Holding for Class X, Class X1, Class
Offer Period which has commenced and will close on 25 X2 or Class X3 Units.
September, 2009 at noon (Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in the Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which Class C Units USD 250
has commenced and will close on 25 September, 2009 at Class C1 Units Euro 250
noon (Irish time). Class C2 Units STG 250
Class C3 Units JPY 30,000
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have Class H Units USD 250
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
All Classes of Units which have not already been issued Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
may be offered to the investors on such other dates as the Class X, Class X1, Class X2, or Class X3 Units.
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units 8. Dealing Day
shall be issued at the Net Asset Value per Unit of the
relevant Class. The Dealing Day for the Sub-Fund is each Business Day.

7. Minimum Initial Subscription, Minimum 9. Management and Fund Charges

Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:

Class A Units USD 1,000 Class A Units 1.30%

Class A1 Units Euro 1,000 Class A1 Units 1.30%
Class A2 Units STG 1,000 Class A2 Units 1.30%
Class A3 Units JPY 125,000 Class A3 Units 1.30%

122
Class C Units 2.25% Business Day of May and November of each year.
Class C1 Units 2.25% Distributions shall generally be declared out of the net
Class C2 Units 2.25% income (whether in the form of dividends, interest or
Class C3 Units 2.25% otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
Class H Units 4.00% less unrealised losses.

Class Y Units 1.00% In respect of all other Unit Classes of the Sub-Fund the
Class Y1 Units 1.00% Manager may declare a distribution once a year out of the
Class Y2 Units 1.00% net income (whether in the form of dividends, interest or
Class Y3 Units 1.00% otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
Class YD Units 1.00% less unrealised losses. The Manager may also declare
Class Y1D Units 1.00% interim distributions on the same basis. Annual
Class Y3D Units 1.00% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class X Units 0%
Class X1 Units 0% 11. Currency of the Sub-Fund
Class X2 Units 0%
Class X3 Units 0% The Base Currency of the Sub-Fund is Euro.

Class H Units are available for subscription by Latin 12. Material Contracts
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to (i) Investment Management Agreement dated 4
market factors applicable to Latin American countries. March, 2005, between the Manager and AIG
Investments Europe Ltd., as amended by a side
With respect to Class A, Class A1, Class A2 and Class letter dated 21 July, 2006, pursuant to which the
A3 Units, a Unitholder servicing and maintenance fee will latter was appointed as an investment manager to
be payable out of the assets of the Sub-Fund to the the Sub-Fund. This agreement may be terminated
Manager at a rate of up to 0.50% of the Net Asset Value by either party on 90 days written notice.
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class Dated: 27 March, 2009
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately
€10,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will, in accordance with
standard accounting practice, be amortised over a twelve-
month period from the date on which the Sub-Fund
commenced business.

10. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last

123
 SUPPLEMENT 12
AIG Europe Small Companies Fund
Supplement 12 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Europe Small Companies Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Investments Europe Ltd.,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England, as Investment Manager to the Sub-
Fund. The Investment Manager has the responsibility for
the investment management, on a discretionary basis, of
the assets of the Sub-Fund.
The Investment Manager is authorised and regulated by
the United Kingdom Financial Services Authority in the
conduct of its investment business. The Investment
Manager is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008, it had responsibility for the
investment of assets exceeding US$ 71.98 billion, which
124
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 , total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve a high rate of return by
making equity and equity-related investments in small
companies, whose assets, products or operations are in
Europe.
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in small companies whose assets,
products or operations are in Europe and who have a
market capitalisation at the time of the acquisition of less
than €2,000,000,000.
The Sub-Fund's investment policy will require some
flexibility as, for example, companies which may be
regarded as small, as determined by market capitalisation
in one country, may be considered as much more
significant in other countries. Market appreciation and
change in the level of valuation would also alter any
absolute definition of a smaller company but would not
change any relative definition.
There are two primary elements to the investment policy:
first, to benefit from what the Investment Manager believes
to be the continuing equity investment attraction of Europe
and second, to leverage this by taking advantage of the
greater growth opportunities and flexibility afforded to small
companies.
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed / traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
The Sub-Fund will not invest more than 25% in aggregate
of the Sub-Fund’s Net Asset Value in securities listed on
Recognised Exchanges in emerging markets.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through radical
transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are used for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
125
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the HSBC Smaller
Europe (Inc UK) Index (the "Index"). The Index consists of
small capitalization companies, whose shares are listed on
European stock exchanges, including the U.K. The
Investment Manager may consider that, where the Sub-
Fund's portfolio make up is different to that of the Index, it
is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.

Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believe a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund’s
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund’s investment objective and policy
as detailed above. IFSRA does not issue a list of approved
markets. With the exception of permitted investment in
unlisted securities investments will be restricted to those
stock exchanges and markets listed in Appendix II to the
Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and include Emerging Markets Risk,
Political & Economic Risk: Russia, Small Capitalised
Companies Risk and Volatility Risk. These risk factors may
not be a complete list of all risk factors associated with an
investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
126
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following additional risk factors apply to the
Sub-Fund. These risk factors may not be a complete list of
all risk factors associated with an investment in the Sub-
Fund:
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform, and property
rights), the economy's heavy reliance on oil, unfavourable
political developments and/or government policies, and
other economic issues. Whilst the Sub-Fund may invest to
a limited extent in Russian equities traded on the MICEX
and RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. The securities of small or medium-sized
companies are often traded over-the-counter, and may not
be traded in volumes typical of securities traded on a
national securities exchange. Consequently, an investment
in securities of smaller capitalised companies may be more
illiquid than that of larger capitalisation stocks and may be
subject to more volatility than securities of larger, more
127
established companies. In addition, the quality, reliability,
and availability of information for smaller to mid
capitalisation companies may not provide the same degree
of information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A1, Class C1, Class Y, Class Y1, and Class Y3
Units are currently in issue and are available for
subscription at the Net Asset Value.
Class A, Class A2 and Class A3 Units are being offered to
the investors at USD12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
 Class Y3D Units JPY 125,000,000
Class C, Class C2 and Class C3 Units are being offered to
the investors at USD12.50, STG12.50 and JPY 1,500 The Minimum Initial Subscription for Class X, Class X1,
respectively during the Initial Offer Period which has Class X2, Class X3 Units is as follows: -
commenced and will close on 25 September, 2009 at noon
(Irish time). Class X Units USD 10,000,000
Class X1 Units Euro 10,000,000
Class H Units are being offered to investors at USD12.50 Class X2 Units STG 10,000,000
during the Initial Offer Period which has commenced and Class X3 Units JPY 1,250,000,000
will close on 25 September, 2009 at noon (Irish time).
There is no Minimum Holding for Class X, Class X1, Class
Class Y2 Units are being offered to the investors at X2 or Class X3 Units.
STG100 during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon The Minimum Subsequent Subscription and Minimum
(Irish time). Redemption applicable to each Class of Unit in the Sub-
Fund is as follows: -
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500 Class A Units USD 250
respectively during the Initial Offer Period which has Class A1 Units Euro 250
commenced and will close on 25 September, 2009 at noon Class A2 Units STG 250
(Irish time). Class A3 Units JPY 30,000

Class X, Class X1, Class X2 and Class X3 Units are Class C Units USD 250
currently in issue and are available for subscription at the Class C1 Units Euro 250
Net Asset Value. Class C2 Units STG 250
Class C3 Units JPY 30,000
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have Class H Units USD 250
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
All Classes of Units which have not already been issued Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
may be offered to the investors on such other dates as the Class X, Class X1, Class X2, or Class X3 Units.
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units 8. Dealing Day
shall be issued at the Net Asset Value per Unit of the
relevant Class. The Dealing Day for the Sub-Fund is each Business Day.

7. Minimum Initial Subscription, Minimum 9. Management and Fund Charges

Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:

Class A Units USD 1,000 Class A Units 1.30%

Class A1 Units Euro 1,000 Class A1 Units 1.30%
Class A2 Units STG 1,000 Class A2 Units 1.30%
Class A3 Units JPY 125,000 Class A3 Units 1.30%

Class C Units USD 1,000 Class C Units 2.25%

Class C1 Units Euro 1,000 Class C1 Units 2.25%
Class C2 Units STG 1,000 Class C2 Units 2.25%
Class C3 Units JPY 125,000 Class C3 Units 2.25%

Class H Units USD 1,000 Class H Units 4.00%

Class Y Units USD 1,000,000 Class Y Units 1.00%

Class Y1 Units Euro 1,000,000 Class Y1 Units 1.00%
Class Y2 Units STG 1,000,000 Class Y2 Units 1.00%
Class Y3 Units JPY 125,000,000 Class Y3 Units 1.00%

Class YD Units USD 1,000,000 Class YD Units 1.00%

Class Y1D Units Euro 1,000,000 Class Y1D Units 1.00%

128
Class Y3D Units 1.00% Investments Europe Ltd., as amended by a side
letter dated 13 December, 2005, pursuant to which
Class X Units 0% the latter was appointed as investment manager to
Class X1 Units 0% the Sub-Fund. This agreement may be terminated
Class X2 Units 0% by either party on 90 days written notice.
Class X3 Units 0%
Dated: 27 March, 2009
Class H Units are available for subscription by Latin
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.

With respect to Class A, Class A1, Class A2 and Class

A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

10. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

11. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

12. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG

129
 SUPPLEMENT 13
AIG Global Bond Fund
Supplement 13 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Global Bond Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA pursuant to the provisions
of the European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended .
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. The Investment Manager
The Manager has appointed AIG Investments Europe Ltd.,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England, to act as investment manager to the
Sub-Fund. The Investment Manager has the responsibility
for the investment management, on a discretionary basis,
of the assets of the Sub-Fund.
The Investment Manager is authorised and regulated by
the United Kingdom Financial Services Authority in the
conduct of its investment business. The investment
130
Manager is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$ 71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $ 676.9 billion, of which
approximately US $ 565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Sub-Investment Managers
The Investment Manager, with the consent of the
Manager, has appointed AIG Investments Japan Co., Ltd.
and AIG Global Investment Corp. (each a "Sub-Investment
Manager") to manage the investment and re-investment of
the assets of the Sub-Fund that are allocated by the
Investment Manager to each of the Sub-Investment
Managers.
AIG Investments Japan Co., Ltd. is a company
incorporated under the laws of Japan on 17 November
1986. As at 31 December, 2008 the company had JPY
8,182.15 billion assets under management.
AIG Global Investment Corp. is a US based investment
manager regulated by the Securities and Exchange
Commission and is an indirectly wholly-owned subsidiary
of AIG. As at 30 September, 2008 AIG Global Investment
Corp. had responsibility for the investment of assets
exceeding approximately US$411.4 billion, which are
predominantly assets of AIG companies.
Both Sub-Investment Managers are also member
companies of AIG Investments.
3. Investment Objective
The Sub-Fund seeks a high level of return from a
combination of current income and capital appreciation by
investing in a portfolio of debt securities denominated in
US Dollars and a range of other currencies including, Euro,
Australian Dollar, New Zealand Dollar, Canadian Dollar,
Swiss Franc, Danish Krone, Swedish Krona, Norwegian
Krone, British Sterling, Japanese Yen, Polish Zloty,
Hungarian Forint, South African Rand, Singapore Dollar,
Slovak Koruna and Mexican Peso.
4. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in bond issues allocated across
global markets. Of its total assets the Sub-Fund may invest
one-third in money market instruments such as time
deposits, convertible bonds, or fixed or floating rate
commercial paper, 25% in convertibles and bonds with
warrants attached and 10% in equity and equity-related
securities (excluding convertibles and bonds with warrants
attached), provided that these investments in aggregate do
not exceed one-third of the Sub-Fund’s total assets.
The Sub-Fund is actively managed with due consideration
given to short term market trends and their potential effects
on intermediate results. The majority of the Sub-Fund is
invested in investment grade, sovereign, supranational and
corporate bond issues of fixed and/or floating rate with a
rating of no less than BBB- as rated by Standard and
Poor’s, or equivalent by Moody's or other rating agency.
Where no rating is available, the Manager, with the advice
of the Investment Manager, may assign its own rating
which must be the equivalent or BBB- or better as rated by
Standard and Poor’s, or equivalent by Moody’s or other
rating agency. During the course of an investment cycle,
the majority of the Sub-Fund's investments will normally be
between three and ten years but it may invest in maturities
outside this range.
The Sub-Fund’s investments will be allocated across
global markets.
The majority of the Sub-Fund's investments will be in the
countries contained in the Citigroup World Government
Bond (Unhedged) Index (the "Index").
The performance of the Sub-Fund's portfolio of
investments will be measured against the Index. The Index
is a market capitalisation weighted index that, as of March
2005, tracked the performance of the government bond
markets of Australia, Austria, Belgium, Canada, Denmark,
Finland, France, Germany, Hungary, Ireland, Italy, Japan,
The Netherlands, Norway, Portugal, Spain, Sweden,
Switzerland, the United Kingdom, the United States and
Greece. The Investment Manager may consider that,
where the Sub-Fund's portfolio make up is different to that
of the referenced Index, it is necessary or desirable to
replicate the currency exposure of the Index and therefore
the Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
131
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may also engage in forward foreign
exchange contracts, including non-deliverable forwards, for
investment purposes or for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
132
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and include Financial Derivative
Instruments, Fixed Income Securities, Credit Default
Swaps, Money Market Instrument Risk and Volatility Risk.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
5. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
In addition, during such period as the Sub-Fund is
registered in Taiwan the following investment restriction
shall also apply:
• The Sub-Fund shall not carry out uncovered
sales of derivatives;
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40% of
the net asset value of the Sub-Fund; the total
value of the Sub-Fund’s open short positions in
derivatives may not exceed the total market
value in corresponding securities required to be
held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
6. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
133
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Credit Default Swaps: When the Sub-Fund is the buyer
of a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Money Market Instrument Risk: Investors should note
the difference between the nature of a deposit and the
nature of an investment in the Sub-Fund, in particular the
risk that the principal invested in the Sub-Fund is capable
of fluctuation and thus Unitholders may not have all of their
principle returned to them on redemption. In addition
investment in the Sub-Fund will not benefit from any
deposit protection scheme such as might be applicable to
an investment in a bank deposit.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
7. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class JD Units denominated in US Dollars
Class J3D Units denominated in Japanese Yen
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A, and Class Y Units are currently in issue and are
available for subscription at the Net Asset Value.
Class A1, Class A2, and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
134
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class JD and Class J3D Units are being offered to
investors at USD 100 and JPY 1,500 respectively during
the Initial Offer Period which has commenced and will
close on 25 September, 2009 at noon (Irish Time).
Class Y1, Class Y2 and Class Y3 Units are being offered
to the investors at Euro100, STG100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class JD and J3D Units will only be
accepted for investors who are fund of funds type
Japanese investment trusts organised under the Law
Concerning Investment Trusts and Investment
Corporations of Japan which are managed by the
Investment Manager or other investment trust companies
registered under the Financial Instruments and Exchange
Act of Japan.
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.
8. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
Class A Units USD 1,000
Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class A3 Units JPY 125,000
Class C Units USD 1,000
Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class C3 Units JPY 125,000
Class H Units USD 1,000 Class H Units 4.00%

Class JD Units USD 1,000,000 Class JD Units 0.50%

Class J3D Units JPY 125,000,000 Class J3D Units 0.50%

Class Y Units USD 1,000,000 Class Y Units 0.60%

Class Y1 Units Euro 1,000,000 Class Y1 Units 0.60%
Class Y2 Units STG 1,000,000 Class Y2 Units 0.60%
Class Y3 Units JPY 125,000,000 Class Y3 Units 0.60%

Class YD Units USD 1,000,000 Class YD Units 0.60%

Class Y1D Units Euro 1,000,000 Class Y1D Units 0.60%
Class Y3D Units JPY 125,000,000 Class Y3D Units 0.60%

The Minimum Initial Subscription for Class X, Class X1, Class X Units 0%
Class X2, Class X3 Units is as follows: - Class X1 Units 0%
Class X2 Units 0%
Class X Units USD 10,000,000 Class X3 Units 0%
Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000 Class H Units are available for subscription by Latin
Class X3 Units JPY 1,250,000,000 American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
There is no Minimum Holding for Class X, Class X1, Class market factors applicable to Latin American countries.
X2 or Class X3 Units.
With respect to Class A, Class A1, Class A2 and Class
The Minimum Subsequent Subscription and Minimum A3 Units, a Unitholder servicing and maintenance fee will
Redemption applicable to each Class of Unit in the Sub- be payable out of the assets of the Sub-Fund to the
Fund is as follows: Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class A Units USD 250 With respect to Class X, Class X1, Class X2 and Class
Class A1 Units Euro 250 X3 Units, a Unitholder servicing and maintenance fee will
Class A2 Units STG 250 be payable out of the assets of the Sub-Fund to the
Class A3 Units JPY 30,000 Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class C Units USD 250 The Unitholder servicing and maintenance fee is accrued
Class C1 Units Euro 250 at each Dealing Day and is payable monthly in arrears.
Class C2 Units STG 250
Class C3 Units JPY 30,000 For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
Class H Units USD 250 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
There are no Minimum Subsequent Subscription or Asset Value of the Sub-Fund attributable to the relevant
Minimum Redemption amounts for the Class JD, Class class of Units.
J3D, Class Y, Class Y1, Class Y2, Class Y3, Class YD,
Class Y1D, Class Y3D, Class X, Class X1, Class X2 or Details of any other fees and charges relating to the Sub-
Class X3 Units. Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.
9. Management and Fund Charges
10. Distributions
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of In relation to Class JD, J3D, YD, Y1D and Y3D Units, the
the Sub-Fund as a percentage of the Net Asset Value of Manager intends to declare a distribution on the last
each Class of Unit in the Sub-Fund at the rates stated Business Day of February and August of each year.
below: Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
Class A Units 1.10% otherwise) available for distribution by the Sub-Fund and
Class A1 Units 1.10% the realised profits less realised losses and unrealised
Class A2 Units 1.10% profits less unrealised losses.
Class A3 Units 1.10%
In respect of all other Unit Classes of the Sub-Fund the
Class C Units 2.25% Manager may declare a distribution once a year out of the
Class C1 Units 2.25% net income (whether in the form of dividends, interest or
Class C2 Units 2.25% otherwise) available for distribution by the Sub-Fund and
Class C3 Units 2.25% the realised profits less realised losses and unrealised

135
profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

11. Dealing Day

The Dealing Day for the Sub-Fund is each Business Day.

12. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

13. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Investments Europe Ltd. pursuant to which the
latter was appointed as investment manager to
the Sub-Fund. This agreement may be
terminated by either party on 90 days written
notice.

(ii) Sub-Investment Management Agreement

dated 2 November, 2007 between the
Investment Manager and AIG Investments
Japan Co., Ltd. pursuant to which the latter
was appointed as sub-investment manager to
the Sub-Fund. This agreement may be
terminated by either party on 90 days written
notice.

(iii) Sub-Investment Management Agreement

dated 2 November, 2007 between the
Investment Manager and Global Investment
Corp. pursuant to which the latter was
appointed as sub-investment manager to the
Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.

Dated: 27 March, 2009

136
 SUPPLEMENT 14
AIG Global Emerging Markets Fund
Supplement 14 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Global Emerging Markets Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager in relation to the Sub-Fund.
The Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager is a US based investment
manager regulated by the Securities and Exchange
Commission, and is an indirectly wholly-owned subsidiary
of AIG. As at 30 September, 2008 the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$411.4 billion, which are predominantly
assets of AIG companies. The Investment Manager is also
137
a member company of AIG Investments. AIG Investments
comprises a group of international companies which
provide investment advice and market asset management
products and services to clients around the world. As of 30
September, 2008 , total assets under management is US
$676.9 billion, of which approximately US $565.4 billion
relates to AIG affiliated assets, including those managed
by joint ventures and certain other AIG investment adviser
subsidiaries, but do not include assets sub-advised to third
party managers.
2. Investment Objective
The Sub-Fund seeks to achieve a relatively high rate of
growth, on a long-term basis, through careful selection of
equity and equity-related securities in global emerging
markets whilst seeking to protect the Sub-Fund from
downside risk.
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in transferable securities of issuers
domiciled in or exercising the predominant part of their
economic activities in global emerging markets, including
but not limited to, markets located in Emerging Europe, the
Middle East, South East Asia, Latin America and Africa.
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed / traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through radical
transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.

The Investment Manager believes that although growth in
these global emerging markets is punctuated by periods of
crisis and temporary setbacks, the majority of these
countries are set to experience rising living standards as a
result of market oriented economic policies, ongoing
transfer of technology and strong investment spending.
The international investor should benefit from this growth.
Macro-economic research utilising AIG's extensive local
presence and on-the-ground expertise will also play a
critical role. Asset allocation decisions will be determined
on both a regional and global level.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
138
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI Emerging
Markets Daily Total Return Net Index (the "Index"). The
Index is a free float-adjusted market capitalization index
that is designed to measure equity market performance in
global emerging markets. The Investment Manager may
consider that, where the Sub-Fund 's portfolio make up is
different to that of the Index, it is necessary or desirable to
replicate the currency exposure of the Index and therefore
the Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out below in the section headed
"Investment Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and include Emerging Markets Risk,
Political & Economic Risk: Russia and Volatility Risk.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform, property rights),
139
the economy's heavy reliance on oil, unfavourable political
developments and/or government policies, and other
economic issues. Whilst the Sub-Fund may invest to a
limited extent in Russian equities traded on the MICEX and
RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YJ Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A Units, Class C Units, Class Y Units and Class Y1
Units are currently in issue and are available for
subscription at the Net Asset Value per Unit of the relevant
Class.
Class A1, Class A2 and Class A3 Units are being offered
140
to the investors at Euro12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has
commenced) and will close on 25 September, 2009 at
noon (Irish time).
Class C1, Class C2 and Class C3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at
noon (Irish time).
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y2 and Class Y3 Units are being offered to the
investors at STG100 and JPY 1,500 respectively during
the Initial Offer Period which has commenced and will
close on 25 September, 2009 at noon (Irish time).
Class YJ Units are being offered to the investors at JPY
1,500 during the Initial Offer Period which has commenced
and will close on 25 September, 2009 at noon (Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at
noon (Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100
and JPY 1,500 respectively during the Initial Offer Period
which has commenced and will close on 25 September,
2009 at noon (Irish time).
Subscriptions for Class YJ Units will only be accepted for
investors who are fund of funds type Japanese investment
trusts organised under the Law Concerning Investment
Trusts and Investment Corporations of Japan which are
managed by the Investment Manager or other investment
trust companies registered under the Financial Instruments
and Exchange Act of Japan.
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.
6. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
Class A Units USD 1,000
Class A1 Units Euro 1,000 below:
Class A2 Units STG 1,000
Class A3 Units JPY 125,000 Class A Units 1.30%
Class A1 Units 1.30%
Class C Units USD 1,000 Class A2 Units 1.30%
Class C1 Units Euro 1,000 Class A3 Units 1.30%
Class C2 Units STG 1,000
Class C3 Units JPY 125,000 Class C Units 2.25%
Class C1 Units 2.25%
Class H Units USD 1,000 Class C2 Units 2.25%
Class C3 Units 2.25%
Class Y Units USD 1,000,000
Class Y1 Units Euro 1,000,000 Class H Units 4.00%
Class Y2 Units STG 1,000,000
Class Y3 Units JPY 125,000,000 Class Y Units 1.00%
Class YJ Units JPY 125,000,000 Class Y1 Units 1.00%
Class Y2 Units 1.00%
Class YD Units USD 1,000,000 Class Y3 Units 1.00%
Class Y1D Units Euro 1,000,000 Class YJ Units 0.70%
Class Y3D Units JPY 125,000,000
Class YD Units 1.00%
The Minimum Initial Subscription for Class X , Class X1, Class Y1D Units 1.00%
Class X2, Class X3 Units is as follows: Class Y3D Units 1.00%

Class X Units USD 10,000,000 Class X Units 0%

Class X1 Units Euro 10,000,000 Class X1 Units 0%
Class X2 Units STG 10,000,000 Class X2 Units 0%
Class X3 Units JPY 1,250,000,000 Class X3 Units 0%

There is no Minimum Holding for Class X, Class X1, Class Class H Units are available for subscription by Latin
X2 or Class X3 Units. American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
The Minimum Subsequent Subscription and Minimum market factors applicable to Latin American countries.
Redemption applicable to each Class of Unit in the Sub-
Fund is as follows: With respect to Class A, Class A1, Class A2 and Class
A3 Units, a Unitholder servicing and maintenance fee will
Class A Units USD 250 be payable out of the assets of the Sub-Fund to the
Class A1 Units Euro 250 Manager at a rate of up to 0.50% of the Net Asset Value
Class A2 Units STG 250 of the Sub-Fund attributable to these Classes of Units.
Class A3 Units JPY 30,000 With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
Class C Units USD 250 be payable out of the assets of the Sub-Fund to the
Class C1 Units Euro 250 Manager at a rate of up to 0.10% of the Net Asset Value
Class C2 Units STG 250 of the Sub-Fund attributable to these Classes of Units.
Class C3 Units JPY 30,000 The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
Class H Units USD 250
For all other classes of Units a Unitholder servicing and
Class YJ Units JPY 12,500,000 maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
There are no Minimum Subsequent Subscription or the discretion of the Manager, be payable out of the Net
Minimum Redemption amounts for the Class Y, Class Y1, Asset Value of the Sub-Fund attributable to the relevant
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D, class of Units.
Class X, Class X1, Class X2, or Class X3 Units.
Details of any other fees and charges relating to the Sub-
7. Dealing Day Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.
The Dealing Day for the Sub-Fund is each Business Day.
9. Distributions
8. Management and Fund Charges
In relation to Class YD, Class Y1D and Class Y3D Units,
The Manager is entitled to receive an annual fee accrued the Manager intends to declare a distribution on the last
at each Dealing Day and payable monthly in arrears out of Business Day of May and November of each year.
the Sub-Fund as a percentage of the Net Asset Value of Distributions shall generally be declared out of the net
each Class of Unit in the Sub-Fund at the rates stated income (whether in the form of dividends, interest or

141
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

10. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

11. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a side
letter dated 13 December, 2005, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.

Dated: 27 March, 2009

142
 SUPPLEMENT 15
AIG Global Equities Value Fund
Supplement 15 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Global Equities Value Fund (the "Sub-Fund"), a sub-
fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended .
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. The Investment Manager
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008 the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$411.4 billion, which are predominantly
assets of AIG companies.
143
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $ 676.9 billion, of which
approximately US $ 565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The investment objective of the Sub-Fund is to achieve
long-term capital appreciation by investing primarily in
global equity securities of issuers whose equity market
capitalisations exceed US$1 billion at the time of purchase.
At least two thirds of the investments of the Sub-Fund will
be in such equity securities.
3. Investment Policy
The Sub-Fund is not subject to any specific geographic
diversification requirements and shall invest on a
worldwide basis. Countries in which the Sub-Fund may
invest include, but are not limited to, the United States and
the nations of Western Europe, North and South America,
Australia, Africa and Asia.
The Investment Managers approach in selecting
investments for the Sub-Fund is oriented to individual
stock selection and is value driven as described below.
No more than 20% of the total value of the Sub-Fund's
assets, measured at the time of purchase, may be
invested in securities of companies located in emerging
markets throughout the world.
The Investment Managers approach in selecting
investments for the Sub-Fund is oriented toward individual
stock selection and is value driven. The Investment is
committed to the use of the "Graham and Dodd" style
value investing approach as introduced in the classic book
"Security Analysis". Using this philosophy, the Investment
Manager views stocks as small pieces of businesses
which are for sale. They seek to purchase a diversified
group of these businesses as stocks whose current prices
are believed to be considerably below their intrinsic values,
the Investment Manager believes they can secure not only
a possible margin of safety against price declines, but also
an attractive opportunity for profit over the business cycle.
In analysing a company's true long-term value, the
Investment Managers focus is on fundamental
characteristics of a company, including, but not limited to,
book value, cash flow, earnings and capital structure, as
well as management records and broad industry issues.
Once the intrinsic value of a company is estimated, this
value is compared to the current price of the stock. If the
price is substantially lower than the intrinsic value, the
stock may be purchased.
The Investment Manager believes that the margin between
the current price and the intrinsic value of a company's
stock should provide a margin of safety against price
declines. In addition, over a business cycle of three to five
years, the Investment Manager believes that the market
should begin to recognise the company's value and drive
its price up toward its intrinsic value. Although the Sub-
Fund will not invest in equities for short-term trading
purposes, such securities may be sold from time to time
without regard to the length of time such securities have
been held.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
144
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI World Daily
Total Return Net Index (the "Index"). The Index is a free
float-adjusted market capitalization index that is designed
to measure global developed market equity performance.
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Emerging Markets Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
145
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factor
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y1, Class Y2 and Class Y3 Units are being offered
to the investors at Euro100, STG100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at
noon (Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).

Class A Units denominated in US Dollars Subscriptions for Class X, Class X1, Class X2 or Class X3
Class A1 Units denominated in Euro Units will only be accepted from investors who have
Class A2 Units denominated in Sterling entered into a separate arrangement (legal agreement)
Class A3 Units denominated in Japanese Yen with the Manager or its delegate.

Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.

Class Y Units denominated in US Dollars 7. Minimum Initial Subscription, Minimum

Class Y1 Units denominated in Euro Holding, Minimum Subsequent Subscription
Class Y2 Units denominated in Sterling and Minimum Redemption Requirements
Class Y3 Units denominated in Japanese Yen
The Minimum Initial Subscription and Minimum Holding
Class YD Units denominated in US Dollars applicable to each Class of Unit in the Sub-Fund is as
Class Y1D Units denominated in Euro follows:
Class Y3D Units denominated in Japanese Yen
Class A Units USD 1,000
Class X Units denominated in US Dollars Class A1 Units Euro 1,000
Class X1 Units denominated in Euro Class A2 Units STG 1,000
Class X2 Units denominated in Sterling Class A3 Units JPY 125,000
Class X3 Units denominated in Japanese Yen
Class C Units USD 1,000
Class L Units denominated in US Dollars Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A, Class L and Class Y Units are currently in issue Class C3 Units JPY 125,000
and are available for subscription at the Net Asset Value.
Class H Units USD 1,000
Class A1, Class A2, and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY1,500 Class Y Units USD 1,000,000
respectively during the Initial Offer Period which has Class Y1 Units Euro 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y2 Units STG 1,000,000
(Irish time). Class Y3 Units JPY 125,000,000

Class C, Class C1, Class C2 and Class C3 Units are being Class YD Units USD 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y1D Units Euro 1,000,000
STG12.50 and JPY1,500 respectively during the Initial Class Y3D Units JPY 125,000,000
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time). The Minimum Initial Subscription for Class X, Class X1,
Class X2, Class X3 Units is as follows: -

146
 Class X3 Units 0%
Class X Units USD 10,000,000
Class X1 Units Euro 10,000,000 Class L Units 1.25%
Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000 Class H Units are available for subscription by Latin
American investors only and are subject to a higher
There is no Minimum Holding for Class X, Class X1, Class management fee than other Unit Classes, this is due to
X2 or Class X3 Units. market factors applicable to Latin American countries.

There is no Minimum Initial Subscription or Minimum With respect to Class A, Class A1, Class A2 and Class
Holding for Class L Units. A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
The Minimum Subsequent Subscription and Minimum Manager at a rate of up to 0.50% of the Net Asset Value
Redemption applicable to each Class of Unit in the Sub- of the Sub-Fund attributable to these Classes of Units.
Fund is as follows: With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
Class A Units USD 250 be payable out of the assets of the Sub-Fund to the
Class A1 Units Euro 250 Manager at a rate of up to 0.10% of the Net Asset Value
Class A2 Units STG 250 of the Sub-Fund attributable to these Classes of Units.
Class A3 Units JPY 30,000 The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
Class C Units USD 250
Class C1 Units Euro 250 For all other classes of Units a Unitholder servicing and
Class C2 Units STG 250 maintenance fee not exceeding 1% per annum accrued at
Class C3 Units JPY 30,000 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Class H Units USD 250 Asset Value of the Sub-Fund attributable to the relevant
class of Units.
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1, Details of any other fees and charges relating to the Sub-
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D, Fund are contained in the section headed "Management
Class X, Class X1, Class X2, Class X3 or Class L Units. and Fund Charges" in the main body of the Prospectus.

8. Management and Fund Charges 9. Distributions

The Manager is entitled to receive an annual fee accrued In relation to Class YD, Class Y1D and Class Y3D Units,
at each Dealing Day and payable monthly in arrears out of the Manager intends to declare a distribution on the last
the Sub-Fund as a percentage of the Net Asset Value of Business Day of May and November of each year.
each Class of Unit in the Sub-Fund at the rates stated Distributions shall generally be declared out of the net
below: income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class A Units 1.30% the realised profits less realised losses and unrealised
Class A1 Units 1.30% profits less unrealised losses.
Class A2 Units 1.30%
Class A3 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Manager may declare a distribution once a year out of the
Class C Units 2.25% net income (whether in the form of dividends, interest or
Class C1 Units 2.25% otherwise) available for distribution by the Sub-Fund and
Class C2 Units 2.25% the realised profits less realised losses and unrealised
Class C3 Units 2.25% profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
Class H Units 4.00% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class Y Units 1.00%
Class Y1 Units 1.00% 10. Dealing Day
Class Y2 Units 1.00%
Class Y3 Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.

Class YD Units 1.00% 11. Currency of the Sub-Fund

Class Y1D Units 1.00%
Class Y3D Units 1.00% The Base Currency of the Sub-Fund is US Dollars.

Class X Units 0% 12. Material Contracts

Class X1 Units 0%
Class X2 Units 0% (i) Investment Management Agreement dated 4

147
 March, 2005, between the Manager and AIG
Global Investment Corp pursuant to which AIG
Global Investment Corp. was appointed as
investment manager to the Sub-Fund. This
agreement may be terminated by either party on 90
days written notice.

Dated: 27 March, 2009

148
 SUPPLEMENT 16
AIG Global Equity Fund
Supplement 16 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Global Equity Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA pursuant to the provisions
of the European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended .
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated
27, March 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. The Investment Manager
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008, the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$411.4 billion, which are predominantly
assets of AIG companies.
149
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve growth at a reasonable
price (meaning securities that have a growth potential and
are reasonably priced as determined by conventional
measures, such as priced earnings or by comparison to
other securities in the same market and the same industry)
by making equity and equity-related investments in global
markets with a focus on superior and sustainable earnings
performance.
3. Investment Policy
The Sub-Fund's investments will be allocated across
global markets.
The Sub-Fund may invest in locally listed Russian shares,
although no more than 20% of Net Asset Value will be
invested in locally listed Russian shares at any one time
and investment will only be made in equity securities that
are listed / traded on level 1 or level 2 of the RTS stock
exchange and MICEX. Such an investment will not form
the principal focus of the Sub-Fund.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.

The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
Investments will be selected on a total return basis,
considering both the potential capital appreciation and
yield of each issue, although capital appreciation
150
considerations will dominate.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI All Country
World Daily Total Return Net Index (the "Index"). The
Index is a free float-adjusted market capitalization index
that is designed to measure equity market performance in
global developed and emerging markets. The Investment
Manager may consider that, where the Sub-Fund 's
portfolio make up is different to that of the referenced
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and include Emerging Markets Risk,
Political & Economic Risk: Russia and Volatility Risk.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
151
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Political and Economic Risk: Russia: Investments in
companies organised in or who principally do business in
the independent states that were once part of the Soviet
Union, including the Russian Federation pose special
risks, including economic and political unrest and may lack
a transparent and reliable legal system for enforcing the
rights of creditors and Unitholders of the Sub-Fund. The
standard of corporate governance and investor protection
in Russia may not be equivalent to those provided in more
regulated jurisdictions. While the Russian Federation has
returned to positive growth, is generating fiscal and current
account surpluses, and is current on its obligations to
bondholders, uncertainty remains with regard to structural
reforms (e.g. banking sector, land reform, property rights),
the economy's heavy reliance on oil, unfavourable political
developments and/or government policies, and other
economic issues. Whilst the Sub-Fund may invest to a
limited extent in Russian equities traded on the MICEX and
RTS Stock Exchange, the exposure to Russian traded
equities is not expected to be greater than 20% of the Net
Asset Value of the Sub-Fund.
Evidence of legal title to shares in a Russian company is
maintained in book entry form. In order to register an
interest of the company’s shares an individual must travel
to the company’s registrar and open an account with the
registrar. The individual will be provided with an extract of
the share register detailing his interests but the only
document recognised as conclusive evidence of title is the
register itself. Registrars are not subject to effective
government supervision. There is a possibility that the
Sub-Fund could lose its registration through fraud,
negligence, oversight or catastrophe such as a fire.
Registrars are not required to maintain insurance against
these occurrences and are unlikely to have sufficient
assets to compensate the Sub-Fund in the event of loss.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
152
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class L Units denominated in US Dollars
Class A, Class L and Class Y Units are currently in issue
and are available for subscription at the Net Asset Value.
Class A1, Class A2, and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at
noon (Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y1, Class Y2 and Class Y3 Units are being offered
to the investors at Euro100, STG100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at
noon (Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.
7. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription The Manager is entitled to receive an annual fee accrued
and Minimum Redemption Requirements at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
The Minimum Initial Subscription and Minimum Holding each Class of Unit in the Sub-Fund at the rates stated
applicable to each Class of Unit in the Sub-Fund is as below:
follows:
Class A Units 1.30%
Class A Units USD 1,000 Class A1 Units 1.30%
Class A1 Units Euro 1,000 Class A2 Units 1.30%
Class A2 Units STG 1,000 Class A3 Units 1.30%
Class A3 Units JPY 125,000
Class C Units 2.25%
Class C Units USD 1,000 Class C1 Units 2.25%
Class C1 Units Euro 1,000 Class C2 Units 2.25%
Class C2 Units STG 1,000 Class C3 Units 2.25%
Class C3 Units JPY 125,000
Class H Units 4.00%
Class H Units USD 1,000
Class Y Units 1.00%
Class Y Units USD 1,000,000 Class Y1 Units 1.00%
Class Y1 Units Euro 1,000,000 Class Y2 Units 1.00%
Class Y2 Units STG 1,000,000 Class Y3 Units 1.00%
Class Y3 Units JPY 125,000,000
Class YD Units 1.00%
Class YD Units USD 1,000,000 Class Y1D Units 1.00%
Class Y1D Units Euro 1,000,000 Class Y3D Units 1.00%
Class Y3D Units JPY 125,000,000
Class X Units 0%
The Minimum Initial Subscription for Class X, Class X1, Class X1 Units 0%
Class X2, Class X3 Units is as follows: Class X2 Units 0%
Class X3 Units 0%
Class X Units USD 10,000,000
Class X1 Units Euro 10,000,000 Class L Units 1.25%
Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000 Class H Units are available for subscription by Latin
American investors only and are subject to a higher
There is no Minimum Holding for Class X, Class X1, Class management fee than other Unit Classes, this is due to
X2 or Class X3 Units. market factors applicable to Latin American countries.

There is no Minimum Initial Subscription or Minimum With respect to Class A, Class A1, Class A2 and Class
Holding for Class L Units. A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
The Minimum Subsequent Subscription and Minimum Manager at a rate of up to 0.50% of the Net Asset Value
Redemption applicable to each Class of Unit in the Sub- of the Sub-Fund attributable to these Classes of Units.
Fund is as follows: With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
Class A Units USD 250 be payable out of the assets of the Sub-Fund to the
Class A1 Units Euro 250 Manager at a rate of up to 0.10% of the Net Asset Value
Class A2 Units STG 250 of the Sub-Fund attributable to these Classes of Units.
Class A3 Units JPY 30,000 The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
Class C Units USD 250
Class C1 Units Euro 250 For all other classes of Units a Unitholder servicing and
Class C2 Units STG 250 maintenance fee not exceeding 1% per annum accrued at
Class C3 Units JPY 30,000 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Class H Units USD 250 Asset Value of the Sub-Fund attributable to the relevant
class of Units.
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1, Details of any other fees and charges relating to the Sub-
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D, Fund are contained in the section headed "Management
Class X, Class X1, Class X2, Class X3 or Class L Units. and Fund Charges" in the main body of the Prospectus.

8. Management and Fund Charges 9. Distributions

153
In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
the realised profits less realised losses and unrealised
profits less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
the realised profits less realised losses and unrealised
profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

10. Dealing Day

The Dealing Day for the Sub-Fund is each Business Day.

11. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

12. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Global Investment Corp. pursuant to which the
latter was appointed as investment manager to the
Sub-Fund. This agreement may be terminated by
either party on 90 days written notice.

Dated: 27 March, 2009

154
 SUPPLEMENT 17
AIG Greater China Equity Fund
Supplement 17 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Greater China Equity Fund (the "Sub-Fund"), a sub-
fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
Definitions
"Greater China Region" means the People's Republic of
China, Hong Kong and Taiwan.
1. The Investment Manager
The Manager has appointed AIG Global Investment
Corporation (Asia) Ltd., 16/F AIG Tower, No. 1 Connaught
Road Central, Hong Kong, to act as investment manager
to the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
The Investment Manager, which is a member company of
AIG Investments, is incorporated in Bermuda and based in
155
Hong Kong and manages investment portfolios in Hong
Kong, Singapore, Malaysia, Thailand, Taiwan, Korea, the
Philippines, Indonesia, India and Australia. There are
investment professionals of AIG companies in all of these
locations. As at 30 September, 2008 it had responsibility for
the investment of assets exceeding US$ 110.1billion, which
are predominantly assets of AIG companies.
The Investment Manager, which is a member company of
AIG Investments, is ultimately a wholly-owned subsidiary
of AIG. AIG's origins are in Asia and accordingly, AIG has
more than 75 years experience in the Asian region.
Subsidiaries of AIG are active investors in equity funds,
venture capital and financial services companies. AIG's
South East Asian network provides first hand political and
economic insight which is a valuable resource of the
Investment Manager.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to provide long-term capital growth
by investing in equity and equity-related securities of
companies whose assets, products or operations are in the
Greater China Region.
3. Investment Policy
At least two-thirds of the Sub-Fund’s total assets will be
invested in equities and equity-related securities (excluding
convertibles and bonds with warrants attached) of issuers
domiciled in or exercising the predominant part of their
commercial activities in the Greater China Region. Within
the remaining one-third, the Sub-Fund may invest in
transferable securities not meeting the above
requirements.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:

1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
156
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
Investments will be selected on a total return basis,
considering both the potential capital appreciation and
yield of each issue, although capital appreciation
considerations will dominate.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI Golden
Dragon Daily Total Return Net Index (the "Index"). The
Index is a free-float adjusted market capitalization-
weighted index designed to measure the equity market
performance of China, Hong Kong, and Taiwan. The
Investment Manager may consider that, where the Sub-
Fund's portfolio make up is different to that of the Index, it
is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Emerging Markets Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
157
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.

Class H Units denominated in US Dollars 6. Minimum Initial Subscription, Minimum

Holding, Minimum Subsequent Subscription
Class Y Units denominated in US Dollars and Minimum Redemption Requirements
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling The Minimum Initial Subscription and Minimum Holding
Class Y3 Units denominated in Japanese Yen applicable to each Class of Unit in the Sub-Fund is as
follows:
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro Class A Units USD 1,000
Class Y3D Units denominated in Japanese Yen Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class X Units denominated in US Dollars Class A3 Units JPY 125,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling Class C Units USD 1,000
Class X3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A and Class Y Units are currently in issue and are Class C3 Units JPY 125,000
available for subscription at the Net Asset Value.
Class H Units USD 1,000
Class A1, Class A2, and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY1,500 Class Y Units USD 1,000,000
respectively during the Initial Offer Period which has Class Y1 Units Euro 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y2 Units STG 1,000,000
(Irish time). Class Y3 Units JPY 125,000,000

Class C, Class C1, Class C2 and Class C3 Units are being Class YD Units USD 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y1D Units Euro 1,000,000
STG12.50 and JPY1,500 respectively during the Initial Class Y3D Units JPY 125,000,000
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time). The Minimum Initial Subscription for Class X, Class X1,
Class X2, Class X3 Units is as follows: -
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and Class X Units USD 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000
Class Y1, Class Y2 and Class Y3 Units are being offered Class X3 Units JPY 1,250,000,000
to the investors at Euro100, STG100 and JPY1,500
respectively during the Initial Offer Period which has There is no Minimum Holding for Class X, Class X1, Class
commenced and will close on 25 September, 2009 at noon X2 or Class X3 Units.
(Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in the Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which Class C Units USD 250
has commenced and will close on 25 September, 2009 at Class C1 Units Euro 250
noon (Irish time). Class C2 Units STG 250
Class C3 Units JPY 30,000
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have Class H Units USD 250
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. There are no Minimum Subsequent Subscription or

158
Minimum Redemption amounts for the Class Y, Class Y1, and Fund Charges" in the main body of the Prospectus.
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2 or Class X3 Units. 8. Distributions

7. Management and Fund Charges In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
The Manager is entitled to receive an annual fee accrued Business Day of May and November of each year.
at each Dealing Day and payable monthly in arrears out of Distributions shall generally be declared out of the net
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: the realised profits less realised losses and unrealised
profits less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30% Manager may declare a distribution once a year out of the
Class A3 Units 1.30% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class C Units 2.25% the realised profits less realised losses and unrealised
Class C1 Units 2.25% profits less unrealised losses. The Manager may also
Class C2 Units 2.25% declare interim distributions on the same basis. Annual
Class C3 Units 2.25% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class H Units 4.00%
9. Dealing Day
Class Y Units 1.00%
Class Y1 Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.
Class Y2 Units 1.00%
Class Y3 Units 1.00% 10. Currency of the Sub-Fund

Class YD Units 1.00% The Base Currency of the Sub-Fund is US Dollars.

Class Y1D Units 1.00%
Class Y3D Units 1.00% 11. Material Contracts

Class X Units 0% (i) Investment Management Agreement dated 4

Class X1 Units 0% March, 2005, between the Manager and AIG
Class X2 Units 0% Global Investment Corporation (Asia) Ltd.
Class X3 Units 0% pursuant to which the latter was appointed as
investment manager to the Sub-Fund. This
Class H Units are available for subscription by Latin agreement may be terminated by either party on
American investors only and are subject to a higher 90 days written notice.
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries. Dated: 27 March, 2009

With respect to Class A, Class A1, Class A2 and Class

A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management

159
 SUPPLEMENT 18
AIG India Equity Fund
Supplement 18 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG India Equity Fund (the "Sub-Fund"), a sub-fund of AIG
Global Funds (the "Fund") an open-ended umbrella unit
trust authorised by IFSRA pursuant to the provisions of the
European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended .
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
Investment in the Sub-Fund by Indian residents,
classified as such for the purpose of Indian taxation is
not permitted. Any prospective investor who is in any
doubt about their status under these rules or that of
anyone on whose behalf they are proposing to make
an investment should consult with their professional
advisers in relation to investment in the Sub-Fund.
1. Investment Manager
The Manager has appointed AIG Global Investment
Corporation (Asia) Ltd., 16/F AIG Tower, No. 1 Connaught
Road Central, Hong Kong, to act as investment manager
to the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
160
The Investment Manager, which is incorporated in
Bermuda and based in Hong Kong, is a member of AIG
Investments and manages investment portfolios in Hong
Kong, Singapore, Malaysia, Thailand, Taiwan, Korea, the
Philippines, Indonesia, India and Australia. There are
investment professionals of AIG companies in all of these
locations. As at 30 September, 2008, the Investment
Manager had responsibility for the investment of assets
exceeding US$ 110.1 billion, which are predominantly
assets of AIG companies.
The Investment Manager is ultimately a wholly-owned
subsidiary of AIG. AIG's origins are in Asia and
accordingly, AIG has more than 75 years experience in the
Asian region. Subsidiaries of AIG are active investors in
equity funds, venture capital and financial services
companies. AIG's South East Asian network provides first
hand political and economic insight which is a valuable
resource of the Investment Manager.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Advisor
The Investment Manager has appointed AIG Global Asset
Management Company (India) Private Ltd., a company
incorporated under the Companies Act of India, 1956, with
limited liability and a registered office at FCH House,
Ground Floor, Peninsula Corporate Park, G.K. Marg,
Lower Parel, Mumbai, India 400 013, to act as investment
advisor to the Investment Manager in that it will provide the
Investment Manager with non-binding advisory services in
relation to the investment of the assets of the Sub-Fund.
As of 31 August, 2008, the Investment Advisor has US
$805.55 million assets under management.
3. Mauritian Subsidiary
For the purposes of efficient portfolio management, the
Sub-Fund may invest through a Mauritian company, AIG
GF (Mauritius) Ltd, which will be acquired by the Manager
on behalf of the Fund as a wholly owned subsidiary (the
"Mauritian Subsidiary"). If the Sub-Fund invests through
the Mauritian Subsidiary, the assets and shares of the
Mauritian Subsidiary will be held by the Trustee.
4. Investment Objective
The Sub-Fund seeks to provide long-term capital
appreciation by investing in equity and equity-related
securities of companies listed on stock exchanges in India
or closely related to the economic development and growth
of India.
5. Investment Policy

At least two-thirds of the Sub-Fund’s total assets will be
invested (either directly by the Sub-Fund or through the
Mauritian Subsidiary for efficient portfolio management) in
equities and equity-related securities (excluding
convertibles and bonds with warrants attached) of issuers
domiciled in or exercising the predominant part of their
commercial activities in India. Within the remaining one-
third, the Sub-Fund may invest in transferable securities
not meeting the above requirements.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situations.
Distinct quantitative and qualitative criteria are used for
buy and sell decisions within each classification.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participation receipts / participation certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilized,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or markets in which
the Sub-Fund is permitted to invest, as set out in Appendix
II of the Prospectus. These instruments shall in each case
comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
161
to these instruments will be to the issuer of the
instruments, however it will also have an economic
exposure to the underlying securities themselves. Any
LEPO's purchased or sold by the Sub-Fund will be
exercisable at any time over the duration of its life and may
be settled on a cash basis.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also invest in American, International
and Global Depository Receipts (ADR’s / IDR’s / GDR’s)
which are listed on a Recognised Exchange. Such
investments must be in accordance with the investment
objective, investment policy and investment restrictions of
the Sub-Fund.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
Any changes to the investment objective and any material
changes to the investment policy of the Sub-Fund may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change to
the investment objective and/or a change to the investment
policy, a reasonable notification period will be provided to
Unitholders to enable them to redeem their Units prior to
the implementation of such change.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI India Daily
Total Return Net Index (the "Index"). The Index is an India-
dedicated index consisting of Indian stocks with
appropriate weightings for individual stocks based on their
liquidity.
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and swap currency contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA.
Because currency positions held by the Fund may not
correspond with the asset position held, the performance
may be strongly influenced by movements in the FX
exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II of the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund’s investment objective and
investment policy as detailed above. IFSRA does not issue
a list of approved markets. With the exception of permitted
investment in unlisted securities investments will be
restricted to those stock exchanges and markets listed in
Appendix II of the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 8 below and include Emerging Markets Risk,
162
Corporate Disclosure, Accounting and Regulatory
Standards, Taxation, Indian Exchange Control,
Concentration Risk and Volatility Risk. These risk factors
may not be a complete list of all risk factors associated
with an investment in the Sub-Fund.
6. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
7. Management and Administration of the
Mauritian Subsidiary
The Administrative Agent and the Trustee will act as
administrator and custodian respectively to the Mauritian
Subsidiary. Details of the appointment of the
Administrative Agent and the Trustee are set out in the
section entitled "Material Contracts" below.
The Mauritian Subsidiary has appointed Intercontinental
Trust, Level 3, Alexander House, 35 Cybercity, Ebene,
Mauritius to provide general administration, registration
and company secretarial services to the Mauritian
Subsidiary.
8. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund.
Investing in India involves certain considerations in
addition to the risks normally associated with making
investments in securities. In addition to the risk factors
described in the Prospectus, prospective investors should
consider the following risks:
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Corporate Disclosure, Accounting and Regulatory
Standards: Indian disclosure and regulatory standards are
in many respects less stringent than standards in certain
OECD countries. There may be less publicly available
information about Indian companies than is regularly
published by or about companies in such other countries.
The difficulty in obtaining such information may mean that
the Sub-Fund may experience difficulties in obtaining
reliable information regarding any corporate actions and
dividends of companies in which the Sub-Fund or the
Mauritian Subsidiary has invested which may, in turn, lead
to difficulties in determining the Net Asset Value of the
163
Sub-Fund with the same degree of accuracy which might
be expected from more established markets. Indian
accounting standards and requirements also differ in
significant respects from those applicable to companies in
many OECD countries.
Taxation: The Mauritian Subsidiary will apply for a
certificate of Mauritian Tax Residency from the Mauritius
Revenue Authority. The Mauritian Subsidiary will hold a
Category 1 Global Business Licence for the purposes of
the Financial Services Act 2007 and will therefore be
regulated by the Mauritius Financial Services Commission.
As a Mauritian tax resident, the Mauritian Subsidiary will
be liable to tax under the Income Tax Act 1995, at a rate of
15%. However, the Mauritian Subsidiary will be entitled to
a credit for foreign tax on its income, which is not derived
from Mauritius against the Mauritius tax computed by
reference to that same income. If no written evidence is
presented to the Mauritius Revenue Authority showing the
amount of foreign tax charged on income derived by the
Mauritian Subsidiary outside of Mauritius, the amount of
foreign tax shall be conclusively presumed to be equal to
80% of the Mauritius tax chargeable with respect to that
income, which would reduce the rate of tax effectively to
3%. If the foreign tax is at a rate greater than 12% the
effective rate of tax may be reduced further in certain
circumstances. In addition, capital gains tax on the sale of
securities held by the Mauritian Subsidiary is exempt from
tax in Mauritius.
Investors should note that the Mauritian Subsidiary relies
upon the provisions of the India/Mauritius Double Tax
Avoidance Treaty (the "Treaty") to minimise, so far as
possible, the taxation of the Mauritian Subsidiary. No
assurance can be given that the terms of the Treaty will
not be subject to re-negotiation or reinterpretation in the
future and any change could have a material adverse
effect on the returns of the Mauritian Subsidiary. There can
therefore be no assurance that the Treaty will continue to
be in full force and effect and of benefit to the Company
during the life of the Mauritian Subsidiary.
To the extent that the Mauritian Subsidiary pays dividends
to its shareholders, no withholding tax shall be levied
under current Mauritian law. Such dividends received by
the Manager on behalf of the Sub-Fund shall not therefore
be subject to Mauritius tax. Please refer to the section
entitled "Taxation" in the main body of the Prospectus for
an outline of the tax treatment of investors into the Fund.
Indian Exchange Control: The operation of the Mauritian
Subsidiary's bank account in India is subject to regulation
by the Reserve Bank of India under India's Foreign
Exchange Regulations. The Indian sub-custodian acting
also as the remitting banker will be authorised to convert
currency and repatriate capital and income on behalf of the
Mauritian Subsidiary. There can be no assurance that the
Indian Government would not, in future, impose certain
restrictions on foreign exchange.
Concentration Risk: The Sub-Fund concentrates its
investments in equity and equity-related securities of
companies listed on stock exchanges in India or closely
related to the economic development and growth of India.
A concentrated investment strategy may be subject to a
greater degree of volatility and risk than a portfolio which is
diversified across different geographic regions.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
9. Application for Units
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y1 and Class Y2 Units are being offered to the
investors at Euro100 and STG100 respectively during the
Initial Offer Period which has commenced and will close on
25 September, 2009 at noon (Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).

The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.
10. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:

Class YD Units denominated in US Dollars Class A Units USD 1,000

Class Y1D Units denominated in Euro Class A1 Units Euro 1,000
Class Y3D Units denominated in Japanese Yen Class A2 Units STG 1,000
Class A3 Units JPY 125,000
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro Class C Units USD 1,000
Class X2 Units denominated in Sterling Class C1 Units Euro 1,000
Class X3 Units denominated in Japanese Yen Class C2 Units STG 1,000
Class C3 Units JPY 125,000
Class A, Class Y and Class Y3 Units are currently in issue
and are available for subscription at the Net Asset Value. Class H Units USD 1,000

Class A1, Class A2, and Class A3 Units are being offered Class Y Units USD 1,000,000
to the investors at Euro12.50, STG12.50 and JPY1,500 Class Y1 Units Euro 1,000,000
respectively during the Initial Offer Period which has Class Y2 Units STG 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y3 Units JPY 125,000,000
(Irish time).
Class YD Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y1D Units Euro 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y3D Units JPY 125,000,000
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25 The Minimum Initial Subscription for Class X, Class X1,
September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows: -

Class H Units are being offered to investors at USD12.50 Class X Units USD 10,000,000

164
Class X1 Units Euro 10,000,000 market factors applicable to Latin American countries.
Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000 With respect to Class A, Class A1, Class A2 and Class
A3 Units, a Unitholder servicing and maintenance fee will
There is no Minimum Holding for Class X, Class X1, Class be payable out of the assets of the Sub-Fund to the
X2 or Class X3 Units. Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Minimum Subsequent Subscription and Minimum With respect to Class X, Class X1, Class X2 and Class
Redemption applicable to each Class of Unit in the Sub- X3 Units, a Unitholder servicing and maintenance fee will
Fund is as follows: be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
Class A Units USD 250 of the Sub-Fund attributable to these Classes of Units.
Class A1 Units Euro 250 The Unitholder servicing and maintenance fee is accrued
Class A2 Units STG 250 at each Dealing Day and is payable monthly in arrears.
Class A3 Units JPY 30,000
For all other classes of Units a Unitholder servicing and
Class C Units USD 250 maintenance fee not exceeding 1% per annum accrued at
Class C1 Units Euro 250 each Dealing Day and payable monthly in arrears may, at
Class C2 Units STG 250 the discretion of the Manager, be payable out of the Net
Class C3 Units JPY 30,000 Asset Value of the Sub-Fund attributable to the relevant
class of Units.
Class H Units USD 250
The legal and administrative costs relating to the
There are no Minimum Subsequent Subscription or acquisition of the Mauritian Subsidiary, which are
Minimum Redemption amounts for the Class Y, Class Y1, estimated not to exceed US$100,000, will be borne by the
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D, Sub-Fund.
Class X, Class X1, Class X2, or Class X3 Units.
The Sub-Fund will pay Intercontinental Trust a fee for the
11. Management and Fund Charges provision of company secretarial, registration, and
general administration services in relation to the Mauritian
The Manager is entitled to receive an annual fee accrued Subsidiary.
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of Notwithstanding the additional services to be provided to
each Class of Unit in the Sub-Fund at the rates stated the Mauritian Subsidiary, the administration and custody
below: fees to be charged to the Sub-Fund will not exceed the
rates disclosed in the main body of the prospectus.
Class A Units 1.30%
Class A1 Units 1.30% In addition the Sub-Fund will pay all operating expenses
Class A2 Units 1.30% relating to the Mauritian Subsidiary which include but are
Class A3 Units 1.30% not limited to: brokerage commissions, legal, audit,
translation and accounting expenses, taxes and
Class C Units 2.25% governmental expenses; costs of preparation, printing and
Class C1 Units 2.25% distribution of reports and notices, insurance premiums,
Class C2 Units 2.25% and other fees as agreed from time to time with the
Class C3 Units 2.25% consent of the Trustee.

Class H Units 4.00% Details of any other fees and charges relating to the Sub-
Fund are contained in the section headed "Management
Class Y Units 1.00% and Fund Charges" in the main body of the Prospectus.
Class Y1 Units 1.00%
Class Y2 Units 1.00% 12. Distributions
Class Y3 Units 1.00%
In relation to Class YD, Class Y1D and Class Y3D Units,
Class YD Units 1.00% the Manager intends to declare a distribution on the last
Class Y1D Units 1.00% Business Day of May and November of each year.
Class Y3D Units 1.00% Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
Class X Units 0% otherwise) available for distribution by the Sub-Fund and
Class X1 Units 0% realised profits less realised losses and unrealised profits
Class X2 Units 0% less unrealised losses.
Class X3 Units 0%
In respect of all other Unit Classes of the Sub-Fund the
Class H Units are available for subscription by Latin Manager may declare a distribution once a year out of the
American investors only and are subject to a higher net income (whether in the form of dividends, interest or
management fee than other Unit Classes, this is due to otherwise) available for distribution by the Sub-Fund and

165
realised profits less realised losses and unrealised profits
less unrealised losses. The Manager may also declare
interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

13. Dealing Day

The Dealing Day for the Sub-Fund is each Business Day.

14. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

15. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Global Investment Corporation (Asia) Ltd., as
amended by a side letter dated 30 June, 2005,
pursuant to which the latter was appointed as
investment manager to the Sub-Fund. This
agreement may be terminated by either party
on 90 days written notice.

(ii) Investment Advisory Agreement dated 1

August, 2007, between the Investment
Manager and AIG Global Asset Management
Company (India) Private Ltd., pursuant to
which the latter was appointed as investment
advisor to the Sub-Fund. This agreement may
be terminated by either party on 90 days
written notice.

(iii) Administration Agreement dated 27 March,

2009, between the Manager, the
Administrative Agent and the Mauritian
Subsidiary pursuant to which the Manager
appointed the Administrative Agent as
administrator to the Mauritian Subsidiary. This
agreement may be terminated by either party
on 90 days written notice.

(iv) Custodian Agreement dated 27 March, 2009,

between the Manager, the Trustee and the
Mauritian Subsidiary pursuant to which the
Manager appointed the Trustee as custodian
to the Mauritian Subsidiary. This agreement
may be terminated by either party on 90 days
written notice.

(v) Investment Management (Subsidiary)

Agreement dated 27 March, 2009 between
the Manager, the Investment Manager and the
Mauritian Subsidiary pursuant to which the
Investment Manager was appointed to act as
investment manager to the Mauritian
Subsidiary. This agreement may be terminated
by either party on 90 days written notice.

Dated: 27 March, 2009

166
 SUPPLEMENT 19
AIG Japan Focus Equity Fund
Supplement 19 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Japan Focus Equity Fund (the "Sub-Fund"), a sub-
fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA on 4 March, 2005,
pursuant to the provisions of the European Communities
(Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003 (S.I. No. 211 of 2003), as
amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. The Investment Manager
The Manager has appointed AIG Investments Japan Co.,
Ltd., AIG Building, 1-3 Marunouchi 1-chome, Chiyoda-ku,
Tokyo 100-0005, Japan, as Investment Manager to act as
investment manager to the Sub-Fund. The Investment
Manager has the responsibility for the investment
management, on a discretionary basis, of the assets of the
Sub-Fund.
The Investment Manager is a company incorporated under
the laws of Japan on 17 November, 1986. As at 31
December, 2008 the Investment Manager had
JPY8,182.15 billion assets under management.
167
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund will be managed to provide investors with
long-term capital appreciation through investment in a
concentrated portfolio of high conviction equity and equity-
related securities (stocks that the Investment Manager
strongly believes are attractively valued and will
appreciate) of Japanese companies i.e. companies
incorporated in Japan or companies whose assets,
products or operations are in Japan.
3. Investment Policy
The majority of the Sub-Fund's investments will be in
Japanese equity and equity-related securities of
companies with shares listed on the Tokyo Stock
Exchange ("TSE"), with the remainder generally being
invested in equity and equity-related securities traded on
other Recognised Exchanges and markets in Japan as set
out in Appendix II. Under certain circumstances, such as
merger, acquisition or share exchange activity involving a
Japanese company, the Sub-Fund may hold the stocks of
non-Japanese companies.
The Sub-Fund will employ an investment strategy that is
flexible in order to meet rapidly changing market conditions
and the investment environment. The Sub-Fund will not
pursue trading of securities for short-term capital gain.
However, such short term profit may occur as a result of
changes in economic and market conditions as well as
changes in corporate fundamentals.
The Sub-Fund’s assets will be invested in a concentrated
portfolio of equity and equity-related securities of listed
companies of all capitalisations, for which the Investment
Manager has a high level of conviction. It is anticipated
that the majority of the Sub-Fund's assets will be invested
in equity and equity-related securities of large, well
established companies with the rest being invested in
equity and equity-related securities of smaller companies
that are deemed attractive for capital appreciation.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Mature growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in exchange traded funds and in regulated collective
investment schemes where the investment policies of
these funds or schemes are consistent with that of the
Sub-Fund and such funds or schemes are subject to a
similar regulatory regime to that imposed by IFSRA on
collective investment schemes domiciled in Ireland. The
Sub-Fund may also, within the said 10% limit, invest in
unregulated collective investment schemes provided
168
however that investment in such schemes complies with
the eligibility criteria for UCITS.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
During certain market conditions as the Investment
Manager considers appropriate the Sub-Fund may hold up
to 25% of its net assets in cash or cash-equivalent
instruments such as treasury bills, commercial paper, or
certificates of deposit.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the TOPIX Total
Return Index (the "Index"). The Index is a capitalisation
weighted index of all companies listed on the First Section
of the Tokyo Stock Exchange and is designed to measure
the general performance of Japanese equities.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk
characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Japan Markets Risk, Small
Capitalised Companies Risk and Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following additional risk factor applies to the
Sub-Fund. The risk factors may not be a complete list of
all risk factors associated with an investment in the Sub-
Fund:
Japan Markets Risk: It should be noted that the
admission requirements for the second sections of Tokyo,
Osaka and Nagoya stock exchanges, emerging markets
such as MOTHERS, HERCULES and JASDAQ, and the
Regional Markets are less stringent than those for the first
sections of the three major stock exchanges. Companies
traded on the emerging markets, or listed on one of the
second sections or Regional Markets often have a shorter
proven track record than those listed on one of the first
sections. Corporate disclosure is also likely to be less
169
detailed and such companies often report more volatile
earnings.
The shares traded on the second sections of the three
major stock exchanges, emerging markets and the
Regional Markets can become illiquid. Generally, illiquid
stocks may suffer from greater price volatility and wide
spreads are common between the bid and offer prices.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. An investment in securities of smaller
capitalised companies may be more illiquid than that of
larger capitalisation stocks and may be subject to more
volatility than securities of larger, more established
companies. In addition, the quality, reliability, and
availability of information for smaller to mid capitalisation
companies may not provide the same degree of
information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen Class C Units USD 1,000
Class C1 Units Euro 1,000
Class X Units denominated in US Dollars Class C2 Units STG 1,000
Class X1 Units denominated in Euro Class C3 Units JPY 125,000
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen Class H Units USD 1,000

Class A, Class A1, Class A2 and Class A3 Units are being Class Y Units USD 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y1 Units Euro 1,000,000
STG12.50 and JPY1,500 respectively during the Initial Class Y2 Units STG 1,000,000
Offer Period which has commenced and will close on 25 Class Y3 Units JPY 125,000,000
September, 2009 at noon (Irish time).
Class YD Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y1D Units Euro 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y3D Units JPY 125,000,000
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25 The Minimum Initial Subscription for Class X, Class X1,
September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows:

Class H is being offered to the investors at USD12.50 Class X Units USD 10,000,000
during the Initial Offer Period which has commenced and Class X1 Units Euro 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000
Class Y, Class Y1, Class Y2 and Class Y3 Units are being
offered to the investors at USD100, Euro100, STG100 and There is no Minimum Holding for Class X, Class X1, Class
JPY1,500 respectively during the Initial Offer Period which X2 or Class X3 Units.
has commenced and will close on 25 September, 2009 at
noon (Irish time). The Minimum Subsequent Subscription and Minimum
Redemption applicable to each Class of Unit in the Sub-
Class YD, Class Y1D and Class Y3D Units are being Fund is as follows:
offered to the investors at USD100, Euro100 and
JPY1,500 respectively during the Initial Offer Period which Class A Units USD 250
has commenced and will close on 25 September, 2009 at Class A1 Units Euro 250
noon (Irish time). Class A2 Units STG 250
Class A3 Units JPY 30,000
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and Class C Units USD 250
JPY 1,500 respectively during the Initial Offer Period which Class C1 Units Euro 250
has commenced and will close on 25 September, 2009 at Class C2 Units STG 250
noon (Irish time). Class C3 Units JPY 30,000

Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may determine and notify to IFSRA. Thereafter,
Units shall be issued at the Net Asset Value per Unit of the
relevant Class.
6. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
Class H Units USD 250
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2, or Class X3 Units.
7. Management and Fund Charges
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:

The Minimum Initial Subscription and Minimum Holding Class A Units 1.80%
applicable to each Class of Unit in the Sub-Fund is as Class A1 Units 1.80%
follows: Class A2 Units 1.80%
Class A3 Units 1.80%
Class A Units USD 1,000
Class A1 Units Euro 1,000 Class C Units 2.25%
Class A2 Units STG 1,000 Class C1 Units 2.25%
Class A3 Units JPY 125,000 Class C2 Units 2.25%

170
Class C3 Units 2.25% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class H Units 4.00% the realised profits less realised losses and unrealised
profits less unrealised losses. The Manager may also
Class Y Units 1.00% declare interim distributions on the same basis. Annual
Class Y1 Units 1.00% distributions (if declared) will be declared and paid on or
Class Y2 Units 1.00% before 30 June in each year.
Class Y3 Units 1.00%
9. Dealing Day
Class YD Units 1.00%
Class Y1D Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.
Class Y3D Units 1.00%
10. Currency of the Sub-Fund
Class X Units 0%
Class X1 Units 0% The Base Currency of the Sub-Fund is Japanese Yen.
Class X2 Units 0%
Class X3 Units 0% 11. Material Contracts

Class H Units are available for subscription by Latin
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
(i) Investment Management Agreement dated 4
March, 2005, between the Manager and AIG
Investments Japan Co., Ltd. as amended by a side
letter dated 11 December, 2007, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.
Dated: 27 March, 2009

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately
€20,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will be amortised over a three
year period in accordance with standard accounting
practice.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

8. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund, the

Manager may declare a distribution once a year out of the

171
 SUPPLEMENT 20
AIG Japan New Horizon Fund
Supplement 20 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Japan New Horizon Fund (the "Sub-Fund"), a sub-
fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities (Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. The Investment Manager
The Manager has appointed AIG Investments Japan Co.,
Ltd., AIG Building, 1-3 Marunouchi 1-chome, Chiyoda-ku,
Tokyo 100-0005, Japan, as Investment Manager to act as
investment manager to the Sub-Fund. The Investment
Manager has the responsibility for the investment
management, on a discretionary basis, of the assets of the
Sub-Fund.
The Investment Manager is a company incorporated under
the laws of Japan on 17 November, 1986. As at 31
December, 2008, the Investment Manager had JPY
8,182.15 billion assets under management.
The Investment Manager is also a member company of
172
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund will be managed to provide investors with
long-term capital appreciation through investment in equity
and equity-related securities of Japanese companies i.e.
companies incorporated in Japan or companies whose
assets, products or operations are in Japan.
3. Investment Policy
The Sub-Fund's investment in Japanese equity securities
and equity-related securities will consist primarily of
securities listed on the Tokyo Stock Exchange ("TSE").
Under normal market conditions, at least 65% of the Sub-
Fund's total assets will be invested in equity and equity-
related securities of companies with shares on the TSE,
with the remainder generally being invested in equity and
equity-related securities traded on other Recognised
Exchanges and markets in Japan as set out in Appendix II.
The Sub-Fund will employ an investment strategy that is
flexible in order to meet rapidly changing market conditions
and the investment environment. The Sub-Fund will not
pursue trading of securities for short-term capital gain.
However, such short term profit may occur as a result of
changes in economic and market conditions as well as
changes in corporate fundamentals.
It is anticipated that a major proportion of the Sub-Fund's
assets will be invested in equity and equity-related
securities of large, well established companies with the
rest being invested in equity and equity-related securities
of smaller companies that are deemed attractive for capital
appreciation.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
 new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
173
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI Japan Daily
Total Return Net Index (the "Index"). The Index is a float-
adjusted market capitalization index that is designed to
measure developed market equity performance of listed
equities in Japan. The Investment Manager may consider
that, where the Sub-Fund's portfolio make up is different to
that of the Index, it is necessary or desirable to replicate
the currency exposure of the Index and therefore the
Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub- Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Japan Markets Risk, Small
Capitalised Companies Risk and Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
174
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following additional risk factor applies to the
Sub-Fund. The risk factors may not be a complete list of
all risk factors associated with an investment in the Sub-
Fund:
Japan Markets Risk: It should be noted that the
admission requirements for the second sections of Tokyo,
Osaka and Nagoya stock exchanges emerging markets
such as MOTHERS, HERCULES and JASDAQ, and the
Regional Markets are less stringent than those for the first
sections of the three major stock exchanges. Companies
traded on the emerging markets, or listed on one of the
second sections or Regional Markets often have a shorter
proven track record than those listed on one of the first
sections. Corporate disclosure is also likely to be less
detailed and such companies often report more volatile
earnings.
The shares traded on the second sections of the three
major stock exchanges, emerging markets and the
Regional Markets can become illiquid. Generally, illiquid
stocks may suffer from greater price volatility and wide
spreads are common between the bid and offer prices.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. An investment in securities of smaller
capitalised companies may be more illiquid than that of
larger capitalisation stocks and may be subject to more
volatility than securities of larger, more established
companies. In addition, the quality, reliability, and
availability of information for smaller to mid capitalisation
companies may not provide the same degree of
information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
 JPY 1,500 respectively during the Initial Offer Period which
6. Application for Units has commenced and will close on 25 September, 2009 at
noon (Irish time).
The following classes of Unit are currently, or may be,
offered: Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
Class A Units denominated in US Dollars entered into a separate arrangement (legal agreement)
Class A1 Units denominated in Euro with the Manager or its delegate.
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen Subscriptions for Class YJ Units will only be accepted for
investors who are fund of funds type Japanese investment
Class C Units denominated in US Dollars trusts organised under the Law Concerning Investment
Class C1 Units denominated in Euro Trusts and Investment Corporations of Japan which are
Class C2 Units denominated in Sterling managed by the Investment Manager or other investment
Class C3 Units denominated in Japanese Yen trust companies registered under the Financial Instruments
and Exchange Act of Japan.
Class H Units denominated in US Dollars
All Classes of Units which have not already been issued
Class Y Units denominated in US Dollars may be offered to the investors on such other dates as the
Class Y1 Units denominated in Euro Manager may determine and notify to IFSRA. Thereafter,
Class Y2 Units denominated in Sterling Units shall be issued at the Net Asset Value per Unit of the
Class Y3 Units denominated in Japanese Yen relevant Class.
Class YJ Units denominated in Japanese Yen
7. Minimum Initial Subscription, Minimum
Class YD Units denominated in US Dollars Holding, Minimum Subsequent Subscription
Class Y1D Units denominated in Euro and Minimum Redemption Requirements
Class Y3D Units denominated in Japanese Yen
The Minimum Initial Subscription and Minimum Holding
Class X Units denominated in US Dollars applicable to each Class of Unit in the Sub-Fund is as
Class X1 Units denominated in Euro follows:
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen Class A Units USD 1,000
Class A1 Units Euro 1,000
Class A, Class A3, Class Y, Class Y3 and Class YJ Units Class A2 Units STG 1,000
are currently in issue and are available for subscription at Class A3 Units JPY 125,000
the Net Asset Value per Unit of the relevant Class.
Class C Units USD 1,000
Class A1 and Class A2 Units are being offered to the Class C1 Units Euro 1,000
investors at Euro12.50 and STG12.50 respectively during Class C2 Units STG 1,000
the Initial Offer Period which has commenced and will Class C3 Units JPY 125,000
close on 25 September, 2009 at noon (Irish time).
Class H Units USD 1,000
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50, Class Y Units USD 1,000,000
STG12.50 and JPY1,500 respectively during the Initial Class Y1 Units Euro 1,000,000
Offer Period which has commenced and will close on 25 Class Y2 Units STG 1,000,000
September, 2009 at noon (Irish time). Class Y3 Units JPY 125,000,000
Class YJ Units JPY125,000,000
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and Class YD Units USD 1,000,000
will close on 25 September, 2009 at noon (Irish time). Class Y1D Units Euro 1,000,000
Class Y3D Units JPY 125,000,000
Class Y1 and Class Y2 are being offered to the investors
at Euro100 and STG100 respectively during the Initial The Minimum Initial Subscription for Class X, Class X1,
Offer Period which has commenced and will close on 25 Class X2, Class X3 Units is as follows:
September, 2009 at noon (Irish time).
Class X Units USD 10,000,000
Class YD, Class Y1D and Class Y3D Units are being Class X1 Units Euro 10,000,000
offered to investors at USD100, Euro100 and JPY1,500 Class X2 Units STG 10,000,000
respectively during the Initial Offer Period which has Class X3 Units JPY 1,250,000,000
commenced and will close on 25 September, 2009 at
noon (Irish time). There is no Minimum Holding for Class X, Class X1, Class
X2 or Class X3 Units.
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and The Minimum Subsequent Subscription and Minimum

175
Redemption applicable to each Class of Unit in the Sub- of the Sub-Fund attributable to these Classes of Units.
Fund is as follows: With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
Class A Units USD 250 be payable out of the assets of the Sub-Fund to the
Class A1 Units Euro 250 Manager at a rate of up to 0.10% of the Net Asset Value
Class A2 Units STG 250 of the Sub-Fund attributable to these Classes of Units.
Class A3 Units JPY 30,000 The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
Class C Units USD 250
Class C1 Units Euro 250 For all other classes of Units a Unitholder servicing and
Class C2 Units STG 250 maintenance fee not exceeding 1% per annum accrued at
Class C3 Units JPY 30,000 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Class H Units USD 250 Asset Value of the Sub-Fund attributable to the relevant
class of Units.
Class YJ Units JPY12,500,000
Details of any other fees and charges relating to the Sub-
There are no Minimum Subsequent Subscription or Fund are contained in the section headed "Management
Minimum Redemption amounts for the Class Y, Class Y1, and Fund Charges" in the main body of the Prospectus.
Class Y2, Class Y3 Class YD, Class Y1D, Class Y3D,,
Class X, Class X1, Class X2, or Class X3 Units. 9. Distributions

8. Management and Fund Charges In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
The Manager is entitled to receive an annual fee accrued Business Day of May and November of each year.
at each Dealing Day and payable monthly in arrears out of Distributions shall generally be declared out of the net
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: the realised profits less realised losses and unrealised
profits less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30%
Class A3 Units 1.30% Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
Class C Units 2.25% otherwise) available for distribution by the Sub-Fund and
Class C1 Units 2.25% the realised profits less realised losses and unrealised
Class C2 Units 2.25% profits less unrealised losses. The Manager may also
Class C3 Units 2.25% declare interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
Class H Units 4.00% before 30 June in each year.

Class Y Units 1.00% 10. Dealing Day

Class Y1 Units 1.00%
Class Y2 Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.
Class Y3 Units 1.00%
Class YJ Units 1.00% 11. Currency of the Sub-Fund

Class YD Units 1.00% The Base Currency of the Sub-Fund is US Dollars.

Class Y1D Units 1.00%
Class Y3D Units 1.00% 12. Material Contracts

Class X Units 0% (i) Investment Management Agreement dated 4

Class X1 Units 0% March, 2005, between the Manager and AIG
Class X2 Units 0% Investments Japan Co., Ltd. pursuant to which
Class X3 Units 0% the latter was appointed as investment
manager to the Sub-Fund. This agreement
Class H Units are available for subscription by Latin may be terminated by either party on 90 days
American investors only and are subject to a higher written notice.
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries. Dated: 27 March, 2009
With respect to Class A, Class A1, Class A2 and Class
A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value

176
 SUPPLEMENT 21
AIG Japan Small Companies Fund
Supplement 21 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Japan Small Companies Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Investments Japan Co.,
Ltd., AIG Building, 1-3 Marunouchi 1-chome, Chiyoda-ku,
Tokyo 100-0005, Japan, as to act as investment manager in
relation to the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
The Investment Manager is a company incorporated under
the laws of Japan on 17 November, 1986. As at 31
December, 2008, the Investment Manager had JPY
8,182.15 billion assets under management.
The Investment Manager is also a member company of
AIG Investments comprises a group of international
177
companies which provide investment advice and market
asset management products and services to clients around
the world. As of 30 September, 2008, total assets under
management is US $676.9 billion, of which approximately
US $565.4 billion relates to AIG affiliated assets, including
those managed by joint ventures and certain other AIG
investment adviser subsidiaries, but do not include assets
sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve long term capital growth
by making at least two-thirds of its total investments in
equity and equity-related investments in small Japanese
companies, i.e. companies incorporated in Japan or
companies whose assets, products or operations are in
Japan. In practice, at least 50% of the Sub-Fund's
investments will be in companies whose market
capitalisation at the time of acquisition is less than Yen 300
billion (or its foreign currency equivalent).
3. Investment Policy
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may not invest more than 10% of its Net
Asset Value in warrants.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
178
performance may be strongly influenced by movements in
the FX exchange rates.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI Japan
Small Cap Daily Total Return Net Index (the "Index"). The
Index is a free-float adjusted market capitalization-
weighted index designed to measure the equity market
performance of Japanese small companies. The
Investment Manager may consider that, where the Sub-
Fund's portfolio make up is different to that of the Index, it
is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Japan Markets Risk, Small
Capitalised Companies Risk and Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Investment Restriction
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Japan Markets Risk: It should be noted that the
admission requirements for the second sections of Tokyo,
Osaka and Nagoya stock exchanges, emerging markets
such as MOTHERS or HERCULES, and JASDAQ and the
179
Regional Markets are less stringent than those for the first
sections of the three major stock exchanges. Companies
traded on the emerging markets, or listed on one of the
second sections of the three major stock exchanges or
Regional Markets often have a shorter proven track record
than those listed on one of the first sections. Corporate
disclosure is also likely to be less detailed and such
companies often report more volatile earnings. The shares
traded on the second sections of the three major stock
exchanges, emerging markets and the Regional Markets
can become illiquid. Generally, illiquid stocks may suffer
from greater price volatility and wide spreads are common
between the bid and offer prices.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. An investment in securities of smaller
capitalised companies may be more illiquid than that of
larger capitalisation stocks and may be subject to more
volatility than securities of larger, more established
companies. In addition, the quality, reliability, and
availability of information for smaller to mid capitalisation
companies may not provide the same degree of
information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling The Minimum Initial Subscription and Minimum Holding
Class Y3 Units denominated in Japanese Yen applicable to each Class of Unit in the Sub-Fund is as
follows:
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro Class A Units USD 1,000
Class Y3D Units denominated in Japanese Yen Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class X Units denominated in US Dollars Class A3 Units JPY 125,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling Class C Units USD 1,000
Class X3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A3, Class Y and Class Y3 Units are currently in Class C3 Units JPY 125,000
issue and are available for subscription at the Net Asset
Value. Class H Units USD 1,000

Class A, Class A1 and Class A2 Units are being offered to Class Y Units USD 1,000,000
the investors at USD12.50, Euro12.50 and STG12.50 Class Y1 Units Euro 1,000,000
respectively during the Initial Offer Period which has Class Y2 Units STG 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y3 Units JPY 125,000,000
(Irish time).
Class YD Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y1D Units Euro 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y3D Units JPY 125,000,000
STG12.50 and JPY 1,500 respectively during the Initial
Offer Period which has commenced and will close on 25 The Minimum Initial Subscription for Class X, Class X1,
September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows:

Class H Units are being offered to investors at USD12.50 Class X Units USD 10,000,000
during the Initial Offer Period which has commenced and Class X1 Units Euro 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000
Class Y1 and Class Y2 Units are being offered to the
investors at Euro100 and STG100 respectively during the There is no Minimum Holding for Class X, Class X1, Class
Initial Offer Period which has commenced and will close on X2 or Class X3 Units.
25 September, 2009 at noon (Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in the Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which Class C Units USD 250
has commenced and will close on 25 September, 2009 at Class C1 Units Euro 250
noon (Irish time). Class C2 Units STG 250
Class C3 Units JPY 30,000
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have Class H Units USD 250
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
All Classes of Units which have not already been issued Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
may be offered to the investors on such other dates as the Class X, Class X1, Class X2, or Class X3 Units.
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units 8. Dealing Day
shall be issued at the Net Asset Value per Unit of the
relevant Class. The Dealing Day for the Sub-Fund is each Business Day.

7. Minimum Initial Subscription, Minimum 9. Management and Fund Charges

Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of

180
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: realised profits less realised losses and unrealised profits
less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30% Manager may declare a distribution once a year out of the
Class A3 Units 1.30% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class C Units 2.25% realised profits less realised losses and unrealised profits
Class C1 Units 2.25% less unrealised losses. The Manager may also declare
Class C2 Units 2.25% interim distributions on the same basis. Annual
Class C3 Units 2.25% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class H Units 4.00%
11. Currency of the Sub-Fund
Class Y Units 1.00%
Class Y1 Units 1.00% The Base Currency of the Sub-Fund is US Dollars.
Class Y2 Units 1.00%
Class Y3 Units 1.00% 12. Material Contracts

Class YD Units 1.00% (i) Investment Management Agreement dated 4

Class Y1D Units 1.00% March, 2005, between the Manager and AIG
Class Y3D Units 1.00% Investments Japan Co., Ltd., as amended by a side
letter dated 13 December, 2005, pursuant to which
Class X Units 0% the latter was appointed as investment manager to
Class X1 Units 0% the Sub-Fund. This agreement may be terminated
Class X2 Units 0% by either party on 90 days written notice.
Class X3 Units 0%
Dated: 27 March, 2009
Class H Units are available for subscription by Latin
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.

With respect to Class A, Class A1, Class A2 and Class

A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

10. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net

181
 SUPPLEMENT 22
AIG Japan Smaller Companies Plus Fund
Supplement 22 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Japan Smaller Companies Plus Fund (the "Sub-
Fund"), a sub-fund of AIG Global Funds (the "Fund") an
open-ended umbrella unit trust authorised by IFSRA
pursuant to the provisions of the European Communities
Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003 (S.I. No. 211 of 2003), as
amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Investments Japan Co.,
Ltd. AIG Building, 1-3 Marunouchi 1-chome, Chiyoda-ku,
Tokyo 100-0005, Japan as to act as investment manager in
relation to the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
The Investment Manager is a company incorporated under
the laws of Japan on 17 November, 1986. As at 31
December, 2008 the Investment Manager had JPY
8,182.15 billion assets under management.
182
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve long term capital growth
by making at least two-thirds of its total investments in
equity and equity-related investments in small to medium
sized Japanese companies, i.e. companies incorporated in
Japan or companies whose assets, products or operations
are in Japan.
3. Investment Policy
At least two-thirds of the Sub-Fund’s total assets will be
invested in equities and equity-related securities (excluding
convertibles and bonds with warrants attached) of issuers
within the Sub-Fund’s benchmark’s market cap range at
the time of purchase, domiciled in or exercising the
predominant part of their commercial activities in Japan.
Within the remaining one-third, the Sub-Fund may invest in
transferable securities not meeting the above
requirements.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may not invest more than 10% of its Net
Asset Value in warrants.
The Sub-Fund may also engage in forward foreign
183
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI Japan
SMID Daily Total Return Net Index (the "Index"). The Index
is a free float-adjusted market capitalization weighted
index designed to measure the equity market performance
of companies classified as small- and mid-capitalization in
the country of Japan. The Investment Manager may
consider that, where the Sub-Fund's portfolio make up is
different to that of the Index, it is necessary or desirable to
replicate the currency exposure of the Index and therefore
the Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Japan Markets Risk, Small
Capitalised Companies Risk and Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
184
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Japan Markets Risk: It should be noted that the
admission requirements for the second sections of Tokyo,
Osaka and Nagoya stock exchanges, emerging markets
such as MOTHERS or HERCULES, and JASDAQ and the
Regional Markets are less stringent than those for the first
sections of the three major stock exchanges. Companies
traded on the emerging markets, or listed on one of the
second sections of the three major stock exchanges or
Regional Markets often have a shorter proven track record
than those listed on one of the first sections. Corporate
disclosure is also likely to be less detailed and such
companies often report more volatile earnings. The shares
traded on the second sections of the three major stock
exchanges, emerging markets and the Regional Markets
can become illiquid. Generally, illiquid stocks may suffer
from greater price volatility and wide spreads are common
between the bid and offer prices.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. An investment in securities of smaller
capitalised companies may be more illiquid than that of
larger capitalisation stocks and may be subject to more
volatility than securities of larger, more established
companies. In addition, the quality, reliability, and
availability of information for smaller to mid capitalisation
companies may not provide the same degree of
information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes will be offered.
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro Trustee, determine and notify to IFSRA. Thereafter, Units
Class C2 Units denominated in Sterling shall be issued at the Net Asset Value per Unit of the
Class C3 Units denominated in Japanese Yen relevant Class.

Class H Units denominated in US Dollars 7. Minimum Initial Subscription, Minimum

Holding, Minimum Subsequent Subscription
Class Y Units denominated in US Dollars and Minimum Redemption Requirements
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling The Minimum Initial Subscription and Minimum Holding
Class Y3 Units denominated in Japanese Yen applicable to each Class of Unit in the Sub-Fund is as
follows:
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro Class A Units USD 1,000
Class Y3D Units denominated in Japanese Yen Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class X Units denominated in US Dollars Class A3 Units JPY 125,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling Class C Units USD 1,000
Class X3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A, Class C3, Class Y and Class Y3 Units are Class C3 Units JPY 125,000
currently in issue and are available for subscription at the
Net Asset Value per Unit of the relevant Class. Class H Units USD 1,000

Class A1, Class A2 and Class A3 Units are being offered Class Y Units USD 1,000,000
to the investors at Euro12.50, STG12.50 and JPY1,500 Class Y1 Units Euro 1,000,000
respectively during the Initial Offer Period which has Class Y2 Units STG 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y3 Units JPY 125,000,000
(Irish time).
Class YD Units USD 1,000,000
Class C, Class C1 and Class C2 Units are being offered to Class Y1D Units Euro 1,000,000
the investors at USD12.50, Euro12.50 and STG12.50 Class Y3D Units JPY 125,000,000
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon The Minimum Initial Subscription for Class X, Class X1,
(Irish time). Class X2, Class X3 Units is as follows: -

Class H Units are being offered to investors at USD12.50 Class X Units USD 10,000,000
during the Initial Offer Period which has commenced and Class X1 Units Euro 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000
Class Y1 and Class Y2 Units are being offered to the
investors at Euro100 and STG100 respectively during the There is no Minimum Holding for Class X, Class X1, Class
Initial Offer Period which has commenced and will close on X2 or Class X3 Units.
25 September, 2009 at noon (Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in the Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which Class C Units USD 250
has commenced and will close on 25 September, 2009 at Class C1 Units Euro 250
noon (Irish time). Class C2 Units STG 250
Class C3 Units JPY 30,000
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have Class H Units USD 250
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
All Classes of Units which have not already been issued Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
may be offered to the investors on such other dates as the Class X, Class X1, Class X2, or Class X3 Units.
Manager may at its discretion, and with the consent of the

185
8. Dealing Day and Fund Charges" in the main body of the Prospectus.

The Dealing Day for the Sub-Fund is each Business Day. 10. Distributions

9. Management and Fund Charges In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
The Manager is entitled to receive an annual fee accrued Business Day of May and November of each year.
at each Dealing Day and payable monthly in arrears out of Distributions shall generally be declared out of the net
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: realised profits less realised losses and unrealised profits
less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30% Manager may declare a distribution once a year out of the
Class A3 Units 1.30% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class C Units 2.25% realised profits less realised losses and unrealised profits
Class C1 Units 2.25% less unrealised losses. The Manager may also declare
Class C2 Units 2.25% interim distributions on the same basis. Annual
Class C3 Units 2.25% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class H Units 4.00%
11. Currency of the Sub-Fund
Class Y Units 1.00%
Class Y1 Units 1.00% The Base Currency of the Sub-Fund is US Dollars.
Class Y2 Units 1.00%
Class Y3 Units 1.00% 12. Material Contracts

Class YD Units 1.00% (i) Investment Management Agreement dated 4

Class Y1D Units 1.00% March, 2005, between the Manager and AIG
Class Y3D Units 1.00% Investments Japan Co., Ltd., as amended by a
side letter dated 13 December, 2005, pursuant
Class X Units 0% to which the latter was appointed as
Class X1 Units 0% investment manager to the Sub-Fund. This
Class X2 Units 0% agreement may be terminated by either party
Class X3 Units 0% on 90 days written notice.

Class H Units are available for subscription by Latin Dated: 27 March, 2009
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.

With respect to Class A, Class A1, Class A2 and Class

A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management

186
 SUPPLEMENT 23
AIG Latin America Fund
Supplement 23 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Latin America Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA pursuant to the provisions
of the European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
Application has been made for all Classes of the AIG Latin
America Fund issued and to be issued, to be admitted to
the official list of The Irish Stock Exchange. As of 16
December, 2008 Class A Units, Class Y Units and Class
Y3 Units have been admitted to the official list of the Irish
Stock Exchange and it is expected that the remaining
Listed Units will be admitted as and when listed.
The launch and listing of various Classes may occur at
different times and therefore at the time of the launch of
given Class(es), the pool of assets to which a given Class
relates may have commenced to trade.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
187
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager in relation to the Sub-Fund.
The Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008, the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$ 411.4 billion, which are predominantly
assets of AIG companies. The Investment Manager is also
a member company of AIG Investments. AIG Investments
comprises a group of international companies which
provide investment advice and market asset management
products and services to clients around the world. As of 30
September, 2008 , total assets under management is US
$676.9 billion, of which approximately US $565.4 billion
relates to AIG affiliated assets, including those managed
by joint ventures and certain other AIG investment adviser
subsidiaries, but do not include assets sub-advised to third
party managers.
2. Sub-Investment Adviser
The Manager and the Investment Manager have appointed
AIG Global Investment Corp. (Latin America) S.A. to act as
sub-investment adviser in relation to the Sub-Fund.
The Sub-Investment Adviser is an investment
management company organised under the laws of Chile
and is an indirectly wholly owned subsidiary of AIG. As at
31 December, 2008, the Sub-Investment Adviser had
responsibility for the investment of assets in excess of
US$0.22 billion, which assets are predominantly third
party. Its executive officers have managed portfolios of
Latin America equities for more than 10 years.
3. Investment Objective
The Sub-Fund seeks to achieve a superior rate of return
by making equity and equity-related investments in
companies operating in the economies of Latin America.
4. Investment Policy
At least two-thirds of the Sub-Fund’s total assets will be
invested in transferable securities of issuers domiciled in or
exercising the predominant part of their commercial
activities in Brazil, Mexico, Chile, Argentina, Peru,
Venezuela and Colombia. Within the remaining one-third,
the Sub-Fund may invest in transferable securities not
meeting the above requirements, including investments in
other Latin American countries.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
188
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The performance of the Sub-Fund’s portfolio of
investments will be measured against MSCI Emerging
Markets Latin America 10/40 Equity Daily Total Return Net
Index (the "Index"). The Index is a free float-adjusted
market capitalization index that is designed to measure
equity market performance of UCITS funds in Latin
America. The Investment Manager may consider that,
where the Sub-Fund 's portfolio make up is different to that
of the Index, it is necessary or desirable to replicate the
currency exposure of the Index and therefore the
Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and includes Emerging Markets Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
5. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
189
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
6. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
7. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A Units, Class Y and Class Y3 Units are currently in
issue and are available for subscription at the Net Asset
Value per Unit of the relevant Class.
190
Class A1, Class A2 and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY 1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY 1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y1 and Class Y2 Units are being offered to the
investors at Euro100 and STG100 respectively during the
Initial Offer Period which has commenced and will close on
25 September, 2009 at noon (Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.
8. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
Class A Units USD 1,000
Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class A3 Units JPY 125,000
Class C Units USD 1,000
Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class C3 Units JPY 125,000
Class H Units USD 1,000
Class Y Units USD 1,000,000 Class Y Units 1.00%
Class Y1 Units Euro 1,000,000 Class Y1 Units 1.00%
Class Y2 Units STG 1,000,000 Class Y2 Units 1.00%
Class Y3 Units JPY 125,000,000 Class Y3 Units 1.00%

Class YD Units USD 1,000,000 Class YD Units 1.00%

Class Y1D Units Euro 1,000,000 Class Y1D Units 1.00%
Class Y3D Units JPY 125,000,000 Class Y3D Units 1.00%

The Minimum Initial Subscription for Class X, Class X1, Class X Units 0%
Class X2, Class X3 Units is as follows: Class X1 Units 0%
Class X2 Units 0%
Class X Units USD 10,000,000 Class X3 Units 0%
Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000 Class H Units are available for subscription by Latin
Class X3 Units JPY 1,250,000,000 American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
There is no Minimum Holding for Class X, Class X1, Class market factors applicable to Latin American countries.
X2 or Class X3 Units.
With respect to Class A, Class A1, Class A2 and Class
The Minimum Subsequent Subscription and Minimum A3 Units, a Unitholder servicing and maintenance fee will
Redemption applicable to each Class of Unit in the Sub- be payable out of the assets of the Sub-Fund to the
Fund is as follows: Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class A Units USD 250 With respect to Class X, Class X1, Class X2 and Class
Class A1 Units Euro 250 X3 Units, a Unitholder servicing and maintenance fee will
Class A2 Units STG 250 be payable out of the assets of the Sub-Fund to the
Class A3 Units JPY 30,000 Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class C Units USD 250 The Unitholder servicing and maintenance fee is accrued
Class C1 Units Euro 250 at each Dealing Day and is payable monthly in arrears.
Class C2 Units STG 250
Class C3 Units JPY 30,000 For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
Class H Units USD 250 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
There are no Minimum Subsequent Subscription or Asset Value of the Sub-Fund attributable to the relevant
Minimum Redemption amounts for the Class Y, Class Y1, class of Units.
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2, or Class X3 Units. Details of any other fees and charges relating to the Sub-
Fund are contained in the section headed "Management
9. Dealing Day and Fund Charges" in the main body of the Prospectus.

The Dealing Day for the Sub-Fund is each Business Day. 11. Distributions

10. Management and Fund Charges In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
The Manager is entitled to receive an annual fee accrued Business Day of May and November of each year.
at each Dealing Day and payable monthly in arrears out of Distributions shall generally be declared out of the net
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: realised profits less realised losses and unrealised profits
less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30% Manager may declare a distribution once a year out of the
Class A3 Units 1.30% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class C Units 2.25% realised profits less realised losses and unrealised profits
Class C1 Units 2.25% less unrealised losses. The Manager may also declare
Class C2 Units 2.25% interim distributions on the same basis. Annual
Class C3 Units 2.25% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class H Units 4.00%

191
12. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollars.

13. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a side
letter dated 13 December, 2005, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.

(ii) Sub-Investment Advisory Agreement dated 14

November, 2005, between the Manager, AIG
Global Investment Corp. and AIG Global
Investment Corporation (Latin America) SA,
pursuant to which the latter was appointed as sub-
investment adviser to the Sub-Fund. This
agreement may be terminated by either party on 90
days written notice.

Dated: 27 March, 2009

192
 SUPPLEMENT 24
AIG Latin America Small & Mid Cap Fund
Supplement 24 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Latin America Small & Mid Cap Fund (the "Sub-
Fund"), a sub-fund of AIG Global Funds (the "Fund") an
open-ended umbrella unit trust authorised by IFSRA
pursuant to the provisions of the European Communities
(Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003, as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
Application has been made for all Classes of the AIG Latin
America Small & Mid Cap Fund issued and to be issued, to
be admitted to the official list of The Irish Stock Exchange.
As of 16 December, 2008, Class A Units and Class Y Units
have been admitted to the official list of the Irish Stock
Exchange and it is expected that the remaining Listed
Units will be admitted as and when listed.
The launch and listing of various Classes may occur at
different times and therefore at the time of the launch of
given Class(es), the pool of assets to which a given Class
relates may have commenced to trade.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors. The Sub-Fund
may invest in financial derivative instruments for
investment purposes as specified in this Supplement.
1. Investment Manager
193
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager in relation to the Sub-Fund.
The Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008 the Investment Manager
had responsibility for the investment of assets exceeding
approximately US $411.4 billion, which are predominantly
assets of AIG companies. The Investment Manager is also
a member company of AIG Investments. AIG Investments
comprises a group of international companies which
provide investment advice and market asset management
products and services to clients around the world. As of 30
September, 2008, total assets under management is US $
676.9 billion, of which approximately US $565.4 billion
relates to AIG affiliated assets, including those managed
by joint ventures and certain other AIG investment adviser
subsidiaries, but do not include assets sub-advised to third
party managers.
2. Sub-Investment Adviser
The Manager and the Investment Manager have appointed
AIG Global Investment Corp. (Latin America) S.A. to act as
sub-investment adviser in relation to the Sub-Fund.
The Sub-Investment Adviser is an investment
management company organised under the laws of Chile
and is an indirectly wholly owned subsidiary of AIG. As at
31 December, 2008 the Sub-Investment Adviser had
responsibility for the investment of assets in excess of
US$0.22 billion, which assets are predominantly third
party. Its executive officers have managed portfolios of
Latin America equities for more than 10 years.
3. Investment Objective
The Sub-Fund seeks to achieve long term capital growth
by making equity and equity-related investments in smaller
to medium sized companies operating in the economies of
Latin America, i.e. companies incorporated in Latin
America or companies whose assets, products or
operations are in Latin America.
4. Investment Policy
The Sub-Fund's investments will be distributed among
countries in Latin America, including but not exclusively,
Brazil, Mexico, Chile, Argentina, Peru, Venezuela Panama,
Costa Rica, Dominican Republic and Colombia, although
there may also be investments in other Latin American
countries.
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in equity and equity-related
investments (excluding convertibles and bonds with
warrants attached) of smaller to medium sized companies
operating in the economies of Latin America whose market
capitalisation at the time of acquisition is less than USD 2
billion (or equivalent). Within the remaining one-third, the
Sub-Fund may invest in transferable securities not meeting
the above market capitalisation requirements.
The Sub-Fund's investment policy will require some
flexibility as, for example, companies which may be
regarded as small or medium sized, as determined by
market capitalisation in one country, may be considered as
much more significant in other countries. Market
appreciation and change in the level of valuation would
also alter any absolute definition of a smaller or medium
sized company but would not change any relative
definition.
There are two primary elements to the investment policy:
first, to benefit from what the Investment Manager believes
to be the continuing equity investment attraction of Latin
America and second, to leverage this by taking advantage
of the greater growth opportunities and flexibility afforded
to smaller and medium sized companies.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may from time to time acquire equity or
equity-related securities that have the same characteristics
as debt securities but due to their legal structure are
classified as equities, for example preference shares and
convertible preference shares. The Sub-Fund may also
hold equities as a result of the restructuring of debt
securities.
194
The Sub-Fund may engage in active and frequent trading
of portfolio securities to achieve its investment objective.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and / or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may not invest more than 10% of its Net
Asset Value in warrants.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objective, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO securities
are typically divided into several classes, or bond tranches,
that have differing levels of investment grade or credit
tolerances. Most CDO issues are structured in a way that
enables the senior bond classes and mezzanine classes to
receive investment-grade credit ratings; credit risk is
shifted to the most junior class of securities. If any defaults
occur in the assets backing a CDO, the senior bond
classes are first in line to receive principal and interest
payments, followed by the mezzanine classes and finally
by the lowest rated (or non-rated) class, which is known as
the equity tranche. The Sub-Fund will invest in the rated or
equity tranches of CDO’s and will not be leveraged as a
result of such investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller. The investment in CDS’s may impose a greater risk
than investment in other instruments.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
195
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The "MSCI Emerging Markets Latin America Small Cap
Daily Total Return Net Index" is a free float-adjusted
market capitalisation weighted index that is designed to
measure the equity performance of smaller companies in
emerging markets in Latin America. As of June 2007 the
MSCI EM Latin America Index Series (which includes all
market capitalisation levels in the region) consisted of the
following 6 emerging market country indices: Argentina,
Brazil, Chile, Colombia, Mexico, and Peru.
The MSCI Global Small Cap Indices offer an exhaustive
representation of this size segment by targeting companies
that are in the Investable Market Index but not in the
Standard Index in a particular market. The indices include
48 Developed and Emerging Markets and indices based
on the Global Industry Classification Standard (GICS®).
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
index chosen by the Investment Manager as a suitable
benchmark, it is necessary or desirable to replicate the
currency exposure of such index and therefore the
Investment Manager is entitled to alter the currency
exposure characteristics of certain of the assets held within
the Sub-Fund through the use of forward and futures
currency contracts so that, whilst its own determination of
portfolio make up may be reflected in the actual portfolio
make up, the currency exposure can reflect that of the
relevant index.
The Investment Manager is, however, entitled at any time
to change benchmark index where, for reasons outside the
Investment Manager's control, such index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in
such index in the next annual or half-yearly report of the
Sub-Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Financial Derivative
Instruments, Emerging Markets Risk, Credit Default
Swaps, Small Capitalised Companies Risk and Volatility
Risk. These risk factors may not be a complete list of all
risk factors associated with an investment in the Sub-Fund.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
196
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Credit Default Swaps Risk: When the Sub-Fund is the
buyer of a credit default swap, it would be entitled to
receive the agreed-upon value (or par) of a referenced
debt obligation from the counterparty to the swap on the
occurrence of certain credit events in relation to the
relevant reference entity. As consideration, the Sub-Fund
would pay to the counterparty a periodic stream of fixed
payments during the life of the swap if no credit event has
occurred, in which case the Sub-Fund would receive no
benefits under the swap. In circumstances in which the
Sub-Fund does not own the debt securities that are
deliverable under a credit default swap, the Sub-Fund is
exposed to the risk that deliverable securities will not be
available in the market, or will be available only at
unfavourable prices. In certain instances of issuer defaults
or restructurings, it has been unclear under the standard
industry documentation for credit default swaps whether or
not a "credit event" triggering the seller's payment
obligation had occurred. Therefore the Sub-Fund would
not be able to realize the full value of the credit default
swap upon a default by the reference entity. As a seller of
credit default swaps, the Sub-Fund incurs exposure to the
credit of the reference entity and is subject to many of the
same risks it would incur if it were holding debt securities
197
issued by the reference entity. However, the Sub-Fund will
not have any legal recourse against the reference entity
and will not benefit from any collateral securing the
reference entity's debt obligations.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. The securities of small or medium-sized
companies are often traded over-the-counter, and may not
be traded in volumes typical of securities traded on a
national securities exchange. Consequently, an investment
in securities of smaller capitalised companies may be more
illiquid than that of larger capitalisation stocks and may be
subject to more volatility than securities of larger, more
established companies. In addition, the quality, reliability,
and availability of information for smaller to mid
capitalisation companies may not provide the same degree
of information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
 Class A2 Units STG 1,000
Class X Units denominated in US Dollars Class A3 Units JPY 125,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling Class C Units USD 1,000
Class X3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A and Class Y are currently in issue and are Class C3 Units JPY 125,000
available for subscription at the Net Asset Value per Unit of
the relevant Class. Class H Units USD 1,000

Class A1, Class A2, and Class A3 Units are being offered Class Y Units USD 1,000,000
to the investors at Euro 12.50, STG 12.50, and JPY 1,500 Class Y1 Units Euro 1,000,000
respectively during the Initial Offer Period which has Class Y2 Units STG 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y3 Units JPY 125,000,000
(Irish time).
Class YD Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y1D Units Euro 1,000,000
offered to the investors at USD12.50, Euro 12.50, STG Class Y3D Units JPY 125,000,000
12.50 and JPY 1,500 respectively during the Initial Offer
Period which has commenced and will close on 25 The Minimum Initial Subscription for Class X, Class X1,
September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows: -
Class X Units USD 10,000,000
Class H Units are being offered to investors at USD12.50 Class X1 Units Euro 10,000,000
during the Initial Offer Period which has commenced and Class X2 Units STG 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X3 Units JPY 1,250,000,000

Class Y1, Class Y2, and Class Y3 Units are being offered There is no Minimum Holding for Class X, Class X1, Class
to the investors at Euro100, STG100, and JPY 1,500 X2 or Class X3 Units.
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon The Minimum Subsequent Subscription and Minimum
(Irish time). Redemption applicable to each Class of Unit in the Sub-
Fund is as follows:
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500 Class A Units USD 250
respectively during the Initial Offer Period which has Class A1 Units Euro 250
commenced and will close on 25 September, 2009 at noon Class A2 Units STG 250
(Irish time). Class A3 Units JPY 30,000

Class X, Class X1, Class X2 and Class X3 Units are being Class C Units USD 250
offered to the investors at USD100, Euro100, STG100 and Class C1 Units Euro 250
JPY 1,500 respectively during the Initial Offer Period which Class C2 Units STG 250
has commenced and will close on 25 September, 2009 at Class C3 Units JPY 30,000
noon (Irish time).
Class H Units USD 250
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have There are no Minimum Subsequent Subscription or
entered into a separate arrangement (legal agreement) Minimum Redemption amounts for the Class Y, Class Y1,
with the Manager or its delegate. Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2 or Class X3.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the Subscriptions for Class X, Class X1, Class X2 or Class X3
Manager may determine and notify to IFSRA. Thereafter, Units will only be accepted from investors who have
Units shall be issued at the Net Asset Value per Unit of the entered into a discretionary investment management
relevant Class. agreement with the Investment Manager.

7. Minimum Initial Subscription, Minimum All Classes of Units which have not already been issued
Holding, Minimum Subsequent Subscription may be offered to the investors on such other dates as the
and Minimum Redemption Requirements Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
The Minimum Initial Subscription and Minimum Holdings shall be issued at the Net Asset Value per Unit of the
applicable to each Class of Unit in the Sub-Fund is as relevant Class.
follows:
8. Management and Fund Charges
Class A Units USD 1,000
Class A1 Units Euro 1,000 The Manager is entitled to receive an annual fee accrued

198
at each Dealing Day and payable monthly in arrears out of €10,000, will be paid out of the assets of the Sub-Fund.
the Sub-Fund as a percentage of the Net Asset Value of These costs and expenses will, in accordance with
each Class of Unit in the Sub-Fund at the rates stated standard accounting practice, be amortised over a twelve-
below: month period from the date on which the Sub-Fund
commenced business.
Class A Units 1.30%
Class A1 Units 1.30% 9. Dealing Day
Class A2 Units 1.30%
Class A3 Units 1.30% The Dealing Day for the Sub-Fund is each Business Day.

Class C Units 2.25% 10. Distributions

Class C1 Units 2.25%
Class C2 Units 2.25% In relation to Class YD, Class Y1D and Class Y3D Units,
Class C3 Units 2.25% the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Class H Units 4.00% Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
Class Y Units 1.00% otherwise) available for distribution by the Sub-Fund and
Class Y1 Units 1.00% realised profits less realised losses and unrealised profits
Class Y2 Units 1.00% less unrealised losses.
Class Y3 Units 1.00%
In respect of all other Unit Classes of the Sub-Fund the
Class YD Units 1.00% Manager may declare a distribution once a year out of the
Class Y1D Units 1.00% net income (whether in the form of dividends, interest or
Class Y3D Units 1.00% otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
Class X Units 0% less unrealised losses. The Manager may also declare
Class X1 Units 0% interim distributions on the same basis. Annual
Class X2 Units 0% distributions (if declared) will be declared and paid on or
Class X3 Units 0% before 30 June in each year.

Class H Units are available for subscription by Latin
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.
With respect to Class A, Class A1, Class A2 and Class
A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.
Details of any other fees and charges relating to the Sub-
Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.
11. Currency of the Sub-Fund
The Base Currency of the Sub-Fund is US Dollars.
12. Material Contracts
(i) Investment Management Agreement dated 4
March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a side
letter dated 22 December, 2006, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.
(ii) Sub-Investment Advisory Agreement dated 14
November, 2005, between the Manager, AIG
Global Investment Corp. and AIG Global
Investment Corporation (Latin America) SA, as
amended by a side letter dated 22 December,
2006, pursuant to which the latter was appointed
as sub-investment adviser to the Sub-Fund. This
agreement may be terminated by either party on 90
days written notice.
Dated: 27 March, 2009

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately

199
 SUPPLEMENT 25
AIG New Asia Capital Opportunities Fund
Supplement 25 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG New Asia Capital Opportunities Fund (the "Sub-
Fund"), a sub-fund of AIG Global Funds (the "Fund") an
open-ended umbrella unit trust authorised by IFSRA
pursuant to the provisions of the European Communities
Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003 (S.I. No. 211 of 2003), as
amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
Definitions
"Asian Region" includes Bangladesh, Hong Kong, India,
Indonesia, Korea, Malaysia, Pakistan, The People's
Republic of China, The Philippines, Singapore, Sri Lanka,
Taiwan and Thailand.
1. Investment Manager
The Manager has appointed AIG Global Investment
Corporation (Singapore) Ltd., 1 Robinson Road, # 12-00
AIA Tower, Singapore 048542, Singapore to act as
investment manager in relation to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
200
assets of the Sub-Fund.
The Investment Manager, an indirect wholly owned
subsidiary of AIG, is also a member company of AIG
Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 , total
assets under management is US $ 676.9 billion, of which
approximately US $ 565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
The Investment Manager was incorporated in 1996 to
undertake AIG investment activities in this region, covering
developed and emerging market equities and bonds,
private equity and direct investments. As at 31 December,
2008, it had responsibility for the investment of assets in
excess of SGD 5.5 billion.
2. Sub-Investment Manager
The Manager has appointed AIG Global Investment
Corporation (Asia) Ltd. to act as sub-investment manager
to the Sub-Fund.
The Sub-Investment Manager is incorporated in Bermuda
and based in Hong Kong. The Sub-Investment Manager
manages investment portfolios in Hong Kong, Singapore,
Malaysia, Thailand, Taiwan, Korea, the Philippines,
Indonesia, India and Australia. There are investment
professionals of AIG companies in all of these locations.
As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$110.1 billion, which
are predominantly assets of AIG companies. The Sub-
Investment Manager is ultimately a wholly-owned
subsidiary of AIG.
3. Investment Objective
The Sub-Fund seeks to achieve long-term capital
appreciation by investing in equity and equity-related
securities of companies whose assets, products or
operations are in the Asian Region. The Sub-Fund may
also invest in Vietnam.
4. Investment Policy
A major proportion of the Sub-Fund's assets will be
invested in larger companies with the remainder invested
in smaller companies with superior earnings potential.
The Investment Manager and the Sub-Investment
Manager believe that performance of equities over longer
periods of time is driven by the progression of earnings.
The Sub-Fund will strive to add value by identifying stocks
with superior sustainable earnings performance. The stock
selection will also be influenced by valuation levels, but
only to the extent that factors have been identified which
are expected to drive valuation potential to be realised in
terms of earnings progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
Investments will be selected on a total return basis,
considering both the potential capital appreciation and
yield of each issue although capital appreciation
considerations will dominate.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
201
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI All
Country Far East ex-Japan Daily Total Return Net Index
(the "Index"). The Index is a free float-adjusted market
capitalization index that is designed to measure equity
market performance in developed and emerging markets
in the Far East, excluding Japan. The Investment Manager
may consider that, where the Sub-Fund's portfolio make
up is different to that of the Index, it is necessary or
desirable to replicate the currency exposure of the Index
and therefore the Investment Manager is entitled to alter
the currency exposure characteristics of certain of the
assets held within the Sub-Fund through the use of
forward and futures currency contracts so that, whilst its
own determination of portfolio make up may be reflected in
the actual portfolio make up, the currency exposure can
reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Emerging Markets Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
202
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
The following classes of Unit are currently, or may be, noon (Irish time).
offered:
Subscriptions for Class X, Class X1, Class X2 or Class X3
Class A Units denominated in US Dollars Units will only be accepted from investors who have
Class A1 Units denominated in Euro entered into a separate arrangement (legal agreement)
Class A2 Units denominated in Sterling with the Manager or its delegate.
Class A3 Units denominated in Japanese Yen
All Classes of Units which have not already been issued
Class C Units denominated in US Dollars may be offered to the investors on such other dates as the
Class C1 Units denominated in Euro Manager may at its discretion, and with the consent of the
Class C2 Units denominated in Sterling Trustee, determine and notify to IFSRA. Thereafter, Units
Class C3 Units denominated in Japanese Yen shall be issued at the Net Asset Value per Unit of the
relevant Class.
Class H Units denominated in US Dollars
7. Minimum Initial Subscription, Minimum
Class Y Units denominated in US Dollars Holding, Minimum Subsequent Subscription
Class Y1 Units denominated in Euro and Minimum Redemption Requirements
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
Class YD Units denominated in US Dollars follows:
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen Class A Units USD 1,000
Class A1 Units Euro 1,000
Class X Units denominated in US Dollars Class A2 Units STG 1,000
Class X1 Units denominated in Euro Class A3 Units JPY 125,000
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen Class C Units USD 1,000
Class C1 Units Euro 1,000
Class Y Units are currently in issue and are available for Class C2 Units STG 1,000
subscription at the Net Asset Value per Unit of the relevant Class C3 Units JPY 125,000
Class.
Class H Units USD 1,000
Class A, Class A1, Class A2 and Class A3 Units are being
offered to the investors at USD12.50, Euro12.50, Class Y Units USD 1,000,000
STG12.50 and JPY 1,500 respectively during the Initial Class Y1 Units Euro 1,000,000
Offer Period which has commenced and will close on 25 Class Y2 Units STG 1,000,000
September, 2009 at noon (Irish time). Class Y3 Units JPY 125,000,000

Class C, Class C1, Class C2 and Class C3 Units are being Class YD Units USD 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y1D Units Euro 1,000,000
STG12.50 and JPY 1,500 respectively during the Initial Class Y3D Units JPY 125,000,000
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time). The Minimum Initial Subscription for Class X, Class X1,
Class X2, Class X3 Units is as follows: -
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and Class X Units USD 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000
Class Y1, Class Y2 and Class Y3 Units are being offered Class X3 Units JPY 1,250,000,000
to the investors at Euro100, STG100 and JPY 1,500
respectively during the Initial Offer Period which has There is Minimum Holding for Class X, Class X1, Class X2
commenced and will close on 25 September, 2009 at noon or Class X3 Units.
(Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in the Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100 and

203
Class C Units USD 250 The Unitholder servicing and maintenance fee is accrued
Class C1 Units Euro 250 at each Dealing Day and is payable monthly in arrears.
Class C2 Units STG 250
Class C3 Units JPY 30,000 For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
Class H Units USD 250 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
There are no Minimum Subsequent Subscription or Asset Value of the Sub-Fund attributable to the relevant
Minimum Redemption amounts for the Class Y, Class Y1, class of Units.
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2, or Class X3 Units. Details of any other fees and charges relating to the Sub-
Fund are contained in the section headed "Management
8. Dealing Day and Fund Charges" in the main body of the Prospectus.

The Dealing Day for the Sub-Fund is each Business Day. 10. Distributions

9. Management and Fund Charges In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
The Manager is entitled to receive an annual fee accrued Business Day of May and November of each year.
at each Dealing Day and payable monthly in arrears out of Distributions shall generally be declared out of the net
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: realised profits less realised losses and unrealised profits
less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30% Manager may declare a distribution once a year out of the
Class A3 Units 1.30% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class C Units 2.25% realised profits less realised losses and unrealised profits
Class C1 Units 2.25% less unrealised losses. The Manager may also declare
Class C2 Units 2.25% interim distributions on the same basis. Annual
Class C3 Units 2.25% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class H Units 4.00%
11. Currency of the Sub-Fund
Class Y Units 1.00%
Class Y1 Units 1.00% The Base Currency of the Sub-Fund is US Dollars.
Class Y2 Units 1.00%
Class Y3 Units 1.00% 12. Material Contracts

Class YD Units 1.00% (i) Investment Management Agreement dated 13

Class Y1D Units 1.00%
Class Y3D Units 1.00%
Class X Units 0%
Class X1 Units 0%
Class X2 Units 0%
Class X3 Units 0%
Class H Units are available for subscription by Latin
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.
With respect to Class A, Class A1, Class A2 and Class
A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
December, 2005, between the Manager and AIG
Global Investment Corporation (Singapore) Ltd.,
pursuant to which the latter was appointed as
investment manager to the Sub-Fund. This
agreement may be terminated by either party on 90
days written notice.
(ii) Sub-Investment Management Agreement dated
13 December, 2005, between the Manager and
AIG Global Investment Corporation (Asia) Ltd.,
pursuant to which the latter was appointed as sub-
investment manager to the Sub-Fund. This
agreement may be terminated by either party on 90
days written notice.
Dated: 27 March, 2009

204
 SUPPLEMENT 26
AIG South East Asia Fund
Supplement 26 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG South East Asia Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA pursuant to the provisions
of the European Communities Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
Definitions
"South East Asian Region" includes Bangladesh, Hong
Kong, India, Indonesia, Korea, Malaysia, Pakistan, The
People's Republic of China, The Philippines, Singapore,
Sri Lanka, Taiwan and Thailand.
1. The Investment Manager
The Manager has appointed AIG Global Investment
Corporation (Asia) Ltd., 16/F AIG Tower, No. 1 Connaught
Road Central, Hong Kong, to act as investment manager
to the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
205
The Investment Manager, which is a member company of
the AIG Investments, is incorporated in Bermuda and
based in Hong Kong, manages investment portfolios in
Hong Kong, Singapore, Malaysia, Thailand, Taiwan, Korea,
the Philippines, Indonesia, India and Australia. There are
investment professionals of AIG companies in all of these
locations. As at 30 September, 2008, it had responsibility
for the investment of assets exceeding US$110.1 billion,
which are predominantly assets of AIG companies.
The Investment Manager is ultimately a wholly-owned
subsidiary of AIG. AIG's origins are in Asia and
accordingly, AIG has more than 75 years experience in the
Asian region. Subsidiaries of AIG are active investors in
equity funds, venture capital and financial services
companies. AIG's South East Asian network provides first
hand political and economic insight which is a valuable
resource of the Investment Manager.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $ 565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks long-term capital appreciation by
investing in the equity and equity-related securities of
companies whose assets, products or operations are in the
South East Asian Region. The Sub-Fund may also, to a
lesser extent, invest in equity and equity-related securities
of companies whose assets, products or operations are in
Australia and New Zealand.
3. Investment Policy
A major proportion of the Sub-Fund's assets will be
invested in large, well established companies with the
remainder being invested in smaller companies
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
206
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI All
Country Far East ex-Japan Daily Total Return Net Index
(the "Index"). The Index is a free float-adjusted market
capitalization index that is designed to measure equity
market performance in developed and emerging markets
in the Far East, excluding Japan. The Investment Manager
may consider that, where the Sub-Fund's portfolio make
up is different to that of the Index, it is necessary or
desirable to replicate the currency exposure of the Index
and therefore the Investment Manager is entitled to alter
the currency exposure characteristics of certain of the
assets held within the Sub-Fund through the use of
forward and futures currency contracts so that, whilst its
own determination of portfolio make up may be reflected in
the actual portfolio make up, the currency exposure can
reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Emerging Markets Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
207
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling Manager may at its discretion, and with the consent of the
Class C3 Units denominated in Japanese Yen Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
Class H Units denominated in US Dollars relevant Class.

Class Y Units denominated in US Dollars 6. Minimum Initial Subscription, Minimum

Class Y1 Units denominated in Euro Holding, Minimum Subsequent Subscription
Class Y2 Units denominated in Sterling and Minimum Redemption Requirements
Class Y3 Units denominated in Japanese Yen
The Minimum Initial Subscription and Minimum Holding
Class YD Units denominated in US Dollars applicable to each Class of Unit in the Sub-Fund is as
Class Y1D Units denominated in Euro follows:
Class Y3D Units denominated in Japanese Yen
Class A Units USD 1,000
Class X Units denominated in US Dollars Class A1 Units Euro 1,000
Class X1 Units denominated in Euro Class A2 Units STG 1,000
Class X2 Units denominated in Sterling Class A3 Units JPY 125,000
Class X3 Units denominated in Japanese Yen
Class C Units USD 1,000
Class L Units denominated in US Dollars Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A, Class L and Class Y Units are currently in issue Class C3 Units JPY 125,000
and are available for subscription at the Net Asset Value.
Class H Units USD 1,000
Class A1, Class A2, and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY1,500 Class Y Units USD 1,000,000
respectively during the Initial Offer Period which has Class Y1 Units Euro 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y2 Units STG 1,000,000
(Irish time). Class Y3 Units JPY 125,000,000

Class C, Class C1, Class C2 and Class C3 Units are being Class YD Units USD 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y1D Units Euro 1,000,000
STG12.50 and JPY1,500 respectively during the Initial Class Y3D Units JPY 125,000,000
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time). The Minimum Initial Subscription for Class X, Class X1,
Class X2, Class X3 Units is as follows: -
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and Class X Units USD 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000
Class Y1, Class Y2 and Class Y3 Units are being offered Class X3 Units JPY 1,250,000,000
to the investors at Euro100, STG100 and JPY1,500
respectively during the Initial Offer Period which has There is no Minimum Holding for Class X, Class X1, Class
commenced and will close on 25 September, 2009 at noon X2 or Class X3 Units.
(Irish time).
There is no Minimum Initial Subscription or Minimum
Class YD, Class Y1D and Class Y3D Units are being Holding for Class L Units.
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has The Minimum Subsequent Subscription and Minimum
commenced and will close on 25 September, 2009 at noon Redemption applicable to each Class of Unit in the Sub-
(Irish time). Fund is as follows:

Class X, Class X1, Class X2 and Class X3 Units are being Class A Units USD 250
offered to the investors at USD100, Euro100, STG100 and Class A1 Units Euro 250
JPY 1,500 respectively during the Initial Offer Period which Class A2 Units STG 250
has commenced and will close on 25 September, 2009 at Class A3 Units JPY 30,000
noon (Irish time).
Class C Units USD 250
Subscriptions for Class X, Class X1, Class X2 or Class X3 Class C1 Units Euro 250
Units will only be accepted from investors who have Class C2 Units STG 250
entered into a separate arrangement (legal agreement) Class C3 Units JPY 30,000
with the Manager or its delegate.
Class H Units USD 250
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the There are no Minimum Subsequent Subscription or

208
Minimum Redemption amounts for the Class Y, Class Y1, Details of any other fees and charges relating to the Sub-
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D, Fund are contained in the section headed "Management
Class X, Class X1, Class X2, Class X3 or Class L Units. and Fund Charges" in the main body of the Prospectus.

7. Management and Fund Charges 8. Distributions

The Manager is entitled to receive an annual fee accrued In relation to Class YD, Class Y1D and Class Y3D Units,
at each Dealing Day and payable monthly in arrears out of the Manager intends to declare a distribution on the last
the Sub-Fund as a percentage of the Net Asset Value of Business Day of May and November of each year.
each Class of Unit in the Sub-Fund at the rates stated Distributions shall generally be declared out of the net
below: income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class A Units 1.30% the realised profits less realised losses and unrealised
Class A1 Units 1.30% profits less unrealised losses.
Class A2 Units 1.30%
Class A3 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Manager may declare a distribution once a year out of the
Class C Units 2.25% net income (whether in the form of dividends, interest or
Class C1 Units 2.25% otherwise) available for distribution by the Sub-Fund and
Class C2 Units 2.25% the realised profits less realised losses and unrealised
Class C3 Units 2.25% profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
Class H Units 4.00% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class Y Units 1.00%
Class Y1 Units 1.00% 9. Dealing Day
Class Y2 Units 1.00%
Class Y3 Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.

Class YD Units 1.00% 10. Currency of the Sub-Fund

Class Y1D Units 1.00%
Class Y3D Units 1.00% The Base Currency of the Sub-Fund is US Dollars.

Class X Units 0% 11. Material Contracts

Class X1 Units 0%
Class X2 Units 0% (i) Investment Management Agreement dated 4
Class X3 Units 0% March, 2005, between the Manager and AIG
Global Investment Corporation (Asia) Ltd. pursuant
Class L Units 1.25% to which the latter was appointed as investment
manager to the Sub-Fund. This agreement may be
Class H Units are available for subscription by Latin terminated by either party on 90 days written
American investors only and are subject to a higher notice.
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries. Dated: 27 March, 2009

With respect to Class A, Class A1, Class A2 and Class

A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

209
 SUPPLEMENT 27
AIG Southeast Asia Small & Mid Cap Fund
Supplement 27 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Southeast Asia Small & Mid Cap Fund (the "Sub-
Fund"), a sub-fund of AIG Global Funds (the "Fund") an
open-ended umbrella unit trust authorised by the Financial
Regulator on 4 March, 2005, pursuant to the provisions of
the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003,
as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Definitions
"Minimum Redemption"
means the minimum redemption for Units as specified in
this Supplement.
"South East Asian Region"
includes Bangladesh, Hong Kong, India, Indonesia, Korea,
Malaysia, Pakistan, The People's Republic of China, The
Philippines, Singapore, Sri Lanka, Taiwan, Thailand and
Vietnam.
2. Investment Manager
The Manager has appointed AIG Global Investment
210
Corporation (Asia) Ltd., 16/F AIG Tower, No. 1 Connaught
Road Central, Hong Kong to act as investment manager to
the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
The Investment Manager, which is a member company of
AIG Investments, is incorporated in Bermuda and based in
Hong Kong and manages investment portfolios in Hong
Kong, Singapore, Malaysia, Thailand, Taiwan, Korea, the
Philippines, Indonesia, India and Australia. There are
investment professionals of AIG companies in all of these
locations. As at 30 September, 2008 it had responsibility for
the investment of assets exceeding US$110.1 billion, which
are predominantly assets of AIG companies.
The Investment Manager, which is a member company of
AIG Investments, is ultimately a wholly-owned subsidiary
of AIG. AIG's origins are in Asia and accordingly, AIG has
more than 75 years experience in the Asian region.
Subsidiaries of AIG are active investors in equity funds,
venture capital and financial services companies. AIG's
South East Asian network provides first hand political and
economic insight which is a valuable resource of the
Investment Manager.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
3. Investment Objective
The Sub-Fund seeks long term capital appreciation by
making equity and equity-related investments in smaller
and medium-sized companies whose assets, products or
operations are in the South East Asian Region. In practice,
at least two-thirds of the Sub-Fund's investment will be in
companies whose market capitalization at the time of
purchase is less than US$5 billion (or equivalent).
4. Investment Policy
At least two-thirds of the Sub-Fund’s total assets will be
invested in equities and equity-related securities (excluding
convertibles and bonds with warrants attached) of issuers
with a market capitalization at the time of purchase of less
than US$5 billion (or equivalent) domiciled in or exercising
the predominant part of their commercial activities in the
South East Asian Region.
Within the remaining one-third, the Sub-Fund may invest in
transferable securities not meeting the above
requirements, including equity-related securities of issuers
domiciled in Australia and New Zealand or fixed income
securities such as commercial paper, debentures, asset
backed securities, or sovereign, international and
supranational debt (to include securities issued or
guaranteed by OECD member States their sub-divisions,
agencies or instrumentalities). The fixed income securities
in which the Sub-Fund invests will be of investment grade.
In addition, the Sub-Fund intends to position itself to
benefit from the emerging economy of Laos. There are
currently no recognised exchanges in Laos. As the Sub-
Fund may not invest more than 10% of its assets in
unlisted securities, the Sub-Fund's total holding of
securities in Laos, together with any other unlisted
securities which the Sub-Fund holds may not exceed 10%
of the Sub-Fund's assets.
The Sub-Fund's investment policy will require some
flexibility as, for example, companies which may be
regarded as smaller to medium sized, as determined by
market capitalisation in one country, may be considered as
much more significant in other countries. Market
appreciation and change in the level of valuation would
also alter any absolute definition of a smaller or medium
sized company but would not change any relative
definition.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by the
Financial Regulator, invest in equity and equity-related
securities including but not limited to common stock,
preferred stock and securities which are convertible into or
exchangeable for such equity securities, or which carry
warrants to purchase such equity securities.
The Sub-Fund may, within the limits laid down by the
Financial Regulator, purchase and sell equity index- and
equity-related instruments including but not limited to
LEPO's, OPALS, PERLES (as outlined in the main body of
the Prospectus), participatory receipts / participatory
certificates and share index notes, each of which may
211
assist in achieving the investment objective of the Sub-
Fund. Where utilised, LEPO's, OPALS and PERLES will
be listed or traded on one or more of the stock exchanges
or recognised markets on which the Sub-Fund is permitted
to invest, as set out in Appendix II to the Prospectus.
These instruments shall in each case comprise
transferable securities of the issuer, notwithstanding that
their value is linked to an underlying equity or equity index.
In practice, the Sub-Fund will purchase such instruments
from an issuer and the instrument will track the underlying
equity or equity index. It should be noted that the Sub-
Fund's exposure in relation to these instruments will be to
the issuer of the instruments. However, the Sub-Fund will
also have an economic exposure to the underlying
securities themselves. Any LEPO's purchased or sold by
the Sub-Fund will be exercisable at any time over the
duration of its life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by the
Financial Regulator, hold cash and/or ancillary liquid
assets and may invest in money market instruments (as
defined in the Financial Regulator's Notices and which
may or may not be dealt on a regulated market), which are
rated investment grade by an international rating agency.
Such money market instruments may include but are not
limited to non-government short term obligations (such as
fixed or floating rate commercial paper), obligations of
banks or other depository institutions (such as certificates
of deposit and bankers acceptances), securities issued or
otherwise backed by supranational organisations or by
sovereign governments, their agencies, their
instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by the
Financial Regulator, hold deposits with credit institutions
as prescribed in the Financial Regulator's Notices.
The Sub-Fund may not invest more than 10% of its Net
Asset Value in warrants.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by the Financial Regulator. The Sub-
Fund may also hedge currency exchange risk by entering
into forward, futures and currency swap contracts and
purchasing and selling put or call options on foreign
currency and on foreign currency futures contracts within
the limits set out by the Financial Regulator. Because
currency positions held by the Sub-Fund may not
correspond with the asset position held, the performance
may be strongly influenced by movements in the FX
exchange rates.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the MSCI All
Country Asia Pacific ex Japan Small Cap Index (the
"Index"). The Index is a free float-adjusted market
capitalization weighted index that is designed to measure
the equity market performance of the developed and
emerging markets in the Asia Pacific region. As of June
2007, the Index consisted of the following 13 developed
and emerging market countries: Australia, China, Hong
Kong, Indonesia, India, Korea, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, Taiwan, and Thailand.
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of the Financial Regulator. In the
event of a change in investment objective and/or a change
to the investment policy, a reasonable notification period
will be provided by the Manager to enable Unitholders
redeem their Units prior to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
212
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use FDI’s
for investment purposes. Should this intention change the
Prospectus and this Supplement shall be amended
accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of the Financial Regulator, is contained in
Appendix II to the Prospectus and should be read in
conjunction with, and subject to, the Sub-Fund's
investment objective and investment policy, as detailed
above. The Financial Regulator does not issue a list of
approved markets. With the exception of permitted
investments in unlisted securities, investment will be
restricted to those stock exchanges and markets listed in
Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Emerging Markets Risk,
Fixed Income Securities, Small Capitalised Companies Ris
and Volatility Risk. These risk factors may not be a
complete list of all risk factors associated with an
investment in the Sub-Fund.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
213
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. The securities of small or medium-sized
companies are often traded over-the-counter, and may not
be traded in volumes typical of securities traded on a
national securities exchange. Consequently, an investment
in securities of smaller capitalised companies may be more
illiquid than that of larger capitalisation stocks and may be
subject to more volatility than securities of larger, more
established companies. In addition, the quality, reliability,
and availability of information for smaller to mid
capitalisation companies may not provide the same degree
of information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application For Units
The following classes will be offered during the Initial Offer
Period.
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
 Class C1 Units Euro 1,000
Class A and Class Y Units are currently in issue and are Class C2 Units STG 1,000
available for subscription at the Net Asset Value per Unit of Class C3 Units JPY 125,000
the relevant Class.
Class H Units USD 1,000
Class A1, Class A2, and Class A3 Units are being offered
to the investors at Euro12.50, STG12.50 and JPY1,500 Class Y Units USD 1,000,000
respectively during the Initial Offer Period which has Class Y1 Units Euro 1,000,000
commenced and will close on 10 November, 2008 at noon Class Y2 Units STG 1,000,000
(Irish time). Class Y3 Units JPY 125,000,000

Class C, Class C1, Class C2 and Class C3 Units are being Class YD Units USD 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y1D Units Euro 1,000,000
STG12.50 and JPY1,500 respectively during the Initial Class Y3D Units JPY 125,000,000
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time). The Minimum Initial Subscription for Class X, Class X1,
Class X2, or Class X3 Units is as follows:
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and Class X Units USD 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000
Class Y1, Class Y2 and Class Y3 Units are being offered Class X3 Units JPY 1,250,000,000
to the investors at Euro100, STG100 and JPY1,500
respectively during the Initial Offer Period which has There is no Minimum Holding for Class X, Class X1, Class
commenced and will close on 25 September, 2009 at noon X2, or Class X3 Units.
(Irish time).
The Minimum Subsequent Subscription and Minimum
Class YD, Class Y1D and Class Y3D Units are being Redemption applicable to each Class of Unit in each Sub-
offered to investors at USD100, Euro100 and JPY1,500 Fund is as follows:
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class A Units USD 250
(Irish time). Class A1 Units Euro 250
Class A2 Units STG 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A3 Units JPY 30,000
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which Class C Units USD 250
has commenced and will close on 25 September, 2009 at Class C1 Units Euro 250
noon (Irish time). Class C2 Units STG 250
Class C3 Units JPY 30,000
The Initial Offer Period of the classes of Units referred to
above may be extended or reduced by the Manager in Class H Units USD250
accordance with the requirements of the Financial
Regulator. Classes of Units which have already been There are no Minimum Subsequent Subscription or
issued will be offered to investors at the Net Asset Value Minimum Redemption amounts for the Class Y, Class Y1,
per Unit. Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2 or Class X3.
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have 8. Management and Fund Charges
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
7. Minimum Initial Subscription, Minimum the Sub-Fund as a percentage of the Net Asset Value of
Holding, Minimum Subsequent Subscription each Class of Unit in the Sub-Fund at the rates stated
and Minimum Redemption Requirements below.

The Minimum Initial Subscription and Minimum Holding Class A Units 1.80%
applicable to each Class of Unit in each Sub-Fund is as Class A1 Units 1.80%
follows: Class A2 Units 1.80%
Class A3 Units 1.80%
Class A Units USD 1,000
Class A1 Units Euro 1,000 Class C Units 2.25%
Class A2 Units STG 1,000 Class C1 Units 2.25%
Class A3 Units JPY 125,000 Class C2 Units 2.25%
Class C3 Units 2.25%
Class C Units USD 1,000

214
Class H Units 4.00% losses. The Manager may also declare interim distributions
on the same basis. Annual distributions (if declared) will be
Class Y Units 1.00% declared and paid on or before 30 June in each year.
Class Y1 Units 1.00%
Class Y2 Units 1.00% 10. Dealing Day
Class Y3 Units 1.00%
The Dealing Day for the Sub-Fund is each Business Day.
Class YD Units 1.00%
Class Y1D Units 1.00% 11. Currency of the Sub-Fund
Class Y3D Units 1.00%
The Base Currency of the Sub-Fund is US Dollars.
Class X Units 0%
Class X1 Units 0% 12. Material Contracts
Class X2 Units 0%
Class X3 Units 0% (i) Investment Management Agreement dated 4
March, 2005, between the Manager and AIG
Class H Units are available for subscription by Latin Global Investment Corporation (Asia) Ltd., as
American investors only and are subject to a higher amended by a side letter dated 2 November, 2007,
management fee than other Unit Classes, this is due to pursuant to which the latter was appointed as
market factors applicable to Latin American countries. investment manager to the Sub-Fund. This
agreement may be terminated by either party on 90
Details of any other fees and charges relating to the Sub- days written notice.
Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus. Dated: 27 March, 2009

With respect to Class X, Class X1, Class X2 and Class

X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately
€10,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will be amortised over a twelve-
month period in accordance with standard accounting
practice.

9. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of February and August of each year.
Distributions shall be declared out of the net income
(whether in the form of interest, dividends or otherwise)
received by the Sub-Fund and realised and unrealised
profits less realised and unrealised losses.

For all other Classes of Units the Manager may declare a

distribution once a year out of the net income (whether in
the form of dividends, interest or otherwise) available for
distribution by the Sub-Fund and realised profits less
realised losses and unrealised profits less unrealised

215
 SUPPLEMENT 28
AIG Southeast Asia Small Companies Fund
Supplement 28 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Southeast Asia Small Companies Fund (the "Sub-
Fund"), a sub-fund of AIG Global Funds (the "Fund") an
open-ended umbrella unit trust authorised by IFSRA
pursuant to the provisions of the European Communities
Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003 (S.I. No. 211 of 2003), as
amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
Definitions
"South East Asia Region" includes Bangladesh, Hong
Kong, India, Indonesia, Korea, Malaysia, Pakistan, The
People's Republic of China, The Philippines, Singapore,
Sri Lanka, Taiwan and Thailand.
1. Investment Manager
The Manager has appointed AIG Global Investment
Corporation (Asia) Ltd., 16/F AIG Tower, No. 1 Connaught
Road Central, Hong Kong to act as investment manager in
relation to the Sub-Fund. The Investment Manager has the
responsibility for the investment management, on a
discretionary basis, of the assets of the Sub-Fund.
216
The Investment Manager, which is incorporated in
Bermuda and based in Hong Kong, supervises the
management of investment portfolios in Hong Kong,
Singapore, Malaysia, Thailand, Taiwan, the Philippines
and Australia. There are investment professionals of AIG
companies in all of these locations.
As at 30 September, 2008 the Investment Manager had
responsibility for the investment of assets exceeding US$
110.1 billion, which are predominantly assets of AIG
companies.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $ 676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks long term capital appreciation by
investing in smaller to medium-sized companies in the
South East Asia Region i.e. companies whose assets,
products or operations are in the South East Asia Region.
In practice, at least 50% of the Sub-Fund's investment will
be in companies whose market capitalization at the time of
purchase is less than US$1,500,000,000.
3. Investment Policy
The Sub-Fund will, under normal market conditions, invest
the majority of its total assets in equity and equity related
securities of companies whose assets, products or
operations are in the South East Asia Region. The Sub-
fund may also invest in Australia and New Zealand.
In addition, the Sub-Fund intends to position itself to
benefit from the emerging economy of Laos. There are
currently no recognised exchanges in Laos. As the Sub-
Fund may not invest more than 10% of its assets in
unlisted securities, the Sub-Fund's total holding of
securities in Laos, together with any other unlisted
securities which the Sub-Fund holds may not exceed 10%
of the Sub-Fund's assets.
The Investment Manager believes that performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the S&P Pan Asia
Ex-Japan Under USD1.5 Billion Index (the "Index"). The
217
Index is a free float-adjusted market capitalization
weighted index designed to measure the equity market
performance of companies in the Pan Asia ex-Japan
region. As of April 2008, the Index consisted of the
following developed and emerging market countries:
Australia, China, Hong Kong, Indonesia, India, Malaysia,
New Zealand, Pakistan, Philippines, Singapore, South
Korea, Taiwan and Thailand. The Investment Manager
may consider that, where the Sub-Fund's portfolio make
up is different to that of the Index, it is necessary or
desirable to replicate the currency exposure of the Index
and therefore the Investment Manager is entitled to alter
the currency exposure characteristics of certain of the
assets held within the Sub-Fund through the use of
forward and futures currency contracts so that, whilst its
own determination of portfolio make up may be reflected in
the actual portfolio make up, the currency exposure can
reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Emerging Markets Risk,
Small Capitalised Companies Risk and Volatility Risk.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
and social, political and economic instability; (ii) the small
218
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. The securities of small or medium-sized
companies are often traded over-the-counter, and may not
be traded in volumes typical of securities traded on a
national securities exchange. Consequently, an investment
in securities of smaller capitalised companies may be more
illiquid than that of larger capitalisation stocks and may be
subject to more volatility than securities of larger, more
established companies. In addition, the quality, reliability,
and availability of information for smaller to mid
capitalisation companies may not provide the same degree
of information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may Class H Units are being offered to investors at USD12.50
increase investment risk and offer little protection to during the Initial Offer Period which has commenced and
investors. will close on 25 September, 2009 at noon (Irish time).

Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class Y1 and Class Y2 Units are being offered to the
investors at Euro100 and STG100 respectively during the
Initial Offer Period which has commenced and will close on
25 September, 2009 at noon (Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon
(Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may at its discretion, and with the consent of the
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the
relevant Class.

Class H Units denominated in US Dollars 6. Minimum Initial Subscription, Minimum

Holding, Minimum Subsequent Subscription
Class Y Units denominated in US Dollars and Minimum Redemption Requirements
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling The Minimum Initial Subscription and Minimum Holding
Class Y3 Units denominated in Japanese Yen applicable to each Class of Unit in the Sub-Fund is as
follows:
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro Class A Units USD 1,000
Class Y3D Units denominated in Japanese Yen Class A1 Units Euro 1,000
Class A2 Units STG 1,000
Class X Units denominated in US Dollars Class A3 Units JPY 125,000
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling Class C Units USD 1,000
Class X3 Units denominated in Japanese Yen Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class A Units, Class Y and Class Y3 Units are currently in Class C3 Units JPY 125,000
issue and are available for subscription at the Net Asset
Value per Unit of the relevant Class. Class H Units USD 1,000

Class A1, Class A2 and Class A3 Units are being offered Class Y Units USD 1,000,000
to the investors at, Euro12.50, STG12.50 and JPY 1,500 Class Y1 Units Euro 1,000,000
respectively during the Initial Offer Period which has Class Y2 Units STG 1,000,000
commenced and will close on 25 September, 2009 at noon Class Y3 Units JPY 125,000,000
(Irish time).
Class YD Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y1D Units Euro 1,000,000
offered to the investors at USD12.50, Euro12.50, Class Y3D Units JPY 125,000,000
STG12.50 and JPY 1,500 respectively during the Initial
Offer Period which has commenced and will close on 25 The Minimum Initial Subscription for Class X, Class X1,
September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows: -

219
Class X Units USD 10,000,000 Class X3 Units 0%
Class X1 Units Euro 10,000,000
Class X2 Units STG 10,000,000 Class H Units are available for subscription by Latin
Class X3 Units JPY 1,250,000,000 American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
There is no Minimum Holding for Class X, Class X1, Class market factors applicable to Latin American countries.
X2 or Class X3 Units.
With respect to Class A, Class A1, Class A2 and Class
The Minimum Subsequent Subscription and Minimum A3 Units, a Unitholder servicing and maintenance fee will
Redemption applicable to each Class of Unit in the Sub- be payable out of the assets of the Sub-Fund to the
Fund is as follows: Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class A Units USD 250 With respect to Class X, Class X1, Class X2 and Class
Class A1 Units Euro 250 X3 Units, a Unitholder servicing and maintenance fee will
Class A2 Units STG 250 be payable out of the assets of the Sub-Fund to the
Class A3 Units JPY 30,000 Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
Class C Units USD 250 The Unitholder servicing and maintenance fee is accrued
Class C1 Units Euro 250 at each Dealing Day and is payable monthly in arrears.
Class C2 Units STG 250
Class C3 Units JPY 30,000 For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
Class H Units USD 250 each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
There are no Minimum Subsequent Subscription or Asset Value of the Sub-Fund attributable to the relevant
Minimum Redemption amounts for the Class Y, Class Y1, class of Units.
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2, or Class X3 Units. Details of any other fees and charges relating to the Sub-
Fund are contained in the section headed "Management
7. Dealing Day and Fund Charges" in the main body of the Prospectus.

The Dealing Day for the Sub-Fund is each Business Day. 9. Distributions

8. Management and Fund Charges In relation to Class YD, Class Y1D and Class Y3D Units,
the Manager intends to declare a distribution on the last
The Manager is entitled to receive an annual fee accrued Business Day of May and November of each year.
at each Dealing Day and payable monthly in arrears out of Distributions shall generally be declared out of the net
the Sub-Fund as a percentage of the Net Asset Value of income (whether in the form of dividends, interest or
each Class of Unit in the Sub-Fund at the rates stated otherwise) available for distribution by the Sub-Fund and
below: realised profits less realised losses and unrealised profits
less unrealised losses.
Class A Units 1.30%
Class A1 Units 1.30% In respect of all other Unit Classes of the Sub-Fund the
Class A2 Units 1.30% Manager may declare a distribution once a year out of the
Class A3 Units 1.30% net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
Class C Units 2.25% realised profits less realised losses and unrealised profits
Class C1 Units 2.25% less unrealised losses. The Manager may also declare
Class C2 Units 2.25% interim distributions on the same basis. Annual
Class C3 Units 2.25% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class H Units 4.00%
10. Currency of the Sub-Fund
Class Y Units 1.00%
Class Y1 Units 1.00% The Base Currency of the Sub-Fund is US Dollars.
Class Y2 Units 1.00%
Class Y3 Units 1.00% 11. Material Contracts

Class YD Units 1.00% (i) Investment Management Agreement dated 4

Class Y1D Units 1.00% March, 2005, between the Manager and AIG
Class Y3D Units 1.00% Global Investment Corporation (Asia) Ltd., as
amended by a side letter dated 13 December,
Class X Units 0% 2005, pursuant to which the latter was appointed
Class X1 Units 0% as investment manager to the Sub-Fund. This
Class X2 Units 0% agreement may be terminated by either party on

220
 90 days written notice.

Dated: 27 March, 2009

221
 SUPPLEMENT 29
AIG Strategic Bond Fund
Supplement 29 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG Strategic Bond Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA pursuant to the provisions
of the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations, 2003
(S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. Investment Managers
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, and
AIG Investments Europe Ltd., Plantation Place South, 60
Great Tower Street, London EC3R 5AZ, England, to act as
investment managers to the Sub-Fund. The Investment
Managers have the responsibility for the investment
management, on a discretionary basis of the assets of the
Sub-Fund which shall be allocated between the Investment
Managers in such proportions as may be agreed between
the Manager and each Investment Manager from time to
222
time. Unitholders in the Sub-Fund shall have no influence
over the allocation of assets of the Sub-Fund by the
Manager between each Investment Manager.
AIG Global Investment Corp. is a US based investment
manager, regulated by the Securities and Exchange
Commission, and is an indirectly wholly-owned subsidiary
of AIG. As at 30 September, 2008 AIG Global Investment
Corp. had responsibility for the investment of assets
exceeding approximately US$411.4 billion, which are
predominantly assets of AIG companies. AIG Global
Investment Corp. is also a member company of AIG
Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
AIG Investments Europe Ltd. is authorised and regulated
in the United Kingdom by the Financial Services Authority
in the conduct of its investment business. AIG Investments
Europe Ltd. is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
2. Investment Objective
To seek a high level of total return and income consistent
with conservation of capital through investment in a
diversified portfolio of income producing debt securities.
3. Investment Policy
The Sub-Fund will seek to invest 80% of its Net Asset
Value in a broad range of securities including:
ƒ investment grade corporate bonds and other
corporate debt obligations (investment grade shall
mean securities rated Baa3 or higher by Moody’s,
or BBB- or higher by Standard & Poors ("S&P")).
ƒ US government and agency obligations.
ƒ asset backed securities and mortgage backed
securities.
ƒ emerging market bonds and other obligations of
corporations, governments and agencies in
emerging market countries.
ƒ non-US$ denominated bonds and other
obligations of sovereigns other than the
Government of the United States.
ƒ US$ denominated high yield bonds and other
corporate debt obligations rated below Baa3 by
Moodys or BBB- by S&P ("High Yield Bonds")
Where no rating is available from Moody's or S&P, the
Manager with the advice of the Investment Managers, may
in such circumstances assign its own rating, subject at all
times to the provisions in the paragraph immediately
below.
The Sub-Fund may invest up to 70% of its assets in below-
investment grade securities, being securities that are rated
below Baa3 by Moody's, or BBB- by S&P. Although the
Fund may invest in securities externally rated below Ca3
by Moody’s or below CC- by S&P, the Manager may not
assign its own ratings for such securities.
The Sub-Fund may invest up to 10% of its Net Asset Value
at the time of purchase in floating rate notes ("FRN’s")
which must be rated B3 or above by Moody’s, or rated B-
or above by S&P at the time of purchase. Where no rating
is available, the Manager, with the advice of the
Investment Managers, may assign its own rating, which
must be deemed the equivalent of B- or better as rated by
S&P, or B3 or better by Moody's or other rating agency.
The Sub-Fund may purchase preferred stocks, convertible
securities, warrants, and the Sub-Fund may hold common
equity securities received as a result of a conversion,
restructuring, reorganization, recapitalization or similar
event (hereinafter "Equity-Related Securities"). The Sub-
Fund may hold up to, but no more than, 10% of its Net
Asset Value at any time in equity-related Securities.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
fully-collateralised repurchase agreements or in money
market instruments (as defined in IFSRA's Notices and
which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub-divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may, within the limits laid down by IFSRA,
acquire recently issued transferable debt securities,
including securities known as rule 144A securities, which
will be admitted to official listing on a stock exchange or
other market within a year.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
223
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller. The investment in CDS’s may impose a greater risk
than investment in other instruments.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may enter into currency exchange
transactions by buying currency exchange forward
contracts for the purposes of hedging against currency
exposure. The Sub-Fund will not be leveraged as a result
of engaging in forward foreign exchange contracts,
forward, futures and swap currency contracts, call options
on foreign currency or foreign currency futures contracts.
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Managers
believe that a larger cash position is warranted.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the Barclays Capital
U.S. Aggregate Bond Index (the "Index"). The Index
represents securities that are SEC-registered, taxable, and
dollar-denominated. The Index covers the U.S. investment
grade fixed rate bond market, with index components for
government and corporate securities, mortgage pass-
through securities, and asset-backed securities. The
Investment Managers may consider that, where the Sub-
Fund's portfolio make up is different to that of the Index, it
is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Managers are, however, entitled at any
time to change the Index where, for reasons outside the
Investment Managers’ control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Managers to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions" in the main body of the Prospectus.
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
224
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The Manager and the Investment Managers shall agree in
writing investment guidelines for the Sub-Fund. These
investment guidelines may impose greater investment
restrictions than the restrictions contained in Fund’s
Prospectus and/or this Supplement. The investment
guidelines, if any, will be set out in an appendix to the
Investment Management Agreements, which will be
available to Unitholders on request, and may, in
accordance with the Requirements of IFSRA, be amended
from time to time by agreement of the parties in writing
provided that at all times, they shall comply with the
Prospectus and this Supplement.
The risk factors specific to the Sub-Fund are set out in
section 7 below and includes Emerging Markets Risk,
Below Investment Grade Debt Securities, Mortgage
Related and other Asset Backed Securities,
Corporate Debt Obligations, Financial Derivative
Instruments, Fixed Income Securities, Credit Default
Swaps and Volatility Risk. These risk factors may not be a
complete list of all risk factors associated with an
investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
In addition, during such period as the Sub-Fund is
registered in Taiwan the following investment restriction
shall also apply:
• The Sub-Fund shall not carry out uncovered
sales of derivatives;
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40% of
the net asset value of the Sub-Fund; the total
value of the Sub-Fund’s open short positions in
derivatives may not exceed the total market
value in corresponding securities required to be
held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Diversification Requirements
The following Diversification Requirements, which shall be
applicable only at the time of purchase, will be adhered to
by the Sub-Fund:
ƒ Maximum of 5% of the Sub-Fund’s Net Asset
Value may be invested in a single issuer
(excluding securities issued by the US
Government or foreign governments or their
agencies or instrumentalities).
 ƒ Maximum of 25% of the Sub-Fund’s Net Asset
Value may be invested in a single industry (for the
purposes of clarification the US and foreign
governments, including their agencies and/or
instrumentalities, are not considered an industry
for the purposes of this requirement).
ƒ Maximum of 50% of the Sub-Fund's Net Asset
Value may be invested in Emerging Market
Bonds or other obligations as referred to in
Section 3 above.
ƒ Maximum of 50% of the Sub-Fund's Net Asset
Value may be invested in non-US$ denominated
bonds or other obligations as referred to in
Section 3 above.
ƒ Maximum of 50% of the Sub-Fund's Net Asset
Value may be invested in US$ denominated high
yield bonds or other obligations as referred to in
Section 3 above.
ƒ Subject to the limit of 50% of the Sub-Fund’s Net
Asset Value being invested in US$ denominated
high yield bonds or other obligations as referred
to in Section 3 above, a maximum of 70% of the
Sub-Fund’s Net Asset Value may be invested in
below investment-grade rated securities.
ƒ Maximum of 70% of the Sub-Fund's Net Asset
Value may be invested in U.S. investment grade
corporate bonds or other obligations as referred
to in Section 3 above, U.S. government and
agency obligations, mortgage backed securities,
and asset backed securities.
6. Unit Class Currency Hedging
In relation to Class A1H and Class Y1H Units only, it is the
intention of the Manager or it’s delegate to hedge the
currency exposure between Euro (the denominated
currency of Class A1H and Class Y1H Units) and US
Dollars (the Base Currency of the Sub-Fund). The
Manager or it’s delegate will seek to achieve this hedging
by using Financial Derivative Instruments, including but not
limited to currency options and forward currency exchange
contracts as set out, and within the conditions and limits
imposed, by IFSRA. The conditions in relation to the use
of such hedging strategies are described in the section
entitled "Operation of the Fund – Description of Units" on
page 26 of the Prospectus. Investors’ attention is also
drawn to the risks relating to the adoption of unit class
currency hedging strategies, which are described in the
paragraph entitled "Unit Currency Designation Risk" on
pages 24 and 25 of the Prospectus.
7. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Emerging Markets Risk: Investment in the securities of
companies in 'emerging' or 'developing' countries, or
investment in certain securities markets in 'emerging' or
'developing' markets may involve a high degree of risk and
may be considered speculative. Risks include (i) greater
risk of expropriation, confiscatory taxation, nationalization,
225
and social, political and economic instability; (ii) the small
current size of the markets for securities of 'emerging' or
'developing' market issuers and the currently low or non-
existent volume of trading, resulting in lack of liquidity and
in price volatility; (iii) certain national policies which may
restrict the Sub-Fund's investment opportunities including
restrictions on investing in issuers or industries deemed
sensitive to relevant national interests; (iv) the absence of
developed legal structures governing private or foreign
investment and private property; (v) the legal infrastructure
and accounting, auditing and reporting standards in
'emerging' or 'developing' markets may not provide the
same degree of shareholder protection or information to
investors as would generally apply internationally; (vi)
potentially a greater risk regarding the ownership and
custody of securities i.e. in certain countries, ownership is
evidenced by entries in the books of a company or its
registrar. In such instances, no certificates representing
ownership of companies will be held by the Trustee or any
of its local correspondents or in an effective central
depository system; and (vii) 'emerging' or 'developing'
markets may experienced significant adverse economic
developments, including substantial depreciation in
currency exchange rates or unstable currency fluctuations,
increased interest rates, or reduced economic growth rates
than investments in securities of issuers based in
developed countries.
The economies of 'emerging' or 'developing’ markets in
which the Sub-Fund may invest may differ favourably or
unfavourably from the economies of industrialised
countries. The economies of 'emerging' or 'developing'
countries are generally heavily dependant on international
trade and have been and may continue to be adversely
affected by trade barriers, exchange controls, managed
adjustments in relative currency values and other
protectionist measures imposed or negotiated by the
countries with which they trade. Investments in 'emerging'
or 'developing' markets entail risks which include the
possibility of political or social instability, adverse changes
in investment or exchange control regulations,
expropriation and withholding of dividends at source. In
addition, such securities may trade with less frequency and
volume than securities of companies and governments of
developed, stable nations and there is also a possibility
that redemption of Units following a redemption request
may be delayed due to the illiquid nature of such
investments.
Below Investment Grade Debt Securities: An
investment in high yield securities, or below investment
grade debt securities, meaning securities rated below
Baa3 by Moody’s or below BBB- by Standard and Poors,
sometimes referred to as "junk bonds", or low credit quality
securities involves a higher degree of risk than investment
in investment grade debt securities. Issuers of these
securities are often highly leveraged, so that their ability to
service debt obligations during an economic downturn may
be impaired. The lower ratings of securities reflect a
greater possibility of adverse changes in the financial
condition of the issuer, which may impair the ability of the
issuer to make payments of interest and principal. The risk
of loss due to default in payment of interest or principal by
such issuers is significantly greater than in the case of
investment grade securities because such securities
frequently are subordinated to the prior payment of senior
indebtedness. In the case of default or winding up of an
issuer of below investment grade securities, there is a
greater risk that the capital / assets of the issuer will be
insufficient to meet all of its liabilities and the holders of
below investment grade securities, (who rank as
unsecured creditors) could in such circumstances lose
their entire investment. An economic downturn or a period
of rising interest rates could adversely affect the market for
these securities and reduce the Sub-Fund’s ability to sell
these securities (liquidity risk).
The market for below investment grade rated securities
may be thinner and less active than that for higher quality
securities which can adversely affect the price at which
securities can be sold. To the extent that there is no
regular secondary market trading for certain lower rated
securities, the investment manager may experience
difficulty in valuing such securities and in turn the Sub-
Fund’s assets.
Mortgage Related and Other Asset Backed Securities:
The Sub-Fund may invest in mortgage or other asset
backed securities and is subject to interest rate, sector,
security and credit risks. The value of some mortgage or
asset backed securities may be particularly sensitive to
changes in prevailing interest rates.
Early repayment of principal on some mortgage-related
securities may expose the Sub-Fund to a lower rate of
return upon reinvestment of principal. When interest rates
rise, the value of a mortgage related security generally will
decline; however, when interest rates are declining, the
value of mortgage-related securities with prepayment
features may not increase as much as other fixed income
securities. The rate of prepayments on underlying
mortgages will affect the price and volatility of a mortgage
related security, and may shorten and extend the effective
maturity of the security beyond what was anticipated at the
time of purchase. If unanticipated rates of prepayment on
underlying mortgages increase the effective maturity of a
mortgage-related security, the volatility of the security can
be expected to increase. The value of these securities may
fluctuate in response to the market’s perception of the
creditworthiness of the issuers. Additionally, although
mortgages and mortgage related securities are generally
supported by some form of government or private
guarantee and / or insurance, there is no assurance that
private guarantors or insurers will meet their obligations.
Recent Development in the Asset Backed Securities
Market
Recently, the residential mortgage market in the United
States has experienced a variety of difficulties and
changed economic conditions that may adversely affect
the performance and market value of asset backed
securities. Delinquencies, defaults and losses with respect
to residential mortgage loans generally have increased in
recent months, and may continue to increase, particularly
in the sub-prime sector. In addition, in recent months
housing prices and appraisal values in many US states
have declined or stopped appreciating. A continued
decline or an extended flattening of those values may
result in additional increases in delinquencies and losses
226
on asset backed securities generally, particularly with
respect to second homes and investor properties and with
respect to any residential mortgage loans whose
aggregate loan amounts (including any subordinate liens)
are close to or greater than the related property values.
Corporate Debt Obligations: By investing in debt
obligations issued by companies and other entities, the
Sub-Fund will be subject to the risk that a particular issuer
may not fulfil its payment or other obligations in respect of
such debt obligations. Additionally, an issuer may
experience an adverse change in its financial condition
which may in turn result in a decrease in the credit rating
assigned by an internationally recognised statistical ratings
organisation to such issuer and its debt obligations
possibly below investment grade. Such adverse change in
financial condition or decrease in credit rating may result in
increased volatility in the price of an issuers' debt
obligations and negatively affect liquidity making such debt
obligations more difficult to sell.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Credit Default Swaps: When the Sub-Fund is the buyer
of a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
227
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
8. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A1H Units denominated in Euro
Class AD Units denominated in US Dollars
Class J1 Units denominated in US Dollars
Class J2 Units denominated in US Dollars
Class JD Units denominated in US Dollars
Class J3D Units denominated in Japanese Yen
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y1H Units denominated in Euro
Class YD Units denominated in US Dollars
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A, Class J1, Class J3D and Class YD Units are
currently in issue and are available for subscription at the
Net Asset Value per Unit of the relevant Class.
Class A1 and Class AD Units are being offered to the
investors at Euro12.50 and USD12.50 respectively during
the Initial Offer Period which has commenced and will
close on 25 September, 2009 at noon (Irish time). Class Y Units USD 1,000,000
Class Y1 Units Euro 1,000,000
Class A1H Units are being offered to investors at Class Y1H Units Euro 1,000,000
Euro12.50 during the Initial Offer Period which has Class YD Units USD 1,000,000
commenced and will close on 25 September, 2009 at noon
(Irish time). The Minimum Initial Subscription for Class X, Class X1,
Class X2, Class X3 Units is as follows:
Class J2, Class Y and Class Y1 Units are being offered to
the investors at USD100, USD100 and Eur100 Class X Units USD 10,000,000
respectively during the Initial Offer Period which has Class X1 Units Euro 10,000,000
commenced and will close on 25 September, 2009 at noon Class X2 Units STG 10,000,000
(Irish time). Class X3 Units JPY 1,250,000,000

Class JD Units will be offered to the investors at USD100 There is no Minimum Holding for Class X, Class X1, Class
during the Initial Offer Period which has commenced and X2 or Class X3 Units.
will close on 25 September, 2009 at noon (Irish time).
The Minimum Subsequent Subscription and Minimum
Class Y1H Units are being offered to investors at Euro100 Redemption applicable to each Class of Unit in the Sub-
during the Initial Offer Period which has commenced and Fund is as follows: -
will close on 25 September, 2009 at noon (Irish time).
Class A Units USD 250
Subscriptions for Class J1 Units and Class J2 Units are Class A1 Units Euro 250
restricted to subscriptions made on behalf of feeder funds Class A1H Units Euro 250
whose investment objective is to invest in the Sub-Fund. Class AD Units USD 250

Subscriptions for Class JD and J3D Units will only be
accepted for investors who are fund of funds type
Japanese investment trusts organised under the Law
Concerning Investment Trusts and Investment
Corporations of Japan which are managed by the
Investment Manager or other investment trust companies
registered under the Financial Instruments and Exchange
Act of Japan.
Class X, Class X1, Class X2 and Class X3 Units are being
offered to investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
Class J1 Units USD 100,000
Class J2 Units USD 100,000
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class JD, Class
J3D, Class Y, Class Y1, Class Y1H, Class YD, Class Y1D,
Class X, Class X1, Class X2, or Class X3 Units.
The Manager reserves the right from time to time to waive
any requirements relating to the Minimum Initial
Subscription, the Minimum Holding and the Minimum
Subsequent Subscription as and when it determines at its
reasonable discretion.
10. Dealing Day
The Dealing Day for the Sub-Fund is each Business Day.
11. Management and Fund Charges

9. Minimum Initial Subscription, Minimum The Manager is entitled to receive an annual fee accrued
Holding and Minimum Subsequent at each Dealing Day and payable monthly in arrears out of
Subscription and Minimum Redemption the Sub-Fund as a percentage of the Net Asset Value of
Requirements each Class of Unit in the Sub-Fund at the rates stated
below:
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as Class A Units 1.25%
follows: Class A1 Units 1.25%
Class A1H Units 1.25%
Class A Units USD 1,000 Class AD Units 1.25%
Class A1 Units Euro 1,000
Class A1H Units Euro 1,000 Class J1 Units 0%
Class AD Units USD 1,000 Class J2 Units 0%

Class J1 Units USD 1,000,000 Class JD Units 0.50%

Class J2 Units USD 1,000,000 Class J3D Units 0.50%

Class JD Units USD 1,000,000 Class Y Units 0.90%

Class J3D Units JPY 125,000,000 Class Y1 Units 0.90%
Class Y1H Units 0.90%

228
Class YD Units 0.90%
13. Currency of the Sub-Fund
Class X Units 0%
Class X1 Units 0% The Base Currency of the Sub-Fund is US Dollars.
Class X2 Units 0%
Class X3 Units 0% 14. Material Contracts

Details of any other fees and charges relating to the Sub-
Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears
For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.
(i) Investment Management Agreement dated 4
March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a side
letter dated 19 May, 2006, pursuant to which the
latter was appointed as an investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.
(ii) Investment Management Agreement dated 4
March, 2005, between the Manager and AIG
Investments Europe Ltd., as amended by a side
letter dated 19 May, 2006, pursuant to which the
latter was appointed as an investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.
Dated: 27 March, 2009

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately
US$10,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will be amortised over a twelve
month period in accordance with standard accounting
practice.

12. Distributions

In relation to the Class J1, Class JD, Class J3D and Class
YD Units, the Manager intends to declare a distribution on
the last day of February and August of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In relation to Class AD Units, the Manager intends to

declare a distribution on the last Business Day of each
month. Distributions shall generally be declared out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of Class A Units, Class A1 Units, Class A1H

Units, Class J2 Units, Class Y Units, Class Y1 Units and
Class Y1H Units the Manager may declare a distribution
once a year out of the net income (whether in the form of
dividends, interest or otherwise) available for distribution
by the Sub-Fund and realised profits less realised losses
and unrealised profits less unrealised losses. The
Manager may also declare interim distributions on the
same basis. Annual distributions (if declared) will be
declared and paid on or before 30 June in each year.

229
 SUPPLEMENT 30
AIG US Dollar Managed Cash Fund
Supplement 30 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG US Dollar Managed Cash Fund (the "Sub-Fund"), a
sub-fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. Investment Manager
The Manager has appointed AIG Investments Europe Ltd.,
Plantation Place South, 60 Great Tower Street, London
EC3R 5AZ, England, to act as investment manager to the
Sub-Fund. The Investment Manager has the responsibility
for the investment management, on a discretionary basis,
of the assets of the Sub-Fund.
The Investment Manager is authorised and regulated by
the United Kingdom Financial Services Authority in the
conduct of its investment business. The Investment
230
Manager is a London based investment management
company which is ultimately a wholly owned subsidiary of
AIG. As at 30 September, 2008 it had responsibility for the
investment of assets exceeding US$71.98 billion, which
are predominantly assets of AIG companies. Its executive
officers have managed portfolios of fixed income securities
and European equities for more than 10 years.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
To provide a high level of current income while preserving
capital by investing in a diversified pool of US$
denominated liquid assets.
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in US$ denominated liquid assets.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. In the event of a change in investment
objective and/or policy, a reasonable notification period will
be provided by the Sub-Fund to enable Unitholders
redeem their units prior to implementation of such change.
Maturity
The Sub-Fund will not invest in fixed and floating rate
instruments with final maturities greater than 365 days.
The Sub-Fund will maintain a weighted average maturity of
no more than 60 days.
Credit Quality
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
Floating rate notes ("FRN's") purchased for the Sub-Fund
must have a final maturity at time of purchase of one year
or less. For computing the weighted average maturity of
the Sub-Fund, FRNs will have a maturity set to the next
coupon reset date.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, where the
investment policies and liquidity provisions of these funds
or schemes are consistent with that of the Sub-Fund and
such funds or schemes are subject to a similar regulatory
regime to that imposed by IFSRA on collective investment
schemes domiciled in Ireland. The Sub-Fund may also,
within the said 10% limit, invest in unregulated collective
investment schemes provided however that investment in
such schemes complies with the eligibility criteria for
UCITS.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
Rating of Sub-Fund
The Sub-Fund has received an AAAm rating from
Standard & Poor's and will limit its investment to securities
which are consistent with the maintenance of this rating.
The performance of the Fund’s portfolio of investments will
be measured against USD 1 week LIBID. This is the
London Interbank Bid Rate and is based on British
Bankers Association’s London Interbank Offer Rate
(LIBOR) fixing. These rates are calculated historically
using historic LIBOR rates and subtracting one eighth.
The Sub-Fund may use futures, options, repurchase
agreements, reverse repurchase agreements and
stocklending arrangements relating to transferable
securities for hedging purposes or for purpose of
generating additional capital or income with an acceptably
low level of risk in accordance with the limits laid down by
IFSRA.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
231
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may also engage in forward foreign
exchange contracts, including non-deliverable forwards, for
investment purposes or for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).

The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Sub-Fund may invest substantially in deposits with
credit institutions.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Money Markets Instrument
Risk, Financial Derivative Instruments, Fixed Income
Securities, Credit Default Swaps and Volatility Risk. These
risk factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
In addition, during such period as the Sub-Fund is
232
registered in Taiwan the following investment restriction
shall also apply:
• The Sub-Fund shall not carry out uncovered
sales of derivatives;
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40% of
the net asset value of the Sub-Fund; the total
value of the Sub-Fund’s open short positions in
derivatives may not exceed the total market
value in corresponding securities required to be
held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Money Markets Risk: Investors attention is drawn to the
difference between the nature of a deposit and the nature
of an investment in the Sub-Fund. Although a deposit
placed with a credit institution is considered relatively safe
and such principal will not fluctuate over time, any principal
amount invested in the Sub-Fund is capable of fluctuating.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
233
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Credit Default Swaps: When the Sub-Fund is the buyer
of a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Money Market Instrument Risk: Investors should note
the difference between the nature of a deposit and the
nature of an investment in the Sub-Fund, in particular the
risk that the principal invested in the Sub-Fund is capable
of fluctuation and thus Unitholders may not have all of their
principle returned to them on redemption. In addition
investment in the Sub-Fund will not benefit from any
deposit protection scheme such as might be applicable to
an investment in a bank deposit.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class Y Accumulation Units denominated in US Dollars
Class Y Distribution Units denominated in US Dollars

Class Y Accumulation and Class Y Distribution Units are
currently in issue and are available for subscription at the
Net Asset Value.
7. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund is as
follows:
Class Y Accumulation Units USD1,000,000
Class Y Distribution Units USD1,000,000
The Minimum Subsequent Subscription and Minimum
Redemption applicable to each Class of Unit in the Sub-
Fund is as follows:
Class Y Accumulation Units USD100,000
Class Y Distribution Units USD100,000
8. Dealing Day
Each day this is a bank business day in the United States,
Ireland and the United Kingdom.
9. Dealing Deadline
The Dealing Deadline in relation to the subscription and
redemption of Units shall be 2.30 p.m. (Irish time) on the
relevant Dealing Day.
10. Settlement Periods
In relation to the application for Units, credit in cleared
funds must be received on the Dealing Day on which the
application was effected in respect of Y Distribution Units
and on the following Business Day in respect of Y
Accumulation Units.
In relation to the redemption of Units, proceeds of
redemption will be paid at the expense of the Unitholder by
the electronic transfer of funds to an account maintained
by the Unitholder in the currency of the relevant class, or in
any other currency, following prior agreement with the
Administrative Agent and at the expense of the Unitholder,
on the Dealing Day in respect of Y Distribution Units, and
on the following Business Day in respect of Y
Accumulation Units on which a redemption request is
processed.
11. Management and Fund Charges
Subject to the Manager’s right to charge the Fixed Rate
(as described below), the Manager currently charges a fee
of up to 0.20% of the Net Asset Value of the Sub-Fund.
The Manager shall pay all fees and out of pocket expenses
relating to the Sub-Fund out of its own fee.
The Manager is entitled to charge a fee of up to a rate
which, together with all other charges attributable to the
Class "Y" Accumulation and "Y" Distribution Units ("these
Units") equals 0.75% per annum of the Net Asset Value of
234
the Sub-Fund attributable to these Units (the "Fixed Rate").
This fee shall accrue at the Dealing Day and be payable
monthly in arrears. However, the Manager has voluntarily
agreed to waive its fees and/or reimburse expenses such
that the total charges attributable to these Units will not
exceed a rate as disclosed in this Supplement, of the Net
Asset Value attributable to these Units. At this time the
Manager does not expect to raise the expense cap set out
in this Supplement, however, the Manager may increase
the cap on the total charge attributable to these Units upon
prior notice to the Unitholders provided that the total
charges attributable to these Units shall at no time
increase above the stated 0.75% limit.
The Fixed Rate covers all other fees, costs and expenses
(including out-of-pocket expenses) connected with the
establishment, management and operation of the Sub-
Fund including, but not limited to, investment
management, administration, registration, transfer agency,
custody, sub-custody (at normal commercial rates) and
transfer fees, brokerage commissions, legal, secretarial
and statutory fees, auditing, translation and accounting
expenses, interest on borrowing, taxes and governmental
expenses; costs of preparation, printing and distribution of
reports and notices, cost of all marketing material, cost of
periodic update of prospectus; custody and transfer
expenses; stock exchange listing fees; all expenses for
registration including translation expenses and distribution
in multiple jurisdictions; expenses of Unitholders meetings,
insurance premiums, expenses of the publication and
distribution of the Net Asset Value, including clerical costs
of issue or redemption of units and any other expenses.
12. Distributions
The Sub-Fund will declare dividends in respect of the "Y"
Distribution Units representing substantially all of the net
investment income and any net realised and unrealised
gains or losses daily, (Saturdays, Sundays and holidays
included), and distribute such dividends monthly.
Applications for "Y" Distribution Units of the Sub-Fund
received and accepted before the Dealing Deadline shall
begin to accrue dividends on that Dealing Day. Holders of
"Y" Distribution Units should indicate on their application
form whether they prefer to receive dividends via
telegraphic transfer (at the expense of Unitholders) if the
distribution exceeds US$100 or to have distributions
automatically reinvested in additional "Y" Distribution Units.
If the distribution does not exceed US$100 that amount
shall not be distributed but shall be carried over to the next
distribution date. If no choice is made on the application
form, dividends will be automatically reinvested.
Y Distribution Units in respect of which requests for
redemption have been received and accepted before the
Dealing Deadline shall not accrue dividends on that
Dealing Day.
It is not the intention of the Manager to make distributions
in respect of "Y" Accumulation Units.
13. Currency of the Sub-Fund
The Base Currency of the Sub-Fund is US Dollars.
14. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005, between the Manager and AIG
Investments Europe Ltd., as amended by a side
letter dated 13 December, 2005, pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.

Dated: 27 March, 2009

235
 SUPPLEMENT 31
AIG US Focus Equity Fund
Supplement 31 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG US Focus Equity Fund (the "Sub-Fund"), a sub-fund of
AIG Global Funds (the "Fund") an open-ended umbrella
unit trust authorised by IFSRA on 4 March, 2005, pursuant
to the provisions of the European Communities
(Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003 (S.I. No. 211 of 2003), as
amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case) such information is in
accordance with the facts and does not omit anything likely
to affect the import of such information. The Directors
accept responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. The Investment Manager
The Manager has appointed AIG Global Investment Corp.,
70 Pine Street, 12th Floor, New York, NY 10270, USA, to
act as investment manager to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008 the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$411.4 billion.
236
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund will be managed to provide investors with
long-term capital appreciation through investment in a
concentrated portfolio of high conviction equity and equity-
related securities (stocks that the Investment Manager
strongly believes are attractively valued and will
appreciate) of US companies i.e. companies incorporated
in the USA or companies whose majority assets, products
or operations are in the USA.
3. Investment Policy
The Sub-Fund's investment in US equity securities and
equity-related securities will consist primarily of securities
listed on Recognised Exchanges.
Under normal market conditions, a majority of the Sub-
Fund's total assets will be invested in equity and equity-
related securities of companies whose shares are listed on
a US Stock Exchange, with the remainder generally being
invested in equity and equity-related securities traded on
other Recognised Exchanges and markets as set out in
Appendix II.
Under certain circumstances, such as merger, acquisition
or share exchange activity involving a US company, the
Sub-Fund may hold the stocks of non-US companies.
The Sub-Fund will employ an investment strategy that is
flexible in order to meet rapidly changing market conditions
and the investment environment. The Sub-Fund will not
pursue trading of securities for short-term capital gain.
However, such short term profit may occur as a result of
changes in economic and market conditions as well as
changes in corporate fundamentals.
The Sub-Fund’s assets will be invested in a concentrated
portfolio of equity and equity-related securities of listed
companies of all capitalisations, for which the Investment
Manager has a high level of conviction. It is anticipated
that the majority of the Sub-Fund's assets will be invested
in equity and equity-related securities of large, well
established companies with the rest being invested in
equity and equity-related securities of smaller companies
that are deemed attractive for capital appreciation.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situation.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
237
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
During certain market conditions as the Investment
Manager considers appropriate the Sub-Fund may hold up
to 35% of its net assets in cash or cash-equivalent
instruments such as treasury bills, commercial paper, or
certificates of deposit.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the Standard &
Poors 500 Total Return Index (the "Index"). The Index is a
total return, market-weighted index, representing the
aggregate market value of the common equity of 500
stocks traded on the New York Stock Exchange.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk
characteristics of the investments.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Additional Risk Factor
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
238
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A, Class A1, Class A2 and Class A3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time).
Class H is being offered to the investors at USD12.50
during the Initial Offer Period which has commenced and
will close on 25 September, 2009 at noon (Irish time).
Class Y, Class Y1, Class Y2 and Class Y3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Class YD, Class Y1D and Class Y3D Units are being
offered to the investors at USD100, Euro100 and
JPY1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and
JPY 1,500 respectively during the Initial Offer Period which
has commenced and will close on 25 September, 2009 at
noon (Irish time).
Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may determine and notify to IFSRA. Thereafter,
Units shall be issued at the Net Asset Value per Unit of the
relevant Class.
6. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2, or Class X3 Units.
7. Management and Fund Charges
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:

The Minimum Initial Subscription and Minimum Holding Class A Units 1.80%
applicable to each Class of Unit in the Sub-Fund is as Class A1 Units 1.80%
follows: Class A2 Units 1.80%
Class A3 Units 1.80%
Class A Units USD 1,000
Class A1 Units Euro 1,000 Class C Units 2.25%
Class A2 Units STG 1,000 Class C1 Units 2.25%
Class A3 Units JPY 125,000 Class C2 Units 2.25%
Class C3 Units 2.25%
Class C Units USD 1,000
Class C1 Units Euro 1,000 Class H Units 4.00%
Class C2 Units STG 1,000
Class C3 Units JPY 125,000 Class Y Units 1.00%
Class Y1 Units 1.00%
Class H Units USD 1,000 Class Y2 Units 1.00%
Class Y3 Units 1.00%
Class Y Units USD 1,000,000
Class Y1 Units Euro 1,000,000 Class YD Units 1.00%
Class Y2 Units STG 1,000,000 Class Y1D Units 1.00%
Class Y3 Units JPY 125,000,000 Class Y3D Units 1.00%

Class YD Units USD 1,000,000 Class X Units 0%

Class Y1D Units Euro 1,000,000 Class X1 Units 0%
Class Y3D Units JPY 125,000,000 Class X2 Units 0%
Class X3 Units 0%
The Minimum Initial Subscription for Class X, Class X1,
Class X2, Class X3 Units is as follows: Class H Units are available for subscription by Latin
American investors only and are subject to a higher
Class X Units USD 10,000,000 management fee than other Unit Classes, this is due to
Class X1 Units Euro 10,000,000 market factors applicable to Latin American countries.
Class X2 Units STG 10,000,000
Class X3 Units JPY 1,250,000,000 With respect to Class X, Class X1, Class X2 and Class X3
Units, a Unitholder servicing and maintenance fee will be
There is no Minimum Holding for Class X, Class X1, Class payable out of the assets of the Sub-Fund to the Manager
X2 or Class X3 Units. at a rate of up to 0.10% of the Net Asset Value of the Sub-
Fund attributable to these Classes of Units. The
The Minimum Subsequent Subscription and Minimum Unitholder servicing and maintenance fee is accrued at
Redemption applicable to each Class of Unit in the Sub- each Dealing Day and is payable monthly in arrears.
Fund is as follows:
For all other classes of Units a Unitholder servicing and
Class A Units USD 250 maintenance fee not exceeding 1% per annum accrued at
Class A1 Units Euro 250 each Dealing Day and payable monthly in arrears may, at
Class A2 Units STG 250 the discretion of the Manager, be payable out of the Net
Class A3 Units JPY 30,000 Asset Value of the Sub-Fund attributable to the relevant
class of Units.
Class C Units USD 250
Class C1 Units Euro 250 The costs and expenses of establishing the Sub-Fund and
Class C2 Units STG 250 the expenses associated with the issue of Units, including
Class C3 Units JPY 30,000 the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
Class H Units USD 250 costs, which are estimated to amount to approximately

239
€20,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will be amortised over a three
year period in accordance with standard accounting
practice.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

8. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
less unrealised losses.

In respect of all other Unit Classes of the Sub-Fund, the

Manager may declare a distribution once a year out of the
net income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
the realised profits less realised losses and unrealised
profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
distributions (if declared) will be declared and paid on or
before 30 June in each year.

9. Dealing Day

The Dealing Day for the Sub-Fund is each Business Day.

10. Currency of the Sub-Fund

The Base Currency of the Sub-Fund is US Dollar.

11. Material Contracts

(i) Investment Management Agreement dated 4

March, 2005 between the Manager and AIG Global
Investment Corp. as amended by a side letter dated
11 December, 2007, pursuant to which the latter
was appointed as investment manager to the Sub-
Fund. This agreement may be terminated by either
party on 90 days written notice.

Dated: 27 March, 2009

240
 SUPPLEMENT 32
AIG US High Yield Bond Fund
Supplement 32 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG US High Yield Bond Fund (the "Sub-Fund"), a sub-
fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003 (S.I. No. 211 of 2003), as amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. Investment Manager
The Manager has appointed AIG Global Investment Corp. to
act as investment manager in relation to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008, the Investment Manager
241
had responsibility for the investment of assets exceeding
approximately US$ 411.4 billion, which are predominantly
assets of AIG companies.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008, total
assets under management is US $676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to maximize total return from a
combination of current income and capital appreciation by
investing in a diversified portfolio of high yielding high-risk
bond issues denominated in US Dollars.
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Fund’s total assets in high yield bond issues
denominated in US Dollars. Of its total assets the Sub-
Fund may invest one-third in money market instruments
such as time deposits, convertible bonds, or fixed or
floating rate commercial paper, 25% in convertibles and
bonds with warrants attached and 10% in equity and
equity-related securities (excluding convertibles and bonds
with warrants attached), provided that these investments in
aggregate do not exceed one-third of the Sub-Fund’s total
assets.
The Sub-Fund will primarily invest in debt and debt-related
securities listed or traded on a Recognised Exchange or
OTC market as set out in Appendix II to the Prospectus.
The Sub-Fund will invest the majority of its assets in
transferable US dollar denominated non-investment grade
debt and debt-related securities such as debentures,
commercial paper, asset backed securities and certificates
of deposit. The Sub-Fund's assets will be predominantly
invested in corporate and/or government fixed and/or
floating income instruments. The Sub-Fund’s investments
may be of any credit quality, and may include securities
not paying interest currently and securities in default. The
Sub-Fund may not invest more than 10% of its Net Asset
Value in securities rated Selective Default by Standard and
Poor’s ("S&P"), or equivalent by another rating agency.
At least 80% of the Sub-Fund’s net assets will be invested,
under normal market conditions, in below-investment
grade junk bonds. These high yielding, high risk fixed-
income securities are rated below Baa3 by Moody’s or
BBB- by S&P. Up to 15% can be rated below Caa3 by
Moody’s or CCC- by S&P. The Sub-Fund may also invest
up to 35% of total assets in below-investment grade
foreign fixed-income securities. "Net Assets" will take into
account borrowing for investment purposes. Where no
rating is available, the Manager, with the advice of the
Investment Manager, may in such circumstances assign its
own rating.
To balance this risk, the Sub-Fund may invest up to 20%
of net assets in investment grade fixed-income securities,
those rated Baa3 or higher by Moody’s and BBB- or higher
by S&P. In addition, the Sub-Fund may invest up to 15% of
total assets in zero coupon securities (securities not paying
current cash interest), and up to 20% of net assets in
equity securities. Equity securities include common or
preferred stocks, warrants, and convertible equity
securities.
The Sub-Fund may engage in active and frequent trading
of portfolio securities to achieve its investment objective.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund as set
out in the Prospectus.
The Sub-Fund may from time to time acquire equity- or
equity-related securities that have the same characteristics
as debt securities but due to their legal structure are
classified as equities, for example preference shares and
convertible preference shares. The Sub-Fund may also
hold equities as a result of the restructuring of debt
securities.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may not invest more than 10% of its Net
Asset Value in warrants.
Where considered appropriate, the Sub-Fund may utilise
collateralised debt obligations ("CDO"), credit default
swaps ("CDS"), or credit linked notes ("CLN") for
investment purposes or for hedging purposes, including
protection against credit or default risks, subject to the
conditions and within the limits laid down by IFSRA. Such
investments must be in accordance with the investment
242
objectives, investment policy and investment restrictions of
the Sub-Fund.
A CDO is a security backed by a pool of bonds, loans and
other assets. CDOs do not specialize in one type of debt
and accordingly, a CDO may own corporate bonds,
commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed
securities, and emerging market debt. The CDO's
securities are typically divided into several classes, or
bond tranches, that have differing levels of investment
grade or credit tolerances. Most CDO issues are structured
in a way that enables the senior bond classes and
mezzanine classes to receive investment-grade credit
ratings; credit risk is shifted to the most junior class of
securities. If any defaults occur in the assets backing a
CDO, the senior bond classes are first in line to receive
principal and interest payments, followed by the
mezzanine classes and finally by the lowest rated (or non-
rated) class, which is known as the equity tranche. The
Sub-Fund will invest in the rated or equity tranches of
CDO’s and will not be leveraged as result of such
investments.
A CDS is a financial derivative instrument which operates
to mitigate credit risk. The protection buyer purchases
protection from the protection seller for losses that might
be incurred as a result of a default or other credit event in
relation to an underlying security. The protection buyer
pays a premium for the protection and the protection seller
agrees to make a payment to compensate the protection
buyer for losses incurred upon the occurrence of any one
of a number of possible specified credit events, as set out
in the CDS agreement. In relation to the use of CDS's the
Sub-Fund may be a protection buyer and/or a protection
seller.
A CLN is a security that pays a fixed or floating coupon
during the life of the note (the coupon is linked to the
performance of a reference asset, typically bonds) and
which allows the issuer to transfer a specific credit risk to
an investor. At maturity, the investor receives the par
value of the underlying security unless the referenced
credit defaults or declares bankruptcy, in which case the
investor receives an amount equal to the recovery rate.
The Sub-Fund may also engage in forward foreign
exchange contracts, including non-deliverable forwards, for
investment purposes or for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and currency swap contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA. Because currency positions held by the Sub-
Fund may not correspond with the asset position held, the
performance may be strongly influenced by movements in
the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the Citigroup High
Yield Market Index (the "Index"). The Index captures the
performance of below-investment-grade debt issued by
corporations in the United States and Canada. The
Investment Manager may consider that, where the Sub-
Fund's portfolio make up is different to that of the Index, it
is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
243
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 6 below and includes Below Investment Grade
Debt Securities, Financial Derivative Instruments, Fixed
Income Securities, Credit Default Swaps, Money Market
Instrument Risk, Corporate Debt Obligations and Volatility
Risk. These risk factors may not be a complete list of all
risk factors associated with an investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
In addition, during such period as the Sub-Fund is
registered in Taiwan the following investment restriction
shall also apply:
• The Sub-Fund shall not carry out uncovered
sales of derivatives;
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40% of
the net asset value of the Sub-Fund; the total
value of the Sub-Fund’s open short positions in
derivatives may not exceed the total market
value in corresponding securities required to be
held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Unit Class Currency Hedging
In relation to Class A1H and Class Y1H Units only, it is the
intention of the Manager or it’s delegate to hedge the
currency exposure between Euro (the denominated
currency of Class A1H and Class Y1H Units) and US
Dollars (the Base Currency of the Sub-Fund). The
Manager or it’s delegate will seek to achieve this hedging
by using Financial Derivative Instruments, including but not
limited to currency options and forward currency exchange
contracts as set out, and within the conditions and limits
imposed, by IFSRA. The conditions in relation to the use
of such hedging strategies are described in the section
entitled "Operation of the Fund – Description of Units" on
page 26 of the Prospectus. Investors’ attention is also
drawn to the risks relating to the adoption of unit class
currency hedging strategies, which are described in the
paragraph entitled "Unit Currency Designation Risk" on
pages 24 and 25 of the Prospectus.
6. Additional Risk Factors.
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factors apply to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Below Investment Grade Debt Securities: An
investment in high yield securities, or below investment
grade debt securities, meaning securities rated below
Baa3 by Moody’s or below BBB- by Standard and Poors,
sometimes referred to as "junk bonds", or low credit quality
securities involves a higher degree of risk than investment
in investment grade debt securities. Issuers of these
securities are often highly leveraged, so that their ability to
service debt obligations during an economic downturn may
be impaired. The lower ratings of securities reflect a
greater possibility of adverse changes in the financial
condition of the issuer, which may impair the ability of the
issuer to make payments of interest and principal. The risk
of loss due to default in payment of interest or principal by
such issuers is significantly greater than in the case of
investment grade securities because such securities
frequently are subordinated to the prior payment of senior
indebtedness. In the case of default or winding up of an
issuer of below investment grade securities, there is a
greater risk that the capital / assets of the issuer will be
insufficient to meet all of its liabilities and the holders of
below investment grade securities, (who rank as
unsecured creditors) could in such circumstances lose
their entire investment. An economic downturn or a period
of rising interest rates could adversely affect the market for
these securities and reduce the Sub-Fund’s ability to sell
these securities (liquidity risk).
The market for below investment grade rated securities
may be thinner and less active than that for higher quality
securities which can adversely affect the price at which
securities can be sold. To the extent that there is no
regular secondary market trading for certain lower rated
securities, the investment manager may experience
difficulty in valuing such securities and in turn the Sub-
Fund’s assets.
Fixed Income Securities: Investment in fixed income
securities is subject to interest rate, sector, security and
credit risks. Lower-rated securities will usually offer higher
yields than higher-rated securities to compensate for the
reduced creditworthiness and increased risk of default that
these securities carry. Lower-rated securities generally
tend to reflect short-term corporate and market
developments to a greater extent than higher-rated
securities which respond primarily to fluctuations in the
general level of interest rates. There are fewer investors in
lower-rated securities and it may be harder to buy and sell
such securities at an optimum time.
244
The volume of transactions effected in certain international
bond markets may be appreciably below that of the world’s
largest markets, such as the United States. Accordingly,
the Sub-Fund’s investment in such markets may be less
liquid and their prices may be more volatile than
comparable investments in securities trading in markets
with larger trading volumes. Moreover, the settlement
periods in certain markets may be longer than in others
which may affect portfolio liquidity.
Many fixed income securities especially those issued at
high interest rates provide that the issuer may repay them
early. Issuers often exercise this right when interest rates
decline. Accordingly, holders of securities that are pre-paid
may not benefit fully from the increase in value that other
fixed income securities experience when rates decline.
Furthermore, in such a scenario the Sub-Fund may re-
invest the proceeds of the pay-off at the then current
yields, which will be lower than those paid by the security
that was paid off. Pre-payments may cause losses on
securities purchased at a premium, and unscheduled pre-
payments, which will be made at par, will cause the Sub-
Fund to experience loss equal to any unamortized
premium.
Corporate Debt Obligations: By investing in debt
obligations issued by companies and other entities, the
Sub-Fund will be subject to the risk that a particular issuer
may not fulfil its payment or other obligations in respect of
such debt obligations. Additionally, an issuer may
experience an adverse change in its financial condition
which may in turn result in a decrease in the credit rating
assigned by an IRSO to such issuer and its debt
obligations possibly below investment grade. Such
adverse change in financial condition or decrease in credit
rating may result in increased volatility in the price of an
issuers’ debt obligations and negatively affect liquidity
making such debt obligations more difficult to sell.
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options, are
highly volatile. Price movements of forward contracts,
futures contracts and other derivative contracts are
influenced by, among other things, interest rates, changing
supply and demand relationships, trade, fiscal, monetary
and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
The Sub-Fund may from time to time utilise both
exchange-traded and OTC credit derivatives as part of its
investment policy and for hedging purposes. These
instruments may be volatile, involve certain special risks
and expose investors to a high risk of loss. When used for
hedging purposes there may be an imperfect correlation
between these instruments and the underlying investments
or market sectors being hedged. Transactions in OTC
derivatives, such as credit derivatives, may involve
additional risk as there is no exchange market on which to
close out an open position.
Credit Default Swaps: When the Sub-Fund is the buyer
of a credit default swap, it would be entitled to receive the
agreed-upon value (or par) of a referenced debt obligation
from the counterparty to the swap on the occurrence of
certain credit events in relation to the relevant reference
entity. As consideration, the Sub-Fund would pay to the
counterparty a periodic stream of fixed payments during
the life of the swap if no credit event has occurred, in
which case the Sub-Fund would receive no benefits under
the swap. In circumstances in which the Sub-Fund does
not own the debt securities that are deliverable under a
credit default swap, the Sub-Fund is exposed to the risk
that deliverable securities will not be available in the
market, or will be available only at unfavourable prices. In
certain instances of issuer defaults or restructurings, it has
been unclear under the standard industry documentation
for credit default swaps whether or not a "credit event"
triggering the seller's payment obligation had occurred. In
either of these cases, the Sub-Fund would not be able to
realize the full value of the credit default swap upon a
default by the reference entity. As a seller of credit default
swaps, the Sub-Fund incurs exposure to the credit of the
reference entity and is subject to many of the same risks it
would incur if it were holding debt securities issued by the
reference entity. However, the Sub-Fund will not have any
legal recourse against the reference entity and will not
benefit from any collateral securing the reference entity's
debt obligations.
Money Market Instrument Risk: Investors should note
245
the difference between the nature of a deposit and the
nature of an investment in the Sub-Fund, in particular the
risk that the principal invested in the Sub-Fund is capable
of fluctuation and thus Unitholders may not have all of their
principle returned to them on redemption. In addition
investment in the Sub-Fund will not benefit from any
deposit protection scheme such as might be applicable to
an investment in a bank deposit.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
7. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A1H Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class AD Units denominated in US Dollars
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class JD Units denominated in US Dollars
Class J3D Units denominated in Japanese Yen
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y1H Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen
Class A and Class Y Units are currently in issue and are
available for subscription at the Net Asset Value per Unit of
the relevant Class.
Class A1, Class A2, Class A3 and Class AD Units are
being offered to the investors at Euro12.50, STG12.50, relevant Class.
JPY1,500, and USD12.50 respectively during the Initial
Offer Period which has commenced and will close on 25 8. Minimum Initial Subscription, Minimum
September, 2009 at noon (Irish time). Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
Class A1H Units are being offered to investors at
Euro12.50 during the Initial Offer Period which has The Minimum Initial Subscription and Minimum Holding
commenced and will close on 25 September, 2009 at noon applicable to each Class of Unit in the Sub-Fund is as
(Irish time). follows:

Class C, Class C1, Class C2 and Class C3 Units are being Class A Units USD 1,000
offered to the investors at USD12.50, Euro12.50, Class A1 Units Euro 1,000
STG12.50 and JPY1,500 respectively during the Initial Class A1H Units Euro 1,000
Offer Period which has commenced and will close on 25 Class A2 Units STG 1,000
September, 2009 at noon (Irish time). Class A3 Units JPY 125,000
Class AD Units USD 1,000
Class H Units are being offered to investors at USD12.50
during the Initial Offer Period which has commenced and Class C Units USD 1,000
will close on 25 September, 2009 at noon (Irish time). Class C1 Units Euro 1,000
Class C2 Units STG 1,000
Class JD and Class J3D Units are being offered to Class C3 Units JPY 125,000
investors at USD 100 and JPY 1,500 respectively during
the Initial Offer Period which has commenced and will Class H Units USD 1,000
close on 25 September, 2009 at noon (Irish time).
Class JD Units USD 1,000,000
Class Y1, Class Y2 and Class Y3 are being offered to the Class J3D Units JPY 125,000,000
investors at Euro100, STG100 and JPY1,500 respectively
during the Initial Offer Period which has commenced and Class Y Units USD 1,000,000
will close on 25 September, 2009 at noon (Irish time). Class Y1 Units Euro 1,000,000
Class Y1H Units Euro 1,000,000
Class YD, Class Y1D and Class Y3D Units are being Class Y2 Units STG 1,000,000
offered to investors at USD100, Euro100 and JPY1,500 Class Y3 Units JPY 125,000,000
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class YD Units USD 1,000,000
(Irish time). Class Y1D Units Euro 1,000,000
Class Y3D Units JPY 125,000,000
Class Y1H Units are being offered to investors at Euro100
during the Initial Offer Period which has commenced and The Minimum Initial Subscription for Class X, Class X1,
will close on 25 September, 2009 at noon (Irish time). Class X2, Class X3 Units is as follows:

Class X, Class X1, Class X2 and Class X3 Units are being Class X Units USD 10,000,000
offered to the investors at USD100, Euro100, STG100 and Class X1 Units Euro 10,000,000
JPY 1,500 respectively during the Initial Offer Period which Class X2 Units STG 10,000,000
has commenced and will close on 25 September, 2009 at Class X3 Units JPY 1,250,000,000
noon (Irish time).
There is no Minimum Holding for Class X, Class X1, Class
Subscriptions for Class JD and J3D Units will only be X2 or Class X3 Units.
accepted for investors who are fund of funds type
Japanese investment trusts organised under the Law The Minimum Subsequent Subscription and Minimum
Concerning Investment Trusts and Investment Redemption applicable to each Class of Unit in the Sub-
Corporations of Japan which are managed by the Fund is as follows:
Investment Manager or other investment trust companies
registered under the Financial Instruments and Exchange Class A Units USD 250
Act of Japan. Class A1 Units Euro 250
Class A1H Units Euro 250
Subscriptions for Class X, Class X1, Class X2 or Class X3 Class A2 Units STG 250
Units will only be accepted from investors who have Class A3 Units JPY 30,000
entered into a separate arrangement (legal agreement) Class AD Units USD 250
with the Manager or its delegate.
Class C Units USD 250
All Classes of Units which have not already been issued Class C1 Units Euro 250
may be offered to the investors on such other dates as the Class C2 Units STG 250
Manager may at its discretion, and with the consent of the Class C3 Units JPY 30,000
Trustee, determine and notify to IFSRA. Thereafter, Units
shall be issued at the Net Asset Value per Unit of the Class H Units USD 250

246
 Net Asset Value of the Sub-Fund attributable to these
There are no Minimum Subsequent Subscription or Classes of Units. The Unitholder servicing and
Minimum Redemption amounts for the Class JD, Class maintenance fee is accrued at each Dealing Day and is
J3D, Class Y, Class Y1, Class Y1H, Class Y2, Class Y3, payable monthly in arrears.
Class YD, Class Y1D, Class Y3D, Class X, Class X1,
Class X2, or Class X3 Units. For all other classes of Units a Unitholder servicing and
maintenance fee not exceeding 1% per annum accrued at
9. Dealing Day each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
The Dealing Day for the Sub-Fund is each Business Day. Asset Value of the Sub-Fund attributable to the relevant
class of Units.
10. Management and Fund Charges
Details of any other fees and charges relating to the Sub-
The Manager is entitled to receive an annual fee accrued Fund are contained in the section headed "Management
at each Dealing Day and payable monthly in arrears out of and Fund Charges" in the main body of the Prospectus.
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated 11. Distributions
below:
In relation to the Class AD Units, the Manager intends to
Class A Units 1.20% declare a distribution on the last Business Day of each
Class A1 Units 1.20% month. Distributions shall generally be declared out of the
Class A1H Units 1.20% net income (whether in the form of dividends, interest or
Class A2 Units 1.20% otherwise) available for distribution by the Sub-Fund and
Class A3 Units 1.20% realised profits less realised losses and unrealised profits
Class AD Units 1.20% less unrealised losses.

Class C Units 2.25% In relation to the Class JD, J3D, YD, Y1D and Y3D Units,
Class C1 Units 2.25% the Manager intends to declare a distribution on the last
Class C2 Units 2.25% Business Day of February and August of each year.
Class C3 Units 2.25% Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
Class H Units 4.00% otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
Class JD Units 0.50% less unrealised losses.
Class J3D Units 0.50%
In respect of the other classes of Units the Manager may
Class Y Units 0.60% declare a distribution once a year out of the net income
Class Y1 Units 0.60% (whether in the form of dividends, interest or otherwise)
Class Y1H Units 0.60% available for distribution by the Sub-Fund and realised
Class Y2 Units 0.60% profits less realised losses and unrealised profits less
Class Y3 Units 0.60% unrealised losses. The Manager may also declare interim
distributions on the same basis. Annual distributions (if
Class YD Units 0.60% declared) will be declared and paid on or before 30 June in
Class Y1D Units 0.60% each year.
Class Y3D Units 0.60%
12. Currency of the Sub-Fund
Class X Units 0%
Class X1 Units 0% The Base Currency of the Sub-Fund is US Dollars.
Class X2 Units 0%
Class X3 Units 0% 13. Material Contracts

Class H Units are available for subscription by Latin (i) Investment Management Agreement dated 4
American investors only and are subject to a higher March, 2005, between the Manager and AIG
management fee than other Unit Classes, this is due to Global Investment Corp., as amended by a side
market factors applicable to Latin American countries. letter dated 7 February, 2006, pursuant to which
the latter was appointed as investment manager to
With respect to Class A, Class A1, Class A1H, Class A2, the Sub-Fund. This agreement may be terminated
Class A3 and Class AD Units, a Unitholder servicing and by either party on 90 days written notice.
maintenance fee will be payable out of the assets of the
Sub-Fund to the Manager at a rate of up to 0.50% of the Dated: 27 March, 2009
Net Asset Value of the Sub-Fund attributable to these
Classes of Units. With respect to Class X, Class X1,
Class X2 and Class X3 Units, a Unitholder servicing and
maintenance fee will be payable out of the assets of the
Sub-Fund to the Manager at a rate of up to 0.10% of the

247
 SUPPLEMENT 33
AIG US Large Cap Research Enhanced Fund
Supplement 33 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG US Large Cap Research Enhanced Fund (the "Sub-
Fund"), a sub-fund of AIG Global Funds (the "Fund") an
open-ended umbrella unit trust authorised by IFSRA
pursuant to the provisions of the European Communities
Undertakings for Collective Investment in Transferable
Securities) Regulations, 2003 (S.I. No. 211 of 2003), as
amended.
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the
Manager of the Fund. The Directors of the Manager are set
out in the main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
An investment in the Sub-Fund should not constitute a
substantial proportion of an investment portfolio and
may not be appropriate for all investors.
1. Investment Manager
The Manager has appointed AIG Global Investment Corp.,
70 Pine Street, 12th Floor, New York, NY 10270, USA, to
act as investment manager to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008, the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$ 411.4 billion, which are predominantly
248
assets of AIG companies. The Investment Manager is also
a member company of AIG Investments. AIG Investments
comprises a group of international companies which
provide investment advice and market asset management
products and services to clients around the world. As of 30
September, 2008 ,total assets under management is US
$676.9 billion, of which approximately US $565.4 billion
relates to AIG affiliated assets, including those managed
by joint ventures and certain other AIG investment adviser
subsidiaries, but do not include assets sub-advised to third
party managers.
2. Investment Objective
The investment objective of the Sub-Fund is to attain long
term growth of capital by means of a diversified portfolio
through investment in equity and equity-related securities
of companies, at least 90% of which have assets, products
or operations based in the United States or are included in
the Russell 1000 Index. Up to 10% of the value of the Sub-
Fund may be invested in other companies which have a
US Stock Exchange listing.
The Russell 1000 Index is constructed by the Russell
Investment Group to provide a comprehensive and
unbiased barometer for the large-cap segment of the US
equity universe and is completely reconstituted annually to
ensure new and growing equities are reflected.
3. Investment Policy
At least two-thirds of the Sub-Fund’s total assets will be
invested in equities and equity-related securities (excluding
convertibles and bonds with warrants attached) of issuers
included in the Russell 1000 Index domiciled in or
exercising the predominant part of their commercial
activities in the United States. Within the remaining one-
third, the Sub-Fund may invest in transferable securities
not meeting the above requirements.
Research Enhanced incorporates subjective analyst
criteria as well as quantitative criteria. Both qualitative and
quantitative criteria are based upon AIG Investments’
Global Equity process that categorizes stocks into
appropriate growth categories and then applies investment
criteria that is customized for a given growth category.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
Portfolio selection will adhere to an optimization process
that favours stocks ranked highly through the Investment
Managers’ growth categorization process and then
configures those into a portfolio in a manner to very tightly
control the portfolio’s tracking error to the Standard &
Poor's 500 Index.
On a regional basis, the investment universe is
categorised according to growth potential. This
classification process incorporates the background of each
company's historical growth patterns, resulting in an
informed assessment of future prospects.
Companies in the investment universe will be classified as
follows:
1. Exceptional growth prospects (normally, relatively
new companies or companies going through
radical transformation).
2. High and stable growth.
3. High but cyclical growth.
4. Low or no growth, which are sub-divided into (a)
stable, (b) cyclical and (c) turn-around situations.
Distinct quantitative and qualitative criteria are used for
buy and sell decisions within each classification.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index- and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
share index notes and participation receipts / participation
certificates, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or markets in which
the Sub-Fund is permitted to invest, as set out in Appendix
II of the Prospectus. These instruments shall in each case
comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments, however it will also have an economic
exposure to the underlying securities themselves. Any
LEPO's purchased or sold by the Sub-Fund will be
exercisable at any time over the duration of its life and may
be settled on a cash basis.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
249
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also invest in American, International
and Global Depository Receipts (ADR’s / IDR’s / GDR’s)
which are listed on a Recognised Exchange. Such
investments must be in accordance with the investment
objective, investment policy and investment restrictions of
the Sub-Fund.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
No assurance can be given that the Sub-Fund's
investment objective will be achieved.
Any changes to the investment objective and any material
changes to the investment policy of the Sub-Fund may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change to
the investment objective and/or a change to the investment
policy, a reasonable notification period will be provided to
Unitholders to enable them to redeem their Units prior to
the implementation of such change.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the Standard &
Poors 500 Total Return Index (the "Index"). The Index is a
total return, market-weighted index, representing the
aggregate market value of the common equity of 500
stocks traded on the New York Stock Exchange.
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
The Sub-Fund may also engage in forward foreign
exchange contracts for hedging purposes, to alter the
currency exposure of the underlying assets, in accordance
with the limits set out by IFSRA. The Sub-Fund may also
hedge currency exchange risk by entering into forward,
futures and swap currency contracts and purchasing and
selling put or call options on foreign currency and on
foreign currency futures contracts within the limits set out
by IFSRA.
Because currency positions held by the Sub-Fund may not
correspond with the asset position held, the performance
may be strongly influenced by movements in the FX
exchange rates.
The Sub-Fund will not be leveraged as a result of
engaging in forward foreign exchange contracts, forward,
futures and swap currency contracts, call options on
foreign currency or foreign currency futures contracts.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of investments.
It is not the current intention of the Sub-Fund to use
financial derivative instruments for investment purposes.
Should this intention change the Prospectus and this
Supplement shall be amended accordingly.
A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II of the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund’s investment objective and
investment policy as detailed above. IFSRA does not issue
a list of approved markets. With the exception of permitted
investment in unlisted securities investments will be
restricted to those stock exchanges and markets listed in
Appendix II of the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 5 below and includes Volatility Risk. These risk
factors may not be a complete list of all risk factors
associated with an investment in the Sub-Fund.
4. Investment Restrictions
The investment restrictions applying to the Sub-Fund, in
accordance with the Regulations and the Notices issued
by IFSRA, are set out in the main body of the Prospectus.
It is not the current intention of the Sub-Fund to invest in
derivatives. If the Sub-Fund’s investment policy is
subsequently amended to permit the use of derivatives for
investment purposes during such period as the Sub-Fund
is registered in Taiwan, the following investment
restrictions shall also apply:
• The Sub-Fund shall not carry out uncovered sales
of derivatives.
• The total value of the Sub-Fund’s open long
positions in derivatives may not exceed 40
percent of the net asset value of the Sub-Fund;
the total value of the Sub-Fund’s open short
positions in derivatives may not exceed the total
250
market value of the corresponding securities
required to be held by the Sub-Fund;
• If the Sub-Fund intends to hold a higher
percentage of its Net Asset Value in derivatives,
approval must be obtained in advance from the
Financial Supervisory Commission.
For the avoidance of doubt, at all times the Sub-Fund shall
be managed so as to ensure that the contract value of total
investments in derivatives by the Sub-Fund will be in
accordance with the Regulations and the IFSRA Notices.
5. Additional Risk Factors.
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following risk factor applies to the Sub-Fund.
These risk factors may not be a complete list of all risk
factors associated with an investment in the Sub-Fund:
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
6. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class S Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling
Class Y3 Units denominated in Japanese Yen
Class YD Units denominated in US Dollars
Class Y1D Units denominated in Euro
Class Y3D Units denominated in Japanese Yen
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro
Class X2 Units denominated in Sterling
Class X3 Units denominated in Japanese Yen Class A2 Units STG 1,000
Class A3 Units JPY 125,000
Class A Units and Class Y Units are currently in issue and
are available for subscription at the Net Asset Value. Class C Units USD 1,000
Class C1 Units Euro 1,000
Class A1, Class A2, and Class A3 Units are being offered Class C2 Units STG 1,000
to the investors at Euro12.50, STG12.50 and JPY1,500 Class C3 Units JPY 125,000
respectively during the Initial Offer Period which has
commenced and will close on 25 September, 2009 at noon Class H Units USD 1,000
(Irish time).
Class S Units USD 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being
offered to the investors at USD12.50, Euro12.50, Class Y Units USD 1,000,000
STG12.50 and JPY1,500 respectively during the Initial Class Y1 Units Euro 1,000,000
Offer Period which has commenced and will close on 25 Class Y2 Units STG 1,000,000
September, 2009 at noon (Irish time). Class Y3 Units JPY 125,000,000

Class H Units are being offered to investors at USD12.50 Class YD Units USD 1,000,000
during the Initial Offer Period which has commenced and Class Y1D Units Euro 1,000,000
will close on 25 September, 2009 at noon (Irish time). Class Y3D Units JPY 125,000,000

Class S Units are being offered to investors at USD100, The Minimum Initial Subscription for Class X, Class X1,
during the Initial Offer Period which has commenced and Class X2, Class X3 Units is as follows: -
will close on 25 September, 2009 at noon (Irish time).
Class X Units USD 10,000,000
Class Y1, Class Y2 and Class Y3 Units are being offered Class X1 Units Euro 10,000,000
to the investors at Euro100, STG100 and JPY1,500 Class X2 Units STG 10,000,000
respectively during the Initial Offer Period which has Class X3 Units JPY 1,250,000,000
commenced and will close on 25 September, 2009 at noon
(Irish time). There is no Minimum Holding for Class X, Class X1, Class
X2 or Class X3 Units.
Class YD, Class Y1D and Class Y3D Units are being
offered to investors at USD100, Euro100 and JPY1,500 The Minimum Subsequent Subscription and Minimum
respectively during the Initial Offer Period which has Redemption applicable to each Class of Unit in the Sub-
commenced and will close on 25 September, 2009 at noon Fund is as follows:
(Irish time).
Class A Units USD 250
Class X, Class X1, Class X2 and Class X3 Units are being Class A1 Units Euro 250
offered to the investors at USD100, Euro100, STG100 and Class A2 Units STG 250
JPY 1,500 respectively during the Initial Offer Period which Class A3 Units JPY 30,000
has commenced and will close on 25 September, 2009 at
noon (Irish time). Class C Units USD 250
Class C1 Units Euro 250
Subscriptions for Class X, Class X1, Class X2 or Class X3 Class C2 Units STG 250
Units will only be accepted from investors who have Class C3 Units JPY 30,000
entered into a separate arrangement (legal agreement)
with the Manager or its delegate. Class H Units USD 250

All Classes of Units which have not already been issued There are no Minimum Subsequent Subscription or
may be offered to the investors on such other dates as the Minimum Redemption amounts for the Class S, Class Y,
Manager may at its discretion, and with the consent of the Class Y1, Class Y2, Class Y3, Class YD, Class Y1D,
Trustee, determine and notify to IFSRA. Thereafter, Units Class Y3D, Class X, Class X1, Class X2, or Class X3
shall be issued at the Net Asset Value per Unit of the Units.
relevant Class.
8. Management and Fund Charges
7. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription The Manager is entitled to receive an annual fee accrued
and Minimum Redemption Requirements at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
The Minimum Initial Subscription and Minimum Holding each Class of Unit in the Sub-Fund at the rates stated
applicable to each Class of Unit in the Sub-Fund is as below:
follows:
Class A Units 1.00%
Class A Units USD 1,000 Class A1 Units 1.00%
Class A1 Units Euro 1,000 Class A2 Units 1.00%

251
Class A3 Units 1.00% In respect of all other Unit Classes of the Sub-Fund the
Manager may declare a distribution once a year out of the
Class C Units 2.25% net income (whether in the form of dividends, interest or
Class C1 Units 2.25% otherwise) available for distribution by the Sub-Fund and
Class C2 Units 2.25% the realised profits less realised losses and unrealised
Class C3 Units 2.25% profits less unrealised losses. The Manager may also
declare interim distributions on the same basis. Annual
Class H Units 4.00% distributions (if declared) will be declared and paid on or
before 30 June in each year.
Class S Units 0.40%
10. Dealing Day
Class Y Units 1.00%
Class Y1 Units 1.00% The Dealing Day for the Sub-Fund is each Business Day.
Class Y2 Units 1.00%
Class Y3 Units 1.00% 11. Currency of the Sub-Fund

Class YD Units 1.00% The Base Currency of the Sub-Fund is US Dollars.

Class Y1D Units 1.00%
Class Y3D Units 1.00% 12. Material Contracts

Class X Units 0% (i) Investment Management Agreement dated 4

Class X1 Units 0% March, 2005, between the Manager and AIG
Class X2 Units 0% Global Investment Corp., as amended by a side
Class X3 Units 0% letter dated 30 June, 2005, pursuant to which the
latter was appointed as investment manager to the
Class H Units are available for subscription by Latin Sub-Fund. This agreement may be terminated by
American investors only and are subject to a higher either party on 90 days written notice.
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries. Dated: 27 March, 2009

With respect to Class A, Class A1, Class A2 and Class

A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

9. Distributions

In relation to Class YD, Class Y1D and Class Y3D Units,

the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
otherwise) available for distribution by the Sub-Fund and
the realised profits less realised losses and unrealised
profits less unrealised losses.

252

SUPPLEMENT 34
AIG US Small Cap Growth Fund
Supplement 34 to the Prospectus dated 27 March,
2009 for AIG Global Funds
This Supplement contains specific information in relation to
AIG US Small Cap Growth Fund (the "Sub-Fund"), a sub-
fund of AIG Global Funds (the "Fund") an open-ended
umbrella unit trust authorised by IFSRA pursuant to the
provisions of the European Communities (Undertakings for
Collective Investment in Transferable Securities)
Regulations, 2003, as amended .
This Supplement forms part of and should be read in
conjunction with the Prospectus for the Fund dated 27
March, 2009 and any Supplements thereto, which
contains the general description of:
- the Fund and its management and administration;
- its investment restrictions and borrowing powers;
- its general management and Fund charges;
- the taxation of the Fund and of its Unitholders; and
- its risk factors
- names of all other sub-funds of the Fund
which is available from the Manager at AIG Centre,
IFSC, North Wall Quay, Dublin 1, Ireland.
AIG Investments Fund Management Limited is the Manager
of the Fund. The Directors of the Manager are set out in the
main body of the Prospectus.
The Directors of the Manager accept responsibility for the
information contained in the Prospectus and this
Supplement. To the best of the knowledge and belief of the
Directors (who have taken all reasonable care to ensure
that such is the case) such information is in accordance
with the facts and does not omit anything likely to affect the
import of such information. The Directors accept
responsibility accordingly.
The audited financial information for the Fund will be sent
on request to any Unitholder.
The Sub-Fund may invest in financial derivative
instruments for investment purposes as specified in
this Supplement.
1. The Investment Manager
The Manager has appointed AIG Global Investment Corp.,
th
70 Pine Street, 12 Floor, New York, NY 10270, USA, to
act as investment manager to the Sub-Fund. The
Investment Manager has the responsibility for the
investment management, on a discretionary basis, of the
assets of the Sub-Fund.
The Investment Manager, a US based investment
manager regulated by the Securities and Exchange
Commission, is an indirectly wholly-owned subsidiary of
AIG. As at 30 September, 2008 the Investment Manager
had responsibility for the investment of assets exceeding
approximately US$ 411.4 billion, which are predominantly
253
assets of AIG companies.
The Investment Manager is also a member company of
AIG Investments. AIG Investments comprises a group of
international companies which provide investment advice
and market asset management products and services to
clients around the world. As of 30 September, 2008 total
assets under management is US $ 676.9 billion, of which
approximately US $565.4 billion relates to AIG affiliated
assets, including those managed by joint ventures and
certain other AIG investment adviser subsidiaries, but do
not include assets sub-advised to third party managers.
2. Investment Objective
The Sub-Fund seeks to achieve long term capital growth
through investments in US small capitalisation stocks.
3. Investment Policy
The Sub-Fund will invest not less than two-thirds of the
Sub-Funds total assets in equities and equity-related
securities of companies domiciled in or exercising the
predominant part of their commercial activities in the US
and having a market capitalisation at the time of
acquisition of US$200 million to US$2.5 billion. Up to 30%
of the value of the Sub-Fund may be invested in other
companies which have a US Stock Exchange listing.
The Investment Manager believes that the performance of
equities over longer periods of time is driven by the
progression of earnings. The Sub-Fund will strive to add
value by identifying stocks with superior sustainable
earnings performance. The stock selection will also be
influenced by valuation levels, but only to the extent that
factors have been identified which are expected to drive
valuation potential to be realised in terms of earnings
progression.
Distinct quantitative and qualitative criteria are set forth for
buy and sell decisions.
The Sub-Fund may, within the limits laid down by IFSRA,
invest in equity and equity-related securities including but
not limited to common stock, preferred stock and securities
which are convertible into or exchangeable for such equity
securities, or which carry warrants to purchase such equity
securities.
The Sub-Fund may, within the limits laid down by IFSRA,
purchase and sell equity index and equity-related
instruments including but not limited to LEPO's, OPALS,
PERLES (as outlined in the main body of the Prospectus),
participatory receipts / participatory certificates and share
index notes, each of which may assist in achieving the
investment objective of the Sub-Fund. Where utilised,
LEPO's, OPALS and PERLES will be listed or traded on
one or more of the stock exchanges or recognised markets
on which the Sub-Fund is permitted to invest, as set out in
Appendix II to the Prospectus. These instruments shall in
each case comprise transferable securities of the issuer,
notwithstanding that their value is linked to an underlying
equity or equity index. In practice, the Sub-Fund will
purchase such instruments from an issuer and the
instrument will track the underlying equity or equity index.
It should be noted that the Sub-Fund's exposure in relation
to these instruments will be to the issuer of the
instruments. However, the Sub-Fund will also have an
economic exposure to the underlying securities
themselves. Any LEPO's purchased or sold by the Sub-
Fund will be exercisable at any time over the duration of its
life and may be settled on a cash basis.
The Sub-Fund may invest in American, International, and
Global Depository Receipts (ADR's / IDR's / GDR's) which
are listed on a Recognised Exchange as set out in
Appendix II to the Prospectus. Such investments must be
in accordance with the investment objective, investment
policy and investment restrictions of the Sub-Fund.
The Sub-Fund may invest up to 10% of its Net Asset Value
in regulated collective investment schemes, including real
estate investment trusts (REITS), where the investment
policies of these schemes are consistent with that of the
Sub-Fund and such schemes meet the criteria set out in
Guidance Note 2/03. The ability to trade REITS in the
secondary market can be more limited than other stocks.
The Sub-Fund may, within the limits laid down by IFSRA,
hold cash and/or ancillary liquid assets and may invest in
money market instruments (as defined in IFSRA's Notices
and which may or may not be dealt on a regulated market),
which are rated investment grade by an international rating
agency. Such money market instruments may include but
are not limited to non-government short term obligations
(such as fixed or floating rate commercial paper),
obligations of banks or other depository institutions (such
as certificates of deposit and bankers acceptances),
securities issued or otherwise backed by supranational
organisations or by sovereign governments, their
agencies, their instrumentalities and political sub divisions.
The Sub-Fund may, within the limits laid down by IFSRA,
hold deposits with credit institutions as prescribed in
IFSRA's Notices.
The Sub-Fund may also engage in forward foreign
exchange contracts for investment purposes or for hedging
purposes, to alter the currency exposure of the underlying
assets, in accordance with the limits set out by IFSRA. The
Sub-Fund may also hedge currency exchange risk by
entering into forward, futures and currency swap contracts
and purchasing and selling put or call options on foreign
currency and on foreign currency futures contracts within
the limits set out by IFSRA. Because currency positions
held by the Sub-Fund may not correspond with the asset
position held, the performance may be strongly influenced
by movements in the FX exchange rates.
The Sub-Fund may for investment purposes or for hedging
purposes purchase and write call and put options on
securities (including straddles), securities indices and
currencies and enter into equity and bond index futures
contracts and use options on such futures contracts
(including straddles).
The use of derivatives may create an exposure risk,
however, any exposure arising as a result of the use of
derivatives will not exceed the Net Asset Value of the Sub-
Fund (i.e. the Sub-Fund will not be leveraged in excess of
254
100% of its net assets).
The Manager will employ a risk management process
which will enable it to monitor and measure the risks
attached to financial derivative positions and details of this
process have been provided to IFSRA. The Manager will
not utilise financial derivatives which have not been
included in the risk management process until such time
as a revised risk management process has been reviewed
by IFSRA.
The Manager will, on request, provide supplementary
information to Unitholders relating to the risk management
methods employed, including the quantitative limits that
are applied and any recent developments in the risk and
yield characteristics of the investments.
The performance of the Sub-Fund’s portfolio of
investments will be measured against the Russell 2000
Growth Index (the "Index"). The Index measures the
performance of those Russell 2000 companies with higher
price-to-book ratios and higher forecasted growth values.
The Investment Manager may consider that, where the
Sub-Fund's portfolio make up is different to that of the
Index, it is necessary or desirable to replicate the currency
exposure of the Index and therefore the Investment
Manager is entitled to alter the currency exposure
characteristics of certain of the assets held within the Sub-
Fund through the use of forward and futures currency
contracts so that, whilst its own determination of portfolio
make up may be reflected in the actual portfolio make up,
the currency exposure can reflect that of the Index.
The Investment Manager is, however, entitled at any time
to change the Index where, for reasons outside the
Investment Manager's control, the Index has been
replaced by another index or where another index may
reasonably be considered by the Investment Manager to
have become the industry standard for the relevant
exposure. Unitholders will be advised of any change in the
Index in the next annual or half-yearly report of the Sub-
Fund.
Any changes to the investment objective of the Sub-Fund
and any material changes to the investment policy may not
be made without the prior written approval on the basis of
a majority of votes cast at a general meeting of Unitholders
of the Sub-Fund. Any such changes may not be made
without the approval of IFSRA. In the event of a change in
investment objective and/or a change to the investment
policy, a reasonable notification period will be provided by
the Manager to enable Unitholders redeem their Units prior
to implementation of such change.
The Sub-Fund will be managed so as to be fully invested,
other than during periods where the Investment Manager
believes that a larger cash position is warranted.
The Sub-Fund’s investments are subject to the investment
restrictions as set out in the section headed "Investment
Restrictions".
No assurance can be given that the Sub-Fund's
investment objective will be achieved.

A list of the stock exchanges and markets in which the
Sub-Fund is permitted to invest, in accordance with the
requirements of IFSRA, is contained in Appendix II to the
Prospectus and should be read in conjunction with, and
subject to, the Sub-Fund's investment objective and
investment policy, as detailed above. IFSRA does not
issue a list of approved markets. With the exception of
permitted investments in unlisted securities, investment will
be restricted to those stock exchanges and markets listed
in Appendix II to the Prospectus.
The risk factors specific to the Sub-Fund are set out in
section 4 below and includes Financial Derivative
Instruments, Small Capitalised Companies Risk and
Volatility Risk. These risk factors may not be a complete
list of all risk factors associated with an investment in the
Sub-Fund.
4. Additional Risk Factors
The general risk factors set out in the "Risk Factors"
section of the Prospectus apply to the Sub-Fund. In
addition, the following additional risk factors apply to the
Sub-Fund. The risk factors may not be a complete list of
all risk factors associated with an investment in the Sub-
Fund:
Financial Derivative Instruments: The prices of
derivative instruments, including futures and options
prices, are highly volatile. Price movements of forward
contracts, futures contracts and other derivative contracts
are influenced by, among other things, interest rates,
changing supply and demand relationships, trade, fiscal,
monetary and exchange control programs and policies of
governments, and national and international political and
economic events and policies. In addition, governments
from time to time intervene, directly and by regulation, in
certain markets, particularly markets in currencies and
interest rate related futures and options. Such intervention
is often intended directly to influence prices and may,
together with other factors, cause all of such markets to
move rapidly in the same direction because of, among
other things, interest rate fluctuations.
The use of financial derivative instruments also involves
certain special risks, including: (1) dependence on the
ability to predict movements in the prices of securities
being hedged and movements in interest rates, (2)
imperfect correlation between the price movements of the
derivatives and price movements of related investments,
(3) the fact that skills needed to use these instruments are
different from those needed to select the Sub-Fund’s
securities, (4) the possible absence of a liquid market for
any particular instrument at any particular time, (5)
possible impediments to effective portfolio management or
the ability to meet redemptions, (6) possible legal risks
arising in relation to derivative contract documentation,
particularly issues arising relating to enforceability of
contracts and limitations thereto, (7) settlement risk as
when dealing with futures, forwards, swaps, contracts for
differences the Sub-Fund’s liability may be potentially
unlimited until the position is closed, and (8) counterparty
risk as the use of OTC derivatives, such as futures,
forward contracts, swap agreements and contracts for
255
differences will expose the Sub-Fund to credit risk with
respect to the counterparty involved.
The Sub-Fund may invest in certain derivative instruments,
which may involve the assumption of obligations as well as
rights and assets. Assets deposited as margin with
brokers may not be held in segregated accounts by the
brokers and may therefore become available to the
creditors of such brokers in the event of their insolvency or
bankruptcy.
Small Capitalised Companies Risk: Investments in small
capitalised companies may involve greater risk than is
customarily associated with larger, more established
companies. The securities of small or medium-sized
companies are often traded over-the-counter, and may not
be traded in volumes typical of securities traded on a
national securities exchange. Consequently, an investment
in securities of smaller capitalised companies may be more
illiquid than that of larger capitalisation stocks and may be
subject to more volatility than securities of larger, more
established companies. In addition, the quality, reliability,
and availability of information for smaller to mid
capitalisation companies may not provide the same degree
of information and may be less transparent than investors
would generally expect from large capitalisation
companies. Rules regulating corporate governance may
be underdeveloped or less stringent than regulations
applicable to large capitalisation companies which may
increase investment risk and offer little protection to
investors.
Volatility Risk: All markets are subject to volatility based
on prevailing economic conditions. Securities in 'emerging'
or 'developing' markets may involve a higher degree of risk
due to the small current size of the markets for securities
of 'emerging' or 'developing' market issuers and the
currently low or non-existent volume of trading, which
could result in price volatility. Certain economic and
political events in 'emerging' or 'developing' economies,
including changes in foreign exchange policies and current
account positions, could also cause greater volatility in
exchange rates. As stated previously, some of the markets
or exchanges on which a Sub-Fund may invest may prove
to be highly volatile from time to time.
5. Application for Units
The following classes of Unit are currently, or may be,
offered:
Class A Units denominated in US Dollars
Class A1 Units denominated in Euro
Class A2 Units denominated in Sterling
Class A3 Units denominated in Japanese Yen
Class C Units denominated in US Dollars
Class C1 Units denominated in Euro
Class C2 Units denominated in Sterling
Class C3 Units denominated in Japanese Yen
Class H Units denominated in US Dollars
Class Y Units denominated in US Dollars
Class Y1 Units denominated in Euro
Class Y2 Units denominated in Sterling applicable to each Class of Unit in the Sub-Fund is as
Class Y3 Units denominated in Japanese Yen follows:

Class YD Units denominated in US Dollars Class A Units USD 1,000

Class Y1D Units denominated in Euro Class A1 Units Euro 1,000
Class Y3D Units denominated in Japanese Yen Class A2 Units STG 1,000
Class A3 Units JPY 125,000
Class X Units denominated in US Dollars
Class X1 Units denominated in Euro Class C Units USD 1,000
Class X2 Units denominated in Sterling Class C1 Units Euro 1,000
Class X3 Units denominated in Japanese Yen Class C2 Units STG 1,000
Class C3 Units JPY 125,000
Class Y and Class Y3 Units are currently in issue and are
available for subscription at the Net Asset Value per Unit of Class H Units USD 1,000
the relevant Class.
Class Y Units USD 1,000,000
Class A, Class A1, Class A2 and Class A3 Units are being Class Y1 Units Euro 1,000,000
offered to the investors at USD12.50, Euro12.50 and Class Y2 Units STG 1,000,000
STG12.50 and JPY 1,500 respectively during the Initial Class Y3 Units JPY 125,000,000
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time). Class YD Units USD 1,000,000
Class Y1D Units Euro 1,000,000
Class C, Class C1, Class C2 and Class C3 Units are being Class Y3D Units JPY 125,000,000
offered to the investors at USD12.50, Euro12.50,
STG12.50 and JPY1,500 respectively during the Initial The Minimum Initial Subscription for Class X, Class X1,
Offer Period which has commenced and will close on 25 Class X2, Class X3 Units is as follows: -
September, 2009 at noon (Irish time).
Class X Units USD 10,000,000
Class H Units are being offered to investors at USD12.50 Class X1 Units Euro 10,000,000
during the Initial Offer Period which has commenced and Class X2 Units STG 10,000,000
will close on 25 September, 2009 at noon (Irish time). Class X3 Units JPY 1,250,000,000

Class Y1 and Class Y2 are being offered to the investors There is no Minimum Holding for Class X, Class X1, Class
at Euro100 and STG100 and respectively during the Initial X2 or Class X3 Units.
Offer Period which has commenced and will close on 25
September, 2009 at noon (Irish time). The Minimum Subsequent Subscription and Minimum
Redemption applicable to each Class of Unit in the Sub-
Class YD, Class Y1D and Class Y3D Units are being Fund is as follows:
offered to investors at USD100, Euro100 and JPY1,500
respectively during the Initial Offer Period which has Class A Units USD 250
commenced and will close on 25 September, 2009 at noon Class A1 Units Euro 250
(Irish time). Class A2 Units STG 250
Class A3 Units JPY 30,000
Class X, Class X1, Class X2 and Class X3 Units are being
offered to the investors at USD100, Euro100, STG100 and Class C Units USD 250
JPY 1,500 respectively during the Initial Offer Period which Class C1 Units Euro 250
has commenced and will close on 25 September, 2009 at Class C2 Units STG 250
noon (Irish time). Class C3 Units JPY 30,000

Subscriptions for Class X, Class X1, Class X2 or Class X3
Units will only be accepted from investors who have
entered into a separate arrangement (legal agreement)
with the Manager or its delegate.
All Classes of Units which have not already been issued
may be offered to the investors on such other dates as the
Manager may determine and notify to IFSRA. Thereafter,
Units shall be issued at the Net Asset Value per Unit of the
relevant Class.
6. Minimum Initial Subscription, Minimum
Holding, Minimum Subsequent Subscription
and Minimum Redemption Requirements
Class H Units USD 250
There are no Minimum Subsequent Subscription or
Minimum Redemption amounts for the Class Y, Class Y1,
Class Y2, Class Y3, Class YD, Class Y1D, Class Y3D,
Class X, Class X1, Class X2, or Class X3 Units.
7. Management and Fund Charges
The Manager is entitled to receive an annual fee accrued
at each Dealing Day and payable monthly in arrears out of
the Sub-Fund as a percentage of the Net Asset Value of
each Class of Unit in the Sub-Fund at the rates stated
below:

The Minimum Initial Subscription and Minimum Holding Class A Units 1.30%

256
Class A1 Units 1.30% 8. Dealing Day
Class A2 Units 1.30%
Class A3 Units 1.30% The Dealing Day for the Sub-Fund is each Business Day.

Class C Units 2.25% 9. Distributions

Class C1 Units 2.25%
Class C2 Units 2.25% In relation to Class YD, Class Y1D and Class Y3D Units,
Class C3 Units 2.25% the Manager intends to declare a distribution on the last
Business Day of May and November of each year.
Class H Units 4.00% Distributions shall generally be declared out of the net
income (whether in the form of dividends, interest or
Class Y Units 1.00% otherwise) available for distribution by the Sub-Fund and
Class Y1 Units 1.00% realised profits less realised losses and unrealised profits
Class Y2 Units 1.00% less unrealised losses.
Class Y3 Units 1.00%
In respect of all other Unit Classes of the Sub-Fund the
Class YD Units 1.00% Manager may declare a distribution once a year out of the
Class Y1D Units 1.00% net income (whether in the form of dividends, interest or
Class Y3D Units 1.00% otherwise) available for distribution by the Sub-Fund and
realised profits less realised losses and unrealised profits
Class X Units 0% less unrealised losses. The Manager may also declare
Class X1 Units 0% interim distributions on the same basis. Annual
Class X2 Units 0% distributions (if declared) will be declared and paid on or
Class X3 Units 0% before 30 June in each year.

Class H Units are available for subscription by Latin
American investors only and are subject to a higher
management fee than other Unit Classes, this is due to
market factors applicable to Latin American countries.
With respect to Class A, Class A1, Class A2 and Class
A3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.50% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
With respect to Class X, Class X1, Class X2 and Class
X3 Units, a Unitholder servicing and maintenance fee will
be payable out of the assets of the Sub-Fund to the
Manager at a rate of up to 0.10% of the Net Asset Value
of the Sub-Fund attributable to these Classes of Units.
The Unitholder servicing and maintenance fee is accrued
at each Dealing Day and is payable monthly in arrears.
10. Currency of the Sub-Fund
The Base Currency of the Sub-Fund is US Dollars.
11. Material Contracts
(i) Investment Management Agreement dated 4
March, 2005, between the Manager and AIG
Global Investment Corp., as amended by a side
letter dated 22 September, 2006 pursuant to which
the latter was appointed as investment manager to
the Sub-Fund. This agreement may be terminated
by either party on 90 days written notice.
Dated: 27 March, 2009

For all other classes of Units a Unitholder servicing and

maintenance fee not exceeding 1% per annum accrued at
each Dealing Day and payable monthly in arrears may, at
the discretion of the Manager, be payable out of the Net
Asset Value of the Sub-Fund attributable to the relevant
class of Units.

Details of any other fees and charges relating to the Sub-

Fund are contained in the section headed "Management
and Fund Charges" in the main body of the Prospectus.

The costs and expenses of establishing the Sub-Fund and

the expenses associated with the issue of Units, including
the costs incurred in connection with the preparation and
publication of this Supplement and all legal and printing
costs, which are estimated to amount to approximately
€10,000, will be paid out of the assets of the Sub-Fund.
These costs and expenses will, in accordance with
standard accounting practice, be amortised over a twelve-
month period from the date on which the Sub-Fund
commenced business.

257