Verkaufsprospekt

It is expected that any leverage that arises 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 for
hedging purposes will be minimal.
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 capitalisation 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, South
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Manager's control, the Index has been replaced
by another index or where another index may reasonably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.
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 Central Bank. 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 to 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 of the Prospectus
headed "Investment Restrictions".
No assurance can be given that the Sub-Fund's investment
objective will be achieved.
The Manager will employ a risk management process
which will enable it to accurately measure, monitor and
manage the risks attached to financial derivative positions
and details of this process have been provided to the Central
Bank. The Manager will not utilise FDI which have not
PineBridge Southeast Asia Small & Mid Cap Fund
been included in the risk management process until such
time as a revised risk management process has been filed
with the Central Bank.
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 main categories of investments.
It is not the current intention of the Sub-Fund to use FDIs
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 Central Bank, is contained in Appendix
I 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 Central Bank
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 I 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
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 nonexistent
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
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