Verkaufsprospekt

are applied and any recent developments in the risk and
yield characteristics of the main categories 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 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 4 below and includes FDI, 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 FDI 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
PineBridge US Small Cap Growth Fund
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
Class Y3 Units denominated in Japanese Yen
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