Verkaufsprospekt

or default, the value of such securities may be adversely
affected resulting in the loss of some or all of
the sums invested in such securities.
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.
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
PineBridge Emerging Europe Equity Fund
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 30 June, 2011 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
30 June, 2011 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 30 June, 2011 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 30 June, 2011 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 30 June, 2011 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
30 June, 2011 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 the Central
Bank. 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
and Minimum Redemption Requirements
The Minimum Initial Subscription and Minimum Holding
applicable to each Class of Unit in the Sub-Fund are as
follows:
| 71