To provide maximum capital appreciation, consistent with reasonable risk to principal.

We seek to achieve this objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of borrowings for investment purposes) in stocks of US small capitalization ("small cap") issuers. A small cap issuer is currently defined as an issuer that, at the time of purchase by the Fund, has a market capitalization of (1) between $200 million and $2.5 billion; or (2) within the range of companies represented in the Russell 2000® Growth Index (the "Index").

The Fund offers investors a means to potentially capitalize on the returns of smaller capitalization companies. We feel that many companies with smaller capitalizations have greater potential than larger capitalization companies to deliver above-average revenue and earnings growth. Smaller company stocks generally have greater volatility than larger company stocks. However, we believe that smaller capitalization companies are more likely to have been overlooked by the investing community, and may, therefore, offer above average returns.

We generally seek investments in securities of companies we feel have:

• High growth rates
• Average annual revenues under $1 billion
• Above average return on equity
• Low debt levels

We look for growth catalysts by categorizing each candidate based on its stage of development and then use multiple screens to identify prospective portfolio companies.

To manage fluctuations in the value of the Portfolio's investments, we invest across numerous industry sectors with no industry representing more than 25% of the value of the Portfolio.

We conduct due diligence with each company's senior management, suppliers, competitors and customers in an attempt to understand its dynamics.

Finally, we select companies we feel have:

• Strong growth in revenue
• Earnings and cash flow
• Predictable operating models
• Seasoned management
• Unique products or services

Once selected, companies are continuously monitored and placed on a "suspect" or watch list if it they fail to meet a certain set of criteria.

The team adheres to this disciplined investment process in managing the Fund. The process ensures that the team evaluates companies on the criteria most relevant to their stage of development, stands behind their stock picks and eliminates the human bias in picking and holding stocks.

The PineBridge US Small Cap Growth Fund may be appropriate for investors who:

• Are seeking long-term capital growth
• Do not need current income
• Are willing to hold an investment over a long period of time
• Are able to tolerate fluctuations in the principal value of their investment
• Understand and can bear the risks of investing in smaller sized companies

*Class R includes 12b-1 fees (no 12b-1 fee on Class I).

**The advisor has contractually agreed to waive fees and/or reimburse expenses through March 31, 2012.

Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.

Mutual fund investing involves risk. Principal loss is possible. Investments in small-cap companies tend to have limited liquidity and greater volatility than larger companies.

Return on Equity is a companies' net income divided by its total shareholders' equity.

Cash Flow is the excess of cash revenues over cash outlays in a give period of time.

For more information on our closed share class B or the Institutional share class, please call Shareholder Services at 1-800-426-9157.