Unaudited Interim Financial Statements 30 June 2018

NY 10022 PineBridge Investments Japan Co., Limited USA JA Building, 3-1 Otemachi 1-chome Chiyoda-ku Tokyo 100-6813 Japan Sub-Investment Advisor: PineB...

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PineBridge Global Funds Unaudited Interim Financial Statements 30 June 2018

PineBridge Global Funds Contents

Page

Organisation

2

Background to the Fund

4

Investment Managers’ Reports

7

Schedule of Investments

37

Statement of Comprehensive Income

210

Statement of Financial Position

217

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

224

Statement of Changes in Equity

227

Notes to the Financial Statements

228

Schedule of Portfolio Changes (Unaudited)

243

PineBridge Global Funds

Organisation Manager and Global Distributor:

Directors of the Manager:

PineBridge Investments Ireland Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Kamala Anantharam (American) Eimear Cowhey* (Irish) Roman Hackelsberger (German) Linda O'Leary (Irish) Julian Sluyters (American) (resigned 11 January 2018) Adrian Waters* (Irish) Michael Karpik (American) (appointed 1 June 2018) *Independent and non-executive Directors

Investment Managers:

PineBridge Investments Asia Limited Level 31, Three Pacific Place 1 Queens Road East Hong Kong PineBridge Investments Singapore Limited 1 Robinson Road #21-01AIA Tower Singapore PineBridge Investments Japan Co., Limited JA Building, 3-1 Otemachi 1-chome Chiyoda-ku Tokyo 100-6813 Japan

Sub-Investment Advisor:

PineBridge Investments (Latin America) S.A. Agustinas 640, 4th Floor Santiago Chile

Trustee and Depositary:

State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

Administrative Agent:

State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

Hong Kong Representative: PineBridge Investments Asia Limited Level 31, Three Pacific Place 1 Queens Road East Hong Kong

2 Organisation

PineBridge Investments Europe Limited 6th Floor Exchequer Court 33 St. Mary Axe London EC3A 8AA United Kingdom PineBridge Investments LLC. 399 Park Avenue, 4th Floor New York NY 10022 USA

PineBridge Global Funds

Organisation (continued) Switzerland Representative State Street Bank International and Paying Agent: GmbH Munich, Zurich Branch Beethovenstrasse 19, CH - 8027 Zurich Switzerland German Paying/Information BHF – BANK AG Bockenheimer Landstrasse 10 Agent: 60323 Frankfurt am Main Germany Independent Auditors:

PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin 1 Ireland

Legal Advisers:

Ireland William Fry 2 Grand Canal Square Dublin 2 Ireland

Hong Kong Deacons 5th Floor Alexandra House 18 Chater Road Central Hong Kong

Organisation 3

PineBridge Global Funds

Background to the Fund The following information is derived from and should be read in conjunction with the full text and interpretation section of the most recent prospectus (the “Prospectus”) for PineBridge Global Funds (the “Fund”). The Fund is an Irish open-ended umbrella Unit Trust established as an undertaking for collective investment in transferable securities pursuant to Irish Statute comprising the Unit Trusts Act, 1990 (the "Act") and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), and under The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1) (Undertakings For Collective Investment In Transferable Securities)) Regulations 2015, (together the “UCITS Regulations”) and authorised on 4 March 2005 by the Central Bank of Ireland (the “Central Bank”). The Fund was composed of the following active Sub-Funds (each a "Sub-Fund" and together the "Sub-Funds") at 30 June 2018.             

PineBridge American Equity Fund*†‡ PineBridge Asia Balanced Fund**† PineBridge Asia ex Japan Equity Fund**†‡ PineBridge Asia ex Japan Small Cap Equity Fund**†‡ PineBridge Asia Pacific Investment Grade Bond Fund**± PineBridge Emerging Europe Equity Fund*†‡ PineBridge Europe Equity Fund*†‡ PineBridge Europe Small Cap Equity Fund*†‡ PineBridge Global Bond Fund*†‡ PineBridge Global Dynamic Asset Allocation Fund*†‡ PineBridge Global Dynamic Markets Allocation Fund***± PineBridge Global Emerging Markets Bond Fund*†‡ PineBridge Global Emerging Markets Corporate Bond Fund*†‡  PineBridge Global Emerging Markets Focus Equity Fund*†

 PineBridge Global Emerging Markets Local Currency Bond Fund*†  PineBridge Global Focus Equity Fund*†  PineBridge Greater China Equity Fund**†‡  PineBridge India Equity Fund***†‡  PineBridge Japan New Horizon Equity Fund*†  PineBridge Japan Small Cap Equity Fund*±‡  PineBridge Japan Small & Mid Cap Equity Fund*†‡  PineBridge Latin America Equity Fund*†‡  PineBridge Latin America Small & Mid Cap Equity Fund*†‡  PineBridge Strategic Bond Fund*†  PineBridge US Large Cap Research Enhanced Fund*†‡  PineBridge USD Investment Grade Credit Fund*±‡

*Trade receipt deadline 4.00pm GMT on Valuation Day, 30 June 2018 for the Semi-Annual Accounts. **Trade receipt deadline 8.00am GMT on Valuation Day, 30 June 2018 for the Semi-Annual Accounts. ***Trade receipt deadline 12.00 noon GMT on Valuation Day, 30 June 2018 for the Semi-Annual Accounts. †

Sub-Funds registered with the Securities and Futures Commission in Hong Kong.

±

Sub-Funds not authorised in Hong Kong and not available to Hong Kong residents.



Sub-Fund available for sale in Germany. Fund documentation (Key Investor Information Documents ("KIIDs"), Prospectus, Trust Deed, Semi-Annual and Annual Accounts) and information on issue and redemption of prices are available from the office of the German Paying/Information Agent.

4 Background to the Fund

PineBridge Global Funds

Background to the Fund (continued) Each of the Sub-Funds which are registered with the Securities and Futures Commission (the "SFC") in Hong Kong are regulated under an equivalent jurisdiction in the form of the UCITS Regulations. While the SFC recognises that annual reports of recognised jurisdiction schemes will vary in content, annual reports are expected to offer investors comparable disclosure. Annual reports of recognised jurisdiction schemes will generally be reviewed by the SFC on the basis that they already comply in substance with the Hong Kong disclosure requirements. With the exception of PineBridge Global Dynamic Markets Allocation Fund, whose functional currency is Pound Sterling ("GBP"), the functional currency of the other Sub-Funds is US Dollar ("USD"). PineBridge Investments Ireland Limited (the "Manager") may create additional Sub-Funds, with the prior approval of the Central Bank and the Trustee. Each Sub-Fund will bear its own liabilities and shall not bear the liabilities of any other Sub-Funds. The Prospectus, KIIDs, the unaudited semi-annual report and the annual report and audited financial statements as well as a listing of the schedule of portfolio changes during the financial period under review can be obtained free of charge from the relevant Manager as shown on page 2. Investment Objectives The assets of each Sub-Fund will be invested separately in accordance with the investment objectives and policies of the relevant Sub-Fund as set out in the Prospectus and outlined in each Investment Manager’s Report. Material changes to the investment objectives of each Sub-Fund will not be made without unitholder approval and in the event of any such change, notice will be given to unitholders to enable them to redeem their units before the changes take effect. Calculation of Net Asset Value The Net Asset Value (the "NAV") per unit is 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, by the number of units then outstanding. The value of the underlying assets is adjusted for accrued income and liabilities excluding management fees, unitholder servicing and maintenance fees (as appropriate) and other Class specific charges, where applicable. It is then allocated between the various Classes based on their pro rata closing NAVs as of the previous Dealing Day. Where applicable, Class currency hedging impact is applied to the relevant unit Class. The management fee, the unitholder servicing and maintenance fee (as appropriate), and other Class specific charges are then applied to each Class. The NAV of each Sub-Fund is calculated in the Functional Currency of that Sub-Fund. For Sub-Funds with Classes denominated in a currency other than the Functional Currency, the NAV of such Classes is translated to the relevant Sub-Fund currency. The NAV per unit for each share Class is available on www.pinebridge.com.

Background to the Fund 5

PineBridge Global Funds

Background to the Fund (continued) Irish Funds Corporate Governance Code The Irish Funds, previously known as the Irish Funds Industry Association ("IFIA"), in association with the Central Bank has published a corporate governance code (the "Code") to be adopted by Irish authorised collective investment schemes. The Board of Directors of the Manager adopted the code effective from 31 December 2012 and is in full compliance with the Code. Significant Events During the Financial Period Julian Sluyters resigned as a Director of the Manager on 11 January 2018. Michael Karpik was appointed as a Director of the Manager on 1 June 2018. PineBridge Japan Small Cap Equity Fund Class Y1H Units EUR launched on 2 February 2018. PineBridge Asia ex Japan Small Cap Equity Fund Class A12 Units SEK launched on 19 April 2018. PineBridge Japan Small Cap Equity Fund Class R1D launched 21 June 2018. There have been no other significant events affecting the Fund during the financial period. Significant Events Since Financial Period End There have been no significant events affecting the Fund since the financial period end.

6 Background to the Fund

PineBridge Global Funds

Investment Manager’s Report PINEBRIDGE AMERICAN EQUITY FUND Investment Objective The investment objective of PineBridge American Equity Fund is to seek 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge American Equity Fund Class “A” and “Y” returned 1.44% and 1.84% respectively. Over the same period, the benchmark index, the Standard and Poor’s 500 Total Return Net Index returned 2.36%. Portfolio Overview The US equity markets continued to rally into 2018 as continued positive sentiment from tax reform and improving fundamentals of economic growth boosted investor confidence. In somewhat of a carryover effect, the optimism of tax reform passed into law in December of 2017 led to a sustained market rally in January as indices continued to push record highs. However, the US market underperformed in February as the sell-off in equities, from the end of January, intensified through the beginning of February. The S&P saw its worst daily performance since 2011 related to this elevated volatility, which persisted as US equity markets ended the month of March further in the red. In the second quarter, the general theme seemed to be strength in underlying fundamentals, signaling a continuously strong US economy, while a series of disruptive geopolitical developments tapered index performance. The fund underperformed (net of fees) but outperformed (gross of fees) its benchmark index during the semi-annual reporting period ending June 30, 2018. The strongest contributors to relative fund performance were in the industrials and utilities sectors, while the largest detracting sector from relative fund performance was the consumer discretionary sector. The mature defensive categorization was the top performing growth category, exhibiting strong stock selection, while the high stable growth categorization was the worst performing. Portfolio Outlook As the Federal Reserve (the Fed) continues its normalization process, further signaling economic strength in the US, global markets are on a less solid foundation as concerns regarding a China hard landing have hammered Chinese equities. Though the US market has been relatively stable, there is some concern that there could be a contagion effect given the amount of business US companies already do with China. The administrations hard stance with trade relations only serves to further complicate matters. Should there be further retaliatory tariffs and measures taken by both sides, the team would expect this to adversely affect both economies. Outside of the trade concerns, the US equity market continues to be bolstered by the underlying confidence in the strength of the economy. Jobs growth has held steady and inflation has begun to come in line with the Fed’s expectations. As the economy continues to exude strength, the Fed should continue on its path to normalization, using measured language to ensure a measured pace of rate hikes. *Performance is shown net of fees.

PineBridge Investments LLC July 2018

Investment Manager’s Report 7

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Investment Manager’s Report (continued) PINEBRIDGE ASIA BALANCED FUND Portfolio Objective PineBridge Asia Balanced Fund is 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 Asia region. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Asia Balanced Fund Class “L” returned (5.27%). Over the same period, the Fund’s benchmark index, a blended index of 50% of the MSCI All Country Asia ex-Japan Daily Total Return Index and 50% of the JACI Composite Total Return Index returned (3.53%). Portfolio Overview After a strong year of performance amid global synchronized growth in 2017, Asia equities have come under the spotlight in 2018 due to concerns over macro stability, weaker-than-expected growth, and escalating trade tensions. While Asian equities (as measured by the MSCI Asia ex-Japan Index) remained flat in the first quarter, Asian equities declined in the second quarter and ended the first half of 2018 at (4.76%). On the other hand, Asian fixed income (JACI Index) continued to decline further in the second quarter and ended the first half of the year at (2.55%). The fund underperformed (net and gross of fees) its 50/50 benchmark for the semi-annual reporting period ending June 30, 2018. Within the fund’s equity holdings, select positions in US equities, as well as an underweight in Singapore equities were among the top contributors. Meanwhile, positions in Korea, Indonesia and Hong Kong equities detracted from performance. As for fixed income, positions in Qatar, Sri Lanka, and Philippines bonds contributed to fund performance, while Indonesia, Korea and India bonds detracted. Portfolio Outlook The team remains cautiously optimistic that global growth is set to re-accelerate, yet risks have also been rising as trade tensions have escalated. Trade wars may morph into currency wars, and this could be disruptive for certain economies. With valuation multiples returning to their long-term averages and financial conditions remaining highly accommodative, the fund maintains its above-neutral risk positioning. The team is focusing on fundamentals within the region, yet the distortion from escalating trade tensions has applied pressure and decelerated production output from most emerging market countries. Further RMB depreciation may also pressure Asia currencies lower. In this regard, hard currency emerging market sovereigns may be an interesting asset class to consider. In addition to Asia, the team is finding certain pockets of US equities that offer attractive opportunities. US small caps have performed exceptionally well on the back of higher US growth, coupled with tax cuts, which have contributed to the growth story. *Performance is shown net of fees.

PineBridge Investments Asia Limited July 2018

8 Investment Manager’s Report

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Investment Manager’s Report (continued) PINEBRIDGE ASIA EX JAPAN EQUITY FUND Portfolio Objective PineBridge Asia ex Japan Equity Fund seeks long-term capital appreciation by investing in the equity and equity related securities of companies whose assets, product or operations are in the Asian Region. The Sub-Fund may also, to a lesser extent, invest in equity-related securities of companies whose assets, products or operations are in Australia and New Zealand. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Asia ex-Japan Equity Fund Class “A”, “L”, and “Y” returned (7.16%), (6.90%) and (6.79%) respectively. Over the same period, the benchmark index, MSCI All Country Asia ex Japan Daily Total Return Net (USD) returned (4.76%). Portfolio Overview After a strong 2017 fueled by global synchronized growth, it has diverged in 2018. Besides the uncertainty over global trade tensions, Asian currencies came under pressure as the US Federal Reserve (the Fed) continued to shrink its balance sheet while remaining in a rate hike cycle. In the first half of 2018, the Asian equity markets contracted more than 4%. As a result, defensive sectors, such as health care, staples, utilities and energy (due to rising oil price) were holding up better, providing shelter during a market shake-up. The Association of Southeast Asian Nations (ASEAN) markets, especially Indonesia and the Philippines, felt the squeeze more than North Asia due to rising inflation, widening current account deficits, and a higher USD, which fed into higher domestic rates. In this equity market correction, the Asian price-to-earnings ratio has fallen while earnings growth has been positive. With most markets enduring weaker currencies and PE de-rating, earnings growth has acted as a kind of insurance against the decline in PEs. Risks to growth are rising, and stress points in equity markets have become more visible. The fund underperformed (net and gross of fees) its benchmark index during the semi-annual reporting period ending June 30, 2018 as sentiment turned negative amidst the above mentioned uncertainties, despite earnings growth and encouraging ROEs in the region. In terms of countries, Korea and Taiwan dragged down the fund’s performance, while India and Singapore were contributors to the performance. By sector, consumer discretionary and industrials were the key detractors, while financials and telecommunications services contributed positively. Portfolio Outlook The fund continues to maintain its overweight stance in Hong Kong/China on the back of resilient economic growth, good expected company earnings growth and their undemanding valuations, all of which can provide a margin of safety. Additionally, China’s tightening is likely come to an end as insurance against trade war uncertainty. The team is finding many bottom up attractive opportunities in these markets. At the sector level, the fund maintains its overweight stance in technology given the prowess of Asian companies available at attractive valuations post the recent correction. The team is sanguine about the prospect of the fund’s holding companies based on their business models, expected earnings visibility, and in other cases, an increase in valuations based on the robust cash flows of those businesses. *Performance is shown net of fees.

PineBridge Investments Asia Limited July 2018

Investment Manager’s Report 9

PineBridge Global Funds

Investment Manager’s Report (continued) PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND Investment Objective PineBridge Asia ex Japan Small Cap Equity Fund seeks long-term capital appreciation by investing in smaller to medium-sized companies in the Asian Region, i.e. companies whose assets, products or operations are in the Asian Region. In practice, at least 50% of the Sub-Fund’s investment will be in companies whose free float adjusted market capitalisation at the time of purchase is less than USD$1.5 billion. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Asia ex Japan Small Cap Equity Fund Class “A”, “A5CP”, “Y”, “A5”, “R”, “R1”, “R1H”, “R2HD”, “Y1H”, “Y2”, “Y2HD” and “YD” returned (3.90%), (1.82%), (3.51%), (1.97%), (3.47%), (0.85%), (4.91%), (4.52%), (4.95%), (0.86%), (4.53%) and (3.52%) respectively. Over the same period, the benchmark index, MSCI All Country Asia Pacific ex Japan Small Cap Net Index (USD), (SGD), (EUR) and (GBP) returned (5.77%), (3.58%), (2.27%) and (2.64%) respectively. For the period 19 April to 30 June 2018, the PineBridge Asia ex Japan Small Cap Equity Fund Class “A12” returned 2.22%. Over the same period, the benchmark index, MSCI All Country Asia Pacific ex Japan Small Cap Net Index (SEK) returned 0.25%. Portfolio Overview Regional markets fell in the first half of 2018, as US-China trade tensions and rising US Treasury yields, among other perceived external risks, weighed down markets during the second quarter. The Association of Southeast Asian Nations (ASEAN) region underperformed on the back of concerns about the US rate hike cycle, currency weakness and political events. The Hong Kong market also underperformed the region as market performance reversed in the second quarter, driven by trade war fears and concerns over an economic slowdown in the second half of the year. The Taiwan market held up well in the period, led by the technology sector, as the performance of component names and the iPhone supply chain recovered in the second quarter. Portfolio Outlook For equities, rising external risks have caused regional valuations to come down further during June. Across the portfolio, some stocks were not immune to the negative sentiment. In the midst of the volatility, the team is finding value in certain companies with relatively resilient business models, and it will look to gradually accumulate positions in these names as opportunities present themselves.

*Performance is shown net of fees.

PineBridge Investment Asia Ltd. July 2018

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Investment Manager’s Report (continued) PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND Investment Objective The investment objective of PineBridge Asia Pacific Investment Grade Fund is to seek to attain long-term growth of capital by means of investment in short, and medium to long term debt securities, with at least 70% of the Sub-Fund’s Net Asset Value in debt securities, predominantly dominated in USD, issued or guaranteed by entities based within the Asia Pacific region. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Asia Pacific Investment Grade Fund Class “A”, “A5D”, “X” and “Y” returned (2.67%), (0.72%), (2.22%) and (2.41%) respectively. Over the same period, the benchmark index, the JP Morgan Asia Credit (JACI) Investment Grade Total Return (USD) and (SGD) returned (1.93%) and 0.35% respectively. Portfolio Overview The Asian investment grade credit market started the year on a weaker footing, retreating 1.93% in the first six months. Performance was driven by wider credit spreads and, to a lesser extent, higher US Treasury yields. With the monetary policy normalization theme firmly taking hold in the first few months of the year, the market focused on increased inflationary expectations, pushing yields broadly higher. This was followed in the second quarter by a noticeable increase in trade tensions between the US and China, which influenced risk sentiment and caused wider spreads. As a result, second quarter issuance slowed. The US Federal Reserve hiked its policy rate twice during the first half of the year, as widely expected. Some Asian central banks, such as those in Indonesia and the Philippines, also hiked policy rates. China, with its ongoing deleveraging efforts, fine-tuned its monetary policy with cuts to its Reserve Requirement Ratio (“RRR”) and other measures. The fund marginally underperformed its benchmark in the first half of the year. Minor detractions were caused by the fund’s credit selection, and to a lesser extent, its duration positioning. The team remains highly comfortable with the fund’s credit selection. The decision to underweight Indonesia and the Philippines helped provide some offset to the fund’s performance. Portfolio Outlook Major developments in the first half of the year included better market pricing in monetary policy normalization, growing trade tensions, as well as the desynchronization of global economic growth. In the absence of further significant escalation, the team believes that the market is now more balanced from a valuation and technical perspective and offers an increasing number of opportunities. However, the team continues to be very surgical in its credit selection. The focal point in Asia remains China’s deleveraging story, which the team expects to be a positive factor in addressing credit concerns over the longer term. Further adjustments to China’s monetary policy will probably be needed to address the risks of over-tightening in an environment with increasing trade tensions. Most of the investment grade issuers in Asia continue to show improving credit trends and the team expects the Asian investment grade market to continue to be one of the least volatile markets in the emerging markets. The team remains cautious about some segments of the markets that are more sensitive to sentiment and the deleveraging story in China. Supply is expected to be between USD 220 and 300 billion this year, which is a highly manageable volume. The primary market should resume as risk sentiment improves and uncertainties, such as trade conflicts, resolve. The team is expected to continue to dynamically adjust the fund’s duration positioning and progressively add carefully selected, well-valued corporate credit risk, as sentiment normalizes and risks are better priced in.

*Performance is shown net of fees.

PineBridge Investment Asia Ltd. /PineBridge Investments Singapore Ltd. July 2018 Investment Manager’s Report 11

PineBridge Global Funds

Investment Manager’s Report (continued) PINEBRIDGE EMERGING EUROPE EQUITY FUND Investment Objective PineBridge Emerging Europe Equity Fund seeks to achieve a superior rate of return by making equity and equityrelated investments with superior growth potential primarily in the emerging European markets. The Sub-Fund is designed to enable investors to participate in the high rates of growth generated by these events. Portfolio Performance* For the period 1t January to 30 June 2018, the PineBridge Emerging Europe Equity Fund Class “A” and “Y” returned (9.08%) and (8.72%) respectively. Over the same period, the benchmark index, the MSCI Emerging Markets Europe 10/40 Equity Daily Total Return Net Index (USD) returned (8.35%). Portfolio Overview The fund outperformed (gross of fees) and underperformed (net of fees) its benchmark index for the semi-annual reporting period ending June 30, 2018. On a country level, the main contributors to the fund’s outperformance were stock selection in Russia and an allocation to the Czech Republic. This was partially offset by negative selection effect in Poland and Greece. By sector, positive attribution came from selection effect in energy and materials; negative effect was seen in an overweight allocation to financials and an underweight in information technology. Of note during the period was the market’s increasingly negative view to bank stocks, driven almost entirely by investors’ changing views on the steepening of the yield curve. The energy sector, on the other hand, was a standout due to rising oil prices. Overall, there was extreme diversion of performance between various sectors. Consumer discretionary, consumer staples, health care, industrials and real estate all fell by more than 20%, while energy, information technology, utilities and materials rose or declined by no more than 10%. Portfolio Outlook The outlook for the Emerging European markets remains promising, albeit with some country variations. The Czech Republic, Hungary and Poland are in the best positions with strong economies, well run companies and reasonable stock valuations. Greece has some promise, in large part driven by reform and the banking sector clean up. Russia is being helped by a stabilizing economy, low valuations, high oil prices and a potential for better relations with the US. Turkey, on the other hand, despite low valuations, presents many concerns due to government mismanagement. A flattening US yield curve and sharper-than-expected trade tensions between the US and China added a dimension of uncertainty and volatility. Additionally, the risk of renewed Iran sanctions, high oil prices and geopolitical flashpoints in several parts of the globe also may influence company specific fundamentals going forward. The team positioned the portfolio to address these risks, while at the same time trying to take advantage of the opportunities in Emerging European markets. The fund is overweight Russian exposure, the Czech Republic and Hungary, while underweight Greece, Poland and Turkey. By sector, the fund is overweight financials, energy, industrials and health care, while underweight real estate, consumer staples, information technology, consumer discretionary, telecommunications, utilities and materials. The team remains vigilant in risk management and stock selection and is continuously monitoring earnings-impacting developments. Based on this research, it will seek out companies that it believes are best suited to succeed in the current complex environment.

*Performance is shown net of fees.

PineBridge Investments Europe Ltd./PineBridge Investments LLC July 2018 12 Investment Manager’s Report

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Investment Manager’s Report (continued) PINEBRIDGE EUROPE EQUITY FUND Investment Objective PineBridge Europe Equity 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 Stock Exchange. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Europe Equity Fund Class “A”, “L” and “Y” returned (5.00%), (4.74%) and (4.63%) respectively. Over the same period, the benchmark index, the MSCI Europe Daily Total Return Net Index (USD) returned (3.23%). Portfolio Overview European equities, similar to the broader global equity markets, continued their upwards trend that closed out 2017. Eurozone industrial production numbers continued to be an area of macro data strength in January as the International Monetary Fund (IMF) raised global growth prospects. Global markets retreated in February, inclusive of European equities, as a global sell-off continued early in the month. European market performance lagged the US market, though central bank commentary continued to remain dovish from the European Central Bank (ECB). On the political front, the success for Germany’s coalition vote was positive for markets, though Italian elections introduced some uncertainty. One of the main concerns for European markets in March came from Trump’s announcement of tariffs, with the European Union (EU) responding in kind, indicating that it would protect its interests. The initial concern tapered as a number of concessions and exclusions were announced, softening the rhetoric. Positive Brexit negotiations were also a positive catalyst for markets but overall, global equities underperformed during March. European equities had a broad rally in April, outperforming US equity markets despite a mixed bag of economic indicators. Within the Eurozone, this mixed bag included rising inflation, falling unemployment, and a surprise decrease in industrial production, which had been strong in prior periods. Draghi and the ECB announced the end of quantitative easing with a target date in December as was broadly expected. While the announcement itself was a hawkish move, the commentary surrounding the taper, as well as the forward-looking guidance, was certainly dovish. The fund underperformed (net and gross of fees) its benchmark for the semi-annual reporting period ending June 30, 2018. The largest detracting sector from relative fund performance was the industrials sector, while the strongest contributors to relative fund performance were in the energy and consumer staples sectors. The mature cyclical categorization was the top performing growth category, exhibiting strong stock selection, while the high stable growth categorization was the worst performing. Portfolio Outlook In Europe, macro data has been slightly mixed, and not as consistently strong as in the US, though it has exuded enough strength that the ECB feels confident that it can begin to taper central bank policy. The ECB has done a good job of telegraphing its intentions to avoid a situation similar to the US “taper tantrum”. While global markets have been focused on the back-and-forth between China and the US, Europe also has a stake in changes in US trade policy as the US looks to implement tariffs on European imports, as well. Any instability in trade relations with the US could lead to economic impacts that would give the ECB pause in embarking on the path of rate normalization. *Performance is shown net of fees.

PineBridge Investments Europe Limited/PineBridge Investments LLC July 2018

Investment Manager’s Report 13

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Investment Manager’s Report (continued) PINEBRIDGE EUROPE SMALL CAP EQUITY FUND Investment Objective PineBridge Europe Small Cap Equity 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Europe Small Cap Equity Fund Class “A1”, “Y” and “Y1” returned (1.27%), (3.62%) and (0.88%) respectively. Over the same period, the benchmark index, Euromoney Smaller European Companies Total Return Net Index (USD) and (EUR) returned (1.76%) and 1.89% respectively. Portfolio Overview The EMIX Smaller European Companies Index declined by roughly 197bps during the first half of 2018. Energy, healthcare, and information technology were the strongest absolute performing sectors for the Index. By contrast, industrials, materials, and consumer discretionary were the main sector laggards. The fund underperformed (gross and net of fees) its benchmark, the EMIX Smaller European Countries Index, during the first half of 2018 largely due to near-term weakness in select holdings. The market’s disappointment with select holdings was related to short-term timing issues related to pricing, M&A, trade, and policy. We remain invested in our holdings with a longer-term perspective. Overall, industrials, energy, and consumer staples were the largest sector contributors to excess returns. By contrast, consumer discretionary, healthcare, and materials were the main sector detractors. The fund remains overweight industrials, information technology, consumer staples, healthcare, and consumer discretionary, and underweight real estate, telecommunication services, materials, energy, financials, and utilities. Portfolio Outlook Signs of healthy economic activity in hiring and capital expenditure set the stage for an ongoing cyclical recovery, though trade concerns remain. Revenues and order books still reflect good global synchronized growth. Companies are largely able to pass through rising costs. Equity markets continue to normalize as evidenced by the fall in price correlations, but valuation dispersions across all regions remain high. With valuations near historic norms, market returns are likely to be driven by earnings growth, while the disproportionate impact of policy and trade further separates winners and losers. Stock selection is key to generating alpha in the current market environment. The fund invests in companies that are each expected to compound earnings faster than market expectations over time and is constructed to minimize investment style risk. The companies the fund typically owns have clear competitive advantages, proven management, and attractive valuations.

*Performance is shown net of fees.

PineBridge Investments Europe Limited July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL BOND FUND Investment Objective PineBridge Global Bond 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. Portfolio Performance* For the year 1 January to 30 June 2018, the PineBridge Global Bond Fund Class “A” and “Y” returned (0.33%) and 0.17% respectively. Over the same period, the benchmark index, the Barclays Global Aggregate ex Securitized Index Hedged to USD returned 0.17%. Portfolio Overview The first half of the year saw a rise in global trade tensions, a sudden spark in equity volatility and further political risks in Europe. In addition, economic data in the first quarter surprised to the downside in most developed markets. The Federal Reserve (the Fed) raised rates twice and expects two more increases before year-end. The European Central Bank (ECB), however, was dovish as it promised to keep rates unchanged for at least one more year. The fund outperformed (gross of fees) and slightly underperformed (net of fees) its benchmark, the Bloomberg Barclays Global Aggregate ex Securitised Total Return Index (USD Hedged), during the semi-annual reporting period ended June 30, 2018. This relative outperformance was driven by yield curve positioning, security selection and asset allocation. In terms of yield curve positioning, the fund benefitted from an overweight position in the long end of European rates, as well as curve positioning in Canada (< 10 years) and the US (belly of the curve). The fund also benefitted from asset allocation as an underweight to credit was positive and credit spreads widened for most of the period. In terms of security selection, the fund had positive performance from holdings in the banking, technology and communications sectors. Portfolio Outlook One more rate hike is expected in 2018, and the team believes that any more would be a policy mistake. This reflects the team’s view that the US economy could be vulnerable to weakness stemming from the consumer, while inflation and growth should be contained. In Europe, quantitative easing (QE) is expected to finish by year end, and the first rate hike should occur in the second half of 2019. At the time of this writing, the team’s preferred areas of the market are the belly in the US, the front-end in Canada, and the long end in Switzerland. The fund has moved to underweight in Europe, while maintaining underweights in the UK and Japan, and is underweight credit. Its favored sectors are financials and energy.

*Performance is shown net of fees.

PineBridge Investments Europe Ltd. July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND Investment Objective PineBridge Global Dynamic Asset Allocation Fund seeks long-term capital appreciation by identifying new and changing worldwide economic and investment trends and investing in assets globally to benefit therefrom. Portfolio Performance* For the period 1st January to 30th June 2018, the PineBridge Global Dynamic Asset Allocation Fund Class “A”, ”A1H”, “AA”, “ADC”, “Y”, “Y1H”, “Y2H”, “Y2HD”, “Y5H” and “YD” returned (3.33%), (4.60%), (3.31%), (3.33%), (2.82%), (4.09%), (3.69%), (3.69%), (3.27%) and (2.83%) respectively. Over the same period, the benchmark index, 60% of the MSCI All Country World Index (ACWI) Daily Total Return Net and 40% of the Citigroup World Government Bond Index (Total Return) returned (0.58%). Portfolio Overview During the semi-annual reporting period ended June 30, 2018, global equities (as measured by the MSCI ACWI Local Index) returned (0.3%), while developed markets (MSCI World Local Index) returned 0.2%, and emerging market equities (MSCI Emerging Market Index) declined 7.7%. Within developed markets, US equities (S&P 500 Index) gained 1.7%, while Japanese equities (Nikkei 225 Index) declined 2.0%, and European equities (Euro Stoxx 50 Index) declined 3.1%. Within emerging markets, Asian equities (MSCI EM Asia Index) declined 5.9%, driven by the 2.2% decline in Chinese equities (MSCI China Index), and Latin American equities (MSCI EM Latin America Index) declined 12.4%, driven by the 18.6% decline in Brazilian equities (MSCI Brazil Index). The 10-year US Treasury yield fell to 2.9%, and the 2-year US Treasury yield rose 10 basis points (bps) by the end of June. As a result, the difference between the 10- and 2-year US Treasury yields continued to reach new post-recession lows, trending near the 33bp level. Within credit, US high yield (Bloomberg Barclays US High Yield Total Return Index) gained 0.2%, while US investment grade bonds (Bloomberg Barclays US Aggregate Total Return Value Index) declined 1.6%. Emerging market debt (J.P. Morgan EMBI Global Total Return Index) declined 5.2%. The US dollar (DXY Index) strengthened, gaining 2.6%, while the euro declined 2.7%, and the Japanese yen weakened against the US dollar by 1.7%. On a total return basis, the top contributors were US small cap equity, US small cap value equity and US large cap value equity, while the bottom contributors were the JPY, Brazilian equity and Indonesian equity. On a relative return basis, the top contributors were the productivity basket, US small cap value equity and US small cap equity, while the bottom contributors were US large cap equity, Indonesian equity and European financial equity. Portfolio Outlook The team remains cautiously optimistic that global growth is set to reaccelerate, yet risks have also been rising. Trade wars may morph into currency wars, and this could be disruptive for certain economies. Valuations have reset, and financial conditions remain accommodative; therefore, the team is keeping fund’s above-neutral risk positioning.

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Portfolio Outlook (continued) Within equities, the fund has benefitted from domestically focused exposure in countries that are experiencing strong domestic growth, including the US and India. US small caps have performed exceptionally well, as the thesis of higher US growth, coupled with tax cuts, continues to play out as expected. Indian equities also are relatively shielded from global trade concerns and are benefitting from stronger growth as the shocks of demonetization and the Goods and Services Tax fade. Surveys of IT managers indicate that productivity-focused investments should continue. The team believes that certain pockets of European equities offer attractive opportunities. Small caps are at the top of the list and should continue to benefit from the domestically focused recovery, with lower vulnerabilities related to trade. Within fixed income, the fund remains positioned for a gradual rise in yields by maintaining a positive conviction in floating rate exposures in bank loans and investment grade collateralized obligations. Within alternatives, the fund has entered into a basket of global metals and mining stocks because industrial metals are attractive at this stage of the investment cycle as demand from capital expenditures is poised to grow.

*Performance is shown net of fees.

PineBridge Investments Europe Ltd./PineBridge Investments LLC July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND Investment Objective PineBridge Global Dynamic Markets Allocation Fund seeks long-term capital appreciation by identifying new and changing worldwide economic and investment trends and investing in assets globally to benefit therefrom. Portfolio Performance For the period 1 January to 30 June 2018, the PineBridge Global Dynamic Market Allocation Fund Class “U2” returned (3.75%). Over the same period, the benchmark index, 60% of the MSCI All Country World Index (ACWI) Daily Total Return Net and 40% of the Citigroup World Government Bond Index (Total Return) returned (0.58%). Portfolio Overview During the semi-annual reporting period ending June 30, 2018 global equities (as measured by the MSCI ACWI Local Index) returned (0.3%), while developed markets (MSCI World Local Index) returned 0.2%, and emerging market equities (MSCI Emerging Market Index) declined 7.7%. Within developed markets, US equities (S&P 500 Index) gained 1.7%, while Japanese equities (Nikkei 225 Index) declined 2.0%, and European equities (Euro Stoxx 50 Index) declined 3.1%. Within emerging markets, Asian equities (MSCI EM Asia Index) declined 5.9%, driven by the 2.2% decline in Chinese equities (MSCI China Index), and Latin American equities (MSCI EM Latin America Index) declined 12.4%, driven by the 18.6% decline in Brazilian equities (MSCI Brazil Index). The 10-year US Treasury yield fell to 2.9%, and the 2-year US Treasury yield rose 10 basis points (bps) by the end of June. As a result, the difference between the 10- and 2-year US Treasury yields continued to reach new post-recession lows, trending near the 33bp level. Within credit, US high yield (Bloomberg Barclays US High Yield Total Return Index) gained 0.2%, while US investment grade bonds (Bloomberg Barclays US Aggregate Total Return Value Index) declined 1.6%. Emerging market debt (J.P. Morgan EMBI Global Total Return Index) declined 5.2%. The US dollar (DXY Index) strengthened, gaining 2.6%, while the euro declined 2.7%, and the Japanese yen weakened against the US dollar by 1.7%. On a total return basis, the top contributors were US small cap equity, US small cap value equity and US large cap value equity, while the bottom contributors were the JPY, Brazilian equity and Indonesian equity. On a relative return basis, the top contributors were the productivity basket, US small cap value equity and US small cap equity, while the bottom contributors were US large cap equity, Indonesian equity and European financial equity. Portfolio Outlook The team remains cautiously optimistic that global growth is set to reaccelerate, yet risks have also been rising. Trade wars may morph into currency wars, and this could be disruptive for certain economies. Valuations have reset, and financial conditions remain accommodative; therefore, the team is keeping the fund’s above-neutral risk positioning.

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Portfolio Outlook (continued) Within equities, the fund has benefitted from domestically focused exposure in countries that are experiencing strong domestic growth, including the US and India. US small caps have performed exceptionally well, as the thesis of higher US growth, coupled with tax cuts, continues to play out as expected. Indian equities also are relatively shielded from global trade concerns and are benefitting from stronger growth as the shocks of demonetization and the Goods and Services Tax fade. Surveys of IT managers indicate that productivity-focused investments should continue. The team believes that certain pockets of European equities offer attractive opportunities. Small caps are at the top of the list and should continue to benefit from the domestically focused recovery, with lower vulnerabilities related to trade. Within fixed income, the fund remains positioned for a gradual rise in yields by maintaining a positive conviction in floating rate exposures in bank loans and investment grade collateralized obligations. Within alternatives, the fund has entered into a basket of global metals and mining stocks because industrial metals are attractive at this stage of the investment cycle as demand from capital expenditures is poised to grow.

*Performance is shown net of fees.

PineBridge Investments Europe Ltd. / PineBridge Investments LLC July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND Investment Objective PineBridge Global Emerging Markets Bond Fund seeks to achieve long-term, capital appreciation through investment in bond issues primarily by governments, their agencies, local authorities and municipalities and corporate entities located in Emerging Markets. 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Global Emerging Markets Bond Fund Class “A”, "A6HD", “AD” and “Y” returned (7.65%), (7.81%), (7.65%) and (7.16%) respectively. Over the same period, the benchmark index, a blended USD index of 1/3 of the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (Total Return), 1/3 of the JP Morgan Government Bond Index Emerging Markets (GBI-EM) Global Diversified (Total Return) and 1/3 of the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified (Total Return) returned (4.81%) and a blended AUD index of 1/3 of the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (Total Return), 1/3 of the JP Morgan Government Bond Index Emerging Markets (GBI-EM) Global Diversified (Total Return) and 1/3 of the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified (Total Return) returned 1.35%. Portfolio Overview Emerging market debt performance was negative during the first half of 2018, as external corporate debt retreated (2.87%), external sovereign debt declined (5.23%), and local currency debt fell by 6.46%. Performance suffered due to the US dollar appreciation, rising US rates, a slowdown in global growth, and an increase in geopolitical uncertainty during the period. Global growth failed to live up to bullish expectations of synchronized acceleration, highlighted by moderate growth in Europe and China. However, the US economy enjoyed an acceleration in both growth and inflation, which supported increases in rates and the US dollar. Historically, rising US rates and US dollar strength have been negative for emerging market debt, and market sentiment for all areas of emerging market debt suffered as a result. Emerging market sentiment was further challenged by an increase of geopolitical risks, highlighted by escalating trade tensions between the US and the rest of the world. The fund underperformed its benchmark for the semi-annual reporting period ending June 30, 2018. The fund’s overweight position in local currency debt detracted from performance, as did foreign exchange exposures within the local currency allocation, most notably an overweight position in Argentina. Security selection within external debt markets, both sovereign and corporate, also detracted from performance.

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) Portfolio Outlook In the team’s view, the recent sell-off in emerging market debt has had more to do with technical factors associated with the recent USD rally than any substantive change in emerging market fundamentals. Thus far in 2018, growth has disappointed across most economies. The team does not expect the current slowdown to be a precursor to a global recession, but slower global growth than anticipated, concerns regarding trade restrictions, and increased political uncertainty has given cause to reevaluate optimistic expectations. The potential for a more hawkish Federal Reserve (the Fed) remains a key risk, but ultimately, the Fed’s plans will likely remain challenged by low long-term inflationary pressures and high public sector debt levels. The US dollar is also expected to resume its longer-term weakening trend relative to emerging market currencies, given the growing twin deficits in the US and expectations for faster growth in emerging market economies and improving trends in current account imbalances. Recent market volatility has caused valuations to cheapen, and while that may provide a buying opportunity, external factors and the global growth moderation could prevent investors from feeling as confident about owning emerging market debt as last year. The fund maintains an overweight in local currency debt and continues to favor economies with benign inflation and the potential to benefit from an increase in global trade.

*Performance is shown net of fees.

PineBridge Investments Europe Limited July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND Investment Objective PineBridge Global Emerging Markets Corporate Bond Fund seeks to achieve long-term, capital appreciation through investment in bonds issued primarily by corporate entities and financial institutions located in Emerging Markets. 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Global Emerging Markets Corporate Bond Fund Class “A” and “Y” returned (5.92%) and (5.55%) respectively. Over the same period, the benchmark index, the JP Morgan CEMBI Broad Diversified index (USD) returned (2.87%). Portfolio Overview Emerging market corporate performance was negative during the first half of 2018, as the market retreated (2.87%). Performance suffered due to the US dollar appreciation, rising US rates, a slowdown in global growth, and an increase in geopolitical uncertainty during the period. Global growth failed to live up to bullish expectations of synchronized acceleration, highlighted by moderate growth in Europe and China. However, the US economy enjoyed an acceleration in both growth and inflation, which supported increases in rates and the US dollar. Historically, rising US rates and US dollar strength have been negative for emerging market debt, and market sentiment for all areas of emerging market debt suffered as a result. Emerging market sentiment was further challenged by an increase of geopolitical risks, highlighted by escalating trade tensions between the US and the rest of the world. The fund underperformed (net and gross of fees) its benchmark during the semi-annual reporting period ending June 30, 2018 due to negative contributions from country and security selection and yield curve positioning. Security selection within Latin America detracted from performance, most notably selections within Brazil. The fund’s overweight position in Argentina was a substantial detractor, as well as the fund’s long duration and curve positioning. Portfolio Outlook In the team’s view, the recent sell-off in emerging market debt has had more to do with technical factors associated with the rise of US rates and the US dollar rally than any substantive change in emerging market fundamentals. The team does not expect the slowdown in growth to be a precursor to a global recession, but slower global growth than anticipated, concerns regarding trade restrictions, and increased political uncertainty have given cause to reevaluate optimistic expectations. The potential for a more hawkish Federal Reserve (the Fed) remains a key risk, but ultimately, the Fed’s plans are expected to remain challenged by low long-term inflationary pressures and high public sector debt levels. The US dollar is likely to resume its longer-term weakening trend relative to emerging market currencies, given the growing twin deficits in the US and expectations for faster growth in emerging market economies and improving trends in current account imbalances. Emerging market corporate balance sheets remain strong, and the sector overall continues to deleverage, although issuers will be challenged in their ability to materially further improve already strong fundamentals. Recent market volatility has caused valuations to cheapen, and while that may provide a buying opportunity, external factors and the global growth moderation could prevent investors from feeling as confident about owning emerging market debt as last year. Ultimately, the fundamental backdrop remains positive, and once markets regain stability, the improved relative value considerations should once again provide emerging market debt with the support of robust demand.

*Performance is shown net of fees.

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND Investment Objective PineBridge Global Emerging Markets Focus Equity Fund seeks to achieve a relatively high rate of growth, on a longterm basis, through careful selection of equity and equity-related securities in global Emerging Markets whilst seeking to protect the Sub-Fund from downside risk. Portfolio Performance* For the year 1 January to 30 June 2018, the PineBridge Global Emerging Markets Focus Equity Fund Class “A” and “Y” returned (9.32%) and (8.96%) respectively. Over the same period, the benchmark index, the MSCI Emerging Markets Daily Total Return Net Index (EUR) returned (6.66%). Portfolio Overview The fund underperformed its benchmark index during the semi-annual reporting period ending June 30, 2018. On an allocation basis, the main contributors to fund performance were overweight positions in Brazil, Czech Republic, and China, as well as underweight positions in Indonesia, Korea, Thailand, and Turkey. Meanwhile, allocation decisions detracted due to overweight positions in Argentina, Poland, and South Africa, as well as underweight positions in Qatar and Malaysia. On a sector basis, an underweight to real estate contributed, while an underweight to health care and an overweight to industrials detracted. On a selection basis, positive contribution arose in China from CNOOC, Anhui Conch Cement, Uni-President China, China Construction Bank, Pacific Basin and Angang Steel, in Mexico from Mexichem, in South Africa from Firstrand and Pik N Pay, in Czech from Komercni Bank, and from Facebook. Negative contribution arose in India from Cummins India, Bharat Heavy Electricals, Bayer Cropscience, and Shree Cement, in Indonesia from PTPP, in Korea from Korea Zinc, Hanon Systems, and Samsung Electronics, in Russia from X5, in Taiwan from Chicony Power and Airtac, in Thailand from Workpoint, and from Singapore-listed Venture Corporation. Portfolio Outlook Recent events have focused investors’ attention on the implications of trade tensions emanating from the US with a particular focus on China, but affecting US commercial relations with Europe, Canada, and Mexico, as well. The pressure on emerging market currencies seen earlier in the year after a rise in US interest rates was tempered, however, as overall risk appetite declined, US Treasury yields fell. This said, the team still sees broad recovery and cash flow generation continuing within emerging market corporations that has been boosted by political improvements, company-level balance sheet repair, and fairly benign global economic conditions, including those in China. The fund is overweight Colombia, China, and Poland, while underweight Chile, Indonesia, Malaysia, and Korea. On a sector basis, the fund is overweight industrials, while underweight utilities and health care. As always, while the team has been appreciating the fundamental progress in emerging markets, including earnings and margin progression, it remains diligent in risk management. Thus, the team will continue to focus upon companies whose competitive attributes are compelling, companies with effective capital management, and securities where expectations seem reasonable or can be exceeded.

*Performance is shown net of fees.

PineBridge Investments LLC July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND Investment Objective PineBridge Global Emerging Markets Local Currency Bond Fund seeks to achieve 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 income instruments issued by sovereign or quasi-sovereign or corporate entities located in Emerging Markets. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Global Emerging Markets Local Currency Bond Fund Class “A”, “A6HD”, “A9HD”, “AD”, “JD” and “Y” returned (8.52%), (8.78%), (6.55%), (8.53%), (7.84%) and (8.07%) respectively. Over the same period, the benchmark index, the JP Morgan GBI-EM Global Diversified Index (USD), (AUD) and (ZAR) returned (6.44%), (0.39%) and 4.84% respectively. Portfolio Overview Emerging market local currency debt performance was negative during the first half of 2018 as markets retreated (6.46%). Performance suffered due to the US dollar appreciation, rising US rates, a slowdown in global growth, and an increase in geopolitical uncertainty during the period. Global growth failed to live up to bullish expectations of synchronized acceleration, highlighted by moderate growth in Europe and China. However, the US economy enjoyed an acceleration in both growth and inflation, which supported increases in rates and the US dollar. These external factors had a negative impact on emerging market sentiment and local debt was further buffeted by foreign exchange depreciation. Emerging market sentiment was also challenged by an increase of geopolitical risks, highlighted by escalating trade tensions between the US and the rest of the world. The fund underperformed (net and gross of fees) its benchmark for the semi-annual reporting period ending June 30, 2018 due primarily to negative contributions from foreign exchange, as the fund’s overweight positions in Argentina, South Africa, Colombia and Mexico overshadowed positive contributions from underweight positions in Russia, Malaysia and Turkey. Portfolio Outlook In the team’s view, the recent sell-off in emerging market debt has had more to do with technical factors associated with the recent USD rally than any substantive change in emerging market fundamentals. Thus far, in 2018, growth has disappointed across most economies. The team does not expect the current slowdown to be a precursor to a global recession, but slower global growth than anticipated, concerns regarding trade restrictions, and increased political uncertainty has given cause to reevaluate optimistic expectations. The potential for a more hawkish Federal Reserve (the Fed) remains a key risk, but ultimately, the Fed’s plans will likely remain challenged by low long-term inflationary pressures and high public sector debt levels. The US dollar is also expected to resume its longer-term weakening trend relative to emerging market currencies, given the growing twin deficits in the US and expectations for faster growth in emerging market economies and improving trends in current account imbalances.

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued) Portfolio Outlook (continued) Recent market volatility has caused valuations to cheapen, and while that may provide a buying opportunity, external factors and the global growth moderation could prevent investors from feeling as confident about owning emerging market debt as last year. The team remains constructive on local currency debt and continues to favor economies with benign inflation and the potential to benefit from an increase in global trade.

*Performance is shown net of fees.

PineBridge Investments Europe Limited/PineBridge Investments LLC July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GLOBAL FOCUS EQUITY FUND Investment Objective PineBridge Global Focus Equity 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Global Focus Equity Fund Class “A”, “L”, “Y” and “ZD” returned (3.61%), (3.34%), (3.22%) and (2.74%) respectively. Over the same period, the benchmark index, MSCI All Country World Index (ACWI) Daily Total Return Net Index (USD) returned (0.43%). Portfolio Overview During the first half of 2018, the Fund underperformed its benchmark (net and gross of fees), the MSCI All Country World Net Index (ACWI), largely as the result of near-term weakness in select holdings. This was partially offset by positive allocation from the Fund’s overweight positioning in information technology, and underweights in telecommunication services and consumer staples. Overall, consumer staples, healthcare, and telecommunication services were the top sector contributors to excess returns. Conversely, consumer discretionary, information technology, and industrials were the main sector laggards. The market’s disappointment with the select holdings centered on short-term timing issues related to pricing, M&A, trade, and policy. However, we remain invested in our holdings with a longer-term perspective. The fund remains overweight information technology, industrials, materials, health care, and financials, and underweight real estate, consumer discretionary, telecommunication services, energy, utilities, and consumer staples. Portfolio Outlook Signs of healthy economic activity in hiring and capital expenditure set the stage for an ongoing cyclical recovery, though trade concerns remain. Revenues and order books still reflect good global synchronized growth. Companies are largely able to pass through rising costs. Equity markets continue to normalize as evidenced by the fall in price correlations, but valuation dispersions across all regions remain high. With valuations near historic norms, market returns are likely to be driven by earnings growth, while the disproportionate impact of policy and trade further separates winners and losers. Stock selection is key to generating alpha in the current market environment. The fund invests in companies that are each expected to compound earnings faster than market expectations over time and is constructed to minimize investment style risk. The companies the fund typically owns have clear competitive advantages, proven management, and attractive valuations.

*Performance is shown net of fees.

PineBridge Investments LLC July 2018

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Investment Manager’s Report (continued) PINEBRIDGE GREATER CHINA EQUITY FUND Investment Objective PineBridge Greater China Equity 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Greater China Equity Fund Class “A” and “Y” returned (2.87%) and (2.48%) respectively. Over the same period, the benchmark index, the MSCI Golden Dragon Daily Total Return (Net) (USD) returned (1.76%). Portfolio Overview The Hong Kong equity market started strong in 2018 with macroeconomic indicators showing upbeat fundamentals. Sentiment was driven by better-than-expected GDP growth in China in the fourth quarter of 2017, the Chinese government’s further regulations on deleveraging, which is positive to banks structurally, and continued positive earnings revisions. However, the rally in January was given back in the following months and first quarter 2018 ended with a negative return due to a number of factors. In February, the market was detracted by a systematic correction in the US, the hawkish statement from the Federal Reserve (the Fed), uncertainty surrounding policy ahead of the NPC meeting, and the rising outflows of Southbound flows. From March through June, concerns over US-China trade tensions in the wake of the Trump administration’s announced tariffs on Chinese goods weighed heavily on market sentiment. The overall market was also overshadowed by Hong Kong’s rising rates and liquidity outflow. The HIBOR-LIBOR gap has triggered carry trades that led to the HKD reaching its weak-side of the convertibility zone. Towards the end of the first half of 2018, weaker-than-expected economic activity data from China, the RMB depreciation, and rising corporate bond defaults also detracted from equity performance. The Taiwan market declined, as well, in the first half of this year. At the beginning of the period, Apple supply chain names were weak due to mixed quarterly results from Apple, while the financials and materials sectors outperformed on a relative basis due to their resilience to profit taking. Towards the end of the period, the technology sector recovered, led by solid May sales in the Apple supply chain and bullish sentiment on passive components. Consequently, despite the negative return, Taiwan equities outperformed their regional peers on a relative basis. Portfolio Outlook Weakening economic activity data, slowing credit growth, and the recent escalation in trade tensions with the US may continue to weigh on market sentiment in the near-term. While macroeconomic policies may start to be more accommodative, the team expects overall economic growth to gradually slowdown in the coming quarters. Hence, the team is increasing the fund’s exposure to defensive sectors and companies with good earnings visibility. *Performance is shown net of fees.

PineBridge Investments Asia Limited July 2018

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Investment Manager’s Report (continued) PINEBRIDGE INDIA EQUITY FUND Investment Objective PineBridge India Equity 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge India Equity Fund Class “A”, “A5CP”, “R”, “R1”, “R2D”, “RD”, “Y”, “Y3”, “YD” and “Z” returned (10.04%), (7.98%), (9.57%), (6.87%), (7.01%), (9.57%), (9.68%), (11.20%), (9.68%) and (9.24%) respectively. Over the same period, the benchmark index, the MSCI India Daily Total Return Net (USD), (SGD), (JPY), (GBP) and (EUR) returned (7.51%), (5.36%), (9.07%), (4.44%) and (4.08%) respectively. Portfolio Overview India’s first quarter GDP numbers showed 7.7% growth, which corroborated earlier findings of a rise in domestic investments. The investments component as a percentage of GDP rose to 29.1% and was accomplished by reducing consumption, which dropped by 160 basis points (bps) during comparable periods. The rise in the investments component is nearly 100bps higher than the average over the last six quarters. In absolute terms, this translates into an incremental $25 billion of annual investments. This number is expected to accelerate based on order inflows seen by engineering companies. The team believes that for India to have stable macroeconomic conditions with high levels of employment, the investment rate should rise to a third of GDP as it was a decade ago. The rise in the price of oil, the unfavorable political result for Modi’s party (BJP) in the state of Karnataka, trade frictions, and outflows of foreign capital – both debt and equity – from the capital markets, have kept market returns in check. The fund underperformed (net and gross of fees) its benchmark, the MSCI India Daily Total Return Net Index, during the semi-annual reporting period ending June 30, 2018. An overweight in industrials dragged on fund performance, while an underweight in industrials helped performance. By stock, Kotak Bank and LMW were the best performers, while BHEL and Shree Cement were the worst performers. The fund continues to be overweight domestic investment companies, as the team sees concrete signs of investment acceleration in the country, and underweight in consumer sectors due to high valuations. Portfolio Outlook India is witnessing quite a sea change at various state levels, which is not being effectively captured at the central level. States, which historically have grown below country average, have now accelerated their economic output. This has resulted in significant demand generation, as these states were also the most populous ones. The team believes the results of the bankruptcy proceedings are progressing satisfactorily and will unlock a lot of dead capital in the banking system. This surplus, along with the government’s emphasis on accelerating investments, should bode well for the portfolio. There have already been significant growth rates (more than 40%) in the executable order book of the fund’s top engineering names and good growth (more than 8%) in cement sales for the fund’s investee company. However, this change in momentum has yet to be reflected in the stock prices of the fund’s portfolio companies. This is not surprising, as it takes time for sentiments in the market to change, especially during a turn around. The fund remains overweight in fairly valued names which will likely benefit from a domestic investment recovery as opposed to maintaining a defensive positioning by being overweight in very expensive consumer sector names. *Performance is shown net of fees.

PineBridge Investments Asia Limited July 2018

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Investment Manager’s Report (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND Investment Objective PineBridge Japan New Horizon Equity 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. Portfolio Performance* For the year 1 January to 30 June 2018, the PineBridge Japan New Horizon Equity Fund Class “A”, “A3”, “Y” and “Z” returned (3.73%), (5.48%), (3.34%) and (2.86%) respectively. Over the same period, the benchmark index, the MSCI Japan Daily Total Return Net (USD) and (JPY) returned (2.03%) and (3.81%) respectively. Portfolio Overview The Japan equity market declined 3.66% in local currency terms during the six-month period ended June 30, 2018. Since it peaked in mid-January, market sentiment reversed due to the global market correction. Given that the Japanese yen was stronger against most currencies and global macro deceleration, the market corrected, and volatility increased amid growing geopolitical and trade war concerns. As for corporate earnings progress, OctoberDecember quarterly results were positive in most sectors; however, the growth rate decelerated among global cyclicals as the weaker Japanese yen impact lessened on a year-over-year basis entering into 2018. Fiscal year 2018 earnings revisions were negative due to corporate guidance, assuming a higher Japanese yen and input costs. By sector, defensive sectors and domestic sectors outperformed on static earnings growth progress. The global macroeconomic deceleration, especially in the technology and capital goods sectors, resulted in the significant underperformance of global cyclicals and banks. By style, growth and small caps outperformed. The fund underperformed (net and gross of fees) its benchmark, the MSCI Japan Daily Total Return Net Index, during the semi-annual reporting period ended June 30, 2018 due to stock selection. Major holdings of global cyclical materials stocks performed poorly due to concerns of global macro deceleration and a potential trade war. Among domestic sectors, stock selection among commercial software and services added value to the fund’s performance, but an underweight to, and stock selection of, defensive stocks had a negative impact. Portfolio Outlook We believe that the recent weakness in global cyclicals, especially in technology and machinery, will correct later this year. The use of technology and automation is likely to widely spread across the sectors and regions, which would support the long-term technology and capex trend, although there is a short-term correction as the team sees it now. Domestic business, especially B2B businesses, remains intact, although some domestic growth companies seem overpriced after the long growth rally. In terms of the overall Japan market valuation, estimated price to earnings ratio (PER) is around 14x for fiscal year 2018, which is in line with the global peers. In such an environment, the team continues to invest in diversified investment themes, such as IoT (Internet of Things), labor saving technology and sector consolidation, and remains selective due to the structural changes of certain Japanese companies to be more shareholder oriented and to improve profitability. The team expects improvement among global cyclical technology hardware, domestic cyclicals and stable growth stocks, which the fund is overweight in, based on stock specific positive fundamental progress and reasonable valuations.

*Performance is shown net of fees.

PineBridge Investments Japan Co., Limited July 2018

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Investment Manager’s Report (continued) PINEBRIDGE JAPAN SMALL CAP EQUITY FUND Portfolio Objective PineBridge Japan Small Cap Equity 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Japan Small Cap Equity Fund Class “A”,”A12”, “A3”, “M”, “Y” and “Y3” returned (1.51%), 7.10%, (3.32%), (1.61%), (1.12%) and (2.92%) respectively. Over the same period, the benchmark index, the MSCI Japan Small Cap Daily Total Return Net Index (USD), (JPY) and (SEK) returned (0.98%), (2.78%) and 7.97% respectively. For the period 2 February to 30 June 2018, the PineBridge Japan Small Cap Equity Fund Class “Y1H” returned (10.27%), over the same period, the benchmark index, the MSCI Japan Small Cap Daily Total Return Net Index (EUR) returned 1.77%. For the period 21 June to 30 June 2018, the PineBridge Japan Small Cap Equity Fund Class “R1D” returned (2.53%), over the same period, the benchmark index, the MSCI Japan Small Cap Daily Total Return Net Index (EUR) returned (0.45%). Portfolio Overview The Japanese small cap market started with a strong growth stock rally; however, market sentiment reversed due to the global market correction, losing almost 10% from its peak to its trough in March. Global macroeconomic deceleration, especially in the technology and capital goods sectors, contributed to the market’s performance, including the significant underperformance of global cyclicals and banks. Trade war concerns also added to the negative sentiment in those sectors. On the other hand, domestic businesses remained intact both in their fundamentals and in their share prices. By style, stable growth companies, especially domestic growth companies, remained strong, while emerging growth and cyclical growth faced profit taking after the February correction. The fund underperformed (net and gross of fees) in line with its benchmark, the MSCI Japan Small Cap Daily Total Return Net Index, during the semi-annual reporting period ended June 30, 2018. More specifically, the fund outperformed by more than 6% in January and kicked back its gains thereafter. The January alpha was mostly due to the fund’s growth bias as small cap growth performed strongly until the global market correction in early February. The fund’s underperformance since February was mostly due to overweights in the technology and machinery sectors and stock selection. Portfolio Outlook We believe that the recent weakness in global cyclicals, especially in technology and machinery, will correct later this year. The use of technology and automation is likely to widely spread across the sectors and regions, which would support the long-term technology and capex trend, although there is a short-term correction as the team sees it now. Domestic business, especially B2B businesses, remains intact, although some domestic growth companies seem overpriced after the long growth rally. In terms of the overall Japan small cap market valuation, the estimated price to earnings ratio (PER) is around 15x for fiscal year 2018, which is in line with the global peers. In such an environment, the portfolio continues to be overweight technology, machinery, and commercial services. The technology sector includes the beneficiaries of IoT (Internet of Things), automation and ADAS (Advanced Driver Assistance System). Commercial services comprises HR services that benefit from a labor shortage in Japan, web marketing and IT service providers.

*Performance is shown net of fees.

PineBridge Investments Japan Co., Ltd. July 2018 30 Investment Manager’s Report

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Investment Manager’s Report (continued) PINEBRIDGE JAPAN SMALL & MID CAP EQUITY FUND Portfolio Objective PineBridge Japan Small & Mid Cap Equity 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. Portfolio Performance* For the year 1 January to 30 June 2018, the PineBridge Japan Small & Mid Cap Equity Fund Class “A”, “Y” and “Y3” returned (1.38%), (0.98%) and (2.79%) respectively. Over the same period, the benchmark index, the MSCI Japan SMID Daily Total Return Net Index (USD) and (JPY) returned (1.87%) and (3.66%) respectively. Portfolio Overview The Japanese small and mid-cap equity market declined 3.52% in local currency terms during the six-month period ending June 30, 2018. Since it peaked in mid-January, market sentiment reversed due to the global market correction. Given that the Japanese yen was stronger against most currencies and global macro deceleration, the market corrected, and volatility increased amid growing geopolitical and trade war concerns. As for corporate earnings progress, October-December quarterly results were positive in most sectors; however, the growth rate decelerated among global cyclicals as the weaker Japanese yen impact lessened on a year-over-year basis entering into 2018. Fiscal year 2018 earnings revisions were negative due to corporate guidance, assuming a higher Japanese yen and input costs. By sector, defensive sectors and domestic sectors outperformed on static earnings growth progress. The global macroeconomic deceleration, especially in the technology and capital goods sectors, resulted in the significant underperformance of global cyclicals and banks. By style, growth and small caps outperformed. The fund outperformed (net and gross of fees) its benchmark, the MSCI Japan SMID Cap Daily Total Return Net Index, during the semi-annual period ended June 30, 2018 due to stock selection. The fund’s major holdings of cyclical growth technology and stable high growth consumption related stocks contributed to performance. On the other hand, sector selection was negative as the fund was underweight Portfolio Outlook We believe that the recent weakness in global cyclicals, especially in technology and machinery, will correct later this year. The use of technology and automation is likely to widely spread across the sectors and regions, which would support the long-term technology and capex trend, although there is a short-term correction as the team sees it now. Domestic business, especially B2B businesses, remains intact, although some domestic growth companies seem overpriced after the long growth rally. In terms of the overall Japan market valuation, the estimated price to earnings ratio (PER) is around 16x for fiscal year 2018, which is in line with the global peers. In such an environment, the team continues to invest in diversified investment themes, such as IoT (Internet of Things), labor saving technology and sector consolidation, and remains selective due to the structural changes of certain Japanese companies to be more shareholder oriented and to improve profitability. The team expects improvement among global cyclical technology hardware, domestic cyclicals and stable growth stocks, which the fund is overweight in, based on stock specific positive fundamental progress and reasonable valuations.

*Performance is shown net of fees.

PineBridge Investments Japan Co., Ltd July 2018

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Investment Manager’s Report (continued) PINEBRIDGE LATIN AMERICA EQUITY FUND Investment Objective PineBridge Latin America Equity 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Latin America Equity Fund Class “A” and “Y” returned (9.00%) and (8.63%) respectively. Over the same period, the benchmark index, the MSCI Emerging Markets Latin America Daily Total Return Net Index (USD) returned (10.86%). Portfolio Overview The fund outperformed its MSCI Emerging Markets Latin America benchmark for the semi-annual reporting period ended June 30, 2018. At a country level, stock selection in Brazil, and to a lesser extent, in Mexico and Chile, were the main contributors to the fund’s outperformance. This was partially offset by an allocation to off index Argentina. By sector, the fund benefitted from stock selection in consumer staples, an underweight allocation to information technology, and security selection in industrials. Lastly, stock selection in the consumer discretionary and financials sectors limited the fund’s outperformance versus the benchmark. Portfolio Outlook The outlook for the Latin American markets remains constructive as global and Latin America growth remains healthy. Nonetheless, risks of a trade war between the US and China that could potentially reduce global growth in the future, have increased. The main themes for the region, which should contribute to market volatility, remain (a) the presidential election in Brazil (Oct 7th 2018), (b) trends in US rates and their impact on foreign exchange rates, (c) global trade risks and (d) economic recovery in key markets. At a country level, the Brazilian economy is gradually recovering, supported by low inflation and a lower Selic rate; therefore, the fund remains overweight Brazil. In Mexico, left-wing Morena candidate Andres Manuel Lopez Obrador won the presidential election. While uncertainties over trade and domestic economic policies should reduce investment growth, the solid US economy is supporting GDP growth. Trade relations with the US remain the major risk for Mexico. The fund is underweight Mexico. In Chile, the growth outlook is positive, but the fund is underweight Chile due to better investment options in other parts of the region. The fund is slightly underweight Colombia due to weak growth and remains slightly underweight Peru. The team exited the fund’s off-index Argentina exposure as tighter monetary and fiscal policy should lead to a deceleration of the economy. On the positive side, MSCI raised Argentina to emerging market status beginning in 2019, which should help to increase equity flows to the country. *Performance is shown net of fees.

PineBridge Investments Latin America S.A./PineBridge Investments LLC July 2018

32 Investment Manager’s Report

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Investment Manager’s Report (continued) PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND Investment Objective PineBridge Latin America Small & Mid Cap Equity 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Latin America Small & Mid Cap Equity Fund Class “A” and “Y” returned (13.16%) and (12.80%) respectively. Over the same period, the benchmark indexes, the MSCI Emerging Markets Latin America Small Cap Daily Total Return Net Index (USD) returned (14.00%). Portfolio Overview The fund outperformed its MSCI EM Latin America Small Cap DTR Net benchmark for the semi-annual reporting period ended June 30, 2018. At a country level, the main contributors to the fund’s outperformance were stock selection in Chile and Peru, which was partially offset by security selection in Colombia and its positioning in off-Index Argentina. At a sector level, the most important contribution to fund performance was stock selection in industrials, followed by an underweight allocation to information technology and stock selection in materials. This was partially offset by security selection in financials and real estate and an underweight position in telecommunications services. Portfolio Outlook The outlook for the Latin American markets remains constructive as global and Latin America growth remains healthy. Nonetheless, risks of a trade war between the US and China that could potentially reduce global growth in the future, have increased. The main themes for the region, which should contribute to market volatility, remain (a) the presidential election in Brazil (7 October 2018), (b) trends in US rates and their impact on foreign exchange rates, (c) global trade risks and (d) economic recovery in key markets. At a country level, the Brazilian economy is gradually recovering, supported by low inflation and a lower Selic rate; therefore, the fund remains overweight Brazil. In Mexico, left-wing Morena candidate Andres Manuel Lopes Obrador won the presidential election. While uncertainties over trade and domestic economic policies should reduce investment growth, the solid US economy is supporting GDP growth. Trade relations with the US remain the major risk for Mexico. The fund is underweight Mexico. In Chile, the growth outlook is positive, but the fund is underweight Chile due to better investment options in other parts of the region. The fund is slightly underweight Colombia due to weak growth and is neutral Peru. In off-index Argentina, where the fund has exposure, tighter monetary and fiscal policy should lead to a deceleration of the economy. On the positive side, MSCI raised Argentina to emerging market status beginning in 2019, which should help to increase equity flows to the country. *Performance is shown net of fees.

PineBridge Investments Latin America S.A./PineBridge Investments LLC July 2018

Investment Manager’s Report 33

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Investment Manager’s Report (continued) PINEBRIDGE STRATEGIC BOND FUND Investment Objective PineBridge Strategic Bond Fund seeks to achieve a high level of total return and income consistent with conservation of capital through investment in a diversified portfolio of income producing debt securities. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge Strategic Bond Fund Class “A”, “A5HD”, “AD”, “M” and “YD” returned (3.24%), (3.67%), (3.25%), (3.17%) and (2.96%) respectively. Over the same period, the Strategic Bond Blended Benchmark, comprised of 10% Citigroup Non$ World GBI (Unhedged), 35% Barclays Capital US Corp HY 2% Issuer Capped, 20% JPMorgan EMBI Global Diversified, 35% Barclays Capital US Aggregate Bond Index (USD) benchmark index returned (1.64%). Portfolio Overview Credit spreads came under modest pressure in the second quarter amid increased volatility in equity, Treasury and oil markets. Most topical were investor concerns related to US trade policy and their potential impact on global growth expectations. On the central bank front, we saw a Federal Open Market Committee (FOMC) meeting that leaned slightly hawkish, and while the European Central Bank (ECB) announced it would end its bond purchase program by the end of 2018. It also signaled that any interest rate hike was still in the distant future. Emerging markets debt underperformed as investors remain focused on politics and a slowdown in growth expectations. The fund benefitted from strong security selection within the high yield portfolio, particularly within the communications sector. The fund also benefitted from a preference for US-dollar denominated assets and a hedged currency profile as the US-dollar appreciated relative to most major currencies. However, an overweight allocation to emerging markets debt, along with negative contributions from security selection within the investment grade credit and emerging markets debt portfolios detracted from performance. Portfolio Outlook Looking ahead, from an interest rate standpoint, the yield curve is expected to flatten as the Federal Reserve continues along its path towards policy normalization, yet yields on longer-dated maturities should remain anchored due to attractive differentials when compared to assets in other developed fixed income markets. The stabilization of longerterm rates, given the more tempered growth and inflation outlook, coupled with a good fundamental global outlook should support a rebound in risk assets. Leveraged finance asset classes have outperformed notably so far in 2018 as loans and high yield bonds stand out among the few fixed income asset classes with positive total returns. The team remains constructive on these asset classes as it continues to see a strong fundamental backdrop. However, the team has decided to modestly reduce the fund’s allocation by 5% as valuations are now fair, and it sees the potential for increased volatility around concerns related to trade wars, Brexit and Italy. The team allocated this shift to securitized products as prepayment risk has now decreased and carry is relatively attractive compared to Treasuries. As of the end of June, the fund had a 35% allocation to high yield, 25% allocation to investment grade credit, 15% allocation to securitized products and a 25% allocation to emerging markets debt. *Performance is shown net of fees.

PineBridge Investments LLC/PineBridge Investments Europe Limited July 2018

34 Investment Manager’s Report

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Investment Manager’s Report (continued) PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND Investment Objective The investment objective of the 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. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge US Large Cap Research Enhanced Fund Class “A”, “A5”, “C”, “Y” and “YYD” returned 1.07%, 3.12%, 1.50%, 1.32% and 1.73% respectively. Over the same period, the benchmark index, the Standard & Poor’s 500 Total Return Net Index (USD) and (SGD) returned 2.36% and 4.73% respectively. Portfolio Overview The US equity markets continued to rally into 2018 as continued positive sentiment from tax reform and improving fundamentals of economic growth boosted investor confidence. In somewhat of a carryover effect, the optimism of tax reform passed into law in December of 2017 led to a sustained market rally in January as indices continued to push record highs. However, the US market underperformed in February as the sell-off in equities from the end of January intensified through the beginning of February. The S&P saw its worst daily performance since 2011 related to this elevated volatility, which persisted as US equity markets ended the month of March further in the red. In the second quarter, the general theme seemed to be strength in underlying fundamentals, signalling a continuously strong US economy, while a series of disruptive geopolitical developments tapered index performance. The fund underperformed (net and gross of fees) its benchmark index during the semi-annual reporting period ending June 30, 2018. The largest detracting sector from relative fund performance was the financial sector, while the strongest contributors to relative fund performance were in the health care and industrials sectors. The mature defensive categorization was the top performing growth category, exhibiting strong stock selection, while the mature cyclical categorization was the worst performing. Portfolio Outlook As the Federal Reserve (the Fed) continues its normalization process, further signalling economic strength in the US, global markets are on a less solid foundation as concerns regarding a China hard landing have hammered Chinese equities. Though the US market has been relatively stable, there is some concern that there could be a contagion effect, given the amount of business US companies already do with China. The administrations hard stance with trade relations only serves to further complicate matters. Should there be further retaliatory tariffs and measures taken by both sides, the team would expect this to adversely affect both economies. Outside of the trade concerns, the US equity market continues to be bolstered by the underlying confidence in the strength of the economy. Jobs growth has held steady and inflation has begun to come in line with the Fed’s expectations. As the economy continues to exude strength, the Fed should continue on its path to normalization, using measured language to ensure a measured pace of rate hikes. *Performance is shown net of fees.

PineBridge Investments Europe Limited/PineBridge Investments LLC July 2018

Investment Manager’s Report 35

PineBridge Global Funds

Investment Manager’s Report (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND Investment Objective The investment objective of PineBridge USD Investment Grade Credit Fund is to aim to maximise total return and provide capital preservation through investment in the US Investment Grade credit universe. Portfolio Performance* For the period 1 January to 30 June 2018, the PineBridge USD Investment Grade Credit Fund Class “A”, “X”, “Y” and “YD” returned (4.13%), (3.65%), (3.83%) and (3.83%) respectively. Over the same period, the benchmark index, the Bloomberg Barclays US Credit Total Return Index returned (2.99%). Portfolio Overview US dollar investment grade credit performance was negative during the first half of 2018, as uncertainty regarding monetary policy, the global economy and geopolitical risks all weighed on market sentiment. After a strong January, the early February release of an employment report that showed incipient inflationary pressures sparked concerns that Federal Reserve (the Fed) policy would take a more aggressive approach to normalizing monetary policy. Market apprehension was validated as the Fed cited increases in US growth and inflation, supported by pro-growth fiscal policy, as reasons for increasing 2018 rate hike expectations. While US economic activity is robust, most other major economies have failed to meet bullish growth expectations. The global outlook has become more uncertain due to an increase in geopolitical risks, most notably the escalation of trade tensions between the US and the rest of the world. This backdrop of longer-term growth uncertainty, along with the potential for Fed policy, caused market sentiment to turn negative and credit spreads to widen. The fund underperformed (net and gross of fees) its benchmark for the semi-annual reporting period ending June 30, 2018 due to negative contributions from security selection, asset allocation and yield curve positioning. Security selection within the financials and communications sectors detracted from performance, as did an underweight position in non-corporate credit, along with the fund’s long duration. Portfolio Outlook While we remain optimistic that fiscal and regulatory reforms will eventually benefit the economy, we are likely to see a prolonged debate in Congress over any major legislation, which is likely to push any realized benefit well into next year and beyond. Inflation data continues to trend lower and declining oil prices have weighed on expectations for future inflation, both of which will make it difficult for the Fed to achieve its target of a third rate hike later this year. Nevertheless, whether rates are raised again this year or not, the Fed’s longer-term plan for continued policy tightening will remain challenged by the trend of central bank accommodation across advanced economies that is likely to remain in place in response to moderate economic growth, low long-term inflationary pressures and high public sector debt levels. This low rate environment is likely to continue to support and fuel demand for credit, which has been evident in the resilience of spreads in the face of record levels of supply and macro-economic uncertainty.

*Performance is shown net of fees.

PineBridge Investment LLC July 2018 36 Investment Manager’s Report

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Schedule of Investments as at 30 June 2018 PINEBRIDGE AMERICAN EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 98.00%) IRELAND (31 DECEMBER 2017: 1.30%) Allergan .......................................................................................... Eaton .............................................................................................. Ingersoll-Rand ............................................................................... Johnson Controls International .................................................... Medtronic .......................................................................................

63,854 446,422 301,582 70,245 571,789

0.07 0.47 0.31 0.07 0.59

IRELAND - TOTAL .........................................................................

1,453,892

1.51

NETHERLANDS (31 DECEMBER 2017: 0.69%) 5,526 LyondellBasell Industries .............................................................

607,031

0.63

NETHERLANDS - TOTAL ...............................................................

607,031

0.63

SWITZERLAND (31 DECEMBER 2017: 0.12%) 122 Chubb ............................................................................................. 1,806 Garmin ...........................................................................................

15,496 110,166

0.02 0.11

SWITZERLAND - TOTAL ................................................................

125,662

0.13

UNITED KINGDOM (31 DECEMBER 2017: 0.85%) Aptiv ................................................................................................ Michael Kors Holdings .................................................................. Nielsen Holdings ........................................................................... TechnipFMC ...................................................................................

96,211 176,557 207,169 14,220

0.10 0.18 0.21 0.02

UNITED KINGDOM - TOTAL ..........................................................

494,157

0.51

UNITED STATES (31 DECEMBER 2017: 94.15%) 3M ................................................................................................... Abbott Laboratories ....................................................................... AbbVie ............................................................................................ ABIOMED ....................................................................................... Activision Blizzard ......................................................................... Acuity Brands ................................................................................. Adobe Systems .............................................................................. AES ................................................................................................. Affiliated Managers Group ............................................................ Aflac ............................................................................................... Albemarle ...................................................................................... Alexion Pharmaceuticals .............................................................. Align Technology ...........................................................................

281,900 465,720 856,457 49,495 359,467 153,412 1,120,551 535,797 193,717 352,162 4,905 22,719 94,088

0.29 0.48 0.89 0.05 0.37 0.16 1.16 0.55 0.20 0.36 0.01 0.02 0.10

Holding

383 5,973 3,361 2,100 6,679

SINGAPORE (31 DECEMBER 2017: 0.89%)

1,050 2,651 6,698 448

1,433 7,636 9,244 121 4,710 1,324 4,596 39,955 1,303 8,186 52 183 275

Schedule of Investments 37

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE AMERICAN EQUITY FUND (continued) Holding 7,523 379 2,049 16,337 1,222 2,195 2,599 6,836 6,765 183 1,638 4,493 8,125 22,740 3,081 40,219 116 2,031 51,403 5,750 2,401 2,324 662 4,872 396 6,493 10,659 1,549 95 7,075 2,961 1,549 6,105 2,462 2,195 27,509 4,961 7,234 1,601 923 15,441 5,579 2,135 26,614 2,496 1,601

UNITED STATES (31 DECEMBER 2017: 94.15%) (continued) Allstate ........................................................................................... Alphabet (Class A) ......................................................................... Alphabet (Class C) ......................................................................... Altria Group .................................................................................... Amazon.com .................................................................................. American Electric Power .............................................................. Ameriprise Financial ..................................................................... AMETEK ......................................................................................... Amgen ............................................................................................ ANSYS ............................................................................................ Anthem ........................................................................................... Apache ........................................................................................... Apartment Investment & Management (REIT) ............................. Apple .............................................................................................. Applied Materials ........................................................................... AT&T ............................................................................................... AutoZone ........................................................................................ Avery Dennison .............................................................................. Bank of America ............................................................................ Berkshire Hathaway ...................................................................... Best Buy ......................................................................................... Biogen ............................................................................................ BlackRock ...................................................................................... Boeing ............................................................................................ Booking Holdings .......................................................................... BorgWarner ................................................................................... Bristol-Myers Squibb .................................................................... Broadcom Broadcom .................................................................... Capital One Financial .................................................................... Carnival .......................................................................................... Caterpillar ...................................................................................... CBOE Holdings .............................................................................. CBRE Group ................................................................................... Celgene .......................................................................................... Centene .......................................................................................... CenterPoint Energy ....................................................................... Cerner ............................................................................................ CF Industries Holdings .................................................................. CH Robinson Worldwide ................................................................ Charter Communications .............................................................. Chevron .......................................................................................... Church & Dwight ........................................................................... Cigna .............................................................................................. Cisco Systems ................................................................................ Citigroup ........................................................................................ Citizens Financial Group ...............................................................

38 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

686,624 427,963 2,285,967 927,778 2,077,156 152,004 363,548 493,286 1,248,751 31,875 389,893 210,048 343,687 4,209,401 142,311 1,291,432 77,828 207,365 1,449,051 1,073,237 179,067 674,518 330,364 1,634,605 802,728 280,238 589,869 375,849 8,730 405,468 401,719 161,204 291,453 195,532 270,446 762,274 296,618 321,190 133,940 270,633 1,952,206 296,580 362,843 1,145,200 167,032 62,279

0.71 0.44 2.37 0.96 2.15 0.16 0.38 0.51 1.29 0.03 0.40 0.22 0.36 4.36 0.15 1.34 0.08 0.21 1.50 1.11 0.19 0.70 0.34 1.69 0.83 0.29 0.61 0.39 0.01 0.42 0.42 0.17 0.30 0.20 0.28 0.79 0.31 0.33 0.14 0.28 2.02 0.31 0.38 1.19 0.17 0.06

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE AMERICAN EQUITY FUND (continued) Holding 5,236 9,554 26,424 7,867 10,060 8,642 1,326 6,288 3,546 7,056 1,739 6,660 2,376 929 4,344 3,322 9,191 5,533 723 2,152 10,105 156 549 5,716 366 18,540 1,254 11,964 121 24,909 9,296 558 1,235 9,621 8,349 1,360 3,546 2,031 1,360 3,041 2,041 4,985 7,557 4,183 13,903 11,618

UNITED STATES (31 DECEMBER 2017: 94.15%) (continued) Cognizant Technology Solutions ................................................... Colgate-Palmolive ......................................................................... Comcast ......................................................................................... Comerica ........................................................................................ Conagra Brands ............................................................................. ConocoPhillips ............................................................................... Cummins ........................................................................................ CVS Health ..................................................................................... Darden Restaurants ...................................................................... Delta Air Lines ............................................................................... Discover Financial Services .......................................................... DISH Network ................................................................................ Dollar General ............................................................................... Dollar Tree ..................................................................................... Dover .............................................................................................. DXC Technology ............................................................................. E*TRADE Financial ........................................................................ Eastman Chemical ........................................................................ Edwards Lifesciences .................................................................... Eli Lilly & Co .................................................................................. Entergy ........................................................................................... Essex Property Trust (REIT) .......................................................... Expeditors International of Washington ....................................... Express Scripts Holding ................................................................ Extra Space Storage ...................................................................... Exxon Mobil .................................................................................... F5 Networks ................................................................................... Facebook ........................................................................................ Fidelity National Information Services ......................................... Fifth Third Bancorp ....................................................................... Freeport-McMoRan ....................................................................... Gap ................................................................................................. General Dynamics ......................................................................... General Electric ............................................................................. General Mills .................................................................................. H&R Block ..................................................................................... Halliburton ..................................................................................... Harley-Davidson ............................................................................ Hartford Financial Services Group ............................................... Hershey .......................................................................................... Hewlett Packard Enterprise .......................................................... Hilton Worldwide Holdings ............................................................ Home Depot ................................................................................... Honeywell International ................................................................ Host Hotels & Resorts (REIT) ........................................................ HP ...................................................................................................

Fair Value USD

% of Value of Sub-Fund

413,592 619,195 866,971 715,268 359,444 601,656 176,358 404,633 379,635 349,554 122,443 223,843 234,274 78,965 317,981 267,786 562,122 553,079 105,247 183,630 816,383 37,295 40,132 441,332 36,530 1,533,814 216,252 2,324,844 12,830 714,888 160,449 18,074 230,216 130,942 369,527 30,981 159,783 85,464 69,537 282,995 29,819 394,613 1,474,371 602,561 292,936 263,612

0.43 0.64 0.90 0.74 0.37 0.62 0.18 0.42 0.39 0.36 0.13 0.23 0.24 0.08 0.33 0.28 0.58 0.57 0.11 0.19 0.85 0.04 0.04 0.46 0.04 1.59 0.22 2.41 0.01 0.74 0.17 0.02 0.24 0.14 0.38 0.03 0.17 0.09 0.07 0.29 0.03 0.41 1.53 0.62 0.30 0.27

Schedule of Investments 39

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE AMERICAN EQUITY FUND (continued) Holding 390 1,285 379 18,850 6,301 4,510 1,928 1,129 1,222 9,623 15,837 5,853 2,668 3,407 3,753 1,989 3,407 1,908 1,014 551 15,923 3,894 1,882 6,722 4,367 4,596 1,075 1,980 4,682 3,219 317 5,101 23,446 3,407 5,922 1,986 335 1,635 627 1,584 195 8,246 10,359 8,612 5,233 6,077

UNITED STATES (31 DECEMBER 2017: 94.15%) (continued) Humana .......................................................................................... Huntington Ingalls Industries ....................................................... Illumina .......................................................................................... Intel ................................................................................................ International Business Machines ................................................. Intuit ............................................................................................... Intuitive Surgical ............................................................................ Jefferies Financial Group .............................................................. JM Smucker ................................................................................... Johnson & Johnson ....................................................................... JPMorgan Chase & Co .................................................................. Juniper Networks .......................................................................... Kansas City Southern .................................................................... Kellogg ........................................................................................... Kimberly-Clark .............................................................................. KLA-Tencor .................................................................................... Kohl's ............................................................................................. Lam Research ............................................................................... Lincoln National ............................................................................ Lockheed Martin ............................................................................ Loews ............................................................................................. Lowe's Cos ..................................................................................... Marathon Oil .................................................................................. Marathon Petroleum ..................................................................... Masco ............................................................................................. MasterCard .................................................................................... McDonald's .................................................................................... McKesson ....................................................................................... Merck & Co .................................................................................... MetLife ........................................................................................... Microchip Technology .................................................................... Micron Technology ........................................................................ Microsoft ........................................................................................ Monster Beverage ......................................................................... National Oilwell Varco ................................................................... NetApp ........................................................................................... Netflix ............................................................................................. Newmont Mining ........................................................................... NRG Energy ................................................................................... NVIDIA ............................................................................................ O'Reilly Automotive ....................................................................... Omnicom Group ............................................................................. Oracle ............................................................................................. PACCAR ......................................................................................... Packaging Corp of America .......................................................... PepsiCo ..........................................................................................

40 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

116,076 278,575 105,851 937,033 880,250 921,416 922,509 25,673 131,341 1,167,655 1,650,215 160,489 282,701 238,047 395,341 203,932 248,370 329,798 63,121 162,782 768,762 372,150 39,259 471,616 163,413 903,206 168,442 264,132 284,197 140,348 28,831 267,496 2,312,010 195,221 257,015 155,961 131,129 61,656 19,249 375,250 53,346 628,922 456,418 533,599 584,997 661,603

0.12 0.29 0.11 0.97 0.91 0.95 0.96 0.03 0.14 1.21 1.71 0.17 0.29 0.25 0.41 0.21 0.26 0.34 0.07 0.17 0.80 0.39 0.04 0.49 0.17 0.94 0.17 0.27 0.29 0.15 0.03 0.28 2.39 0.20 0.27 0.16 0.14 0.06 0.02 0.39 0.06 0.65 0.47 0.55 0.61 0.68

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE AMERICAN EQUITY FUND (continued) Holding 25,185 568 4,545 5,990 9,485 4,321 5,182 5,360 95 1,558 2,606 28,180 12,291 3,374 209 3,178 2,424 2,049 7,230 2,241 74 4,631 6,768 3,943 6,438 506 5,612 1,132 6,834 595 13,427 1,119 1,618 17,697 12,980 7,643 6,507 8,642 1,326 720 2,453 896 3,115 224

UNITED STATES (31 DECEMBER 2017: 94.15%) (continued) Pfizer .............................................................................................. PG&E .............................................................................................. Philip Morris International ............................................................ Principal Financial Group .............................................................. Procter & Gamble .......................................................................... Progressive .................................................................................... Prologis (REIT) ............................................................................... Prudential Financial ...................................................................... Public Storage (REIT) .................................................................... Ralph Lauren ................................................................................. Red Hat .......................................................................................... Regions Financial .......................................................................... Republic Services .......................................................................... Robert Half International .............................................................. Roper Technologies ....................................................................... Ross Stores .................................................................................... S&P Global ..................................................................................... Salesforce.com .............................................................................. Simon Property Group (REIT) ........................................................ Skyworks Solutions ....................................................................... Snap-On ......................................................................................... Synchrony Financial ...................................................................... Sysco .............................................................................................. Target ............................................................................................. Texas Instruments ......................................................................... Twenty-First Century Fox (Class B) .............................................. Union Pacific .................................................................................. United Rentals ............................................................................... UnitedHealth Group ....................................................................... Unum Group .................................................................................. US Bancorp .................................................................................... Valero Energy ................................................................................. Varian Medical Systems ................................................................ Verizon Communications .............................................................. Visa ................................................................................................. Wal-Mart Stores ............................................................................ Walgreens Boots Alliance ............................................................. Walt Disney .................................................................................... Waters ............................................................................................ Wells Fargo & Co ........................................................................... Western Digital .............................................................................. Weyerhaeuser ................................................................................ Williams ......................................................................................... WW Grainger ..................................................................................

Fair Value USD

% of Value of Sub-Fund

913,712 24,174 366,963 317,170 740,399 255,587 340,406 501,214 21,552 195,872 350,168 501,040 840,213 219,647 57,665 269,335 494,229 279,484 1,230,474 216,593 11,893 154,583 462,187 300,141 709,789 24,931 795,108 167,106 1,676,654 22,009 671,619 124,019 183,999 890,336 1,719,201 654,623 390,518 905,768 256,700 39,917 189,887 32,668 84,448 69,082

0.95 0.02 0.38 0.33 0.77 0.26 0.35 0.52 0.02 0.20 0.36 0.52 0.87 0.23 0.06 0.28 0.51 0.29 1.27 0.22 0.01 0.16 0.48 0.31 0.73 0.03 0.82 0.17 1.74 0.02 0.70 0.13 0.19 0.92 1.78 0.68 0.40 0.94 0.27 0.04 0.20 0.03 0.09 0.07

Schedule of Investments 41

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE AMERICAN EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

UNITED STATES (31 DECEMBER 2017: 94.15%) (continued) 506 Wynn Resorts ................................................................................. 2,806 Zoetis ..............................................................................................

84,674 239,043

0.09 0.25

UNITED STATES - TOTAL ..............................................................

91,774,239

95.04

EQUITIES - TOTAL .........................................................................

94,454,981

97.82

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 81,352,134) ............................................

94,454,981

97.82

INVESTMENT FUNDS (31 DECEMBER 2017: 1.78%) UNITED STATES 7,888 SPDR S&P 500 (ETF) (UCITS) - Distribution Class .......................

2,139,857

2.22

UNITED STATES – TOTAL .............................................................

2,139,857

2.22

INVESTMENT FUNDS – TOTAL (Cost: USD 2,150,156) ...............

2,139,857

2.22

TOTAL VALUE OF INVESTMENTS .................................................

96,594,838

100.04

CASH ..............................................................................................

321,369

0.33

OTHER NET LIABILITIES ...............................................................

(348,592)

(0.37)

TOTAL VALUE OF SUB-FUND .......................................................

96,567,615

100.00

Holding

Abbreviations used: ETF Exchange Traded Fund REIT Real Estate Investment Trust

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................. UCITS Investment funds ........................................................................................................................... Other current assets ................................................................................................................................

42 Schedule of Investments

% of gross assets 97.32 2.20 0.48 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 97.05%) CHINA (31 DECEMBER 2017: 33.19%) Anhui Conch Cement ..................................................................... Baidu (ADR) .................................................................................... China Construction Bank .............................................................. China Petroleum & Chemical ....................................................... China Vanke ................................................................................... Industrial & Commercial Bank of China ...................................... PetroChina ..................................................................................... Ping An Insurance Group of China ............................................... Sunny Optical Technology Group .................................................. Tencent Holdings ........................................................................... Times Property Holdings ............................................................... Tingyi Cayman Islands Holding ..................................................... Vipshop Holdings (ADR) ................................................................. Yangtze Optical Fibre and Cable Joint Stock ................................ Zhuzhou CRRC Times Electric ......................................................

1,596,965 3,358,968 7,083,986 4,257,255 1,908,072 6,089,183 1,180,657 5,777,693 1,812,047 13,598,863 1,616,117 2,319,151 764,812 816,507 1,454,888

0.79 1.66 3.50 2.11 0.94 3.01 0.58 2.86 0.90 6.72 0.80 1.15 0.38 0.40 0.72

CHINA - TOTAL ..............................................................................

53,635,164

26.52

HONG KONG (31 DECEMBER 2017: 15.72%) AIA Group ....................................................................................... ASM Pacific Technology ................................................................ BOC Hong Kong Holdings ............................................................. China Everbright International ..................................................... China Gas Holdings ....................................................................... China Overseas Land & Investment ............................................. China Unicom Hong Kong ............................................................. CSPC Pharmaceutical Group ........................................................ Galaxy Entertainment Group ......................................................... Hang Seng Bank ............................................................................ Hong Kong Exchanges & Clearing ............................................... Hysan Development ....................................................................... Wharf Real Estate Investment ......................................................

7,634,752 1,058,022 2,575,487 1,367,040 1,762,493 2,483,645 3,096,958 2,687,794 3,212,566 2,355,090 2,186,271 2,171,107 2,042,503

3.78 0.52 1.27 0.68 0.87 1.23 1.53 1.33 1.59 1.17 1.08 1.07 1.01

HONG KONG - TOTAL ....................................................................

34,633,728

17.13

INDIA (31 DECEMBER 2017: 6.83%) Bharat Heavy Electricals ............................................................... HDFC Bank .................................................................................... Infosys ............................................................................................ Larsen & Toubro ............................................................................ Shree Cement ................................................................................ Sun Pharmaceutical Industries ....................................................

818,322 3,931,969 4,696,100 3,672,359 2,165,686 1,676,984

0.41 1.94 2.32 1.82 1.07 0.83

INDIA - TOTAL ...............................................................................

16,961,420

8.39

Holding

278,500 13,868 7,668,000 4,766,000 545,500 8,140,730 1,552,000 628,000 97,400 271,000 1,084,000 1,000,000 70,685 201,500 306,100

873,400 83,700 547,000 1,058,000 438,400 754,000 2,480,000 890,000 415,000 94,200 72,700 389,000 287,000

782,190 127,896 246,380 197,520 9,549 203,920

Schedule of Investments 43

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

INDONESIA (31 DECEMBER 2017:0.76%) 6,705,900 Adaro Energy .................................................................................

835,321

0.41

INDONESIA - TOTAL ......................................................................

835,321

0.41

MALAYSIA (31 DECEMBER 2017: 1.45%) 2,034,700 Gamuda .......................................................................................... 1,337,900 Genting Malaysia ...........................................................................

1,648,326 1,617,479

0.82 0.80

MALAYSIA - TOTAL .......................................................................

3,265,805

1.62

SINGAPORE (31 DECEMBER 2017: 4.20%) 207,700 DBS Group Holdings ...................................................................... 107,800 Venture ...........................................................................................

4,052,572 1,410,142

2.00 0.70

SINGAPORE - TOTAL ....................................................................

5,462,714

2.70

SOUTH KOREA (31 DECEMBER 2017: 16.69%) Amorepacific .................................................................................. Hugel .............................................................................................. Hyundai Heavy Industries .............................................................. Korea Zinc ...................................................................................... NAVER ............................................................................................ NongShim ...................................................................................... POSCO ............................................................................................ Samsung Electronics .................................................................... Samsung Life Insurance ............................................................... Shinhan Financial Group ............................................................... SK Hynix .........................................................................................

1,916,770 3,625,375 1,615,343 870,362 2,559,079 2,233,445 2,211,931 11,802,806 1,938,246 3,132,053 2,889,116

0.95 1.79 0.80 0.43 1.27 1.10 1.09 5.84 0.96 1.55 1.43

SOUTH KOREA - TOTAL ................................................................

34,794,526

17.21

TAIWAN (31 DECEMBER 2017: 12.71%) Catcher Technology ....................................................................... Cathay Financial Holding .............................................................. CTBC Financial Holding ................................................................ Hon Hai Precision Industry ........................................................... Largan Precision ........................................................................... MediaTek ........................................................................................ Taiwan Cement .............................................................................. Taiwan Semiconductor Manufacturing ........................................ Taiwan Union Technology .............................................................

1,062,532 3,393,325 1,133,911 1,119,121 2,798,104 2,696,099 1,861,325 10,630,254 1,879,315

0.53 1.68 0.56 0.55 1.38 1.33 0.92 5.26 0.93

TAIWAN - TOTAL ...........................................................................

26,573,986

13.14

Holding

PHILIPPINES (31 DECEMBER 2017: 2.53%)

6,624 8,381 17,650 2,513 3,738 7,659 7,493 281,977 21,953 80,616 37,572

95,000 1,923,000 1,575,000 410,100 19,000 274,000 1,340,000 1,497,000 533,000

44 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

THAILAND (31 DECEMBER 2017: 2.47%) 916,500 Central Pattana ............................................................................. 271,400 Kasikornbank .................................................................................

1,928,964 1,637,900

0.95 0.81

THAILAND - TOTAL .......................................................................

3,566,864

1.76

UNITED STATES (31 DECEMBER 2017: 0.50%) 57,214 Alibaba Group Holding (ADR) ........................................................ 27,288 Yum China Holdings ......................................................................

10,777,973 1,056,046

5.33 0.52

UNITED STATES - TOTAL .............................................................

11,834,019

5.85

EQUITIES - TOTAL .........................................................................

191,563,547

94.73

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 167,238,173) ..........................................

191,563,547

94.73

CASH ..............................................................................................

11,063,882

5.47

OTHER NET LIABILITIES ...............................................................

(407,888)

(0.20)

TOTAL VALUE OF SUB-FUND .......................................................

202,219,541

100.00

Holding

Abbreviation used: ADR American Depository Receipt REIT Real Estate Investment Trust

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ............................................ Other current assets ....................................................................................................................................

% of gross assets 94.07 5.93 100.00

Schedule of Investments 45

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 93.32%) AUSTRALIA (31 DECEMBER 2017: 8.73%) Appen ............................................................................................. Domino's Pizza Enterprises .......................................................... DuluxGroup .................................................................................... Freedom Foods Group .................................................................. Orora .............................................................................................. Qube Holdings ...............................................................................

25,737,432 11,730,044 13,417,421 53,162 8,529,435 5,513,718

3.91 1.78 2.04 0.01 1.29 0.84

AUSTRALIA - TOTAL .....................................................................

64,981,212

9.87

CHINA (31 DECEMBER 2017: 15.03%) Anhui Conch Cement ..................................................................... Baoshan Iron & Steel .................................................................... China BlueChemical ...................................................................... Chinasoft International .................................................................. KWG Property Holding .................................................................. Shenzhou International Group Holdings ...................................... Sinotrans ........................................................................................ Uni-President China Holdings ...................................................... Zhuzhou CRRC Times Electric ......................................................

15,499,446 5,234,377 5,208,680 7,169,907 9,179,398 21,979,669 13,094,675 14,601,659 8,258,787

2.35 0.80 0.79 1.09 1.39 3.34 1.99 2.22 1.25

CHINA - TOTAL ..............................................................................

100,226,598

15.22

HONG KONG (31 DECEMBER 2017: 20.06%) ASM Pacific Technology ................................................................ China Everbright ............................................................................ China Everbright Greentech .......................................................... China Everbright International ..................................................... China Gas Holdings ....................................................................... China State Construction International Holdings ........................ Chow Sang Sang Holdings International ...................................... Chow Tai Fook Jewellery Group ................................................... HKBN ............................................................................................. Pacific Basin Shipping ................................................................... SA SA International Holdings ........................................................ SITC International Holdings .......................................................... Techtronic Industries .................................................................... VTech Holdings ..............................................................................

13,299,224 3,365,266 8,446,908 15,399,228 12,360,772 5,561,770 1,185,061 14,432,460 6,435,832 13,019,668 2,515,478 11,128,579 13,209,682 16,093,778

2.02 0.51 1.28 2.34 1.88 0.84 0.18 2.19 0.98 1.98 0.38 1.69 2.01 2.44

HONG KONG - TOTAL ....................................................................

136,453,706

20.72

Holding

2,605,067 303,982 2,373,519 10,690 3,233,234 3,096,083

2,703,000 4,442,040 14,144,000 9,194,000 7,306,000 1,781,000 24,822,000 11,368,000 1,737,600

1,052,100 1,834,000 8,084,000 11,918,000 3,074,600 5,422,000 620,000 12,812,400 4,181,000 47,522,999 3,964,000 9,981,000 2,369,500 1,394,800

46 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

INDIA (31 DECEMBER 2017: 11.82%) Avanti Feeds ................................................................................... Bharat Heavy Electricals ................................................................ Divi's Laboratories ......................................................................... eClerx Services ............................................................................... FDC ................................................................................................. Gujarat Mineral Development ........................................................ JM Financial ................................................................................... Nestle India .................................................................................... Sanofi India ..................................................................................... Shree Cement ................................................................................. SKF India .........................................................................................

2,214,229 8,899,621 14,163,241 2,219,338 1,318,577 1,260,380 1,978,921 10,038,395 2,784,583 11,444,409 2,172,309

0.34 1.35 2.15 0.34 0.20 0.19 0.30 1.52 0.42 1.74 0.33

INDIA - TOTAL ................................................................................

58,494,003

8.88

INDONESIA (31 DECEMBER 2017: 0.89%) Panin Financial ............................................................................... Surya Citra Media ........................................................................... United Tractors ..............................................................................

1,094,868 451,982 1,695,449

0.16 0.07 0.26

INDONESIA - TOTAL ......................................................................

3,242,299

0.49

LUXEMBOURG (31 DECEMBER 2017: 0.50%) L'Occitane International .................................................................

1,632,448

0.25

LUXEMBOURG - TOTAL .................................................................

1,632,448

0.25

MALAYSIA (31 DECEMBER 2017: 2.92%) Econpile Holdings .......................................................................... Econpile Holdings (Warrants) ........................................................ Gamuda ........................................................................................... Hong Leong Bank Bhd ................................................................... Inari Amertron ................................................................................

1,217,255 45,388 4,618 16,212,045 8,229,502

0.18 0.01 0.00 2.46 1.25

MALAYSIA - TOTAL ........................................................................

25,708,808

3.90

SINGAPORE (31 DECEMBER 2017: 3.00%) Sembcorp Marine ........................................................................... Venture ...........................................................................................

3,513,533 8,069,729

0.53 1.23

SINGAPORE - TOTAL .....................................................................

11,583,262

1.76

Holding 282,182 8,506,673 935,243 117,073 400,224 810,496 1,172,513 70,178 36,815 50,461 87,004

77,123,799 3,152,900 771,000

988,500

6,639,800 1,046,900 5,700 3,595,600 14,698,400

2,348,900 616,900

Schedule of Investments 47

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

SOUTH KOREA (31 DECEMBER 2017: 10.07%) Hanon Systems ............................................................................... Koh Young Technology ................................................................... Korea Kolmar ................................................................................. Korea Zinc ....................................................................................... LG Innotek ...................................................................................... Mando .............................................................................................

5,825,920 10,682,132 8,885,578 5,911,740 11,637,015 6,455,128

0.88 1.62 1.35 0.90 1.77 0.98

SOUTH KOREA - TOTAL .................................................................

49,397,513

7.50

TAIWAN (31 DECEMBER 2017: 13.83%) Airtac International Group ............................................................. Catcher Technology ....................................................................... Chicony Power Technology ............................................................ Largan Precision ............................................................................ Sercomm ........................................................................................ Sinbon Electronics ......................................................................... Tong Hsing Electronic Industries .................................................. Voltronic Power Technology ..........................................................

11,922,476 8,052,873 5,774,239 15,463,208 1,669,685 14,316,611 5,986,913 5,878,413

1.81 1.22 0.88 2.35 0.25 2.18 0.91 0.89

TAIWAN - TOTAL ............................................................................

69,064,418

10.49

THAILAND (31 DECEMBER 2017: 1.92%) Pylon ...............................................................................................

2,394,168

0.36

THAILAND - TOTAL ........................................................................

2,394,168

0.36

UNITED STATES (31 DECEMBER 2017: 2.51%) Nexteer Automotive Group ............................................................

6,829,007

1.04

UNITED STATES - TOTAL ..............................................................

6,829,007

1.04

VIETNAM (31 DECEMBER 2017: 2.04%) Hoa Phat Group .............................................................................. PetroVietnam Power ......................................................................

12,886,148 3,930,999

1.95 0.60

VIETNAM - TOTAL ..........................................................................

16,817,147

2.55

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 511,009,911) ..........................................

546,824,589

83.03

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIAL DERIVATIVE INSTRUMENTS .........................................................

546,824,589

83.03

Holding 612,546 116,718 117,195 17,069 89,754 187,350

838,520 720,000 3,425,056 105,000 718,000 5,240,000 1,722,000 344,000

13,114,500

4,620,000

7,704,004 6,889,000

48 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued) FINANCIAL DERIVATIVE INSTRUMENTS Open Forward Foreign Currency Exchange Contracts (31 DECEMBER 2017: 0.02%) Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

(21) (2) 0 (0) (13) 0 (26,430) (85,743) (0) (1,117) (517) (10,595) (26,347) 325 26 1,009 (463) 84 (1,505) 18 105 261 38 137 87 315

0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

......................................... 2,405 .........................................(152,753)

0.00 (0.01)

Net unrealised loss on open forward foreign currency exchange contracts ........................... (150,348)

(0.01)

Fair Value USD

% of Value of Sub-Fund

TOTAL VALUE OF INVESTMENTS .................................................

546,674,241

83.02

CASH ..............................................................................................

119,976,955

18.20

OTHER NET LIABILITIES ...............................................................

(8,022,993)

(1.22)

TOTAL VALUE OF SUB-FUND .......................................................

658,628,203

100.00

Maturity Date

Counterparty

03/07/2018 03/07/2018 03/07/2018 05/07/2018 05/07/2018 05/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018

State Street Bank & Trust Co.† State Street Bank & Trust Co.† State Street Bank & Trust Co.† State Street Bank & Trust Co.† State Street Bank & Trust Co.† State Street Bank & Trust Co.† State Street Bank & Trust Co.1 State Street Bank & Trust Co.3 State Street Bank & Trust Co.2 State Street Bank & Trust Co.4 State Street Bank & Trust Co.2 State Street Bank & Trust Co.4 State Street Bank & Trust Co.2 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.3 State Street Bank & Trust Co.1 State Street Bank & Trust Co.3 State Street Bank & Trust Co.3 State Street Bank & Trust Co.2 State Street Bank & Trust Co.4 State Street Bank & Trust Co.2 State Street Bank & Trust Co.4 State Street Bank & Trust Co.4 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2

Amount Bought EUR SGD USD SGD SGD USD EUR EUR GBP GBP GBP GBP GBP USD USD USD USD USD USD USD USD USD USD USD USD USD

3,748 3,979 11 1,022 50,764 28 1,807,831 5,864,960 1 35,000 41,697 359,155 893,130 24,091 52,405 74,764 98,341 170,247 319,390 766 4,416 10,975 13,030 24,117 29,961 55,523

Unrealised gain on open forward foreign currency exchange contracts Unrealised loss on open forward foreign currency exchange contracts

Amount Sold USD USD SGD USD USD SGD USD USD USD USD USD USD USD EUR EUR EUR EUR EUR EUR GBP GBP GBP GBP GBP GBP GBP

4,382 2,919 16 749 37,236 39 2,132,263 6,917,480 1 47,029 55,214 481,721 1,197,920 20,402 44,967 63,318 84,822 146,082 275,485 570 3,286 8,168 9,904 18,281 22,774 42,086

Schedule of Investments 49

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued) 1

Open Forward Foreign Currency Exchange Contracts relate to Hedge Class R1H. Open Forward Foreign Currency Exchange Contracts relate to Hedge Class R2HD. 3 Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y1H. 4 Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y2HHD. † Spot forward. 2

Analysis of gross assets Transferable securities admitted to an official stock exchange listing .................................................. Over-the-counter financial derivative instruments .................................................................................. Other current assets .................................................................................................................................

50 Schedule of Investments

% of gross assets 81.78 0.00 18.22 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EMERGING EUROPE EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 94.54%) CYPRUS (31 DECEMBER 2017: Nil) 29,102 TCS Group Holding ........................................................................

602,411

2.07

CYPRUS - TOTAL ...........................................................................

602,411

2.07

CZECH REPUBLIC (31 DECEMBER 2017:1.63%) 22,665 Komercni banka ............................................................................

951,593

3.28

CZECH REPUBLIC - TOTAL ...........................................................

951,593

3.28

GREECE (31 DECEMBER 2017: 6.13%) 28,861 JUMBO ........................................................................................... 1,043,937 National Bank of Greece ............................................................... 115,207 Piraeus Bank .................................................................................

475,797 320,558 392,769

1.64 1.10 1.35

GREECE - TOTAL ...........................................................................

1,189,124

4.09

HUNGARY (31 DECEMBER 2017: 5.40%) 25,875 MOL Hungarian Oil & Gas ............................................................. 21,456 OTP Bank ....................................................................................... 15,976 Richter Gedeon Nyrt ......................................................................

249,852 777,122 291,870

0.86 2.68 1.00

HUNGARY - TOTAL ........................................................................

1,318,844

4.54

NETHERLANDS (31 DECEMBER 2017: 1.34%) 20,179 X5 Retail Group (GDR) ...................................................................

534,340

1.84

NETHERLANDS - TOTAL ...............................................................

534,340

1.84

POLAND (31 DECEMBER 2017: 19.96%) Alior Bank ...................................................................................... Bank Millennium ........................................................................... Bank Zachodni WBK ...................................................................... CCC ................................................................................................ KGHM Polska Miedz ...................................................................... LPP ................................................................................................. Polski Koncern Naftowy Orlen ...................................................... Polskie Gornictwo Naftowe i Gazownictwo .................................. Powszechna Kasa Oszczednosci Bank Polski ............................. Powszechny Zaklad Ubezpieczen .................................................

1,027,886 245,991 410,234 140,324 234,693 324,084 673,926 169,503 936,954 617,629

3.54 0.85 1.41 0.48 0.81 1.12 2.32 0.58 3.22 2.13

POLAND - TOTAL ..........................................................................

4,781,224

16.46

Holding

57,524 114,835 4,604 2,538 9,985 143 30,016 111,140 94,834 59,322

Schedule of Investments 51

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EMERGING EUROPE EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

RUSSIA (31 DECEMBER 2017: 42.55%) Aeroflot .......................................................................................... Alrosa ............................................................................................. Gazprom (ADR) .............................................................................. GAZPROM NEFT ............................................................................ Gazprom ......................................................................................... Lenta (GDR) .................................................................................... Lukoil (ADR) ................................................................................... Lukoil ............................................................................................. MMC Norilsk Nickel ...................................................................... MMC Norilsk Nickel (ADR) ............................................................ Mobile Telesystems (ADR) ............................................................ Moscow Exchange MICEX-RTS ..................................................... Novatek (GDR) ............................................................................... Rosneft Oil ..................................................................................... Sberbank of Russia (Preference) .................................................. Severstal ........................................................................................ Surgutneftegas .............................................................................. Tatneft ............................................................................................ VTB Bank .......................................................................................

229,811 648,601 1,770,588 182,099 360,638 430,673 2,291,551 293,032 741,823 354,638 395,010 237,613 1,213,984 1,036,274 2,477,711 231,548 430,839 1,594,370 583,151

0.79 2.23 6.09 0.63 1.24 1.48 7.89 1.01 2.55 1.22 1.36 0.82 4.18 3.57 8.53 0.80 1.48 5.49 2.01

RUSSIA - TOTAL ............................................................................

15,503,954

53.37

TURKEY (31 DECEMBER 2017: 17.53%) Akbank ........................................................................................... BIM Birlesik Magazalar ................................................................. Eregli Demir ve Celik Fabrikalari ................................................. Haci Omer Sabanci Holding .......................................................... Tofas Turk Otomobil Fabrikasi ...................................................... Tupras Turkiye Petrol Rafinerileri ................................................ Turk Hava Yollari ........................................................................... Turkcell Iletisim Hizmetleri .......................................................... Turkiye Garanti Bankasi ................................................................ Turkiye Sise ve Cam Fabrikalari ...................................................

538,117 373,758 379,483 149,119 96,824 203,968 235,658 417,547 543,604 236,392

1.85 1.29 1.31 0.51 0.33 0.70 0.81 1.44 1.87 0.82

TURKEY - TOTAL ...........................................................................

3,174,470

10.93

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 27,830,897) ............................................

28,055,960

96.58

TOTAL VALUE OF INVESTMENTS .................................................

28,055,960

96.58

CASH ..............................................................................................

894,598

3.08

OTHER NET ASSETS .....................................................................

97,576

0.34

TOTAL VALUE OF SUB-FUND .......................................................

29,048,134

100.00

Holding 103,000 407,300 402,315 35,290 160,820 78,162 33,512 4,238 4,096 19,757 44,735 136,700 8,186 164,270 714,490 15,640 861,300 148,435 758,610,000

327,822 25,499 170,440 77,366 18,436 8,652 79,734 157,179 297,179 256,019

52 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EMERGING EUROPE EQUITY FUND (continued) Abbreviations used: ADR American Depository Receipt GDR Global Depository Receipt

Analysis of gross assets Transferable securities admitted to an official stock exchange listing .................................................. Other current assets ..................................................................................................................................

% of gross assets 96.24 3.76 100.00

Schedule of Investments 53

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 97.71%) BELGIUM (31 DECEMBER 2017: 0.06%) 2,892 Colruyt ............................................................................................ 1,108 KBC Group ..................................................................................... 12,265 Proximus ........................................................................................

165,012 85,536 276,519

0.32 0.17 0.53

BELGIUM - TOTAL .........................................................................

527,067

1.02

DENMARK (31 DECEMBER 2017: 4.49%) Carlsberg ....................................................................................... Chr Hansen Holding ...................................................................... Danske Bank .................................................................................. DSV ................................................................................................. Genmab .......................................................................................... Vestas Wind Systems ....................................................................

94,105 524,332 37,436 584,802 582,716 123,424

0.18 1.01 0.07 1.13 1.13 0.24

DENMARK - TOTAL .......................................................................

1,946,815

3.76

FINLAND (31 DECEMBER 2017:1.15%) 12,990 Sampo ............................................................................................

633,959

1.22

FINLAND - TOTAL .........................................................................

633,959

1.22

FRANCE (31 DECEMBER 2017: 14.78%) Air Liquide ...................................................................................... Arkema ........................................................................................... AXA ................................................................................................. BNP Paribas .................................................................................. Bouygues ....................................................................................... Capgemini ...................................................................................... Carrefour ....................................................................................... Cie de St-Gobain ............................................................................ Dassault Aviation ........................................................................... Eiffage ............................................................................................ Electricite de France ..................................................................... Engie .............................................................................................. Essilor International Cie Generale d'Optique ............................... Hermes International .................................................................... Ipsen ............................................................................................... Kering ............................................................................................. L'Oreal ............................................................................................ LVMH Moet Hennessy Louis Vuitton ............................................. Natixis ............................................................................................ Orange ............................................................................................ Safran .............................................................................................

249,101 494,277 194,939 807,761 463,048 387,096 73,229 533,952 45,731 398,289 52,911 656,367 395,521 4,892 550,580 170,517 745,009 30,302 107,815 53,394 415,717

0.48 0.96 0.38 1.56 0.90 0.75 0.14 1.03 0.09 0.77 0.10 1.27 0.76 0.01 1.06 0.33 1.44 0.06 0.21 0.10 0.80

Holding

799 5,677 1,196 7,238 3,776 1,994

1,981 4,175 7,945 13,007 10,745 2,878 4,522 11,950 24 3,661 3,847 42,816 2,802 8 3,510 302 3,017 91 15,193 3,188 3,422

54 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

FRANCE (31 DECEMBER 2017: 14.78%) (continued) Sanofi ............................................................................................. Schneider Electric ......................................................................... Societe BIC ..................................................................................... Total ...............................................................................................

96,263 73,380 101,696 314,481

0.19 0.14 0.20 0.61

FRANCE - TOTAL ...........................................................................

7,416,268

14.34

GERMANY (31 DECEMBER 2017: 16.63%) Adidas ............................................................................................. Allianz ............................................................................................. BASF .............................................................................................. Bayer .............................................................................................. Bayerische Motoren Werke ........................................................... Bayerische Motoren Werke (Preference) ..................................... Continental .................................................................................... Covestro ......................................................................................... Deutsche Boerse ........................................................................... Deutsche Lufthansa ...................................................................... Fresenius & Co .............................................................................. Fresenius Medical Care & Co ....................................................... Hannover Rueck ............................................................................ MAN ................................................................................................ Muenchener Rueckversicherungs-Gesellschaft in Muenchen ... SAP ................................................................................................. Siemens ......................................................................................... TUI ..................................................................................................

541,319 939,360 927,172 995,171 204,205 34,928 504,575 500,726 360,911 370,562 569,683 633,760 26,061 178,281 561,861 530,856 51,422 257,661

1.05 1.82 1.79 1.92 0.39 0.07 0.97 0.97 0.70 0.72 1.10 1.22 0.05 0.34 1.09 1.03 0.10 0.50

GERMANY - TOTAL ........................................................................

8,188,514

15.83

IRELAND (31 DECEMBER 2017: Nil) 91,747 AIB Group .......................................................................................

498,105

0.96

IRELAND - TOTAL .........................................................................

498,105

0.96

ITALY (31 DECEMBER 2017: 5.18%) Assicurazioni Generali .................................................................. Atlantia ........................................................................................... Eni .................................................................................................. Intesa Sanpaolo ............................................................................. Intesa Sanpaolo (Preference) ....................................................... Intesa Sanpaolo (Rights) ............................................................... Telecom Italia ................................................................................

536,148 526,003 370,716 266,686 423,287 66,974

1.03 1.02 0.72 0.51 0.82 0.00 0.13

ITALY - TOTAL ...............................................................................

2,189,814

4.23

Holding 1,201 880 1,097 5,159

2,480 4,545 9,695 9,034 2,253 438 2,210 5,612 2,708 15,407 7,092 6,284 209 1,575 2,658 4,595 389 11,739

31,956 17,793 19,962 91,862 139,547 231,409 89,995

Schedule of Investments 55

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

LUXEMBOURG (31 DECEMBER 2017:Nil) 5,476 ArcelorMittal .................................................................................. 7,017 RTL Group ......................................................................................

160,541 475,996

0.31 0.92

LUXEMBOURG - TOTAL ................................................................

636,537

1.23

NETHERLANDS (31 DECEMBER 2017: 4.76%) ABN AMRO Group .......................................................................... ASML Holding ................................................................................ Ferrari ............................................................................................ Fiat Chrysler Automobiles ............................................................ Heineken Holding .......................................................................... ING Groep ...................................................................................... Koninklijke Ahold Delhaize ........................................................... RELX ...............................................................................................

170,056 917,754 36,725 553,434 570,247 652,273 278,812 545,310

0.33 1.78 0.07 1.07 1.10 1.26 0.54 1.05

NETHERLANDS - TOTAL ...............................................................

3,724,611

7.20

NORWAY (31 DECEMBER 2017: 1.27%) 25,762 Equinor ...........................................................................................

684,003

1.32

NORWAY - TOTAL ..........................................................................

684,003

1.32

SPAIN (31 DECEMBER 2017: 5.51%) ACS Actividades de Construccion y Servicos ............................... ACS Actividades de Construccion y Servicos (Rights) .................. Amadeus IT Group ......................................................................... Banco Santander ........................................................................... Telefonica .......................................................................................

543,050 13,803 687,607 767,622 484,633

1.05 0.03 1.33 1.48 0.94

SPAIN - TOTAL ..............................................................................

2,496,715

4.83

SWEDEN (31 DECEMBER 2017: 6.23%) Alfa Laval ....................................................................................... Atlas Copco A Shares .................................................................... Atlas Copco B Shares .................................................................... Boliden ........................................................................................... Electrolux ....................................................................................... Epiroc A Shares ............................................................................. Epiroc B Shares ............................................................................. Essity .............................................................................................. ICA Gruppen ................................................................................... Kinnevik .......................................................................................... Svenska Handelsbanken ...............................................................

87,455 389,567 394,283 57,951 395,663 140,397 137,785 141,681 526,923 554,348 612,306

0.17 0.75 0.76 0.11 0.77 0.27 0.27 0.28 1.02 1.07 1.18

SWEDEN - TOTAL ..........................................................................

3,438,359

6.65

Holding

6,555 4,632 270 29,020 5,949 45,317 11,646 25,571

PORTUGAL (31 DECEMBER 2017: 0.20%) ...................................

13,404 13,404 8,712 143,176 57,025

3,680 13,363 15,032 1,784 17,351 13,363 15,032 5,730 17,160 16,159 55,019

56 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

SWITZERLAND (31 DECEMBER 2017: 14.83%) ABB ................................................................................................ Adecco Group ................................................................................. Barry Callebaut .............................................................................. Coca-Cola HBC .............................................................................. Dufry ............................................................................................... Nestle ............................................................................................. Novartis .......................................................................................... Partners Group Holding ................................................................ Roche Holding ............................................................................... Vifor Pfarma ...................................................................................

718,959 453,061 541,377 424,544 497,860 807,529 417,586 583,202 1,381,561 118,554

1.39 0.87 1.05 0.82 0.96 1.56 0.81 1.13 2.67 0.23

SWITZERLAND - TOTAL ................................................................

5,944,233

11.49

UNITED KINGDOM (31 DECEMBER 2017: 22.62%) Admiral Group ............................................................................... Anglo American ............................................................................. Antofagasta .................................................................................... Associated British Foods .............................................................. Barclays ......................................................................................... Barratt Developments ................................................................... Berkeley Group Holdings .............................................................. BHP Billiton ................................................................................... BP ................................................................................................... British American Tobacco ............................................................. British Land (REIT) ........................................................................ BT Group ........................................................................................ Carnival .......................................................................................... Centrica .......................................................................................... Diageo ............................................................................................ Direct Line Insurance Group ......................................................... GlaxoSmithKline ............................................................................ HSBC Holdings .............................................................................. J Sainsbury .................................................................................... Legal & General Group ................................................................. Lloyds Banking Group ................................................................... Mondi .............................................................................................. Prudential ...................................................................................... Rolls-Royce Holdings .................................................................... Royal Dutch Shell A Shares .......................................................... Royal Dutch Shell B Shares .......................................................... SSE ................................................................................................. St James's Place ...........................................................................

112,370 599,353 132,665 581,918 152,336 441,310 169,753 194,220 1,354,710 237,759 20,350 589,781 515,259 604,367 886,643 257,590 48,130 551,393 579,353 422,934 276,034 142,594 200,968 293,721 1,402,537 878,501 385,499 138,167

0.22 1.16 0.26 1.12 0.29 0.85 0.33 0.37 2.62 0.46 0.04 1.14 1.00 1.17 1.71 0.50 0.09 1.07 1.12 0.82 0.53 0.28 0.39 0.57 2.71 1.70 0.74 0.27

UNITED KINGDOM - TOTAL ..........................................................

12,170,215

23.53

EQUITIES - TOTAL .........................................................................

50,495,215

97.61

Holding 32,883 7,656 302 12,705 3,911 10,427 5,508 796 6,220 742

4,462 26,786 10,150 16,098 61,050 64,855 3,397 8,623 177,434 4,702 2,293 205,105 8,978 290,369 24,672 56,899 2,383 58,765 136,619 120,430 331,605 5,266 8,776 22,513 40,408 24,522 21,549 9,120

Schedule of Investments 57

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 50,607,589) ............................................

50,495,215

97.61

INVESTMENT FUNDS (31 DECEMBER 2017: 1.82%) UNITED STATES (31 DECEMBER 2017: 1.82%) 21,641 iShares Europe (ETF) - Distributing Class ....................................

967,569

1.87

UNITED STATES – TOTAL .............................................................

967,569

1.87

INVESTMENT FUNDS – TOTAL (Cost: USD 1,025,522) ................

967,569

1.87

TOTAL VALUE OF INVESTMENTS .................................................

51,462,784

99.48

CASH ..............................................................................................

265,343

0.51

OTHER NET ASSETS ......................................................................

2,188

0.01

TOTAL VALUE OF SUB-FUND .......................................................

51,730,315

100.00

Holding

Abbreviations used: ETF Exchange Traded Fund REIT Real Estate Investment Trust

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ..................................................... UCITS Investment funds ............................................................................................................................... Other current assets ....................................................................................................................................

58 Schedule of Investments

% of gross assets 97.17 1.86 0.97 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE SMALL CAP EQUITY FUND Fair Value EUR

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 97.37%) AUSTRIA (31 DECEMBER 2017: 2.46%) 49,010 AMS ................................................................................................

3,641,631

2.99

AUSTRIA - TOTAL ..........................................................................

3,641,631

2.99

BELGIUM (31 DECEMBER 2017: 3.85%) 65,000 VGP .................................................................................................

4,720,407

3.88

BELGIUM - TOTAL .........................................................................

4,720,407

3.88

FRANCE (31 DECEMBER 2017: 7.90%) 57,126 Rubis .............................................................................................. 76,298 Ubisoft Entertainment ...................................................................

3,568,316 8,371,904

2.93 6.87

FRANCE - TOTAL ...........................................................................

11,940,220

9.80

GERMANY (31 DECEMBER 2017: 22.46%) Aareal Bank ................................................................................... Amadeus Fire ................................................................................. CTS Eventim ................................................................................... Deutsche Euroshop ....................................................................... Gerresheimer ................................................................................ Jungheinrich (Preference) ............................................................ Norma Group ................................................................................. Stroeer ........................................................................................... Takkt ...............................................................................................

2,199,081 2,023,998 4,940,733 2,542,459 2,867,818 3,758,534 4,661,003 4,081,317 2,181,537

1.80 1.66 4.05 2.09 2.35 3.09 3.83 3.35 1.79

GERMANY - TOTAL ........................................................................

29,256,480

24.01

GUERNSEY (31 DECEMBER 2017: 2.12%) 665,500 SafeCharge International Group ...................................................

3,119,125

2.56

GUERNSEY - TOTAL ......................................................................

3,119,125

2.56

GREECE (31 DECEMBER 2017: 2.16%) 55,000 Titan Cement .................................................................................

1,393,472

1.15

GREECE - TOTAL ...........................................................................

1,393,472

1.15

Holding

50,000 18,741 100,325 71,963 35,342 101,359 67,951 67,418 119,315

Schedule of Investments 59

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE SMALL CAP EQUITY FUND (continued) Fair Value EUR

% of Value of Sub-Fund

ITALY (31 DECEMBER 2017: 12.99%) Interpump Group ........................................................................... MARR ............................................................................................. Recordati ........................................................................................ Societa Iniziative Autostradali e Servizi ........................................

4,460,031 3,770,873 4,187,242 2,407,023

3.66 3.09 3.44 1.98

ITALY - TOTAL ...............................................................................

14,825,169

12.17

JERSEY CHANNEL (31 DECEMBER 2017: 2.21%) 252,863 Sanne Group ..................................................................................

2,250,098

1.85

JERSEY CHANNEL - TOTAL ..........................................................

2,250,098

1.85

NETHERLANDS (31 DECEMBER 2017: 2.67%) 730,307 Koninklijke BAM Groep .................................................................

3,073,024

2.52

NETHERLANDS - TOTAL ...............................................................

3,073,024

2.52

SPAIN (31 DECEMBER 2017: 2.89%) 2,986,314 Unicaja Banco ................................................................................

5,094,028

4.18

SPAIN - TOTAL ..............................................................................

5,094,028

4.18

SWEDEN (31 DECEMBER 2017: 3.75%) 573,000 Cloetta ............................................................................................

1,740,905

1.43

SWEDEN - TOTAL ..........................................................................

1,740,905

1.43

UNITED KINGDOM (31 DECEMBER 2017: 31.91%) Bodycote ........................................................................................ Britvic ............................................................................................. CVS Group ...................................................................................... Paragon Group ............................................................................... Premier Oil ..................................................................................... RPC Group ..................................................................................... Senior ............................................................................................. Spirax-Sarco Engineering ............................................................. SSP Group ...................................................................................... St James's Place ........................................................................... Tullow Oil ....................................................................................... Workspace Group (REIT) ...............................................................

4,459,382 2,962,142 3,605,868 1,508,739 1,635,740 4,898,478 3,798,422 2,789,003 6,012,297 4,303,383 944,507 2,751,930

3.66 2.43 2.96 1.24 1.34 4.02 3.12 2.29 4.94 3.53 0.78 2.26

UNITED KINGDOM - TOTAL ..........................................................

39,669,891

32.57

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 87,411,194) ............................................

120,724,450

99.11

Holding 143,393 143,035 105,295 159,814

344,837 288,013 240,000 238,275 962,674 495,892 947,020 32,400 717,942 284,054 292,000 193,000

60 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE EUROPE SMALL CAP EQUITY FUND (continued)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 120,724,450

% of Value of Sub-Fund 99.11

CASH ...............................................................................................

1,520,374

1.25

OTHER NET LIABILITIES ...............................................................

(443,762)

(0.36)

TOTAL VALUE OF SUB-FUND .......................................................

121,801,062

100.00

Abbreviation used: REIT Real Estate Investment Trust % of Analysis of gross assets gross assets Transferable securities admitted to an official stock exchange listing ........................................................... 96.66 Other current assets .......................................................................................................................................... 3.34 100.00

Schedule of Investments 61

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL BOND FUND Fair Value USD

% of Value of Sub-Fund

539,813

1.40

535,451 624,283

1.39 1.61

1,699,547

4.40

1,288,029

3.34

2,083,415 1,377,116 1,594,216 934,188

5.40 3.57 4.12 2.42

7,276,964

18.85

1,016,153

2.63

387,802 740,680 917,172 1,961,373 228,728 225,742 251,869

1.00 1.92 2.38 5.09 0.59 0.58 0.65

EURO - TOTAL ...............................................................................

5,729,519

14.84

JAPANESE YEN (31 DECEMBER 2017: 8.61%) Government Bonds 45,999,945 0.600% Japan 20/12/2036 .............................................................. 72,999,944 0.600% Japan 20/09/2037 .............................................................. 73,999,944 2.000% Japan 20/09/2040 ..............................................................

426,976 673,868 866,481

1.11 1.75 2.24

JAPANESE YEN - TOTAL ...............................................................

1,967,325

5.10

Holding TRANSFERABLE SECURITIES FIXED INCOME SECURITIES (31 DECEMBER 2017: 91.96%) AUSTRALIAN DOLLAR (31 DECEMBER 2017: 3.66%) Corporate Bonds 719,917 4.000% Wells Fargo & Co 08/08/2019 ........................................... Government Bonds 749,959 2.250% Australia 21/05/2028 ......................................................... 799,958 3.250% Australia 21/04/2029 ......................................................... AUSTRALIAN DOLLAR - TOTAL ....................................................

1,719,967 2,829,966 1,889,966 1,644,967 834,967

CANADIAN DOLLAR (31 DECEMBER 2017: 19.75%) Corporate Bonds 2.222% Wells Fargo & Co 15/03/2021 ........................................... Government Bonds 0.750% Canada 01/03/2021 ........................................................... 1.000% Canada 01/09/2022 ........................................................... 8.000% Canada 01/06/2023 ........................................................... 8.000% Canada 01/06/2027 ........................................................... CANADIAN DOLLAR - TOTAL .......................................................

824,917 249,988 353,988 724,988 1,564,988 159,988 146,988 139,988

EURO (31 DECEMBER 2017: 15.94%) Corporate Bonds 2.750% Glencore Finance Europe 01/04/2021 .............................. Government Bonds 2.625% Finland 04/07/2042 ........................................................... 4.750% Germany 04/07/2040 ......................................................... 2.000% Ireland 18/02/2045 ............................................................ 3.750% Italy 01/05/2021 ................................................................. 4.750% Italy 01/09/2044 ................................................................. 6.500% Italy 01/11/2027 ................................................................. 5.150% Spain 31/10/2044 ..............................................................

SWEDISH KRONA (31 DECEMBER 2017: 1.78%)

62 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

SWISS FRANC (31 DECEMBER 2017: Nil) Government Bonds 874,834 1.500% Swiss Confederation 30/04/2042 ......................................

1,088,738

2.82

SWISS FRANC - TOTAL .................................................................

1,088,738

2.82

Holding

UNITED STATES DOLLAR (31 DECEMBER 2017: 42.22%) Corporate Bonds 2.250% BPCE 27/01/2020 .............................................................. 1.600% Canadian Imperial Bank of Commerce 06/09/2019 ........ 3.250% Dollar General 15/04/2023 ............................................... 4.850% EnLink Midstream Partners 15/07/2026 .......................... 5.375% Enterprise Products Operating 15/02/2078 ..................... 2.844% JANY Sukuk 23/09/2019 ................................................... 5.125% Kinross Gold 01/09/2021 .................................................. 6.000% Macquarie Group 14/01/2020 ........................................... 6.250% Macquarie Group 14/01/2021 ........................................... 6.750% Qwest 01/12/2021 ............................................................. Government Bonds 1.375% United States Treasury Notes 30/06/2023 ....................... 1.375% United States Treasury Notes 31/08/2023 ....................... 1.375% United States Treasury Notes 30/09/2023 ....................... 1.500% United States Treasury Notes 28/02/2023 ....................... 1.750% United States Treasury Notes 30/09/2022 ....................... 1.875% United States Treasury Notes 28/02/2022 ....................... 1.875% United States Treasury Notes 31/08/2024 ....................... 2.125% United States Treasury Notes 29/02/2024 ....................... 2.125% United States Treasury Notes 31/07/2024 ....................... 2.250% United States Treasury Notes 31/12/2024 ....................... 2.500% United States Treasury Notes 15/05/2024 ....................... 1.625% United States Treasury Notes 15/05/2026 ....................... 6.500% United States Treasury Bonds 15/11/2026 ...................... 6.125% United States Treasury Bonds 15/11/2027 ...................... 2.500% United States Treasury Notes 15/02/2046 ....................... 2.750% United States Treasury Notes 15/08/2047 ....................... 3.000% United States Treasury Notes 15/02/2048 .......................

934,719 394,115 410,739 445,353 273,476 540,375 384,731 249,588 369,054 372,436

2.42 1.02 1.06 1.15 0.71 1.40 1.00 0.65 0.96 0.96

458,044 186,797 1,884,046 378,672 1,250,388 291,633 1,631,514 1,975,343 250,260 1,005,754 2,017,811 1,051,937 226,646 223,199 713,707 487,033 265,890

1.19 0.48 4.88 0.98 3.24 0.76 4.23 5.12 0.65 2.60 5.20 2.72 0.59 0.58 1.85 1.26 0.69

UNITED STATES DOLLAR - TOTAL ..............................................

18,673,260

48.35

FIXED INCOME SECURITIES - TOTAL ..........................................

36,435,353

94.36

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 7.72%) CANADIAN DOLLAR (31 DECEMBER 2017: 1.67%) Corporate Bonds 639,667 10.250% CIBC Capital Trust 30/06/2108 .......................................

638,395

1.65

CANADIAN DOLLAR - TOTAL .......................................................

638,395

1.65

949,991 399,992 417,992 469,991 299,992 549,991 374,992 239,992 347,992 349,992 519,995 199,995 2,019,995 399,995 1,299,995 299,995 1,719,995 2,044,995 259,995 1,039,995 2,049,995 1,149,995 177,995 175,996 784,995 479,995 264,995

Schedule of Investments 63

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

POUND STERLING (31 DECEMBER 2017: 0.40%) Corporate Bonds 99,667 6.625% Muenchener Rueckversicherungs-Gesellschaft 26/05/2042 ......................................................................................

150,509

0.39

POUND STERLING - TOTAL ..........................................................

150,509

0.39

UNITED STATES DOLLAR (31 DECEMBER 2017: 3.52%) Corporate Bonds 199,833 6.750% AG Insurance (perpetual) ................................................. 549,833 7.125% UBS Group (perpetual) .....................................................

201,500 564,468

0.52 1.47

UNITED STATES DOLLAR - TOTAL ..............................................

765,968

1.99

VARIABLE RATE SECURITIES - TOTAL ........................................

1,554,872

4.03

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIAL DERIVATIVE INSTRUMENTS .........................................................

37,990,225

98.39

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD38,785,263) ............................................

37,990,225

98.39

Holding EURO (31 DECEMBER 2017: 2.13%)

FINANCIAL DERIVATIVE INSTRUMENTS Open Forward Foreign Currency Exchange Contracts (31 December 2017: (1.05)%)

Maturity Date

Counterparty

09/07/2018 09/07/2018 09/07/2018 09/07/2018 09/07/2018 09/07/2018 09/07/2018

JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank

Amount Bought USD USD USD USD USD USD USD

1,728,899 879,759 7,156,314 1,097,787 5,832,342 151,773 1,982,150

Amount Sold AUD CAD CAD CHF EUR GBP JPY

2,290,565 1,138,375 9,260,000 1,079,000 4,960,300 113,375 216,041,00

Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

5,050 22,988 1,655 109,299 36,179 13,437 12,668

0.01 0.06 0.01 0.28 0.09 0.04 0.03

Unrealised gain on open forward foreign currency exchange contracts ......................................................201,276

0.52

Net unrealised gain on open forward foreign currency exchange contracts ............................201,276

0.52

64 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL BOND FUND (continued)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 38,191,501

% of Fund 98.91

CASH ..............................................................................................

208,135

0.54

OTHER NET ASSETS .....................................................................

212,412

0.55

TOTAL VALUE OF SUB-FUND .......................................................

38,612,048

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................... Transferable securities dealt in on another regulated market ................................................................ Over-the-counter financial derivative instruments ................................................................................... Other current assets ..................................................................................................................................

% of gross assets 75.84 22.19 0.52 1.45 100.00

Schedule of Investments 65

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 51.64%) AUSTRALIA (31 DECEMBER 2017: Nil) Alumina .......................................................................................... BHP Billiton ................................................................................... BlueScope Steel ............................................................................ Fortescue Metals Group ................................................................ South32 ..........................................................................................

319,786 5,081,282 447,818 318,886 872,595

0.03 0.50 0.04 0.03 0.09

AUSTRALIA - TOTAL .....................................................................

7,040,367

0.69

AUSTRIA (31 DECEMBER 2017: Nil) BUWOG .......................................................................................... Erste Group Bank .......................................................................... Raiffeisen Bank International ....................................................... Voestalpine ..................................................................................... Wienerberger .................................................................................

367,896 550,550 330,799 333,381 286,017

0.04 0.05 0.03 0.03 0.03

AUSTRIA - TOTAL ..........................................................................

1,868,643

0.18

BELGIUM (31 DECEMBER 2017: 0.40%) Ablynx ............................................................................................. Ackermans & Covan Haaren ......................................................... Bpost .............................................................................................. Cofinimmo (REIT) ........................................................................... Colruyt ............................................................................................ Galapagos ...................................................................................... Gimv ............................................................................................... KBC Group ..................................................................................... Telenet Group Holding ..................................................................

384,499 648,385 150,814 247,820 315,247 396,592 154,194 1,408,949 233,837

0.04 0.06 0.01 0.02 0.03 0.04 0.02 0.14 0.02

BELGIUM - TOTAL .........................................................................

3,940,337

0.38

BERMUDA (31 DECEMBER 2017: 0.02%) 76 Everest Re Group ........................................................................... 16,400 GP Investments (BDR) ................................................................... 26,506 Maiden Holdings ............................................................................

17,516 21,313 205,422

0.00 0.00 0.02

BERMUDA - TOTAL .......................................................................

244,251

0.02

BRAZIL (31 DECEMBER 2017: 0.05%) Ambev (ADR) .................................................................................. B3 - Brasil Bolsa Balcao ............................................................... Banco Bradesco (ADR) .................................................................. Banco Bradesco (Preference) ....................................................... Banco do Brasil ............................................................................. Banco Santander Brasil (ADR) ......................................................

1,738,968 1,712,051 2,583,401 258,694 1,237,623 735,915

0.17 0.17 0.25 0.02 0.12 0.07

Holding

154,577 202,810 35,116 98,314 327,152

10,941 13,190 10,777 7,238 11,458

7,315 3,765 9,547 2,010 5,525 4,303 2,530 18,251 5,007

375,587 322,100 376,589 37,000 166,200 98,122

66 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

BRAZIL (31 DECEMBER 2017: 0.05%) (continued) BR Malls Participacoes ................................................................. Cia Brasileira de Distribuicao (ADR) ............................................. Cia Energetica de Minas Gerais (ADR) ......................................... Embraer (ADR) ............................................................................... Gerdau (ADR) ................................................................................. Itau Unibanco Holding (ADR) ........................................................ Itau Unibanco Holding (Preference) ............................................. Localiza Rent a Car ....................................................................... Lojas Americanas (Preference) .................................................... Lojas Renner .................................................................................. Natura Cosmeticos ........................................................................ Petroleo Brasileiro (ADR) (Non-voting Rights) ............................. Petroleo Brasileiro (ADR) (Voting Rights) ..................................... Suzano Papel e Celulose ............................................................... TIM Participacoes (ADR) ................................................................ Vale (ADR) ...................................................................................... WEG ................................................................................................

822,158 1,220,678 1,191,098 411,597 828,849 4,907,052 533,687 1,084,916 766,472 956,506 415,412 1,944,871 1,491,270 1,318,453 795,944 4,125,899 332,400

0.08 0.12 0.12 0.04 0.08 0.48 0.05 0.11 0.07 0.09 0.04 0.19 0.15 0.13 0.08 0.40 0.03

BRAZIL - TOTAL ............................................................................

31,413,914

3.06

CANADA (31 DECEMBER 2017: 0.22%) Alaris Royalty ................................................................................. Bank of Montreal ........................................................................... BRP ................................................................................................ First Quantum Minerals ................................................................ Lundin Mining ................................................................................ Onex ............................................................................................... Shopify ............................................................................................ Teck Resources ............................................................................. Turquoise Hill Resources ..............................................................

50,651 1,926,952 47,892 641,023 230,217 513,606 1,694,366 825,456 179,675

0.01 0.19 0.00 0.06 0.02 0.05 0.17 0.08 0.02

CANADA - TOTAL ..........................................................................

6,109,838

0.60

CHINA (31 DECEMBER 2017: 0.78%) Agricultural Bank of China ............................................................ Alibaba Group Holding (ADR) ........................................................ Aluminum of China ........................................................................ Angang Steel .................................................................................. Autohome (ADR) ............................................................................ Baidu (ADR) .................................................................................... China Molybdenum ........................................................................ China Petroleum & Chemical ....................................................... China Telecom ............................................................................... China Vanke ................................................................................... China Zhongwang Holdings .......................................................... Jiangxi Copper ...............................................................................

239,507 684,977 110,255 61,366 331,987 2,409,831 114,793 1,710,181 1,200,342 32,889 54,590 100,695

0.02 0.07 0.01 0.01 0.03 0.23 0.01 0.17 0.12 0.00 0.01 0.01

Holding 326,100 61,095 647,336 16,530 234,138 472,741 50,900 175,900 176,900 125,300 52,800 220,008 148,681 112,800 47,209 321,833 78,700

4,180 24,944 994 43,533 41,428 7,002 11,614 32,423 63,536

512,000 3,692 250,000 68,000 3,287 9,917 237,000 1,914,000 2,566,000 9,400 103,200 79,000

Schedule of Investments 67

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

CHINA (31 DECEMBER 2017: 0.78%) (continued) 30,635 SINA ............................................................................................... 87,200 Tencent Holdings ...........................................................................

2,594,478 4,376,978

0.25 0.43

CHINA - TOTAL ..............................................................................

14,022,869

1.37

CZECH REPUBLIC (31 DECEMBER 2017: Nil) 15,850 CEZ ................................................................................................. 7,339 Komercni Banka ............................................................................

374,879 308,129

0.04 0.03

CZECH REPUBLIC - TOTAL ...........................................................

683,008

0.07

DENMARK (31 DECEMBER 2017: 0.01%) Ambu .............................................................................................. Danske Bank .................................................................................. GN Store Nord ............................................................................... H Lundbeck .................................................................................... Jyske Bank ..................................................................................... Schouw & Co .................................................................................. SimCorp ......................................................................................... Sydbank .......................................................................................... Tryg ................................................................................................ William Demant Holding ...............................................................

494,979 876,283 600,876 422,929 380,193 131,305 321,712 235,782 276,501 426,357

0.05 0.09 0.06 0.04 0.04 0.01 0.03 0.02 0.03 0.04

DENMARK - TOTAL .......................................................................

4,166,917

0.41

FINLAND (31 DECEMBER 2017: Nil) Amer Sports ................................................................................... Kesko ............................................................................................. Konecranes .................................................................................... Metso .............................................................................................. Outokumpu ....................................................................................

364,560 407,456 269,766 350,065 194,820

0.03 0.04 0.03 0.03 0.02

FINLAND - TOTAL .........................................................................

1,586,667

0.15

FRANCE (31 DECEMBER 2017: 0.34%) Air France ...................................................................................... Altamir ........................................................................................... Altran Technologies ....................................................................... Amundi ........................................................................................... Atos ................................................................................................ BioMerieux ..................................................................................... BNP Paribas .................................................................................. Bollore ............................................................................................ Capgemini ...................................................................................... Christian Dior ................................................................................. Cie Plastic Omnium .......................................................................

224,590 104,407 242,877 332,417 825,415 374,115 4,000,984 409,715 1,176,622 365,940 263,893

0.02 0.01 0.02 0.03 0.08 0.04 0.39 0.04 0.11 0.04 0.03

Holding

14,678 27,995 13,186 6,019 6,932 1,487 3,971 6,858 11,779 10,595

11,556 6,660 6,538 10,447 31,318

27,543 5,400 16,749 4,798 6,045 4,156 64,426 88,082 8,748 875 6,242

68 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

FRANCE (31 DECEMBER 2017: 0.34%) (continued) Covivio (REIT) ................................................................................. Credit Agricole ............................................................................... Dassault Aviation ........................................................................... Eurazeo .......................................................................................... Eutelsat Communications ............................................................. ICADE (REIT) .................................................................................. Imerys ............................................................................................ Ingenico Group ............................................................................... Ipsen ............................................................................................... Lagardere ...................................................................................... Natixis ............................................................................................ Remy Cointreau ............................................................................. Schneider Electric ......................................................................... SEB ................................................................................................. Societe BIC ..................................................................................... Societe Generale ........................................................................... Sopra Group ................................................................................... Wendel ...........................................................................................

350,161 653,061 423,008 733,830 279,388 287,919 257,274 1,054,813 684,225 268,656 739,435 282,913 891,735 417,800 235,560 1,273,584 326,778 314,531

0.03 0.06 0.04 0.07 0.03 0.03 0.03 0.10 0.07 0.03 0.07 0.03 0.09 0.04 0.02 0.12 0.03 0.03

FRANCE - TOTAL ...........................................................................

17,795,646

1.73

GERMANY (31 DECEMBER 2017: 0.40%) Aareal Bank ................................................................................... Allianz ............................................................................................. Aurelius Equity Opportunities & Co .............................................. Aurubis ........................................................................................... Axel Springer ................................................................................. Bayer .............................................................................................. Commerzbank ............................................................................... Delivery Hero ................................................................................. Deutsche Bank .............................................................................. Deutsche Beteiligungs .................................................................. Drillisch .......................................................................................... Duerr .............................................................................................. Fraport Frankfurt Airport Services Worldwide ............................ Freenet ........................................................................................... Fresenius Medical Care & Co ....................................................... Fuchs Petrolub (Preference) ......................................................... Gerresheimer ................................................................................ GRENKE ......................................................................................... Hella GmbH & KGaA ..................................................................... Hochtief .......................................................................................... MAN ................................................................................................ Rocket Internet .............................................................................. Sartorius (Preference) ................................................................... Schaeffler (Preference) .................................................................

256,589 513,806 182,445 281,885 327,364 15,863 122,039 554,042 697,205 80,584 261,934 223,457 349,775 330,670 398,874 333,977 248,141 283,213 240,534 320,989 430,137 207,640 498,046 210,660

0.03 0.05 0.02 0.03 0.03 0.00 0.01 0.05 0.07 0.01 0.03 0.02 0.03 0.03 0.04 0.03 0.03 0.03 0.02 0.03 0.04 0.02 0.05 0.02

Holding 3,366 48,915 222 9,677 13,470 3,071 3,182 11,733 4,362 10,177 104,199 2,183 10,694 2,392 2,541 30,204 1,603 2,283

5,834 2,486 3,070 3,686 4,526 144 12,730 10,411 64,753 2,030 4,601 4,810 3,626 12,482 3,955 6,772 3,058 2,479 4,292 1,776 3,800 6,467 3,330 16,182

Schedule of Investments 69

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

GERMANY (31 DECEMBER 2017: 0.40%) (continued) Scout24 .......................................................................................... Siemens ......................................................................................... Siltronic .......................................................................................... Software ......................................................................................... Telefonica Deutschland Holding ................................................... thyssenkrupp ................................................................................. United Internet ............................................................................... Wacker Chemie ............................................................................. Wirecard .........................................................................................

501,886 333,251 289,314 233,311 243,629 668,919 1,752,024 222,730 1,006,486

0.05 0.03 0.03 0.02 0.02 0.07 0.17 0.02 0.10

GERMANY - TOTAL ........................................................................

12,621,419

1.23

HONG KONG (31 DECEMBER 2017: 0.08%) ASM Pacific Technology ................................................................ China Merchants China Direct Investments ................................ Fosun International ....................................................................... Minmetals Resources ...................................................................

590,487 46,498 419,540 106,365

0.06 0.00 0.04 0.01

HONG KONG - TOTAL ....................................................................

1,162,890

0.11

HUNGARY (31 DECEMBER 2017: 0.02%) 45,774 MOL Hungarian Oil & Gas .............................................................

441,999

0.04

HUNGARY - TOTAL ........................................................................

441,999

0.04

INDONESIA (31 DECEMBER 2017: 3.87%) Adaro Energy ................................................................................. AKR Corporindo ............................................................................. Astra International ......................................................................... Bank Central Asia .......................................................................... Bank Danamon Indonesia ............................................................. Bank Mandiri Persero ................................................................... Bank Negara Indonesia Persero .................................................. Bank Rakyat Indonesia Persero ................................................... Bumi Serpong Damai .................................................................... Charoen Pokphand Indonesia ....................................................... Gudang Garam ............................................................................... Hanjaya Mandala Sampoerna ....................................................... Indocement Tunggal Prakarsa ..................................................... Indofood CBP Sukses Makmur ..................................................... Indofood Sukses Makmur ............................................................. Jasa Marga Persero ...................................................................... Kalbe Farma .................................................................................. Matahari Department Store .......................................................... Perusahaan Gas Negara Persero ................................................. PP Persero .....................................................................................

699,324 138,272 3,280,011 5,255,605 510,356 3,645,797 951,233 3,303,913 264,281 701,023 696,903 709,205 363,492 373,330 528,009 429,668 241,761 371,590 709,749 449,314

0.07 0.01 0.32 0.51 0.05 0.36 0.09 0.32 0.03 0.07 0.07 0.07 0.04 0.04 0.05 0.04 0.02 0.04 0.07 0.04

Holding 9,460 2,521 2,022 5,007 61,809 27,518 30,587 1,701 6,249

46,700 32,000 223,000 152,000

5,598,500 460,800 7,121,600 3,507,000 1,147,200 7,626,900 1,933,500 16,670,800 2,419,900 2,729,800 148,500 2,838,800 381,600 604,500 1,137,800 1,473,000 2,839,700 605,100 5,098,100 3,227,400

70 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

INDONESIA (31 DECEMBER 2017: 3.87%) (continued) Semen Indonesia Persero ............................................................. Summarecon Agung ...................................................................... Surya Citra Media .......................................................................... Telekomunikasi Indonesia Persero .............................................. Tower Bersama Infrastructure ..................................................... Unilever Indonesia ......................................................................... United Tractors .............................................................................. Waskita Karya Persero .................................................................. Wijaya Karya Bangunan Gedung ................................................... XL Axiata ........................................................................................

393,242 337,825 616,692 3,868,257 531,907 1,791,562 1,181,086 283,847 230,182 520,741

0.04 0.03 0.06 0.38 0.05 0.17 0.11 0.03 0.02 0.05

INDONESIA - TOTAL ......................................................................

33,378,177

3.25

IRELAND (31 DECEMBER 2017: 0.08%) Accenture ....................................................................................... AIB Group ....................................................................................... Allergan .......................................................................................... Bank of Ireland Group ................................................................... Eaton .............................................................................................. Glanbia ........................................................................................... Glanbia ........................................................................................... Ingersoll-Rand ............................................................................... Johnson Controls International .................................................... Medtronic .......................................................................................

985,139 1,180,267 11,504 796,602 104,113 16,039 350,786 189,869 12,678 105,900

0.10 0.12 0.00 0.08 0.01 0.00 0.03 0.02 0.00 0.01

IRELAND - TOTAL .........................................................................

3,752,897

0.37

ISRAEL (31 DECEMBER 2017: 0.07%) 9,679 Check Point Software Technologies ............................................. 5,340 SolarEdge Technologies ................................................................

945,445 255,519

0.09 0.03

ISRAEL - TOTAL ............................................................................

1,200,964

0.12

ITALY (31 DECEMBER 2017: 0.02%) A2A ................................................................................................. Assicurazioni Generali ................................................................... Azimut Holding .............................................................................. BPER Banca ................................................................................... Davide Campari-Milano ................................................................. Enel ................................................................................................ Eni .................................................................................................. FinecoBank Banca Fineco ............................................................. Intesa Sanpaolo ............................................................................. Intesa Sanpaolo (Non CNV) ........................................................... Intesa Sanpaolo (Rights) ............................................................... Italgas .............................................................................................

264,717 457,092 176,502 232,373 362,205 11 461,807 432,211 2,415,687 529,386 262,901

0.03 0.04 0.02 0.02 0.03 0.00 0.04 0.04 0.24 0.05 0.00 0.03

Holding 790,900 5,349,200 4,289,900 14,781,900 1,527,500 556,900 535,600 2,113,000 16,012,200 2,961,200

6,022 217,396 69 102,062 1,393 864 18,896 2,116 379 1,237

152,679 27,244 11,405 42,283 44,035 2 24,867 38,274 832,102 174,525 1,055,080 47,686

Schedule of Investments 71

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

ITALY (31 DECEMBER 2017: 0.02%) (continued) Moncler .......................................................................................... Poste Italiane ................................................................................. Recordati ........................................................................................ Saipem ........................................................................................... UniCredit ........................................................................................ Unione di Banche Italiane .............................................................

773,357 380,913 394,844 258,206 1,427,090 347,513

0.08 0.04 0.04 0.02 0.14 0.03

ITALY - TOTAL ...............................................................................

9,176,815

0.89

JAPAN (31 DECEMBER 2017: 5.12%) Aeon ............................................................................................... Aeon Mall ....................................................................................... Air Water ........................................................................................ Aisin Seiki ....................................................................................... Ajinomoto ....................................................................................... Alfresa Holdings ............................................................................ Alps Electric ................................................................................... ANA Holdings ................................................................................. Asahi Glass .................................................................................... Asahi Group Holdings .................................................................... Asahi Kasei .................................................................................... Asics ............................................................................................... Bridgestone ................................................................................... Brother Industries ......................................................................... Calbee ............................................................................................ Canon ............................................................................................. Central Japan Railway ................................................................... Chubu Electric Power .................................................................... Chugai Pharmaceutical ................................................................. Coca-Cola Bottlers Japan Holdings ............................................. Concordia Financial Group ............................................................ Credit Saison ................................................................................. Dai Nippon Printing ....................................................................... Dai-ichi Life Holdings .................................................................... Daicel ............................................................................................. Daifuku ........................................................................................... Daikin Industries ............................................................................ Daito Trust Construction ............................................................... Daiwa House (REIT) ....................................................................... Daiwa House Industry ................................................................... DeNA .............................................................................................. Disco ............................................................................................... East Japan Railway ........................................................................ Electric Power Development ........................................................ FANUC ........................................................................................... Fast Retailing .................................................................................

440,771 409,624 222,195 460,479 136,245 477,421 43,680 312,251 522,015 107,536 514,820 492,072 469,426 136,299 376,021 816,250 2,777,628 377,892 576,987 495,373 46,845 431,414 537,137 536,971 459,342 631,174 551,095 178,856 28,482 654,532 90,007 256,083 814,585 131,684 595,992 827,319

0.04 0.04 0.02 0.05 0.01 0.05 0.00 0.03 0.05 0.01 0.05 0.05 0.05 0.01 0.04 0.08 0.27 0.04 0.06 0.05 0.00 0.04 0.05 0.05 0.05 0.06 0.05 0.02 0.00 0.06 0.01 0.03 0.08 0.01 0.06 0.08

Holding 16,984 45,502 9,929 56,073 85,499 90,414

20,600 22,800 12,100 10,100 7,200 20,300 1,700 8,500 13,400 2,100 40,500 29,100 12,000 6,900 10,000 24,900 13,400 25,200 11,000 12,400 9,200 27,400 24,000 30,100 41,500 14,400 4,600 1,100 12 19,200 4,800 1,500 8,500 5,100 3,000 1,800

72 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 9,000 17,600 203,000 4,900 10,700 100 400 167,000 21,100 6,600 13,500 34,400 5,200 12,400 2,100 11,900 46,600 3,100 51,400 29,100 4,500 200 9,100 31,000 32,300 13,900 26,000 26,300 300 12,000 2,900 7,600 29,900 26,100 3,200 30,200 4,600 10,800 4,000 100 11,300 1,500 11,400 24,800 9,700 1,300

JAPAN (31 DECEMBER 2017: 5.12%) (continued) Fuji Electric .................................................................................... Fujifilm Holdings ........................................................................... Fujitsu ............................................................................................ Hankyu Hanshin Holdings ............................................................. Harmonic Drive Systems ............................................................... Hikari Tsushin ................................................................................ Hirose Electric ............................................................................... Hitachi ............................................................................................ Hitachi Chemical ........................................................................... Hitachi Construction Machinery ................................................... Hitachi Metals ................................................................................ Honda Motor .................................................................................. Hoshizaki ........................................................................................ Hoya ............................................................................................... Idemitsu Kosan .............................................................................. IHI ................................................................................................... Inpex ............................................................................................... Isetan Mitsukoshi Holdings ........................................................... ITOCHU ........................................................................................... J Front Retailing ............................................................................ Jafco ............................................................................................... Japan Exchange Group .................................................................. Japan Post Bank ............................................................................ JFE Holdings .................................................................................. JTEKT ............................................................................................. JXTG Holdings ................................................................................ Kajima ............................................................................................ Kakaku.com ................................................................................... Kamigumi ....................................................................................... Kansai Electric Power ................................................................... Kansai Paint ................................................................................... Kao ................................................................................................. Kawasaki Heavy Industries ........................................................... KDDI ............................................................................................... Keyence .......................................................................................... Kobe Steel ...................................................................................... Koito Manufacturing ...................................................................... Konami Holdings ........................................................................... Konica Minolta ............................................................................... Kose Corp ...................................................................................... Kuraray .......................................................................................... Kurita Water Industries ................................................................. Kyocera .......................................................................................... Kyowa Hakko Kirin ......................................................................... Kyushu Railway .............................................................................. Lion .................................................................................................

Fair Value USD

% of Value of Sub-Fund

68,578 687,380 1,231,214 197,079 453,058 17,578 49,582 1,178,416 425,753 214,508 140,162 1,010,276 526,267 705,165 74,888 414,698 483,607 38,734 931,571 443,206 183,023 3,718 105,981 586,611 439,745 96,653 201,399 594,074 6,238 175,073 60,270 579,786 881,357 714,207 1,807,358 276,466 303,995 549,921 37,160 21,550 155,679 42,793 642,945 499,963 296,872 23,825

0.01 0.07 0.12 0.02 0.04 0.00 0.00 0.12 0.04 0.02 0.01 0.10 0.05 0.07 0.01 0.04 0.05 0.00 0.09 0.04 0.02 0.00 0.01 0.06 0.04 0.01 0.02 0.06 0.00 0.02 0.01 0.06 0.09 0.07 0.18 0.03 0.03 0.05 0.00 0.00 0.02 0.00 0.06 0.05 0.03 0.00

Schedule of Investments 73

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 77,300 3,600 126,000 6,900 14,700 40,400 81,300 5,600 6,600 5,700 208,200 1,700 501,900 18,900 1,200 33,000 100 400 500 13 49,100 37,400 13,700 19,000 7,100 52,500 14,300 70,300 3,700 6,000 6,000 37,100 7,100 15,200 83,700 900 8,200 19,700 10,600 11,100 500 12,200 13,700 15,000 11,300 6,000

JAPAN (31 DECEMBER 2017: 5.12%) (continued) Marubeni ........................................................................................ Maruichi Steel Tube ....................................................................... Mebuki Financial Group ................................................................ MEIJI Holdings ............................................................................... Mitsubishi ....................................................................................... Mitsubishi Chemical Holdings ...................................................... Mitsubishi Electric ......................................................................... Mitsubishi Heavy Industries .......................................................... Mitsubishi Materials ...................................................................... Mitsubishi Tanabe Pharma ........................................................... Mitsubishi UFJ Financial Group .................................................... Mitsui OSK Lines ........................................................................... Mizuho Financial Group ................................................................ MS&AD Insurance Group Holdings .............................................. NEC ................................................................................................ Nexon ............................................................................................. Nidec .............................................................................................. Nintendo ......................................................................................... Nippon Express .............................................................................. Nippon Prologis (REIT) .................................................................. Nippon Steel & Sumitomo Metal .................................................. Nippon Telegraph & Telephone .................................................... Nissan Motor ................................................................................. Nomura Holdings .......................................................................... Nomura Research Institute .......................................................... NTT Data ........................................................................................ NTT DOCOMO ................................................................................ Obayashi ......................................................................................... Obic ................................................................................................ Omron ............................................................................................ Oracle Japan .................................................................................. ORIX ................................................................................................ Otsuka ............................................................................................ Panasonic ...................................................................................... Renesas Electronics ...................................................................... Ryohin Keikaku .............................................................................. Sekisui Chemical ........................................................................... Seven & i Holdings ........................................................................ Sharp .............................................................................................. Shimizu .......................................................................................... Shin-Etsu Chemical ....................................................................... Shionogi & Co ................................................................................ SoftBank Group ............................................................................. Sony ................................................................................................ Stanley Electric .............................................................................. Sumitomo Heavy Industries ..........................................................

74 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

589,773 122,042 423,166 581,826 408,492 338,256 1,082,263 203,797 181,438 98,495 1,186,250 40,948 845,072 587,655 32,935 479,366 15,009 130,727 36,293 26,971 964,357 1,700,414 133,333 92,320 344,215 604,794 364,391 731,783 306,315 280,052 490,227 586,821 278,513 204,949 820,640 316,887 139,770 859,213 258,385 115,144 44,567 626,824 986,143 767,029 385,627 202,591

0.06 0.01 0.04 0.06 0.04 0.03 0.11 0.02 0.02 0.01 0.12 0.00 0.08 0.06 0.00 0.05 0.00 0.01 0.00 0.00 0.09 0.17 0.01 0.01 0.03 0.06 0.04 0.07 0.03 0.03 0.05 0.06 0.03 0.02 0.08 0.03 0.01 0.08 0.03 0.01 0.00 0.06 0.10 0.08 0.04 0.02

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

JAPAN (31 DECEMBER 2017: 5.12%) (continued) Sumitomo Metal Mining ................................................................ Sumitomo Mitsui Financial Group ................................................ Suzuki Motor .................................................................................. Taiheiyo Cement ............................................................................ THK ................................................................................................. Tokio Marine Holdings .................................................................. Tosoh .............................................................................................. Toyo Seikan Group Holdings ......................................................... Toyota Motor .................................................................................. Trend Micro .................................................................................... Unicharm ....................................................................................... Yamaha Motor ................................................................................ Yaskawa Electric ............................................................................

562,439 244,913 673,855 128,339 240,780 539,155 44,954 319,751 1,443,516 1,363,680 183,553 98,094 250,950

0.06 0.02 0.07 0.01 0.02 0.05 0.00 0.03 0.14 0.13 0.02 0.01 0.02

JAPAN - TOTAL .............................................................................

61,624,942

6.01

LUXEMBOURG (31 DECEMBER 2017: Nil) 41,945 ArcelorMittal .................................................................................. 55,211 Aroundtown .................................................................................... 3,748 RTL Group ......................................................................................

1,229,710 453,488 254,244

0.12 0.04 0.03

LUXEMBOURG - TOTAL ................................................................

1,937,442

0.19

MALTA (31 DECEMBER 2017: 0.01%) 41,567 Brait ................................................................................................ 22,424 Kindred Group (SDR) .....................................................................

129,133 282,744

0.01 0.03

MALTA - TOTAL .............................................................................

411,877

0.04

MEXICO (31 DECEMBER 2017: 0.00%) 91,400 Grupo Financiero Banorte SAB de CV ..........................................

543,032

0.05

MEXICO - TOTAL ............................................................................

543,032

0.05

NETHERLANDS (31 DECEMBER 2017: 0.18%) Aalberts Industries ........................................................................ ABN AMRO Group .......................................................................... ASM International .......................................................................... ASR Nederland .............................................................................. BE Semiconductor Industries ....................................................... Euronext ......................................................................................... Fiat Chrysler Automobiles ............................................................ Gemalto .......................................................................................... IMCD ............................................................................................... ING Groep ...................................................................................... Koninklijke Boskalis Westminster ................................................

447,751 969,515 253,031 585,332 200,326 330,135 329,638 440,501 344,465 3,284,669 238,199

0.04 0.10 0.03 0.06 0.02 0.03 0.03 0.04 0.03 0.32 0.02

Holding 14,700 6,300 12,200 3,900 8,400 11,500 2,900 18,200 22,300 23,900 6,100 3,900 7,100

9,349 37,371 4,576 14,332 7,402 5,193 17,285 7,573 5,131 228,204 8,177

Schedule of Investments 75

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

NETHERLANDS (31 DECEMBER 2017: 0.18%) (continued) Koninklijke Philips ......................................................................... Koninklijke Vopak .......................................................................... LyondellBasell Industries ............................................................. NXP Semiconductors .................................................................... SBM Offshore ................................................................................. Signify .............................................................................................

353,663 298,544 507,068 1,326,429 265,008 256,974

0.03 0.03 0.05 0.13 0.03 0.03

NETHERLANDS - TOTAL ...............................................................

10,431,248

1.02

NORWAY (31 DECEMBER 2017: Nil) Aker BP .......................................................................................... DNB ................................................................................................ Gjensidige Forsikring .................................................................... Norsk Hydro ................................................................................... Schibsted ....................................................................................... Storebrand ..................................................................................... TGS NOPEC Geophysical ...............................................................

388,733 936,658 301,675 508,373 236,408 367,803 367,270

0.04 0.09 0.03 0.05 0.02 0.04 0.03

NORWAY - TOTAL ..........................................................................

3,106,920

0.30

POLAND (31 DECEMBER 2017: Nil) 50,547 Cyfrowy Polsat ...............................................................................

312,413

0.03

POLAND - TOTAL ...........................................................................

312,413

0.03

PORTUGAL (31 DECEMBER 2017: Nil) 878,001 Banco Comercial Portugues .........................................................

263,863

0.03

PORTUGAL - TOTAL ......................................................................

263,863

0.03

PUERTO RICO (31 DECEMBER 2017: 0.05%) 13,655 Evertec ........................................................................................... 66,546 First BanCorp ................................................................................ 19,629 OFG Bancorp ..................................................................................

298,362 509,077 275,787

0.03 0.05 0.03

PUERTO RICO - TOTAL ..................................................................

1,083,226

0.11

SOUTH AFRICA (31 DECEMBER 2017: 0.02%) 22,755 AngloGold Ashanti ......................................................................... 3,591 Barclays Africa Group ................................................................... 180,290 Zeder Investments .........................................................................

186,141 41,917 70,505

0.02 0.00 0.01

SOUTH AFRICA - TOTAL ...............................................................

298,563

0.03

Holding 8,316 6,462 4,616 12,139 17,034 9,892

10,533 47,923 18,404 84,924 7,782 45,600 9,978

SINGAPORE (31 DECEMBER 2017: 0.11%)

76 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

SOUTH KOREA (31 DECEMBER 2017: 0.25%) Kakao ............................................................................................. NAVER ............................................................................................ Samsung Electronics .................................................................... Samsung Electronics (Preference) ...............................................

1,081,406 1,506,831 998,758 525,174

0.10 0.15 0.10 0.05

SOUTH KOREA - TOTAL ................................................................

4,112,169

0.40

SPAIN (31 DECEMBER 2017: 0.09%) Amadeus IT Group ......................................................................... Banco Bilbao Vizcaya Argentaria .................................................. Banco de Sabadell ......................................................................... Banco Santander ........................................................................... Bolsas y Mercados Espanoles ...................................................... CaixaBank ...................................................................................... Cellnex Telecom ............................................................................ Distribuidora Internacional de Alimentacion ............................... Gamesa Corp Tecnologica ............................................................ Mapfre ............................................................................................ Merlin Properties Socimi (REIT) ................................................... Viscofan ..........................................................................................

1,891,629 2,447,070 512,919 4,883,043 236,642 917,260 375,764 150,228 293,598 292,534 517,486 259,630

0.18 0.24 0.05 0.48 0.02 0.09 0.04 0.01 0.03 0.03 0.05 0.03

SPAIN - TOTAL ..............................................................................

12,777,803

1.25

SWEDEN (31 DECEMBER 2017: 0.08%) BillerudKorsnas ............................................................................. Boliden ........................................................................................... Bure Equity .................................................................................... Castellum ....................................................................................... Fabege ............................................................................................ Fastighets Balder .......................................................................... Getinge ........................................................................................... Hexagon ......................................................................................... Hexpol ............................................................................................ Husqvarna ...................................................................................... ICA Gruppen ................................................................................... Kinnevik .......................................................................................... L E Lundbergforetagen ................................................................. Lifco ................................................................................................ Loomis ........................................................................................... Lundin Petroleum .......................................................................... Nibe Industrier ............................................................................... Nordea Bank .................................................................................. Ratos .............................................................................................. Saab ................................................................................................ Skandinaviska Enskilda Banken ...................................................

244,319 561,060 66,516 432,075 326,279 249,821 198,102 885,934 258,795 383,673 1,054,798 41,098 223,027 156,326 243,871 575,073 354,458 1,104,550 98,232 270,787 745,754

0.02 0.06 0.01 0.04 0.03 0.02 0.02 0.09 0.03 0.04 0.10 0.00 0.02 0.02 0.02 0.06 0.03 0.11 0.01 0.03 0.07

Holding 10,526 2,201 23,861 15,546

23,967 345,061 306,034 910,779 7,167 211,988 14,900 51,571 21,857 96,926 35,586 3,811

17,244 17,272 5,880 26,630 27,310 9,559 21,745 15,867 24,841 40,371 34,351 1,198 7,250 4,384 7,006 18,007 32,983 114,526 29,332 6,512 78,341

Schedule of Investments 77

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

SWEDEN (31 DECEMBER 2017: 0.08%) (continued) Svenska Handelsbanken ............................................................... Swedbank ....................................................................................... Swedish Orphan Biovitrum ........................................................... Tele2 ...............................................................................................

1,286,056 636,375 351,137 402,179

0.13 0.06 0.03 0.04

SWEDEN - TOTAL ..........................................................................

11,150,295

1.09

SWITZERLAND (31 DECEMBER 2017: 0.11%) ABB ................................................................................................ Aryzta ............................................................................................. Barry Callebaut .............................................................................. BB Biotech ..................................................................................... Bucher Industries .......................................................................... Cembra Money Bank ..................................................................... Chubb ............................................................................................. Credit Suisse Group ...................................................................... DKSH Holding ................................................................................ dormakaba Holding ....................................................................... Flughafen Zurich ........................................................................... Garmin ........................................................................................... Glencore ......................................................................................... Julius Baer Group .......................................................................... OC Oerlikon .................................................................................... Pargesa Holding ............................................................................ Partners Group Holding ................................................................ STMicroelectronics ........................................................................ Sunrise mmunications Group ....................................................... UBS Group ..................................................................................... VAT Group ......................................................................................

881,431 135,997 397,966 362,872 214,581 216,083 2,794 2,379,820 216,947 206,332 374,653 19,703 3,482,724 285,076 288,686 313,464 1,232,343 460,472 250,956 2,668,953 281,505

0.09 0.01 0.04 0.04 0.02 0.02 0.00 0.23 0.02 0.02 0.04 0.00 0.34 0.03 0.03 0.03 0.12 0.04 0.02 0.26 0.03

SWITZERLAND - TOTAL ................................................................

14,673,358

1.43

TAIWAN (31 DECEMBER 2017: 0.15%) Advantech ...................................................................................... AU Optronics .................................................................................. Chicony Electronics ....................................................................... China Life Insurance ..................................................................... CTBC Financial Holding ................................................................

791,118 158,243 236,597 610,656 487,402

0.08 0.01 0.02 0.06 0.05

TAIWAN - TOTAL ...........................................................................

2,284,016

0.22

THAILAND (31 DECEMBER 2017: 0.01%) 12,427 Fabrinet ..........................................................................................

458,432

0.04

THAILAND - TOTAL .......................................................................

458,432

0.04

Holding 115,559 29,682 16,072 34,168

40,314 9,066 222 5,402 641 2,749 22 158,063 3,084 295 1,838 323 728,709 4,857 18,871 3,701 1,682 20,611 3,084 172,929 2,108

120,000 374,000 105,000 580,000 677,000

78 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

TURKEY (31 DECEMBER 2017: Nil) 328,893 Akbank ...........................................................................................

539,875

0.05

TURKEY - TOTAL ...........................................................................

539,875

0.05

UNITED KINGDOM (31 DECEMBER 2017: 0.41%) 3i Group .......................................................................................... Allied Minds ................................................................................... Anglo American ............................................................................. Antofagasta .................................................................................... Aptiv ................................................................................................ Auto Trader Group ......................................................................... BAE Systems .................................................................................. Barratt Developments ................................................................... Belmond ......................................................................................... BHP Billiton ................................................................................... BT Group ........................................................................................ Cardtronics .................................................................................... Carnival .......................................................................................... Experian ......................................................................................... Intermediate Capital Group ........................................................... IP Group ......................................................................................... Legal & General Group ................................................................. Melrose Industries ........................................................................ Michael Kors Holdings .................................................................. Nielsen Holdings ........................................................................... Noble .............................................................................................. Rio Tinto (Australia listed) ............................................................. Rio Tinto (UK listed) ....................................................................... Subsea 7 ......................................................................................... TechnipFMC ................................................................................... Travelport Worldwide ....................................................................

718,262 29,708 1,488,492 325,481 17,410 16,453 933,986 622,441 398,356 3,004,001 786,500 385,889 199,722 917,560 299,829 99,268 31,105 337,124 32,101 124,926 517,895 1,605,541 4,208,754 401,634 2,571 721,039

0.07 0.00 0.15 0.03 0.00 0.00 0.09 0.06 0.04 0.29 0.08 0.04 0.02 0.09 0.03 0.01 0.00 0.03 0.01 0.01 0.05 0.16 0.41 0.04 0.00 0.07

UNITED KINGDOM - TOTAL ..........................................................

18,226,048

1.78

UNITED STATES (31 DECEMBER 2017: 39.05%) 3D Systems .................................................................................... 3M ................................................................................................... 8x8 .................................................................................................. A Schulman .................................................................................... AAR ................................................................................................. Abaxis ............................................................................................. Abbott Laboratories ....................................................................... AbbVie ............................................................................................ Abercrombie & Fitch ..................................................................... ABIOMED ....................................................................................... ABM Industries ..............................................................................

503,927 50,557 317,813 431,472 507,578 311,121 83,495 372,731 525,316 8,999 595,914

0.05 0.01 0.03 0.04 0.05 0.03 0.01 0.04 0.05 0.00 0.06

Holding

60,408 21,430 66,523 24,902 190 2,926 109,374 91,474 35,727 133,372 273,517 15,959 3,480 37,076 20,608 59,297 8,857 120,051 482 4,039 81,816 26,043 75,883 25,113 81 38,891

36,490 257 15,851 9,696 10,918 3,748 1,369 4,023 21,459 22 20,422

Schedule of Investments 79

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 25,971 16,704 1,379 14,509 237 1,664 994 26,106 6,459 15,451 1,998 667 34,717 1,075 10,595 2,344 6,576 99,873 758 33 50 1,759 35,326 25,923 68 573 29,659 12,021 221 11,482 779 29,338 1,346 27,184 219 5,894 394 2,679 2,512 7,145 821 2,466 4,777 1,232 490 10,793

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Acadia Realty Trust (REIT) ............................................................. Acorda Therapeutics ..................................................................... Activision Blizzard ......................................................................... Actuant ........................................................................................... Acuity Brands ................................................................................. Adobe Systems .............................................................................. Advanced Energy Industries .......................................................... Advanced Micro Devices ................................................................ AdvanSix ......................................................................................... Aegion ............................................................................................ Aerojet Rocketdyne Holdings ........................................................ Aerovironment ............................................................................... AES ................................................................................................. Affiliated Managers Group ............................................................ Aflac ............................................................................................... Agilysys .......................................................................................... Agree Realty (REIT) ........................................................................ AK Steel Holding ............................................................................ Albany International ...................................................................... Alexion Pharmaceuticals .............................................................. Align Technology ........................................................................... Allegiant Travel .............................................................................. Allison Transmission Holdings ..................................................... Allstate ........................................................................................... Alphabet ......................................................................................... Alphabet ......................................................................................... Altria Group .................................................................................... AMAG Pharmaceuticals ................................................................ Amazon.com .................................................................................. Ambac Financial Group ................................................................. Amedisys ........................................................................................ American Axle & Manufacturing Holdings ................................... American Electric Power .............................................................. American Equity Investment Life Holding .................................... American National Insurance ....................................................... American Public Education ........................................................... American Woodmark ..................................................................... Ameriforge Group .......................................................................... Ameriprise Financial ..................................................................... Ameris Bancorp ............................................................................. Amerisafe ....................................................................................... AMETEK ......................................................................................... Amgen ............................................................................................ AMN Healthcare Services ............................................................. Analog Devices .............................................................................. Andersons ......................................................................................

80 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

710,826 479,405 105,245 425,839 27,461 405,700 57,741 391,329 236,593 397,863 58,921 47,644 465,555 159,820 455,797 36,332 347,016 433,449 45,594 4,097 17,107 244,413 1,430,350 2,365,992 76,785 639,267 1,684,335 234,410 375,656 227,918 66,573 456,499 93,211 978,624 26,190 248,137 36,071 168,776 351,379 381,186 47,413 177,947 881,786 72,195 47,001 369,121

0.07 0.05 0.01 0.04 0.00 0.04 0.01 0.04 0.02 0.04 0.01 0.00 0.05 0.02 0.04 0.00 0.03 0.04 0.00 0.00 0.00 0.02 0.14 0.23 0.01 0.06 0.16 0.02 0.04 0.02 0.01 0.04 0.01 0.10 0.00 0.02 0.00 0.02 0.03 0.04 0.00 0.02 0.09 0.01 0.00 0.04

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 16,581 9,048 33 293 812 4,124 1,043 30,501 9,842 19,933 5,621 11,929 557 604 8,654 5,388 40,636 17,414 9,319 4,446 12,612 6,492 65,762 1,230 8,567 6,445 23,209 21,514 7,650 4,384 21 3,390 138,891 1,447 9,114 8,764 1,011 4,925 4,414 2,237 471,818 2,197 51,795 3,501 7,500 1,129

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) AngioDynamics .............................................................................. Anixter International ...................................................................... ANSYS ............................................................................................ Anthem ........................................................................................... Apache ........................................................................................... Apartment Investment & Management (REIT) ............................. Apogee Enterprises ....................................................................... Apollo Commercial Real Estate Finance (REIT) ........................... Apollo Global Management ........................................................... Apollo Investment .......................................................................... Apple .............................................................................................. Applied Industrial Technologies ................................................... Applied Materials ........................................................................... Applied Optoelectronics ................................................................ ArcBest .......................................................................................... Arch Capital Group ........................................................................ Archrock ......................................................................................... Ares Capital ................................................................................... Arista Networks ............................................................................. Armada Hoffler Properties (REIT) ................................................. ARMOUR Residential (REIT) .......................................................... Asbury Automotive Group ............................................................. Ascena Retail Group ...................................................................... ASGN .............................................................................................. Associated Banc ............................................................................ Astec Industries ............................................................................. AT&T ............................................................................................... Athene Holding .............................................................................. Atlas Air Worldwide Holdings ....................................................... Autodesk ........................................................................................ AutoZone ........................................................................................ Avery Dennison .............................................................................. Avon Products ................................................................................ Axon Enterprise ............................................................................. AZZ ................................................................................................. B&G Foods ..................................................................................... Badger Meter ................................................................................. Balchem ......................................................................................... Banc of California .......................................................................... BancorpSouth Bank ...................................................................... Bank of America ............................................................................ Bank of Hawaii ............................................................................... Bank of New York Mellon .............................................................. Bank of the Ozarks ........................................................................ Banner ........................................................................................... Barnes Group .................................................................................

Fair Value USD

% of Value of Sub-Fund

368,761 572,738 5,748 69,743 37,961 174,445 50,241 557,558 313,665 111,027 1,040,503 836,819 25,728 27,120 395,488 142,566 487,632 286,460 2,399,549 66,245 287,680 445,027 262,062 96,174 233,879 385,411 745,241 943,174 548,505 574,699 14,090 346,119 225,003 91,421 396,003 262,044 45,192 483,340 86,294 73,709 13,300,549 183,274 2,793,304 157,685 450,975 66,498

0.04 0.06 0.00 0.01 0.00 0.02 0.01 0.05 0.03 0.01 0.10 0.08 0.00 0.00 0.04 0.01 0.05 0.03 0.23 0.01 0.03 0.04 0.03 0.01 0.02 0.04 0.07 0.09 0.05 0.06 0.00 0.03 0.02 0.01 0.04 0.03 0.00 0.05 0.01 0.01 1.30 0.02 0.27 0.02 0.04 0.01

Schedule of Investments 81

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 49,177 17,276 1,039 8,377 12,967 420 1,003 3,145 119 7,148 18,458 14,466 7,641 3,135 12,294 223 8,125 2,653 36,384 951 9,003 20,156 7,644 11,553 1,092 2,565 1,824 10,352 16,856 609 7,125 5,631 513 14,688 2,847 5,357 8,217 5,320 455 19 57,591 2,415 3,024 248 9,474 6,518

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) BB&T .............................................................................................. Benchmark Electronics ................................................................. Berkshire Hathaway ...................................................................... Berkshire Hills Bancorp ................................................................ Best Buy ......................................................................................... Biogen ............................................................................................ BioTelemetry ................................................................................. BJ's Restaurants ........................................................................... BlackRock ...................................................................................... BlackRock Capital Investment ...................................................... Blackstone Group .......................................................................... Blucora ........................................................................................... Boeing ............................................................................................ BofI Holding ................................................................................... Boise Cascade ............................................................................... Booking Holdings .......................................................................... Booz Allen Hamilton Holding ........................................................ BorgWarner ................................................................................... Boston Private Financial Holdings ............................................... Bottomline Technologies de ......................................................... Brady .............................................................................................. Briggs & Stratton .......................................................................... Bristol-Myers Squibb .................................................................... Bristow Group ................................................................................ Broadcom ...................................................................................... Brookline Bancorp ........................................................................ Brooks Automation ........................................................................ Buckle ............................................................................................ C&J Energy Services ..................................................................... Cabot Microelectronics ................................................................. CACI International ......................................................................... Cal-Maine Foods ........................................................................... Calavo Growers .............................................................................. Caleres ........................................................................................... Callaway Golf ................................................................................. Cambrex ......................................................................................... Campbell Soup .............................................................................. Cannae Holdings ........................................................................... Capella Education .......................................................................... Capital One Financial .................................................................... Capstead Mortgage (REIT) ............................................................ Career Education ........................................................................... CareTrust (REIT) ............................................................................ Carlisle ........................................................................................... Carlyle Group ................................................................................. Carnival ..........................................................................................

82 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

2,480,488 503,595 193,929 340,106 967,079 121,901 45,135 188,700 59,386 41,673 593,794 535,242 2,563,632 128,253 549,542 452,041 355,306 114,503 578,506 47,388 347,066 354,947 423,019 163,013 264,963 47,709 59,499 278,469 397,802 65,504 1,200,919 258,181 49,325 505,120 54,008 280,171 333,117 98,686 44,909 1,746 515,439 39,051 50,471 26,861 201,796 373,547

0.24 0.05 0.02 0.03 0.09 0.01 0.00 0.02 0.01 0.00 0.06 0.05 0.25 0.01 0.05 0.04 0.03 0.01 0.06 0.00 0.03 0.03 0.04 0.02 0.03 0.00 0.01 0.03 0.04 0.01 0.12 0.03 0.01 0.05 0.01 0.03 0.03 0.01 0.00 0.00 0.05 0.00 0.01 0.00 0.02 0.04

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 23,602 3,471 1,718 8,957 249 62,777 280 1,102 18,926 10,468 445 395 17,586 1,474 3,525 14,067 889 1,018 48,386 289 9,473 168 22,732 375 2,282 12,321 10,487 43,753 2,095 1,006 2,049 6,945 51,450 80,536 52,640 195 621 6,656 4,132 6,368 12,630 17,854 13,045 30,645 15,949 1,151

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Carrizo Oil & Gas ........................................................................... Caterpillar ...................................................................................... Cathay General Bancorp ............................................................... Cato ................................................................................................ Cavco Industries ............................................................................ CBL & Associates Properties (REIT) ............................................. CBOE Holdings .............................................................................. CBRE Group ................................................................................... CDK Global ..................................................................................... Cedar Realty Trust (REIT) .............................................................. Celgene .......................................................................................... Centene .......................................................................................... CenterPoint Energy ....................................................................... Central Garden & Pet .................................................................... Central Pacific Financial ............................................................... Century Aluminum ........................................................................ Cerner ............................................................................................ CEVA ............................................................................................... CF Industries Holdings .................................................................. CH Robinson Worldwide ................................................................ Chart Industries ............................................................................. Charter mmunications .................................................................. Chatham Lodging Trust (REIT) ...................................................... Chemed .......................................................................................... Chemical Financial ........................................................................ Chesapeake Lodging Trust (REIT) ................................................ Chevron .......................................................................................... Chico's FAS .................................................................................... Children's Place ............................................................................ Church & Dwight ........................................................................... Cigna .............................................................................................. CIRCOR International .................................................................... Cisco Systems ................................................................................ Citigroup ........................................................................................ Citizens Financial Group ............................................................... City Holding .................................................................................... CNA Financial ................................................................................ CNX Resources .............................................................................. Coca-Cola ...................................................................................... Cognex ........................................................................................... Cognizant Technology Solutions ................................................... Colgate-Palmolive ......................................................................... Columbia Banking System ............................................................ Comcast ......................................................................................... Comerica ........................................................................................ Comfort Systems USA ...................................................................

Fair Value USD

% of Value of Sub-Fund

657,316 470,911 69,562 220,521 51,705 349,668 29,140 52,609 1,231,136 49,409 35,342 48,668 487,308 59,653 100,991 221,555 53,153 30,744 2,148,338 24,178 584,295 49,259 482,373 120,679 127,039 389,836 1,325,871 356,149 253,076 53,479 348,228 256,687 2,213,894 5,389,469 2,047,696 14,670 28,367 118,344 181,230 284,076 997,644 1,157,118 533,541 1,005,462 1,450,083 52,716

0.06 0.05 0.01 0.02 0.01 0.03 0.00 0.01 0.12 0.01 0.00 0.01 0.05 0.01 0.01 0.02 0.01 0.00 0.21 0.00 0.06 0.01 0.05 0.01 0.01 0.04 0.13 0.04 0.03 0.01 0.03 0.03 0.22 0.53 0.20 0.00 0.00 0.01 0.02 0.03 0.10 0.11 0.05 0.10 0.14 0.01

Schedule of Investments 83

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 14,834 41,392 13,853 4,770 8,448 61,406 5,299 1,561 796 4,798 2,677 15,087 1,397 14,280 338 2,097 6,113 7,150 8,116 4,746 2,808 984 11,431 18,783 28,474 32,771 4,506 25,523 1,193 32,620 7,569 122,172 59,577 25,490 3,689 3,122 13,467 15,476 314 1,194 429 162 875 13,283 5,350 3,928

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Community Bank System .............................................................. Community Health Systems .......................................................... Community Healthcare Trust (REIT) ............................................. Compass Diversified Holdings ...................................................... Comtech Telecommunications ..................................................... Conagra Brands ............................................................................. ConMed .......................................................................................... ConocoPhillips ............................................................................... CONSOL Energy ............................................................................. Cooper-Standard Holdings ........................................................... Corcept Therapeutics .................................................................... Core-Mark Holding ........................................................................ CoreCivic (REIT) ............................................................................. Cray ................................................................................................ Credit Acceptance ......................................................................... Crocs .............................................................................................. Crown Holdings ............................................................................. CSG Systems International ........................................................... CTS ................................................................................................. Cubic .............................................................................................. Cullen/Frost Bankers .................................................................... Cummins ........................................................................................ Customers Bancorp ...................................................................... CVB Financial ................................................................................. CVS Health ..................................................................................... Cypress Semiconductor ................................................................ Darden Restaurants ...................................................................... Darling Ingredients ........................................................................ Dave & Buster's Entertainment .................................................... Dean Foods .................................................................................... Delta Air Lines ............................................................................... Denbury Resources ....................................................................... DiamondRock Hospitality (REIT) ................................................... Diebold Nixdorf .............................................................................. Dime Community Bancshares ...................................................... DineEquity ...................................................................................... Diodes ............................................................................................ Diplomat Pharmacy ....................................................................... Discover Financial Services .......................................................... DISH Network ................................................................................ Dollar General ............................................................................... Dollar Tree ..................................................................................... Domtar ........................................................................................... Donnelley Financial Solutions ....................................................... Dorman Products .......................................................................... Dover ..............................................................................................

84 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

876,244 137,421 413,789 82,521 269,322 2,194,036 387,887 108,677 30,527 626,955 42,082 342,475 33,374 351,288 119,449 36,928 273,618 292,221 292,176 304,693 303,938 130,872 324,412 421,115 1,832,302 510,572 482,412 507,397 56,787 342,836 374,968 587,647 731,606 304,606 71,936 233,526 464,207 395,567 22,109 40,130 42,299 13,770 41,773 230,726 365,459 287,530

0.09 0.01 0.04 0.01 0.03 0.21 0.04 0.01 0.00 0.06 0.00 0.03 0.00 0.03 0.01 0.00 0.03 0.03 0.03 0.03 0.03 0.01 0.03 0.04 0.18 0.05 0.05 0.05 0.01 0.03 0.04 0.06 0.07 0.03 0.01 0.02 0.05 0.04 0.00 0.00 0.00 0.00 0.00 0.02 0.04 0.03

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 1,609 23,658 11,431 5,863 6,535 7,301 606 2,068 569 10,057 131 15,018 389 1,024 7,709 404 912 7,389 11,052 574 8,204 6,521 453 749 14,739 28 11,380 877 95 1,284 28,033 6,672 12,254 65 3,593 11,185 19,045 8,588 10,703 663 12,964 22 20,498 12,229 85,040 11,302

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) DowDuPont .................................................................................... DSW ................................................................................................ DXC Technology ............................................................................. DXP Enterprises ............................................................................ E*TRADE Financial ........................................................................ East West Bancorp ........................................................................ EastGroup Properties (REIT) ......................................................... Eastman Chemical ........................................................................ Ebix ................................................................................................. Echo Global Logistics .................................................................... Edwards Lifesciences .................................................................... Electronics For Imaging ................................................................ Eli Lilly & Co .................................................................................. Emergent BioSolutions ................................................................. Employers Holdings ...................................................................... Enanta Pharmaceuticals ............................................................... Encore Capital Group .................................................................... Encore Wire ................................................................................... Enova International ....................................................................... EnPro Industries ............................................................................ Ensign Group ................................................................................. Entergy ........................................................................................... ePlus .............................................................................................. ESCO Technologies ....................................................................... Essendant ...................................................................................... Essex Property Trust (REIT) .......................................................... Ethan Allen Interiors ..................................................................... ExlService Holdings ....................................................................... Expeditors International of Washington ....................................... Exponent ........................................................................................ Express .......................................................................................... Express Scripts Holding ................................................................ Exterran ......................................................................................... Extra Space Storage (REIT) ........................................................... Extreme Networks ......................................................................... Exxon Mobil .................................................................................... EZCORP .......................................................................................... F5 Networks ................................................................................... Facebook ........................................................................................ FARO Technologies ....................................................................... Federal Signal ................................................................................ Fidelity National Information Services ......................................... Fidelity Southern ........................................................................... Fiesta Restaurant Group ............................................................... Fifth Third Bancorp ....................................................................... Financial Engines ..........................................................................

Fair Value USD

% of Value of Sub-Fund

106,065 610,850 921,453 223,967 399,681 476,025 57,909 206,717 43,386 294,167 19,070 488,986 33,193 51,702 309,902 46,824 33,379 350,608 403,951 40,151 293,867 526,832 42,627 43,217 194,850 6,694 278,810 49,647 6,945 62,017 256,502 515,145 306,840 6,488 28,600 925,335 229,492 1,481,001 2,079,807 36,034 301,932 2,333 520,854 350,972 2,440,648 507,460

0.01 0.06 0.09 0.02 0.04 0.05 0.01 0.02 0.00 0.03 0.00 0.05 0.00 0.01 0.03 0.00 0.00 0.03 0.04 0.00 0.03 0.05 0.00 0.00 0.02 0.00 0.03 0.01 0.00 0.01 0.03 0.05 0.03 0.00 0.00 0.09 0.02 0.14 0.20 0.00 0.03 0.00 0.05 0.03 0.24 0.05

Schedule of Investments 85

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 35,780 7,705 17,866 9,336 32,627 9,474 1,082 6,260 2,647 55,972 819 13,902 1,151 6,415 53,013 88,535 14,902 11,255 3,718 13,360 31,561 39,257 100 221 1,725 8,745 7,969 9,060 11,388 11,676 28,006 2,953 8,373 4,583 32,800 18,685 1,129 13,070 8,360 8,571 6,414 18,777 15,377 246 6,884 641

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Finisar ............................................................................................ First Commonwealth Financial ..................................................... First Financial Bancorp ................................................................. First Financial Bankshares ........................................................... First Midwest Bancorp .................................................................. First Solar ...................................................................................... FirstCash ........................................................................................ FLIR Systems ................................................................................. FormFactor .................................................................................... Fortinet ........................................................................................... Forward Air .................................................................................... Fossil Group ................................................................................... Fox Factory Holding ....................................................................... Franklin Electric ............................................................................ Franklin Street Properties (REIT) ................................................. Freeport-McMoRan ....................................................................... FS Investment ................................................................................ FTI Consulting ................................................................................ Fulton Financial ............................................................................. G-III Apparel Group ....................................................................... GameStop ....................................................................................... Gannett ........................................................................................... Gap ................................................................................................. General Dynamics ......................................................................... General Electric ............................................................................. General Mills .................................................................................. Genesco ......................................................................................... Gentherm ....................................................................................... Gibraltar Industries ....................................................................... Glacier Bancorp ............................................................................. GoDaddy ......................................................................................... Goldman Sachs BDC ..................................................................... Goldman Sachs Group ................................................................... Golub Capital BDC ......................................................................... Government Properties Income Trust (REIT) ............................... Great Western Bancorp ................................................................. Green Dot ....................................................................................... Green Plains .................................................................................. Greenbrier ...................................................................................... Greenhill & Co ............................................................................... Group 1 Automotive ....................................................................... Guess? ............................................................................................ Guidewire Software ....................................................................... H&R Block ..................................................................................... Haemonetics .................................................................................. Halliburton .....................................................................................

86 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

644,040 119,505 547,593 475,202 831,010 498,901 97,218 325,332 35,205 3,494,332 48,387 373,547 53,579 289,317 453,791 1,528,114 109,530 680,702 61,347 593,184 459,844 420,050 3,239 41,197 23,477 387,054 316,369 356,058 427,050 451,628 1,977,224 60,477 1,846,833 83,869 519,880 784,583 82,857 239,181 440,990 243,416 404,082 401,828 1,365,170 5,604 617,357 28,883

0.06 0.01 0.05 0.05 0.08 0.05 0.01 0.03 0.00 0.34 0.01 0.04 0.01 0.03 0.04 0.15 0.01 0.07 0.01 0.06 0.05 0.04 0.00 0.00 0.00 0.04 0.03 0.04 0.04 0.04 0.19 0.01 0.18 0.01 0.05 0.08 0.01 0.02 0.04 0.02 0.04 0.04 0.13 0.00 0.06 0.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 1,397 3,236 2,893 2,154 246 12,443 248 15,674 5,578 8,739 1,346 7,034 45,768 7,082 17,318 1,712 366 1,067 31,402 9,815 670 893 17,115 3,854 6,071 2,869 13,500 2,945 44,408 13,341 2,485 69,289 10,971 70 2 230 20,397 3,462 1,314 68 44,914 5,093 3,755 1,070 7,644 4,625

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Hancock Whitney ........................................................................... Hanmi Financial ............................................................................. Harley-Davidson ............................................................................ Harsco ............................................................................................ Hartford Financial Services Group ............................................... Haverty Furniture .......................................................................... Hawaiian Electric Industries ......................................................... Hawaiian Holdings ......................................................................... Haynes International ..................................................................... HB Fuller ........................................................................................ HealthEquity .................................................................................. Heidrick & Struggles International ............................................... Helix Energy Solutions Group ....................................................... Hercules Capital ............................................................................ Hersha Hospitality Trust (REIT) .................................................... Hershey .......................................................................................... Hewlett Packard Enterprise .......................................................... HFF ................................................................................................. HighPoint Resources ..................................................................... Hillenbrand .................................................................................... Hilton Grand Vacations .................................................................. Hilton Worldwide Holdings ............................................................ HMS Holdings ................................................................................ HollyFrontier .................................................................................. Home BancShares ......................................................................... Home Depot ................................................................................... HomeStreet .................................................................................... Honeywell International ................................................................ Hope Bancorp ................................................................................ Horace Mann Educators ................................................................ Host Hotels & Resorts (REIT) ........................................................ HP ................................................................................................... Hub Group ...................................................................................... Humana .......................................................................................... Huntington Bancshares ................................................................ Huntington Ingalls Industries ....................................................... Huntsman ...................................................................................... IAC/InterActive ............................................................................... II-VI ................................................................................................. Illumina .......................................................................................... Independence Realty Trust (REIT) ................................................ Independent Bank ......................................................................... Infinity Property & Casualty .......................................................... Ingevity ........................................................................................... Innophos Holdings ......................................................................... Innospec .........................................................................................

Fair Value USD

% of Value of Sub-Fund

65,170 91,741 121,737 47,603 12,578 268,769 8,506 563,480 204,936 469,110 101,085 246,190 381,247 89,587 371,471 159,319 5,347 36,651 190,924 462,777 23,249 70,690 370,026 263,729 136,962 559,742 363,825 424,227 791,795 595,009 52,359 1,572,167 546,356 20,834 30 49,862 595,592 527,920 57,093 18,992 463,063 399,291 534,524 86,520 363,854 354,044

0.01 0.01 0.01 0.00 0.00 0.03 0.00 0.06 0.02 0.05 0.01 0.02 0.04 0.01 0.04 0.02 0.00 0.00 0.02 0.05 0.00 0.01 0.04 0.03 0.01 0.05 0.04 0.04 0.08 0.06 0.01 0.15 0.05 0.00 0.00 0.01 0.06 0.05 0.01 0.00 0.05 0.04 0.05 0.01 0.04 0.03

Schedule of Investments 87

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 2,189 451 11,979 924 695 8,428 808 11,444 1,905 1,901 7,928 104 5,751 11,771 997 13,752 25,671 15,149 2,294 774 7,076 1,983 104,133 13,592 221 3,970 796 6,690 133,900 52,295 5,058 8,834 1,973 26,170 5,851 1,126 10,769 1,526 55,144 4,478 30,954 29,802 26,417 357 29,891 614

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Innoviva .......................................................................................... Inogen ............................................................................................ Insight Enterprises ........................................................................ Insperity ......................................................................................... Installed Building Products ........................................................... Insteel Industries ........................................................................... Integer Holdings ............................................................................ Intel ................................................................................................ Interface ......................................................................................... International Bancshares .............................................................. International Business Machines ................................................. International Game Technology .................................................... INTL. FCStone ................................................................................ Intuit ............................................................................................... Intuitive Surgical ............................................................................ Invacare .......................................................................................... Invesco Mortgage Capital (REIT) ................................................... Investment Technology Group ...................................................... IPG Photonics ................................................................................ iRobot ............................................................................................. Itron ................................................................................................ J&J Snack Foods ........................................................................... JC Penney ...................................................................................... Jefferies Financial Group .............................................................. JM Smucker ................................................................................... John B Sanfilippo & Son ................................................................ John Bean Technologies ............................................................... Johnson & Johnson ....................................................................... JPMorgan Chase & Co .................................................................. Juniper Networks .......................................................................... Kaiser Aluminum ........................................................................... Kaman ............................................................................................ Kansas City Southern .................................................................... KapStone Paper and Packaging ................................................... KAR Auction Services .................................................................... Kellogg ........................................................................................... Kelly Services ................................................................................. KEMET ............................................................................................ KeyCorp .......................................................................................... Kimberly-Clark .............................................................................. Kindred Healthcare ....................................................................... Kite Realty Group Trust (REIT) ...................................................... KKR & Co ....................................................................................... KLA-Tencor .................................................................................... Knowles .......................................................................................... Kohl's .............................................................................................

88 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

30,208 84,035 586,132 88,011 39,302 281,495 52,237 568,881 43,720 81,363 1,107,542 2,417 297,384 2,404,874 477,045 255,787 408,169 316,917 506,125 58,646 424,914 302,348 243,671 309,082 23,753 295,567 70,764 811,765 13,952,381 1,433,929 526,588 615,641 209,059 902,865 320,635 78,674 241,764 36,853 1,077,514 471,713 278,586 509,018 656,462 36,603 457,332 44,761

0.00 0.01 0.06 0.01 0.00 0.03 0.01 0.06 0.00 0.01 0.11 0.00 0.03 0.23 0.05 0.03 0.04 0.03 0.05 0.01 0.04 0.03 0.02 0.03 0.00 0.03 0.01 0.08 1.36 0.14 0.05 0.06 0.02 0.09 0.03 0.01 0.02 0.00 0.11 0.05 0.03 0.05 0.06 0.00 0.04 0.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 851 1,427 3,771 1,030 1,995 3,764 9,317 342 647 1,673 2,028 13,740 187 6,105 784 564 177 2,076 4,019 12,657 1,021 9,801 11,782 698 12,866 8,119 1,186 1,634 964 18,230 11,115 7,485 4,168 5,897 9,308 336 5,735 574 40,439 783 10,687 8,118 12,805 13,764 10,649 765

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Koppers Holdings .......................................................................... Korn/Ferry International ............................................................... Kraft Heinz ..................................................................................... Kraton ............................................................................................ Kulicke & Soffa Industries ............................................................ L3 Technologies ............................................................................. La-Z-Boy ........................................................................................ Lam Research ............................................................................... LCI Industries ................................................................................ Lear ................................................................................................ LegacyTexas Financial Group ....................................................... Leidos Holdings ............................................................................. LendingTree ................................................................................... Lexington Realty Trust (REIT) ....................................................... LHC Group ..................................................................................... Ligand Pharmaceuticals ............................................................... Lincoln National ............................................................................ Lindsay ........................................................................................... Lithia Motors .................................................................................. LivePerson ..................................................................................... Lockheed Martin ............................................................................ Loews ............................................................................................. LogMeIn ......................................................................................... Lowe's Cos ..................................................................................... LSC mmunications ........................................................................ LTC Properties (REIT) .................................................................... Lumber Liquidators Holdings ....................................................... Luminex ......................................................................................... Lydall .............................................................................................. M&T Bank ...................................................................................... M/I Homes ...................................................................................... Magellan Health ............................................................................ Main Street Capital ........................................................................ Manpower Group ........................................................................... ManTech International .................................................................. Marathon Oil .................................................................................. Marathon Petroleum ..................................................................... Marriott Vacations Worldwide ....................................................... Marvell Technology Group ............................................................ Masco ............................................................................................. Mastercard ..................................................................................... Materion ......................................................................................... Matrix Service ................................................................................ Matson ........................................................................................... Matthews International ................................................................. Maxim Integrated Products ..........................................................

Fair Value USD

% of Value of Sub-Fund

32,636 88,374 236,894 47,524 47,521 723,892 285,100 59,115 58,327 310,860 79,133 810,660 39,981 53,297 67,103 116,844 11,018 201,351 380,077 267,063 301,634 473,192 1,216,492 66,708 201,482 347,006 28,879 48,252 42,079 3,101,835 294,325 718,186 158,634 507,496 499,281 7,009 402,368 64,839 867,012 29,300 2,100,209 439,590 234,972 528,262 626,161 44,875

0.00 0.01 0.02 0.00 0.00 0.07 0.03 0.01 0.01 0.03 0.01 0.08 0.00 0.01 0.01 0.01 0.00 0.02 0.04 0.03 0.03 0.05 0.12 0.01 0.02 0.03 0.00 0.01 0.00 0.30 0.03 0.07 0.02 0.05 0.05 0.00 0.04 0.01 0.08 0.00 0.21 0.04 0.02 0.05 0.06 0.00

Schedule of Investments 89

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 1,888 2,934 192 358 8,434 11,932 306 5,158 2,832 1,365 2,650 1,384 7,118 7,144 895 546 25,151 8,569 2,354 6,949 2,364 1,809 10,311 1,068 5,516 50,639 5,303 7,009 18,119 1,885 912 2,298 18,627 1,070 1,267 15,329 6,850 17,296 559 1,316 356 60 9,893 21,820 5,623 46,934

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) MaxLinear ...................................................................................... MB Financial .................................................................................. McDonald's .................................................................................... McKesson ....................................................................................... MDC Holdings ................................................................................ Medicines ....................................................................................... Medifast ......................................................................................... Medley Capital ............................................................................... Merck & Co .................................................................................... Mercury Systems ........................................................................... Meridian Bioscience ...................................................................... Merit Medical Systems .................................................................. Meritage Homes ............................................................................ Methode Electronics ...................................................................... MetLife ........................................................................................... Microchip Technology .................................................................... Micron Technology ........................................................................ Microsoft ........................................................................................ MicroStrategy ................................................................................ Mobile Mini ..................................................................................... Momenta Pharmaceuticals ........................................................... Monotype Imaging Holdings .......................................................... Monro Muffler Brake ..................................................................... Monster Beverage ......................................................................... Moog ............................................................................................... Morgan Stanley .............................................................................. Movado Group ................................................................................ MTS Systems ................................................................................. Mueller Industries ......................................................................... Myriad Genetics ............................................................................. Nanometrics .................................................................................. National Bank Holdings ................................................................ National Instruments .................................................................... National Oilwell Varco ................................................................... Natus Medical ................................................................................ Navigant Consulting ...................................................................... Navigators Group ........................................................................... NBT Bancorp ................................................................................. Neenah Paper ................................................................................ Neogen ........................................................................................... NetApp ........................................................................................... Netflix ............................................................................................. NetGear .......................................................................................... New Media Investment Group ....................................................... New Mountain Finance .................................................................. New York Community Bancorp .....................................................

90 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

29,434 137,018 30,084 47,757 259,514 437,904 49,009 17,898 171,902 51,952 42,135 70,861 312,836 287,903 39,022 49,659 1,318,918 844,989 300,724 325,908 48,344 36,723 599,069 61,196 430,027 2,400,289 256,135 369,024 534,692 70,442 32,294 88,680 781,961 46,438 43,712 339,384 390,450 659,842 47,431 105,530 27,957 23,486 618,313 403,234 76,473 518,151

0.00 0.01 0.00 0.00 0.03 0.04 0.01 0.00 0.02 0.01 0.00 0.01 0.03 0.03 0.00 0.01 0.13 0.08 0.03 0.03 0.01 0.00 0.06 0.01 0.04 0.23 0.03 0.04 0.05 0.01 0.00 0.01 0.08 0.00 0.00 0.03 0.04 0.06 0.00 0.01 0.00 0.00 0.06 0.04 0.01 0.05

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 295 29,427 2,356 2,131 4,445 6,136 38,116 537 20,077 946 2,413 35 10,524 27,857 167,297 18,587 39,142 1,131 5,624 26,287 10,983 612 5,564 2,171 1,674 3,853 23,037 6,119 291 1,544 947 4,094 7,388 1,661 784 6,132 19,781 2,174 5,504 31,615 24,718 87 1,099 14,649 4,468 28,426

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Newmont Mining ........................................................................... Newpark Resources ...................................................................... NIC ................................................................................................. NMI Holdings ................................................................................. Northern Trust ............................................................................... Northfield Bancorp ........................................................................ Northwest Bancshares ................................................................. NRG Energy ................................................................................... Nucor ............................................................................................. Nutrisystem ................................................................................... NVIDIA ............................................................................................ O'Reilly Automotive ....................................................................... Oaktree Specialty Lending ............................................................ Oclaro ............................................................................................. Office Depot ................................................................................... Oil States International ................................................................. Old National Bancorp .................................................................... Omnicell ......................................................................................... Omnicom Group ............................................................................. ON Semiconductor ........................................................................ OneSpan ......................................................................................... Opus Bank ...................................................................................... Oracle ............................................................................................. OraSure Technologies ................................................................... Oritani Financial ............................................................................ OSI Systems ................................................................................... Owens & Minor .............................................................................. Oxford Industries ........................................................................... Oxford Square Capital ................................................................... PACCAR ......................................................................................... Packaging Corp of America .......................................................... PacWest Bancorp .......................................................................... Palo Alto Networks ........................................................................ Park Electrochemical .................................................................... Patrick Industries .......................................................................... Patterson ....................................................................................... PDC Energy .................................................................................... Penn National Gaming .................................................................. PennantPark Investment .............................................................. Pennsylvania Real Estate Investment Trust (REIT) ...................... PennyMac Mortgage Investment Trust (REIT) ............................. People's United Financial ............................................................. Pepsi ............................................................................................... Perficient ........................................................................................ Perspecta ....................................................................................... Pfizer ..............................................................................................

Fair Value USD

% of Value of Sub-Fund

11,124 319,283 36,636 34,735 457,346 101,980 662,837 16,486 1,254,813 36,421 571,640 9,575 50,305 248,763 426,607 596,643 728,041 59,321 428,942 584,491 215,816 17,564 245,150 35,756 27,119 297,952 384,948 507,755 2,008 95,666 105,865 202,325 1,518,012 38,519 44,570 139,012 1,195,761 73,025 38,556 347,449 469,395 1,574 119,648 386,294 91,817 1,031,295

0.00 0.03 0.00 0.00 0.04 0.01 0.06 0.00 0.12 0.00 0.06 0.00 0.01 0.02 0.04 0.06 0.07 0.01 0.04 0.06 0.02 0.00 0.02 0.00 0.00 0.03 0.04 0.05 0.00 0.01 0.01 0.02 0.15 0.00 0.00 0.01 0.12 0.01 0.00 0.03 0.05 0.00 0.01 0.04 0.01 0.10

Schedule of Investments 91

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 103 16,103 917 2,050 3,316 11,058 19,033 858 4,479 14,143 4,446 9,597 9,882 1,237 1,228 936 2,393 20,667 601 21,220 4,669 205 4,075 17 3,979 2,034 801 796 2,307 452 3,101 3,319 1,211 17,994 7,728 521 5,235 4,943 124,664 14,708 11,136 18,200 1,186 7,167 22,234 3,074

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) PG&E .............................................................................................. PH Glatfelter .................................................................................. Phibro Animal Health .................................................................... Philip Morris International ............................................................ Piper Jaffray ................................................................................... Plexus ............................................................................................. PNC Financial Services Group ...................................................... Powell Industries ........................................................................... Power Integrations ........................................................................ PRA Group ..................................................................................... Principal Financial Group .............................................................. ProAssurance ................................................................................ Procter & Gamble .......................................................................... Progress Software ......................................................................... Progressive .................................................................................... Prologis (REIT) ............................................................................... ProPetro Holding ........................................................................... Prospect Capital ............................................................................ Proto Labs ...................................................................................... Provident Financial Services ......................................................... Prudential Financial ...................................................................... PS Business Parks (REIT) ............................................................. PTC ................................................................................................. Public Storage (REIT) .................................................................... Qorvo .............................................................................................. Quaker Chemical ........................................................................... Qualcomm ...................................................................................... Qualys ............................................................................................. Quanex Building Products ............................................................. Ralph Lauren ................................................................................. Rambus .......................................................................................... Ramco-Gershenson Properties Trust (REIT) ............................... Raven Industries ............................................................................ Rayonier Advanced Materials ....................................................... RE/MAX Holdings ........................................................................... Red Hat .......................................................................................... Red Robin Gourmet Burgers ........................................................ REGENXBIO ................................................................................... Regions Financial .......................................................................... Regis .............................................................................................. Renewable Energy Group .............................................................. Rent-A-Center ............................................................................... Repligen ......................................................................................... Republic Services .......................................................................... Retail Opportunity Investments (REIT) ......................................... REX American Resources .............................................................

92 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

4,384 315,458 42,228 165,517 254,835 658,393 2,571,358 29,884 327,191 545,213 235,416 340,214 771,389 48,020 72,636 61,486 37,522 138,676 71,489 584,187 436,598 26,343 382,276 3,857 318,996 315,006 44,952 67,103 41,411 56,825 38,887 43,844 46,563 307,517 405,334 70,007 243,951 354,660 2,216,526 243,270 198,778 267,904 55,789 489,936 426,003 248,902

0.00 0.03 0.00 0.02 0.03 0.06 0.25 0.00 0.03 0.05 0.02 0.03 0.08 0.01 0.01 0.01 0.00 0.01 0.01 0.06 0.04 0.00 0.04 0.00 0.03 0.03 0.00 0.01 0.00 0.01 0.00 0.00 0.00 0.03 0.04 0.01 0.02 0.03 0.22 0.02 0.02 0.03 0.01 0.05 0.04 0.02

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 495 6,850 610 2,389 479 37 1,361 433 10,677 2,250 5,344 3,062 35,987 36,734 22,027 259 10,025 9,398 7,425 5,181 16,555 6,707 8,820 23,144 2,591 616 4,550 24,156 3,940 992 15,504 5,949 1,302 13 2,756 1,390 14,616 12,739 13,254 10,192 7,048 621 14,607 12,872 72,270 396

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) RH ................................................................................................... RLI .................................................................................................. Robert Half International .............................................................. Rockwell Automation .................................................................... Rogers ............................................................................................ Roper Technologies ....................................................................... Ross Stores .................................................................................... S&P Global ..................................................................................... S&T Bancorp .................................................................................. Safeguard Scientifics ..................................................................... Safety Insurance Group ................................................................. Saia ................................................................................................. Salesforce.com .............................................................................. Sally Beauty Holdings .................................................................... Sanmina ......................................................................................... SCANA ............................................................................................ ScanSource .................................................................................... Scholastic ....................................................................................... Schweitzer-Mauduit International ................................................ SEACOR Holdings .......................................................................... Select Medical Holdings ................................................................ Selective Insurance Group ............................................................ Semtech ......................................................................................... ServiceNow .................................................................................... ServisFirst Bancshares ................................................................. Shake Shack .................................................................................. Shutterfly ....................................................................................... Simmons First National ................................................................ Simon Property Group (REIT) ........................................................ Simpson Manufacturing ................................................................ SkyWest .......................................................................................... Skyworks Solutions ....................................................................... Sleep Number ................................................................................ Snap-on .......................................................................................... Solar Capital .................................................................................. Sonic ............................................................................................... Southside Bancshares .................................................................. SpartanNash .................................................................................. Spectrum Pharmaceuticals .......................................................... Splunk ............................................................................................ Sprint .............................................................................................. SPS Commerce ............................................................................. SPX ................................................................................................. SPX FLOW ...................................................................................... SRC Energy .................................................................................... Stamps.com ...................................................................................

Fair Value USD

% of Value of Sub-Fund

69,152 453,402 39,711 397,123 53,389 10,209 115,345 88,284 461,673 28,800 456,378 247,563 4,908,627 588,846 645,391 9,977 404,008 416,425 324,621 296,716 300,473 368,885 414,981 3,991,646 108,122 40,767 409,637 722,264 670,548 61,692 804,658 574,971 37,784 2,089 56,333 47,844 492,267 325,099 277,804 1,010,129 38,341 45,631 511,975 563,407 796,415 100,208

0.01 0.04 0.00 0.04 0.01 0.00 0.01 0.01 0.05 0.00 0.04 0.02 0.48 0.06 0.06 0.00 0.04 0.04 0.03 0.03 0.03 0.04 0.04 0.39 0.01 0.00 0.04 0.07 0.07 0.01 0.08 0.06 0.00 0.00 0.01 0.00 0.05 0.03 0.03 0.10 0.00 0.00 0.05 0.06 0.08 0.01

Schedule of Investments 93

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 8,387 461 11,109 14,907 6,517 8,972 8,309 10,124 392 3,410 3,452 24,782 30,485 11,797 1,387 12,164 2,719 15,675 30,623 845 5,523 6,761 831 6,655 463 8,765 1,290 53 10,413 4,385 19,667 7,968 2,119 2,237 13,650 17,660 1,136 37,709 2,806 488 892 61 98 9,721 1,512 2,859

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Standard Motor Products .............................................................. Standex International .................................................................... State Street .................................................................................... Steel Dynamics .............................................................................. Stepan ............................................................................................ Sterling Bancorp ............................................................................ Steven Madden .............................................................................. Stewart Information Services ....................................................... Strayer Education .......................................................................... Sturm Ruger & Co ......................................................................... Summit Hotel Properties (REIT) ................................................... SunCoke Energy ............................................................................ SunTrust Banks ............................................................................. Super Micro Computer .................................................................. Supernus Pharmaceuticals .......................................................... SuperValu ....................................................................................... SVB Financial Group ...................................................................... Sykes Enterprises .......................................................................... Symantec ....................................................................................... Synchrony Financial ...................................................................... Synovus Financial .......................................................................... Sysco .............................................................................................. T-Mobile US ................................................................................... Tableau Software ........................................................................... Tabula Rasa HealthCare ............................................................... Tailored Brands ............................................................................. Target ............................................................................................. TCF Financial ................................................................................. Team .............................................................................................. Tennant .......................................................................................... Teradyne ........................................................................................ Tetra Tech ...................................................................................... Texas Capital Bancshares ............................................................. Texas Instruments ......................................................................... TimkenSteel ................................................................................... Titan International ......................................................................... Tivity Health ................................................................................... TiVo ................................................................................................. Toll Brothers .................................................................................. Tompkins Financial ....................................................................... TopBuild ......................................................................................... Toro ................................................................................................ TPG Specialty Lending ................................................................... Tredegar ......................................................................................... Trex ................................................................................................ Triangle Capital .............................................................................

94 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

405,428 47,114 1,034,137 684,977 508,391 210,842 441,208 436,041 44,300 190,960 49,398 332,079 2,012,620 278,999 83,012 249,605 785,138 451,127 632,365 28,206 291,780 461,709 49,652 650,526 29,553 223,683 98,195 1,305 240,540 346,415 748,723 466,128 193,889 246,629 223,178 189,492 39,987 507,186 103,794 41,909 69,879 3,675 1,758 228,444 94,636 32,879

0.04 0.00 0.10 0.07 0.05 0.02 0.04 0.04 0.00 0.02 0.01 0.03 0.20 0.03 0.01 0.02 0.08 0.04 0.06 0.00 0.03 0.05 0.01 0.06 0.00 0.02 0.01 0.00 0.02 0.03 0.07 0.05 0.02 0.02 0.02 0.02 0.00 0.05 0.01 0.00 0.01 0.00 0.00 0.02 0.01 0.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding 8,973 16,493 15,256 50,143 860 2,526 91 11,435 5,341 6,763 1,376 5,824 2,649 1,018 17,566 3,931 12,529 8,475 204 2,531 7,773 11,057 1,211 5,153 17,422 100,598 658 632 24,452 202 11,912 8,411 1,048 19,944 23,431 8,077 954 31,940 2,821 929 18,428 18,158 78 109 29,441 12,222

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Trimble ........................................................................................... Triumph Group ............................................................................... TrueBlue ........................................................................................ TrustCo Bank NY ........................................................................... Trustmark ...................................................................................... TTM Technologies .......................................................................... Twenty-First Century Fox .............................................................. Twitter ............................................................................................ Tyler Technologies ........................................................................ Ultimate Software Group .............................................................. UMB Financial ............................................................................... Umpqua Holdings .......................................................................... UniFirst .......................................................................................... Union Pacific .................................................................................. Unit ................................................................................................. United Bankshares ........................................................................ United Community Banks ............................................................. United Fire Group .......................................................................... United Rentals ............................................................................... UnitedHealth Group ....................................................................... Universal ........................................................................................ Universal Forest Products ............................................................ Universal Insurance Holdings ....................................................... Unum Group .................................................................................. Urstadt Biddle Properties (REIT) .................................................. US Bancorp .................................................................................... US Concrete ................................................................................... US Ecology ..................................................................................... US Silica Holdings ......................................................................... Valero Energy ................................................................................. Valley National Bancorp ................................................................ Varex Imaging ................................................................................ Varian Medical Systems ................................................................ Veeco Instruments ........................................................................ Veeva Systems ............................................................................... Verizon Communications .............................................................. Viad ................................................................................................. Viavi Solutions ................................................................................ Virtus Investment Partners ........................................................... Virtusa ............................................................................................ Visa ................................................................................................. Vista Outdoor ................................................................................. Visteon ............................................................................................ Vistra Energy .................................................................................. VMware .......................................................................................... Wabash National ...........................................................................

Fair Value USD

% of Value of Sub-Fund

294,673 323,263 411,149 446,273 28,062 44,533 4,484 499,366 1,186,236 1,740,188 104,892 131,564 468,608 144,230 448,987 143,088 384,264 461,972 30,114 620,956 513,407 404,907 42,506 190,609 394,260 5,031,912 34,545 40,258 628,172 22,388 144,850 311,964 119,179 284,202 1,800,907 406,354 51,755 327,066 360,947 45,224 2,440,789 281,267 10,081 2,579 4,326,944 228,063

0.03 0.03 0.04 0.04 0.00 0.00 0.00 0.05 0.12 0.17 0.01 0.01 0.05 0.01 0.04 0.01 0.04 0.05 0.00 0.06 0.05 0.04 0.00 0.02 0.04 0.49 0.00 0.00 0.06 0.00 0.01 0.03 0.01 0.03 0.18 0.04 0.01 0.03 0.04 0.00 0.24 0.03 0.00 0.00 0.42 0.02

Schedule of Investments 95

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

UNITED STATES (31 DECEMBER 2017: 39.05%) (continued) Waddell & Reed Financial ............................................................. WageWorks .................................................................................... Wal-Mart Stores ............................................................................ Walgreens Boots Alliance ............................................................. Walker & Dunlop ........................................................................... Walt Disney .................................................................................... Washington Federal ...................................................................... Washington Prime Group (REIT) ................................................... Waters ............................................................................................ Watts Water Technologies ............................................................ WD-40 ............................................................................................ WellCare Health Plans .................................................................. Wells Fargo & Co ........................................................................... Westamerica Bancorporation ....................................................... Western Digital .............................................................................. Weyerhaeuser (REIT) ..................................................................... Whitestone (REIT) .......................................................................... Williams ......................................................................................... Wingstop ........................................................................................ Winnebago Industries .................................................................... Wintrust Financial ......................................................................... WisdomTree Investments ............................................................. Wolverine World Wide ................................................................... Workday ......................................................................................... World Acceptance .......................................................................... World Wrestling Entertainment .................................................... WW Grainger .................................................................................. Wyndham Worldwide ..................................................................... Wynn Resorts ................................................................................. Xilinx ............................................................................................... Xperi ............................................................................................... Zebra Technologies ....................................................................... Zoetis ..............................................................................................

463,123 55,450 313,393 554,539 117,588 495,332 141,133 447,096 46,268 416,461 294,986 1,827,840 8,483,429 435,918 462,370 5,870 48,360 15,127 49,410 37,920 100,717 193,595 1,018,970 3,179,521 226,793 76,097 161,602 15,804 15,228 354,753 170,580 939,577 43,191

0.05 0.01 0.03 0.05 0.01 0.05 0.01 0.04 0.00 0.04 0.03 0.18 0.83 0.04 0.05 0.00 0.01 0.00 0.01 0.00 0.01 0.02 0.10 0.31 0.02 0.01 0.02 0.00 0.00 0.03 0.02 0.09 0.00

UNITED STATES - TOTAL ..............................................................

341,883,542

33.32

EQUITIES- TOTAL (Cost: USD 630,329,565) ................................

636,726,682

62.06

FIXED INCOME SECURITIES (31 DECEMBER 2017: 10.76%) AUSTRALIAN DOLLAR (31 DECEMBER 2017: 0.03%) Government Bonds 301,000 3.000% Australia 21/03/2047 ......................................................... 562,000 3.250% Australia 21/04/2025 ......................................................... 332,000 4.250% Australia 21/04/2026 .........................................................

217,922 435,138 274,641

0.02 0.04 0.03

AUSTRALIAN DOLLAR - TOTAL ....................................................

927,701

0.09

Holding 25,772 1,109 3,659 9,240 2,113 4,726 4,316 55,129 239 5,312 2,017 7,423 153,020 7,714 5,973 161 3,875 558 948 934 1,157 21,321 29,306 26,251 2,043 1,045 524 357 91 5,436 10,595 6,559 507

96 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

CANADIAN DOLLAR (31 DECEMBER 2017: 0.53%) Government Bonds 0.500% Canada 01/03/2022 ........................................................... 0.750% Canada 01/03/2021 ........................................................... 0.750% Canada 01/09/2021 ........................................................... 1.000% Canada 01/09/2022 ........................................................... 1.500% Canada 01/06/2023 ........................................................... 1.500% Canada 01/06/2026 ........................................................... 2.250% Canada 01/06/2025 ........................................................... 2.500% Canada 01/06/2024 ........................................................... 2.750% Canada 01/06/2022 ........................................................... 3.250% Canada 01/06/2021 ........................................................... 5.750% Canada 01/06/2029 ........................................................... 5.750% Canada 01/06/2033 ........................................................... 8.000% Canada 01/06/2027 ...........................................................

276,248 259,139 250,766 217,861 269,359 250,818 257,357 274,893 253,720 230,634 309,772 51,758 182,362

0.03 0.03 0.02 0.02 0.03 0.02 0.02 0.03 0.02 0.02 0.03 0.01 0.02

CANADIAN DOLLAR - TOTAL .......................................................

3,084,687

0.30

EURO (31 DECEMBER 2017: 0.51%) Government Bonds 2.625% Finland 04/07/2042 ........................................................... 3.250% France 25/05/2045 ............................................................ 4.000% France 25/10/2038 ............................................................ 4.500% France 25/04/2041 ............................................................ 3.250% Germany 04/07/2042 ......................................................... 4.750% Germany 04/07/2040 ......................................................... 1.700% Ireland 15/05/2037 ............................................................ 2.000% Ireland 18/02/2045 ............................................................ 5.000% Italy 01/09/2040 ................................................................. 5.250% Italy 01/11/2029 ................................................................. 5.500% Italy 01/09/2022 ................................................................. 5.500% Italy 01/11/2022 ................................................................. 6.000% Italy 01/05/2031 ................................................................. 4.900% Spain 30/07/2040 ..............................................................

156,672 893,119 147,628 1,068,901 17,641 454,033 176,822 290,965 113,477 143,464 604,029 355,477 891,609 303,826

0.02 0.09 0.01 0.10 0.00 0.04 0.02 0.03 0.01 0.01 0.06 0.04 0.09 0.03

EURO - TOTAL ...............................................................................

5,617,663

0.55

INDONESIAN RUPIAH (31 DECEMBER 2017: 1.35%) Government Bonds 8.250% Indonesia 15/07/2021 ........................................................ 8.250% Indonesia 15/05/2036 ........................................................ 8.375% Indonesia 15/03/2024 ........................................................ 8.375% Indonesia 15/09/2026 ........................................................ 10.000% Indonesia 15/02/2028 ...................................................... 10.500% Indonesia 15/08/2030 ......................................................

5,603,872 999,215 3,314,706 1,121,876 898,814 2,167,167

0.55 0.10 0.32 0.11 0.09 0.21

INDONESIAN RUPIAH - TOTAL ....................................................

14,105,650

1.38

Holding

384,000 352,000 343,000 299,000 364,000 346,000 336,000 354,000 325,000 293,000 303,000 47,000 163,000

101,000 545,000 84,000 561,000 10,000 217,000 145,000 230,000 78,000 100,000 448,000 263,000 579,000 177,000

79,000,000,000 14,500,000,000 46,500,000,000 15,800,000,000 11,500,000,000 26,600,000,000

Schedule of Investments 97

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

JAPANESE YEN (31 DECEMBER 2017: 0.47%) Government Bonds 0.500% Japan 20/03/2038 .............................................................. 2.300% Japan 20/06/2035 .............................................................. 2.300% Japan 20/12/2036 .............................................................. 2.400% Japan 20/03/2037 .............................................................. 2.500% Japan 20/09/2035 ..............................................................

661,947 108,306 808,496 185,059 377,439

0.06 0.01 0.08 0.02 0.04

JAPANESE YEN - TOTAL ...............................................................

2,141,247

0.21

NORWEGIAN KRONE (31 DECEMBER 2017: Nil) Government Bonds 1.500% Norway 19/02/2026 ........................................................... 1.750% Norway 13/03/2025 ........................................................... 1.750% Norway 17/02/2027 ........................................................... 3.000% Norway 14/03/2024 ...........................................................

125,148 106,296 134,145 121,340

0.01 0.01 0.02 0.01

NORWEGIAN KRONE - TOTAL ......................................................

486,929

0.05

SWISS FRANC (31 DECEMBER 2017: Nil) Government Bonds 1.250% Switzerland 27/06/2037 .................................................... 1.500% Switzerland 30/04/2042 .................................................... 2.500% Switzerland 08/03/2036 .................................................... 3.500% Switzerland 08/04/2033 ....................................................

120,484 133,137 135,036 90,638

0.01 0.01 0.01 0.01

SWISS FRANC - TOTAL .................................................................

479,295

0.04

UNITED STATES DOLLAR (31 DECEMBER 2017: 7.83%) Government Bonds 1.500% United States Treasury Notes 28/02/2023 ....................... 1.500% United States Treasury Notes 31/03/2023 ....................... 1.750% United States Treasury Notes 15/05/2023 ....................... 1.750% United States Treasury Notes 31/05/2022 ....................... 1.750% United States Treasury Notes 30/06/2022 ....................... 1.750% United States Treasury Notes 31/01/2023 ....................... 1.875% United States Treasury Notes 31/01/2022 ....................... 1.875% United States Treasury Notes 28/02/2022 ....................... 1.875% United States Treasury Notes 31/03/2022 ....................... 1.875% United States Treasury Notes 31/07/2022 ....................... 1.875% United States Treasury Notes 31/08/2022 ....................... 1.875% United States Treasury Notes 30/09/2022 .......................

585,048 374,514 1,151,199 866,535 864,834 494,453 877,477 715,473 823,653 819,969 340,519 920,353

0.06 0.04 0.11 0.08 0.08 0.05 0.09 0.07 0.08 0.08 0.03 0.09

Holding

73,300,000 9,100,000 67,400,000 15,200,000 30,900,000

POUND STERLING (31 DECEMBER 2017: 0.02%)

1,029,000 855,000 1,089,000 911,000

SWEDISH KRONA (31 DECEMBER 2017: 0.02%)

103,000 107,000 98,000 61,000

618,000 396,000 1,205,000 898,000 897,000 516,000 902,000 736,000 848,000 847,000 352,000 952,000

98 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding

82,000 231,000 153,000 952,000 324,000 713,000 702,000 702,000 266,000 184,000 702,000 702,000 370,000 139,000 214,000 142,000 554,797 407,881 181,813 327,757 493,750 310,000 410,495 445,332 787,431 262,352 797,312 485,038 793,700 560,459 279,148 563,870 526,815 436,980 9,632 148,111 448,243 401,707 595,775 400,986 233,336 307,067 580,681 75,254

UNITED STATES DOLLAR (31 DECEMBER 2017: 7.83%) (continued) Government Bonds (continued) 2.000% United States Treasury Notes 30/11/2020 ....................... 2.000% United States Treasury Notes 31/08/2021 ....................... 2.000% United States Treasury Notes 31/10/2021 ....................... 2.000% United States Treasury Notes 31/10/2022 ....................... 2.000% United States Treasury Notes 30/11/2022 ....................... 2.000% United States Treasury Notes 31/05/2024 ....................... 2.125% United States Treasury Notes 29/02/2024 ....................... 2.125% United States Treasury Notes 31/03/2024 ....................... 2.125% United States Treasury Notes 31/12/2022 ....................... 2.125% United States Treasury Notes 30/06/2022 ....................... 2.250% United States Treasury Notes 31/12/2023 ....................... 2.250% United States Treasury Notes 31/01/2024 ....................... 2.250% United States Treasury Bonds 15/08/2046 ...................... 2.250% United States Treasury Notes 31/10/2024 ....................... 2.750% United States Treasury Bonds 15/11/2047 ...................... 2.875% United States Treasury Notes 30/04/2025 ....................... Bank Loans LIBOR + 3.250% Accudyne Industries 18/08/2024 ........................ LIBOR + 3.250% Advantage Sales & Marketing 23/07/2021 ........ LIBOR + 3.250% Advantage Sales + Marketing 25/07/2021 ......... LIBOR + 4.500% Ai Ladder 01/05/2025 ......................................... LIBOR + 3.000% AI Mistral Holdco Limited 09/03/2024 ............... LIBOR + 4.250% Akorn 16/04/2021 ............................................... LIBOR + 2.750% Albertsons 25/08/2021 ....................................... LIBOR + 3.000% Albertsons 22/06/2023 ....................................... LIBOR + 4.500% Alion Science and Technology 19/08/2021 ........ LIBOR + 2.750% AlixPartners 04/04/2024 .................................... LIBOR + 3.000% Alliant Holdings 09/05/2025 ............................... LIBOR + 3.750% Allied Universal Holdco 28/07/2022 .................. LIBOR + 3.500% Almonde 13/06/2024 .......................................... LIBOR + 3.500% Alphabet Holding Company 26/09/2024 ............ LIBOR + 2.750% Altice Financing 15/07/2025 ............................... LIBOR + 2.750% Altice Financing 31/01/2026 ............................... LIBOR + 2.250% Altice US Finance I 28/07/2025 .......................... LIBOR + 0.000% Alvogen Pharma US 02/04/2022 ........................ LIBOR + 7.750% American Traffic Solutions 23/02/2026 ............. LIBOR + 3.250% AMGH Holding 28/04/2022 ................................. LIBOR + 4.250% AMGH Holding 14/03/2025 ................................. LIBOR + 3.500% Amneal Pharmaceuticals 04/05/2025 ............... LIBOR + 4.000% API Heat 03/05/2019 ........................................... LIBOR + 0.000% APLPD Bidco 06/12/2024 ................................... LIBOR + 3.250% ASP TPI Holdings 17/10/2024 ............................ LIBOR + 4.000% Astoria Energy 24/12/2021 ................................. LIBOR + 2.750% Asurion 03/11/2023 ............................................ LIBOR + 3.750% ATS 28/02/2025 ...................................................

Fair Value USD

% of Value of Sub-Fund

80,879 226,497 149,797 924,370 314,457 682,419 678,088 677,622 259,319 180,025 683,490 683,024 318,663 134,553 204,203 142,555

0.01 0.02 0.01 0.09 0.03 0.07 0.07 0.07 0.02 0.02 0.07 0.07 0.03 0.01 0.02 0.01

552,977 384,685 171,358 325,980 488,813 303,025 406,205 440,198 789,399 261,893 791,332 477,156 778,929 520,667 274,449 551,888 522,537 437,255 9,620 143,698 441,331 400,578 576,412 398,781 231,733 307,724 579,229 75,442

0.05 0.04 0.02 0.03 0.05 0.03 0.04 0.04 0.08 0.03 0.08 0.05 0.08 0.05 0.03 0.05 0.05 0.04 0.00 0.01 0.04 0.04 0.06 0.04 0.02 0.03 0.06 0.01

Schedule of Investments 99

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding

179,742 405,368 55,438 377,876 560,492 52,779 582,298 422,854 593,661 380,272 377,873 469,080 273,540 306,096 707,611 172,412 647,021 691,540 254,209 577,697 16,099 361,015 426,828 31,224 140,056 671,493 495,895 117,450 272,300 483,616 202,446 114,941 274,994 8,533 630,958 380,035 494,492 80,512 286,370 438,851 99,487 280,125 287,474 138,514 139,380

UNITED STATES DOLLAR (31 DECEMBER 2017: 7.83%) (continued) Bank Loans (continued) LIBOR + 4.000% Avantor 21/11/2024 ............................................ LIBOR + 3.000% BakerCorp International 07/02/2020 ................. LIBOR + 3.250% Barracuda Networks 12/02/2025 ...................... LIBOR + 5.000% Bass Pro Group 25/09/2024 ............................... LIBOR + 2.750% Belmond Interfin 03/07/2024 ............................. LIBOR + 2.500% Belron 07/11/2024 .............................................. LIBOR + 2.000% Berry Plastics Group 01/10/2022 ....................... LIBOR + 0.000% Blackboard 30/06/2021 ...................................... LIBOR + 3.250% BMC Software 10/09/2022 ................................. LIBOR + 2.500% Boyd Gaming 15/09/2023 ................................... LIBOR + 2.750% Caesars Resort Collection 22/12/2024 .............. LIBOR + 3.250% Camelot UK Holdco 03/10/2023 ......................... LIBOR + 2.750% Cast & Crew Payroll 27/09/2024 ........................ LIBOR + 3.750% CD&R Hydra Buyer 11/12/2024 ......................... LIBOR + 2.750% CenturyLink 31/01/2025 ..................................... LIBOR + 2.000% Charter Communications 30/04/2025 ............... LIBOR + 3.000% Charter NEX US Holdings 16/05/2024 ............... LIBOR + 3.250% CHI Doors Holdings 29/07/2022 ........................ LIBOR + 3.500% Circor 11/12/2024 ............................................... LIBOR + 2.250% CityCenter Holdings 18/04/2024 ........................ LIBOR + 2.000% Clark Equipment 18/05/2024 ............................ LIBOR + 2.750% ClubCorp Club Operations 18/09/2024 .............. LIBOR + 3.250% Community Health Systems 27/01/2021 ........... LIBOR + 3.000% Core & Main 01/08/2024 .................................... LIBOR + 3.750% Covia Holdings 01/06/2025 ................................. LIBOR + 3.000% Crosby US Acquisition 23/11/2020 ..................... LIBOR + 2.500% Crown 28/02/2025 .............................................. LIBOR + 2.500% CSC Holdings 25/01/2026 .................................. LIBOR + 2.750% CWGS Group 08/11/2023 .................................... LIBOR + 3.000% Cypress Intermediate Holdings III 27/04/2024 .. LIBOR + 3.250% Deerfield Holdings 13/02/2025 .......................... LIBOR + 2.500% Delek US Holdings 13/03/2025 .......................... LIBOR + 3.500% Dexko Global 24/07/2024 ................................... LIBOR + 3.500% Dexko Global 24/07/2024 ................................... LIBOR + 3.000% Diamond (BC) 06/09/2024 .................................. LIBOR + 4.000% Diamond US Holding 23/12/2024 ....................... LIBOR + 2.750% Diebold 06/11/2023 ............................................. LIBOR + 2.750% Dole Food Company 06/04/2024 ........................ LIBOR + 3.500% Doncasters Finance 09/04/2020 ........................ LIBOR + 3.250% Drew Marine Group 19/11/2020 ......................... LIBOR + 3.250% DTZ 04/11/2021 .................................................. LIBOR + 3.250% Dynacast International 28/01/2022 .................... LIBOR + 4.000% Eg Finco 07/02/2025 ........................................... LIBOR + 8.000% Eg Finco 20/04/2026 ........................................... LIBOR + 2.250% Eldorado Resorts 17/04/2024 ............................

100 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

180,491 399,543 55,161 378,114 560,492 52,647 581,052 399,246 591,435 380,797 376,395 467,204 271,032 304,948 692,575 172,035 643,301 692,978 253,467 574,086 15,973 356,502 416,212 31,185 139,969 658,903 491,823 116,960 268,964 482,063 201,391 114,366 275,168 8,533 618,338 379,085 492,638 80,038 276,258 437,754 99,249 279,075 284,671 136,551 138,771

0.02 0.04 0.01 0.04 0.05 0.01 0.06 0.04 0.06 0.04 0.04 0.05 0.03 0.03 0.07 0.02 0.06 0.07 0.02 0.06 0.00 0.03 0.04 0.00 0.01 0.06 0.05 0.01 0.03 0.05 0.02 0.01 0.03 0.00 0.06 0.04 0.05 0.01 0.03 0.04 0.01 0.03 0.03 0.01 0.01

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding

155,411 132,948 427,103 603,101 165,828 127,287 66,395 512,210 213,531 532,905 59,731 30,075 336,827 15,260 14,935 380,955 374,667 400,000 95,474 524,242 348,046 224,312 513,043 501,101 148,747 20,095 158,887 160,900 423,963 84,790 504,207 347,377 346,447 380,952 283,449 754,772 40,811 109,237 486,878 740,712 164,678 201,010 225,000 247,669

UNITED STATES DOLLAR (31 DECEMBER 2017: 7.83%) (continued) Bank Loans (continued) LIBOR + 4.250% Endo 29/04/2024 ................................................. LIBOR + 2.250% Energizer Holdings 30/06/2025 ......................... LIBOR + 2.000% Energy Transfer Equity 02/02/2024 ................... LIBOR + 3.250% Engineered Machinery Holdings 19/07/2024 .... LIBOR + 4.750% Entergy Rhode Island State Energy 17/12/2022 LIBOR + 2.750% Entravision Communications 29/11/2024 ......... LIBOR + 3.000% Envision Healthcare 01/12/2023 ........................ LIBOR + 3.250% Epicor Software 01/06/2022 ............................... LIBOR + 2.000% ESH Hospitality 30/08/2023 ................................ LIBOR + 3.000% Everi Payments 09/05/2024 ............................... LIBOR + 3.500% EXC Holdings III 02/12/2024 ............................... LIBOR + 7.500% EXC Holdings III 01/12/2025 ............................... LIBOR + 3.750% Federal-Mogul Holdings 15/04/2021 ................. LIBOR + 2.250% Ferro 14/02/2024 ................................................ LIBOR + 2.250% Ferro 14/02/2024 ................................................ LIBOR + 2.000% First Data 26/04/2024 ......................................... LIBOR + 2.000% First Data Corporation 08/07/2022 .................... LIBOR + 3.000% Flex Acquisition 29/12/2023 ............................... LIBOR + 3.250% Flex Acquisition 29/12/2023 ............................... LIBOR + 3.000% Forterra Finance 25/10/2023 ............................. LIBOR + 4.500% FPC Holdings 19/11/2022 .................................. LIBOR + 3.500% Garda World Security 24/05/2024 ...................... LIBOR + 2.750% Gardner Denver 30/07/2024 ............................... LIBOR + 2.750% Gates Global 01/04/2024 .................................... LIBOR + 0.000% Geo Group 22/03/2024 ........................................ LIBOR + 2.750% GFL Environmental 30/05/2025 ......................... LIBOR + 2.750% GFL Environmental 30/05/2025 ......................... LIBOR + 2.750% Golden Nugget 04/10/2023 ................................ LIBOR + 3.750% Goodpack 09/09/2021 ......................................... LIBOR + 7.000% Goodpack 09/09/2022 ......................................... LIBOR + 3.250% Greatbatch 27/10/2022 ....................................... LIBOR + 3.500% Greeneden US Holdings II 01/12/2023 .............. LIBOR + 0.000% Gruden Acquisition 18/08/2022 .......................... LIBOR + 2.750% GTT Communications 31/05/2025 ..................... LIBOR + 2.000% H.B. Fuller 20/10/2024 ....................................... LIBOR + 4.750% Harland Clarke Holdings 03/11/2023 ................ LIBOR + 3.500% Hayward Industries 05/08/2024 ......................... LIBOR + 3.500% Helix Acquisition Holdings 29/09/2024 .............. LIBOR + 4.000% Hi-Crush Partners 18/12/2024 .......................... LIBOR + 3.000% Houghton Mifflin Harcourt Publishing 31/05/2021 ...................................................................................... LIBOR + 3.000% Hub International 25/04/2025 ............................ LIBOR + 3.500% Hyperion Ins Group 20/12/2024 ......................... LIBOR + 0.000% IBC 09/09/2022 ................................................... LIBOR + 3.250% ICSH 29/04/2024 .................................................

Fair Value USD

% of Value of Sub-Fund

155,023 132,892 422,891 599,712 165,828 125,591 66,257 510,289 212,036 532,015 59,694 30,677 336,888 15,190 14,867 378,436 372,794 397,936 95,195 488,746 349,351 224,101 512,853 500,294 147,941 19,944 157,695 160,588 423,611 84,790 504,747 346,943 347,964 374,952 280,969 733,390 40,837 108,964 485,359

0.01 0.01 0.04 0.06 0.02 0.01 0.01 0.05 0.02 0.05 0.01 0.00 0.03 0.00 0.00 0.04 0.04 0.04 0.01 0.05 0.03 0.02 0.05 0.05 0.01 0.00 0.02 0.02 0.04 0.01 0.05 0.03 0.03 0.04 0.03 0.07 0.00 0.01 0.05

689,233 163,588 201,060 224,719 247,050

0.07 0.02 0.02 0.02 0.02

Schedule of Investments 101

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding

29,723 124,680 482,396 666,563 548,296 538,043 30,534 499,831 345,547 641,191 401,786 9,058 400,000 199,058 638,366 69,131 195,919 220,281 50,022 461,127 607,879 374,829 60,006 362,083 54,809 668,194 105,066 93,750 401,837 1 440,011 791,990 750,755 506,736 46,323 21,223 474,219 780,781 202,640 262,097 376,174 175,774 392,274 148,096

UNITED STATES DOLLAR (31 DECEMBER 2017: 7.83%) (continued) Bank Loans (continued) LIBOR + 3.250% ICSH 29/04/2024 ................................................. LIBOR + 5.000% Immucor 15/06/2021 .......................................... LIBOR + 2.000% Ineos US Finance 31/03/2024 ............................ LIBOR + 2.750% Inform (US) 01/02/2022 ...................................... LIBOR + 3.250% Informatica 05/08/2022 ...................................... LIBOR + 3.750% Intelsat Jackson Holdings 27/11/2023 .............. LIBOR + 4.500% Intelsat Jackson Holdings 02/01/2024 .............. LIBOR + 4.000% Ion Trading Technologies 21/11/2024 ............... LIBOR + 0.000% Jaguar Holdings II 18/08/2022 ........................... LIBOR + 2.500% JBS USA 30/10/2022 .......................................... LIBOR + 4.500% Kindred Healthcare 19/06/2025 ......................... LIBOR + 1.750% Las Vegas Sands 27/03/2025 ............................. LIBOR + 2.250% Level 3 Financing 22/02/2024 ............................ LIBOR + 0.000% LPL Holdings 23/09/2024 ................................... LIBOR + 4.750% LTI Holdings 16/05/2024 .................................... LIBOR + 3.000% Lucid Energy Group 17/02/2025 ........................ LIBOR + 3.500% Lully Finance 14/10/2022 ................................... LIBOR + 2.500% MA Financeco 19/11/2021 .................................. LIBOR + 2.750% MA FinanceCo 21/06/2024 ................................. LIBOR + 3.000% MacDermid 07/06/2023 ...................................... LIBOR + 0.000% Mallinckrodt International Finance 24/09/2024 LIBOR + 3.250% Mavis Tire Express Services 20/03/2025 ........... LIBOR + 3.250% Mavis Tire Express Services 20/03/2025 ........... LIBOR + 2.500% Maxlinear 12/05/2024 ......................................... LIBOR + 4.500% McAfee 30/09/2024 ............................................. LIBOR + 4.000% McGraw-Hill Global Education Holdings 04/05/2022 ...................................................................................... LIBOR + 3.250% Medallion Midland Acquisition 30/10/2024 ....... LIBOR + 3.500% MEG Energy 31/12/2023 ..................................... LIBOR + 3.000% Meredith 31/01/2025 .......................................... LIBOR + 2.750% Michaels Stores 30/01/2023 .............................. LIBOR + 4.000% Mohegan Tribal Gaming Authority 13/10/2023 . LIBOR + 3.250% Moneygram International 27/03/2020 ............... LIBOR + 2.750% MPH Acquisition Holdings 07/06/2023 .............. LIBOR + 3.000% NAB Holdings 01/07/2024 .................................. LIBOR + 2.500% NAI Entertainment Holdings 23/04/2025 .......... LIBOR + 2.000% NCI 07/02/2025 ................................................... LIBOR + 0.000% NEP/NCP Holdco 21/07/2022 ............................ LIBOR + 2.250% Neptune Finco 17/07/2025 ................................. LIBOR + 3.000% NFP 08/01/2024 .................................................. LIBOR + 3.500% Garda World Security 24/05/2024 ...................... LIBOR + 3.000% Numericable Group 31/01/2026 ........................ LIBOR + 4.000% OCI Beaumont 14/02/2025 ................................. LIBOR + 5.250% One Call 25/11/2022 ........................................... LIBOR + 3.750% Option Care 01/06/2025 .....................................

102 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

29,649 125,979 479,178 662,730 548,592 536,273 31,651 494,833 343,519 635,741 397,768 8,988 398,500 197,814 636,770 68,699 195,429 219,180 49,741 461,127 594,962 371,080 59,406 361,177 55,034

0.00 0.01 0.05 0.06 0.05 0.05 0.00 0.05 0.03 0.06 0.04 0.00 0.04 0.02 0.06 0.01 0.02 0.02 0.00 0.04 0.06 0.04 0.01 0.03 0.01

652,605 104,015 93,680 401,335 1 414,271 764,270 745,943 503,254 46,034 21,124 471,649 774,925 201,120 256,247 369,324 176,983 374,622 148,282

0.06 0.01 0.01 0.04 0.00 0.04 0.07 0.07 0.05 0.00 0.00 0.05 0.08 0.02 0.02 0.04 0.02 0.04 0.01

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding

1,067,843 474,363 107,200 646,742 296,977 394,023 202,357 265,886 239,213 182,195 497,475 264,583 444,260 468,296 124,816 493,734 760,000 98,510 171,258 337,809 791,492 372,916 23,128 247,494 217,122 428,978 585,872 537,980 675,837 180,897 46,380 840,988 257,165 97,289 568,383 487,624 55,447 345,552 449,331 791,987 154,991 222,377

UNITED STATES DOLLAR (31 DECEMBER 2017: 7.83%) (continued) Bank Loans (continued) LIBOR + 3.250% Ortho Clinical Diagnostics 30/06/2025 .............. LIBOR + 4.250% Paradigm Acquisition 11/10/2024 ...................... LIBOR + 2.750% Parexel International 27/09/2024 ...................... LIBOR + 2.750% Party City Holdings 19/08/2022 ......................... LIBOR + 2.750% Penn Engineering & Manufacturing 27/06/2024 LIBOR + 3.500% PI US Mergerco 20/12/2024 ............................... LIBOR + 2.000% Post Holdings 24/05/2024 .................................. LIBOR + 2.500% PQ 08/02/2025 .................................................... LIBOR + 4.500% Prime Cut Merger Sub 07/04/2025 .................... LIBOR + 5.250% QCP SNF West 31/10/2022 ................................ LIBOR + 6.750% Quorum Health 29/04/2022 ................................ LIBOR + 0.000% Ranpak 01/10/2021 ............................................. LIBOR + 4.750% Rentpath 17/12/2021 .......................................... LIBOR + 2.250% Rexnord 21/08/2024 ........................................... LIBOR + 2.750% Reynolds Group Holdings 05/02/2023 ............... LIBOR + 3.250% Sable International 31/01/2025 .......................... LIBOR + 3.000% Sarbacane Bidco 29/01/2025 ............................. LIBOR + 2.750% Scientific Games International 14/08/2024 ....... LIBOR + 2.750% Seattle Spinco 21/06/2024 ................................. LIBOR + 3.000% SeaWorld Parks & Entertainment 31/03/2024 .. LIBOR + 2.750% Sedgwick Claims Management Services 01/03/2021 ...................................................................................... LIBOR + 5.750% Sedgwick Claims Management Services 28/02/2022 ...................................................................................... LIBOR + 3.500% Serta Simmons Bedding 08/11/2023 ................. LIBOR + 2.500% Sinclair Broadcast Group 12/12/2024 ............... LIBOR + 2.750% Solera Holdings 03/03/2023 ............................... LIBOR + 3.250% Sophia 30/09/2022 .............................................. LIBOR + 3.000% Sotera Health Holdings 15/05/2022 .................. LIBOR + 3.000% Sound Inpatient Physicians 05/06/2025 ............ LIBOR + 6.750% Sound Inpatient Physicians 05/06/2026 ............ LIBOR + 2.500% Sprint Communications 02/02/2024 .................. LIBOR + 2.500% SSC Technologies 16/04/2025 ........................... LIBOR + 2.500% SSC Technologies 16/04/2025 ........................... LIBOR + 4.000% Staples 12/09/2024 ............................................. LIBOR + 2.500% Station Casinos 08/06/2023 ............................... LIBOR + 3.000% Stiphout Finance 26/10/2022 ............................. LIBOR + 3.250% Surgery Center Holdings 02/09/2024 ................ LIBOR + 3.500% TDC 31/05/2025 .................................................. LIBOR + 2.750% Team Health Del 06/02/2024 ............................. LIBOR + 2.250% Telenet Bidco 15/08/2026 .................................. LIBOR + 3.000% Tempo Acquisition 01/05/2024 ........................... LIBOR + 2.000% Terraform Power Operating 08/11/2022 ........... LIBOR + 2.000% TEX Operations 04/08/2023 ................................

Fair Value USD

% of Value of Sub-Fund

1,063,177 412,696 107,602 642,699 296,511 393,531 199,321 264,094 238,017 182,195 499,340 268,751 444,260 424,979 124,583 492,293 759,476 98,140 169,974 335,910

0.10 0.04 0.01 0.06 0.03 0.04 0.02 0.03 0.02 0.02 0.05 0.03 0.04 0.04 0.01 0.05 0.07 0.01 0.02 0.03

784,852

0.08

370,507 23,200 210,370 216,173 426,653 582,503 535,290 673,302 180,785 46,380 836,430 257,021 97,234 560,391 485,323 55,344 344,329 448,069 760,308 154,508 220,059

0.04 0.00 0.02 0.02 0.04 0.06 0.05 0.07 0.02 0.00 0.08 0.02 0.01 0.05 0.05 0.01 0.03 0.04 0.07 0.01 0.02

Schedule of Investments 103

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

482,550 55,098 198,952 176,267 597,505 333,701 195,369 245,576 254,061 146,207 116,275 16,323 37,668 295,555 93,999 357,436 717,849 105,959 314,477 663,842 646,494 71,323 128,896 54,161 65,316 414,601 102,640 490,386 305,343 285,338 50,323 165,981 729,498 589,245 186,282 99,800 741,098 31,507

0.05 0.01 0.02 0.02 0.06 0.03 0.02 0.02 0.02 0.01 0.01 0.00 0.00 0.03 0.01 0.03 0.07 0.01 0.03 0.06 0.06 0.01 0.01 0.01 0.01 0.04 0.01 0.05 0.03 0.03 0.00 0.02 0.07 0.06 0.02 0.01 0.07 0.00

UNITED STATES DOLLAR - TOTAL ..............................................

94,821,606

9.24

TOTAL FIXED INCOME SECURITIES (Cost: USD 121,878,887) ...

121,664,778

11.86

Holding

484,975 55,190 200,518 179,200 599,375 336,054 197,061 246,686 254,379 146,711 116,595 16,339 37,706 295,999 93,811 360,362 743,561 106,492 318,367 668,354 649,130 71,694 128,950 54,161 65,589 417,469 103,546 493,719 307,747 287,413 50,576 166,815 732,795 594,447 186,843 100,554 750,000 31,651

UNITED STATES DOLLAR (31 DECEMBER 2017: 7.83%) (continued) Bank Loans (continued) LIBOR + 3.000% Titan Acquisition 28/03/2025 .............................. LIBOR + 2.750% Tower Automotive Holdings 07/03/2024 ............ LIBOR + 2.500% Transdigm 09/06/2023 ....................................... LIBOR + 2.500% Transdigm 30/05/2025 ....................................... LIBOR + 2.500% Travelport 17/03/2025 ........................................ LIBOR + 4.000% Traverse Midstream Partners 27/09/2024 ........ LIBOR + 3.500% TriMark 28/08/2024 ............................................ LIBOR + 2.000% Trinseo Matls Operating 06/09/2024 ................. LIBOR + 3.000% Tronox Blocked Borrower 22/09/2024 .............. LIBOR + 3.000% Tronox Finance 22/09/2024 ................................ LIBOR + 4.000% U.S. Silica 01/05/2025 ........................................ LIBOR + 3.500% Unifrax 04/04/2024 ............................................. LIBOR + 3.000% Numericable Group 31/01/2026 ........................ LIBOR + 4.000% OCI Beaumont 14/02/2025 ................................. LIBOR + 5.250% One Call 25/11/2022 ........................................... LIBOR + 2.250% Unitymedia Finance 30/09/2025 ........................ LIBOR + 2.750% Univision Communications 15/03/2024 ............. LIBOR + 2.250% Unlimited Liability Company 16/02/2024 ........... LIBOR + 2.500% UPC Financing Partnership 15/01/2026 ............ LIBOR + 3.000% USI 16/05/2024 ................................................... LIBOR + 3.000% Valeant Pharmaceuticals 02/06/2025 ................ LIBOR + 1.750% Vantiv 09/08/2024 ............................................... LIBOR + 3.500% Varsity Brands 15/12/2024 ................................. LIBOR + 3.000% Venator Materials 08/08/2024 ............................ LIBOR + 2.000% Verifone 31/01/2025 ........................................... LIBOR + 3.250% Vertafore 30/05/2025 .......................................... LIBOR + 7.250% Vertafore 30/05/2026 .......................................... LIBOR + 0.000% VF Holding 30/06/2023 ....................................... LIBOR + 2.000% Vici 20/12/2024 .................................................. LIBOR + 2.000% Vistra Energy 01/12/2025 ................................... LIBOR + 0.000% Wastequip 13/03/2025 ........................................ LIBOR + 3.000% Waterjet Holdings 03/04/2025 ........................... LIBOR + 4.000% West 10/10/2024 ................................................. LIBOR + 2.750% William Morris Endeavorent 18/05/2025 ........... LIBOR + 2.750% Wrangler Buyer 27/09/2024 ............................... LIBOR + 2.250% Wyndham Destinations 30/05/2025 ................... LIBOR + 2.500% Ziggo Secured Finance Partnership 15/04/2025 LIBOR + 2.250% Zodiac Pool Solutions 31/03/2025 .....................

104 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Holding

2,500,000 1,300,000 1,000,000 2,000,000 500,000 2,288,000 1,000,000 1,000,000 625,000 450,000 500,000 2,500,000 1,000,000 4,050,000 1,350,000 2,000,000 1,100,000 2,000,000 2,000,000 2,990,000 4,575,000 1,000,000 1,000,000 1,250,000 1,250,000 1,530,000 1,500,000 1,000,000 1,000,000 1,780,000 6,500,000 5,850,000 2,000,000 4,036,000 1,350,000 1,000,000 400,000 5,400,000 1,000,000 2,800,000 2,700,000

Fair Value USD COLLATERALISED MORTGAGE OBLIGATIONS (31 DECEMBER 2017: 9.69%) UNITED STATES DOLLAR (31 DECEMBER 2017: 9.69%) 3.241% AIMCO CLO Series 2018-A 17/04/2031 ............................ 2,496,650 5.010% Allegro CLO III 25/07/2027 ................................................ 1,289,705 1.740% Ally Auto Receivables Trust 2017-3 15/09/2021 .............. 988,620 1.930% American Express Credit Account Master Trust 15/09/2022 ...................................................................................... 1,970,507 2.040% American Express Credit Account Master Trust 15/05/2023 ...................................................................................... 489,896 5.162% Atrium XII 22/04/2027 ....................................................... 2,279,422 2.500% Avis Budget Rental Car Funding AESOP 20/07/2021 ...... 985,161 3.000% BA Credit Card Trust 15/09/2023 ..................................... 1,000,154 5.109% Benefit Street Partners CLO VIII 20/01/2031 ................... 620,388 2.070% BMW Vehicle Lease Trust 2017-2 20/10/2020 ................. 445,344 3.115% Canyon CLO 2018-1 15/07/2031 ....................................... 499,990 3.745% Canyon CLO 2018-1 15/07/2031 ....................................... 2,499,927 2.000% Capital One Multi-Asset Execution Trust 17/01/2023 ..... 985,600 3.702% CBAM 2018-5 17/04/2031 ................................................. 4,009,500 3.785% Cedar Funding VII Clo 20/01/2031 .................................... 1,335,153 1.490% Chase Issuance Trust 15/07/2022 .................................... 1,945,388 1.860% Citibank Credit Card Issuance Trust 08/08/2022 ............ 1,074,270 1.920% Citibank Credit Card Issuance Trust 07/04/2022 ............ 1,966,136 2.190% Discover Card Execution Note Trust 17/04/2023 ............ 1,966,664 3.590% Dryden 2018-57 CLO 15/05/2031 ...................................... 2,957,393 5.303% Elm CLO 2014-1 17/01/2029 ............................................. 4,596,694 1.670% Ford Credit Auto Owner Trust 2017-A 15/06/2021 .......... 988,501 2.620% Ford Credit Auto Owner Trust 2017-REV1 15/08/2028 .... 979,288 2.070% Ford Credit Floorplan Master Owner Trust 15/05/2022 .. 1,227,949 2.020% GM Financial Automobile Leasing Trust 2017-2 21/09/2020 ...................................................................................... 1,238,402 3.725% Greenwood Park CLO 15/04/2031 .................................... 1,503,213 4.525% Greenwood Park CLO 15/04/2031 .................................... 1,468,774 1.380% Honda Auto Receivables 2016-1 18/04/2022 ................... 989,855 1.760% Hyundai Auto Receivables Trust 2017-A 16/08/2021 ...... 987,086 1.770% Hyundai Auto Receivables Trust 2017-B 18/01/2022 ...... 1,749,276 2.955% Kingsland VIII 20/04/2031 ................................................. 6,470,732 3.315% Kingsland VIII 20/04/2031 ................................................. 5,781,333 3.735% Kingsland VIII 20/04/2031 ................................................. 1,965,068 3.522% Madison Park Funding XI 23/07/2029 .............................. 4,036,613 4.039% Madison Park Funding XXX 15/04/2029 ........................... 1,338,265 4.839% Madison Park Funding XXX 15/04/2029 ........................... 987,427 4.398% Magnetite VII 15/01/2028 .................................................. 392,861 4.859% Mariner CLO 2015-1 20/04/2029 ...................................... 5,410,579 3.324% Mariner CLO 2018-5 25/04/2031 ...................................... 990,111 4.014% Mariner CLO 2018-5 25/04/2031 ...................................... 2,749,676 4.864% Mariner CLO 2018-5 25/04/2031 ...................................... 2,639,228

% of Value of Sub-Fund

0.24 0.12 0.10 0.19 0.05 0.22 0.09 0.10 0.06 0.04 0.05 0.24 0.10 0.39 0.13 0.19 0.10 0.19 0.19 0.29 0.45 0.10 0.09 0.12 0.12 0.15 0.14 0.10 0.10 0.17 0.63 0.56 0.19 0.39 0.13 0.10 0.04 0.53 0.10 0.27 0.26

Schedule of Investments 105

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

1,193,630 4,077,321 691,447 4,077,607

0.12 0.40 0.07 0.40

816,660 2,274,341

0.08 0.22

1,647,230 5,553,017 2,051,897 1,135,377

0.16 0.54 0.21 0.12

UNITED STATES DOLLAR - TOTAL ..............................................

103,815,326

10.14

COLLATERALISED MORTGAGE OBLIGATIONS - TOTAL .............

103,815,326

10.14

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 860,088,250) ..........................................

862,206,786

84.06

INVESTMENT FUNDS (31 DECEMBER 2017: 20.95%) FRANCE (31 DECEMBER 2017: Nil) 800 Lyxor MSCI Indonesia (ETF) (UCITS) .............................................

98,392

0.01

FRANCE - TOTAL ........................................................................

98,392

0.01

GUINEA (31 DECEMBER 2017: 0.01%) 6,472 Better Capital (PCC) - Ordinary Shares (GBP) ............................. 8,536 Princess Private Equity Holding - Ordinary Shares (EUR) ........... 1,320 Riverstone Energy - Ordinary Shares (GBP) ................................

5,383 100,160 22,237

0.00 0.01 0.00

GUINEA - TOTAL .........................................................................

127,780

0.01

118,833 945,982 15,449,830

0.01 0.09 1.51

43,179,676

4.21

48,476,759

4.72

108,171,080

10.54

Holding UNITED STATES DOLLAR (31 DECEMBER 2017: 9.69%) (continued) 1,200,000 2.650% Nissan Auto Receivables 2018-A Owner Trust 16/05/2022 ...................................................................................... 4,150,000 4.291% Post CLO 2018-1 16/04/2031 ............................................ 700,000 1.910% Synchrony Credit Card Master Note 15/09/2022 ............. 4,150,000 5.265% TCW CLO 2018-1 25/04/2031 ............................................ 825,000 2.350% Toyota Auto Receivables 2018-A Owner Trust 16/05/2022 ...................................................................................... 2,300,000 4.143% Voya CLO 2018-1 19/04/2031 ............................................ 1,700,000 2.030% World Financial Network Credit Card Master Trust 15/04/2025 ...................................................................................... 5,562,000 3.512% York CLO-2 22/01/2031 ..................................................... 2,062,000 4.212% York CLO-2 22/01/2031 ..................................................... 1,148,000 4.962% York CLO-2 22/01/2031 .....................................................

IRELAND IRELAND (31 DECEMBER 2017: 18.81%) 2,869 iShares MSCI Emerging Markets (ETF) (UCITS) – Distributing Class .............................................................................................. 21,205 iShares MSCI World (ETF) (UCITS) – Distributing Class .............. 13,728 PineBridge Global Focus Equity Fund .......................................... 350,974 PineBridge Global Funds - PineBridge India Equity Fund Class Y ............................................................................................ 344,583 PineBridge Global Funds - PineBridge Japan New Horizon Equity Fund - Class Z (USD) .......................................................... IRELAND - TOTAL ......................................................................... LUXEMBOURG (31 DECEMBER 2017: 1.93%)

106 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD

% of Value of Sub-Fund

UNITED KINGDOM (31 DECEMBER 2017: 0.02%) 4,378 Electra Private Equity (ETF) - Ordinary Share Class (GBP) ......... 4,138 HgCapital Trust (ETF) - Ordinary Shares (GBP) ...........................

53,177 105,713

0.01 0.01

UNITED KINGDOM - TOTAL ........................................................

158,890

0.02

UNITED STATES (31 DECEMBER 2017: 0.18%) iShares Core S&P Small-Cap (ETF) - Distributing Class ............ iShares MSCI Brazil Capped (ETF) – Distributing Class .............. iShares MSCI Japan (ETF) - Distributing Class ........................... iShares Russell 1000 Value (ETF) - Distributing Class ................ SPDR S&P 500 (ETF) (UCITS) - Distribution Class .......................

189,538 217,940 533,525 427,379 169,007

0.02 0.02 0.05 0.04 0.02

UNITED STATES - TOTAL ...........................................................

1,537,389

0.15

INVESTMENT FUNDS – TOTAL (Cost: USD 92,306,275) .............

110,093,531

10.73

Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

286,479 (18,422) (81,734) 7,213 38,067 6,022 6,975 (6,657) (362) (1,408) (28,760) 5,424 2,413 440 (916) (1) 10 (1,323,144) (1,408) 14,531 (244,540)

0.03 0.00 (0.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.13) 0.00 0.00 (0.02)

Holding

2,271 6,800 9,213 3,521 623

FINANCIAL DERIVATIVE INSTRUMENTS Open Forward Foreign Currency Exchange Contracts (31 December 2017: 0.62%)

Maturity Date

Counterparty

19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 19/09/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018

JP Morgan Chase Bank JP Morgan Chase Bank JP Morgan Chase Bank JP Morgan Chase Bank JP Morgan Chase Bank Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley Morgan Stanley State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.3

Amount Bought EUR INR JPY USD USD USD USD USD USD USD USD USD USD USD EUR USD USD EUR USD USD GBP

48,460,000 183,000,000 3,521,740,000 2,653,905 5,937,998 933,796 292,492 2,799,566 479,896 262,591 5,364,303 1,501,016 667,910 489,970 84,570 2,516 1,121 122,211,534 3,564,513 1,618,734 12,077,106

Amount Sold USD USD USD INR JPY AUD CAD CAD CHF EUR EUR JPY JPY NOK USD EUR EUR USD EUR EUR USD

56,623,523 2,665,113 32,047,924 183,000,000 650,000,000 1,255,400 375,100 3,686,700 473,700 224,800 4,592,300 164,770,600 73,318,300 3,977,600 99,747 2,154 951 144,143,494 3,051,362 1,372,718 16,198,551

Schedule of Investments 107

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) FINANCIAL DERIVATIVE INSTRUMENTS (continued) Open Forward Foreign Currency Exchange Contracts (31 December 2017: 0.62%) (continued) Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

(12) 1,245 2,119 (7,361,345) (505) 334 36,524 38,650 42,018 64,994 (1,609,957) (2,254) 1,814

0.00 0.00 0.00 (0.72) 0.00 0.00 0.00 0.00 0.00 0.01 (0.16) 0.00 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................................... 555,272 Unrealised loss on open forward foreign currency exchange contracts ...................................................... (10,681,425)

0.04 (1.04)

Net unrealised loss on open forward foreign currency exchange contracts ............................ (10,126,153)

(1.00)

Maturity Date

Counterparty

16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018

State Street Bank & Trust Co.3 State Street Bank & Trust Co.3 State Street Bank & Trust Co.3 State Street Bank & Trust Co.4 State Street Bank & Trust Co.4 State Street Bank & Trust Co.4 State Street Bank & Trust Co.4 State Street Bank & Trust Co.4 State Street Bank & Trust Co.4 State Street Bank & Trust Co.4 State Street Bank & Trust Co.5 State Street Bank & Trust Co.5 State Street Bank & Trust Co.5

Amount Bought GBP USD USD GBP GBP USD USD USD USD USD SGD SGD USD

Amount Sold

2,534 401,608 151,384 363,554,341 104,002 25,537 11,780,948 10,606,752 5,986,575 4,643,220 103,339,880 146,288 1,937,926

USD GBP GBP USD USD GBP GBP GBP GBP GBP USD USD SGD

3,360 303,073 112,993 487,621,258 137,893 19,079 8,890,469 8,000,000 4,500,000 3,465,695 77,419,574 109,571 2,639,211

Futures Contracts (31 DECEMBER 2017: 0.04%)*

Maturity Date Russell 1000 E Mini Futures Russell 2000 E Mini Futures Euro Stoxx 50 Index Futures FTSE 100 Index Futures MSCI EAFE Index Futures MSCI Emerging Markets Index Futures S&P 500 E Mini Index Futures SGX Nifty 50 Index Futures Topix Index Futures

USD USD EUR GBP USD USD USD USD JPY

407 393 102 19 179 128 404 4 87

% of Value of Sub-Fund

(484,770) (764,385) 90,509 8,780 627,394 430,080 1,334,870 131 (339,951)

(0.05) (0.07) 0.01 0.00 0.06 0.04 0.13 0.00 (0.03)

Unrealised gain on futures contracts ............................................................................................................ 2,491,764 Unrealised loss on futures contracts ............................................................................................................. (1,589,106)

0.24 (0.15)

Net unrealised gain on futures contracts .....................................................................................902,658

0.09

108 Schedule of Investments

29/06/2018 29/06/2018 29/06/2018 29/06/2018 29/06/2018 29/06/2018 29/06/2018 29/06/2018 29/06/2018

Currency

Unrealised No. of Appreciation/ contracts (Depreciation) (short) USD

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued) Fair Value USD TOTAL VALUE OF INVESTMENTS ..................................................................... 963,076,822

% of Value of Sub-Fund 93.85

CASH ................................................................................................................... 62,870,340

6.12

OTHER NET LIABILITIES ................................................................................... (34,122)

0.00

TOTAL VALUE OF SUB-FUND ........................................................................... 1,025,913,040

100.00

Abbreviations used: ADR American Depository Receipt BDR Brazilian Depository Receipt SDR Swedish Depository Receipt ETF Exchange Traded Fund REIT Real Estate Investment Trust * The broker to the futures contracts is Morgan Stanley. All of the above securities are listed on a recognised stock exchange or traded on a regulated market unless otherwise stated. 1 Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A1H. 2 Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y1H. 3 Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y2HD. 4 Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y2H. 5 Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y5H. Analysis of gross assets Transferable securities admitted to an official stock exchange listing .................................................... Transferable securities dealt in on another regulated market ................................................................ Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) .......................... UCITS Investment funds ............................................................................................................................. Over-the-counter financial derivative instruments ................................................................................... Exchange traded financial derivative instruments .................................................................................... Other current assets ...................................................................................................................................

% of gross assets 64.57 2.37 15.32 10.50 0.24 0.05 6.95 100.00

Schedule of Investments 109

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES FIXED INCOME SECURITIES (31 DECEMBER 2017: 87.26%) ARGENTINE PESO (31 DECEMBER 2017: 0.60%) Government Bonds 5.875% Argentina 11/01/2028 ....................................................... 6.875% Argentina 11/01/2048 ....................................................... 15.500% Argentina 17/10/2026 ...................................................... 16.000% Argentina 17/10/2023 ...................................................... 18.200% Argentina 03/10/2021 ......................................................

24,375 74,851 64,992 35,173 54,064

0.11 0.34 0.29 0.16 0.24

ARGENTINE PESO - TOTAL ..........................................................

253,455

1.14

BELARUSIAN RUBLE (31 DECEMBER 2017: Nil) Government Bonds 200,000 6.200% Belarus 28/02/2030 ...........................................................

188,968

0.85

BELARUSIAN RUBLE - TOTAL .....................................................

188,968

0.85

BRAZILIAN REAL (31 DECEMBER 2017: 5.42%) Government Bonds 1,000,000 10.000% Brazil 01/01/2021 ............................................................ 900,000 10.000% Brazil 01/01/2023 ............................................................ 750,000 10.000% Brazil 01/01/2025 ............................................................

263,988 228,524 183,390

1.19 1.03 0.82

BRAZILIAN REAL - TOTAL ............................................................

675,902

3.04

CFA FRANC (31 DECEMBER 2017: Nil) Government Bonds 200,000 6.750% Senegal 13/03/2048 ..........................................................

170,722

0.77

CFA FRANC - TOTAL .....................................................................

170,722

0.77

COLUMBIAN PESO (31 DECEMBER 2017: 2.99%) Government Bonds 4.500% Colombian TES 28/01/2026 .............................................. 6.000% Colombian TES 28/04/2028 .............................................. 7.000% Colombian TES 30/06/2032 .............................................. 7.500% Colombian TES 26/08/2026 .............................................. 7.750% Colombian TES 18/09/2030 .............................................. 10.000% Colombian TES 24/07/2024 ............................................

203,000 146,950 155,440 198,363 146,035 162,086

0.91 0.66 0.70 0.89 0.65 0.73

COLUMBIAN PESO - TOTAL .........................................................

1,011,874

4.54

ECUADOR SUCRE (31 DECEMBER 2017: Nil) Government Bonds 200,000 7.875% Ecuador 23/01/2028 ..........................................................

167,540

0.75

ECUADOR SUCRE - TOTAL ...........................................................

167,540

0.75

Holding

30,000 100,000 2,000,000 1,100,000 1,700,000

CHILEAN PESO (31 DECEMBER 2017: 0.66%)

200,000 450,000,000 460,000,000 550,000,000 400,000,000 400,000,000

110 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

EGYPTIAN POUND (31 DECEMBER 2017: 1.47%) Government Bonds 200,000 7.500% Egypt 31/01/2027 ............................................................... 2,200,000 17.200% Egypt 09/08/2023 ............................................................. 4,600,000 18.750% Egypt 23/05/2022 .............................................................

196,604 123,418 268,292

0.88 0.55 1.21

EGYPTIAN POUND - TOTAL ..........................................................

588,314

2.64

HUNGARIAN FORINT (31 DECEMBER 2017: 3.10%) Government Bonds 15,000,000 3.000% Hungary 26/06/2024 .......................................................... 16,000,000 6.000% Hungary 24/11/2023 .......................................................... 42,000,000 7.500% Hungary 12/11/2020 ..........................................................

53,707 66,544 169,537

0.24 0.30 0.76

HUNGARIAN FORINT - TOTAL ......................................................

289,788

1.30

INDONESIAN RUPIAH (31 DECEMBER 2017: 2.67%) Government Bonds 7.000% Indonesia 15/05/2022 ........................................................ 7.700% Indonesia 31/01/2021 ........................................................ 8.250% Indonesia 15/07/2021 ........................................................ 8.750% Indonesia 15/05/2031 ........................................................ 9.500% Indonesia 15/05/2041 ........................................................ 11.000% Indonesia 15/09/2025 ......................................................

68,353 140,544 49,655 72,749 137,858 64,480

0.31 0.63 0.22 0.33 0.62 0.29

INDONESIAN RUPIAH - TOTAL ....................................................

533,639

2.40

KAZAKHSTAN TENGE (31 DECEMBER 2017: 0.53%) Corporate Bonds 50,000,000 9.500% Development Bank of Kazakhstan 14/12/2020 ................

147,926

0.66

KAZAKHSTAN TENGE - TOTAL ....................................................

147,926

0.66

MALAYSIAN RINGGIT (31 DECEMBER 2017: 2.50%) Government Bonds 700,000 3.620% Malaysia 30/11/2021 ......................................................... 100,000 3.900% Malaysia 30/11/2026 ......................................................... 600,000 3.955% Malaysia 15/09/2025 .........................................................

173,175 23,971 145,695

0.78 0.11 0.65

MALAYSIAN RINGGIT - TOTAL .....................................................

342,841

1.54

222,618

1.00

122,003 220,411

0.55 0.99

Holding

1,000,000,000 2,000,000,000 700,000,000 1,000,000,000 1,800,000,000 800,000,000

MEXICAN PESO (31 DECEMBER 2017: 3.96%) Corporate Bonds 5,000,000 7.190% Petroleos Mexicanos 12/09/2024 ..................................... Government Bonds 2,500,000 6.500% Mexico 09/06/2022 ............................................................ 4,300,000 7.750% Mexico 13/11/2042 ............................................................

Schedule of Investments 111

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

MEXICAN PESO (31 DECEMBER 2017: 3.96%) (continued) Government Bonds (continued) 2,000,000 8.000% Mexico 11/06/2020 ............................................................ 3,600,000 8.000% Mexico 07/12/2023 ............................................................ 1,170,000 10.000% Mexico 20/11/2036 ..........................................................

102,278 185,777 73,359

0.46 0.83 0.33

MEXICAN PESO - TOTAL ...............................................................

926,446

4.16

NIGERIAN NAIRA (31 DECEMBER 2017: Nil) Government Bonds 200,000 7.143% Nigeria 23/02/2030 ............................................................

188,665

0.85

NIGERIAN NAIRA - TOTAL ............................................................

188,665

0.85

PERUVIAN NOUVEAU SOL (31 DECEMBER 2017: 0.65%) Government Bonds 300,000 6.350% Peru 12/08/2028 ................................................................

95,738

0.43

PERUVIAN NOUVEAU SOL - TOTAL .............................................

95,738

0.43

POLISH ZLOTY (31 DECEMBER 2017: 3.70%) Government Bonds 2.500% Poland 25/07/2026 ............................................................ 2.250% Poland 25/04/2022 ............................................................ 2.500% Poland 25/07/2027 ............................................................ 4.000% Poland 25/10/2023 ............................................................ 5.750% Poland 23/09/2022 ............................................................

76,612 53,462 315,970 328,909 243,067

0.34 0.24 1.42 1.48 1.09

POLISH ZLOTY - TOTAL ................................................................

1,018,020

4.57

QATARI RIAL (31 DECEMBER 2017: Nil) Government Bonds 200,000 5.103% Qatar 23/04/2048 ............................................................... 200,000 4.500% Qatar 20.01/2022 ...............................................................

204,650 199,392

0.91 0.90

QATARI RIAL - TOTAL ...................................................................

404,042

1.81

ROMANIAN LEU (31 DECEMBER 2017: 1.25%) Government Bonds 500,000 4.750% Romania 24/02/2025 ......................................................... 670,000 5.800% Romania 26/07/2027 ......................................................... 250,000 5.125% Romania15/06/2048 ..........................................................

123,203 174,362 240,884

0.56 0.78 1.08

ROMANIAN LEU - TOTAL ..............................................................

538,449

2.42

Holding

300,000 200,000 1,250,000 1,150,000 800,000

112 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

RUSSIAN ROUBLE (31 DECEMBER 2017: 2.85%) Government Bonds 7.050% Russia 19/01/2028 ............................................................ 7.100% Russia 16/10/2024 ............................................................ 7.600% Russia 14/04/2021 ............................................................ 8.150% Russia 03/02/2027 ............................................................

92,438 258,411 189,975 165,623

0.42 1.16 0.85 0.74

RUSSIAN ROUBLE - TOTAL ..........................................................

706,447

3.17

SOUTH AFRICAN RAND (31 DECEMBER 2017: 2.70%) Government Bonds 8.000% South Africa 31/01/2030 ................................................... 8.250% South Africa 31/03/2032 ................................................... 8.750% South Africa 31/01/2044 ................................................... 8.750% South Africa 28/02/2048 ................................................... 9.000% South Africa 31/01/2040 ................................................... 10.500% South Africa 21/12/2026 .................................................

79,905 106,285 85,331 159,361 102,829 159,823

0.36 0.48 0.38 0.71 0.46 0.72

SOUTH AFRICAN RAND - TOTAL ..................................................

693,534

3.11

SRI LANKA RUPEE (31 DECEMBER 2017: Nil) Government Bonds 200,000 5.750% Sri Lanka 18/04/2023 ........................................................

191,482

0.86

SRI LANKA RUPEE - TOTAL .........................................................

191,482

0.86

SAUDI RIYAL (31 DECEMBER 2017: Nil) Government Bonds 200,000 5.500% Saudi Arabia 17/04/2049 ...................................................

194,524

0.87

SAUDI RIYAL - TOTAL ...................................................................

194,524

0.87

THAILAND BAHT (31 DECEMBER 2017: 2.20%) Government Bonds 7,000,000 3.650% Thailand 17/12/2021 ......................................................... 4,000,000 4.875% Thailand 22/06/2029 .........................................................

223,528 144,070

1.00 0.65

THAILAND BAHT - TOTAL .............................................................

367,598

1.65

TURKISH LIRA (31 DECEMBER 2017: 2.91%) Corporate Bonds 550,000 13.125% Yapi ve Kredi Bankasi 10/06/2020 ..................................

108,123

0.49

Holding

6,000,000 16,500,000 11,750,000 10,000,000

1,200,000 1,600,000 1,280,000 2,400,000 1,500,000 2,000,000

Schedule of Investments 113

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

TURKISH LIRA (31 DECEMBER 2017: 2.91%) (continued) Government Bonds 6.125% Turkey 24/10/2028 ............................................................ 10.400% Turkey 20/03/2024 .......................................................... 10.500% Turkey 15/01/2020 .......................................................... 10.500% Turkey 11/08/2027 .......................................................... 10.600% Turkey 11/02/2026 .......................................................... 10.700% Turkey 17/08/2022 ..........................................................

187,300 85,130 39,378 113,071 321,008 89,060

0.83 0.38 0.18 0.51 1.44 0.40

TURKISH LIRA - TOTAL ................................................................

943,070

4.23

133,965 199,454 195,463 189,498 98,000 197,000 160,000 77,600 180,202 160,540 195,000 191,040 187,409 202,118 175,380 197,619 181,730 192,750 153,850 322,350 70,530 48,875 189,655 192,620 137,250 181,850 175,784 189,100 180,166 85,875

0.60 0.89 0.88 0.85 0.44 0.88 0.72 0.35 0.81 0.72 0.88 0.86 0.84 0.91 0.79 0.89 0.82 0.86 0.69 1.45 0.32 0.22 0.85 0.86 0.62 0.82 0.79 0.85 0.81 0.38

176,972 131,090 56,700

0.80 0.59 0.25

Holding

200,000 500,000 200,000 700,000 1,935,000 500,000

150,000 200,000 200,000 200,000 100,000 200,000 200,000 80,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 170,000 350,000 75,000 50,000 200,000 200,000 150,000 200,000 200,000 200,000 200,000 100,000 189,275 140,204 100,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 47.10%) Corporate Bonds 6.875% Capex 15/05/2024 .............................................................. 5.000% CBQ Finance 24/05/2023 .................................................. 7.450% China SCE Property Holdings 17/04/2021 ....................... 4.250% Chinalco Capital Holdings 21/04/2022 ............................. 9.500% Cia General de Combustibles 07/11/2021 ....................... 4.625% Cia Minera Milpo SAA 28/03/2023 .................................... 5.750% CIMPOR Financial Operations 17/07/2024 ...................... 4.125% Ecopetrol 16/01/2025 ........................................................ 3.875% El Puerto de Liverpool SAB de CV 06/10/2026 ................ 7.000% Gol Finance 31/01/2025 .................................................... 5.250% Grupo Cementos de Chihuahua SAB de CV 23/06/2024 . 9.125% HTA Group 08/03/2022 ...................................................... 6.375% Indo Energy Finance II 24/01/2023 ................................... 4.875% Industrial & Commercial Bank of China 21/09/2025 ...... 6.750% Medco Platinum Road Pte 30/01/2025 ............................. 4.300% Pertamina Persero 20/05/2023 ........................................ 5.875% Petkim Petrokimya Holding 26/01/2023 .......................... 7.250% Petra Diamonds US Treasury 01/05/2022 ....................... 5.999% Petrobras Global Finance 27/01/2028 ............................. 6.375% Petroleos Mexicanos 23/01/2045 ..................................... 6.500% Petroleos Mexicanos 02/06/2041 ..................................... 6.625% Petroleos Mexicanos 15/06/2035 ..................................... 4.125% Proven Honour Capital 19/05/2025 .................................. 4.250% Transportadora de Gas del Peru 30/04/2028 .................. 6.750% Transportadora de Gas del Sur 02/05/2025 ..................... 6.125% Turkiye Is Bankasi 25/04/2024 ......................................... 6.125% Vedanta Resources 09/08/2024 ........................................ 4.950% VEON Holdings 16/06/2024 .............................................. 8.875% Yasar Holdings 06/05/2020 ............................................... 6.950% YPF 21/07/2027 ................................................................. Government Bonds 8.280% Argentina 31/12/2033 ....................................................... 8.280% Argentine 31/12/2033 ....................................................... 2.500% Argentine 31/12/2038 .......................................................

114 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

45,620 124,500 148,125 273,900 185,740 240,216 176,250 213,900 20,060 182,183 230,399 163,431 314,784 186,887 219,876 183,482

0.21 0.56 0.67 1.23 0.83 1.08 0.79 0.96 0.09 0.82 1.03 0.73 1.41 0.84 0.99 0.82

UNITED STATES DOLLAR - TOTAL ..............................................

8,316,788

37.35

FIXED INCOME SECURITIES - TOTAL ..........................................

18,955,772

85.11

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 1.33%) ARGENTINE PESO (31 DECEMBER 2017: 0.78%) Government Bonds 2,100,000 40.000% Argentina 21/06/2020 ......................................................

76,249

0.35

ARGENTINE PESO - TOTAL ..........................................................

76,249

0.35

UNITED STATES DOLLAR (31 DECEMBER 2017: 0.55%) Corporate Bonds 150,000 6.750% Banco Macro 04/11/2026 .................................................. Government Bonds 94,500 5.750% Ivory Coast 31/12/2032 .....................................................

140,250

0.62

87,514

0.40

UNITED STATES DOLLAR - TOTAL ..............................................

227,764

1.02

VARIABLE RATE SECURITIES - TOTAL ........................................

304,013

1.37

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost USD: 20,953,409) ............................................

19,259,785

86.48

Holding

40,000 100,000 150,000 264,000 200,000 240,000 200,000 200,000 20,000 200,000 260,000 150,000 320,000 200,000 250,000 200,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 47.10%) (continued) Government Bonds (continued) 8.250% Brazil 20/01/2034 .............................................................. 7.375% Colombia 18/09/2037 ........................................................ 5.950% Dominican 25/01/2027 ...................................................... 7.450% Dominican Republic 30/04/2044 ...................................... 9.625% Ecuador 02/06/2027 .......................................................... 6.250% Honduras 19/01/2027 ....................................................... 6.125% Ivory Coast 15/06/2033 ..................................................... 6.125% Lithuania 09/03/2021 ........................................................ 4.000% Mexico 02/10/2023 ............................................................ 7.625% Nigeria 28/11/2047 ............................................................ 6.625% Republic of Turkey 17/02/2045 ......................................... 6.750% Romania 07/02/2022 ......................................................... 4.665% South Africa 17/01/2024 ................................................... 6.125% Sri Lanka 03/06/2025 ........................................................ 5.750% Tunisie 30/01/2025 ............................................................ 7.750% Ukraine 01/09/2027 ...........................................................

Schedule of Investments 115

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

INVESTMENT FUNDS (31 DECEMBER 2017: 8.93%) ………………. IRELAND (31 DECEMBER 2017: 8.93%) ……………………………….. 15,230 PineBridge Global Funds - Emerging Markets Corporate Bond Fund - Class - Y (UCITS) …………………………………………………………….

1,921,028

8.63

INVESTMENT FUNDS – TOTAL (Cost: USD 1,551,164) …………….

1,921,028

8.63

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIAL DERIVATIVE INSTRUMENTS ………………………………………………..

21,180,813

95.11

Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

18 3 2 1 (4) (4) (24) (44) (50) (196) (6,615) (349,951) 2,778 802 229 198 75 68 14 1 0 0 (0) (6)

(0.03) (1.58) 0.01 -

Holding

FINANCIAL DERIVATIVE INSTRUMENTS Open Forward Foreign Currency Exchange Contracts (31 December 2017: 2.33%)

Maturity Date

Counterparty

16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018

State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1

116 Schedule of Investments

Amount Bought AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD USD USD USD USD USD USD USD USD USD USD USD USD

8,298 689 1,341 824 9,348 200 1,126 1,943 2,241 9,220 333,268 17,661,983 99,291 29,274 7,764 7,065 2,514 3,379 3,611 991 44 3 0 6,700

Amount Sold USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD

(6,113) (506) (989) (608) (6,911) (152) (856) (1,480) (1,706) (7,009) (252,854) (13,399,723) (130,624) (38,535) (10,199) (9,294) (3,302) (4,481) (4,868) (1,341) (59) (4) (1) (9,076)

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued) FINANCIAL DERIVATIVE INSTRUMENTS (continued) Open Forward Foreign Currency Exchange Contracts (31 December 2017: 2.33%) (continued) Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

(25) (30) (82) (862) (949) (424) 1,163

0.01

......................................... 5,352 .........................................(359,266)

0.02 (1.61)

Net unrealised loss on open forward foreign currency exchange contracts ........................... (353,914)

(1.59)

TOTAL VALUE OF INVESTMENTS .............................................................

Fair Value USD 20,826,899

% of Value of Sub-Fund 93.32

CASH ..........................................................................................................

1,185,909

5.33

OTHER NET ASSETS ..................................................................................

255,924

1.15

TOTAL VALUE OF SUB-FUND ...................................................................

22,268,732

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................... Transferable securities dealt in on another regulated market ............................................................... Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ........................ UCITS Investment funds ............................................................................................................................ Over-the-counter financial derivative instruments .................................................................................. Other current assets ..................................................................................................................................

% of gross assets 60.22 19.97 3.32 8.33 0.02 8.14 100.00

Maturity Date

Counterparty

16/07/2018 16/07/2018 16/07/2018 16/07/2018 25/07/2018 26/07/2018 19/09/2018

State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 Standard Chartered Bank HSBC Bank Plc Ing Bank NV

Amount Bought USD USD USD USD USD CZK TRY

4,453 14,618 27,661 279,341 168,497 2,216,390 231,168

Unrealised gain on open forward foreign currency exchange contracts Unrealised loss on open forward foreign currency exchange contracts

1

Amount Sold AUD AUD AUD AUD PHP USD USD

(6,061) (19,825) (37,548) (379,236) (9,052,000) (100,000) (47,650)

Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A6H.

Schedule of Investments 117

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND Holding

Fair Value USD

% of Value of Sub-Fund

399,000 308,560 541,500 510,649 373,504 298,071 401,895 319,126 292,455 417,746 390,926 294,800 473,744 367,500 295,500 264,000 297,495 296,544 533,500 180,202 186,401 188,233 191,750 323,895 660,000 329,172 575,484 802,700 342,225 274,500 191,040 281,113 323,389 345,446 308,403 316,800 464,756 377,344 549,750 600,725 240,625

1.29 1.00 1.76 1.66 1.21 0.97 1.30 1.03 0.95 1.35 1.27 0.96 1.54 1.19 0.96 0.86 0.96 0.96 1.73 0.58 0.60 0.61 0.62 1.05 2.14 1.07 1.87 2.60 1.11 0.89 0.62 0.91 1.05 1.12 1.00 1.03 1.51 1.22 1.78 1.95 0.78

TRANSFERABLE SECURITIES FIXED INCOME SECURITIES (31 DECEMBER 2017: 94.54%) BRAZILIAN REAL (31 DECEMBER 2017: 0.08%)

400,000 320,000 600,000 500,000 450,000 300,000 450,000 320,000 300,000 400,000 400,000 300,000 500,000 375,000 300,000 330,000 330,000 300,000 550,000 200,000 191,300 200,000 200,000 330,000 660,000 330,000 600,000 1,000,000 351,000 300,000 200,000 300,000 320,000 350,000 340,000 320,000 530,000 375,000 600,000 600,000 275,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 94.46%) Corporate Bonds 4.875% Abu Dhabi National Energy PJSC 23/04/2030 ................. 5.875% Arcos Dorados Holdings 04/04/2027 ............................... 3.500% Banco de Credito e Inversiones 12/10/2027 .................... 5.000% Bank of China 13/11/2024 ................................................ 4.350% BRF 29/09/2026 ................................................................ 6.500% Cablevision Holding 15/06/2021 ...................................... 6.875% Capex 15/05/2024 .............................................................. 5.000% CBQ Finance 24/05/2023 .................................................. 4.250% China Cinda Finance 2015 I 23/04/2025 ........................... 5.375% China Overseas Finance Cayman III 29/10/2023 ............. 7.450% China SCE Property Holdings 17/04/2021 ....................... 3.875% China Shenhua Overseas Capital 20/01/2025 .................. 4.250% Chinalco Capital Holdings 21/04/2022 ............................. 9.500% Cia General de Combustibles 07/11/2021 ....................... 4.625% Cia Minera Milpo 28/03/2023 ............................................ 5.750% CIMPOR Financial Operations 17/07/2024 ...................... 6.250% Cydsa SAB de CV 04/10/2027 ........................................... 3.908% DP World Crescent 31/05/2023 ........................................ 4.125% Ecopetrol 16/01/2025 ........................................................ 3.875% El Puerto de Liverpool SAB de CV 06/10/2026 ................ 4.875% Empresa Electrica Angamos 25/05/2029 ........................ 3.750% Empresa Nacional del Petroleo 05/08/2026 .................... 5.875% Energuate Trust 03/05/2027 ............................................. 5.375% Evraz Group 20/03/2023 ................................................... 7.250% First Quantum Minerals 01/04/2023 ................................ 9.625% Generacion Mediterranea 27/07/2023 ............................. 6.500% Geopark 21/09/2024 .......................................................... 7.000% Gol Finance 31/01/2025 .................................................... 5.250% Grupo Cementos de Chihuahua SAB de CV 23/06/2024 . 5.750% Grupo KUO SAB De CV 07/07/2027 .................................. 9.125% HTA Group 08/03/2022 ...................................................... 6.375% Indo Energy Finance II 24/01/2023 ................................... 4.875% Industrial & Commercial Bank of China 21/09/2025 ...... 6.375% Israel Chemicals 31/05/2038 ............................................ 4.500% Longfor Properties 16/01/2028 ........................................ 4.750% Lukoil International Finance 02/11/2026 ......................... 6.750% Medco Platinum Road 30/01/2025 ................................... 6.000% Millicom International Cellular 15/03/2025 ..................... 6.500% Minerva Luxembourg 20/09/2026 .................................... 6.500% MTN Mauritius Investment 13/10/2026 ............................ 7.000% Nostrum Oil & Gas Finance 16/02/2025 ..........................

118 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

679,451 11,000 551,128 385,304 598,536 286,500 272,596 963,750 633,500 624,888 312,931 315,150 310,277 556,622 219,100 312,187 467,500

2.20 0.04 1.79 1.25 1.94 0.93 0.88 3.13 2.05 2.03 1.01 1.02 1.01 1.81 0.71 1.01 1.52

172,750

0.56

530,458 473,580 230,619 481,550 137,250 189,250 454,625 282,750 425,475 392,700 891,824 609,712

1.72 1.54 0.75 1.56 0.45 0.61 1.47 0.92 1.38 1.27 2.89 1.98

UNITED STATES DOLLAR - TOTAL ..............................................

27,903,431

90.49

FIXED INCOME SECURITIES - TOTAL ..........................................

27,903,431

90.49

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 2.40%) UNITED STATES DOLLAR (31 DECEMBER 2017: 2.40%) Corporate Bonds 350,000 6.750% Banco Macro 04/11/2026 .................................................. 330,000 3.750% China Minmetals (perpetual) ...........................................

327,250 302,248

1.06 0.98

UNITED STATES DOLLAR - TOTAL ..............................................

629,498

2.04

VARIABLE RATE SECURITIES - TOTAL ........................................

629,498

2.04

Holding

700,000 200,000 550,000 400,000 680,000 300,000 300,000 1,000,000 700,000 660,000 330,000 330,000 270,000 550,000 250,000 330,000 500,000 200,000 660,000 480,000 250,000 500,000 150,000 200,000 500,000 300,000 450,000 420,000 990,000 710,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 94.46%) (continued) Corporate Bonds (continued) 4.500% Novolipetsk Steel via Steel Funding 15/06/2023 ............. 8.000% OAS Finance 02/07/2021 ................................................... 4.625% ONGC Videsh 15/07/2024 .................................................. 3.250% Ooredoo International Finance 21/02/2023 ..................... 5.625% Orazul Energy Egenor 28/04/2027 ................................... 4.250% Pelabuhan Indonesia II 05/05/2025 .................................. 5.875% Petkim Petrokimya Holding 26/01/2023 .......................... 7.250% Petra Diamonds US Treasury 01/05/2022 ....................... 5.999% Petrobras Global Finance 27/01/2028 ............................. 5.350% Petroleos Mexicanos 12/02/2028 ..................................... 4.125% Proven Honour Capital 19/05/2025 .................................. 4.875% Sigma Finance Netherlands 27/03/2028 ......................... 6.750% Southern Copper 16/04/2040 ........................................... 4.125% State Grid Overseas Investment 2014 07/05/2024 ........... 7.125% Stillwater Mining 27/06/2025 ............................................ 3.595% Tencent Holdings 19/01/2028 ........................................... 4.000% Tengizchevroil Finance International 15/08/2026 ........... 2.800% Teva Pharmaceutical Finance Netherlands III 21/07/2023 ...................................................................................... 3.150% Teva Pharmaceutical Finance Netherlands III 01/10/2026 ...................................................................................... 3.625% Thai Oil 23/01/2023 ........................................................... 3.244% TNB Global Ventures Capital 19/10/2026 ........................ 4.250% Transportadora de Gas del Peru 30/04/2028 .................. 6.750% Transportadora de Gas del Sur 02/05/2025 ..................... 7.000% Tullow Oil 01/03/2025 ....................................................... 6.125% Turkiye Is Bankasi 25/04/2024 ......................................... 7.125% Vedanta Resources 31/05/2023 ........................................ 4.950% VEON Holdings 16/06/2024 .............................................. 6.100% Yapi ve Kredi Bankasi 16/03/2023 .................................... 8.875% Yasar Holdings 06/05/2020 ............................................... 6.950% YPF 21/07/2027 .................................................................

Schedule of Investments 119

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 30,468,258) ............................................

28,532,929

92.53

TOTAL VALUE OF INVESTMENTS ...............................................

28,532,929

92.53

CASH ...........................................................................................

2,093,433

6.79

OTHER NET ASSETS ...................................................................

211,026

0.68

TOTAL VALUE OF SUB-FUND .....................................................

30,837,388

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ........................................................ Transferable securities dealt in on another regulated market .................................................................... Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) .............................. Other current assets ..................................................................................................................................

120 Schedule of Investments

% of gross assets 73.56 16.02 2.24 8.18 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND Fair Value USD

% of Value of Sub-Fund

BERMUDA (31 DECEMBER 2017: Nil) 88,000 Haier Electronics Group ................................................................

301,168

0.78

BERMUDA - TOTAL .......................................................................

301,168

0.78

BRAZIL (31 DECEMBER 2017: 7.98%) Cia Brasileira de Distribuicao (ADR) ............................................. Guararapes Confeccoes ................................................................ Itau Unibanco Holding (ADR) ........................................................ Vale (ADR) ......................................................................................

716,203 456,419 798,015 349,896

1.84 1.18 2.05 0.90

BRAZIL - TOTAL .............................................................................

2,320,533

5.97

CHINA (31 DECEMBER 2017: 16.57%) Anhui Conch Cement ..................................................................... China Construction Bank .............................................................. JD.com (ADR) ................................................................................. Ping An Insurance Group of China ............................................... Sunny Optical Technology Group .................................................. Tencent Holdings ........................................................................... Vipshop Holdings (ADR) ................................................................. Zhuzhou CRRC Times Electric ......................................................

266,715 1,258,628 266,145 924,880 89,326 2,419,384 344,553 558,160

0.69 3.24 0.68 2.38 0.23 6.22 0.89 1.44

CHINA - TOTAL ..............................................................................

6,127,791

15.77

COLOMBIA (31 DECEMBER 2017: Nil) 34,233 Grupo de Inversiones Suramericana ............................................

438,258

1.13

COLOMBIA - TOTAL .......................................................................

438,258

1.13

CZECH REPUBLIC (31 DECEMBER 2017: Nil) 11,978 Komercni Banka ............................................................................

502,898

1.29

CZECH REPUBLIC - TOTAL ...........................................................

502,898

1.29

852,641 617,800 710,730 522,137 447,327

2.19 1.59 1.83 1.34 1.15

Holding TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 98.33%) ARGENTINA (31 DECEMBER 2017: 1.19%)

35,846 18,600 76,880 27,293

46,500 1,362,000 6,833 100,500 4,800 48,200 31,756 117,400

GREECE (31 DECEMBER 2017: 1.39%)

67,433 478,000 80,000 418,000 397,000

HONG KONG (31 DECEMBER 2017: 9.30%) ASM Pacific Technology ................................................................ China Everbright International ..................................................... China Mobile .................................................................................. China Unicom Hong Kong ............................................................. Chow Tai Fook Jewellery Group ...................................................

Schedule of Investments 121

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

HONG KONG (31 DECEMBER 2017: 9.30%) (continued) 537,000 CNOOC ........................................................................................... 53,000 VTech Holdings ..............................................................................

926,777 611,711

2.39 1.58

HONG KONG - TOTAL ....................................................................

4,689,123

12.07

INDIA (31 DECEMBER 2017: 9.28%) Bharat Heavy Electricals ............................................................... HDFC Bank .................................................................................... Hero MotoCorp .............................................................................. Shree Cement ................................................................................

614,724 871,630 718,274 565,504

1.58 2.24 1.85 1.46

INDIA - TOTAL ...............................................................................

2,770,132

7.13

INDONESIA (31 DECEMBER 2017: 1.53%) 3,328,300 PP Persero .....................................................................................

463,361

1.19

INDONESIA - TOTAL ......................................................................

463,361

1.19

MEXICO (31 DECEMBER 2017: 3.60%) 89,066 Cemex SAB de CV .......................................................................... 248,200 Mexichem SAB de CV ....................................................................

584,273 724,557

1.50 1.87

MEXICO - TOTAL ............................................................................

1,308,830

3.37

NETHERLANDS (31 DECEMBER 2017: 0.80%) 19,414 X5 Retail Group (GDR) ...................................................................

514,083

1.32

NETHERLANDS - TOTAL ...............................................................

514,083

1.32

PHILIPPINES (31 DECEMBER 2017: 1.21%) 690,900 Ayala Land .....................................................................................

490,657

1.26

PHILIPPINES - TOTAL ...................................................................

490,657

1.26

POLAND (31 DECEMBER 2017: 2.54%) 41,552 Alior Bank ......................................................................................

742,486

1.91

POLAND - TOTAL ..........................................................................

742,486

1.91

RUSSIA (31 DECEMBER 2017: 3.05%) 12,025 Lukoil PJSC (ADR) ......................................................................... 122,549 Sberbank of Russia .......................................................................

822,269 424,976

2.12 1.09

RUSSIA - TOTAL ............................................................................

1,247,245

3.21

Holding

587,008 28,324 14,168 2,491

MALAYSIA (31 DECEMBER 2017: 1.38%)

122 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

SINGAPORE (31 DECEMBER 2017: 1.50%) 46,600 Venture ...........................................................................................

609,713

1.57

SINGAPORE - TOTAL .....................................................................

609,713

1.57

SOUTH AFRICA (31 DECEMBER 2017: 6.86%) Capitec Bank Holdings .................................................................. Naspers .......................................................................................... Pick n Pay Stores ........................................................................... Vodacom Group .............................................................................

584,271 1,087,231 438,437 473,171

1.50 2.80 1.13 1.22

SOUTH AFRICA - TOTAL ...............................................................

2,583,110

6.65

SOUTH KOREA (31 DECEMBER 2017: 12.06%) Hanon Systems .............................................................................. Korea Zinc ...................................................................................... POSCO ............................................................................................ Samsung Electronics .................................................................... Woori Bank ....................................................................................

473,438 306,168 610,178 2,683,055 1,073,460

1.22 0.79 1.57 6.90 2.76

SOUTH KOREA - TOTAL ................................................................

5,146,299

13.24

TAIWAN (31 DECEMBER 2017: 11.87%) Airtac International Group ............................................................ Cathay Financial Holding .............................................................. Chicony Power Technology ........................................................... Hon Hai Precision Industry ........................................................... Largan Precision ........................................................................... Taiwan Semiconductor Manufacturing ........................................

526,084 679,371 466,989 338,383 441,806 1,448,612

1.35 1.75 1.20 0.87 1.14 3.73

TAIWAN - TOTAL ...........................................................................

3,901,245

10.04

THAILAND (31 DECEMBER 2017: 1.65%) 136,500 Workpoint Entertainment ..............................................................

155,535

0.40

THAILAND - TOTAL .......................................................................

155,535

0.40

TURKEY (31 DECEMBER 2017: Nil) 89,417 KOC Holding ...................................................................................

277,549

0.71

TURKEY - TOTAL ...........................................................................

277,549

0.71

UNITED KINGDOM (31 DECEMBER 2017: Nil) 20,761 Prudential ......................................................................................

475,422

1.22

UNITED KINGDOM - TOTAL ..........................................................

475,422

1.22

Holding

9,226 4,276 80,360 52,817

49,778 884 2,067 64,100 73,397

37,000 385,000 277,000 124,000 3,000 204,000

Schedule of Investments 123

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

UNITED STATES (31 DECEMBER 2017: 4.57%) 9,836 Alibaba Group Holding (ADR) ........................................................ 14,300 Colfax ............................................................................................. 1,020 Facebook ........................................................................................

1,824,873 438,295 198,206

4.69 1.13 0.51

UNITED STATES - TOTAL .............................................................

2,461,374

6.33

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 34,573,786) ............................................

37,526,812

96.56

CASH ...........................................................................................

1,179,794

3.04

OTHER NET ASSETS ...................................................................

158,796

0.40

TOTAL VALUE OF SUB-FUND .....................................................

38,865,402

100.00

Holding

Abbreviations used: ADR American Depository Receipt GDR Global Depository Receipt % of Analysis of gross assets gross assets Transferable securities admitted to an official stock exchange listing ......................................................... 96.25 Other current assets ......................................................................................................................................... 3.75 100.00

124 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES FIXED INCOME SECURITIES (31 DECEMBER 2017: 93.88%) ARGENTINE PESO (31 DECEMBER 2017: 1.29%) Government Bonds 9,000,000 15.500% Argentina 17/10/2026 ...................................................... 12,850,000 16.000% Argentina 17/10/2023 ...................................................... 14,700,000 18.200% Argentina 03/10/2021 ......................................................

292,461 410,888 467,496

0.34 0.47 0.54

ARGENTINE PESO - TOTAL ..........................................................

1,170,845

1.35

BRAZILIAN REAL (31 DECEMBER 2017: 12.68%) Government Bonds 10.000% Brazil 01/01/2019 ............................................................ 10.000% Brazil 01/01/2021 ............................................................ 10.000% Brazil 01/01/2023 ............................................................ 10.000% Brazil 01/01/2025 ............................................................ 10.000% Brazil 01/01/2027 ............................................................ 10.250% Brazil 10/01/2028 ............................................................

844,336 1,874,316 1,447,318 1,516,023 1,138,284 1,201,189

0.97 2.16 1.67 1.75 1.31 1.39

BRAZILIAN REAL - TOTAL ............................................................

8,021,466

9.25

CHILEAN PESO (31 DECEMBER 2017: 1.51%) Government Bonds 500,000,000 4.500% Chile 03/01/2021 ............................................................... 475,000,000 4.500% Chile 03/01/2026 ...............................................................

795,954 738,370

0.92 0.85

CHILEAN PESO - TOTAL

1,534,324

1.77

COLUMBIAN PESO (31 DECEMBER 2017: 6.62%) Government Bonds 6.000% Colombia 28/04/2028 ........................................................ 6.250% Colombia 11/26/2025 ........................................................ 7.000% Colombia 04/05/2022 ........................................................ 7.000% Colombia 30/06/2032 ........................................................ 7.500% Colombia 26/08/2026 ........................................................ 7.750% Colombia 18/09/2030 ........................................................ 10.000% Colombia 24/07/2024 ......................................................

1,110,290 730,904 212,837 1,186,173 2,957,415 620,649 1,094,081

1.28 0.84 0.25 1.37 3.40 0.72 1.26

COLUMBIAN PESO - TOTAL .........................................................

7,912,349

9.12

EGYPTIAN POUND (31 DECEMBER 2017: 3.58%) Government Bonds 41,500,000 18.750% Egypt 23/05/2022 .............................................................

2,420,454

2.79

EGYPTIAN POUND - TOTAL ..........................................................

2,420,454

2.79

Holding

3,200,000 7,100,000 5,700,000 6,200,000 4,800,000 4,500,000

3,400,000,000 2,180,000,000 600,000,000 3,510,300,000 8,200,000,000 1,700,000,000 2,700,000,000

Schedule of Investments 125

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

HUNGARIAN FORINT (31 DECEMBER 2017: 6.80%) Government Bonds 70,000,000 5.500% Hungary 24/06/2025 .......................................................... 280,000,000 6.000% Hungary 24/11/2023 .......................................................... 180,000,000 7.500% Hungary 12/11/2020 ..........................................................

287,215 1,164,524 726,584

0.33 1.34 0.84

HUNGARIAN FORINT - TOTAL ......................................................

2,178,323

2.51

Holding

INDIAN RUPEE (31 DECEMBER 2017: 2.19%) ............................. INDONESIAN RUPIAH (31 DECEMBER 2017: 6.80%) Corporate Bonds 7.700% Wijaya Karya Persero 31/01/2021 .................................... Government Bonds 6.125% Indonesia 15/05/2028 ........................................................ 7.000% Indonesia 15/05/2022 ........................................................ 8.250% Indonesia 15/07/2021 ........................................................ 8.375% Indonesia 15/03/2024 ........................................................ 8.375% Indonesia 15/09/2026 ........................................................ 8.750% Indonesia 15/05/2031 ........................................................ 10.000% Indonesia 15/02/2028 ...................................................... 10.500% Indonesia 15/08/2030 ...................................................... 11.000% Indonesia 15/09/2025 ...................................................... 12.800% Indonesia 15/06/2021 ......................................................

808,130

0.93

371,598 546,825 496,546 662,941 724,250 363,746 1,133,287 733,252 1,088,102 1,305,146

0.43 0.63 0.57 0.76 0.84 0.42 1.31 0.85 1.25 1.51

INDONESIAN RUPIAH - TOTAL ....................................................

8,233,823

9.50

KAZAKHSTAN TENGE (31 DECEMBER 2017: 0.67%) Corporate Bonds 359,000,000 9.500% Development Bank of Kazakhstan 14/12/2020 ................

1,062,110

1.22

KAZAKHSTAN TENGE - TOTAL ....................................................

1,062,110

1.22

MALAYSIAN RINGGIT (31 DECEMBER 2017: 5.51%) Government Bonds 1,400,000 3.620% Malaysia 30/11/2021 ......................................................... 3,000,000 3.900% Malaysia 30/11/2026 ......................................................... 3,000,000 3.955% Malaysia 15/09/2025 .........................................................

346,349 719,135 728,475

0.40 0.83 0.84

MALAYSIAN RINGGIT - TOTAL .....................................................

1,793,959

2.07

1,896,708

2.19

681,411 732,015

0.78 0.84

11,500,000,000 6,000,000,000 8,000,000,000 7,000,000,000 9,300,000,000 10,200,000,000 5,000,000,000 14,500,000,000 9,000,000,000 13,500,000,000 16,500,000,001

MEXICAN PESO (31 DECEMBER 2017: 8.65%) Corporate Bonds 42,600,000 7.190% Petroleos Mexicanos 12/09/2024 ..................................... Government Bonds 15,000,000 5.750% Mexico 05/03/2026 ............................................................ 15,000,000 6.500% Mexico 09/06/2022 ............................................................

126 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

MEXICAN PESO (31 DECEMBER 2017: 8.65%) (continued) Government Bonds (continued) 7.750% Mexico 13/11/2042 ............................................................ 8.000% Mexico 07/12/2023 ............................................................ 8.500% Mexico 31/05/2029 ............................................................ 10.000% Mexico 05/12/2024 .......................................................... 10.000% Mexico 20/11/2036 ..........................................................

1,066,173 412,838 434,104 3,075,409 526,682

1.23 0.48 0.50 3.55 0.61

MEXICAN PESO - TOTAL................................................................

8,825,340

10.18

PERUVIAN NOUVEAU SOL (31 DECEMBER 2017: 1.53%) Government Bonds 2,800,000 6.350% Peru 12/08/2028 ................................................................

893,559

1.03

PERUVIAN NOUVEAU SOL - TOTAL .............................................

893,559

1.03

POLISH ZLOTY (31 DECEMBER 2017: 8.64%) Government Bonds 2.250% Poland 25/04/2022 ............................................................ 2.500% Poland 01/25/2023 ............................................................ 2.500% Poland 25/07/2026 ............................................................ 2.500% Poland 25/07/2027 ............................................................ 4.000% Poland 25/10/2023 ............................................................ 5.750% Poland 23/09/2022 ............................................................

534,623 1,072,984 766,116 1,440,822 2,516,871 3,190,259

0.62 1.24 0.88 1.66 2.90 3.68

POLISH ZLOTY - TOTAL ................................................................

9,521,675

10.98

ROMANIAN LEU (31 DECEMBER 2017: 2.73%) Government Bonds 3,100,000 5.800% Romania 26/07/2027 .........................................................

806,750

0.93

ROMANIAN LEU - TOTAL ..............................................................

806,750

0.93

RUSSIAN ROUBLE (31 DECEMBER 2017: 6.71%) Government Bonds 6.400% Russia 27/05/2020 ............................................................ 7.050% Russia 19/01/2028 ............................................................ 7.100% Russia 16/10/2024 ............................................................ 7.600% Russia 14/04/2021 ............................................................ 7.600% Russia 20/07/2022 ............................................................ 8.150% Russia 03/02/2027 ............................................................ 8.500% Russia 17/09/2031 ............................................................

378,932 770,312 2,114,270 791,267 532,685 1,490,610 681,957

0.44 0.89 2.44 0.91 0.61 1.72 0.79

RUSSIAN ROUBLE - TOTAL ..........................................................

6,760,033

7.80

SOUTH AFRICAN RAND (31 DECEMBER 2017: 6.31%) Corporate Bonds 7,000,000 9.500% Transnet SOC 13/05/2021 .................................................

501,931

0.58

Holding

20,800,000 8,000,000 8,000,000 53,830,000 8,400,000

2,000,000 4,000,000 3,000,000 5,700,000 8,800,000 10,500,000

24,000,000 50,000,000 135,000,000 48,940,000 33,000,000 90,000,000 40,000,000

Schedule of Investments 127

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

SOUTH AFRICAN RAND (31 DECEMBER 2017: 6.31%) (continued) Government Bonds 7.750% South Africa 28/02/2023 ................................................... 8.000% South Africa 31/01/2030 ................................................... 8.500% South Africa 31/01/2037 ................................................... 8.750% South Africa 31/01/2044 ................................................... 8.750% South Africa 28/02/2048 ................................................... 8.875% South Africa 28/02/2035 ................................................... 9.000% South Africa 31/01/2040 ...................................................

1,568,849 799,054 376,859 333,324 996,006 1,103,706 754,079

1.81 0.92 0.44 0.38 1.15 1.27 0.87

SOUTH AFRICAN RAND - TOTAL ..................................................

6,433,808

7.42

THAILAND BAHT (31 DECEMBER 2017: 4.77%) Government Bonds 2.000% Thailand 17/12/2022 ......................................................... 2.125% Thailand 17/12/2026 ......................................................... 3.650% Thailand 17/12/2021 ......................................................... 3.650% Thailand 20/06/2031 ......................................................... 4.875% Thailand 22/06/2029 .........................................................

1,805,772 1,308,889 1,979,823 640,857 540,262

2.08 1.51 2.29 0.74 0.62

THAILAND BAHT - TOTAL .............................................................

6,275,603

7.24

Holding

21,900,000 12,000,000 5,700,000 5,000,000 15,000,000 16,000,000 11,000,000

60,000,000 45,000,000 62,000,000 20,000,000 15,000,000

TURKISH LIRA (31 DECEMBER 2017: 6.89%) Corporate Bonds 13.125% Yapi ve Kredi Bankasi 10/06/2020 .................................. Government Bonds 10.400% Turkey 20/03/2024 .......................................................... 10.500% Turkey 15/01/2020 .......................................................... 10.500% Turkey 11/08/2027 .......................................................... 10.600% Turkey 11/02/2026 .......................................................... 10.700% Turkey 17/02/2021 .......................................................... 10.700% Turkey 17/08/2022 .......................................................... 11.000% Turkey 02/03/2022 ..........................................................

432,494

0.50

612,940 669,431 872,260 2,241,247 800,642 534,359 548,438

0.71 0.77 1.01 2.58 0.92 0.62 0.63

TURKISH LIRA - TOTAL .................................................................

6,711,811

7.74

FIXED INCOME - TOTAL .................................................................

80,556,232

92.90

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 1.98%) ARGENTINE PESO (31 DECEMBER 2017: 1.98%) Government Bonds 20,000,000 40.000% Argentina 21/06/2020 ......................................................

726,169

0.84

ARGENTINE PESO - TOTAL ..........................................................

726,169

0.84

VARIABLE RATE SECURITIES - TOTAL ........................................

726,169

0.84

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 91,138,664) ............................................

81,282,401

93.74

2,200,000 3,600,000 3,400,000 5,400,000 13,510,000 4,300,000 3,000,000 3,000,000

128 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued) FINANCIAL DERIVATIVE INSTRUMENTS Open Forward Foreign Currency Exchange Contracts (31 December 2017: 0.43%)

Maturity Date

Counterparty

Amount Bought

26/07/2018 19/09/2018 25/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018

HSBC Bank ING Bank Standard Chartered Bank State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1 State Street Bank & Trust Co.1

CZK TRY USD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD AUD USD USD USD USD USD

16/07/2018 State Street Bank & Trust Co.1 16/07/2018 State Street Bank & Trust Co.1

Amount Sold

% of Value of Sub-Fund

USD USD PHP USD USD USD USD USD USD USD USD USD USD USD USD AUD AUD AUD AUD AUD

850,000 441,832 62,974,400 5,092,812 145,732 11,120 3,365 1,364 180 8,781 92 39 2,234 7,182 17,386 46,398 473 358 198 1,704

(3,605) 10,787 (6,601) (133,004) (3,813) (311) (32) (28) (5) (5) 3 15 52 (102) (2) 26

(0.01) 0.02 (0.01) (0.15) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.00 0.00 0.00 0.00 (0.00) (0.00) (0.00) 0.00 0.00 0.00

USD

1,936 AUD

2,548

53

0.00

USD

2,049 AUD

2,696

57

0.00

1

USD

2,068 AUD

2,717

61

0.00

16/07/2018 State Street Bank & Trust Co.1

USD

2,107 AUD

2,767

63

0.00

16/07/2018 State Street Bank & Trust Co.1

USD

2,349 AUD

3,085

70

0.00

1

USD

11,991 AUD

16,074

114

0.00

16/07/2018 State Street Bank & Trust Co.1

USD

135,966 AUD

182,671

998

0.00

1

USD

38,444 AUD

50,575

1,076

0.00

16/07/2018 State Street Bank & Trust Co.2

USD

8 ZAR

102

-

0.00

2

USD

112 ZAR

1,520

1

0.00

16/07/2018 State Street Bank & Trust Co.2

USD

939 ZAR

12,826

4

0.00

2

USD

3,544 ZAR

48,554

7

0.00

16/07/2018 State Street Bank & Trust Co.2

USD

3,191 ZAR

43,108

51

0.00

16/07/2018 State Street Bank & Trust Co.2

USD

4,832 ZAR

65,423

67

0.00

2

USD

2,900 ZAR

38,197

118

0.00

16/07/2018 State Street Bank & Trust Co.2

USD

4,702 ZAR

61,935

191

0.00

2

USD

6,192 ZAR

82,161

207

0.00

16/07/2018 State Street Bank & Trust Co.2

USD

24,896 ZAR

336,810

363

0.00

2

USD

31,367 ZAR

411,984

1,358

0.00

16/07/2018 State Street Bank & Trust Co.2

ZAR

12,990,380 USD

991,819

(45,602)

(0.06)

16/07/2018 State Street Bank & Trust Co.

16/07/2018 State Street Bank & Trust Co. 16/07/2018 State Street Bank & Trust Co. 16/07/2018 State Street Bank & Trust Co. 16/07/2018 State Street Bank & Trust Co.

16/07/2018 State Street Bank & Trust Co. 16/07/2018 State Street Bank & Trust Co. 16/07/2018 State Street Bank & Trust Co.

18,839,315 2,143,474 1,172,227 6,712,763 192,078 14,629 4,510 1,808 237 11,877 124 54 3,027 9,741 23,601 34,180 348 264 146 1,285

Unrealised Appreciation/ (Depreciation) USD

Schedule of Investments 129

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued)

Maturity Date

Amount Bought

Counterparty

Amount Sold

Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

16/07/2018 State Street Bank & Trust Co.2

ZAR

68,907 USD

5,231

(212)

(0.00)

16/07/2018 State Street Bank & Trust Co.2

ZAR

178,102 USD

13,132

(159)

(0.00)

2

ZAR

221,588 USD

16,267

(127)

(0.00)

16/07/2018 State Street Bank & Trust Co.2

ZAR

25,361 USD

1,926

(78)

(0.00)

16/07/2018 State Street Bank & Trust Co.2

ZAR

24,599 USD

1,867

(75)

(0.00)

2

ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR ZAR

2,326 3,464 1,340 1,206 556 9,112 1,271 156 160 11,864

(75) (48) (35) (19) (19) (18) (6) (5) 80

(0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) 0.00 0.00

......................................... 15,822 .........................................(193,986)

0.02 (0.23)

Net unrealised loss on open forward foreign currency exchange contracts ........................... (178,164)

(0.21)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 81,104,237

% of Value of Sub-Fund 93.53

CASH ..............................................................................................

4,830,097

5.57

OTHER NET ASSETS ......................................................................

781,453

0.90

TOTAL VALUE OF SUB-FUND .......................................................

86,715,787

100.00

16/07/2018 State Street Bank & Trust Co.

16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018

State Street Bank & Trust Co. State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2 State Street Bank & Trust Co.2

30,905 46,903 17,922 16,298 7,373 124,844 17,361 2,079 2,196 163,978

Unrealised gain on open forward foreign currency exchange contracts Unrealised loss on open forward foreign currency exchange contracts

1 2

USD USD USD USD USD USD USD USD USD USD

Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A6HD. Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A9HD.

Analysis of gross assets Transferable securities admitted to an official stock exchange listing .................................................. Transferable securities dealt in on another regulated market .............................................................. Over-the-counter financial derivative instruments ................................................................................. Other current assets .................................................................................................................................

130 Schedule of Investments

% of gross assets 72.93 18.96 0.02 8.09 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL FOCUS EQUITY FUND Holding

Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 97.63%) AUSTRIA (31 DECEMBER 2017: Nil) 153,139 AMS ................................................................................................

11,378,816

3.90

AUSTRIA - TOTAL ..........................................................................

11,378,816

3.90

BRAZIL (31 DECEMBER 2017: 1.69%) 184,853 Petroleo Brasileiro (ADR) .............................................................. 224,305 Vale (ADR) ......................................................................................

1,854,076 2,875,590

0.63 0.99

TOTAL BRAZIL ...............................................................................

4,729,666

1.62

CHINA (31 DECEMBER 2017: Nil) 1,750,000 China Life Insurance .....................................................................

4,516,949

1.55

CHINA - TOTAL ..............................................................................

4,516,949

1.55

FRANCE (31 DECEMBER 2017: 7.91%) Danone ........................................................................................... Essilor International Cie Generale d'Optique ............................... Rubis .............................................................................................. Societe Generale ...........................................................................

6,425,337 9,352,912 6,828,997 6,307,203

2.21 3.21 2.34 2.16

FRANCE - TOTAL ...........................................................................

28,914,449

9.92

GERMANY (31 DECEMBER 2017: 2.20%) 68,318 KION Group ....................................................................................

4,916,697

1.69

GERMANY - TOTAL ........................................................................

4,916,697

1.69

INDIA (31 DECEMBER 2017: 1.68%) 39,958 Hero MotoCorp .............................................................................. 7,951 Shree Cement ................................................................................

2,025,748 1,805,027

0.69 0.62

INDIA - TOTAL ...............................................................................

3,830,775

1.31

IRELAND (31 DECEMBER 2017: 8.02%) 84,645 Allegion .......................................................................................... 65,164 Kerry Group ................................................................................... 116,193 Medtronic .......................................................................................

6,548,137 6,816,971 9,947,283

2.25 2.34 3.41

IRELAND - TOTAL .........................................................................

23,312,391

8.00

87,534 66,259 109,327 149,580

HONG KONG (31 DECEMBER 2017: 0.00%)

Schedule of Investments 131

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL FOCUS EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

JAPAN (31 DECEMBER 2017: 4.39%) 181,900 Sony ................................................................................................

9,301,509

3.19

JAPAN - TOTAL .............................................................................

9,301,509

3.19

MEXICO (31 DECEMBER 2017: 1.39%) 1,541,900 Mexichem SAB de CV ....................................................................

4,501,188

1.54

MEXICO - TOTAL ............................................................................

4,501,188

1.54

SINGAPORE (31 DECEMBER 2017: 2.44%) 438,600 Venture ...........................................................................................

5,738,631

1.97

SINGAPORE - TOTAL .....................................................................

5,738,631

1.97

SPAIN (31 DECEMBER 2017: 2.92%) 1,908,851 CaixaBank ......................................................................................

8,259,488

2.83

SPAIN - TOTAL ..............................................................................

8,259,488

2.83

SWITZERLAND (31 DECEMBER 2017: 3.86%) 93,638 TE Connectivity ..............................................................................

8,433,038

2.89

SWITZERLAND - TOTAL ................................................................

8,433,038

2.89

UNITED KINGDOM (31 DECEMBER 2017: 17.64%) AstraZeneca ................................................................................... Halma ............................................................................................. NMC Health ................................................................................... Prudential ...................................................................................... Royal Dutch Shell .......................................................................... RPC Group ..................................................................................... Senior .............................................................................................

9,168,713 4,308,191 5,941,688 7,411,594 7,519,819 10,932,840 4,660,217

3.14 1.48 2.04 2.54 2.58 3.75 1.60

UNITED KINGDOM - TOTAL ..........................................................

49,943,062

17.13

UNITED STATES (31 DECEMBER 2017: 41.50%) Activision Blizzard ......................................................................... Alphabet ......................................................................................... Aramark ......................................................................................... Broadridge Financial Solutions .................................................... Colfax ............................................................................................. Comcast .........................................................................................

7,012,663 9,093,367 9,496,264 7,218,842 8,211,717 6,548,285

2.41 3.12 3.26 2.48 2.82 2.25

Holding

SOUTH KOREA (31 DECEMBER 2017: 1.99%)

132,204 238,187 125,640 323,654 216,348 1,106,774 1,161,882

91,885 8,053 255,964 62,718 267,919 199,582

132 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL FOCUS EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

UNITED STATES (31 DECEMBER 2017: 41.50%) (continued) Discover Financial Services .......................................................... EOG Resources .............................................................................. Facebook ........................................................................................ Honeywell International ................................................................ Huntington Bancshares ................................................................ McCormick & Co ........................................................................... PTC ................................................................................................. Signature Bank .............................................................................. Synopsys ........................................................................................

6,066,807 5,923,988 8,585,252 12,055,689 10,067,545 9,751,560 556,106 10,099,451 10,782,676

2.08 2.03 2.94 4.13 3.45 3.34 0.19 3.46 3.70

UNITED STATES - TOTAL .............................................................

121,470,212

41.66

EQUITIES - TOTAL .........................................................................

289,246,871

99.20

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 260,481,694) ..........................................

289,246,871

99.20

CASH ..............................................................................................

2,010,029

0.69

OTHER NET ASSETS ......................................................................

327,600

0.11

TOTAL VALUE OF SUB-FUND .......................................................

291,584,500

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................... Other current assets ..................................................................................................................................

% of gross assets 98.97 1.03 100.00

Holding 86,164 47,609 44,181 83,691 682,083 84,000 5,928 78,976 126,010

Abbreviations used: ADR American Depository Receipt

Schedule of Investments 133

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GREATER CHINA EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 100.03%) CHINA (31 DECEMBER 2017: 45.05%) AAC Technologies Holdings .......................................................... Anhui Conch Cement ..................................................................... Baidu (ADR) .................................................................................... Bank of China ................................................................................ Baoshan Iron & Steel .................................................................... Beijing Capital International Airport ............................................. Beijing Chunlizhengda Medical Instruments ............................... China Construction Bank .............................................................. China Life Insurance ..................................................................... China Literature ............................................................................ China Longyuan Power Group ...................................................... China Machinery Engineering ....................................................... China Merchants Bank .................................................................. China Petroleum & Chemical ....................................................... China Shenhua Energy .................................................................. Ctrip.com International (ADR) ...................................................... Dongfeng Motor Group .................................................................. Hubei Jumpcan Pharmaceutical .................................................. Industrial & Commercial Bank of China ...................................... JD.com (ADR) ................................................................................. Kweichow Moutai ........................................................................... Lao Feng Xiang .............................................................................. NetEase (ADR) ............................................................................... PetroChina ..................................................................................... Ping An Insurance Group of China ............................................... Shanghai Fudan-Zhangjiang Bio-Pharmaceutical ...................... Tencent Holdings ........................................................................... Vipshop Holdings (ADR) ................................................................. Weifu High-Technology Group ...................................................... Yangtze Optical Fibre and Cable Joint Stock ................................ Zhuzhou CRRC Times Electric ......................................................

302,732 140,487 1,868,892 1,114,799 285,048 185,471 243,209 2,791,837 990,864 455,825 364,815 975,491 446,366 643,144 475,720 463,537 683,232 356,805 2,159,637 674,384 353,778 386,581 550,971 1,209,565 1,623,826 126,974 6,483,296 208,566 338,032 200,581 1,816,591

0.43 0.20 2.65 1.58 0.40 0.26 0.35 3.96 1.41 0.65 0.52 1.38 0.63 0.91 0.67 0.66 0.97 0.51 3.06 0.96 0.50 0.55 0.78 1.72 2.30 0.18 9.20 0.30 0.48 0.28 2.58

CHINA - TOTAL ..............................................................................

28,921,056

41.03

HONG KONG (31 DECEMBER 2017: 27.33%) AIA Group ....................................................................................... ASM Pacific Technology ................................................................ BOC Hong Kong Holdings ............................................................. Bossini International Holdings ..................................................... Cathay Pacific Airways .................................................................. China Mobile .................................................................................. China Overseas Land & Investment ............................................. China Resources Beer Holdings ................................................... China Resources Land .................................................................. CK Asset Holdings .........................................................................

2,805,994 233,852 517,922 113,460 520,476 2,504,606 711,495 203,907 876,308 1,202,703

3.98 0.33 0.74 0.16 0.74 3.55 1.01 0.29 1.24 1.71

Holding

21,500 24,500 7,716 2,249,000 241,900 176,000 101,200 3,022,000 384,000 48,537 453,000 2,036,000 121,000 720,000 200,500 9,655 646,000 49,000 2,887,255 17,323 3,200 71,199 2,234 1,590,000 176,500 273,000 129,200 19,276 101,200 49,500 382,200

321,000 18,500 110,000 2,544,000 331,000 282,000 216,000 42,000 260,000 151,500

134 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GREATER CHINA EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

HONG KONG (31 DECEMBER 2017: 27.33%) (continued) CK Hutchison Holdings ................................................................. CK Infrastructure Holdings ........................................................... CLP Holdings ................................................................................. CNOOC ........................................................................................... CSPC Pharmaceutical Group ........................................................ Galaxy Entertainment Group ......................................................... Hanergy Thin Film Power Group* ................................................. Hang Seng Bank ............................................................................ Henderson Land Development ..................................................... Hengan International Group ......................................................... Hong Kong Exchanges & Clearing ............................................... Lifestyle China Group .................................................................... Sands China ................................................................................... Sino Biopharmaceutical ................................................................ Sun Hung Kai Properties ............................................................... Television Broadcasts ................................................................... VTech Holdings .............................................................................. Wharf Holdings .............................................................................. Wharf Real Estate Investment ......................................................

654,133 333,442 468,386 857,497 1,105,317 859,264 515,020 267,582 394,447 1,053,109 464,329 617,942 402,729 739,274 142,177 621,920 282,580 206,385

0.93 0.47 0.66 1.22 1.57 1.22 0.00 0.73 0.38 0.56 1.49 0.66 0.88 0.57 1.05 0.20 0.88 0.40 0.29

HONG KONG - TOTAL ....................................................................

19,676,256

27.91

TAIWAN (31 DECEMBER 2017: 19.26%) Catcher Technology ....................................................................... Cathay Financial Holding .............................................................. FIT Hon Teng .................................................................................. Formosa Chemicals & Fibre ......................................................... Formosa Plastics ........................................................................... Gourmet Master ............................................................................ Hon Hai Precision Industry ........................................................... Inventec .......................................................................................... Largan Precision ........................................................................... MediaTek ........................................................................................ Quanta Computer .......................................................................... Sercomm ....................................................................................... Taiwan Semiconductor Manufacturing ........................................

257,245 1,000,528 94,544 1,040,113 564,557 496,716 1,466,616 559,306 1,178,149 432,950 375,519 562,763 5,297,154

0.37 1.42 0.13 1.48 0.80 0.71 2.08 0.79 1.67 0.61 0.53 0.80 7.52

TAIWAN - TOTAL ...........................................................................

13,326,160

18.91

UNITED STATES (31 DECEMBER 2017: 8.29%) 33,216 Alibaba Group Holding (ADR) ........................................................

6,257,230

8.88

UNITED STATES - TOTAL .............................................................

6,257,230

8.88

EQUITIES - TOTAL .........................................................................

68,180,702

96.73

Holding 61,700 45,000 43,500 497,000 366,000 111,000 346,000 20,600 50,600 41,000 35,019 1,149,500 115,600 262,500 49,000 44,900 53,900 88,000 29,000

RUSSIA (31 DECEMBER 2017: 0.10%)

23,000 567,000 209,000 261,000 153,000 51,336 537,439 712,000 8,000 44,000 214,000 242,000 745,969

Schedule of Investments 135

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GREATER CHINA EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: 53,352,023) ....................................................

68,180,702

96.73

TOTAL VALUE OF INVESTMENTS ...............................................

68,180,702

96.73

CASH ...........................................................................................

2,173,644

3.08

OTHER NET ASSETS ...................................................................

129,535

0.19

TOTAL VALUE OF SUB-FUND .....................................................

70,483,881

100.00

Holding

Abbreviation used: ADR American Depository Receipt * Suspended security

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ......................................................... Other current assets ........................................................................................................................................

136 Schedule of Investments

% of gross assets 96.16 3.84 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE INDIA EQUITY FUND INCORPORATING PINEBRIDGE INVESTMENTS GF MAURITIUS LIMITED Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 95.40%) INDIA (31 DECEMBER 2017: 95.40%) AIA Engineering** .......................................................................... Avanti Feeds* ................................................................................. Bajaj Auto** ................................................................................... Bajaj Finance* ............................................................................... Bayer CropScience** ..................................................................... Bharat Heavy Electricals ............................................................... Cochin Shipyard* ........................................................................... Cummins India** ........................................................................... Divi's Laboratories ......................................................................... eClerx Services .............................................................................. Elantas Beck India ......................................................................... FDC ................................................................................................. Gabriel India ................................................................................... Goodyear India ............................................................................... HDFC Bank** ................................................................................. Hero MotoCorp .............................................................................. Igarashi Motors India** ................................................................. Infosys ............................................................................................ ISGEC Heavy Engineering** .......................................................... JM Financial* ................................................................................. Kewal Kiran Clothing* ................................................................... Kotak Mahindra Bank* .................................................................. KSB Pumps .................................................................................... Lakshmi Machine Works** ........................................................... MPS* .............................................................................................. NMDC* ........................................................................................... Orient Refractories ........................................................................ Sanofi India .................................................................................... Sharda Cropchem .......................................................................... Shree Cement ................................................................................ Sun Pharmaceutical Industries .................................................... Tata Consultancy Services* .......................................................... Thermax** ..................................................................................... VST Tillers Tractors** ................................................................... Wipro** ..........................................................................................

30,981,712 257,101 49,254,594 16,898,978 37,654,890 77,424,359 17,474,302 12,166,944 94,079,273 27,573,296 6,816,849 23,547,525 5,728,247 5,149,531 58,880,886 44,468,810 9,594,146 120,785,986 1,130,864 7,613,968 3,684,911 76,546,053 11,338,857 50,381,067 2,817,185 9,608,059 9,748,182 47,317,278 19,174,249 106,573,796 59,173,721 34,473,085 37,612,944 10,426,006 38,911,548

2.53 0.02 4.01 1.38 3.07 6.31 1.42 0.99 7.67 2.25 0.56 1.92 0.47 0.42 4.80 3.62 0.78 9.84 0.09 0.62 0.30 6.24 0.92 4.11 0.23 0.78 0.79 3.86 1.56 8.69 4.82 2.81 3.07 0.85 3.17

INDIA - TOTAL ...............................................................................

1,165,269,202

94.97

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 969,713,651) .........................................

1,165,269,202

94.97

Holding

1,415,047 32,733 1,200,825 504,206 563,727 73,933,519 2,714,549 1,287,143 6,206,279 1,453,107 223,981 7,140,335 2,872,088 317,270 1,913,360 877,150 957,040 6,330,823 15,100 4,506,877 179,644 3,905,248 994,027 442,546 344,493 6,089,696 3,912,693 624,971 3,865,030 469,449 7,188,453 1,278,270 2,472,347 299,406 10,195,123

Schedule of Investments 137

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE INDIA EQUITY FUND INCORPORATING PINEBRIDGE INVESTMENTS GF MAURITIUS LIMITED (continued)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 1,165,269,202

% of Value of Sub-Fund 94.97

CASH ..............................................................................................

61,407,822

5.01

OTHER NET ASSETS ......................................................................

264,680

0.02

TOTAL VALUE OF SUB-FUND .......................................................

1,226,941,704

100.00

* Fully held by PineBridge India Equity Fund. ** Fully held by PineBridge Investments GF Mauritius Limited. All other equities are partially held by PineBridge India Equity Fund and PineBridge Investments GF Mauritius Limited.

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ........................................................ Other current assets .......................................................................................................................................

138 Schedule of Investments

% of gross assets 94.23 5.77 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND Holding

35,700 31,000 20,200 85,900 59,000 87,400 31,000 27,000 68,400 14,500 5,600 38,100 19,200 226,000 111,000 30,200 12,900 59,200 83,900 41,500 7,300 25,000 3,400 21,400 37,100 3,800 42,100 12,700 17,100 11,300 85,300 468,700 44,100 50,500 38,900 40,000 13,100 34,400 1,000 49,700 6,900 54,600

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 98.34%) JAPAN (31 DECEMBER 2017: 98.34%) Ai Holdings ..................................................................................... Asahi Group Holdings .................................................................... Bandai Namco Holdings ................................................................ Capcom .......................................................................................... Casio Computer ............................................................................. Chiba Bank ..................................................................................... Comsys Holdings ........................................................................... CYBERDYNE ................................................................................... Dai-ichi Life Holdings .................................................................... Daikin Industries ............................................................................ Disco ............................................................................................... Don Quijote Holdings ..................................................................... Ferrotec Holdings .......................................................................... Fuji Electric .................................................................................... Fujitsu ............................................................................................ HIS .................................................................................................. Hoya ............................................................................................... Inpex ............................................................................................... ITOCHU ........................................................................................... JFE Holdings .................................................................................. Kao ................................................................................................. Kenko Mayonnaise ......................................................................... Keyence .......................................................................................... Koito Manufacturing ...................................................................... Komatsu ......................................................................................... Kureha ............................................................................................ Link And Motivation ....................................................................... Mabuchi Motor ............................................................................... Matsuoka ....................................................................................... Megachips ...................................................................................... Minebea Mitsumi ........................................................................... Mitsubishi UFJ Financial Group .................................................... Mitsui & Co .................................................................................... Mitsui Fudosan .............................................................................. MS&AD Insurance Group Holdings .............................................. Nichias ........................................................................................... Nidec .............................................................................................. Nihon Unisys .................................................................................. Nintendo ......................................................................................... Nippon Telegraph & Telephone .................................................... Nitori Holdings ............................................................................... NTT Urban Development ...............................................................

Fair Value USD

% of Value of Sub-Fund

775,294 1,589,729 834,628 2,120,221 961,241 618,726 823,733 316,857 1,221,992 1,739,659 957,425 1,832,575 297,187 1,724,551 674,199 911,966 734,660 615,256 1,522,800 786,438 557,705 919,940 1,923,096 1,416,283 1,062,636 272,103 508,146 605,117 588,269 302,001 1,445,253 2,674,351 736,628 1,220,894 1,211,262 501,967 1,969,057 865,871 327,291 2,262,910 1,077,998 587,442

0.95 1.96 1.03 2.61 1.18 0.76 1.01 0.39 1.50 2.14 1.18 2.26 0.37 2.12 0.83 1.12 0.90 0.76 1.87 0.97 0.69 1.13 2.37 1.74 1.31 0.33 0.63 0.75 0.72 0.37 1.78 3.29 0.91 1.50 1.49 0.62 2.42 1.07 0.40 2.79 1.33 0.72

Schedule of Investments 139

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

JAPAN (31 DECEMBER 2017: 98.34%) (continued) Omron ............................................................................................ Otsuka ............................................................................................ Penta-Ocean Construction ............................................................ PeptiDream .................................................................................... Pola Orbis Holdings ....................................................................... Recruit Holdings ............................................................................ Sankyu ............................................................................................ SCSK .............................................................................................. Sekisui Plastics .............................................................................. Seven & i Holdings ........................................................................ Shimadzu ....................................................................................... Shimano ......................................................................................... Shin-Etsu Chemical ....................................................................... Shionogi & Co ................................................................................ SMS ................................................................................................ SoftBank Group ............................................................................. Sony ................................................................................................ Sumitomo Bakelite ........................................................................ Sumitomo Metal Mining ................................................................ Sumitomo Mitsui Financial Group ................................................ Sundrug .......................................................................................... Suzuki Motor .................................................................................. Sysmex ........................................................................................... Tokyo Century ................................................................................ Tokyo Tatemono ............................................................................ Topcon ............................................................................................ Toray Industries ............................................................................. Toyota Motor .................................................................................. Yamaha .......................................................................................... Yamaha Motor ................................................................................ Yokogawa Electric ......................................................................... Zenkoku Hosho ..............................................................................

1,177,921 793,536 436,056 850,269 1,185,638 729,043 1,420,731 1,555,174 334,891 1,467,579 1,829,393 676,244 1,133,648 1,847,176 782,825 1,499,375 1,577,245 782,135 988,567 2,670,689 820,017 1,670,482 682,447 618,887 485,433 606,392 1,006,714 2,379,088 578,057 871,530 1,116,109 854,970

1.45 0.98 0.54 1.05 1.46 0.90 1.75 1.91 0.41 1.81 2.25 0.83 1.40 2.27 0.96 1.85 1.94 0.96 1.22 3.29 1.01 2.06 0.84 0.76 0.60 0.75 1.24 2.93 0.71 1.07 1.37 1.05

JAPAN - TOTAL .............................................................................

79,523,618

97.89

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost USD: 69,327,146) ............................................

79,523,618

97.89

Holding 25,200 20,200 65,000 20,400 26,900 26,300 27,000 33,400 33,400 33,600 60,400 4,600 12,700 35,900 42,800 20,800 30,800 81,000 25,800 68,600 20,200 30,200 7,300 10,900 35,300 35,300 127,400 36,700 11,100 34,600 62,600 18,800

140 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND (continued)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 79,523,618

% of Value of Sub-Fund 97.89

CASH ..............................................................................................

1,924,345

2.37

OTHER NET LIABILITIES ...............................................................

(210,824)

(0.26)

TOTAL VALUE OF SUB-FUND .......................................................

81,237,139

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ..................................................... Other current assets .....................................................................................................................................

% of gross assets 97.52 2.48 100.00

Schedule of Investments 141

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL CAP EQUITY FUND Holding

440,500 295,200 925,600 266,700 1,399,600 297,800 452,900 639,000 204,700 186,100 347,400 120,300 581,900 162,500 833,800 33,200 610,400 2,111,900 124,000 96,600 449,100 326,300 214,300 599,300 1,512,500 1,297,900 79,400 655,100 330,000 594,100 333,700 363,500 384,600 116,900 1,000,100 73,200 838,800 590,600 442,900 758,100 1,675,000 375,900

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 99.14%) JAPAN (31 DECEMBER 2017: 99.14%) Ai Holdings ..................................................................................... Ain Holdings ................................................................................... BayCurrent Consulting .................................................................. Casa ............................................................................................... Casio Computer ............................................................................. Daiwabo Holdings .......................................................................... Dip .................................................................................................. FCC ................................................................................................. FP ................................................................................................... Fuji Oil ............................................................................................ Fujicco ............................................................................................ Fukushima Industries ................................................................... FULLCAST Holdings ...................................................................... Furuya Metal .................................................................................. Golf Digest Online .......................................................................... Hirakawa Hewtech ........................................................................ HIS .................................................................................................. IDOM ............................................................................................... Iriso Electronics ............................................................................. JSB ................................................................................................. Kumagai Gumi ............................................................................... Like ................................................................................................. Matsuoka ....................................................................................... Megachips ...................................................................................... Mimaki Engineering ...................................................................... Mirait Holdings .............................................................................. Monogatari ..................................................................................... N Field ............................................................................................ Nachi-Fujikoshi ............................................................................. Net Marketing ................................................................................ Nihon Trim ..................................................................................... Nippon Gas .................................................................................... Nippon Kodoshi ............................................................................. Nissei ASB Machine ...................................................................... NTT Urban Development ............................................................... Obara Group ................................................................................... Outsourcing ................................................................................... PeptiDream .................................................................................... RS Technologies ............................................................................ SAMTY ............................................................................................ Sanken Electric .............................................................................. Sankyu ............................................................................................

142 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

9,566,304 21,805,380 31,005,361 5,806,370 22,802,579 15,885,539 11,657,758 18,054,112 11,326,468 6,696,605 8,907,612 5,525,284 14,888,812 5,773,925 8,284,853 430,440 18,432,584 11,704,667 7,500,203 5,834,167 15,794,937 5,118,489 7,372,284 16,016,733 12,266,285 20,136,489 8,104,751 10,353,192 14,783,690 3,464,532 14,406,379 21,230,595 10,150,060 6,098,395 10,760,083 4,182,668 15,592,178 24,616,120 22,864,780 13,913,865 8,904,661 19,779,739

1.33 3.04 4.32 0.81 3.17 2.21 1.62 2.51 1.58 0.93 1.24 0.77 2.07 0.80 1.15 0.06 2.57 1.63 1.04 0.81 2.20 0.71 1.03 2.23 1.71 2.80 1.13 1.44 2.06 0.48 2.01 2.95 1.41 0.85 1.50 0.58 2.17 3.43 3.18 1.94 1.24 2.75

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL CAP EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

JAPAN (31 DECEMBER 2017: 99.14%) (continued) Septeni Holdings ........................................................................... Shima Seiki Manufacturing ........................................................... Shinkawa ........................................................................................ Shoei Foods ................................................................................... Sun ................................................................................................. Syuppin ........................................................................................... Takeei ............................................................................................. Takeuchi Manufacturing ............................................................... Teikoku Electric Manufacturing .................................................... Tokai Corp/Gifu .............................................................................. Tokyo Tatemono ............................................................................ Topcon ............................................................................................ Torikizoku ...................................................................................... Toyobo ............................................................................................ Ulvac ............................................................................................... W-Scope ......................................................................................... YAMADA Consulting Group ........................................................... Yamaichi Electronics ..................................................................... Zenkoku Hosho ..............................................................................

6,624,417 22,904,760 6,674,264 7,603,006 5,692,972 15,695,724 7,220,876 14,596,479 5,345,977 2,093,386 9,282,356 5,263,415 3,320,065 21,026,913 6,800,561 12,039,315 6,199,060 7,930,287 19,805,298

0.92 3.19 0.93 1.06 0.79 2.18 1.01 2.03 0.74 0.29 1.29 0.73 0.46 2.93 0.95 1.68 0.86 1.10 2.76

JAPAN - TOTAL .............................................................................

713,919,059

99.36

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 695,374,666) ..........................................

713,919,059

99.36

Holding 3,015,200 478,900 863,400 215,900 962,800 1,023,600 665,000 692,300 436,700 97,000 675,000 306,400 141,400 1,261,900 177,400 827,600 214,600 578,200 435,500

FINANCIAL DERIVATIVE INSTRUMENTS FINANCIAL DERIVATIVE INSTRUMENTS (31 DECEMBER 2017: 0.51%) Open Forward Foreign Currency Exchange Contracts (31 DECEMBER 2017: 0.00%) Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

464,596 (509,978) 3,454 897 (152) (273) (381) (2,974) (3,025) (8,421)

(0.07) 0.06 0.00 0.00 (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)

Unrealised gain on open forward foreign currency exchange contracts ......................................................468,947 Unrealised loss on open forward foreign currency exchange contracts ...................................................... (525,204)

0.06 (0.07)

Net unrealised loss on open forward foreign currency exchange contracts ............................(56,257)

(0.01)

Maturity Date

Counterparty

17/07/2018 17/07/2018 17/07/2018 17/07/2018 17/07/2018 17/07/2018 17/07/2018 17/07/2018 17/07/2018 17/07/2018

State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co.

Amount Bought EUR EUR JPY JPY JPY JPY JPY JPY JPY JPY

40,393,115 40,393,115 34,679,715 7,251,445 5,814,243 7,251,445 5,814,243 34,679,715 116,021,939 116,021,939

Amount Sold JPY 5,204,697,292 JPY 5,204,697,292 268,993 EUR 55,796 EUR 45,624 EUR 55,796 EUR 45,624 EUR 268,993 EUR 911,128 EUR 911,128 EUR

Schedule of Investments 143

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL CAP EQUITY FUND (continued)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 713,862,802

% of Value of Sub-Fund 99.36

CASH ...............................................................................................

31,136,229

4.33

OTHER NET LIABILITIES ............................................................... (26,508,336)

(3.69)

TOTAL VALUE OF SUB-FUND .......................................................

718,490,695

100.00

% of Analysis of gross assets gross assets Transferable securities admitted to an official stock exchange listing ........................................................... 95.42 Over-the-counter financial derivative instruments .......................................................................................... 0.06 Other current assets........................................................................................................................................... 4.52 100.00

144 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL & MID CAP EQUITY FUND Holding

18,900 11,000 14,900 30,900 23,000 21,700 13,800 7,600 5,200 16,900 2,100 15,000 6,800 98,000 54,000 15,800 5,000 3,700 23,100 131,300 12,900 7,800 4,300 23,000 5,000 6,000 66,400 7,200 24,100 8,600 29,300 6,400 23,000 20,100 200 2,200 40,800 9,200 10,500 71,100 10,900 9,900 14,600 17,700

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 97.39%) JAPAN (31 DECEMBER 2016: 97.39%) Ai Holdings ..................................................................................... Asahi Group Holdings .................................................................... Bandai Namco Holdings ............................................................... Capcom .......................................................................................... Casio Computer ............................................................................. COMSYS Holdings .......................................................................... CYBERDYNE ................................................................................... Daifuku ........................................................................................... Daikin Industries ........................................................................... Daikyo ............................................................................................. Disco .............................................................................................. Don Quijote Holdings ..................................................................... Ferrotec Holdings .......................................................................... Fuji Electric .................................................................................... Fujitsu ............................................................................................ HIS .................................................................................................. Hoshizaki ....................................................................................... Hoya ............................................................................................... ITOCHU .......................................................................................... kabu.com Securities ...................................................................... Kenko Mayonnaise ........................................................................ Koito Manufacturing ...................................................................... Kureha ........................................................................................... Link And Motivation ....................................................................... Mabuchi Motor ............................................................................... Matsuoka ....................................................................................... MCJ ................................................................................................ Megachips ...................................................................................... Menicon .......................................................................................... METAWATER .................................................................................. Minebea Mitsumi ........................................................................... Morinaga & Co ............................................................................... Nichias ........................................................................................... Nihon Unisys .................................................................................. Nintendo ........................................................................................ Nitori Holdings .............................................................................. NTT Urban Development ............................................................... Omron ............................................................................................ Otsuka ............................................................................................ Penta-Ocean Construction ........................................................... PeptiDream .................................................................................... Pola Orbis Holdings ....................................................................... Recruit Holdings ............................................................................ Resorttrust .....................................................................................

Fair Value USD

% of Value of Sub-Fund

410,450 564,097 615,641 762,687 374,721 576,613 161,949 333,602 623,878 370,530 359,034 721,486 105,254 747,814 327,989 477,121 506,758 210,717 419,269 426,172 474,689 516,215 307,907 277,610 238,235 206,410 508,483 192,425 647,141 250,368 496,435 307,256 288,631 505,930 65,458 343,710 438,968 430,035 412,481 476,978 454,310 436,350 404,716 313,657

1.46 2.00 2.19 2.71 1.33 2.05 0.58 1.18 2.22 1.32 1.28 2.56 0.37 2.66 1.16 1.69 1.80 0.75 1.49 1.51 1.69 1.83 1.09 0.99 0.85 0.73 1.81 0.68 2.30 0.89 1.76 1.09 1.03 1.80 0.23 1.22 1.56 1.53 1.47 1.69 1.61 1.55 1.44 1.11

Schedule of Investments 145

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL & MID CAP EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

JAPAN (31 DECEMBER 2016: 97.39%) (continued) Sankyu ............................................................................................ SCSK .............................................................................................. Sekisui Plastics ............................................................................. Shimadzu ....................................................................................... Shimano ......................................................................................... SMS ................................................................................................ Sony ................................................................................................ Sumitomo Bakelite ........................................................................ Sumitomo Metal Mining ................................................................ Sundrug ......................................................................................... Suzuki Motor .................................................................................. Sysmex ........................................................................................... Tokyo Century ................................................................................ Tokyo Tatemono ............................................................................ Topcon ............................................................................................ Toyobo ............................................................................................ Union Tool ...................................................................................... Yamaha .......................................................................................... Yamaha Motor ................................................................................ Yokogawa Electric ......................................................................... Zenkoku Hosho ..............................................................................

668,270 595,995 336,896 657,249 235,215 395,071 291,893 424,863 325,691 377,533 619,516 504,823 539,397 460,680 228,471 309,930 335,206 588,473 337,529 422,552 445,676

2.37 2.12 1.20 2.33 0.84 1.40 1.04 1.51 1.16 1.34 2.20 1.79 1.92 1.64 0.81 1.10 1.19 2.09 1.20 1.50 1.58

JAPAN - TOTAL .............................................................................

27,191,109

96.59

EQUITIES - TOTAL .........................................................................

27,191,109

96.59

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 22,004,664) ...........................................

27,191,109

96.59

CASH ..............................................................................................

654,554

2.33

OTHER NET ASSETS .....................................................................

306,117

1.08

TOTAL VALUE OF SUB-FUND .......................................................

28,151,780

100.00

Holding 12,700 12,800 33,600 21,700 1,600 21,600 5,700 44,000 8,500 9,300 11,200 5,400 9,500 33,500 13,300 18,600 10,700 11,300 13,400 23,700 9,800

% of Analysis of gross assets gross assets Transferable securities admitted to an official stock exchange listing .......................................................... 95.97 Other current assets ......................................................................................................................................... 4.03 100.00

146 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 97.71%) ARGENTINA (31 DECEMBER 2017: 2.10%) 13,874 Grupo Financiero Galicia (ADR) ....................................................

457,565

0.53

ARGENTINA - TOTAL ....................................................................

457,565

0.53

BRAZIL (31 DECEMBER 2017: 58.90%) Ambev (ADR) .................................................................................. B3 - Brasil Bolsa Balcao ............................................................... Banco Bradesco (ADR) .................................................................. Banco do Brasil ............................................................................. Banco Santander Brasil (ADR) ...................................................... BR Malls Participacoes ................................................................. Braskem (ADR) .............................................................................. Centrais Eletricas Brasileiras (ADR) ............................................ Cia Brasileira de Distribuicao (ADR) ............................................. Cia de Saneamento Basico do Estado de Sao Paulo (ADR) ......... Cia Energetica de Minas Gerais (ADR) ......................................... Embraer (ADR) ............................................................................... Equatorial Energia ......................................................................... Gerdau (ADR) ................................................................................. Hapvida Participacoes e Investimentos ........................................ IRB Brasil Resseguros .................................................................. Itau Unibanco Holding (ADR) ........................................................ Localiza Rent a Car ....................................................................... Lojas Americanas (Preference) .................................................... Lojas Renner .................................................................................. Natura Cosmeticos ........................................................................ Petrobras Distribuidora ................................................................ Petroleo Brasileiro (ADR) (Non-voting Rights) ............................ Petroleo Brasileiro (ADR) (Voting Rights) ..................................... Suzano Papel e Celulose ............................................................... TIM Participacoes (ADR) ............................................................... Vale (ADR) ......................................................................................

2,764,036 2,912,772 4,892,079 717,106 986,145 804,257 331,864 236,384 1,549,469 312,478 1,053,004 943,859 461,926 1,381,850 825,172 625,544 6,995,072 1,936,104 1,068,901 1,535,143 457,111 276,199 3,227,590 1,875,199 2,068,849 1,104,431 6,119,717

3.21 3.38 5.68 0.83 1.15 0.93 0.39 0.27 1.80 0.36 1.22 1.10 0.54 1.61 0.96 0.73 8.12 2.25 1.24 1.78 0.53 0.32 3.75 2.18 2.40 1.28 7.11

BRAZIL - TOTAL .............................................................................

47,462,261

55.12

CHILE (31 DECEMBER 2017: 8.57%) Banco de Chile ............................................................................... Banco Santander Chile (ADR) ....................................................... Empresas COPEC .......................................................................... Enel Americas ............................................................................... Enel Chile ....................................................................................... Latam Airlines Group (ADR) ..........................................................

580,762 1,875,271 937,499 897,466 433,749 412,304

0.68 2.18 1.09 1.04 0.50 0.48

Holding

596,984 548,000 713,131 96,300 131,486 319,000 12,764 73,640 77,551 51,993 572,285 37,906 31,300 390,353 106,215 49,777 673,899 313,905 246,700 201,100 58,100 58,100 365,112 186,959 177,000 65,506 477,357

3,743,587 59,665 61,036 5,059,233 4,380,182 41,689

Schedule of Investments 147

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

CHILE (31 DECEMBER 2017: 8.57%) (continued) 209,020 SACI Falabella ............................................................................... 15,269 Sociedad Quimica y Minera de Chile (Preference) .......................

1,922,466 734,902

2.23 0.85

CHILE - TOTAL ...............................................................................

7,794,419

9.05

COLOMBIA (31 DECEMBER 2017: 1.78%) 33,311 BanColombia (ADR) ....................................................................... 51,774 Ecopetrol (ADR) ............................................................................. 52,787 Grupo de Inversiones Suramericana ............................................

1,591,599 1,063,956 675,791

1.85 1.24 0.78

COLOMBIA - TOTAL .......................................................................

3,331,346

3.87

1,053,645 3,593,233 434,921

1.22 4.17 0.51

388,276 1,948,418 811,983 3,242,031 1,005,741 578,412 1,780,383 994,023 913,660 2,727,161 3,486,444

0.45 2.26 0.94 3.77 1.17 0.67 2.07 1.15 1.06 3.17 4.05

MEXICO - TOTAL ............................................................................

22,958,331

26.66

PERU (31 DECEMBER 2017: 2.99%) 60,381 Cia de Minas Buenaventura (ADR) ................................................ 9,711 Credicorp .......................................................................................

822,993 2,186,140

0.95 2.54

PERU - TOTAL ...............................................................................

3,009,133

3.49

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost USD: 86,558,788) ............................................

85,013,055

98.72

Holding

LUXEMBOURG: Nil (31 DECEMBER 2017: 0.43%)

898,100 4,259,812 70,100 285,410 297,015 551,300 365,100 62,658 293,700 299,664 347,100 238,400 934,200 1,307,300

MEXICO (31 DECEMBER 2017: 22.94%) Alfa SAB de CV ............................................................................... America Movil SAB de CV .............................................................. Arca Continental SAB de CV ......................................................... Banco Santander Mexico Institucion de Banca Multiple Grupo Financiero Santand ....................................................................... Cemex SAB de CV .......................................................................... Fibra Uno Administracion SA de CV (REIT) .................................. Fomento Economico Mexicano SAB de CV .................................. Grupo Aeroportuario del Sureste SAB de CV ............................... Grupo Bimbo SAB de CV ............................................................... Grupo Financiero Banorte SAB de CV .......................................... Grupo Mexico SAB de CV ............................................................... Grupo Televisa SAB ....................................................................... Mexichem SAB de CV .................................................................... Wal-Mart de Mexico SAB de CV ....................................................

148 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA EQUITY FUND (continued)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 85,013,055

% of Value of Sub-Fund 98.72

CASH ...............................................................................................

1,312,125

1.53

OTHER NET LIABILITIES ...............................................................

(212,904)

(0.25)

TOTAL VALUE OF SUB-FUND .......................................................

86,112,276

100.00

Abbreviation used: ADR American Depository Receipt

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ...................................................... Other current assets .....................................................................................................................................

% of gross assets 97.61 2.39 100.00

Schedule of Investments 149

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 100.69%) ARGENTINA (31 DECEMBER 2017: Nil) 52,662 Bolsas y Mercados Argentinos .....................................................

635,230

1.20

ARGENTINA - TOTAL ....................................................................

635,230

1.20

BRAZIL (31 DECEMBER 2017: 63.63%) Arezzo Industria e Comercio ......................................................... B2W Cia Digital .............................................................................. Banco ABC Brasil (Preference) .................................................... Banco do Estado do Rio Grande do Sul (Preference) .................. Bradespar (Preference) ................................................................ Cia de Saneamento de Minas Gerais ............................................ Cia de Saneamento do Parana ..................................................... Cia Energetica de Sao Paulo (Preference) ................................... Cia Paranaense de Energia (ADR) ................................................ Cosan Logistica ............................................................................. CPFL Energias Renovaveis ........................................................... CVC Brasil Operadora e Agencia de Viagens ............................... Cyrela Brazil Realty Empreendimentos e Participacoes ............. Eletropaulo Metropolitana Eletricidade de Sao Paulo ................. Estacio Participacoes .................................................................... Ez Tec Empreendimentos e Participacoes ................................... Fleury ............................................................................................. Gerdau (ADR) ................................................................................. Guararapes Confeccoes ................................................................ Iguatemi Empresa de Shopping Centers ..................................... Iochpe Maxion ................................................................................ Iochpe Maxion (Warrants) ............................................................. Kepler Weber (Warrants) .............................................................. Light ............................................................................................... LPS Brasil Consultoria de Imoveis ............................................... Marcopolo (Preference) ................................................................ Metalurgica Gerdau (Preference) ................................................. MRV Engenharia e Participacoes .................................................. Qualicorp ........................................................................................ Randon Implementos e Participacoes (Preference) .................... Sao Martinho .................................................................................. SLC Agricola .................................................................................. Smiles Fidelidade .......................................................................... Usinas Siderurgicas de Minas Gerais (Preference) ..................... Valid Solucoes ................................................................................ Via Varejo .......................................................................................

1,440,916 936,242 231,882 1,525,836 2,311,110 686,617 878,110 633,156 359,347 509,799 509,144 1,437,979 937,776 890,116 1,342,123 649,778 1,812,190 294,808 1,543,481 685,351 1,068,397 18,277 78 574,576 62,811 338,709 1,546,205 701,921 1,062,287 1,061,476 1,493,918 504,646 629,828 528,918 270,689 604,629

2.72 1.77 0.44 2.88 4.36 1.30 1.66 1.20 0.68 0.96 0.96 2.71 1.77 1.68 2.53 1.23 3.42 0.56 2.91 1.29 2.02 0.03 0.00 1.08 0.12 0.64 2.92 1.33 2.01 2.00 2.82 0.95 1.19 1.00 0.51 1.14

BRAZIL - TOTAL ............................................................................

30,083,126

56.79

Holding

124,300 133,907 59,200 398,000 304,200 64,400 71,200 148,900 64,399 204,100 123,200 122,400 328,000 81,500 211,800 154,988 263,600 83,279 62,900 85,500 196,583 9,228 30 196,500 86,000 389,000 962,600 224,300 221,400 661,900 322,000 38,100 46,600 278,000 62,700 125,000

150 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND (continued) Fair Value USD

% of Value of Sub-Fund

CHILE (31 DECEMBER 2017: 10.91%) Coca-Cola Embonor (Preference) ................................................ Engie Energia Chile ....................................................................... Forus .............................................................................................. Inversiones Aguas Metropolitanas ............................................... Inversiones La Construccion ........................................................ Parque Arauco ............................................................................... Vina Concha y Toro ........................................................................

1,258,894 825,340 649,060 461,531 416,694 1,667,456 682,064

2.38 1.56 1.22 0.87 0.78 3.15 1.29

CHILE - TOTAL ...............................................................................

5,961,039

11.25

COLOMBIA (31 DECEMBER 2017: Nil) 50,000 Corp Financiera Colombiana ........................................................

432,075

0.82

COLOMBIA - TOTAL .......................................................................

432,075

0.82

MEXICO (31 DECEMBER 2017: 22.53%) Alsea SAB de CV ............................................................................ Banco del Bajio .............................................................................. Bolsa Mexicana de Valores SAB de CV ......................................... Concentradora Fibra Hotelera Mexicana SA de CV (REIT) .......... Grupo Aeroportuario del Centro Norte SAB de CV ...................... Grupo Cementos de Chihuahua SAB de CV ................................. Grupo Comercial Chedraui SA de CV ........................................... Industrias Bachoco SAB de CV ..................................................... La Comer SAB de CV ..................................................................... Macquarie Mexico Real Estate Management SA de CV (REIT) .... PLA Administradora Industrial S de RL de CV (REIT) .................. Rassini SAB de CV ......................................................................... Regional SAB de CV .......................................................................

1,290,274 675,400 1,494,860 357,622 2,012,819 1,086,960 839,459 1,632,871 383,895 386,816 1,273,121 777,977 2,237,589

2.44 1.28 2.82 0.68 3.80 2.05 1.59 3.08 0.72 0.73 2.40 1.47 4.22

MEXICO - TOTAL ............................................................................

14,449,663

27.28

PERU (31 DECEMBER 2017: 0.95%) 132,776 Cementos Pacasmayo SAA ........................................................... 91,203 Grana y Montero (ADR) ..................................................................

317,089 287,289

0.60 0.54

PERU - TOTAL ...............................................................................

604,378

1.14

SPAIN (31 DECEMBER 2017: 1.92%) 325,625 Cemex Latam Holdings .................................................................

920,224

1.74

SPAIN - TOTAL ..............................................................................

920,224

1.74

Holding 515,502 447,778 202,282 301,110 26,262 590,636 330,152

LUXEMBURG (31 DECEMBER 2017: 0.75%)

370,671 317,900 878,929 608,600 381,445 166,200 358,700 337,171 363,300 385,947 923,400 424,888 411,311

Schedule of Investments 151

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND (continued)

Fair Value USD

% of Value of Sub-Fund

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD52,209,242) ............................................

53,085,735

100.22

TOTAL VALUE OF INVESTMENTS .................................................

53,085,735

100.22

CASH ..............................................................................................

564,184

1.07

OTHER NET LIABILITIES ...............................................................

(684,119)

(1.29)

TOTAL VALUE OF SUB-FUND .......................................................

52,965,800

100.00

Abbreviation used: ADR American Depository Receipt REIT Real Estate Investment Trust

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ........................................................ Other current assets .......................................................................................................................................

152 Schedule of Investments

% of gross assets 98.62 1.38 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 0.08%) UNITED STATES DOLLAR (31 DECEMBER 2017: 0.08%) Entergy Louisiana (Preference) .................................................... Qwest (Preference) ........................................................................ Readers Digest (Warrants)*^ ........................................................ WMI Holdings .................................................................................

8,327 8,691 800

0.05 0.06 0.00 0.01

UNITED STATES DOLLAR - TOTAL ..............................................

17,818

0.12

EQUITIES - TOTAL .........................................................................

17,818

0.12

FIXED INCOME SECURITIES (31 DECEMBER 2017: 80.10%) EURO (31 DECEMBER 2017: 4.21%) Corporate Bonds 5.750% Credit Suisse 18/09/2025 .................................................. 1.000% Electricite de France 13/10/2026 ..................................... 3.000% ING Groep 11/04/2028 ...................................................... 2.000% Nationwide Building Society 25/07/2029 ......................... 1.750% Royal Bank of Scotland Group 02/03/2026 ...................... 3.250% Santander Issuances SAU 04/04/2026 ............................. 1.875% Volkswagen International Finance 30/03/2027 ............... Government Bonds 4.000% Germany 04/01/2037 ......................................................... 2.000% Ireland 18/02/2045 ............................................................

127,263 113,733 123,835 114,598 114,938 120,854 114,927

0.84 0.75 0.82 0.76 0.76 0.80 0.76

73,023 37,952

0.48 0.25

EURO - TOTAL ...............................................................................

941,123

6.22

72,801

0.48

18,556 27,090

0.12 0.18

POUND STERLING - TOTAL ..........................................................

118,447

0.78

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) Corporate Bonds 3.375% ABB Finance USA 03/04/2023 .......................................... 3.250% Actavis 01/10/2022 ............................................................ 6.250% ADT 15/10/2021 ................................................................. 7.375% Ahern Rentals 15/05/2023 ................................................ 6.375% AK Steel 15/10/2025 .......................................................... 5.750% Albertsons 15/03/2025 ...................................................... 5.875% Alliance Data Systems 01/11/2021 ................................... 7.375% Altice France 01/05/2026 .................................................. 2.500% American Express 01/08/2022 .........................................

12,935 7,772 41,400 67,275 23,250 47,790 81,600 195,540 23,015

0.09 0.05 0.27 0.44 0.15 0.32 0.54 1.29 0.15

Holding

350 425 988 597

100,000 100,000 100,000 100,000 100,000 100,000 100,000 40,000 30,000

POUND STERLING (31 DECEMBER 2017: 0.44%) Corporate Bonds 50,000 7.375% Glencore Canada Financial 27/05/2020 ........................... Government Bonds 10,000 4.500% UK Treasury 07/09/2034 ................................................... 20,000 2.000% United Kingdom Gilt 22/07/2020 ......................................

13,000 8,000 40,000 69,000 25,000 54,000 80,000 200,000 24,000

Schedule of Investments 153

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Holding

23,000 17,000 16,000 20,000 7,000 12,000 6,000 17,000 12,000 25,000 8,000 20,000 2,000 27,000 38,000 27,000 17,000 3,000 51,000 54,000 19,000 75,000 35,000 35,000 13,000 60,000 17,000 60,000 50,000 6,000 2,000 45,000 45,000 25,000 4,000 27,000 7,000 13,000 45,000 40,000 13,000 8,000 10,000 60,000 13,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Corporate Bonds (continued) 7.750% AmWINS Group 01/07/2026 .............................................. 6.450% Anadarko Petroleum 15/09/2036 ..................................... 5.200% Andeavor Logistics 01/12/2047 ........................................ 2.650% Anheuser-Busch InBev Finance 01/02/2021 ................... 4.700% Anheuser-Busch InBev Finance 01/02/2036 ................... 4.900% Anheuser-Busch InBev Finance 01/02/2046 ................... 4.600% Anheuser-Busch InBev Worldwide 15/04/2048 ............... 6.375% Apergy 01/05/2026 ............................................................ 2.850% Apple 06/05/2021 .............................................................. 6.000% Asbury Automotive Group 15/12/2024 ............................. 6.750% Assurant 15/02/2034 ......................................................... 3.500% Astoria Financial 08/06/2020 ............................................ 4.350% AT&T 15/06/2045 ............................................................... 4.500% AT&T 15/05/2035 ............................................................... 4.900% AT&T 15/08/2037 ............................................................... 4.125% Athene Holding 12/01/2028 .............................................. 3.800% AutoNation 15/11/2027 ..................................................... 5.000% AXA Equitable Holdings 20/04/2048 ................................. 4.183% Bank of America 25/11/2027 ............................................ 4.875% BankUnited 17/11/2025 .................................................... 4.750% Basin Electric Power Cooperative 26/04/2047 ................ 5.875% Bausch Health 15/05/2023 ............................................... 7.000% Bausch Health 15/03/2024 ............................................... 7.750% Belo 01/06/2027 ................................................................ 1.150% Berkshire Hathaway 15/08/2018 ...................................... 6.875% Block Communications 15/02/2025 ................................. 3.100% BMW US Capital 12/04/2021 ............................................ 5.625% Boise Cascade 01/09/2024 ............................................... 5.750% Bombardier 15/03/2022 .................................................... 3.245% BP Capital Markets 06/05/2022 ....................................... 4.700% Brighthouse Financial 22/06/2047 ................................... 8.500% Calfrac Holdings 15/06/2026 ............................................ 6.375% Callon Petroleum 01/07/2026 .......................................... 2.100% Canadian Imperial Bank of Commerce 05/10/2020 ........ 6.125% Canadian Pacific Railway 15/09/2115 .............................. 6.875% Capex 15/05/2024 .............................................................. 3.750% Capital One Financial 28/07/2026 .................................... 3.750% Carlisle 01/12/2027 ........................................................... 6.625% Carriage Services 01/06/2026 .......................................... 5.500% Cascades 15/07/2022 ........................................................ 5.500% Cascades 15/07/2022 ........................................................ 2.550% Caterpillar Financial Services 29/11/2022 ....................... 3.450% Caterpillar Financial Services 15/05/2023 ....................... 5.375% CCO Holdings 01/05/2025 ................................................. 3.625% Celgene 15/05/2024 ..........................................................

154 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

23,345 19,646 15,433 19,725 7,095 12,341 5,912 17,276 11,971 24,774 9,237 19,991 1,694 24,973 36,060 24,899 15,784 2,768 49,669 54,888 19,654 70,453 36,696 36,925 12,983 59,850 16,894 60,150 50,188 5,981 1,648 44,775 45,113 24,395 4,806 24,114 6,505 12,357 45,619 39,650 12,886 7,726 10,011 58,050 12,683

0.15 0.13 0.10 0.13 0.05 0.08 0.04 0.11 0.08 0.16 0.06 0.13 0.01 0.17 0.24 0.16 0.10 0.02 0.33 0.36 0.13 0.47 0.24 0.24 0.09 0.40 0.11 0.40 0.33 0.04 0.01 0.30 0.30 0.16 0.03 0.16 0.04 0.08 0.30 0.26 0.09 0.05 0.07 0.38 0.08

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Holding

7,000 10,000 7,000 35,000 45,000 8,000 2,000 3,000 5,000 6,000 85,000 14,000 27,000 10,000 50,000 35,000 46,000 4,000 3,000 67,000 35,000 75,000 16,000 3,000 52,000 4,000 29,000 42,000 9,000 85,000 45,000 13,000 32,000 20,000 50,000 47,000 11,000 7,000 3,490 11,847 200,000 75,000 29,000 26,000 60,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Corporate Bonds (continued) 4.550% Celgene 20/02/2048 .......................................................... 4.250% Cenovus Energy 15/04/2027 ............................................. 5.400% Cenovus Energy 15/06/2047 ............................................. 5.800% CenturyLink 15/03/2022 ................................................... 6.750% CenturyLink 01/12/2023 ................................................... 4.200% CH Robinson Worldwide 15/04/2028 ................................ 5.375% Charter Communications Operating 01/04/2038 ............ 5.375% Charter Communications Operating 01/05/2047 ............ 5.750% Charter Communications Operating 01/04/2048 ............ 6.384% Charter Communications Operating 23/10/2035 ............ 5.125% Cheniere Corpus Christi Holdings 30/06/2027 ................ 5.250% Cheniere Energy Partners 01/10/2025 ............................ 3.191% Chevron 24/06/2023 .......................................................... 3.300% Chevron Phillips Chemical 01/05/2023 ............................ 5.125% CHS/Community Health Systems 01/08/2021 ................. 2.200% Cisco Systems 28/02/2021 ................................................ 4.450% Citigroup 29/09/2027 ........................................................ 4.750% Citigroup 18/05/2046 ........................................................ 6.000% Citigroup 31/10/2033 ........................................................ 9.000% Citizens Communications 15/08/2031 ............................. 7.875% Cleaver-Brooks 01/03/2023 .............................................. 5.750% Cleveland-Cliffs 01/03/2025 ............................................. 3.850% CNH Industrial 15/11/2027 ............................................... 4.375% CNH Industrial Capital 05/04/2022 ................................. 5.375% Cogent Communications Group 01/03/2022 .................... 3.900% Comcast 01/03/2038 ......................................................... 5.750% Commercial Metals 15/04/2026 ....................................... 7.250% Conn's 15/07/2022 ............................................................ 4.375% Continental Resources 15/01/2028 .................................. 6.500% Coty 15/04/2026 ................................................................ 7.375% Credit Acceptance 15/03/2023 ......................................... 5.400% Credit Suisse 14/01/2020 .................................................. 4.750% Crown Americas 01/02/2026 ............................................ 7.375% Crown Cork & Seal 15/12/2026 ........................................ 6.750% CSC Holdings 15/11/2021 ................................................. 5.250% CTR Partnership / CareTrust Capital 01/06/2025 ........... 4.780% CVS Health 25/03/2038 ..................................................... 5.050% CVS Health 25/03/2048 ..................................................... 4.704% CVS Pass-Through Trust 10/01/2036 ............................... 5.773% CVS Pass-Through Trust 10/01/2033 ............................... 6.250% Cydsa SAB de CV 04/10/2027 ........................................... 5.000% DaVita 01/05/2025 ............................................................. 8.100% Dell International 15/07/2036 .......................................... 5.000% Delphi Technologies 01/10/2025 ...................................... 8.500% Diebold Nixdorf 15/04/2024 ..............................................

Fair Value USD

% of Value of Sub-Fund

6,392 9,632 6,853 34,650 45,225 7,859 1,889 2,724 4,841 6,270 84,256 13,657 26,865 9,925 46,250 34,339 45,247 3,804 3,352 43,885 36,050 71,063 14,921 3,008 53,300 3,630 28,203 41,693 8,947 81,547 46,463 13,375 30,400 21,600 52,375 45,355 10,819 7,124 3,425 12,661 180,300 70,594 34,051 24,798 57,470

0.04 0.06 0.05 0.23 0.30 0.05 0.01 0.02 0.03 0.04 0.56 0.09 0.18 0.07 0.31 0.23 0.30 0.03 0.02 0.29 0.24 0.47 0.10 0.02 0.35 0.02 0.19 0.28 0.06 0.54 0.31 0.09 0.20 0.14 0.35 0.30 0.07 0.05 0.02 0.08 1.19 0.47 0.23 0.16 0.38

Schedule of Investments 155

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Holding

5,000 40,000 14,000 8,000 65,000 9,000 17,000 9,000 5,000 85,000 32,000 9,000 35,000 41,000 11,000 7,000 50,000 4,000 3,000 80,000 15,000 65,000 8,000 12,000 60,000 21,000 26,000 26,000 50,000 7,000 15,000 27,000 6,000 75,000 9,000 20,000 11,000 32,000 41,000 25,000 11,000 19,000 8,000 12,000 8,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Corporate Bonds (continued) 5.000% Discovery Communications 20/09/2037 ........................... 6.750% DISH DBS 01/06/2021 ....................................................... 5.250% Dominion Energy 01/08/2033 ........................................... 6.750% Domtar 15/02/2044 ........................................................... 8.250% Donnelley Financial Solutions 15/10/2024 ...................... 2.800% Duke Energy Progress 15/05/2022 .................................. 2.375% Ecolab 10/08/2022 ............................................................ 2.350% Electricite de France 13/10/2020 ..................................... 6.000% Electricite de France 22/01/2114 ..................................... 5.375% Endo Finance & Endo Finco 15/01/2023 .......................... 6.375% Energizer Gamma Acquisition 15/07/2026 ...................... 6.625% Energy Transfer 15/10/2036 ............................................ 4.250% Energy Transfer Equity 15/03/2023 .................................. 5.000% EnerSys 30/04/2023 .......................................................... 4.850% EnLink Midstream Partners 15/07/2026 .......................... 5.050% EnLink Midstream Partners 01/04/2045 .......................... 8.500% Enova International 01/09/2024 ....................................... 4.500% Enstar Group 10/03/2022 .................................................. 4.950% EPR Properties 15/04/2028 .............................................. 5.250% ESH Hospitality 01/05/2025 .............................................. 1.625% European Investment Bank 14/08/2020 ........................... 7.500% Everi Payments 15/12/2025 .............................................. 3.497% Exelon 01/06/2022 ............................................................. 2.950% Exelon Generation 15/01/2020 ......................................... 5.500% Fibria Overseas Finance 17/01/2027 ................................ 3.500% First Horizon National 15/12/2020 ................................... 6.750% First Niagara Financial Group 19/03/2020 ...................... 7.250% First Niagara Financial Group 15/12/2021 ...................... 5.000% First Quality Finance 01/07/2025 ..................................... 3.900% FirstEnergy 15/07/2027 .................................................... 4.850% FirstEnergy 15/07/2047 .................................................... 7.375% FirstEnergy 15/11/2031 .................................................... 4.875% Forest Laboratories 15/02/2021 ....................................... 6.250% Forum Energy Technologies 01/10/2021 ......................... 3.250% GATX 15/09/2026 ............................................................... 5.500% GCP Applied Technologies 15/04/2026 ............................ 2.875% General Dynamics 11/05/2020 ......................................... 2.200% General Electric Capital 09/01/2020 ................................ 6.000% Genesis Energy 15/05/2023 .............................................. 5.125% GEO Group 01/04/2023 ..................................................... 2.000% Georgia Power 08/09/2020 ............................................... 3.600% Georgia-Pacific 01/03/2025 .............................................. 3.734% Georgia-Pacific 15/07/2023 .............................................. 5.400% Georgia-Pacific 01/11/2020 .............................................. 3.375% GlaxoSmithKline Capital 15/05/2023 ...............................

156 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

4,814 40,050 14,940 8,468 68,088 8,884 16,388 8,828 5,212 68,000 32,540 9,578 33,776 40,795 10,423 5,695 51,750 3,987 2,935 77,200 14,671 65,163 7,907 11,951 59,700 21,070 27,433 28,914 45,750 6,791 15,337 34,993 6,175 74,813 8,310 19,650 10,988 31,617 40,231 24,500 10,745 18,914 8,036 12,571 8,003

0.03 0.26 0.10 0.06 0.45 0.06 0.11 0.06 0.03 0.45 0.22 0.06 0.22 0.27 0.07 0.04 0.34 0.03 0.02 0.51 0.10 0.43 0.05 0.08 0.39 0.14 0.18 0.19 0.30 0.05 0.10 0.23 0.04 0.49 0.06 0.13 0.07 0.21 0.27 0.16 0.07 0.13 0.05 0.08 0.05

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Holding

30,000 25,000 27,000 5,000 40,000 4,000 15,000 18,000 45,000 41,000 35,000 25,000 3,000 86,000 10,000 35,000 13,000 2,000 60,000 57,000 25,000 85,000 75,000 100,000 12,000 70,000 4,000 2,000 35,000 40,000 20,000 4,000 55,000 23,000 9,000 9,000 33,000 15,000 32,000 25,000 5,000 7,000 7,000 5,000 11,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Corporate Bonds (continued) 5.375% GLP Capital 15/04/2026 .................................................... 7.875% goeasy 01/11/2022 ............................................................ 7.000% Gol Finance 31/01/2025 .................................................... 3.700% Goldcorp 15/03/2023 ......................................................... 8.750% Golden Nugget 01/10/2025 ............................................... 5.950% Goldman Sachs Group 15/01/2027 ................................... 6.125% Goldman Sachs Group 15/02/2033 ................................... 6.750% Goldman Sachs Group 01/10/2037 ................................... 5.750% Graham Holdings 01/06/2026 ........................................... 5.125% Gray Television 15/10/2024 ............................................... 5.750% Greystar Real Estate Partners 01/12/2025 ...................... 7.375% Grinding Media 15/12/2023 ............................................... 4.850% Halliburton 15/11/2035 ..................................................... 8.375% Harland Clarke Holdings 15/08/2022 ............................... 4.400% Harris 15/06/2028 ............................................................. 5.250% HCA 15/06/2026 ................................................................ 5.600% Hess 15/02/2041 ............................................................... 6.200% Hewlett Packard Enterprise 15/10/2035 .......................... 5.000% Hilcorp Energy I 01/12/2024 ............................................. 6.000% Holly Energy Partners 01/08/2024 ................................... 7.250% Hudbay Minerals 15/01/2023 ............................................ 6.625% Hughes Satellite Systems 01/08/2026 ............................. 5.450% Ingram Micro 15/12/2024 ................................................. 4.875% Inmarsat Finance 15/05/2022 .......................................... 2.450% Intel 29/07/2020 ................................................................ 5.500% Intelsat Jackson Holdings 01/08/2023 ............................. 5.000% International Paper 15/09/2035 ....................................... 4.200% Interpublic Group of Cos 15/04/2024 ............................... 4.875% Iron Mountain 15/09/2027 ................................................ 5.250% iStar 15/09/2022 ................................................................ 6.000% iStar 01/04/2022 ................................................................ 3.950% Jabil 12/01/2028 ................................................................ 7.125% JB Poindexter & Co 15/04/2026 ....................................... 5.875% JBS 15/07/2024 ................................................................. 4.150% Jefferies Group 23/01/2030 .............................................. 2.350% John Deere Capital 08/01/2021 ........................................ 2.550% JPMorgan Chase & Co 01/03/2021 .................................. 3.200% JPMorgan Chase & Co 25/01/2023 .................................. 6.875% Jurassic Holdings III 15/02/2021 ...................................... 5.875% Kennedy-Wilson 01/04/2024 ............................................. 4.057% Keurig Dr Pepper 25/05/2023 ........................................... 4.597% Keurig Dr Pepper 25/05/2028 ........................................... 5.000% Kinder Morgan 15/02/2021 ............................................... 4.500% Kinross Gold 15/07/2027 .................................................. 4.200% Kirby 01/03/2028 ...............................................................

Fair Value USD

% of Value of Sub-Fund

29,700 26,438 21,673 4,922 41,088 4,333 17,153 21,363 45,450 39,245 33,950 26,063 3,102 84,280 10,078 34,762 13,061 2,040 58,200 57,570 25,750 78,625 74,247 98,250 11,923 62,804 4,042 2,012 32,244 38,725 20,000 3,773 56,375 21,965 7,942 8,842 32,340 14,732 30,800 24,250 5,012 7,026 7,240 4,588 10,840

0.20 0.17 0.14 0.03 0.27 0.03 0.11 0.14 0.30 0.26 0.22 0.17 0.02 0.56 0.07 0.23 0.09 0.01 0.38 0.38 0.17 0.52 0.49 0.65 0.08 0.42 0.03 0.01 0.21 0.26 0.13 0.02 0.37 0.15 0.05 0.06 0.21 0.10 0.20 0.16 0.03 0.05 0.05 0.03 0.07

Schedule of Investments 157

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Holding

20,000 13,000 14,000 50,000 33,000 43,000 27,000 25,000 45,000 4,000 8,000 11,000 9,000 5,000 9,000 6,000 27,000 37,000 35,000 37,000 62,000 41,000 16,000 11,000 12,000 41,000 6,000 45,000 25,000 7,000 12,000 16,000 89,000 46,000 8,000 28,000 50,000 11,000 4,000 29,000 23,000 15,000 42,000 60,000 25,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Corporate Bonds (continued) 4.875% Kraft Heinz Foods 15/02/2025 .......................................... 4.650% Kroger 15/01/2048 ............................................................ 3.250% Laboratory Corp of America Holdings 01/09/2024 .......... 5.500% Lehman Brothers Holdings 04/04/2016 ........................... 6.750% Lehman Brothers Holdings 28/12/2017^.......................... 7.500% Lehman Brothers Holdings 11/05/2038^.......................... 5.857% Lehman Brothers Holdings Capital Trust VII 29/11/2049^ 4.750% LKQ 15/05/2023 ................................................................. 5.750% LPL Holdings 15/09/2025 ................................................. 6.500% Lubrizol 01/10/2034 .......................................................... 4.400% Marathon Oil 15/07/2027 .................................................. 6.600% Marathon Oil 01/10/2037 .................................................. 4.300% Markel 01/11/2047 ............................................................ 4.250% Martin Marietta Materials 15/12/2047 ............................. 4.450% Masco 01/04/2025 ............................................................. 4.500% Masco 15/05/2047 ............................................................. 4.004% Massachusetts Electric 15/08/2046 ................................. 6.500% Mattamy Group 01/10/2025 .............................................. 7.875% McGraw-Hill Global Education Holdings 15/05/2024 ...... 5.250% MEDNAX 01/12/2023 ......................................................... 6.375% MEG Energy 30/01/2023 ................................................... 6.500% MEG Energy 15/01/2025 ................................................... 6.400% MetLife 15/12/2036 ........................................................... 2.665% Mitsubishi UFJ Financial Group 25/07/2022 .................... 2.750% Morgan Stanley 19/05/2022 .............................................. 5.000% Morgan Stanley 24/11/2025 .............................................. 3.250% Mosaic 15/11/2022 ............................................................ 5.000% MPT Operating Partnership 15/10/2027 .......................... 4.875% Multi-Color 01/11/2025 ..................................................... 5.200% Mylan 15/04/2048 .............................................................. 2.300% National Rural Utilities Cooperative Finance 01/11/2020 2.300% National Rural Utilities Cooperative Finance 15/09/2022 5.625% Navient 01/08/2033 ........................................................... 5.875% Netflix 15/02/2025 ............................................................. 2.750% Nevada Power 15/04/2020 ................................................ 1.950% New York Life Global Funding 28/09/2020 ....................... 5.375% Newfield Exploration 01/01/2026 ..................................... 4.375% NGPL PipeCo 15/08/2022 ................................................. 4.375% NiSource Finance 15/05/2047 .......................................... 2.150% Nissan Motor Acceptance 28/09/2020 ............................. 2.650% Nissan Motor Acceptance 13/07/2022 ............................. 7.750% Noble Holding International 15/01/2024 .......................... 6.250% Novelis 15/08/2024 ........................................................... 5.375% NRG Yield Operating 15/08/2024 ...................................... 5.750% Nufarm Australia / Nufarm Americas 30/04/2026 ..........

158 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

20,390 12,275 13,535 1,550 3 4 3 24,938 43,763 5,300 8,029 13,023 8,318 4,333 9,031 5,252 25,776 36,281 32,375 36,075 57,660 40,898 16,960 10,617 11,625 42,502 5,828 42,975 23,281 6,731 11,777 15,375 75,205 47,187 7,990 27,299 51,125 10,890 3,885 28,254 22,205 14,213 42,000 60,000 24,250

0.13 0.08 0.09 0.01 0.00 0.00 0.00 0.17 0.29 0.04 0.05 0.09 0.06 0.03 0.06 0.03 0.17 0.24 0.21 0.24 0.38 0.27 0.11 0.07 0.08 0.28 0.04 0.28 0.15 0.04 0.08 0.10 0.50 0.31 0.05 0.18 0.34 0.07 0.03 0.19 0.15 0.09 0.28 0.40 0.16

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Holding

9,000 9,000 8,000 29,000 4,000 7,000 12,000 6,000 16,000 75,000 43,000 17,000 200,000 200,000 27,000 114,000 4,000 85,000 75,000 10,000 7,000 20,000 7,000 50,000 35,000 19,000 34,000 3,000 25,000 17,000 19,000 35,000 46,000 9,000 26,000 50,000 11,000 8,000 4,000 14,000 25,000 75,000 14,000 151,000 61,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Corporate Bonds (continued) 4.550% Nvent Finance Sarl 15/04/2028 ........................................ 3.600% O'Reilly Automotive 01/09/2027 ....................................... 4.000% ONEOK 13/07/2027 ........................................................... 2.950% Oracle 15/11/2024 ............................................................. 3.800% Oracle 15/11/2037 ............................................................. 3.850% Oracle 15/07/2036 ............................................................. 4.300% Owens Corning 15/07/2047 .............................................. 4.400% Owens Corning 30/01/2048 .............................................. 5.375% Owens-Brockway Glass Container 15/01/2025 ............... 5.875% Pattern Energy Group 01/02/2024 .................................... 7.250% PBF Holding 15/06/2025 ................................................... 3.950% Penske Truck Leasing 10/03/2025 ................................... 4.300% Pertamina Persero 20/05/2023 ........................................ 7.250% Petra Diamonds US Treasury 01/05/2022 ....................... 5.999% Petrobras Global Finance 27/01/2028 ............................. 6.750% Petroleos Mexicanos 21/09/2047 ..................................... 4.900% Phillips 66 Partners 01/10/2046 ....................................... 5.875% Pilgrim's Pride 30/09/2027 ............................................... 6.125% Pioneer Energy Services 15/03/2022 ............................... 3.700% Public Service of Colorado 15/06/2028 ............................ 4.100% Public Service of Colorado 15/06/2048 ............................ 5.625% QEP Resources 01/03/2026 .............................................. 2.100% Qualcomm 20/05/2020 ...................................................... 5.750% Quicken Loans 01/05/2025 ............................................... 4.875% Realogy Group 01/06/2023 ............................................... 2.750% Regions Financial 14/08/2022 .......................................... 7.375% Regions Financial 10/12/2037 .......................................... 4.250% RPM International 15/01/2048 ......................................... 5.125% Sabra Health Care 15/08/2026 ......................................... 6.125% Sanchez Energy 15/01/2023 ............................................. 3.400% Santander Holdings USA 18/01/2023 ............................... 4.750% Seagate HDD Cayman 01/01/2025 ................................... 5.625% SemGroup 15/07/2022 ...................................................... 5.625% SemGroup 15/11/2023 ...................................................... 4.875% Sensata Technologies 15/10/2023 ................................... 8.250% Shelf Drilling Holdings 15/02/2025 .................................. 2.875% Shire Acquisitions Investments Ireland 23/09/2023 ........ 2.650% Smithfield Foods 03/10/2021 ............................................ 4.350% South Carolina Electric & Gas 01/02/2042 ...................... 5.100% South Carolina Electric & Gas 01/06/2065 ...................... 7.500% Southwestern Energy 01/04/2026 .................................... 6.875% Springleaf Finance 15/03/2025 ........................................ 7.125% Springleaf Finance 15/03/2026 ........................................ 7.875% Sprint 15/09/2023 .............................................................. 8.500% Staples 15/09/2025 ...........................................................

Fair Value USD

% of Value of Sub-Fund

8,831 8,503 7,741 27,959 3,784 6,704 9,876 5,010 15,600 75,000 45,204 16,802 197,619 192,750 24,435 107,491 3,834 78,838 71,250 10,047 7,023 19,150 6,994 48,939 32,900 18,322 43,698 2,715 23,888 11,560 18,345 33,567 44,620 8,483 26,130 50,375 10,349 7,622 3,794 14,109 25,875 74,438 13,908 156,568 56,883

0.06 0.06 0.05 0.18 0.03 0.04 0.07 0.03 0.10 0.50 0.30 0.11 1.31 1.27 0.16 0.71 0.03 0.52 0.47 0.07 0.05 0.13 0.05 0.32 0.22 0.12 0.29 0.02 0.16 0.08 0.12 0.22 0.30 0.06 0.17 0.33 0.07 0.05 0.03 0.09 0.17 0.49 0.09 1.04 0.38

Schedule of Investments 159

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Holding

50,000 80,000 9,000 35,000 9,000 17,000 33,000 3,000 50,000 25,000 24,000 45,000 30,000 17,000 19,000 25,000 10,000 35,000 5,000 60,000 32,000 3,000 2,000 32,000 4,000 11,000 28,000 2,000 6,000 54,104 50,000 16,000 2,000 13,000 4,000 7,000 25,000 16,000 7,000 85,000 3,000 14,000 27,000 20,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Corporate Bonds (continued) 5.500% Summit Midstream Holdings 15/08/2022 ........................ 7.500% SunCoke Energy Partners 15/06/2025 ............................. 3.125% Synovus Financial 01/11/2022 .......................................... 7.721% Telecom Italia Capital 04/06/2038 .................................... 4.350% Toll Brothers Finance 15/02/2028 .................................... 1.850% Toronto-Dominion Bank 11/09/2020 ................................ 2.950% Toyota Motor Credit 13/04/2021 ....................................... 4.900% Trimble 15/06/2028 ........................................................... 6.625% Trinidad Drilling 15/02/2025 ............................................. 5.375% Trinseo Materials Operating 01/09/2025 ......................... 4.875% Triumph Group 01/04/2021 .............................................. 5.625% TTM Technologies 01/10/2025 .......................................... 6.875% Tutor Perini 01/05/2025 .................................................... 6.700% United States Cellular 15/12/2033 ................................... 6.250% United States Steel 15/03/2026 ........................................ 6.875% United States Steel 15/08/2025 ........................................ 1.900% United Technologies 04/05/2020 ...................................... 2.375% UnitedHealth Group 15/10/2022 ....................................... 3.750% UnitedHealth Group 15/07/2025 ....................................... 5.125% Univision Communications 15/05/2023 ........................... 6.875% USA Compression Partners 01/04/2026 .......................... 5.000% Valmont Industries 01/10/2044 ........................................ 4.400% Verizon Communications 01/11/2034 .............................. 5.250% Verizon Communications 16/03/2037 .............................. 3.750% Vodafone Group 16/01/2024 ............................................. 4.700% Vulcan Materials 01/03/2048 ............................................ 1.900% Wal-Mart Stores 15/12/2020 ............................................ 4.850% Warner Media 15/07/2045 ................................................ 5.950% Washington Prime Group 15/08/2024 .............................. 8.625% Waterford Gaming 15/09/2049^ ........................................ 6.000% Weekley Homes 01/02/2023 ............................................. 4.750% Wells Fargo & Co 07/12/2046 ........................................... 5.950% Wells Fargo Capital X 15/12/2036 .................................... 4.650% Western Gas Partners 01/07/2026 ................................... 4.375% Westlake Chemical 15/11/2047 ........................................ 3.050% Westpac Banking 15/05/2020 ........................................... 6.875% WildHorse Resource Development 01/02/2025 ............... 3.700% Williams 15/01/2023 ......................................................... 5.750% Williams 24/06/2044 ......................................................... 4.500% Wyndham Destinations 01/04/2027 .................................. 6.500% Xcel Energy 01/07/2036 .................................................... 5.500% XLIT 31/03/2045 ................................................................ 6.950% YPF 21/07/2027 ................................................................. Government Bonds 5.875% Argentina 11/01/2028 .......................................................

160 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

49,125 81,400 8,595 37,625 8,044 16,563 32,830 2,995 48,125 24,781 23,100 43,875 30,038 17,765 18,739 25,149 9,809 33,653 5,001 57,600 33,120 2,839 1,865 32,864 3,966 10,278 27,433 1,822 5,783 876 48,688 15,483 2,152 12,771 3,686 6,996 25,469 15,480 7,236 82,663 3,848 14,534 23,186

0.32 0.54 0.06 0.25 0.05 0.11 0.22 0.02 0.32 0.16 0.15 0.29 0.20 0.12 0.12 0.17 0.06 0.22 0.03 0.38 0.22 0.02 0.01 0.22 0.03 0.07 0.18 0.01 0.04 0.01 0.32 0.10 0.01 0.08 0.02 0.05 0.17 0.10 0.05 0.55 0.03 0.10 0.15

16,250

0.11

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

101,982 22,554 35,356 124,500 99,232 98,968 196,604 150,135 105,866 176,250 182,183 193,325 199,012 191,482 5,993 56,425 47,124 136,647 91,741 37,074 64,215 18,457 123,340 957 4,902 1,941 31,393 74,546 23,989 4,896

0.67 0.15 0.23 0.82 0.66 0.65 1.30 0.99 0.70 1.17 1.20 1.28 1.32 1.27 0.04 0.37 0.31 0.90 0.61 0.25 0.43 0.12 0.82 0.01 0.03 0.01 0.21 0.49 0.16 0.03

UNITED STATES DOLLAR - TOTAL ..............................................

11,648,367

77.01

FIXED INCOME SECURITIES - TOTAL ..........................................

12,707,937

84.01

13,123 19,795 38,915

0.09 0.13 0.26

Holding

109,071 24,122 31,000 100,000 100,000 100,000 200,000 150,000 100,000 200,000 200,000 200,000 200,000 200,000 6,000 60,000 45,000 100,000 100,000 37,000 64,000 15,000 125,000 1,000 5,000 2,000 33,500 75,000 24,000 5,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 75.45%) (continued) Government Bonds (continued) 8.280% Argentina 31/12/2033 ....................................................... 8.280% Argentina 31/12/2033 ....................................................... 8.250% Brazil 20/01/2034 .............................................................. 7.375% Colombia 18/09/2037 ........................................................ 5.500% Dominican Republic 27/01/2025 ...................................... 6.850% Dominican Republic 27/01/2045 ...................................... 7.500% Egypt 31/01/2027 ............................................................... 6.250% Honduras 19/01/2027 ....................................................... 5.375% Hungary 21/02/2023 .......................................................... 6.125% Ivory Coast 15/06/2033 ..................................................... 7.625% Nigeria 28/11/2047 ............................................................ 4.375% Russia 21/03/2029 ............................................................ 4.000% Saudi Arabia 17/04/2025 ................................................... 5.750% Sri Lanka 18/04/2023 ........................................................ 1.750% Tennessee Valley Authority 15/10/2018 ........................... 6.875% Turkey 17/03/2036 ............................................................ 8.000% Turkey 14/02/2034 ............................................................ 11.875% Turkey 15/01/2030 .......................................................... 7.750% Ukraine 01/09/2027 ........................................................... 2.875% United States Treasury Bonds15/05/2028 ....................... 3.000% United States Treasury Bonds 15/02/2048 ...................... 4.375% United States Treasury Bonds 15/05/2040 ...................... 1.000% United States Treasury Notes 30/06/2019 ....................... 1.125% United States Treasury Notes 30/06/2021 ....................... 1.500% United States Treasury Notes 15/06/2020 ....................... 1.875% United States Treasury Notes 30/04/2022 ....................... 2.000% United States Treasury Notes 15/11/2026 ....................... 2.375% United States Treasury Notes 15/03/2021 ....................... 2.500% United States Treasury Notes 31/05/2020 ....................... 2.875% United States Treasury Notes 15/11/2046 .......................

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 4.45%) EURO (31 DECEMBER 2017: 1.75%) POUND STERLING (31 DECEMBER 2017: 0.15%) UNITED STATES DOLLAR (31 DECEMBER 2017: 2.55%) Corporate Bonds 13,000 7.000% Assurant 27/03/2048 ......................................................... 20,000 3.550% Bank of America 05/03/2024 ............................................ 43,000 4.650% Bank of Nova Scotia (perpetual) ......................................

Schedule of Investments 161

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

14,464 16,174 4,168 10,935 16,673 7,692 10,285 6,510 18,223 23,453 6,927 24,013 14,752 10,275 2,768 13,306 5,559 3,042 6,965 7,340 10,313 13,065 4,728 1,950

0.09 0.11 0.03 0.07 0.11 0.05 0.07 0.04 0.12 0.15 0.04 0.16 0.10 0.07 0.02 0.09 0.04 0.02 0.04 0.05 0.07 0.09 0.03 0.01

UNITED STATES DOLLAR - TOTAL

325,413

2.15

VARIABLE RATE SECURITIES - TOTAL ........................................

325,413

2.15

COLLATERALISED MORTGAGE OBLIGATIONS (31 DECEMBER 2017: 11.56%) UNITED STATES DOLLAR (31 DECEMBER 2017: 11.56%) 3.000% BA Credit Card Trust 15/09/2023 ..................................... 8,001 1.600% Carmax Auto Owner Trust 2016-3 18/01/2022 ................ 29,152 2.880% Citibank Credit Card Issuance Trust 23/01/2023 ............ 4,986 2.500% Fannie Mae Pool 01/12/2026 ............................................ 21,457 2.500% Fannie Mae Pool 01/07/2031 ............................................ 122,879 3.000% Fannie Mae Pool 01/12/2042 ............................................ 5,520 3.000% Fannie Mae Pool 01/09/2046 ............................................ 21,621 3.000% Fannie Mae Pool 01/12/2046 ............................................ 38,290 3.000% Fannie Mae Pool 01/02/2048 ............................................ 58,363 3.422% Fannie Mae Pool 01/09/2035 ............................................ 3,916 3.484% Fannie Mae Pool 01/10/2035 ............................................ 4,535 3.481% Fannie Mae Pool 01/05/2037 ............................................ 785 3.500% Fannie Mae Pool 01/10/2028 ............................................ 11,436 3.500% Fannie Mae Pool 01/10/2045 ............................................ 13,949

0.05 0.19 0.03 0.14 0.81 0.04 0.14 0.25 0.39 0.03 0.03 0.01 0.08 0.09

Holding

15,000 17,000 4,000 12,000 18,000 9,000 11,000 7,000 20,000 25,000 7,000 26,000 16,000 10,000 3,000 14,000 6,000 3,000 7,000 8,000 10,000 13,000 5,000 2,000

8,000 30,000 5,000 21,884 126,172 5,644 22,285 39,466 60,173 3,780 4,291 751 11,255 13,973

UNITED STATES DOLLAR (31 DECEMBER 2017: 2.55%) (continued) Corporate Bonds 2.876% Citigroup 24/07/2023 ........................................................ 3.668% Citigroup 24/07/2028 ........................................................ 5.750% Dominion Energy 01/10/2054 .......................................... 5.500% Enbridge 15/07/2077 ......................................................... 6.250% Energy Transfer Partners (perpetual) ............................. 6.000% EnLink Midstream Partners (perpetual) .......................... 4.875% Enterprise Products Operating 16/08/2077 ..................... 5.250% Enterprise Products Operating 16/08/2077 ..................... 4.017% Goldman Sachs Group 31/10/2038 ................................... 5.000% Goldman Sachs Group (perpetual) ................................... 5.700% Huntington Bancshares (perpetual) ................................ 3.882% JPMorgan Chase & Co 24/07/2038 .................................. 4.625% JPMorgan Chase & Co (perpetual) .................................. 6.125% JPMorgan Chase & Co (perpetual) .................................. 3.763% Macquarie Group 28/11/2028 ........................................... 3.591% Morgan Stanley 22/07/2028 .............................................. 3.971% Morgan Stanley 22/07/2038 .............................................. 4.750% National Rural Utilities Cooperative Finance 30/04/2043 5.375% Progressive 31/12/2099 .................................................... 4.500% Prudential Financial 15/09/2047 ...................................... 5.625% Prudential Financial 15/06/2043 ...................................... 5.750% Stanley Black & Decker 15/12/2053 ................................ 5.300% Transcanada Trust 15/03/2077 ........................................ 5.625% Transcanada Trust 20/05/2075 ........................................

162 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

81,223 29,568 766 2,046 5,167 4,346 130,700 37,868 2,465 1,703 39,185 10,737 7,792 1,013 6,877 6,463 28,736 100,539 34,672 183,958 149,609 34,096 126,062 62,078 5,464 520 580 3,819 13,367 49,043 111,192 49,089 6,008 40,931

0.54 0.20 0.00 0.01 0.03 0.03 0.86 0.25 0.02 0.01 0.26 0.07 0.05 0.01 0.05 0.04 0.19 0.66 0.23 1.22 0.99 0.23 0.83 0.41 0.04 0.00 0.00 0.03 0.09 0.32 0.74 0.32 0.04 0.27

UNITED STATES DOLLAR - TOTAL ..............................................

1,712,572

11.32

COLLATERALISED MORTGAGE OBLIGATIONS - TOTAL .............

1,712,572

11.32

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 15,273,454) ............................................

14,763,740

97.60

Holding 81,349 29,651 727 1,945 4,927 4,253 127,094 37,097 2,332 1,613 37,590 10,015 7,194 935 7,000 6,608 29,551 103,700 34,567 184,144 150,302 33,242 120,196 59,383 5,120 467 562 3,630 13,574 49,795 112,993 48,838 5,980 41,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 11.56%) (continued) 3.500% Fannie Mae Pool 01/11/2045 ............................................ 3.500% Fannie Mae Pool 01/04/2048 ............................................ 3.571% Fannie Mae Pool 01/10/2040 ............................................ 3.575% Fannie Mae Pool 01/10/2040 ............................................ 3.580% Fannie Mae Pool 01/05/2040 ............................................ 4.000% Fannie Mae Pool 01/10/2044 ............................................ 4.000% Fannie Mae Pool 01/02/2045 ............................................ 4.000% Fannie Mae Pool 01/08/2047 ............................................ 4.055% Fannie Mae Pool 01/08/2035 ............................................ 4.046% Fannie Mae Pool 01/11/2036 ............................................ 4.500% Fannie Mae Pool 01/04/2047 ............................................ 5.000% Fannie Mae Pool 01/06/2040 ............................................ 5.500% Fannie Mae Pool 01/08/2037 ............................................ 5.500% Fannie Mae Pool 01/06/2038 ............................................ 2.070% Ford Credit Floorplan Master Owner Trust 15/05/2022 .. 2.500% Freddie Mac Gold Pool 01/01/2028 .................................. 2.500% Freddie Mac Gold Pool 01/10/2032 .................................. 3.000% Freddie Mac Gold Pool 01/08/2046 .................................. 3.500% Freddie Mac Gold Pool 01/03/2042 .................................. 3.500% Freddie Mac Gold Pool 01/07/2045 .................................. 3.500% Freddie Mac Gold Pool 01/11/2047 .................................. 4.000% Freddie Mac Gold Pool 01/01/2047 .................................. 4.500% Freddie Mac Gold Pool 01/03/2039 .................................. 4.500% Freddie Mac Gold Pool 01/07/2044 .................................. 5.000% Freddie Mac Gold Pool 01/11/2043 .................................. 6.500% Freddie Mac Gold Pool 01/05/2037 .................................. 3.331% Freddie Mac Non Gold Pool 01/02/2037 .......................... 4.076% Freddie Mac Non Gold Pool 01/11/2037 .......................... 3.000% Freddie Mac REMICS 15/09/2045 ..................................... 3.000% Ginnie Mae II Pool 20/01/2046 .......................................... 3.000% Ginnie Mae II Pool 20/04/2046 .......................................... 3.500% Ginnie Mae II Pool 20/07/2046 .......................................... 3.500% Ginnie Mae II Pool 20/03/2047 .......................................... 2.898% GS Mortgage Securities Trust 2015-GC28 10/02/2048 ....

Schedule of Investments 163

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND (continued) FINANCIAL DERIVATIVE INSTRUMENTS Open Forward Foreign Currency Exchange Contracts (31 December 2017: (0.12)%) Unrealised Appreciation/ (Depreciation) USD

% of Value of Sub-Fund

(0) (1) (2) (9) (6,263) 7,383 114 (3) (2,919) (171) 26 1

(0.00) (0.00) (0.00) (0.00) (0.04) 0.05 0.00 (0.00) (0.02) (0.00) 0.00 0.00

Unrealised gain on open forward foreign currency exchange contracts ...................................................... 7,524 Unrealised loss on open forward foreign currency exchange contracts ...................................................... (9,368)

0.05 (0.06)

Maturity Date

Counterparty

16/07/2018 16/07/2018 16/07/2018 16/07/2018 16/07/2018 20/07/2018 20/07/2018 30/08/2018 30/08/2018 30/08/2018 16/07/2018 16/07/2018

State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. State Street Bank & Trust Co. JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank JPMorgan Chase Bank State Street Bank & Trust Co. State Street Bank & Trust Co.

Amount Bought SGD SGD SGD SGD SGD USD USD USD USD USD USD USD

97 94 129 572 401,979 686,920 10,635 2,342 264,418 118,954 1,238 3,408

Amount Sold USD USD USD USD USD EUR EUR EUR EUR GBP SGD SGD

72 71 96 428 301,152 581,310 9,000 2,000 228,000 90,000 1,652 4,645

Net unrealised loss on open forward foreign currency exchange contracts ..........

(1,844)

(0.01)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value USD 14,761,896

% of Value of Sub-Fund 97.59

CASH ..............................................................................................

219,673

1.45

OTHER NET ASSETS ......................................................................

145,500

0.96

TOTAL VALUE OF SUB-FUND .......................................................

15,127,069

100.00

* Suspended security. ^ Investment classified within Level 3.

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ......................................................... Transferable securities dealt in on another regulated market ..................................................................... Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) .............................. Over-the-counter financial derivative instruments ........................................................................................ Other current assets ........................................................................................................................................

164 Schedule of Investments

% of gross assets 46.93 45.85 0.80 0.05 6.37 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 99.47%) BERMUDA (31 DECEMBER 2017: NIL) 1,505 Everest Re Group ...........................................................................

346,872

0.11

BERMUDA - TOTAL .......................................................................

346,872

0.11

IRELAND (31 DECEMBER 2017: 1.04%) 34,374 Ingersoll-Rand ...............................................................................

3,084,379

0.97

IRELAND - TOTAL .........................................................................

3,084,379

0.97

NETHERLANDS (31 DECEMBER 2017: 1.16%) 32,137 LyondellBasell Industries .............................................................

3,530,250

1.12

NETHERLANDS - TOTAL ...............................................................

3,530,250

1.12

4,303,778 3,892,549 4,603,620 1,662,304 740,546 3,554,784 2,970,899 3,012,255 4,100,124 6,018,992 199,117 2,936,361 2,977,755 4,806,170 1,443,176 13,443,429 3,865,145 3,169,490 6,350,305 153,035 1,734,725 3,836,102 2,256,659 5,424,190 1,925,735 4,485,196 1,457,732

1.36 1.23 1.46 0.53 0.23 1.13 0.94 0.95 1.30 1.91 0.06 0.93 0.94 1.52 0.46 4.26 1.22 1.00 2.01 0.05 0.55 1.21 0.71 1.72 0.61 1.42 0.46

Holding

SINGAPORE (31 DECEMBER 2017: 1.38%) ..................................

46,452 51,003 18,882 123,960 17,214 38,948 2,631 2,700 72,198 3,541 1,665 20,992 41,266 26,037 6,063 72,624 120,372 31,043 225,268 3,034 9,294 13,217 4,522 16,167 950 81,048 9,684

UNITED STATES (31 DECEMBER 2017: 95.89%) AbbVie ............................................................................................ Activision Blizzard ......................................................................... Adobe Systems .............................................................................. AES ................................................................................................. Aflac ............................................................................................... Allstate ........................................................................................... Alphabet (Class A) ......................................................................... Alphabet (Class C) ......................................................................... Altria Group .................................................................................... Amazon.com .................................................................................. American National Insurance ....................................................... Ameriprise Financial ..................................................................... Ametek ........................................................................................... Amgen ............................................................................................ Anthem ........................................................................................... Apple .............................................................................................. AT&T ............................................................................................... Avery Dennison .............................................................................. Bank of America ............................................................................ BB&T .............................................................................................. Berkshire Hathaway ...................................................................... Biogen ............................................................................................ BlackRock ...................................................................................... Boeing ............................................................................................ Booking Holdings .......................................................................... Bristol-Myers Squibb .................................................................... Burlington Stores ..........................................................................

Schedule of Investments 165

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued) Holding 21,890 21,119 9,537 17,726 50,676 12,638 3,325 43,539 5,820 106,869 32,478 57,485 12,383 1,419 30,550 59,994 33,070 9,619 31,321 3,007 38,432 18,626 48,220 90,962 51,299 292 31,538 69,277 14,507 65,798 26,044 18,439 7,761 14,427 18,769 4,905 27,091 1,214 4,245 10,172 15,658 38,736 13,547 43,864 25,062 2,483 71,849

UNITED STATES (31 DECEMBER 2017: 95.89%) (continued) Caterpillar ...................................................................................... CBOE Holdings .............................................................................. Centene .......................................................................................... Cerner ............................................................................................ Chevron .......................................................................................... Cigna .............................................................................................. Cisco Systems ................................................................................ Cognizant Technology Solutions ................................................... Colgate-Palmolive ......................................................................... Comcast ......................................................................................... Comerica ........................................................................................ Conagra Brands ............................................................................. ConocoPhillips ............................................................................... Credit Acceptance ......................................................................... CVS Health ..................................................................................... Delta Air Lines ............................................................................... E*TRADE Financial ........................................................................ East West Bancorp ........................................................................ Eastman Chemical ........................................................................ Entergy ........................................................................................... Express Scripts Holding ................................................................ Exxon Mobil .................................................................................... Facebook ........................................................................................ Fifth Third Bancorp ....................................................................... General Mills .................................................................................. Hershey .......................................................................................... Home Depot ................................................................................... HP ................................................................................................... Huntington Ingalls Industries ....................................................... Intel ................................................................................................ International Business Machines ................................................. Intuit ............................................................................................... Intuitive Surgical ............................................................................ Johnson & Johnson ....................................................................... JPMorgan Chase & Co .................................................................. Kellogg ........................................................................................... Kimberly-Clark .............................................................................. KLA-Tencor .................................................................................... Lam Research ............................................................................... Las Vegas Sands ............................................................................ Lear ................................................................................................ Lincoln National ............................................................................ Lockheed Martin ............................................................................ Marathon Petroleum ..................................................................... MasterCard .................................................................................... Micron Technology ........................................................................ Microsoft ........................................................................................

166 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

2,969,816 2,197,854 1,175,054 1,059,838 6,406,967 2,147,828 143,075 3,439,146 377,194 3,506,372 2,952,900 2,053,939 862,104 501,475 1,965,892 2,972,103 2,022,561 627,159 3,130,847 242,936 2,967,335 1,540,929 9,370,110 2,610,609 2,270,494 27,174 6,153,064 1,571,895 3,144,973 3,270,819 3,638,347 3,767,180 3,713,483 1,750,572 1,955,730 342,712 2,853,766 124,471 733,748 776,734 2,909,413 2,411,316 4,002,190 3,077,498 4,925,184 130,208 7,085,030

0.94 0.70 0.37 0.34 2.03 0.68 0.05 1.09 0.12 1.11 0.93 0.65 0.27 0.16 0.62 0.94 0.64 0.20 0.99 0.08 0.94 0.49 2.97 0.83 0.72 0.01 1.95 0.50 1.00 1.04 1.15 1.19 1.18 0.55 0.62 0.11 0.90 0.04 0.23 0.25 0.92 0.76 1.27 0.97 1.56 0.04 2.24

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

UNITED STATES (31 DECEMBER 2017: 95.89%) (continued) Monster Beverage ......................................................................... Omnicom Group ............................................................................. PACCAR ......................................................................................... Packaging Corp of America .......................................................... Palo Alto Networks ........................................................................ PepsiCo .......................................................................................... Pfizer .............................................................................................. Principal Financial Group .............................................................. Progressive .................................................................................... Prologis (REIT) ............................................................................... Prudential Financial ...................................................................... Red Hat .......................................................................................... Regions Financial .......................................................................... Republic Services .......................................................................... Simon Property Group (REIT) ........................................................ Skyworks Solutions ....................................................................... SVB Financial Group ...................................................................... Sysco .............................................................................................. Target ............................................................................................. United Rentals ............................................................................... UnitedHealth Group ....................................................................... US Bancorp .................................................................................... Valero Energy ................................................................................. Varian Medical Systems ................................................................ Visa ................................................................................................. Vistra Energy .................................................................................. Wal-Mart Stores ............................................................................ Walgreens Boots Alliance ............................................................. Walt Disney .................................................................................... Waste Management ....................................................................... Waters ............................................................................................ Wells Fargo & Co ........................................................................... Western Digital .............................................................................. Wyndham Worldwide ..................................................................... Zebra Technologies ....................................................................... Zoetis ..............................................................................................

1,070,536 2,465,199 1,532,333 741,615 3,025,135 5,360,650 1,022,588 2,379,732 1,380,975 45,326 2,319,329 2,743,029 217,983 3,280,733 2,205,662 2,504,201 1,661,525 3,699,406 3,651,096 2,534,488 6,145,522 3,835,484 903,597 369,021 6,312,037 651,265 4,357,529 1,368,822 3,957,940 3,310,213 3,272,252 45,849 2,533,784 403,078 2,816,295 177,536

0.34 0.78 0.49 0.23 0.96 1.70 0.32 0.75 0.44 0.01 0.73 0.87 0.07 1.04 0.70 0.79 0.53 1.17 1.16 0.80 1.95 1.21 0.29 0.12 2.00 0.21 1.38 0.43 1.25 1.05 1.04 0.01 0.80 0.13 0.89 0.06

UNITED STATES - TOTAL .............................................................

297,505,982

94.21

EQUITIES - TOTAL .........................................................................

304,467,483

96.41

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 283,636,004) ..........................................

304,467,483

96.41

Holding 18,683 32,322 24,731 6,634 14,723 49,239 28,186 44,943 23,347 690 24,803 20,414 12,260 47,992 12,960 25,910 5,754 54,172 47,965 17,169 25,049 76,679 8,153 3,245 47,656 27,526 50,876 22,808 37,763 40,696 16,903 827 32,732 9,105 19,660 2,084

Schedule of Investments 167

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

INVESTMENT FUNDS (31 DECEMBER 2017: 0.93%) UNITED STATES (31 DECEMBER 2017: 0.93%) 40,156 SPDR S&P 500 (ETF) (UCITS) - Distributing Class ......................

10,893,520

3.45

UNITED STATES – TOTAL ...........................................................

10,893,520

3.45

INVESTMENT FUNDS – TOTAL (Cost: USD 10,978,083) .............

10,893,520

3.45

TOTAL VALUE OF INVESTMENTS ...............................................

315,361,003

99.86

CASH ...........................................................................................

632,749

0.20

OTHER NET LIABILITIES ............................................................

(197,219)

(0.06)

TOTAL VALUE OF SUB-FUND .....................................................

315,796,533

100.00

Holding

Abbreviations used: REIT Real Estate Investment Trust ETF Exchange Traded Fund Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................... UCITS Investment funds ............................................................................................................................ Other current assets ..................................................................................................................................

168 Schedule of Investments

% of gross assets 96.24 3.44 0.32 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND Holding

498,000 255,000 809,000 595,000 587,000 407,000 655,000 200,000 864,000 269,000 376,000 205,000 467,000 380,000 332,000 405,000 423,000 852,000 780,000 408,000 137,000 200,000 776,000 1,302,000 748,000 411,000 719,000 311,000 713,000 1,043,000 537,000 429,000 233,000 145,000 749,000 299,000 352,000 302,000 411,000 321,000 267,000 394,000 286,000

TRANSFERABLE SECURITIES FIXED INCOME SECURITIES (31 DECEMBER 2017: 84.30%) UNITED STATES DOLLAR (31 DECEMBER 2017: 84.30%) Corporate Bonds 3.375% ABB Finance USA 03/04/2023 .......................................... 3.250% Allergan Finance LLC01/10/2022 ..................................... 2.500% American Express 01/08/2022 ......................................... 6.450% Anadarko Petroleum 15/09/2036 ..................................... 5.200% Andeavor Logistics 01/12/2047 ........................................ 4.000% Anglo American Capital 11/09/2027 ................................. 2.650% Anheuser-Busch InBev Finance 01/02/2021 ................... 4.700% Anheuser-Busch InBev Finance 01/02/2036 ................... 4.900% Anheuser-Busch InBev Finance 01/02/2046 ................... 4.600% Anheuser-Busch InBev Worldwide 15/04/2048 ............... 2.850% Apple 06/05/2021 .............................................................. 6.750% Assurant 15/02/2034 ......................................................... 3.500% Astoria Financial 08/06/2020 ............................................ 4.350% AT&T 15/06/2045 ............................................................... 4.500% AT&T 15/05/2035 ............................................................... 4.500% AT&T 09/03/2048 ............................................................... 4.750% AT&T 15/05/2046 ............................................................... 4.900% AT&T 15/08/2037 ............................................................... 4.125% Athene Holding 12/01/2028 .............................................. 3.800% AutoNation 15/11/2027 ..................................................... 5.000% AXA Equitable Holdings 20/04/2048 ................................. 3.848% Banco Santander 12/04/2023 ........................................... 6.110% Bank of America 29/01/2037 ........................................... 4.183% Bank of America 25/11/2027 ............................................ 4.875% BankUnited 17/11/2025 .................................................... 4.836% Barclays 09/05/2028 ......................................................... 4.750% Basin Electric Power Cooperative 26/04/2047 ................ 4.375% Bayer US Finance II15/12/2028 ........................................ 3.100% BMW US Capital 12/04/2021 ............................................ 3.800% BNP Paribas 10/01/2024 .................................................. 3.245% BP Capital Markets 06/05/2022 ....................................... 4.500% BPCE 15/03/2025 .............................................................. 4.500% Braskem Netherlands Finance 10/01/2028 ..................... 4.700% Brighthouse Financial 22/06/2047 ................................... 2.100% Canadian Imperial Bank of Commerce 05/10/2020 ........ 3.750% Capital One Financial 28/07/2026 .................................... 3.750% Carlisle 01/12/2027 ........................................................... 2.550% Caterpillar Financial Services 29/11/2022 ....................... 3.450% Caterpillar Financial Services 15/05/2023 ....................... 3.625% Celgene 15/05/2024 .......................................................... 4.550% Celgene 20/02/2048 .......................................................... 4.250% Cenovus Energy 15/04/2027 ............................................. 5.400% Cenovus Energy 15/06/2047 .............................................

Fair Value USD

% of Value of Sub-Fund

495,497 247,745 775,790 687,615 566,187 378,926 645,972 202,709 888,519 265,033 375,098 236,682 466,797 321,912 307,081 349,146 377,856 808,496 719,285 378,827 126,398 195,598 891,388 1,268,015 760,304 388,156 743,735 311,591 708,551 1,019,546 535,308 418,227 214,360 119,499 730,878 277,828 334,581 291,652 411,440 313,169 243,821 379,498 279,994

0.39 0.19 0.60 0.54 0.44 0.30 0.50 0.16 0.69 0.21 0.29 0.18 0.36 0.25 0.24 0.27 0.29 0.63 0.56 0.30 0.10 0.15 0.69 0.99 0.59 0.30 0.58 0.24 0.55 0.79 0.42 0.33 0.17 0.09 0.57 0.22 0.26 0.23 0.32 0.24 0.19 0.30 0.22

Schedule of Investments 169

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued) Holding

311,000 56,000 117,000 197,000 186,000 1,189,000 298,000 1,201,000 540,000 1,387,000 163,000 189,000 383,000 231,000 128,000 372,000 502,000 750,000 243,000 416,000 267,000 107,334 622,018 1,352,000 390,000 478,000 347,000 876,000 158,000 534,000 291,000 454,000 445,000 551,000 400,000 1,044,000 151,000 44,000 379,000 283,000 208,000 146,000 130,000 801,000 390,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 84.30%) (continued) Corporate Bonds (continued) 4.200% CH Robinson Worldwide 15/04/2028 ................................ 5.375% Charter Communications Operating 01/04/2038 ............ 5.375% Charter Communications Operating 01/05/2047 ............ 5.750% Charter Communications Operating 01/04/2048 ............ 6.384% Charter Communications Operating 23/10/2035 ............ 3.191% Chevron 24/06/2023 .......................................................... 3.300% Chevron Phillips Chemical 01/05/2023 ............................ 2.200% Cisco Systems 28/02/2021 ................................................ 2.125% Citibank 20/10/2020 .......................................................... 4.450% Citigroup 29/09/2027 ........................................................ 4.750% Citigroup 18/05/2046 ........................................................ 6.000% Citigroup 31/10/2033 ........................................................ 3.850% CNH Industrial 15/11/2027 ............................................... 4.375% CNH Industrial Capital 05/04/2022 ................................. 3.900% Comcast 01/03/2038 ......................................................... 4.375% Continental Resources 15/01/2028 .................................. 3.250% Credit Agricole 04/10/2024 ............................................... 3.000% Credit Suisse 29/10/2021 ................................................. 3.950% CRH America Finance 04/04/2028 ................................... 4.780% CVS Health 25/03/2038 ..................................................... 5.050% CVS Health 25/03/2048 ..................................................... 4.704% CVS Pass-Through Trust 10/01/2036 ............................... 5.926% CVS Pass-Through Trust 10/01/2034 ............................... 2.000% Daimler Finance North America 06/07/2021 ................... 2.450% Daimler Finance North America 18/05/2020 ................... 3.100% Daimler Finance North America 04/05/2020 ................... 3.875% Danske Bank 12/09/2023 .................................................. 8.100% Dell International 15/07/2036 .......................................... 5.000% Discovery Communications 20/09/2037 ........................... 6.750% Domtar 15/02/2044 ........................................................... 2.800% Duke Energy Progress 15/05/2022 .................................. 2.375% Ecolab 10/08/2022 ............................................................ 3.625% EDP Finance 15/07/2024 .................................................. 2.350% Electricite de France 13/10/2020 ..................................... 3.500% Enel Finance International 06/04/2028 ............................ 3.625% Enel Finance International 25/05/2027 ............................ 4.900% Energy Transfer 15/03/2035 ............................................ 6.050% Energy Transfer 01/06/2041 ............................................ 6.625% Energy Transfer 15/10/2036 ............................................ 4.850% EnLink Midstream Partners 15/07/2026 .......................... 5.050% EnLink Midstream Partners 01/04/2045 .......................... 4.500% Enstar Group 10/03/2022 .................................................. 4.950% EPR Properties 15/04/2028 .............................................. 1.625% European Investment Bank 14/08/2020 ........................... 3.497% Exelon 01/06/2022 .............................................................

170 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

305,507 52,900 106,247 190,719 194,371 1,183,056 295,750 1,178,301 527,043 1,364,298 155,001 211,176 357,174 231,591 116,156 369,820 472,730 739,965 234,597 409,166 271,725 105,316 669,065 1,293,744 384,267 477,029 344,306 1,028,563 152,131 565,267 287,264 437,657 426,080 540,458 359,429 954,963 138,130 43,942 403,341 268,159 169,229 145,534 127,187 783,436 385,488

0.24 0.04 0.08 0.15 0.15 0.92 0.23 0.92 0.41 1.06 0.12 0.16 0.28 0.18 0.09 0.29 0.37 0.58 0.18 0.32 0.21 0.08 0.52 1.01 0.30 0.37 0.27 0.80 0.12 0.44 0.22 0.34 0.33 0.42 0.28 0.74 0.11 0.03 0.31 0.21 0.13 0.11 0.10 0.61 0.30

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued) Holding

711,000 232,000 341,000 488,000 1,064,000 986,000 234,000 682,000 725,000 446,000 278,000 781,000 782,000 308,000 152,000 627,000 703,000 110,000 400,000 428,000 235,000 284,000 306,000 542,000 1,172,000 634,000 158,000 206,000 799,000 108,000 261,000 210,000 358,000 570,000 293,000 249,000 311,000 403,000 457,000 483,000 306,000 600,000 207,000 296,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 84.30%) (continued) Corporate Bonds (continued) 3.500% First Horizon National 15/12/2020 ................................... 7.250% First Niagara Financial Group 15/12/2021 ...................... 3.900% FirstEnergy 15/07/2027 .................................................... 4.850% FirstEnergy 15/07/2047 .................................................... 7.375% FirstEnergy 15/11/2031 .................................................... 2.343% Ford Motor Credit 02/11/2020 .......................................... 3.250% GATX 15/09/2026 ............................................................... 2.342% GE Capital International Funding Unlimited 15/11/2020 4.418% GE Capital International Funding Unlimited 15/11/2035 2.875% General Dynamics 11/05/2020 ......................................... 2.000% Georgia Power 08/09/2020 ............................................... 3.600% Georgia-Pacific 01/03/2025 .............................................. 5.400% Georgia-Pacific 01/11/2020 .............................................. 3.375% GlaxoSmithKline Capital 15/05/2023 ............................... 3.700% Goldcorp 15/03/2023 ......................................................... 6.125% Goldman Sachs Group 15/02/2033 ................................... 6.750% Goldman Sachs Group 01/10/2037 ................................... 4.850% Halliburton 15/11/2035 ..................................................... 4.400% Harris 15/06/2028 ............................................................. 5.600% Hess 15/02/2041 ............................................................... 6.200% Hewlett Packard Enterprise 15/10/2035 .......................... 2.375% Huntington National Bank 10/03/2020 ............................ 3.000% Hyundai Capital Services 29/08/2022 ............................... 1.625% IBM Credit 06/09/2019 ...................................................... 2.650% IBM Credit 05/02/2021 ...................................................... 2.450% Intel 29/07/2020 ................................................................ 5.000% International Paper 15/09/2035 ....................................... 3.875% Intesa Sanpaolo 12/01/2028 ............................................. 5.710% Intesa Sanpaolo 15/01/2026 ............................................. 3.950% Jabil 12/01/2028 ................................................................ 4.150% Jefferies Group 23/01/2030 .............................................. 2.050% John Deere Capital 10/03/2020 ........................................ 2.350% John Deere Capital 08/01/2021 ........................................ 2.550% JPMorgan Chase & Co 01/03/2021 .................................. 3.350% KeyBank NA/Cleveland OH 15/06/2021 ........................... 4.500% Kinross Gold 15/07/2027 .................................................. 4.200% Kirby 01/03/2028 ............................................................... 4.875% Kraft Heinz Foods 15/02/2025 .......................................... 4.650% Kroger 15/01/2048 ............................................................ 3.250% Laboratory Corp of America Holdings 01/09/2024 .......... 4.375% Lloyds Banking Group 22/03/2028 ................................... 4.582% Lloyds Banking Group 10/12/2025 ................................... 4.057% Keurig Dr Pepper25/05/2023 ............................................ 4.597% Keurig Dr Pepper 25/05/2028 ...........................................

Fair Value USD

% of Value of Sub-Fund

713,376 258,004 330,807 498,968 1,379,002 960,166 216,048 666,642 702,365 445,515 271,563 777,474 819,184 308,130 149,619 716,970 834,350 113,747 403,127 430,014 239,755 280,269 294,526 535,152 1,160,893 629,937 159,639 176,587 730,575 101,884 230,311 206,908 351,724 558,593 293,425 228,458 306,479 410,867 431,530 466,964 301,875 588,156 207,505 297,096

0.56 0.20 0.26 0.39 1.07 0.75 0.17 0.52 0.55 0.35 0.21 0.61 0.64 0.24 0.12 0.56 0.65 0.09 0.31 0.34 0.19 0.22 0.23 0.42 0.90 0.49 0.12 0.14 0.57 0.08 0.18 0.16 0.27 0.44 0.23 0.18 0.24 0.32 0.34 0.36 0.24 0.46 0.16 0.23

Schedule of Investments 171

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued) Holding

334,000 402,000 253,000 133,000 233,000 547,000 109,000 272,000 527,000 384,000 460,000 160,000 762,000 1,404,000 428,000 835,000 1,351,000 217,000 276,000 504,000 300,000 239,000 301,000 768,000 157,000 142,000 574,000 522,000 258,000 267,000 370,000 455,000 139,000 819,000 96,000 597,000 182,000 497,000 588,000 134,000 404,000 277,000 343,000 477,000 1,037,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 84.30%) (continued) Corporate Bonds (continued) 4.400% Marathon Oil 15/07/2027 .................................................. 6.600% Marathon Oil 01/10/2037 .................................................. 4.300% Markel 01/11/2047 ............................................................ 4.250% Martin Marietta Materials 15/12/2047 ............................. 4.500% Masco 15/05/2047 ............................................................. 4.004% Massachusetts Electric 15/08/2046 ................................. 4.500% Massachusetts Mutual Life Insurance 15/04/2065 ......... 2.750% MassMutual Global Funding II 22/06/2024 ...................... 6.400% MetLife 15/12/2036 ........................................................... 2.665% Mitsubishi UFJ Financial Group 25/07/2022 .................... 2.950% Mitsubishi UFJ Financial Group 01/03/2021 .................... 3.777% Mitsubishi UFJ Financial Group 02/03/2025 .................... 2.273% Mizuho Financial Group 13/09/2021 ................................ 3.549% Mizuho Financial Group 05/03/2023 ................................ 2.750% Morgan Stanley 19/05/2022 .............................................. 4.100% Morgan Stanley 22/05/2023 .............................................. 5.000% Morgan Stanley 24/11/2025 .............................................. 3.250% Mosaic 15/11/2022 ............................................................ 5.200% Mylan 15/04/2048 .............................................................. 3.625% National Australia Bank 20/06/2023 ................................ 2.00% National Rural Utilities Cooperative Finance 15/09/2022 . 2.400% National Rural Utilities Cooperative Finance 25/04/2022 2.750% Nevada Power 15/04/2020 ................................................ 1.950% New York Life Global Funding 28/09/2020 ....................... 4.375% NGPL PipeCo 15/08/2022 ................................................. 4.375% NiSource Finance 15/05/2047 .......................................... 2.150% Nissan Motor Acceptance 28/09/2020 ............................. 2.650% Nissan Motor Acceptance 13/07/2022 ............................. 4.550% Nvent Finance Sarl 15/04/2028 ........................................ 3.600% O'Reilly Automotive 01/09/2027 ....................................... 4.000% ONEOK 13/07/2027 ........................................................... 2.950% Oracle 15/11/2024 ............................................................. 3.800% Oracle 15/11/2037 ............................................................. 3.850% Oracle 15/07/2036 ............................................................. 3.900% Oracle 15/05/2035 ............................................................. 4.300% Owens Corning 15/07/2047 .............................................. 4.400% Owens Corning 30/01/2048 .............................................. 3.950% Penske Truck Leasing 10/03/2025 ................................... 6.750% Petroleos Mexicanos 21/09/2047 ..................................... 4.900% Phillips 66 Partners 01/10/2046 ....................................... 3.700% Public Service of Colorado 15/06/2028 ............................ 4.100% Public Service of Colorado 15/06/2048 ............................ 2.100% QUALCOMM 20/05/2020 ................................................... 2.750% Regions Financial 14/08/2022 .......................................... 7.375% Regions Financial 10/12/2037 ..........................................

172 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

335,181 475,941 233,834 115,265 203,953 522,193 102,101 259,171 558,620 370,626 455,035 159,434 731,299 1,393,235 414,625 838,188 1,400,483 210,793 265,387 502,663 288,290 230,856 300,598 748,768 155,430 137,914 559,232 503,958 253,143 252,269 358,013 438,674 131,481 784,396 93,075 491,317 151,958 491,204 554,425 128,440 405,905 277,909 342,720 459,990 1,332,792

0.26 0.37 0.18 0.09 0.16 0.41 0.08 0.20 0.44 0.29 0.35 0.12 0.57 1.09 0.32 0.65 1.09 0.16 0.21 0.39 0.22 0.18 0.23 0.58 0.12 0.11 0.44 0.39 0.20 0.20 0.28 0.34 0.10 0.61 0.07 0.38 0.12 0.38 0.43 0.10 0.32 0.22 0.27 0.36 1.04

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued) Holding

404,000 260,000 800,000 267,000 57,000 779,000 296,000 736,000 200,000 172,000 183,000 630,000 347,000 220,000 177,000 1,348,000 533,000 549,000 53,000 482,000 1,086,000 1,144,000 128,000 729,000 241,000 341,000 1,394,000 275,000 132,000 166,000 1,176,000 144,000 321,000 768,000 212,000 1,436,000 48,000 547,000 590,000 155,000 287,000 291,000 641,000 294,000 281,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 84.30%) (continued) Corporate Bonds (continued) 1.750% Roche Holdings 28/01/2022 .............................................. 2.250% Roche Holdings 30/09/2019 .............................................. 3.875% Royal Bank of Scotland Group 12/09/2023 ...................... 4.892% Royal Bank of Scotland Group 18/05/2029 ...................... 4.250% RPM International 15/01/2048 ......................................... 3.400% Santander Holdings USA 18/01/2023 ............................... 2.875% Shire Acquisitions Investments Ireland 23/09/2023 ........ 2.200% Siemens Financieringsmaatschappij 16/03/2020 ........... 3.750% SK Telecom 16/04/2023 .................................................... 2.650% Smithfield Foods 03/10/2021 ............................................ 4.350% South Carolina Electric & Gas 01/02/2042 ...................... 5.100% South Carolina Electric & Gas 01/06/2065 ...................... 4.441% Syngenta Finance 24/04/2023 .......................................... 5.182% Syngenta Finance 24/04/2028 .......................................... 3.125% Synovus Financial 01/11/2022 .......................................... 7.721% Telecom Italia Capital 04/06/2038 .................................... 4.665% Telefonica Emisiones SAU 06/03/2038 ............................ 5.213% Telefonica Emisiones SAU 08/03/2047 ............................ 4.850% Warner Media 15/07/2045 ................................................ 1.850% Toronto-Dominion Bank 11/09/2020 ................................ 3.235% Toyota Industries 16/03/2023 ........................................... 2.950% Toyota Motor Credit 13/04/2021 ....................................... 4.900% Trimble 15/06/2028 ........................................................... 3.491% UBS Group Funding Switzerland 23/05/2023 .................. 3.200% United Overseas Bank 23/04/2021 ................................... 1.900% United Technologies 04/05/2020 ...................................... 2.375% UnitedHealth Group 15/10/2022 ....................................... 3.750% UnitedHealth Group 15/07/2025 ....................................... 5.000% Valmont Industries 01/10/2044 ........................................ 4.400% Verizon Communications 01/11/2034 .............................. 5.250% Verizon Communications 16/03/2037 .............................. 3.750% Vodafone Group 16/01/2024 ............................................. 4.700% Vulcan Materials 01/03/2048 ............................................ 1.900% Wal-Mart Stores 15/12/2020 ............................................ 5.950% Washington Prime Group 15/08/2024 .............................. 3.069% Wells Fargo & Co 24/01/2023 ........................................... 4.400% Wells Fargo & Co 14/06/2046 ........................................... 4.750% Wells Fargo & Co 07/12/2046 ........................................... 2.600% Wells Fargo Bank 15/01/2021 .......................................... 5.950% Wells Fargo Capital X 15/12/2036 .................................... 4.650% Western Gas Partners 01/07/2026 ................................... 3.050% Westpac Banking 15/05/2020 ........................................... 3.700% Williams 15/01/2023 ......................................................... 5.750% Williams 24/06/2044 ......................................................... 5.500% XLIT 31/03/2045 ................................................................

Fair Value USD

% of Value of Sub-Fund

384,105 258,340 777,137 265,812 51,587 752,136 278,475 725,695 198,074 163,870 173,581 634,924 345,057 212,482 169,035 1,449,100 498,550 529,189 48,279 469,602 1,070,143 1,138,105 127,773 712,681 240,413 334,475 1,340,338 275,046 124,916 154,817 1,207,751 142,769 299,932 752,437 204,333 1,396,418 43,944 529,320 580,600 166,783 281,944 290,807 620,168 303,923 291,721

0.30 0.20 0.61 0.21 0.04 0.59 0.22 0.57 0.15 0.13 0.14 0.49 0.27 0.17 0.13 1.13 0.39 0.41 0.04 0.37 0.83 0.89 0.10 0.56 0.19 0.26 1.04 0.21 0.10 0.12 0.94 0.11 0.23 0.59 0.16 1.09 0.03 0.41 0.45 0.13 0.22 0.23 0.48 0.24 0.23

Schedule of Investments 173

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued) Fair Value USD

% of Value of Sub-Fund

305,381 784,368 2,148,271 2,798,370

0.24 0.61 1.68 2.18

UNITED STATES DOLLAR - TOTAL ..............................................

106,573,928

83.05

TOTAL FIXED INCOME SECURITIES .............................................

106,573,928

83.05

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 12.90%) UNITED STATES DOLLAR (31 DECEMBER 2017: 12.90%) Corporate Bonds 7.000% Assurant 27/03/2048 ......................................................... 6.125% Banco Bilbao Vizcaya Argentaria (perpetual) .................. 3.550% Bank of America 05/03/2024 ............................................ 4.650% Bank of Nova Scotia (perpetual) ...................................... 2.876% Citigroup 24/07/2023 ........................................................ 3.668% Citigroup 24/07/2028 ........................................................ 11.000% Cooperatieve Rabobank (perpetual) .............................. 4.207% Credit Suisse Group 12/06/2024 ...................................... 5.750% Dominion Energy 01/10/2054 .......................................... 5.500% Enbridge 15/07/2077 ......................................................... 6.000% EnLink Midstream Partners (perpetual) ......................... 4.875% Enterprise Products Operating 16/08/2077 ..................... 5.250% Enterprise Products Operating 16/08/2077 ..................... 2.908% Goldman Sachs Group 05/06/2023 ................................... 4.017% Goldman Sachs Group 31/10/2038 ................................... 5.000% Goldman Sachs Group (perpetual) .................................. 4.700% Hanwha Life Insurance 23/04/2048 ................................. 4.583% HSBC Holdings 19/06/2029 .............................................. 6.250% HSBC Holdings (perpetual) .............................................. 6.000% HSBC Holdings (perpetual) 22/11/2066 ........................... 5.700% Huntington Bancshares (perpetual) ................................ 3.882% JPMorgan Chase & Co 24/07/2038 .................................. 4.625% JPMorgan Chase & Co (perpetual) .................................. 6.125% JPMorgan Chase & Co (perpetual) .................................. 3.763% Macquarie Group 28/11/2028 ........................................... 3.591% Morgan Stanley 22/07/2028 .............................................. 3.971% Morgan Stanley 22/07/2038 .............................................. 4.750% National Rural Utilities Cooperative Finance 30/04/2043 4.125% Nationwide Building Society 18/10/2032 ......................... 5.375% Progressive (perpetual) .................................................... 4.500% Prudential Financial 15/09/2047 ...................................... 5.625% Prudential Financial 15/06/2043 ...................................... 3.498% Royal Bank of Scotland Group 15/05/2023 ......................

526,919 176,500 582,970 781,015 460,928 256,881 344,943 304,221 170,888 495,720 248,714 233,750 204,600 165,028 489,285 700,761 605,363 215,137 853,687 371,928 281,018 831,234 612,208 489,090 140,263 525,597 207,553 408,704 228,971 267,655 165,150 854,906 581,225

0.41 0.14 0.45 0.61 0.36 0.20 0.27 0.24 0.13 0.39 0.19 0.18 0.16 0.13 0.38 0.54 0.47 0.17 0.66 0.29 0.22 0.65 0.48 0.38 0.11 0.41 0.16 0.32 0.18 0.21 0.13 0.67 0.45

Holding

305,000 822,000 2,144,000 2,789,000

522,000 200,000 589,000 863,000 478,000 270,000 322,000 304,000 164,000 544,000 291,000 250,000 220,000 171,000 537,000 747,000 644,000 213,000 870,000 401,000 284,000 900,000 664,000 476,000 152,000 553,000 224,000 403,000 250,000 269,000 180,000 829,000 600,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 84.30%) (continued) Government Bonds 2.750% United States Treasury Bonds 31/05/2023 ...................... 2.750% United States Treasury Bonds 15/11/2047 ...................... 2.875% United States Treasury Bonds 15/05/2028 ...................... 3.000% United States Treasury Bonds 15/02/2048 ......................

174 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued) Fair Value USD

% of Value of Sub-Fund

841,470 783,900 225,978 170,625 713,847

0.65 0.61 0.18 0.13 0.56

UNITED STATES DOLLAR - TOTAL ..............................................

16,518,632

12.87

VARIABLE RATE SECURITIES - TOTAL ........................................

16,518,632

12.87

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 127,729,949) ..........................................

123,092,560

95.92

TOTAL VALUE OF INVESTMENTS ...............................................

123,092,560

95.92

CASH ...........................................................................................

3,918,293

3.05

OTHER NET ASSETS ...................................................................

1,323,893

1.03

TOTAL VALUE OF SUB-FUND .....................................................

128,334,746

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................... Transferable securities dealt in on another regulated market ................................................................ Other current assets ...................................................................................................................................

% of gross assets 58.63 36.07 5.30 100.00

Holding

848,000 780,000 239,000 175,000 804,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 12.90%) (continued) Corporate Bonds (continued) 4.738% Sprint Spectrum 20/03/2025 ............................................ 5.750% Stanley Black & Decker 15/12/2053 ................................ 5.300% Transcanada Trust 15/03/2077 ........................................ 5.625% Transcanada Trust 20/05/2075 ........................................ 5.861% UniCredit 19/06/2032 ........................................................

Schedule of Investments 175

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND Fair Value USD

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 51.48%) BERMUDA (31 DECEMBER 2017: 0.01%) 553 Maiden Holdings ............................................................................

4,562

0.01

BERMUDA - TOTAL .......................................................................

4,562

0.01

CANADA (31 DECEMBER 2017: Nil) 336 Shopify ............................................................................................

49,241

0.10

CANADA - TOTAL ..........................................................................

49,241

0.10

CHINA (31 DECEMBER 2017: 12.73%) Alibaba Group Holding (ADR) ........................................................ Anhui Conch Cement ..................................................................... Baidu (ADR) .................................................................................... China Construction Bank .............................................................. China Petroleum & Chemical ....................................................... China Vanke ................................................................................... Industrial & Commercial Bank of China ...................................... PetroChina ..................................................................................... Ping An Insurance Group of China ............................................... SINA ............................................................................................... Sunny Optical Technology Group .................................................. Tencent Holdings ........................................................................... Times Property Holdings ............................................................... Tingyi Cayman Islands Holding ..................................................... Vipshop Holdings (ADR) ................................................................. Yangtze Optical Fibre and Cable Joint Stock ................................ Zhuzhou CRRC Times Electric ......................................................

1,041,365 146,221 392,380 698,421 421,617 180,489 551,269 111,067 547,409 73,653 158,135 1,550,571 158,034 171,617 74,398 113,460 134,034

2.05 0.29 0.77 1.38 0.83 0.36 1.09 0.22 1.08 0.14 0.31 3.06 0.31 0.34 0.15 0.22 0.26

CHINA - TOTAL ..............................................................................

6,524,140

12.86

HONG KONG (31 DECEMBER 2017: 6.49%) AIA Group ....................................................................................... ASM Pacific Technology ................................................................ BOC Hong Kong Holdings ............................................................. China Everbright International ...................................................... China Gas Holdings ....................................................................... China Overseas Land & Investment ............................................. China Unicom Hong Kong ............................................................. CSPC Pharmaceutical Group ........................................................ Galaxy Entertainment Group ......................................................... Hang Seng Bank ............................................................................ Hysan Development .......................................................................

783,231 113,766 233,065 195,107 177,697 237,165 364,642 277,839 247,716 280,011 212,087

1.54 0.22 0.46 0.38 0.35 0.47 0.72 0.55 0.49 0.55 0.42

Holding

5,528 25,500 1,620 756,000 472,000 51,600 737,000 146,000 59,500 886 8,500 30,900 106,000 74,000 6,876 28,000 28,200

89,600 9,000 49,500 151,000 44,200 72,000 292,000 92,000 32,000 11,200 38,000

176 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

HONG KONG (31 DECEMBER 2017: 6.49%) (continued) 34,000 Luk Fook Holdings International .................................................. 28,000 Wharf Real Estate Investment ......................................................

140,589 199,268

0.28 0.39

HONG KONG - TOTAL ....................................................................

3,462,183

6.82

INDIA (31 DECEMBER 2017: 2.83%) Bharat Heavy Electricals ............................................................... HDFC Bank .................................................................................... Infosys ............................................................................................ Larsen & Toubro ............................................................................ Shree Cement ................................................................................ Sun Pharmaceutical Industries ....................................................

81,482 418,511 460,518 360,896 207,293 180,922

0.16 0.82 0.91 0.71 0.41 0.36

INDIA - TOTAL ...............................................................................

1,709,622

3.37

INDONESIA (31 DECEMBER 2017: 0.86%) Adaro Energy ................................................................................. AKR Corporindo ............................................................................. Astra International ......................................................................... Bank Central Asia .......................................................................... Bank Danamon Indonesia ............................................................. Bank Mandiri Persero ................................................................... Bank Negara Indonesia Persero .................................................. Bank Rakyat Indonesia Persero ................................................... Charoen Pokphand Indonesia ....................................................... Gudang Garam ............................................................................... Hanjaya Mandala Sampoerna ....................................................... Indocement Tunggal Prakarsa ..................................................... Indofood CBP Sukses Makmur ..................................................... Indofood Sukses Makmur ............................................................. Jasa Marga Persero ...................................................................... Matahari Department Store .......................................................... Perusahaan Gas Negara Persero ................................................. Semen Indonesia Persero ............................................................. Surya Citra Media .......................................................................... Telekomunikasi Indonesia Persero .............................................. Tower Bersama Infrastructure ..................................................... Unilever Indonesia ......................................................................... United Tractors .............................................................................. Waskita Karya Persero .................................................................. XL Axiata ........................................................................................

112,109 6,882 125,432 200,553 18,899 106,492 45,430 137,632 26,787 28,079 28,725 18,808 17,798 26,100 8,145 19,106 27,183 18,841 23,610 157,516 9,376 68,332 39,143 8,051 19,957

0.22 0.01 0.25 0.39 0.04 0.21 0.09 0.27 0.05 0.05 0.06 0.04 0.03 0.05 0.02 0.04 0.05 0.04 0.05 0.31 0.02 0.13 0.08 0.02 0.04

INDONESIA - TOTAL ......................................................................

1,298,986

2.56

Holding

77,884 13,613 24,161 19,411 914 22,000

900,000 23,000 273,100 134,200 42,600 223,400 92,600 696,400 104,600 6,000 115,300 19,800 28,900 56,400 28,000 31,200 195,800 38,000 164,700 603,600 27,000 21,300 17,800 60,100 113,800

Schedule of Investments 177

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

IRELAND (31 DECEMBER 2017: Nil) 174 Accenture .......................................................................................

28,623

0.06

IRELAND - TOTAL .........................................................................

28,623

0.06

ISRAEL (31 DECEMBER 2017: Nil) 280 Check Point Software Technologies ............................................. 94 SolarEdge Technologies ................................................................

27,616 4,653

0.05 0.01

ISRAEL - TOTAL ............................................................................

32,269

0.06

MALAYSIA (31 DECEMBER 2017: 0.58%) 199,500 Gamuda .......................................................................................... 131,300 Genting Malaysia ...........................................................................

161,616 158,738

0.32 0.31

MALAYSIA - TOTAL .......................................................................

320,354

0.63

NETHERLANDS (31 DECEMBER 2017: Nil) 351 NXP Semiconductors ....................................................................

38,698

0.08

NETHERLANDS - TOTAL ...............................................................

38,698

0.08

PUERTO RICO (31 DECEMBER 2017: 0.02%) 248 Evertec ........................................................................................... 1,297 First BanCorp ................................................................................ 422 OFG Bancorp ..................................................................................

5,456 10,104 5,971

0.01 0.02 0.01

PUERTO RICO - TOTAL ..................................................................

21,531

0.04

SINGAPORE (31 DECEMBER 2017: 1.66%) 22,400 DBS Group Holdings ...................................................................... 12,000 Venture ...........................................................................................

437,061 156,973

0.86 0.31

SINGAPORE - TOTAL .....................................................................

594,034

1.17

SOUTH KOREA (31 DECEMBER 2017: 6.67%) Amorepacific .................................................................................. Hugel .............................................................................................. Hyundai Heavy Industries .............................................................. Kakao ............................................................................................. Korea Zinc ...................................................................................... NAVER ............................................................................................ NongShim ...................................................................................... POSCO ............................................................................................ Samsung Electronics ....................................................................

200,532 378,499 158,240 31,232 84,854 316,291 220,749 218,448 1,126,004

0.40 0.75 0.31 0.06 0.17 0.62 0.43 0.43 2.22

Holding

PHILIPPINES (31 DECEMBER 2017: 1.00%)

693 875 1,729 304 245 462 757 740 26,901

178 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

SOUTH KOREA (31 DECEMBER 2017: 6.67%) (continued) Samsung Electronics (Preference) ............................................... Samsung Life Insurance ............................................................... Shinhan Financial Group ............................................................... SK Hynix .........................................................................................

15,202 189,737 307,315 331,573

0.03 0.37 0.61 0.65

SOUTH KOREA - TOTAL ................................................................

3,578,676

7.05

TAIWAN (31 DECEMBER 2017: 4.91%) Advantech ...................................................................................... Catcher Technology ....................................................................... Cathay Financial Holding .............................................................. CTBC Financial Holding ................................................................ Hon Hai Precision Industry ........................................................... Largan Precision ........................................................................... MediaTek ........................................................................................ Taiwan Cement .............................................................................. Taiwan Semiconductor Manufacturing ......................................... Taiwan Union Technology .............................................................

19,778 145,399 322,922 161,987 110,248 294,537 255,834 184,744 1,008,347 183,348

0.04 0.29 0.63 0.32 0.22 0.58 0.50 0.36 1.99 0.36

TAIWAN - TOTAL ...........................................................................

2,687,144

5.29

THAILAND (31 DECEMBER 2017: 1.10%) 105,700 Central Pattana ............................................................................. 237 Fabrinet .......................................................................................... 35,500 Kasikornbank .................................................................................

222,467 8,584 214,243

0.44 0.02 0.42

THAILAND - TOTAL .......................................................................

445,294

0.88

UNITED KINGDOM (31 DECEMBER 2017: 0.02%) Belmond ......................................................................................... Cardtronics .................................................................................... Noble .............................................................................................. Travelport Worldwide ....................................................................

7,093 7,501 9,629 13,608

0.01 0.01 0.02 0.03

UNITED KINGDOM - TOTAL ..........................................................

37,831

0.07

UNITED STATES (31 DECEMBER 2017: 12.60%) 3D Systems .................................................................................... 8x8 .................................................................................................. A Schulman .................................................................................... AAR ................................................................................................. Abaxis ............................................................................................. Abercrombie & Fitch ..................................................................... ABM Industries .............................................................................. Acadia Realty Trust (REIT) ............................................................. Acorda Therapeutics .....................................................................

9,479 5,536 8,153 9,654 5,402 10,449 11,460 13,850 8,804

0.02 0.01 0.02 0.02 0.01 0.02 0.02 0.03 0.02

Holding 450 2,149 7,910 4,312

3,000 13,000 183,000 225,000 40,400 2,000 26,000 133,000 142,000 52,000

666 301 1,553 751

697 281 183 207 65 408 391 504 319

Schedule of Investments 179

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 266 755 112 289 138 1,909 31 6 253 242 558 521 124 134 14 199 349 175 589 232 164 775 270 265 123 1,221 221 122 146 127 2,922 173 146 86 53 58 11,039 57 1,344 91 141 1,059 334 176 66 279

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) Actuant ........................................................................................... Advanced Micro Devices ................................................................ AdvanSix ......................................................................................... Aegion ............................................................................................ Agree Realty (REIT) ........................................................................ AK Steel Holding ............................................................................ Allegiant Travel .............................................................................. Alphabet ......................................................................................... AMAG Pharmaceuticals ................................................................ Ambac Financial Group ................................................................. American Axle & Manufacturing Holdings ................................... American Equity Investment Life Holding .................................... American Public Education ........................................................... Ameris Bancorp ............................................................................. Analog Devices .............................................................................. Andersons ...................................................................................... AngioDynamics .............................................................................. Anixter International ...................................................................... Apollo Commercial Real Estate Finance (REIT) ........................... Applied Industrial Technologies ................................................... ArcBest .......................................................................................... Archrock ......................................................................................... Arista Networks ............................................................................. ARMOUR Residential (REIT) .......................................................... Asbury Automotive Group ............................................................. Ascena Retail Group ...................................................................... Associated Banc ............................................................................ Astec Industries ............................................................................. Atlas Air Worldwide Holdings ....................................................... Autodesk ........................................................................................ Avon Products ................................................................................ AZZ ................................................................................................. B&G Foods ..................................................................................... Balchem ......................................................................................... Banc of California .......................................................................... BancorpSouth Bank ...................................................................... Bank of America ............................................................................ Bank of Hawaii ............................................................................... Bank of New York Mellon .............................................................. Bank of the Ozarks ........................................................................ Banner ........................................................................................... BB&T .............................................................................................. Benchmark Electronics ................................................................. Berkshire Hills Bancorp ................................................................ BJ's Restaurants ........................................................................... Blucora ...........................................................................................

180 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

7,781 11,559 4,105 7,283 7,288 8,209 4,304 6,685 5,123 4,835 8,816 18,574 5,227 7,236 1,343 6,786 7,804 11,077 10,796 16,252 7,593 9,261 69,733 6,058 8,628 5,128 6,089 7,230 10,271 16,540 4,734 7,430 4,621 8,474 1,010 1,949 316,488 4,754 72,979 4,106 8,574 53,638 9,753 7,216 4,085 10,295

0.02 0.02 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.04 0.01 0.01 0.00 0.01 0.02 0.02 0.02 0.03 0.01 0.02 0.14 0.01 0.02 0.01 0.01 0.01 0.02 0.03 0.01 0.01 0.01 0.02 0.00 0.00 0.62 0.01 0.14 0.01 0.02 0.11 0.02 0.01 0.01 0.02

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 48 236 235 716 162 376 243 23 3 218 315 138 102 278 92 1,057 454 47 188 1,169 547 38 296 182 422 59 227 826 34 130 963 2,023 1,123 5 184 327 250 366 297 891 289 178 96 93 314 272

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) BofI Holding ................................................................................... Boise Cascade ............................................................................... Booz Allen Hamilton Holding ........................................................ Boston Private Financial Holdings ............................................... Brady .............................................................................................. Briggs & Stratton .......................................................................... Bristow Group ................................................................................ Broadcom ...................................................................................... Brookline Bancorp ........................................................................ Buckle ............................................................................................ C&J Energy Services ..................................................................... CACI International ......................................................................... Cal-Maine Foods ........................................................................... Caleres ........................................................................................... Cambrex ......................................................................................... Capstead Mortgage (REIT) ............................................................ Carrizo Oil & Gas ........................................................................... Cathay General Bancorp ............................................................... Cato ................................................................................................ CBL & Associates Properties (REIT) ............................................. CDK Global ..................................................................................... Central Pacific Financial ............................................................... Century Aluminum ........................................................................ Chart Industries ............................................................................. Chatham Lodging Trust (REIT) ...................................................... Chemical Financial ........................................................................ Chesapeake Lodging Trust (REIT) ................................................ Chico's FAS .................................................................................... Children's Place ............................................................................ CIRCOR International .................................................................... Cisco Systems ................................................................................ Citigroup ........................................................................................ Citizens Financial Group ............................................................... City Holding .................................................................................... Cognex ........................................................................................... Cognizant Technology Solutions ................................................... Columbia Banking System ............................................................ Comerica ........................................................................................ Community Bank System .............................................................. Community Health Systems .......................................................... Community Healthcare Trust (REIT) ............................................. Comtech Telecommunications ..................................................... ConMed .......................................................................................... Cooper-Standard Holdings ........................................................... Core-Mark Holding ........................................................................ Cray ................................................................................................

Fair Value USD

% of Value of Sub-Fund

1,959 10,431 10,220 11,456 6,229 6,591 3,455 5,633 57 5,951 7,481 23,191 4,743 9,794 4,715 9,460 12,712 1,922 4,833 6,757 35,850 1,098 4,644 11,280 8,731 3,306 7,148 6,938 4,236 4,797 41,351 135,298 44,370 379 8,102 25,840 10,345 33,430 17,686 3,306 8,627 5,707 7,021 12,160 7,219 6,746

0.00 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.05 0.01 0.02 0.01 0.02 0.03 0.00 0.01 0.01 0.07 0.00 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.08 0.27 0.09 0.00 0.02 0.05 0.02 0.07 0.03 0.01 0.02 0.01 0.01 0.02 0.01 0.01

Schedule of Investments 181

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 130 146 85 73 211 356 448 610 2,336 1,153 485 37 56 259 296 279 96 448 258 123 189 211 289 137 140 210 143 310 239 590 231 401 242 229 383 228 1,291 205 687 92 343 173 649 181 738 265

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) CSG Systems International ........................................................... CTS ................................................................................................. Cubic .............................................................................................. Cullen/Frost Bankers .................................................................... Customers Bancorp ...................................................................... CVB Financial ................................................................................. Darling Ingredients ........................................................................ Dean Foods .................................................................................... Denbury Resources ....................................................................... DiamondRock Hospitality (REIT) ................................................... Diebold Nixdorf .............................................................................. Dime Community Bancshares ...................................................... DineEquity ...................................................................................... Diodes ............................................................................................ Diplomat Pharmacy ....................................................................... Donnelley Financial Solutions ....................................................... Dorman Products .......................................................................... DSW ................................................................................................ DXC Technology ............................................................................. DXP Enterprises ............................................................................ East West Bancorp ........................................................................ Echo Global Logistics .................................................................... Electronics For Imaging ................................................................ Employers Holdings ...................................................................... Encore Wire ................................................................................... Enova International ....................................................................... Ensign Group ................................................................................. Essendant ...................................................................................... Ethan Allen Interiors ..................................................................... Express .......................................................................................... Exterran ......................................................................................... EZCORP .......................................................................................... F5 Networks ................................................................................... Federal Signal ................................................................................ Fidelity Southern ........................................................................... Fiesta Restaurant Group ............................................................... Fifth Third Bancorp ....................................................................... Financial Engines .......................................................................... Finisar ............................................................................................ First Commonwealth Financial ..................................................... First Financial Bancorp ................................................................. First Financial Bankshares ........................................................... First Midwest Bancorp .................................................................. FLIR Systems ................................................................................. Fortinet ........................................................................................... Fossil Group ...................................................................................

182 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

5,368 5,256 5,368 7,950 6,111 8,063 8,915 6,509 11,236 13,951 5,820 729 4,347 9,042 7,723 4,896 6,715 11,697 20,635 4,530 12,482 6,056 9,471 5,562 6,643 7,644 5,189 4,126 5,820 5,741 5,891 4,852 41,861 5,347 9,778 6,623 37,103 9,204 12,174 1,443 10,684 8,944 16,744 9,403 46,088 7,775

0.01 0.01 0.01 0.02 0.01 0.02 0.02 0.01 0.02 0.03 0.01 0.00 0.01 0.02 0.02 0.01 0.01 0.02 0.04 0.01 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.01 0.08 0.01 0.02 0.01 0.07 0.02 0.02 0.00 0.02 0.02 0.03 0.02 0.09 0.02

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 115 983 216 96 256 603 740 148 162 215 218 810 217 625 371 275 161 180 123 357 445 116 36 25 261 302 117 156 148 872 319 655 177 312 157 290 63 889 256 766 210 834 97 71 161 82

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) Franklin Electric ............................................................................ Franklin Street Properties (REIT) ................................................. FTI Consulting ................................................................................ Fulton Financial ............................................................................. G-III Apparel Group ....................................................................... GameStop ....................................................................................... Gannett ........................................................................................... Genesco ......................................................................................... Gentherm ....................................................................................... Gibraltar Industries ....................................................................... Glacier Bancorp ............................................................................. GoDaddy ......................................................................................... Goldman Sachs Group ................................................................... Government Properties Income Trust (REIT) ............................... Great Western Bancorp ................................................................. Green Plains .................................................................................. Greenbrier ...................................................................................... Greenhill & Co ............................................................................... Group 1 Automotive ....................................................................... Guess? ............................................................................................ Guidewire Software ....................................................................... Haemonetics .................................................................................. Hancock Whitney ........................................................................... Hanmi Financial ............................................................................. Haverty Furniture .......................................................................... Hawaiian Holdings ......................................................................... Haynes International ..................................................................... HB Fuller ........................................................................................ Heidrick & Struggles International ............................................... Helix Energy Solutions Group ....................................................... Hersha Hospitality Trust (REIT) .................................................... HighPoint Resources ..................................................................... Hillenbrand .................................................................................... HMS Holdings ................................................................................ Home BancShares ......................................................................... HomeStreet .................................................................................... Honeywell International ................................................................ Hope Bancorp ................................................................................ Horace Mann Educators ................................................................ HP ................................................................................................... Hub Group ...................................................................................... Independence Realty Trust (REIT) ................................................ Independent Bank ......................................................................... Infinity Property & Casualty .......................................................... Innophos Holdings ......................................................................... Innospec .........................................................................................

Fair Value USD

% of Value of Sub-Fund

5,192 8,129 13,206 1,598 11,768 8,973 7,859 6,031 6,318 8,213 8,570 56,506 48,482 9,744 15,742 4,950 7,551 5,085 8,026 7,672 39,267 10,370 1,706 715 5,703 10,887 4,307 8,369 5,261 7,368 6,763 3,969 8,284 6,783 3,589 7,931 9,017 15,913 11,443 17,365 10,342 8,607 7,707 10,086 7,652 6,302

0.01 0.02 0.03 0.00 0.02 0.02 0.02 0.01 0.01 0.02 0.02 0.11 0.10 0.02 0.03 0.01 0.01 0.01 0.02 0.02 0.08 0.02 0.00 0.00 0.01 0.02 0.01 0.02 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.02 0.02 0.03 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.01

Schedule of Investments 183

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 230 177 26 49 61 121 287 540 278 66 130 34 1,944 83 3,213 1,482 97 170 504 227 1,425 651 565 573 109 167 22 397 5 44 71 226 27 341 271 148 308 234 145 178 871 285 153 269 263 204

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) Insight Enterprises ........................................................................ Insteel Industries ........................................................................... Intel ................................................................................................ International Bancshares .............................................................. International Business Machines ................................................. INTL. FCStone ................................................................................ Invacare .......................................................................................... Invesco Mortgage Capital (REIT) ................................................... Investment Technology Group ...................................................... IPG Photonics ................................................................................ Itron ................................................................................................ J&J Snack Foods ........................................................................... JC Penney ...................................................................................... John B Sanfilippo & Son ................................................................ JPMorgan Chase & Co .................................................................. Juniper Networks .......................................................................... Kaiser Aluminum ........................................................................... Kaman ............................................................................................ KapStone Paper and Packaging ................................................... Kelly Services ................................................................................. KeyCorp .......................................................................................... Kindred Healthcare ....................................................................... Kite Realty Group Trust (REIT) ...................................................... Knowles .......................................................................................... L3 Technologies ............................................................................. La-Z-Boy ........................................................................................ LegacyTexas Financial Group ....................................................... Leidos Holdings ............................................................................. LendingTree ................................................................................... Lindsay ........................................................................................... Lithia Motors .................................................................................. LivePerson ..................................................................................... Lockheed Martin ............................................................................ LogMeIn ......................................................................................... LSC mmunications ........................................................................ LTC Properties (REIT) .................................................................... M&T Bank ...................................................................................... M/I Homes ...................................................................................... Magellan Health ............................................................................ ManTech International .................................................................. Marvell Technology Group ............................................................ Mastercard ..................................................................................... Materion ......................................................................................... Matrix Service ................................................................................ Matson ........................................................................................... Matthews International .................................................................

184 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

11,334 5,945 1,281 2,122 8,542 6,216 5,439 8,624 5,844 14,111 7,761 5,215 4,666 6,280 337,140 40,399 9,965 12,004 17,413 5,071 27,930 5,892 9,769 8,784 20,871 5,152 868 23,284 1,051 4,321 6,845 4,735 7,971 34,970 4,293 6,345 51,953 6,091 13,920 9,527 18,962 56,173 8,270 5,030 10,033 12,016

0.02 0.01 0.00 0.00 0.02 0.01 0.01 0.02 0.01 0.03 0.02 0.01 0.01 0.01 0.66 0.08 0.02 0.02 0.03 0.01 0.06 0.01 0.02 0.02 0.04 0.01 0.00 0.05 0.00 0.01 0.01 0.01 0.02 0.07 0.01 0.01 0.10 0.01 0.03 0.02 0.04 0.11 0.02 0.01 0.02 0.02

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 22 76 148 213 125 128 14 14 43 120 196 100 1,312 111 148 348 16 539 323 144 344 190 411 1,218 619 115 54 825 62 489 3,180 356 780 760 231 16 43 70 433 117 106 205 380 589 459 2

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) Maxim Integrated Products .......................................................... MB Financial .................................................................................. MDC Holdings ................................................................................ Medicines ....................................................................................... Meritage Homes ............................................................................ Methode Electronics ...................................................................... Microchip Technology .................................................................... Microsoft ........................................................................................ MicroStrategy ................................................................................ Mobile Mini ..................................................................................... Monro Muffler Brake ..................................................................... Moog ............................................................................................... Morgan Stanley .............................................................................. Movado Group ................................................................................ MTS Systems ................................................................................. Mueller Industries ......................................................................... National Bank Holdings ................................................................ National Instruments .................................................................... Navigant Consulting ...................................................................... Navigators Group ........................................................................... NBT Bancorp ................................................................................. NetGear .......................................................................................... New Media Investment Group ....................................................... New York Community Bancorp ..................................................... Newpark Resources ...................................................................... Northern Trust ............................................................................... Northfield Bancorp ........................................................................ Northwest Bancshares ................................................................. NVIDIA ............................................................................................ Oclaro ............................................................................................. Office Depot ................................................................................... Oil States International ................................................................. Old National Bancorp .................................................................... ON Semiconductor ........................................................................ OneSpan ......................................................................................... Opus Bank ...................................................................................... Oritani Financial ............................................................................ OSI Systems ................................................................................... Owens & Minor .............................................................................. Oxford Industries ........................................................................... PacWest Bancorp .......................................................................... Palo Alto Networks ........................................................................ PDC Energy .................................................................................... Pennsylvania Real Estate Investment Trust (REIT) ...................... PennyMac Mortgage Investment Trust (REIT) ............................. People's United Financial .............................................................

Fair Value USD

% of Value of Sub-Fund

1,282 3,566 4,446 7,389 5,350 5,146 1,266 1,381 5,474 5,628 11,809 7,747 63,356 5,433 7,718 10,346 622 22,563 7,190 8,215 13,196 11,808 7,710 13,544 6,809 11,927 897 14,421 14,933 4,274 8,459 11,481 14,703 16,933 4,666 465 694 5,451 7,439 9,744 5,307 42,009 23,252 6,520 8,749 36

0.00 0.01 0.01 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.02 0.02 0.12 0.01 0.02 0.02 0.00 0.04 0.01 0.02 0.03 0.02 0.02 0.03 0.01 0.02 0.00 0.03 0.03 0.01 0.02 0.02 0.03 0.03 0.01 0.00 0.00 0.01 0.01 0.02 0.01 0.08 0.05 0.01 0.02 0.00

Schedule of Investments 185

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 277 129 339 58 216 494 78 271 171 461 118 115 35 23 345 146 109 88 3,099 310 234 383 405 65 126 69 197 112 50 1,030 426 190 179 134 109 284 113 150 669 36 78 481 299 157 279 240

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) Perficient ........................................................................................ Perspecta ....................................................................................... PH Glatfelter .................................................................................. Piper Jaffray ................................................................................... Plexus ............................................................................................. PNC Financial Services Group ...................................................... Power Integrations ........................................................................ PRA Group ..................................................................................... ProAssurance ................................................................................ Provident Financial Services ......................................................... PTC ................................................................................................. Qorvo .............................................................................................. Quaker Chemical ........................................................................... Qualcomm ...................................................................................... Rayonier Advanced Materials ....................................................... RE/MAX Holdings ........................................................................... Red Robin Gourmet Burgers ........................................................ REGENXBIO ................................................................................... Regions Financial .......................................................................... Regis .............................................................................................. Renewable Energy Group .............................................................. Rent-A-Center ............................................................................... Retail Opportunity Investments (REIT) ......................................... REX American Resources ............................................................. RLI .................................................................................................. Rockwell Automation .................................................................... S&T Bancorp .................................................................................. Safety Insurance Group ................................................................. Saia ................................................................................................. Salesforce.com .............................................................................. Sanmina ......................................................................................... ScanSource .................................................................................... Scholastic ....................................................................................... Schweitzer-Mauduit International ................................................ SEACOR Holdings .......................................................................... Select Medical Holdings ................................................................ Selective Insurance Group ............................................................ Semtech ......................................................................................... ServiceNow .................................................................................... ServisFirst Bancshares ................................................................. Shutterfly ....................................................................................... Simmons First National ................................................................ SkyWest .......................................................................................... Skyworks Solutions ....................................................................... Southside Bancshares .................................................................. SpartanNash ..................................................................................

186 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

7,296 2,607 6,580 4,440 12,850 66,972 5,764 10,515 6,122 12,839 11,038 9,255 5,389 1,286 5,786 7,658 5,156 6,318 55,751 5,131 4,107 5,630 7,816 5,179 8,361 11,360 8,526 9,559 4,058 139,174 12,503 7,743 7,912 5,846 6,233 5,069 6,249 7,058 115,342 1,528 7,068 14,622 15,249 15,160 9,374 6,163

0.01 0.01 0.01 0.01 0.03 0.13 0.01 0.02 0.01 0.03 0.02 0.02 0.01 0.00 0.01 0.02 0.01 0.01 0.11 0.01 0.01 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.01 0.27 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.23 0.00 0.01 0.03 0.03 0.03 0.02 0.01

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Holding 228 295 280 248 1,391 177 288 125 237 147 187 72 457 639 248 256 70 295 886 143 192 153 1 219 80 569 142 55 27 287 372 727 13 205 259 309 284 952 22 331 154 196 36 155 48 331

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) Spectrum Pharmaceuticals .......................................................... Splunk ............................................................................................ SPX ................................................................................................. SPX FLOW ...................................................................................... SRC Energy .................................................................................... Standard Motor Products .............................................................. State Street .................................................................................... Stepan ............................................................................................ Sterling Bancorp ............................................................................ Steven Madden .............................................................................. Stewart Information Services ....................................................... Sturm Ruger & Co ......................................................................... SunCoke Energy ............................................................................ SunTrust Banks ............................................................................. Super Micro Computer .................................................................. SuperValu ....................................................................................... SVB Financial Group ...................................................................... Sykes Enterprises .......................................................................... Symantec ....................................................................................... Synovus Financial .......................................................................... Tableau Software ........................................................................... Tailored Brands ............................................................................. TCF Financial ................................................................................. Team .............................................................................................. Tennant .......................................................................................... Teradyne ........................................................................................ Tetra Tech ...................................................................................... Texas Capital Bancshares ............................................................. Texas Instruments ......................................................................... TimkenSteel ................................................................................... Titan International ......................................................................... TiVo ................................................................................................. Tompkins Financial ....................................................................... Tredegar ......................................................................................... Trimble ........................................................................................... Triumph Group ............................................................................... TrueBlue ........................................................................................ TrustCo Bank ................................................................................. Trustmark ...................................................................................... Twitter ............................................................................................ Tyler Technologies ........................................................................ Ultimate Software Group .............................................................. UMB Financial ............................................................................... Umpqua Holdings .......................................................................... UniFirst .......................................................................................... Unit .................................................................................................

Fair Value USD

% of Value of Sub-Fund

4,820 28,966 9,828 10,766 15,162 8,868 27,147 9,762 5,617 7,953 7,992 4,136 6,060 41,989 5,890 5,263 20,415 8,587 17,977 7,598 18,689 4,068 25 4,873 6,272 21,434 8,158 5,071 2,946 4,744 4,018 9,924 1,112 4,818 8,480 5,778 7,654 8,473 722 14,825 33,985 49,974 2,750 3,525 8,496 8,563

0.01 0.06 0.02 0.02 0.03 0.02 0.05 0.02 0.01 0.02 0.02 0.01 0.01 0.08 0.01 0.01 0.04 0.02 0.04 0.01 0.04 0.01 0.00 0.01 0.01 0.04 0.02 0.01 0.01 0.01 0.01 0.02 0.00 0.01 0.02 0.01 0.02 0.02 0.00 0.03 0.07 0.10 0.01 0.01 0.02 0.02

Schedule of Investments 187

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

UNITED STATES (31 DECEMBER 2017: 12.60%) (continued) United Bankshares ........................................................................ United Community Banks ............................................................. United Fire Group .......................................................................... Universal ........................................................................................ Universal Forest Products ............................................................ Urstadt Biddle Properties (REIT) .................................................. US Bancorp .................................................................................... US Silica Holdings ......................................................................... Valley National Bancorp ................................................................ Varex Imaging ................................................................................ Veeco Instruments ........................................................................ Veeva Systems ............................................................................... Viavi Solutions ................................................................................ Virtus Investment Partners ........................................................... Visa ................................................................................................. Vista Outdoor ................................................................................. VMware .......................................................................................... Wabash National ........................................................................... Waddell & Reed Financial ............................................................. Walker & Dunlop ........................................................................... Washington Federal ...................................................................... Washington Prime Group (REIT) ................................................... Watts Water Technologies ............................................................ WD-40 ............................................................................................ Wells Fargo & Co ........................................................................... Westamerica Bancorporation ....................................................... Wintrust Financial ......................................................................... WisdomTree Investments ............................................................. Wolverine World Wide ................................................................... Workday ......................................................................................... World Acceptance .......................................................................... Xilinx ............................................................................................... Xperi ............................................................................................... Yum China Holdings ...................................................................... Zebra Technologies .......................................................................

3,749 7,390 8,640 9,842 7,142 7,176 117,947 12,386 3,798 5,426 5,363 51,664 5,565 6,871 44,070 6,075 124,348 3,909 8,830 2,011 3,702 9,442 7,732 5,164 202,882 8,327 2,629 3,465 20,019 91,012 5,016 10,225 3,607 139,397 27,229

0.01 0.01 0.02 0.02 0.01 0.01 0.23 0.02 0.01 0.01 0.01 0.10 0.01 0.01 0.09 0.01 0.24 0.01 0.02 0.00 0.01 0.02 0.02 0.01 0.40 0.02 0.01 0.01 0.04 0.18 0.01 0.02 0.01 0.27 0.05

UNITED STATES - TOTAL ..............................................................

5,970,189

11.76

EQUITIES - TOTAL .........................................................................

26,803,377

52.81

FIXED INCOME SECURITIES (31 DECEMBER 2017: 31.82%) HONG KONG DOLLAR (31 DECEMBER 2017: Nil) Corporate Bonds 1,500,000 2.250% Future Land Development Holdings 10/02/2019 .............

186,121

0.37

HONG KONG DOLLAR - TOTAL .....................................................

186,121

0.37

Holding 102 237 159 148 196 316 2,377 469 308 148 375 678 551 53 332 384 851 212 493 36 112 1,160 99 35 3,783 145 30 373 566 759 44 157 229 3,602 190

188 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

INDONESIAN RUPIAH (31 DECEMBER 2017: Nil) Government Bonds 3,200,000,000 7.700% Wijaya Karya Persero 31/01/2021 ....................................

223,800

0.44

INDONESIAN RUPIAH - TOTAL ....................................................

223,800

0.44

SRI LANKA RUPEE (31 DECEMBER 2017: 0.85%) Government Bonds 20,000,000 11.500% Sri Lanka 15/05/2023 ......................................................

131,499

0.26

SRI LANKA RUPEE - TOTAL .........................................................

131,499

0.26

518,454 409,242 358,999

1.02 0.81 0.71

195,421 230,326 497,840 174,454 196,739 197,465 198,965 199,625 397,179 221,878 292,500 311,798 238,800 409,137 371,198 187,048 196,375 177,906 187,933 242,262 237,330 304,396 296,608 182,137 200,276 347,384 195,715

0.39 0.45 0.98 0.34 0.39 0.39 0.39 0.39 0.78 0.44 0.58 0.61 0.47 0.81 0.73 0.37 0.39 0.35 0.37 0.48 0.47 0.60 0.58 0.36 0.39 0.68 0.39

Holding INDIAN RUPEE (31 DECEMBER 2017: 0.57%)

500,000 400,000 380,000 200,000 250,000 500,000 200,000 200,000 200,000 200,000 200,000 400,000 250,000 300,000 310,000 250,000 400,000 400,000 200,000 200,000 200,000 200,000 250,000 250,000 300,000 300,000 200,000 200,000 350,000 200,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 29.82%) Corporate Bonds 9.000% Agile Group Holdings 21/05/2020 ..................................... 5.000% Bank of China 13/11/2024 ................................................ 2.950% BDO Unibank 06/03/2023 ................................................. 4.125% Beijing State-Owned Assets Management Hong Kong 26/05/2025 ...................................................................................... 3.625% Busan Bank 25/07/2026 .................................................... 5.000% CBQ Finance 24/05/2023 .................................................. 5.375% China Aoyuan Property Group 13/09/2022 ....................... 6.350% China Aoyuan Property Group 11/01/2020 ....................... 7.450% China SCE Property Holdings 17/04/2021 ....................... 6.875% CIFI Holdings Group 23/04/2021 ...................................... 4.125% CNAC HK Finbridge 14/03/2021 ....................................... 4.875% CNAC HK Finbridge 14/03/2025 ....................................... 7.625% CSN Resources 13/02/2023 .............................................. 5.000% Future Land Development Holdings 16/02/2020 ............. 4.375% Goodman HK Finance 19/06/2024 .................................... 9.125% HTA Group 08/03/2022 ...................................................... 5.500% Huarong Finance II 16/01/2025 ........................................ 3.625% Hyundai Capital Services 29/08/2027 ............................... 3.950% Incitec Pivot Finance 03/08/2027 ..................................... 6.875% Indika Energy Capital II 10/04/2022 ................................. 5.875% Indika Energy Capital III 09/11/2024 ................................ 6.375% Indo Energy Finance II 24/01/2023 ................................... 2.957% Industrial & Commercial Bank of China 08/11/2022 ...... 3.538% Industrial & Commercial Bank of China 08/11/2027 ...... 4.875% Industrial & Commercial Bank of China 21/09/2025 ...... 4.250% KEB Hana Bank 14/10/2024 ............................................. 4.500% Longfor Properties 16/01/2028 ........................................ 4.750% Minmetals Bounteous Finance BVI 30/07/2025 .............. 4.750% New Metro Global 11/02/2019 .......................................... 6.500% New Metro Global 23/04/2021 ..........................................

Schedule of Investments 189

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

410,182 280,283 382,000 185,560 316,095 241,898 311,500 202,751 376,138 283,941

0.81 0.55 0.75 0.37 0.62 0.48 0.61 0.40 0.74 0.56

191,246 186,380 198,193 197,717 268,777 264,154 313,500 216,112 200,494 228,803

0.38 0.37 0.39 0.39 0.53 0.52 0.62 0.43 0.39 0.45

966,250 245,530 534,802

1.90 0.48 1.05

267,677 300,030 364,293

0.53 0.59 0.72

16,109,696

31.74

FIXED INCOME SECURITIES - TOTAL ..........................................

16,651,116

32.81

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 5.46%) UNITED STATES DOLLAR (31 DECEMBER 2017: 5.46%) Corporate Bonds 6.750% Australia & New Zealand Banking Group (perpetual) .... 3.875% China Construction Bank 13/05/2025 .............................. 3.750% China Minmetals (perpetual) ............................................ 3.900% CNRC Capitale (perpetual) ............................................... 4.250% Dah Sing Bank 30/11/2026 ............................................... 4.520% DBS Group Holdings 11/12/2028 ......................................

203,500 496,694 366,943 237,418 297,140 201,757

0.40 0.98 0.72 0.47 0.59 0.40

Holding

450,000 300,000 400,000 200,000 300,000 250,000 400,000 200,000 400,000 300,000 200,000 200,000 200,000 200,000 300,000 300,000 300,000 230,000 200,000 240,000 1,000,000 260,000 550,000 250,000 300,000 250,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 29.82%) (continued) Corporate Bonds 4.000% Oil India International 21/04/2027 .................................... 3.750% ONGC Videsh Vankorneft 27/07/2026 ............................... 4.250% Pelabuhan Indonesia II 05/05/2025 .................................. 4.125% Perusahaan Listrik Negara 15/05/2027 ........................... 6.875% Petroleos Mexicanos 04/08/2026 ..................................... 3.500% Petronas Capital 18/03/2025 ............................................ 6.950% Prime Bloom Holdings 05/07/2022 .................................. 4.250% PTT Global Chemical 19/09/2022 ..................................... 4.125% Santos Finance 14/09/2027 .............................................. 4.550% Shandong Energy Australia 26/07/2020 ........................... 3.875% Shanhai Hong Kong International Investments 20/04/2020 ...................................................................................... 3.750% Shinhan Bank 20/09/2027 ................................................. 3.750% SK Telecom 16/04/2023 .................................................... 3.625% Thaioil Treasury Center 23/01/2023 ................................. 6.600% Times Property Holdings 02/03/2023 ............................... 6.125% Vedanta Resources 09/08/2024 ........................................ 8.250% Vedanta Resources 07/06/2021 ........................................ 5.750% VLL International 28/11/2024 ........................................... 6.500% West China Cement 11/09/2019 ....................................... 5.500% WTT Investment 21/11/2022 ............................................. 5.730% Yancoal International Resources Development 16/05/2022 ...................................................................................... 6.250% Yingde Gases Investment 19/01/2023 .............................. 6.375% Yuzhou Properties 06/03/2021 ......................................... Government Bonds 5.875% Indonesia 15/01/2024 ........................................................ 4.000% Korea Resources 18/04/2023 ........................................... 9.500% Philippines 02/02/2030 ..................................................... UNITED STATES DOLLAR - TOTAL .............................................. YUAN RENMINBI (31 DECEMBER 2017: 0.58%)

200,000 500,000 400,000 250,000 300,000 200,000

190 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Fair Value USD

% of Value of Sub-Fund

300,792 197,620 175,208

0.59 0.39 0.35

184,956

0.36

UNITED STATES DOLLAR - TOTAL ..............................................

2,662,028

5.25

YUAN RENMINBI (31 DECEMBER 2017: Nil) 2,000,000 6.750% Bank of China (perpetual) ................................................

309,516

0.61

YUAN RENMINBI - TOTAL ............................................................

309,516

0.61

VARIABLE RATE SECURITIES - TOTAL ........................................

2,971,544

5.86

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 46,499,603) ............................................

46,426,037

91.48

INVESTMENT FUNDS (31 DECEMBER 2017: 6.07%) IRELAND (31 DECEMBER 2017: 6.07%) 12,542 PineBridge Global Funds - PineBridge India Equity Fund Class Z) ..........................................................................................

1,542,973

3.04

IRELAND – TOTAL .........................................................................

1,542,973

3.04

INVESTMENT FUNDS – TOTAL (Cost: USD 1,525,381) ...............

1,542,973

3.04

TOTAL VALUE OF INVESTMENTS ................................................

47,969,010

94.52

CASH ..............................................................................................

2,660,296

5.24

OTHER NET ASSETS .....................................................................

122,049

0.24

TOTAL VALUE OF SUB-FUND .......................................................

50,751,355

100.00

Holding

300,000 200,000 200,000 200,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 5.46%) (continued) Corporate Bonds 3.516% Horse Gallop Finance 28/06/2021 .................................... 3.875% Shinhan Bank 07/12/2026 ................................................. 5.800% Tewoo Group No. 5(perpetual) ......................................... 3.750% Weichai International Hong Kong Energy Group (perpetual) ......................................................................................

Abbreviations used: ADR American Depository Receipt REIT Real Estate Investment Trust

Schedule of Investments 191

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND (continued) Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................... Transferable securities dealt in on another regulated market ................................................................ Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ........................ UCITS Investment funds ............................................................................................................................. Other current assets ..................................................................................................................................

192 Schedule of Investments

% of gross assets 87.08 3.68 0.26 3.03 5.95 100.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND Holding

2,240,000 200,000 1,350,000 950,000 1,250,000 3,000,000 450,000 500,000 1,200,000 2,500,000 2,000,000 1,500,000 2,000,000 200,000 2,000,000 1,700,000 1,000,000 200,000 3,100,000 500,000 590,000 2,150,000 450,000 1,000,000 1,250,000 2,000,000 2,100,000 1,500,000 1,000,000 1,500,000 1,000,000 1,500,000 500,000 300,000 1,290,000 2,750,000 1,450,000 1,600,000 750,000 200,000 980,000 1,000,000 200,000

TRANSFERABLE SECURITIES FIXED INCOME SECURITIES (31 DECEMBER 2017: 64.00%) UNITED STATES DOLLAR (31 DECEMBER 2017: 64.00%) Corporate Bonds 4.875% Abu Dhabi National Energy PJSC 23/04/2030 ................. 4.000% Alibaba Group Holding 06/12/2037 .................................. 5.750% AusNet Services Holdings 17/03/2076 ............................. 3.000% Azure Nova International Finance 21/03/2020 ................ 3.750% Azure Orbit International Finance 06/03/2023 ................ 5.000% Bank of China 13/11/2024 ................................................ 3.217% Bank of China Hong Kong 11/07/2022 ............................. 3.875% Bank of China Hong Kong 30/06/2025 ............................. 5.550% Bank of China Hong Kong 11/02/2020 ............................. 6.250% BHP Billiton Finance USA 19/10/2075 ............................. 5.000% CBQ Finance 24/05/2023 .................................................. 4.250% CDBL Funding 1 02/12/2024 ............................................. 4.000% CGN New Energy Holdings 19/08/2018 ........................... 3.750% CGNPC International 11/12/2027 ..................................... 3.125% China Cinda Finance 2015 I 23/04/2020 ........................... 5.375% China Overseas Finance Cayman III 29/10/2023 ............. 4.500% China Resources Gas Group 05/04/2022 ......................... 4.375% China Resources Land 27/02/2019 .................................. 3.500% CNAC HK Finbridge 19/07/2022 ....................................... 5.000% CNOOC Finance 2012 02/05/2042 .................................... 3.750% Daegu Bank 13/08/2023 ................................................... 3.600% DBS Group Holdings 29/12/2049 ...................................... 4.520% DBS Group Holdings 11/12/2028 ...................................... 2.750% Eastern Creation II Investment Holdings 26/09/2020 ..... 3.250% Eastern Creation II Investment Holdings 20/01/2020 ..... 3.000% Equate Petrochemical 03/03/2022 ................................... 4.250% Gohl Capital 24/01/2027 ................................................... 3.000% Harvest Operations 21/09/2022 ........................................ 2.875% Hongkong Electric Finance 03/05/2026 ........................... 3.516% Horse Gallop Finance 28/06/2021 .................................... 4.000% Huarong Finance 17/07/2019 ........................................... 4.625% Hutchison Whampoa International 11 13/01/2022 .......... 3.625% Hyundai Capital Services 29/08/2027 ............................... 3.625% ICBCIL Finance 15/11/2027 .............................................. 3.538% Industrial & Commercial Bank of China 08/11/2027 ...... 4.875% Industrial & Commercial Bank of China 21/09/2025 ...... 4.250% KEB Hana Bank 14/10/2024 ............................................. 4.375% KEB Hana Bank 30/09/2024 ............................................. 4.500% Longfor Properties 16/01/2028 ........................................ 2.750% LTC GB 26/05/2021 ........................................................... 5.100% Meiji Yasuda Life Insurance 26/04/2048 .......................... 6.400% Nexen Energy 15/05/2037 ................................................ 4.000% Oil India International 21/04/2027 ....................................

Fair Value USD

% of Value of Sub-Fund

2,233,683 185,415 1,397,270 936,984 1,240,575 3,069,318 450,896 495,399 1,237,481 2,613,281 1,991,360 1,488,555 2,000,552 189,032 1,974,160 1,776,456 1,021,202 201,165 2,998,286 533,197 584,284 2,058,352 453,953 976,984 1,241,166 1,913,012 1,987,999 1,451,307 928,846 1,503,960 1,001,632 1,553,553 463,997 276,449 1,224,623 2,790,296 1,433,603 1,591,211 683,015 193,884 988,575 1,225,806 182,303

1.68 0.14 1.05 0.70 0.93 2.31 0.34 0.37 0.93 1.97 1.50 1.12 1.50 0.14 1.48 1.34 0.77 0.15 2.25 0.40 0.44 1.55 0.34 0.73 0.93 1.44 1.49 1.09 0.70 1.13 0.75 1.17 0.35 0.21 0.92 2.10 1.08 1.20 0.51 0.15 0.74 0.92 0.14

Schedule of Investments 193

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued) Holding

200,000 1,000,000 2,500,000 1,350,000 750,000 950,000 1,550,000 500,000 2,250,000 660,000 551,000 400,000 1,260,000 500,000 350,000 500,000 2,700,000 1,700,000 700,000 200,000 750,000 1,250,000 1,270,000 1,047,000 300,000 900,000 2,500,000 800,000 350,000 200,000 1,914,000 2,000,000 400,000 200,000 1,550,000 1,000,000 1,000,000 200,000 200,000 200,000 200,000 1,000,000 250,000 600,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 64.00%) (continued) Corporate Bonds (continued) 4.625% ONGC Videsh 15/07/2024 .................................................. 3.750% ONGC Videsh Vankorneft 27/07/2026 ............................... 4.250% Oversea-Chinese Banking 19/06/2024 ............................. 4.300% Pertamina Persero 20/05/2023 ........................................ 4.875% Pertamina Persero 03/05/2022 ........................................ 6.000% Pertamina Persero 03/05/2042 ........................................ 6.500% Pertamina Persero 27/05/2041 ........................................ 5.350% Petroleos Mexicanos 12/02/2028 ..................................... 3.500% Petronas Capital 18/03/2025 ............................................ 4.250% Philippine National Bank 27/04/2023 .............................. 4.250% PTT Global Chemical 19/09/2022 ..................................... 4.125% Reliance Industries 28/01/2025 ........................................ 4.500% RH International Singapore 27/03/2028 .......................... 2.503% RHB Bank Bhd 06/10/2021 ............................................... 3.625% Rongshi International Finance 04/05/2027 ...................... 3.875% Rural Electrification 07/07/2027 ...................................... 3.750% Shanghai Commercial Bank 29/11/2027 ......................... 2.875% Shenzhen Expressway 18/07/2021 ................................... 3.750% Shinhan Bank 20/09/2027 ................................................. 3.875% Shinhan Bank 24/03/2026 ................................................. 2.750% Siam Commercial Bank 16/05/2023 ................................ 3.200% Siam Commercial Bank 26/07/2022 ................................ 3.125% Sinochem International Development 25/07/2022 .......... 6.300% Sinochem Overseas Capital 12/11/2040 .......................... 4.100% Sinopec Group Overseas Development 2015 28/04/2045 4.875% Sinopec Group Overseas Development 2012 17/05/2042 4.250% State Grid Overseas Investment 2016 02/05/2028 ........... 4.375% State Grid Overseas Investment 2013 22/05/2043 ........... 3.750% Sunny Optical Technology Group 23/01/2023 .................. 3.875% Swire Pacific MTN Financing 21/09/2025 ........................ 3.625% Thaioil Treasury Center 23/01/2023 ................................. 4.250% Transportadora de Gas del Peru 30/04/2028 .................. 3.369% Union Bank of the Philippines 29/11/2022 ....................... Government Bonds 2.875% Export-Import Bank of China 26/04/2026 ........................ 4.000% Export-Import Bank of China 28/11/2047 ........................ 3.125% Export-Import Bank of India 20/07/2021 ......................... 3.331% Export-Import Bank of India 21/08/2022 ......................... 3.375% Indonesia 15/04/2023 ........................................................ 4.350% Indonesia 08/01/2027 ........................................................ 5.375% Indonesia 17/10/2023 ........................................................ 5.875% Indonesia 15/01/2024 ........................................................ 5.950% Indonesia 08/01/2046 ........................................................ 8.500% Indonesia 12/10/2035 ........................................................ 4.000% Korea Resources 18/04/2023 ...........................................

194 Schedule of Investments

Fair Value USD

% of Value of Sub-Fund

200,656 934,278 2,502,330 1,334,610 761,374 943,369 1,629,892 471,450 2,177,080 649,827 558,580 389,488 1,285,962 480,478 331,798 453,945 2,596,828 1,631,260 652,329 189,445 711,769 1,219,661 1,225,683 1,288,726 278,412 939,883 2,500,757 812,801 341,022 198,870 1,892,155 1,928,000 379,902

0.15 0.70 1.88 1.00 0.57 0.71 1.23 0.35 1.64 0.49 0.42 0.29 0.97 0.36 0.25 0.34 1.95 1.23 0.49 0.14 0.54 0.92 0.92 0.97 0.21 0.71 1.88 0.61 0.26 0.15 1.42 1.45 0.29

184,652 1,448,602 976,056 1,001,810 192,659 197,056 209,568 214,142 1,094,918 336,028 600,060

0.14 1.09 0.73 0.75 0.14 0.15 0.16 0.16 0.82 0.25 0.45

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued) Fair Value USD

% of Value of Sub-Fund

1,142,727 1,980,000 1,538,375 274,760 304,695

0.86 1.49 1.16 0.21 0.23

UNITED STATES DOLLAR - TOTAL ..............................................

100,331,805

75.43

TOTAL FIXED INCOME SECURITIES .............................................

100,331,805

75.43

2,543,750 2,308,770 2,682,148 3,004,119 1,376,034 990,468 1,006,430 1,019,940 1,251,247 2,474,540 1,002,350 1,001,100 1,181,702 1,225,150 990,000 1,018,660 741,076 1,668,108 1,812,702

1.91 1.74 2.02 2.26 1.03 0.75 0.76 0.77 0.94 1.86 0.75 0.75 0.89 0.92 0.74 0.77 0.56 1.25 1.36

2,783,588

2.09

UNITED STATES DOLLAR - TOTAL ..............................................

32,081,882

24.12

VARIABLE RATE SECURITIES - TOTAL ........................................

32,081,882

24.12

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: USD 136,572,623) ..........................................

132,413,687

99.55

Holding

1,170,000 2,000,000 1,550,000 300,000 250,000

2,500,000 2,300,000 2,700,000 3,000,000 1,500,000 1,000,000 1,000,000 1,000,000 1,250,000 2,500,000 1,000,000 1,000,000 1,200,000 1,200,000 1,000,000 1,000,000 750,000 1,700,000 1,950,000 3,010,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 64.00%) (continued) Government Bonds (continued) 3.750% Perusahaan Penerbit SBSN Indonesia III 01/03/2023 ..... 4.325% Perusahaan Penerbit SBSN Indonesia III 28/05/2025 ..... 4.550% Perusahaan Penerbit SBSN Indonesia III 29/03/2026 ..... 3.700% Philippine 02/02/2042 ....................................................... 6.375% Philippine 23/10/2034 ......................................................

VARIABLE RATE SECURITIES (31 DECEMBER 2017: 31.55%) UNITED STATES DOLLAR (31 DECEMBER 2017: 31.55%) Corporate Bonds 6.750% Australia & New Zealand Banking Group (perpetual) .... 4.500% Bank of Communications 03/10/2024 .............................. 3.875% China Construction Bank 13/05/2025 .............................. 4.250% China Construction Bank Asia 20/08/2024 ...................... 3.750% China Minmetals (perpetual) ........................................... 4.250% Dah Sing Bank 30/11/2026 ............................................... 5.250% Dah Sing Bank 29/01/2024 ............................................... 5.100% Dai-ichi Life Insurance (perpetual) .................................. 3.434% Ford Motor Credit LLC 03/08/2022 .................................. 5.000% Fukoku Mutual Life Insurance (perpetual) ...................... 3.309% Industrial & Commercial Bank of China 24/04/2022 ...... 4.500% Industrial & Commercial Bank of China Asia 10/10/2023 3.905% Malayan Banking 29/10/2026 ........................................... 5.200% Meiji Yasuda Life Insurance 20/10/2045 .......................... 4.700% Nippon Life Insurance 20/01/2046 ................................... 5.100% Nippon Life Insurance 16/10/2044 ................................... 3.875% Shinhan Bank 07/12/2026 ................................................. 3.500% United Overseas Bank 16/09/2026 ................................... 3.875% United Overseas Bank (perpetual) ................................... 3.750% Weichai International Hong Kong Energy Group (perpetual) ......................................................................................

Schedule of Investments 195

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued)

TOTAL VALUE OF INVESTMENTS .............................................................

Fair Value USD 132,413,687

% of Value of Sub-Fund 99.55

CASH ..........................................................................................................

1,026,518

0.77

OTHER NET LIABILITIES ...........................................................................

(430,207)

(0.32)

TOTAL VALUE OF SUB-FUND ...................................................................

133,009,998

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing ................................................... Transferable securities dealt in on another regulated market ............................................................... Other current assets ..................................................................................................................................

% of gross assets 87.41 10.83 1.76 100.00

196 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND Fair Value GBP

% of Value of Sub-Fund

TRANSFERABLE SECURITIES EQUITIES (31 DECEMBER 2017: 24.30%) AUSTRIA (31 DECEMBER 2017: Nil) Erste Group Bank .......................................................................... Raiffeisen Bank International .......................................................

7,588 4,557

0.06 0.03

AUSTRIA - TOTAL ..........................................................................

12,145

0.09

BELGIUM (31 DECEMBER 2017: Nil) KBC Group .....................................................................................

19,413

0.14

BELGIUM - TOTAL .........................................................................

19,413

0.14

BERMUDA (31 DECEMBER 2017: 0.02%) Maiden Holdings ............................................................................

2,806

0.02

BERMUDA - TOTAL .......................................................................

2,806

0.02

DENMARK (31 DECEMBER 2017: Nil) Danske Bank ..................................................................................

12,068

0.09

DENMARK - TOTAL .......................................................................

12,068

0.09

FRANCE (31 DECEMBER 2017: Nil) BNP Paribas .................................................................................. Credit Agricole ............................................................................... Natixis ............................................................................................ Societe Generale ...........................................................................

55,082 8,990 10,180 17,534

0.40 0.06 0.07 0.13

FRANCE - TOTAL ...........................................................................

91,786

0.66

GERMANY (31 DECEMBER 2017: Nil) Commerzbank ............................................................................... Deutsche Bank ..............................................................................

1,677 9,599

0.01 0.07

GERMANY - TOTAL ........................................................................

11,276

0.08

IRELAND (31 DECEMBER 2017: Nil) AIB Group ....................................................................................... Bank of Ireland Group ...................................................................

8,492 10,966

0.06 0.08

IRELAND - TOTAL .........................................................................

19,458

0.14

ISRAEL (31 DECEMBER 2017: Nil) Solaredge Technologies ................................................................

2,899

0.02

ISRAEL - TOTAL ............................................................................

2,899

0.02

Holding

240 196

332

478

509

1,171 889 1,894 549

231 1,177

2,065 1,855

80

Schedule of Investments 197

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Fair Value GBP

% of Value of Sub-Fund

ITALY (31 DECEMBER 2017: Nil) Intesa Sanpaolo ............................................................................. Intesa Sanpaolo (Non CNV) ........................................................... Intesa Sanpaolo (Rights) ............................................................... UniCredit ........................................................................................

33,254 7,288 19,646

0.24 0.05 0.00 0.14

ITALY - TOTAL ...............................................................................

60,188

0.43

NETHERLANDS (31 DECEMBER 2017: Nil) ABN AMRO Group ......................................................................... ING Groep ......................................................................................

13,342 45,211

0.10 0.32

NETHERLANDS - TOTAL ..............................................................

58,553

0.42

NORWAY (31 DECEMBER 2017: Nil) DNB ................................................................................................

12,894

0.09

NORWAY - TOTAL ..........................................................................

12,894

0.09

PUERTO RICO (31 DECEMBER 2017: 0.03%) Evertec ........................................................................................... First BanCorp ................................................................................ OFG Bancorp .................................................................................

3,525 6,258 3,757

0.03 0.04 0.03

PUERTO RICO - TOTAL .................................................................

13,540

0.10

SPAIN (31 DECEMBER 2017: Nil) Banco Bilbao Vizcaya Argentaria .................................................. Banco de Sabadell ......................................................................... Banco Santander ........................................................................... CaixaBank ......................................................................................

33,685 7,061 66,940 12,628

0.25 0.05 0.48 0.09

SPAIN - TOTAL ..............................................................................

120,314

0.87

SWEDEN (31 DECEMBER 2017: Nil) Nordea Bank .................................................................................. Skandinaviska Enskilda Banken ................................................... Svenska Handelsbanken ............................................................... Swedbank ......................................................................................

15,202 10,267 17,702 8,753

0.11 0.07 0.13 0.06

SWEDEN - TOTAL ..........................................................................

51,924

0.37

SWITZERLAND (31 DECEMBER 2017: Nil) Credit Suisse Group ....................................................................... Glencore ......................................................................................... Julius Baer Group ..........................................................................

32,764 113,063 3,912

0.24 0.81 0.03

Holding 15,123 3,172 18,495 1,554

INDONESIA (31 DECEMBER 2017: 3.84%)

679 4,147

871

213 1,080 353

6,271 5,562 16,484 3,853

2,081 1,424 2,100 539

2,873 31,233 88

198 Schedule of Investments

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Fair Value GBP

% of Value of Sub-Fund

SWITZERLAND (31 DECEMBER 2017: Nil) (continued) Partners Group Holding ................................................................ UBS Group .....................................................................................

6,659 36,742

0.05 0.26

SWITZERLAND - TOTAL ................................................................

193,140

1.39

THAILAND (31 DECEMBER 2017: Nil) Fabrinet ..........................................................................................

5,700

0.04

THAILAND - TOTAL .......................................................................

5,700

0.04

UNITED KINGDOM (31 DECEMBER 2017: 0.04%) Anglo American ............................................................................. Belmond ......................................................................................... BHP Billiton ................................................................................... Cardtronics .................................................................................... Melrose Industries ......................................................................... Noble .............................................................................................. Rio Tinto ......................................................................................... Travelport Worldwide ....................................................................

111,162 4,831 118,192 4,780 1,366 6,429 118,258 9,072

0.80 0.03 0.85 0.03 0.01 0.05 0.85 0.07

UNITED KINGDOM - TOTAL ..........................................................

374,090

2.69

UNITED STATES (31 DECEMBER 2017: 20.37%) 3D Systems .................................................................................... 8x8 .................................................................................................. A Schulman .................................................................................... AAR ................................................................................................. Abaxis ............................................................................................. Abercrombie & Fitch ..................................................................... ABM Industries .............................................................................. Acadia Realty Trust (REIT) ............................................................. Acorda Therapeutics ..................................................................... Actuant ........................................................................................... AdvanSix ......................................................................................... Aegion ............................................................................................. Agree Realty (REIT) ........................................................................ AK Steel Holding ............................................................................ Allegiant Travel .............................................................................. AMAG Pharmaceuticals ................................................................ Ambac Financial Group ................................................................. American Axle & Manufacturing Holdings ................................... American Equity Investment Life Holding .................................... American Public Education ........................................................... Ameris Bancorp ............................................................................. Andersons ...................................................................................... AngioDynamics .............................................................................. Anixter International ......................................................................

6,276 3,660 5,359 6,268 3,521 6,508 7,426 8,935 5,956 5,091 2,663 4,837 4,756 5,362 2,842 3,220 3,127 5,657 12,216 3,412 4,445 4,430 5,054 7,144

0.05 0.03 0.04 0.04 0.03 0.05 0.05 0.06 0.04 0.04 0.02 0.03 0.03 0.04 0.02 0.02 0.02 0.04 0.09 0.02 0.03 0.03 0.04 0.05

Holding 12 3,143

204

6,559 572 6,928 261 642 1,341 2,815 646

600 241 159 178 56 351 336 431 274 229 96 248 119 1,631 27 218 208 480 448 107 110 171 300 149

Schedule of Investments 199

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Holding 507 16 198 141 667 20 228 106 1,050 143 105 126 2,513 149 126 74 34 37 7,121 37 867 58 121 683 287 152 57 240 31 203 592 140 323 209 2 187 271 119 87 239 79 909 388 30 162 1,006 25

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) Apollo Commercial Real Estate Finance (REIT) ........................... Apollo Investment .......................................................................... Applied Industrial Technologies .................................................... ArcBest ........................................................................................... Archrock ......................................................................................... Ares Capital .................................................................................... ARMOUR Residential (REIT) .......................................................... Asbury Automotive Group .............................................................. Ascena Retail Group ...................................................................... Associated Banc-Corp ................................................................... Astec Industries ............................................................................. Atlas Air Worldwide Holdings ........................................................ Avon Products ................................................................................ AZZ ................................................................................................. B&G Foods ..................................................................................... Balchem ......................................................................................... Bank of California .......................................................................... BancorpSouth Bank ...................................................................... Bank of America ............................................................................ Bank of Hawaii ............................................................................... Bank of New York Mellon .............................................................. Bank of the Ozarks ........................................................................ Banner ............................................................................................ BB&T .............................................................................................. Benchmark Electronics ................................................................. Berkshire Hills Bancorp ................................................................ BJ's Restaurants ........................................................................... Blucora ........................................................................................... BofI Holding ................................................................................... Boise Cascade ............................................................................... Boston Private Financial Holdings ................................................ Brady .............................................................................................. Briggs & Stratton ........................................................................... Bristow Group ................................................................................ Brookline Bancorp ......................................................................... Buckle ............................................................................................ C&J Energy Services ..................................................................... CACI International ......................................................................... Cal-Maine Foods ............................................................................ Caleres ........................................................................................... Cambrex ......................................................................................... Capstead Mortgage (REIT) ............................................................ Carrizo Oil & Gas ........................................................................... Cathay General Bancorp ............................................................... Cato ................................................................................................ CBL & Associates Properties ........................................................ Central Pacific Financial ...............................................................

200 Schedule of Investments

Fair Value GBP

% of Value of Sub-Fund

7,020 68 10,521 4,881 6,062 249 3,939 5,504 3,169 2,957 4,756 6,843 3,084 4,904 2,854 5,501 503 923 152,048 2,338 35,415 1,979 5,511 26,094 6,337 4,674 2,590 6,726 961 6,873 7,130 4,088 4,308 2,234 28 3,810 4,844 15,192 3,021 6,225 3,129 6,162 8,185 920 3,021 4,244 543

0.05 0.00 0.08 0.04 0.04 0.00 0.03 0.04 0.02 0.02 0.03 0.05 0.02 0.04 0.02 0.04 0.00 0.01 1.09 0.02 0.25 0.01 0.04 0.19 0.05 0.03 0.02 0.05 0.01 0.05 0.05 0.03 0.03 0.02 0.00 0.03 0.03 0.11 0.02 0.04 0.02 0.04 0.06 0.01 0.02 0.03 0.00

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Holding 255 157 363 39 196 711 29 112 1,305 724 3 206 236 252 766 250 153 83 80 270 234 112 125 73 47 174 296 385 525 2,009 991 417 24 48 223 255 240 82 385 106 122 182 247 118 121 181 123

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) Century Aluminum ......................................................................... Chart Industries ............................................................................. Chatham Lodging Trust ................................................................. Chemical Financial ........................................................................ Chesapeake Lodging Trust (REIT) ................................................ Chico's FAS .................................................................................... Children's Place ............................................................................ CIRCOR International .................................................................... Citigroup ......................................................................................... Citizens Financial Group ............................................................... City Holding .................................................................................... Columbia Banking System ............................................................ Comerica ........................................................................................ Community Bank System .............................................................. Community Health Systems .......................................................... Community Healthcare Trust (REIT) ............................................. Comtech Telecommunications ..................................................... CONMED ........................................................................................ Cooper-Standard Holdings ........................................................... Core-Mark Holding ........................................................................ Cray ................................................................................................ CSG Systems International ........................................................... CTS ................................................................................................. Cubic .............................................................................................. Cullen/Frost Bankers .................................................................... Customers Bancorp ...................................................................... CVB Financial ................................................................................. Darling Ingredients ........................................................................ Dean Foods .................................................................................... Denbury Resources ....................................................................... DiamondRock Hospitality (REIT) ................................................... Diebold Nixdorf .............................................................................. Dime Community Bancshares ...................................................... DineEquity ...................................................................................... Diodes ............................................................................................ Diplomat Pharmacy ....................................................................... Donnelley Financial Solutions ....................................................... Dorman Products .......................................................................... DSW ................................................................................................ DXP Enterprises ............................................................................. East West Bancorp ........................................................................ Echo Global Logistics .................................................................... Electronics For Imaging ................................................................ Employers Holdings ...................................................................... Encore Wire ................................................................................... Enova International ........................................................................ Ensign Group .................................................................................

Fair Value GBP

% of Value of Sub-Fund

3,042 7,335 5,834 1,644 4,697 4,384 2,653 3,135 66,147 21,332 171 6,382 16,252 11,275 1,926 5,656 3,694 4,602 7,918 4,642 4,360 3,467 3,408 3,550 3,853 3,740 5,027 5,797 4,179 7,319 9,218 3,774 354 2,719 5,822 4,937 3,158 4,243 7,529 3,067 6,025 4,032 6,092 3,593 4,349 5,011 3,337

0.02 0.05 0.04 0.01 0.03 0.03 0.02 0.02 0.48 0.15 0.00 0.05 0.12 0.08 0.01 0.04 0.03 0.03 0.06 0.03 0.03 0.02 0.02 0.03 0.03 0.03 0.04 0.04 0.03 0.05 0.07 0.03 0.00 0.02 0.04 0.04 0.02 0.03 0.05 0.02 0.04 0.03 0.04 0.03 0.03 0.04 0.02

Schedule of Investments 201

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Holding 267 206 507 199 345 197 325 196 833 175 591 59 283 144 544 228 99 845 186 62 221 518 637 127 139 185 179 140 537 309 236 138 155 105 307 100 23 16 225 259 101 134 127 750 274 567 152

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) Essendant ...................................................................................... Ethan Allen Interiors ..................................................................... Express ........................................................................................... Exterran ......................................................................................... Ezcorp ............................................................................................ Federal Signal ................................................................................ Fidelity Southern ............................................................................ Fiesta Restaurant Group ............................................................... Fifth Third Bancorp ........................................................................ Financial Engines .......................................................................... Finisar ............................................................................................ First Commonwealth Financial ..................................................... First Financial Bancorp ................................................................. First Financial Bankshares ........................................................... First Midwest Bancorp .................................................................. Fossil Group ................................................................................... Franklin Electric ............................................................................ Franklin Street Properties (REIT) ................................................. FTI Consulting ................................................................................ Fulton Financial ............................................................................. G-III Apparel Group ........................................................................ GameStop ....................................................................................... Gannett ........................................................................................... Genesco .......................................................................................... Gentherm ....................................................................................... Gibraltar Industries ....................................................................... Glacier Bancorp ............................................................................. Goldman Sachs Group ................................................................... Government Properties Income Trust (REIT) ............................... Great Western Bancorp ................................................................. Green Plains .................................................................................. Greenbrier ...................................................................................... Greenhill & Co ............................................................................... Group 1 Automotive ....................................................................... Guess? ............................................................................................ Haemonetics .................................................................................. Hancock Holding ............................................................................ Hanmi Financial ............................................................................. Haverty Furnitures ......................................................................... Hawaiian Holdings ......................................................................... Haynes International ..................................................................... HB Fuller ........................................................................................ Heidrick & Struggles International ............................................... Helix Energy Solutions Group ....................................................... Hersha Hospitality Trust (REIT) .................................................... HighPoint Resources ..................................................................... Hillenbrand ....................................................................................

202 Schedule of Investments

Fair Value GBP

% of Value of Sub-Fund

2,674 3,823 3,514 3,774 3,149 3,475 6,255 4,261 18,108 5,952 8,058 693 6,570 5,552 10,495 4,640 3,382 5,479 8,521 775 7,432 5,717 5,163 3,819 4,138 5,255 5,244 23,389 6,447 9,828 3,271 5,514 3,334 5,010 4,976 6,793 813 344 3,681 7,052 2,811 5,448 3,367 4,732 4,452 2,611 5,428

0.02 0.03 0.03 0.03 0.02 0.02 0.04 0.03 0.13 0.04 0.06 0.00 0.05 0.04 0.08 0.03 0.02 0.04 0.06 0.01 0.05 0.04 0.04 0.03 0.03 0.04 0.04 0.17 0.05 0.07 0.02 0.04 0.02 0.04 0.04 0.05 0.01 0.00 0.03 0.05 0.02 0.04 0.02 0.03 0.03 0.02 0.04

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Holding 268 101 242 735 220 180 718 81 62 138 71 198 153 32 104 248 465 240 112 29 1,683 72 2,072 84 146 434 195 919 560 486 493 143 14 3 38 62 195 233 128 198 201 124 153 130 232 226 175

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) HMS Holdings ................................................................................ Home BancShares ......................................................................... HomeStreet .................................................................................... Hope Bancorp ................................................................................ Horace Mann Educators ................................................................ Hub Group ...................................................................................... Independence Realty Trust (REIT) ................................................ Independent Bank .......................................................................... Infinity Property & Casualty .......................................................... Innophos Holdings ......................................................................... Innospec ......................................................................................... Insight Enterprises ........................................................................ Insteel Industries ........................................................................... International Bancshares .............................................................. INTL. FCStone ................................................................................ Invacare .......................................................................................... Invesco Mortgage Capital .............................................................. Investment Technology Group ...................................................... Itron ................................................................................................ J&J Snack Foods ........................................................................... JC Penney ...................................................................................... John B Sanfilippo & Son ................................................................ JPMorgan Chase & Co .................................................................. Kaiser Aluminum ........................................................................... Kaman ............................................................................................ KapStone Paper and Packaging ................................................... Kelly Services ................................................................................. KeyCorp .......................................................................................... Kindred Healthcare ....................................................................... Kite Realty Group Trust (REIT) ...................................................... Knowles .......................................................................................... La-Z-Boy ........................................................................................ LegacyTexas Financial Group ....................................................... LendingTree ................................................................................... Lindsay ........................................................................................... Lithia Motors .................................................................................. LivePerson ..................................................................................... LSC Communications .................................................................... LTC Properties (REIT) .................................................................... M&T Bank ...................................................................................... M/I Homes ...................................................................................... Magellan Health ............................................................................ ManTech International .................................................................. Materion ......................................................................................... Matrix Service ................................................................................ Matson ............................................................................................ Matthews International .................................................................

Fair Value GBP

% of Value of Sub-Fund

4,389 1,726 4,940 9,926 7,432 6,790 5,607 4,810 6,685 4,975 4,117 7,338 3,871 1,037 4,073 3,494 5,600 3,803 5,094 3,349 2,983 4,060 163,531 6,624 7,707 11,341 3,316 13,601 3,817 6,287 5,713 3,314 414 486 2,792 4,441 3,116 2,764 4,144 25,518 4,031 9,012 6,216 5,332 3,225 6,570 7,794

0.03 0.01 0.04 0.07 0.05 0.05 0.04 0.03 0.05 0.04 0.03 0.05 0.03 0.01 0.03 0.03 0.04 0.03 0.04 0.02 0.02 0.03 1.18 0.05 0.06 0.08 0.02 0.10 0.03 0.05 0.04 0.02 0.00 0.00 0.02 0.03 0.02 0.02 0.03 0.18 0.03 0.06 0.04 0.04 0.02 0.05 0.06

Schedule of Investments 203

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Holding 49 127 184 108 111 37 103 169 86 846 96 128 300 10 277 124 289 164 353 786 532 74 35 683 420 2,735 307 655 199 10 28 60 372 101 68 327 507 395 1 239 291 50 185 319 67 233 147

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) MB Financial .................................................................................. MDC Holdings ................................................................................ Medicines ....................................................................................... Meritage Homes ............................................................................ Methode Electronics ...................................................................... MicroStrategy ................................................................................. Mobile Mini ..................................................................................... Monro ............................................................................................. Moog ............................................................................................... Morgan Stanley .............................................................................. Movado Group ................................................................................ MTS Systems ................................................................................. Mueller Industries ......................................................................... National Bank Holdings ................................................................ Navigant Consulting ...................................................................... Navigators Group ........................................................................... NBT Bancorp ................................................................................. NETGEAR ....................................................................................... New Media Investment Group ....................................................... New York Community Bancorp ..................................................... Newpark Resources ...................................................................... Northern Trust ............................................................................... Northfield Bancorp ........................................................................ Northwest Bancshares .................................................................. Oclaro ............................................................................................. Office Depot .................................................................................... Oil States International .................................................................. Old National Bancorp .................................................................... OneSpan ......................................................................................... Opus Bank ...................................................................................... Oritani Financial ............................................................................ OSI Systems ................................................................................... Owens & Minor .............................................................................. Oxford Industries ........................................................................... PacWest Bancorp .......................................................................... PDC Energy .................................................................................... Pennsylvania Real Estate Investment Trust (REIT) ...................... PennyMac Mortgage Investment Trust ......................................... People's United Financial .............................................................. Perficient ........................................................................................ PH Glatfelter .................................................................................. Piper Jaffrays ................................................................................. Plexus ............................................................................................. PNC Financial Services Group ...................................................... Power Integrations ........................................................................ PRA Group ...................................................................................... ProAssurance ................................................................................

204 Schedule of Investments

Fair Value GBP

% of Value of Sub-Fund

1,733 2,960 5,115 3,595 3,388 3,580 3,659 7,437 5,078 30,373 3,512 5,104 6,706 292 4,645 5,354 8,351 7,764 4,941 6,573 4,372 5,767 441 8,996 2,841 5,283 7,464 9,228 2,962 217 344 3,514 4,708 6,348 2,545 14,972 4,220 5,682 14 4,774 4,318 2,910 8,343 32,643 3,707 6,803 3,947

0.01 0.02 0.04 0.03 0.02 0.03 0.03 0.05 0.04 0.22 0.03 0.04 0.05 0.00 0.03 0.04 0.06 0.06 0.04 0.05 0.03 0.04 0.00 0.06 0.02 0.04 0.05 0.07 0.02 0.00 0.00 0.03 0.03 0.05 0.02 0.11 0.03 0.04 0.00 0.03 0.03 0.02 0.06 0.23 0.03 0.05 0.03

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Holding 11 379 30 290 125 94 76 1,999 266 201 329 349 56 108 165 97 43 366 164 154 115 94 245 97 129 23 67 406 257 235 206 191 242 213 1,189 152 186 107 150 127 162 62 393 412 213 220 45

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) Prospect Capital ............................................................................ Provident Financial Services ......................................................... Quaker Chemical ........................................................................... Rayonier Advanced Materials ........................................................ RE/MAX Holdings ........................................................................... Red Robin Gourmet Burgers ......................................................... REGENXBIO .................................................................................... Regions Financial .......................................................................... Regis ............................................................................................... Renewable Energy Group .............................................................. Rent-A-Center ............................................................................... Retail Opportunity Investments (REIT) .......................................... REX American Resources ............................................................. RLI .................................................................................................. S&T Bancorp .................................................................................. Safety Insurance Group ................................................................. Saia ................................................................................................. Sanmina ......................................................................................... ScanSource .................................................................................... Scholastic ....................................................................................... Schweitzer-Mauduit International ................................................ SEACOR Holdings .......................................................................... Select Medical Holdings ................................................................ Selective Insurance Group ............................................................ Semtech ......................................................................................... ServisFirst Bancshares ................................................................. Shutterfly ........................................................................................ Simmons First National ................................................................ SkyWest .......................................................................................... Southside Bancshares ................................................................... SpartanNash .................................................................................. Spectrum Pharmaceuticals .......................................................... SPX ................................................................................................. SPX Flow ........................................................................................ SRC Energy .................................................................................... Standard Motor Products .............................................................. State Street .................................................................................... Stepan ............................................................................................ Sterling Bancorp ............................................................................ Steven Madden .............................................................................. Stewart Information Services ........................................................ Sturm Ruger & Co ......................................................................... SunCoke Energy ............................................................................ SunTust Banks ............................................................................... Super Micro Computer .................................................................. SuperValu ....................................................................................... SVB Financial Group ......................................................................

Fair Value GBP

% of Value of Sub-Fund

56 7,903 3,519 3,754 4,966 3,318 4,130 26,920 3,332 2,718 3,668 5,065 3,434 5,415 5,404 6,274 2,633 8,123 5,006 5,169 3,808 4,078 3,368 4,041 4,597 727 4,569 9,195 10,103 5,995 3,982 3,032 6,425 7,062 9,924 5,565 13,114 6,322 2,670 5,108 5,285 2,630 3,989 20,601 3,816 3,419 9,842

0.00 0.06 0.03 0.03 0.04 0.02 0.03 0.19 0.02 0.02 0.03 0.04 0.02 0.04 0.04 0.05 0.02 0.06 0.04 0.04 0.03 0.03 0.02 0.03 0.03 0.01 0.03 0.07 0.07 0.04 0.03 0.02 0.05 0.05 0.07 0.04 0.09 0.05 0.02 0.04 0.04 0.02 0.03 0.15 0.03 0.02 0.07

Schedule of Investments 205

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Holding 255 92 132 1 188 69 122 35 247 320 625 8 176 266 245 796 14 22 100 41 285 65 195 137 127 169 272 1,533 403 198 128 323 474 45 330 184 424 23 72 998 85 30 2,440 124 19 321 487

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) Sykes Enterprises .......................................................................... Synovus Financial .......................................................................... Tailored Brands ............................................................................. TCF Financial ................................................................................. Team ............................................................................................... Tennant .......................................................................................... Tetra Tech ...................................................................................... Texas Capital Bancshares ............................................................. TimkenSteel ................................................................................... Titan International ......................................................................... TiVo ................................................................................................. Tompkins Financial ....................................................................... Tredegar ......................................................................................... Triumph Group ............................................................................... TrueBlue ........................................................................................ TrustCo Bank NY ........................................................................... Trustmark ...................................................................................... UMB Financial ............................................................................... Umpqua Holdings .......................................................................... UniFirst .......................................................................................... Unit ................................................................................................. United Bankshares ........................................................................ United Community Banks ............................................................. United Fire Group .......................................................................... Universal ........................................................................................ Universal Forest Products ............................................................ Urstadt Biddle Properties (REIT) .................................................. US Bancorp .................................................................................... US Silica Holdings ......................................................................... Valley National Bancorp ................................................................ Varex Imaging ................................................................................ Veeco Instruments ......................................................................... Viavi Solutions ................................................................................ Virtus Investment Partners ........................................................... Vista Outdoor ................................................................................. Wabash National ............................................................................ Waddell & Reed Financial ............................................................. Walker & Dunlop ........................................................................... Washington Federal ...................................................................... Washington Prime Group (REIT) ................................................... Watts Water Technologies ............................................................ WD-40 ............................................................................................. Wells Fargo & Co ........................................................................... Westamerica Bancorporation ....................................................... Wintrust Financial ......................................................................... WisdomTree Investments .............................................................. Wolverine World Wide ...................................................................

206 Schedule of Investments

Fair Value GBP

% of Value of Sub-Fund

5,559 3,681 2,552 19 3,289 4,129 5,406 2,426 3,059 2,601 6,367 520 3,133 3,949 5,001 5,366 346 1,270 1,711 5,494 5,518 1,792 4,530 5,656 6,354 4,688 4,662 58,079 7,842 1,824 3,596 3,486 3,676 4,361 3,872 2,601 5,771 969 1,783 6,130 5,048 3,323 102,460 5,308 1,253 2,208 12,825

0.04 0.03 0.02 0.00 0.02 0.03 0.04 0.02 0.02 0.02 0.05 0.00 0.02 0.03 0.04 0.04 0.00 0.01 0.01 0.04 0.04 0.01 0.03 0.04 0.05 0.03 0.03 0.42 0.06 0.01 0.03 0.03 0.03 0.03 0.03 0.02 0.04 0.01 0.01 0.04 0.04 0.02 0.74 0.04 0.01 0.02 0.09

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Fair Value GBP

% of Value of Sub-Fund

UNITED STATES (31 DECEMBER 2017: 20.37%) (continued) World Acceptance .......................................................................... Xperi ...............................................................................................

3,195 2,402

0.02 0.02

UNITED STATES - TOTAL ..............................................................

2,400,325

17.28

EQUITIES - TOTAL .........................................................................

3,462,519

24.92

FIXED INCOME SECURITIES (31 DECEMBER 2017: 19.17%) INDONESIAN RUPIAH (31 DECEMBER 2017: 1.28%) Government Bonds 8.250% Indonesia 15/07/2021 ........................................................ 8.375% Indonesia 15/03/2024 ........................................................ 8.375% Indonesia 15/09/2026 ........................................................ 10.000% Indonesia 15/02/2028 ...................................................... 10.500% Indonesia 15/08/2030 ......................................................

48,356 61,012 37,109 5,920 18,513

0.35 0.44 0.27 0.04 0.13

INDONESIAN RUPIAH - TOTAL .....................................................

170,910

1.23

POUND STERLING (31 DECEMBER 2017: Nil) Government Bonds 0.000% United Kingdom Treasury Bill 20/08/2018 ....................... 0.000% United Kingdom Treasury Bill 28/08/2018 .......................

1,099,183 1,398,787

7.91 10.07

POUND STERLING - TOTAL ..........................................................

2,497,970

17.98

TOTAL FIXED INCOME SECURITIES .............................................

2,668,880

19.21

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLE SECURITIES (Cost: GBP 6,099,978) ..............................................

6,131,399

44.13

FRANCE (31 DECEMBER 2017: 8.42%) Lyxor MSCI India (ETF) (UCITS) - Class C (EUR) .......................... Lyxor MSCI Indonesia (ETF) (UCITS) .............................................

600,356 503,044

4.32 3.62

FRANCE - TOTAL ...........................................................................

1,103,400

7.94

386,612 876,260

2.78 6.31

553,886

3.99

389,453

2.80

Holding 38 197

900,000,000 1,130,000,000 690,000,000 100,000,000 300,000,000

1,100,000 1,400,000

UNITED STATES DOLLAR (31 DECEMBER 2017: 17.89%)

INVESTMENT FUNDS (31 DECEMBER 2017: 49.92%)

43,448 5,400

68,000 174,000 18,400 4,800

IRELAND (31 DECEMBER 2017: 19.96%) iShares Automation & Robotics (ETF) (UCITS) ............................. iShares Digitalisation (ETF) (UCITS) – Accumulation Class (USD iShares EURO STOXX Small (ETF) (UCITS) - Distributing Class (EUR) .............................................................................................. iShares Global Government Bond (ETF) (UCITS) - Distributing Class................................................................................................

Schedule of Investments 207

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued) Fair Value GBP

% of Value of Sub-Fund

142,709

1.03

162,982

1.17

143,015 851,179

1.03 6.13

3,506,096

25.24

UNITED KINGDOM (31 DECEMBER 2017: 0.01%) Electra Private Equity (ETF) - Ordinary Share Class (GBP) .........

1,527

0.01

UNITED KINGDOM - TOTAL ..........................................................

1,527

0.01

UNITED STATES (31 DECEMBER 2017: 12.63%) iShares Core S&P Small-Cap (ETF) – Distributing Class ............ iShares MSCI Brazil Capped (ETF) - Distributing Class .............. iShares MSCI Japan (ETF) - Distributing Class ............................

790,824 444,245 1,502,305

5.69 3.20 10.82

UNITED STATES - TOTAL ..............................................................

2,737,374

19.71

INVESTMENT FUNDS – TOTAL (Cost: GBP 6,930,604) ...............

7,348,397

52.90

Unrealised Appreciation/ (Depreciation) GBP

% of Value of Sub-Fund

6,151 (80,180) 2,548

0.05 (0.58) 0.02

Unrealised gain on open forward foreign currency exchange contracts ...................................................... 8,699 Unrealised loss on open forward foreign currency exchange contracts ...................................................... (80,180)

0.07 (0.58)

Net unrealised loss on open forward foreign currency exchange contracts ............................(71,481)

(0.51)

Holding 9,300 30,500 22,000 15,104

IRELAND (31 DECEMBER 2017: 19.96%) (continued) iShares Listed Private Equity (ETF) (UCITS) - Distributing Class . iShares S&P 500 Financials Sector (ETF) (UCITS) -Accumulation Class (USD) .................................................................................... iShares S&P 500 Information Technology Sector (ETF) (UCITS) Accumulation Class (USD) ............................................................ UBS Irl ETF - MSCI USA Value (ETF) (UCITS) - Class A (USD) .... IRELAND - TOTAL .......................................................................... LUXEMBOURG (31 DECEMBER 2017: 8.90%)

166

12,510 18,300 34,250

FINANCIAL DERIVATIVE INSTRUMENTS Open Forward Foreign Currency Exchange Contracts (31 DECEMBER 2017: 0.51%)

Maturity Date

Amount Bought

Counterparty

09/19/2018 State Street Bank & Trust Co. 09/19/2018 State Street Bank & Trust Co. 09/19/2018 State Street Bank & Trust Co.

EUR GBP USD

Futures Contracts (31 DECEMBER 2017: 0.01%)

208 Schedule of Investments

590,000 GBP 12,222,805 USD 1,220,000 GBP

Amount Sold (516,864) (16,299,000) (918,346)

PineBridge Global Funds

Schedule of Investments as at 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND (continued)

TOTAL VALUE OF INVESTMENTS .................................................

Fair Value GBP 13,408,315

% of Value of Sub-Fund 96.52

CASH ...............................................................................................

478,675

3.44

OTHER NET ASSETS ......................................................................

5,451

0.04

TOTAL VALUE OF SUB-FUND .......................................................

13,892,441

100.00

Analysis of gross assets Transferable securities admitted to an official stock exchange listing .................................................... Transferable securities dealt in on another regulated market ................................................................ UCITS Investment funds ............................................................................................................................. Exchange traded financial derivative instruments .................................................................................... Other current assets ...................................................................................................................................

% of gross assets 25.12 17.25 50.78 0.06 6.79 100.00

Abbreviations used: ETF Exchange Traded Fund REIT Real Estate Investment Trust

Schedule of Investments 209

PineBridge Global Funds

Statement of Comprehensive Income PINEBRIDGE AMERICAN EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE ASIA EX JAPAN EQUITY FUND Six Months Ended Six Months Ended Ended 30 JuneEnded 2018 30 June 2017 Ended USD USD

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Operating Income Dividend Income Bond and Bank Loan Income Other Income Total Operating Income

952,040 719 952,759

883,824 670 884,494

2,871,794 20,820 2,892,614

2,748,091 9,928 2,758,019

5,217,835 87,960 5,305,795

2,225,019 19,313 2,244,332

2,504,362 2,240 2,506,602

1,510,841 632 1,511,473

Operating Expenses Management Fees* Unitholder Servicing Fees Trustee and Sub-Custodian Fees Administrative Expenses Auditors’ Remuneration Printing and Publishing Expenses Professional Fees Other Expenses Total Operating (Loss)/Expenses

(621,657) (230,685) (42,879) (38,026) (4,648) (4,406) (14,463) (363) (957,127)

(551,070) (202,767) (39,546) (50,324) (4,525) (3,258) (11,675) (363) (863,528)

(1,229,288) (38,403) (155,355) (62,924) (4,648) (19,999) (52,767) (786) (1,564,170)

(1,096,794) (32,155) (144,441) (85,770) (4,525) (16,468) (47,683) (362) (1,428,198)

(2,734,949) (157,098) (323,981) (125,622) (7,575) (30,717) (101,749) (1,446) (3,483,137)

(830,788) (71,738) (115,340) (76,312) (4,525) (17,019) (43,283) (1,449) (1,160,454)

(188,726) (5) (35,501) (27,538) (4,648) (941) (23,014) (907) (281,280)

(83,664) (4) (24,203) (29,300) (4,525) (1,629) (17,559) (903) (161,787)

(4,368)

20,966

1,328,444

1,329,821

1,822,658

1,083,878

2,225,322

1,349,686

3,094,819

1,517,122

6,721,347

4,488,588

(2,427,065)

(1,244,269)

(1,378,407)

4,562

(1,413,893) -

4,665,826 -

(22,269,956) (238,432)

32,984,986 (101,940)

(26,439,542) (502,123)

23,061,075 72,954

(3,849,968) -

2,436,149 4

1,680,926

6,182,948

(66,677) (15,853,718)

18,521 37,390,155

(347,156) (29,715,886)

42,442 21,932,202

(5,228,375)

2,440,715

-

-

-

(226) (583)

(288,490) -

(127,943) (5,311)

-

-

1,676,558

6,203,914

(14,525,274)

38,719,167

(28,181,718)

22,882,826

(3,003,053)

3,790,401

(266,606) -

(246,960) -

(326,379) -

(270,750) -

(253,339) -

(143,339) (8,138)

-

(3,478) -

1,409,952

5,956,954

(14,851,653)

38,448,417

(28,435,057)

22,731,349

(3,003,053)

3,786,923

Net Operating (Loss)/Income Investment and Currency Gains/(Losses) Net Realised Gains/(Losses) on Investments Movement in Net Unrealised (Losses)/Gains on Investments Net Realised Currency Gains(Losses) Movement in Net Unrealised Currency Gains/(Losses) Total Investment and Currency Gains/(Losses) Finance Costs Distributions to redeemable participating unitholders Interest expense Profit/(Loss) for the financial period before tax Taxation Withholding taxes on dividends and other investment income Capital Gains Tax Net movement in net assets attributable to redeemable participating unitholders resulting from operations *Management fees are shown net of fee caps, where applicable.

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes are an integral part of these Financial Statements.

210 Statement of Comprehensive Income

PineBridge Global Funds

Statement of Comprehensive Income (continued) PINEBRIDGE EMERGING EUROPE EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE EUROPE EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE EUROPE SMALL CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Operating Income Dividend Income Bond and Bank Loan Income Other Income Total Operating Income

538,957 209 539,166

436,343 1,839 438,182

1,400,453 1,400,453

1,136,535 14 1,136,549

2,413,839 58 2,413,897

1,686,847 44 1,686,891

485,725 23 485,748

523,508 4,116 527,624

Operating Expenses Management Fees* Unitholder Servicing Fees Trustee and Sub-Custodian Fees Administrative Expenses Auditors’ Remuneration Printing and Publishing Expenses Professional Fees Other Expenses Total Operating Expenses

(181,899) (40,296) (26,512) (41,751) (4,525) (1,720) (1,720) (344) (298,767)

(181,899) (40,296) (26,512) (41,751) (4,525) (1,720) (1,720) (361) (298,784)

(335,947) (31,121) (20,908) (32,056) (4,648) (8,499) (20,951) (1,445) (455,575)

(292,033) (20,882) (20,769) (32,001) (4,525) (7,242) (18,920) (1,447) (397,819)

(716,201) (133,598) (46,206) (60,082) (4,648) (8,570) (27,405) (904) (997,614)

(562,350) (108,621) (37,095) (67,751) (4,525) (5,885) (18,470) (363) (805,060)

(195,147) (78,080) (19,079) (37,279) (4,648) (1,387) (5,133) (361) (341,114)

(212,728) (84,798) (20,689) (41,511) (4,525) (1,629) (6,604) (364) (372,848)

Net Operating Income/(Loss)

240,399

139,398

944,878

738,730

1,416,283

881,831

144,634

154,776

624,840

2,074,019

2,530,935

1,369,346

1,614,350

(1,189,981)

514,923

(211,281)

(3,526,193) (17,305)

(761,871) (11,633)

(5,862,584) (58,127)

4,868,827 (12,008)

(7,907,876) 216,135

20,385,181 14,075

(1,488,382) 118,006

1,457,443 (470,527)

(2,855) (2,921,513)

(3,797) 1,296,718

(8,400) (3,398,176)

12,220 6,238,385

(54,700) (6,132,091)

99,834 19,309,109

616,035 (239,418)

(508,073) 267,562

-

-

(712)

(844)

-

-

-

-

(2,681,114)

1,436,116

(2,454,010)

6,976,271

(4,715,808)

20,190,940

(94,784)

422,338

(67,824) -

(57,313) -

(170,964) -

(130,599) -

(257,198) -

(214,095) -

(5,010) -

-

1,378,803

(2,624,974)

6,845,672

(4,973,006)

19,976,845

(99,794)

Investment and Currency Gains/(Losses) Net Realised Gains/(Losses) on Investments Movement in Net Unrealised Gains/(Losses) on Investments Net Realised Currency Gains/(Losses) Movement in Net Unrealised Currency Gains/(Losses) Total Investment and Currency Gains/(Losses) Finance Costs Distributions to redeemable participating unitholders Interest expense Profit/(Loss) for the financial period before tax Taxation Withholding taxes on dividends and other investment income Capital Gains Tax Net movement in net assets attributable to redeemable participating unitholders resulting from operations

(2,748,938)

422,338

*Management fees are shown net of fee caps, where applicable. Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes are an integral part of these Financial Statements .

Statement of Comprehensive Income 211

PineBridge Global Funds

Statement of Comprehensive Income (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Operating Income Dividend Income Bond and Bank Loan Income Other Income Total Operating Income

8,005,504 4,320,148 49,152 12,374,804

5,298,747 2,763,635 213,728 8,276,110

716,580 12,308 722,888

904,196 15,171 919,367

852,170 191 852,361

814,317 6,233 820,550

79,195 471,356 550,551

426,632 1,400 428,032

Operating Expenses Management Fees* Unitholder Servicing Fees Trustee and Sub-Custodian Fees Administrative Expenses Auditors’ Remuneration Printing and Publishing Expenses Professional Fees Other Expenses Total Operating Expenses

(4,230,108) (304,348) (351,213) (175,646) (4,648) (55,905) (202,181) (2,533) (5,326,582)

(3,316,084) (311,850) (276,111) (162,989) (4,525) (54,573) (208,617) (1,631) (4,336,380)

(159,075) (60,177) (18,000) (37,571) (4,648) (11,503) (12,753) (362) (304,089)

(198,807) (76,679) (20,474) (41,916) (4,525) (993) (993) (363) (344,750)

(167,524) (13,417) (18,577) (17,919) (4,648) (5,186) (4,371) (360) (232,002)

(170,041) (14,795) (20,481) (20,016) (4,525) (4,525) (4,253) (361) (238,997)

(250,602) (68,989) (36,876) (35,781) (4,648) (1,267) (8,095) (361) (406,619)

(201,845) (58,436) (29,442) (31,161) (4,525) (633) (4,701) (362) (331,105)

Net Operating Income/(Loss)

7,048,222

3,939,730

424,799

574,617

620,359

581,553

143,932

96,927

50,035,729

15,631,299

(41,962)

623,452

(214,989)

332,728

1,879,168

1,382,969

(84,860,151) (5,533,974)

34,893,062 17,396,055

(2,185,073) 114,092

1,024,586 263,106

(2,251,891) -

837,585 298

(5,709,789) (20,067)

4,857,267 4,368

(16,784,847) (57,143,243)

14,165,556 82,085,972

(1,022,735) (3,135,678)

902,740 2,813,884

(517) (2,467,397)

(102) 1,170,509

(1,036) (3,851,724)

(12,531) 6,232,073

(704,926) -

(628,189) (48,817)

(705,975) -

(870,598) -

-

-

(1,117)

-

(50,799,947)

85,348,696

(3,416,854)

2,517,903

(1,847,038)

1,752,062

(3,708,909)

6,329,000

(1,494,808) (3,744)

(808,155) (688,856)

(15,767) 3,728**

(19,331) (11,577)

(71) -

-

(72,802) (21,919)

(63,259) -

(52,298,499)

83,851,685

Investment and Currency Gains/(Losses) Net Realised Gains/(Losses) on Investments Movement in Net Unrealised Gains/(Losses) on Investments Net Realised Currency Gains/(Losses) Movement in Net Unrealised Currency Gains/(Losses) Total Investment and Currency Gains/(Losses) Finance Costs Distributions to redeemable participating unitholders Interest expense Profit/(Loss) for the financial period before tax Taxation Withholding taxes on dividends and other investment income Capital Gains Tax Net movement in net assets attributable to redeemable participating unitholders resulting from operations

(3,428,893)

2,486,995

*Management fees are shown net of fee caps, where applicable. **Movement in Capital Gains Tax due to reversal of prior year capital gains tax accrual partially offset by current year accrual. Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes are an integral part of these Financial Statements.

212 Statement of Comprehensive Income

(1,847,109)

1,752,062

(3,803,630)

6,265,741

PineBridge Global Funds

Statement of Comprehensive Income (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL FOCUS EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GREATER CHINA EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE INDIA EQUITY FUND CONSOLIDATED ** Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Operating Income Dividend Income Bond and Bank Loan Income Other Income Total Operating Income

2,831,527 1,711 2,833,238

2,343,481 3,874 2,347,355

3,253,116 4,946 3,258,062

2,157,787 4,701 2,162,488

932,270 1,891 934,161

989,232 1,700 990,932

7,320,056 32,826 7,352,882

7,012,012 58,027 7,070,039

Operating Expenses Management Fees* Unitholder Servicing Fees Trustee and Sub-Custodian Fees Administrative Expenses Auditors’ Remuneration Printing and Publishing Expenses Professional Fees Other Expenses Total Operating Expenses

(395,722) (48,067) (37,641) (40,598) (4,648) (7,572) (14,905) (1,182) (550,335)

(228,375) (50,935) (36,007) (47,878) (4,525) (3,983) (11,406) (366) (383,475)

(1,471,781) (158,642) (94,047) (74,235) (4,648) (8,869) (50,841) (905) (1,863,968)

(1,079,966) (145,492) (67,718) (76,113) (4,525) (4,888) (28,686) (361) (1,407,749)

(490,295) (184,120) (62,345) (32,610) (4,648) (6,759) (13,314) (361) (794,452)

(453,199) (171,088) (57,779) (40,618) (4,525) (4,252) (10,947) (362) (742,770)

(6,549,053) (899,230) (748,200) (349,228) (12,343) (91,592) (322,454) (3,981) (8,976,081)

(6,281,392) (1,017,298) (729,848) (406,640) (9,774) (73,502) (304,165) (3,010) (8,825,629)

Net Operating Income/(Loss)

2,282,903

1,963,880

1,394,094

754,739

139,709

248,162

(1,623,199)

(1,755,590)

Investment and Currency Gains/(Losses) Net Realised Gains/(Losses) on Investments Movement in Net Unrealised Gains/(Losses) on Investments Net Realised Currency Gains/(Losses) Movement in Net Unrealised Currency (Losses)/Gains Total Investment and Currency (Losses)/Gains Finance Costs Distributions to redeemable participating unitholders Interest expense (Loss)/Profit for the financial period before tax Taxation Withholding taxes on dividends and other investment income Capital Gains Tax Net movement in net assets attributable to redeemable participating unitholders resulting from operations

68,524

(951,169)

5,381,916

3,825,458

3,645,726

714,302

137,643,771

57,397,323

(9,146,429) (352,263)

5,801,776 25,104

(16,318,407) (58,794)

21,137,092 110,536

(5,375,441) 5,942

12,292,509 (10,963)

(271,485,074) (1,854,390)

121,027,495 2,501,289

(631,375) (10,061,543)

323,712 5,199,423

46,617 (10,948,668)

(72,129) 25,000,957

(21,431) (1,745,204)

5,515 13,001,363

(783,926) (136,479,619)

124,921 181,051,028

(1,264,245) -

(1,437,261) -

(201,581) -

(328)

-

-

(1,419,930) -

(3,229,958) (2,211)

(9,042,885)

5,726,042

(9,756,155)

25,755,368

(1,605,495)

13,249,525

(139,522,748)

176,063,269

(152,502) (29,514)

(125,933) (42,166)

(306,321) -

(307,901) (52,155)

(88,690) -

(76,452) -

(166,014) (717,280)

(185,082) (184,767)

(9,224,901)

5,557,943

(10,062,476)

25,395,312

(1,694,185)

13,173,073

(140,406,042)

175,693,420

*Management fees are shown net of fee caps, where applicable. **Incorporating PineBridge Investments GF Mauritius Limited. Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes are an integral part of these Financial Statements.

Statement of Comprehensive Income 213

PineBridge Global Funds

Statement of Comprehensive Income (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE JAPAN SMALL CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE JAPAN SMALL & MID CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE LATIN AMERICA EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Operating Income Dividend Income Bond and Bank Loan Income Other Income Total Operating Income

824,868 40 824,908

801,531 801,531

5,156,230 5,156,230

1,305,571 1,305,571

254,836 254,836

212,057 212,057

1,355,236 17,805 1,373,041

1,080,787 4,804 1,085,591

Operating Expenses Management Fees* Unitholder Servicing Fees Trustee and Sub-Custodian Fees Administrative Expenses Auditors’ Remuneration Printing and Publishing Expenses Professional Fees Other Expenses Total Operating Expenses

(176,922) (52,229) (46,121) (38,536) (4,648) (8,864) (69,780) (1,849) (398,949)

(164,153) (45,654) (46,770) (48,317) (4,525) (6,790) (62,818) (1,632) (380,659)

(3,355,011) (147,168) (201,490) (161,008) (4,648) (28,414) (95,174) (909) (3,993,822)

(946,209) (81,277) (67,500) (79,443) (4,525) (10,498) (22,991) (361) (1,212,804)

(166,304) (44,491) (20,394) (43,611) (4,648) (8,551) (16,504) (807) (305,310)

(147,092) (34,039) (20,303) (39,351) (4,525) (5,610) (6,151) (362) (257,433)

(476,906) (82,315) (81,637) (66,024) (4,648) (10,561) (14,822) (390) (737,303)

(411,296) (71,823) (57,471) (62,299) (4,525) (7,331) (10,319) (364) (625,428)

Net Operating Income/(Loss)

425,959

420,872

1,162,408

92,767

(50,474)

(45,376)

635,738

460,163

7,917,565

1,875,567

11,719,654

6,542,556

1,140,506

1,244,897

1,202,650

1,738,604

(10,060,511) 147,600

8,577,657 82,015

(48,354,520) (3,294,180)

28,477,260 (137,530)

(1,404,012) 5,250

1,961,523 24,890

(11,588,469) (40,286)

4,832,783 8,671

(14,694) (2,010,040)

(3,714) 10,531,525

(188,747) (40,117,793)

(20,390) 34,861,896

(7,815) (266,071)

3,505 3,234,815

(182) (10,426,287)

(3,662) 6,576,396

(4,670)

(2,322)

(36,685)

(6,009)

(1,494)

(1,062)

-

-

(1,588,751)

10,950,075

(38,992,070)

34,948,654

(318,039)

3,188,377

(9,790,549)

7,036,559

(123,730) -

(120,229) -

(773,434) -

(195,835) -

(38,225) -

(31,809) -

(156,052) 31,494**

(160,216) (2,463)

(1,712,481)

10,829,846

34,752,819

(356,264)

3,156,568

(9,915,107)

6,873,880

Investment and Currency Gains/(Losses) Net Realised Gains/(Losses) on Investments Movement in Net Unrealised Gains/(Losses) on Investments Net Realised Currency Gains/(Losses) Movement in Net Unrealised Currency Gains/(Losses) Total Investment and Currency Gains/(Losses) Finance Costs Distributions to redeemable participating unitholders Interest expense Profit/(Loss) for the financial period before tax Taxation Withholding taxes on dividends and other investment income Capital Gains Tax Net movement in net assets attributable to redeemable participating unitholders resulting from operations

(39,765,504)

*Management fees are shown net of fee caps, where applicable. **Movement in Capital Gains Tax due to reversal of prior year capital gains tax accrual partially offset by current year accrual. Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes are an integral part of these Financial Statements.

214 Statement of Comprehensive Income

PineBridge Global Funds

Statement of Comprehensive Income (continued) PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE STRATEGIC BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 GBP GBP

Operating Income Dividend Income Bond and Bank Loan Income Other Income Total Operating Income

1,208,735 16,798 1,225,533

1,282,586 4,637 1,287,223

531 520,848 81 521,460

521 557,021 2,087 559,629

2,863,227 1,854 2,865,081

2,796,479 2,292 2,798,771

2,482,814 362 2,483,176

1,411,948 593 1,412,541

Operating Expenses Management Fees* Unitholder Servicing Fees Trustee and Sub-Custodian Fees Administrative Expenses Auditors’ Remuneration Printing and Publishing Expenses Professional Fees Other Expenses Total Operating Expenses

(413,721) (158,969) (54,216) (43,186) (4,648) (5,766) (8,639) (689,145)

(446,709) (167,439) (55,509) (54,927) (4,525) (3,803) (6,339) (362) (739,613)

(104,705) (15,437) (17,632) (22,761) (4,648) (3,747) (3,745) (362) (173,037)

(119,395) (15,470) (20,290) (25,476) (4,525) (4,247) (5,957) (361) (195,721)

(750,278) (12,910) (106,133) (66,536) (6,670) (18,336) (55,870) (1,811) (1,018,544)

(685,199) (7,899) (92,720) (86,672) (4,525) (13,124) (62,082) (1,630) (953,851)

(55,814) (2) (33,378) (33,803) (4,555) (13,237) (23,387) (4,640) (168,816)

(42,138) (2) (15,010) (13,625) (8,175) (4,482) (15,775) (4,596) (103,803)

Net Operating Income/(Loss)

536,388

547,610

348,423

363,908

1,846,537

1,844,920

2,314,360

1,308,738

2,936,746

151,673

(336,837)

(20,282)

15,282,571

10,697,942

(1,304,599)

(103,816)

(11,516,101) (84,279)

10,131,980 (16,595)

(694,665) 3,954

623,676 (21,858)

(12,702,977) (159)

9,383,617 (126)

(5,864,191) -

2,121,639 -

4,383 (8,659,251)

(1,039) 10,266,019

24,092 (1,003,456)

(67,605) 513,931

4 2,579,439

(4) 20,081,429

(7,168,790)

2,017,823

-

-

(292,377) -

(292,547) -

(1,824,099) -

(2,563,297) -

(2,250) -

(2,025) -

(8,122,863)

10,813,629

(947,410)

585,292

2,601,877

19,363,052

(4,856,680)

3,324,536

(103,038) 635,244**

(873,410) (60,233)

(667) -

-

(788,319) -

(779,041) -

(24,995) -

(6,745) -

(7,590,677)

9,879,986

1,813,558

18,584,011

(4,881,675)

3,317,791

Investment and Currency Gains/(Losses) Net Realised Gains/(Losses) on Investments Movement in Net Unrealised Gains/(Losses) on Investments Net Realised Currency Gains/(Losses) Movement in Net Unrealised Currency Gains/(Losses) Total Investment and Currency Gains/(Losses) Finance Costs Distributions to redeemable participating unitholders Interest expense Profit/(Loss) for the financial period before tax Taxation Withholding taxes on dividends and other investment income Capital Gains Tax Net movement in net assets attributable to redeemable participating unitholders resulting from operations

(948,077)

585,292

*Management fees are shown net of fee caps, where applicable. **Movement in Capital Gains Tax due to reversal of prior year capital gains tax accrual partially offset by current year accrual. Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes are an integral part of these Financial Statements.

Statement of Comprehensive Income 215

PineBridge Global Funds

Statement of Comprehensive Income (continued) PINEBRIDGE ASIA BALANCED FUND Six Months Six Months Ended Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Operating Income Dividend Income Bond and Bank Loan Income Other Income Total Operating Income

353,849 533,425 1,515 888,789

334,277 530,398 3,527 868,202

90,914 16,944 404 108,262

74,970 71,116 643 146,729

Operating Expenses Management Fees* Unitholder Servicing Fees Trustee and Sub-Custodian Fees Administrative Expenses Auditors’ Remuneration Printing and Publishing Expenses Professional Fees Other Expenses Total Operating Expenses

(334,221) (20,905) (25,431) (4,648) (755) (8,069) (363) (394,392)

(294,438) (20,778) (25,356) (4,525) (633) (6,510) (361) (352,601)

(6,926) (7,646) (7,361) (3,440) (181) (2,928) (28,482)

(2,794) (8,225) (7,964) (3,620) (181) (2,623) (723) (26,130)

Net Operating Income/(Loss)

494,397

515,601

79,780

120,599

872,705

1,627,379

729,222

218,027

(4,107,901) (30,633)

3,312,247 (27,589)

(926,747) (256,192)

(112,778) 156,164

(4,204) (3,270,033)

5,983 4,918,020

(151,700) (605,417)

403,185 664,598

-

-

-

(35,956)

(2,775,636)

5,433,621

(525,637)

749,241

(50,485) -

(41,839) -

(15,734) -

(7,886) (10,165)

(2,826,121)

5,391,782

Investment and Currency Gains/(Losses) Net Realised Gains/(Losses) on Investments Movement in Net Unrealised Gains/(Losses) on Investments Net Realised Currency Gains/(Losses) Movement in Net Unrealised Currency Gains/(Losses) Total Investment and Currency Gains/(Losses) Finance Costs Distributions to redeemable participating unitholders Interest expense Profit/(Loss) for the financial period before tax Taxation Withholding taxes on dividends and other investment income Capital Gains Tax Net movement in net assets attributable to redeemable participating unitholders resulting from operations

(541,371)

731,190

*Management fees are shown net of fee caps, where applicable. Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The accompanying notes are an integral part of these Financial Statements.

216 Statement of Comprehensive Income

PineBridge Global Funds

Statement of Financial Position PINEBRIDGE AMERICAN EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD CURRENT ASSETS Financial Assets at fair value through profit or loss: Transferable Securities Investment Funds Unrealised Gain on Financial Derivative Instruments

PINEBRIDGE ASIA EX JAPAN EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND As at As at 30 June 2018 31 Dec 2017 USD USD

94,454,981 2,139,857 96,594,838

95,234,324 1,732,989 96,967,313

191,563,547 191,563,547

217,781,320 217,781,320

546,824,589 2,405 546,826,994

352,336,585 90,636 352,427,221

132,413,687 132,413,687

123,713,352 123,713,352

Cash at Broker Cash and Bank Balances

321,369

177,657

11,063,882

9,912,238

119,976,955

24,749,482

1,026,518

4,529,251

Debtors: Sale of Investments Awaiting Settlement Subscription of Units Awaiting Settlement Dividend Income Receivable Withholding Tax Reclaim Receivable Bond Income Receivable Other Debtors

64,389 78,034 -

387,586 108,689 105,153 -

128,940 884,799 -

90,291 37,309 384 74

722,131 1,129,127 373

2,727,287 144,587 720

4,867 1,340,909 -

81,110 2,612 1,210,172 -

97,058,630

97,746,398

203,641,168

227,821,616

668,655,580

380,049,297

134,785,981

129,536,497

-

-

-

-

(152,753)

(56)

-

-

-

-

-

-

(17)

-

-

-

Creditors (amounts falling due within one financial year): Purchase of Investments Awaiting Settlement Redemption of Units Awaiting Settlement Management Fee and Unitholder Servicing Fee Payable* Other Expenses Payable Capital Gains Tax Payable Withholding Tax Payable

(304,322) (104,022) (59,822) (22,849)

(232,204) (133,440) (105,751) (64,684) (30,671)

(196,602) (805,704) (193,902) (94,378) (131,041)

(3,122,591) (207,276) (79,445) -

(4,774,666) (4,318,782) (558,020) (164,087) (59,052)

(1,248,007) (315,643) (315,709) (115,490) (468,819) -

(1,714,453) (32,647) (16,346) (12,537)

(2,288) (27,308) (18,005) (14,826)

Total Current Liabilities

(491,015)

(566,750)

(1,421,627)

(3,409,312)

(10,027,377)

(2,463,724)

(1,775,983)

(62,427)

96,567,615

97,179,648

202,219,541

224,412,304

658,628,203

377,585,573

133,009,998

129,474,070

Total Current Assets CURRENT LIABILITIES Financial Liabilities at fair value through profit or loss: Unrealised Loss on Financial Derivative Instruments Cash due to Broker Bank Overdraft

Net Assets attributable to redeemable participating unitholders *Management fees are shown net of fee caps, where applicable. The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 217

PineBridge Global Funds

Statement of Financial Position (continued) PINEBRIDGE EMERGING EUROPE EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD CURRENT ASSETS Financial Assets at fair value through profit or loss: Transferable Securities Investment Funds Unrealised Gain on Financial Derivative Instruments

PINEBRIDGE EUROPE EQUITY FUND As at 30 June 2018 USD

As at 31 Dec 2017 USD

PINEBRIDGE EUROPE SMALL CAP EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE GLOBAL BOND FUND As at 30 June 2018 USD

As at 31 Dec 2017 USD

28,055,960 28,055,960

31,807,383 31,807,383

50,495,215 967,569 51,462,784

52,176,942 974,123 53,151,065

120,724,450 120,724,450

122,371,357 170 122,371,527

37,990,225 201,276 38,191,501

40,170,471 40,170,471

Cash at Broker Cash and Bank Balances

894,598

2,003,672

265,343

186,335

1,520,374

3,484,857

208,135

222,746

Debtors: Sale of Investments Awaiting Settlement Subscription of Units Awaiting Settlement Dividend Income Receivable Withholding Tax Reclaim Receivable Bond Income Receivable Other Debtors

15,587 173,448 13,125 -

29,590 142,331 13,512 -

8,010 8,614 49,567 172,344 64

48,130 49,382 162,394 408

1,914,265 369,209 255,301 78,117 32,184

158,777 172,635 127,518 47,308 2,758

50,581 305,197 -

95,206 70,880 382,902 -

29,152,718

33,996,488

51,966,726

53,597,714

124,893,900

126,365,380

38,755,414

40,942,205

-

-

-

(198)

-

(48)

-

(425,043)

-

-

-

-

-

-

-

-

(33,159) (27,004) (18,403) (26,018)

(82,413) (192,887) (31,428) (20,758) (21,350)

(161,914) (49,331) (24,328) (838)

(120,542) (50,977) (25,038) -

(2,665,554) (217,295) (117,603) (80,641) (11,745)

(158,777) (351,098) (118,701) (54,450) -

(86,306) (33,371) (22,906) (783)

(153,257) (36,025) (28,152) (621)

(104,584)

(348,836)

(236,411)

(196,755)

(3,092,838)

(683,074)

(143,366)

(643,098)

29,048,134

33,647,652

51,730,315

53,400,959

121,801,062

125,682,306

38,612,048

40,299,107

Total Current Assets CURRENT LIABILITIES Financial Liabilities at fair value through profit or loss: Unrealised Loss on Financial Derivative Instruments Cash at Broker Bank Overdraft Creditors (amounts falling due within one financial year): Purchase of Investments Awaiting Settlement Redemption of Units Awaiting Settlement Management Fee and Unitholder Servicing Fee Payable* Other Expenses Payable Capital Gains Tax Payable Withholding Tax Payable Total Current Liabilities Net Assets attributable to redeemable participating unitholders *Management fees are shown net of fee caps, where applicable. The accompanying notes are an integral part of these Financial Statements.

218 Statement of Financial Position

PineBridge Global Funds

Statement of Financial Position (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND As at As at 30 June 2018 31 Dec 2017 USD USD CURRENT ASSETS Financial Assets at fair value through profit or loss: Transferable Securities Investment Funds Unrealised Gain on Financial Derivative Instruments

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD

862,206,786 110,093,531 3,047,036 975,347,353

767,405,978 222,161,747 7,793,092 997,360,817

19,259,785 1,921,028 5,352 21,186,165

25,082,320 2,528,940 674,843 28,286,103

28,532,929 28,532,929

32,105,285 32,105,285

37,526,812 37,526,812

41,479,749 41,479,749

Cash at Broker Cash and Bank Balances

15,882,919 51,590,969

6,180,190 66,631,219

1,185,909

358,974

2,093,433

894,423

1,179,794

728,253

Debtors: Sale of Investments Awaiting Settlement Subscription of Units Awaiting Settlement Dividend Income Receivable Withholding Tax Reclaim Receivable Bond Income Receivable Other Debtors

1,835,404 844,041 760,456 135,189 1,731,645 -

181,192 433,560 642,211 72,261 1,340,693 -

200,000 33,326 7,722 449,442 34

65,660 27,122 6,361 442,015 -

447,925 -

169 424,425 -

119,120 161,230 189 -

274,363 133,819 26,527 189 21

1,048,127,976

1,072,842,143

23,062,598

29,186,235

31,074,287

33,424,302

38,987,145

42,642,921

(12,270,531)

(784,198)

(359,266)

(16,077)

-

-

-

-

Cash due to Broker Bank Overdraft

(4,603,548) -

-

(27)

-

-

-

(43)

-

Creditors (amounts falling due within one financial year): Purchase of Investments Awaiting Settlement Redemption of Units Awaiting Settlement Management Fee and Unitholder Servicing Fee Payable* Other Expenses Payable Capital Gains Tax Payable Withholding Tax Payable

(3,921,034) (221,706) (701,065) (268,673) (228,379)

(10,196,414) (110,959) (704,909) (234,881) (7,965) (241,139)

(336,680) (30,431) (23,050) (24,384) (20,028)

(104,703) (646,966) (30,018) (31,635) (17,462) (27,120)

(200,000) (26,910) (7,053) (2,936)

(262,543) (29,502) (12,090) (2,956)

(33,638) (39,167) (22,866) (26,029)

(324,600) (57,246) (43,661) (26,521) (5,477) (2,359)

(22,214,936)

(12,280,465)

(793,866)

(873,981)

(236,899)

(307,091)

(121,743)

(459,864)

1,025,913,040

1,060,561,678

22,268,732

28,312,254

30,837,388

33,117,211

38,865,402

42,183,057

Total Current Assets CURRENT LIABILITIES Financial Liabilities at fair value through profit or loss: Unrealised Loss on Financial Derivative Instruments

Total Current Liabilities Net Assets attributable to redeemable participating unitholders *Management fees are shown net of fee caps, where applicable. The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 219

PineBridge Global Funds

Statement of Financial Position (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND As at As at 30 June 2018 31 Dec 2017 USD USD CURRENT ASSETS Financial Assets at fair value through profit or loss: Transferable Securities Investment Funds Unrealised Gain on Financial Derivative Instruments

PINEBRIDGE GLOBAL FOCUS EQUITY FUND

PINEBRIDGE GREATER CHINA EQUITY FUND

As at 30 June 2018 USD

As at 31 Dec 2017 USD

As at 30 June 2018 USD

As at 31 Dec 2017 USD

PINEBRIDGE INDIA EQUITY FUND CONSOLIDATED** As at As at 30 June 2018 31 Dec 2017 USD USD

81,282,401 15,822 81,298,223

68,621,499 317,328 68,938,827

289,246,871 289,246,871

268,633,106 268,633,106

68,180,702 68,180,702

77,021,733 77,021,733

1,165,269,202 1,165,269,202

1,503,180,076 2,698 1,503,182,774

Cash at Broker Cash and Bank Balances

4,830,097

1,286,726

2,010,029

6,603,962

2,173,644

960,885

61,407,822

93,779,211

Debtors: Sale of Investments Awaiting Settlement Subscription of Units Awaiting Settlement Dividend Income Receivable Withholding Tax Reclaim Receivable Bond Income Receivable Other Debtors

97,535 46,252 2,176,762 -

1,169,049 29,649 1,504,442 -

462,650 419,117 132,677 -

73,925 317,466 116,571 -

20,469 528,942 -

192,625 108,997 39 -

8,844,698 657,711 393,399 167

451,825 1,860,027 2,953

88,448,869

72,928,693

292,271,344

275,745,030

70,903,757

78,284,279

1,236,572,999

1,599,276,790

(193,986)

(9,178)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(928,870) (267,173) (72,166) (26,388) (64,133) (180,366)

(602,043) (401,031) (59,019) (34,395) (90,052) (149,244)

(335,680) (240,104) (70,766) (40,294)

(202,281) (232,702) (75,448) (84,614)

(211,734) (78,193) (57,198) (72,751)

(1,143,066) (83,693) (62,557) -

(2,270,950) (2,404,446) (1,010,880) (3,887,412) (57,607)

(7,755,878) (9,857,710) (1,183,112) (4,655,406) (171,244)

(1,733,082)

(1,344,962)

(686,844)

(595,045)

(419,876)

(1,289,316)

(9,631,295)

(23,623,350)

86,715,787

71,583,731

291,584,500

275,149,985

70,483,881

76,994,963

1,226,941,704

1,575,653,440

Total Current Assets CURRENT LIABILITIES Financial Liabilities at fair value through profit or loss: Unrealised Loss on Financial Derivative Instruments Cash due to Broker Bank Overdraft Creditors (amounts falling due within one financial year): Purchase of Investments Awaiting Settlement Redemption of Units Awaiting Settlement Management Fee and Unitholder Servicing Fee Payable* Other Expenses Payable Capital Gains Tax Payable Withholding Tax Payable Total Current Liabilities Net Assets attributable to redeemable participating unitholders *Management fees are shown net of fee caps, where applicable. **Incorporating PineBridge Investments GF Mauritius Limited. The accompanying notes are an integral part of these Financial Statements.

220 Statement of Financial Position

PineBridge Global Funds

Statement of Financial Position (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD CURRENT ASSETS Financial Assets at fair value through profit or loss: Transferable Securities Investment Funds Unrealised Gain on Financial Derivative Instruments

PINEBRIDGE JAPAN SMALL CAP EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE JAPAN SMALL & MID CAP EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE LATIN AMERICA EQUITY FUND As at 30 June 2018 USD

As at 31 Dec 2017 USD

79,523,618 79,523,618

96,518,845 96,518,845

713,919,059 468,947 714,388,006

356,820,442 182 356,820,624

27,191,109 27,191,109

25,459,815 25,459,815

85,013,055 85,013,055

76,913,522 76,913,522

1,924,345

1,725,419

31,136,229

11,836,362

654,554

625,323

1,312,125

2,172,024

18,354 75,767 1,126

83,011 98,932 299

1,837,092 795,735 27,420

3,402,964 2,691,800 614,253 11,247

453,102 33,777 689

139,078 38,460 468

4,210 547,581 217,611 -

236,092 285,510 96

81,543,210

98,426,506

748,184,482

375,377,250

28,333,231

26,263,144

87,094,582

79,607,244

-

(730)

(525,204)

(58)

-

(221)

-

-

-

-

(271)

-

-

-

-

(895)

Creditors (amounts falling due within one financial year): Purchase of Investments Awaiting Settlement Redemption of Units Awaiting Settlement Management Fee and Unitholder Servicing Fee Payable* Other Expenses Payable Capital Gains Tax Payable Withholding Tax Payable

(223,709) (30,047) (40,950) (11,365)

(191,299) (28,528) (40,997) (14,840)

(1,053,570) (27,226,750) (643,767) (124,864) (119,361)

(7,736,790) (7,221,068) (297,103) (106,970) (92,138)

(125,915) (28,577) (21,892) (5,067)

(66,253) (25,752) (24,334) (5,769)

(417,669) (252,364) (76,979) (53,883) (170,188) (12,223)

(423,773) (72,868) (49,925) (331,735) (13,258)

Total Current Liabilities

(306,071)

(276,394)

(29,693,787)

(15,454,127)

(181,451)

(122,329)

(982,306)

(892,454)

81,237,139

98,150,112

718,490,695

359,923,123

28,151,780

26,140,815

86,112,276

78,714,790

Cash at Broker Cash and Bank Balances Debtors: Sale of Investments Awaiting Settlement Subscription of Units Awaiting Settlement Dividend Income Receivable Withholding Tax Reclaim Receivable Bond Income Receivable Other Debtors Total Current Assets CURRENT LIABILITIES Financial Liabilities at fair value through profit or loss: Unrealised Loss on Financial Derivative Instruments Cash at Broker Bank Overdraft

Net Assets attributable to redeemable participating unitholders *Management fees are shown net of fee caps, where applicable. The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 221

PineBridge Global Funds

Statement of Financial Position (continued) PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND As at As at 30 June 2018 31 Dec 2017 USD USD CURRENT ASSETS Financial Assets at fair value through profit or loss: Transferable Securities Investment Funds Unrealised Gain on Financial Derivative Instruments

PINEBRIDGE STRATEGIC BOND FUND As at 30 June 2018 USD

As at 31 Dec 2017 USD

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND As at As at 30 June 2018 31 Dec 2017 USD USD

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND As at As at 30 June 2018 31 Dec 2017 USD USD

53,085,735 53,085,735

69,321,087 69,321,087

14,763,740 7,524 14,771,264

20,846,997 3,465 20,850,462

304,467,483 10,893,520 315,361,003

261,495,683 2,454,845 263,950,528

123,092,560 123,092,560

130,094,099 130,094,099

Cash at Broker Cash and Bank Balances

564,184

1,522,349

219,673

673,057

632,749

263,555

3,918,293

2,355,533

Debtors: Sale of Investments Awaiting Settlement Subscription of Units Awaiting Settlement Dividend Income Receivable Withholding Tax Reclaim Receivable Bond Income Receivable Other Debtors

22,790 142,285 11,731

134,499 146,918 11,731

552,318 654 232,587 -

80,760 2,256 278,759 -

98,862 262,459 51

38,746 334,017 6

1,721,882 3,828 1,226,027 21,804

213,498 8,783 1,210,567 25,062

53,826,725

71,136,584

15,776,496

21,885,294

316,355,124

264,586,852

129,984,394

133,907,542

-

-

(9,368)

(30,543)

-

-

-

-

-

-

-

-

-

-

-

-

Creditors (amounts falling due within one financial year): Purchase of Investments Awaiting Settlement Redemption of Units Awaiting Settlement Management Fee and Unitholder Servicing Fee Payable* Other Expenses Payable Capital Gains Tax Payable Withholding Tax Payable

(96,350) (56,490) (51,363) (648,946) (7,776)

(289,211) (73,517) (64,744) (1,824,311) (36,936)

(151,425) (466,518) (14,920) (7,161) (35)

(119,627) (32,978) (17,872) (12,701) (93)

(309,033) (128,442) (47,087) (74,029)

(1,427,597) (121,597) (46,761) (91,992)

(1,576,217) (10,253) (49,696) (13,482)

(7,511) (54,061) (6,251)

Total Current Liabilities

(860,925)

(2,288,719)

(649,427)

(213,814)

(558,591)

(1,687,947)

(1,649,648)

(67,823)

52,965,800

68,847,865

15,127,069

21,671,480

315,796,533

262,898,905

128,334,746

133,839,719

Total Current Assets CURRENT LIABILITIES Financial Liabilities at fair value through profit or loss: Unrealised Loss on Financial Derivative Instruments Cash at Broker Bank Overdraft

Net Assets attributable to redeemable participating unitholders *Management fees are shown net of fee caps, where applicable. The accompanying notes are an integral part of these Financial Statements.

222 Statement of Financial Position

PineBridge Global Funds

Statement of Financial Position (continued) PINEBRIDGE ASIA BALANCED FUND

PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND As at As at 30 June 2018 31 Dec 2017 GBP GBP

As at 30 June 2018 USD

As at 31 Dec 2017 USD

46,426,037 1,542,973 47,969,010

48,903,946 3,343,446 52,247,392

6,131,399 7,348,397 8,699 13,488,495

6,275,270 7,206,034 75,036 13,556,340

2,660,296

2,819,978

513,067 456,868

15,250 855,893

13,723 90,045 350 273,629 -

23,227 13,197 720 265,412 -

5,208 2,414 4,999 -

4,030 2,620 14,699 -

51,007,053

55,369,926

14,471,051

14,448,832

-

-

(80,180)

(1,201)

-

-

(491,260) -

--

Creditors (amounts falling due within one financial year): Purchase of Investments Awaiting Settlement Redemption of Units Awaiting Settlement Management Fee and Unitholder Servicing Fee Payable* Other Expenses Payable Capital Gains Tax Payable Withholding Tax Payable

(20,205) (154,629) (53,577) (10,883) (16,404)

(199,043) (57,860) (11,432) (5,986)

(1,356) (3,287) (2,527)

(729) (10,927) (2,163)

Total Current Liabilities

(255,698)

(274,321)

(578,610)

(15,020)

Net Assets

50,751,355

55,095,605

13,892,441

14,433,812

Equity Unit Capital

50,751,355

55,095,605

13,892,441

14,433,812

CURRENT ASSETS Financial Assets at fair value through profit or loss: Transferable Securities Investment Funds Unrealised Gain on Financial Derivative Instruments

Cash at Broker Cash and Bank Balances Debtors: Sale of Investments Awaiting Settlement Subscription of Units Awaiting Settlement Dividend Income Receivable Withholding Tax Reclaim Receivable Bond Income Receivable Other Debtors Total Current Assets CURRENT LIABILITIES Financial Liabilities at fair value through profit or loss: Unrealised Loss on Financial Derivative Instruments Cash at Broker Bank Overdraft

*Management fees are shown net of fee caps, where applicable. The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 223

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders PINEBRIDGE AMERICAN EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE ASIA EX JAPAN EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Net Assets attributable to redeemable participating unitholders at beginning of financial period

97,179,648

80,233,255

224,412,304

180,478,546

377,585,573

124,436,334

129,474,070

82,543,008

Net movement in Net Assets attributable to redeemable participating unitholders resulting from operations

1,409,952

5,956,954

(14,851,653)

38,448,417

(28,435,057)

22,731,349

(3,003,053)

1,565,720

Unit Transactions Redeemable Participating Units Issued Reinvestment of distributions Redeemable Participating Units Redeemed

8,350,723 (10,372,708)

11,005,296 (7,229,498)

52,375,833 (59,716,943)

15,665,185 228 (21,718,346)

426,291,851 6 (116,814,170)

76,543,404 (28,582,131)

10,812,979 (2,741,309) (1,532,689)

3,125 6 -

Movements in Net Assets resulting from Unit Transactions

(2,021,985)

3,775,798

(7,341,110)

(6,052,933)

309,477,687

47,961,273

6,538,981

3,131

(612,033)

9,732,752

(22,192,763)

32,395,484

281,042,630

70,692,622

3,535,928

1,568,851

96,567,615

89,966,007

202,219,541

212,874,030

658,628,203

195,128,956

133,009,998

84,111,859

Total movement in Net Assets attributable to redeemable participating unitholders Net Assets attributable to redeemable participating unitholders at end of financial period

PINEBRIDGE EMERGING EUROPE EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE EUROPE EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE EUROPE SMALL CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Net Assets attributable to redeemable participating unitholders at beginning of financial period

33,647,652

31,860,478

53,400,959

43,950,349

125,682,306

90,895,685

40,299,107

44,289,795

Net movement in Net Assets attributable to redeemable participating unitholders resulting from operations

(2,748,938)

1,378,803

(2,624,974)

6,845,672

(4,973,006)

19,976,845

(99,794)

422,338

Unit Transactions Redeemable Participating Units Issued Reinvestment of distributions Redeemable Participating Units Redeemed

2,362,511 (4,213,091)

2,009,405 (3,956,282)

4,533,860 (3,579,530)

2,592,067 (3,329,793)

13,370,961 (12,279,199)

10,303,105.00 (10,449,091)

3,338,308 (4,925,573)

3,965,570 (6,383,956)

Movements in Net Assets resulting from Unit Transactions

(1,850,580)

(1,946,877)

954,330

(737,726)

1,091,762

(145,986)

(1,587,265)

(2,418,386)

Total movement in Net Assets attributable to redeemable participating unitholders

(4,599,518)

(568,074)

(1,670,644)

6,107,946

(3,881,244)

19,830,859

(1,687,059)

(1,996,048)

Net Assets attributable to redeemable participating unitholders at end of financial period

29,048,134

31,292,404

51,730,315

50,058,295

121,801,062

110,726,544

38,612,048

42,293,747

The accompanying notes are an integral part of these Financial Statements.

224 Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Net Assets attributable to redeemable participating unitholders at beginning of financial period

1,060,561,678

791,353,032

28,312,254

31,444,853

33,117,211

31,148,040

42,183,057

30,152,776

Net movement in Net Assets attributable to redeemable participating unitholders resulting from operations

(52,298,499)

83,851,685

(3,428,893)

2,486,995

(1,847,109)

1,752,062

(3,803,630)

6,265,741

Unit Transactions Redeemable Participating Units Issued Reinvestment of distributions Redeemable Participating Units Redeemed

206,040,521 51,572 (188,442,232)

112,251,459 50,566 (36,604,645)

842,925 47,273 (3,504,827)

1,014,354 62,521 (3,349,041)

32,456 (465,170)

423,635 -

4,927,979 (4,442,004)

1,722,022 (1,835,040)

Movements in Net Assets resulting from Unit Transactions

17,649,861

75,697,380

(2,614,629)

(2,272,166)

(432,714)

423,635

485,975

(113,018)

Total movement in Net Assets attributable to redeemable participating unitholders

(34,648,638)

159,549,065

(6,043,522)

214,829

(2,279,823)

2,175,697

(3,317,655)

6,152,723

1,025,913,040

950,902,097

22,268,732

31,659,682

30,837,388

33,323,737

38,865,402

36,305,499

Net Assets attributable to redeemable participating unitholders at end of financial period

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL FOCUS EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GREATER CHINA EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE INDIA EQUITY FUND CONSOLIDATED* Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Net Assets attributable to redeemable participating unitholders at beginning of financial period

71,583,731

63,367,812

275,149,985

144,919,270

76,994,963

62,875,329

1,575,653,440

1,145,129,248

Net movement in Net Assets attributable to redeemable participating unitholders resulting from operations

(9,224,901)

5,557,943

(10,062,476)

25,395,312

(1,694,185)

13,173,073

(140,406,042)

175,693,420

Unit Transactions Redeemable Participating Units Issued Reinvestment of distributions Redeemable Participating Units Redeemed

40,593,541 775,556 (17,012,140)

25,814,453 899,340 (34,832,598)

37,974,409 201,581 (11,678,999)

47,595,697 (8,741,539)

10,850,976 (15,667,873)

7,954,179 (9,149,356)

122,634,716 493,930 (331,434,340)

448,997,220 1,812,749 (333,683,796)

Movements in Net Assets resulting from Unit Transactions

24,356,957

(8,118,805)

26,496,991

38,854,158

(4,816,897)

(1,195,177)

(208,305,694)

117,126,173

Total movement in Net Assets attributable to redeemable participating unitholders

15,132,056

(2,560,862)

16,434,515

64,249,470

(6,511,082)

11,977,896

(348,711,736)

292,819,593

Net Assets attributable to redeemable participating unitholders at end of financial period

86,715,787

60,806,950

291,584,500

209,168,740

70,483,881

74,853,225

1,226,941,704

1,437,948,841

*Incorporating PineBridge Investments GF Mauritius Limited. The accompanying notes are an integral part of these Financial Statements.

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 225

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE JAPAN SMALL CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE JAPAN SMALL & MID CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE LATIN AMERICA EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Net Assets attributable to redeemable participating unitholders at beginning of financial period

98,150,112

82,657,582

359,923,123

140,704,698

26,140,815

25,341,098

78,714,790

67,409,802

Net movement in Net Assets attributable to redeemable participating unitholders resulting from operations

(1,712,481)

10,829,846

(39,765,504)

34,752,819

(356,264)

3,156,568

(9,915,107)

6,873,880

Unit Transactions Redeemable Participating Units Issued Reinvestment of distributions Redeemable Participating Units Redeemed

28,635,869 (43,836,361)

14,789,452 (18,945,692)

692,260,827 (293,927,751)

122,595,895 (91,530,424)

13,793,621 (11,426,392)

6,553,974 (12,834,480)

38,907,699 (21,595,106)

10,867,267 (12,556,120)

Movements in Net Assets resulting from Unit Transactions

(15,200,492)

(4,156,240)

398,333,076

31,065,471

2,367,229

(6,280,506)

17,312,593

(1,688,853)

Total movement in Net Assets attributable to redeemable participating unitholders

(16,912,973)

6,673,606

358,567,572

65,818,290

2,010,965

(3,123,938)

7,397,486

5,185,027

Net Assets attributable to redeemable participating unitholders at end of financial period

81,237,139

89,331,188

718,490,695

206,522,988

28,151,780

22,217,160

86,112,276

72,594,829

PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE STRATEGIC BOND FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

Net Assets attributable to redeemable participating unitholders at beginning of financial period

68,847,865

59,566,031

21,671,480

37,372,804

262,898,905

255,334,882

133,839,719

59,808,156

Net movement in Net Assets attributable to redeemable participating unitholders resulting from operations

(7,590,677)

9,879,986

(948,077)

585,292

1,813,558

18,584,011

(4,881,675)

3,317,791

Unit Transactions Redeemable Participating Units Issued Reinvestment of distributions Redeemable Participating Units Redeemed

2,529,176 (10,820,564)

9,210,607 (9,302,664)

1,951,044 93,463 (7,640,841)

2,706,011 85,331 (19,621,005)

85,267,008 281,897 (34,464,835)

38,232,248 354,262 (42,152,177)

166,404 (789,702)

30,606,686 -

Movements in Net Assets resulting from Unit Transactions

(8,291,388)

(92,057)

(5,596,334)

(16,829,663)

51,084,070

(3,565,667)

(623,298)

30,606,686

Total movement in Net Assets attributable to redeemable participating unitholders

(15,882,065)

9,787,929

(6,544,411)

(16,244,371)

52,897,628

15,018,344

(5,504,973)

33,924,477

Net Assets attributable to redeemable participating unitholders at end of financial period

52,965,800

69,353,960

15,127,069

21,128,433

315,796,533

270,353,226

128,334,746

93,732,633

The accompanying notes are an integral part of these Financial Statements.

226 Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

PineBridge Global Funds

Statement of Changes in Equity PINEBRIDGE ASIA BALANCED FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 USD USD

PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND Six Months Ended Six Months Ended 30 June 2018 30 June 2017 GBP GBP

Opening Equity

55,095,605

44,441,657

14,433,812

12,747,467

Net movement in Net Assets resulting from operations

(2,826,121)

5,391,782

(541,371)

731,190

Capital Contributions Distributions to redeemable participating unitholders Capital Redemptions

1,394,602 (2,912,731)

1,540,526 (2,350,608)

-

-

Movement in Equity resulting from Unit Transactions

(1,518,129)

(810,082)

-

-

Total Movement in Equity

(4,344,250)

4,581,700

(541,371)

731,190

Total Equity at end of financial period

50,751,355

49,023,357

13,892,441

13,478,657

Unit Transactions

The accompanying notes are an integral part of these Financial Statements.

Statement of Changes in Equity 227

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 1.

ACCOUNTING POLICIES The accounting policies used in the preparation of these financial statements are consistent with those used in the Fund’s most recent annual financial statements for the financial year ended 31 December 2017. There have been no changes in accounting policies since the date of the Fund’s last annual financial statements for the financial year ended 31 December 2017. a) Basis of Preparation These condensed interim financial statements have been prepared for the six months ended 30 June 2018. These condensed financial statements are prepared in accordance with Financial Reporting Standards 104 ‘Interim Financial Reporting’ (“FRS 104”) and the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the "UCITS 2011 Regulations"). The comparative figures included for the Statement of Financial Position relate to the previous financial year ended 31 December 2017, while the comparative figures included for the Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders and Statement of Changes in Equity relate to the six month financial period ended 30 June 2018. b) Distributions paid to Unitholders The Manager may declare a distribution once a financial year out of the net income (whether in the form of dividends, interest or otherwise) available for distribution by a Sub-Fund and the realised profits less realised losses and unrealised profits less unrealised losses (capital). 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 each financial period. Some Sub-Funds may distribute on a more frequent basis, as detailed in the annual financial statements. Unitholders may elect in an application for units either to receive distributions in cash or to reinvest the distribution amount in further units. Distributions paid to Unitholders are recognised as Finance Costs in the Statement of Comprehensive Income. Distributions reinvested are disclosed in the Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders. Distributions paid to Unitholders on PineBridge Asia Pacific Investment Grade Bond Fund, whose units are classified as equity, are recognised in the Statement of Changes in Equity.

2. DEALING NET ASSET VALUE AND UNITS IN ISSUE The Net Asset Values and Net Asset Values per Unit disclosed in this note are in the currency of the relevant Unit Class and not the functional currency of the relevant Sub-Fund.

NAV per Unit 30 June 2018

Net Asset Value 31 December 2017

Units in Issue 31 December 2017

NAV per Unit 31 December 2017

2,986,867 22,771

30.8436 195.0637

92,784,128 4,395,520

3,051,435 22,948

30.4067 191.5392

104,151

478.2849

55,095,605

107,106

514.4023

Net Asset Value 30 June 2018

Units in Issue 30 June 2018

PineBridge American Equity Fund Class A Units USD Class Y Units USD

92,125,823 4,441,792

PineBridge Asia Balanced Fund Class L Units USD

50,751,355

228 Notes to the Financial Statements

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 2. DEALING NET ASSET VALUE AND UNITS IN ISSUE (continued)

NAV per Unit 30 June 2018

Net Asset Value 31 December 2017

Units in Issue 31 December 2017

NAV per Unit 31 December 2017

343,128 118,811 234,080

35.0505 524.9899 546.0464

13,038,100 69,944,833 141,429,371

345,352 124,035 241,432

37.7531 563.9116 585.7936

1,415,015 212,932 2,234,688 177,778 1,590,088 314,187 115,684 59,853 738,552 46,989 118,888 3,134 264,891

30.4284 15.1578 16.3340 127.7715 15.5825 14.3874 14.6128 14.6700 667.9422 116.7647 121.6235 117.9725 119.3512

33,637,289 3,129,067 21,882,861 12,040,772 3,943,677 202,712 356,513 259,819,261 5,349,518 12,816,751 1,028 24,281,373

1,062,372 202,369 1,315,346 745,932 271,784 13,192 23,112 375,322 43,548 104,479 8 194,258

31.6624 15.4622 16.6366 16.1419 14.5103 15.3666 15.4254 692.2571 122.8413 122.6732 123.6145 124.9956

83 122 979,039 322,890

12.5891 11.7278 102.3460 101.6048

1,079 1,439 105,281,238 24,190,677

83 120 979,039 232,339

12.9349 11.9666 107.5353 104.1180

1,442,482 44,633

8.9909 360.2452

15,604,894 18,042,758

1,578,110 45,719

9.8883 394.6456

13,009,019 37,172,562 1,548,734

579,383 115,688 4,635

22.4532 321.3168 334.1156

11,208,307 40,571,531 1,621,121

474,217 120,276 4,628

23.6354 337.3192 350.3196

PineBridge Europe Small Cap Equity Fund Class A1 Units EUR 42,299,806 Class Y Units USD 12,704,548 Class Y1 Units EUR 51,141,565

1,252,105 10,199 48,203

33.7830 1,245.6341 1,060.9712

43,801,633 8,847,668 53,495,920

1,280,050 6,845 49,977

34.2187 1,292.4859 1,070.4043

PineBridge Global Bond Fund Class A Units USD Class Y Units USD

1,446,448 27,386

21.3002 284.9047

32,175,725 8,123,382

1,505,592 28,560

21.3708 284.4348

Net Asset Value 30 June 2018

Units in Issue 30 June 2018

PineBridge Asia ex Japan Equity Fund Class A Units USD 12,026,810 Class L Units USD 62,374,350 Class Y Units USD 127,818,381 PineBridge Asia ex Japan Small Cap Equity Fund Class A Units USD 43,056,597 Class A5 Units SGD 3,227,597 Class A5CP Units SGD 36,501,492 Class A12 Units SEK* 22,714,930 Class R Units USD 24,777,544 Class R1 Units EUR 4,520,337 Class R1H Units EUR 1,690,472 Class R2HD Units GBP 878,049 Class Y Units USD 493,310,003 Class Y1H Units EUR 5,486,607 Class Y2 Units GBP 14,459,568 Class Y2HD Units GBP 369,753 Class YD Units USD 31,615,096 * Class A12 launched on 19 April 2018. PineBridge Asia Pacific Investment Grade Bond Fund Class A Units USD 1,050 Class A5D Units SGD 1,428 Class X Units USD 100,200,764 Class Y Units USD 32,807,137 PineBridge Emerging Europe Equity Fund Class A Units USD 12,969,196 Class Y Units USD 16,078,938 PineBridge Europe Equity Fund Class A Units USD Class L Units USD Class Y Units USD

30,809,640 7,802,408

Notes to the Financial Statements 229

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 2. DEALING NET ASSET VALUE AND UNITS IN ISSUE (continued)

Units in Issue 30 June 2018

NAV per Unit 30 June 2018

Net Asset Value 31 December 2017

PineBridge Global Dynamic Asset Allocation Fund Class A Units USD 47,266,992 Class A1H Units EUR 81,128 Class AA Units USD 27,689,562 Class ADC Units USD 17,519,396 Class Y Units USD 168,911,862 Class Y1H Units EUR 117,316,040 Class Y2H Units GBP 337,296,672 Class Y2HD Units GBP 11,612,400 Class Y5H Units SGD 100,374,637 Class YD Units USD 93,195,276

2,218,015 6,210 2,101,825 1,449,235 491,549 1,197,560 3,112,074 107,258 910,178 901,624

21.3105 13.0648 13.1741 12.0887 343.6316 97.9625 108.3833 108.2659 110.2802 103.3638

48,477,156 90,892 29,183,420 11,784,390 104,497,025 122,323,029 391,496,786 12,096,087 103,744,116 96,035,296

2,199,053 6,637 2,141,979 911,801 295,508 1,197,560 3,478,974 107,125 910,000 901,147

22.0446 13.6941 13.6245 12.9243 353.6187 102.1435 112.5323 112.9158 114.0045 106.5701

PineBridge Global Dynamic Markets Allocation Fund Class U2 GBP 13,892,441

1,032,000

13.4617

14,433,812

1,032,000

13.9863

PineBridge Global Emerging Markets Bond Fund Class A Units USD 4,729,543 Class A6HD Units AUD 17,393,499 Class AD Units USD 2,009,802 Class Y Units USD 2,678,204

277,077 2,163,517 244,103 11,539

17.0694 8.0395 8.2334 232.0912

6,113,397 22,386,054 2,492,215 2,791,591

299,626 2,461,310 271,249 11,229

18.4827 9.0862 9.1892 249.9953

PineBridge Global Emerging Markets Corporate Bond Fund Class A Units USD 5,221,078 351,858 Class Y Units USD 25,616,310 203,084

14.8386 126.1367

5,549,617 27,567,594

351,858 206,432

15.7723 133.5430

PineBridge Global Emerging Markets Focus Equity Fund Class A Units USD 25,754,979 1,317,657 Class Y Units USD 13,110,423 30,978

19.5460 423.2212

28,367,262 13,815,795

1,316,100 29,721

21.5540 464.8486

PineBridge Global Emerging Markets Local Currency Bond Fund Class A Units USD 1,094,053 89,659 Class A6HD Units AUD 6,652,019 1,010,048 Class A9HD Units ZAR 12,796,720 119,095 Class AD Units USD 8,460,612 1,264,320 Class JD Units USD 16,542,089 380,558 Class Y Units USD 54,770,550 467,679

12.2023 6.5858 107.4501 6.6918 43.4680 117.1115

854,117 9,896,016 11,694,137 10,675,251 19,775,060 31,594,535

64,030 1,315,971 98,892 1,418,538 403,621 248,015

13.3394 7.5199 118.2505 7.5255 48.9941 127.3897

Net Asset Value 30 June 2018

Units in Issue 31 December 2017

NAV per Unit 31 December 2017

PineBridge Global Focus Equity Fund Class A Units USD 61,025,676 Class L Units USD 47,884,492 Class Y Units USD 156,276,194 Class ZD Units USD 26,398,138

2,358,721 250,198 784,961 23,455

25.8724 191.3874 199.0877 1,125.4599

64,918,783 51,579,217 131,012,963 27,639,022

2,418,725 260,495 636,872 23,715

26.8401 198.0046 205.7132 1,165.4441

PineBridge Greater China Equity Fund Class A Units USD 68,314,554 Class Y Units USD 2,169,327

1,624,538 9,455

42.0517 229.4313

74,730,221 2,264,742

1,726,114 9,626

43.2939 235.2714

230 Notes to the Financial Statements

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 2. DEALING NET ASSET VALUE AND UNITS IN ISSUE (continued) Net Asset Value Units in Issue 30 30 June 2018 June 2018 PineBridge India Equity Fund Class A Units USD Class A5CP Units SGD Class R Units USD Class R1 Units EUR Class R2D Units GBP Class RD Units USD Class Y Units USD Class Y3 Units JPY Class YD Units USD Class Z Units USD

NAV per Unit 30 June 2018

Net Asset Value 31 December 2017

Units in Issue 31 December 2017

NAV per Unit 31 December 2017

318,353,084 22,811,639 86,533,501 6,239,002 7,445,867 24,365,192 644,312,315 5,077,431 30,967,088 88,600,676

6,018,344 849,399 5,081,814 436,784 428,806 1,607,435 1,374,328 2,345 266,484 720,167

52.8971 26.8562 17.0281 14.2840 17.3642 15.1578 468.8200 2,165.2120 116.2063 123.0280

366,219,909 26,625,934 88,174,692 7,716,000 9,867,271 26,074,295 768,983,790 5,108,014 77,651,795 205,990,731

6,228,240 912,318 4,682,758 503,100 514,886 1,515,171 1,481,463 2,095 595,688 1,519,675

58.7999 29.1849 18.8297 15.3369 19.1640 17.2088 519.0707 2,438.1884 130.3564 135.5492

PineBridge Japan New Horizon Equity Fund Class A Units USD 16,141,387 Class A3 Units JPY 521,722,286 Class Y Units USD 6,011,146 Class Z Units USD 54,375,138

1,029,018 473,061 38,477 386,510

15.6862 1,102.8645 156.2264 140.6825

16,819,471 263,922,179 8,678,706 70,316,812

1,032,260 226,184 53,694 485,519

16.2938 1,166.8477 161.6326 144.8280

76,960 644,060 143,704 673,781 1,373,403 3,220,336 432,195 3,060,918

14.3392 7,937.1815 159.4977 21.5873 12.1832 103.8480 89.7306 9,215.7035

154,060 4,933,101,354 10,482,420 15,020,127 58,297,572 27,474,064,484

10,582 571,715 70,390 685,839 561,297 2,894,150

14.5588 8,210.0845 148.9194 21.9400 105.0202 9,492.9645

PineBridge Japan Small & Mid Cap Equity Fund Class A Units USD 17,892,460 Class Y Units USD 10,048,305 Class Y3 Units JPY 23,339,985

915,117 58,129 8,939

19.5521 172.8619 2,611.0302

16,153,632 9,774,071 24,009,786

814,825 55,987 8,939

19.8247 174.5789 2,685.9603

PineBridge Latin America Equity Fund Class A Units USD 32,328,273 Class Y Units USD 53,784,003

2,426,543 100,527

13.3228 535.0195

33,751,031 44,437,171

2,305,852 75,853

14.6398 585.5270

PineBridge Latin America Small & Mid Cap Equity Fund Class A Units USD 52,895,262 4,932,534 Class Y Units USD 70,537 749

10.7238 94.1580

68,809,772 79,815

5,567,960 739

12.3483 107.9844

PineBridge Strategic Bond Fund Class A Units USD Class A5HD Units SGD Class AD Units USD Class M Units USD Class YD Units USD

18.3642 9.6631 10.3191 13.2331 85.4575

3,238,732 417,613 2,714,827 5,247,381 10,158,045

170,640 40,402 249,412 383,979 112,747

18.9799 10.3364 10.8849 13.6658 90.0956

PineBridge Japan Small Cap Equity Fund Class A Units USD 1,103,551 Class A3 Units JPY 5,112,023,542 Class A12 Units SEK 22,920,393 Class M Units USD 14,545,156 Class R1D Units EUR* 16,732,375 Class Y Units USD 334,425,516 Class Y1H Units EUR* 38,781,160 Class Y3 Units JPY 28,208,517,078 * Class R1D launched on 22 June 2018. ** Class Y1H launched on 2 February 2018.

3,450,658 394,798 2,269,925 3,990,998 5,125,936

187,901 40,856 219,974 301,591 59,982

Notes to the Financial Statements 231

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 2. DEALING NET ASSET VALUE AND UNITS IN ISSUE (continued) Net Asset Value 30 June 2018

3.

Units in Issue 30 June 2018

NAV per Unit 30 June 2018

Net Asset Value 31 December 2017

Units in Issue 31 December 2017

NAV per Unit 31 December 2017

PineBridge US Large Cap Research Enhanced Fund Class A Units USD 4,692,929 Class A5CP Units SGD 1,531,300 Class C Units USD 604,435 Class Y Units USD 111,969,167 Class YYD Units USD 197,406,936

190,057 94,252 31,330 426,066 1,485,597

24.6922 16.2469 19.2925 262.7975 132.8806

4,060,337 1,325,613 595,480 116,759,514 141,836,546

166,205 84,137 31,330 450,359 1,061,338

24.4317 15.7555 19.0067 259.3803 132.3722

PineBridge USD Investment Grade Credit Fund Class A Units USD 979 Class X Units USD 124,703,081 Class Y Units USD 3,482,541 Class YD Units USD 148,145

80 1,250,933 35,159 1,500

12.2369 99.6881 99.0503 98.7634

1,021 129,424,325 4,258,011 156,362

80 1,250,933 41,344 1,500

12.7640 103.4623 102.9904 104.2414

FAIR VALUE HIERARCHY The Fund is required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The Fund is required to provide a quantitative and qualitative analysis of those instruments recognised at fair value based on a three-level measurement hierarchy. The fair value hierarchy has the following levels: • • •

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgement by the Manager, who considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Global Valuation Committee meets on-site monthly, and additionally on an as needed basis to confirm and vote on all current fair valuations held within the portfolios at PineBridge. Valuation procedures, controls, and documentation are also presented and verified, and any changes to methodologies are presented to the committee for discussion and approval.

232 Notes to the Financial Statements

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 3.

FAIR VALUE HIERARCHY (continued) All of the Sub-Funds' holdings are classified as Level 1 except for the Sub-Funds' holdings to the values noted in the table below: Sub-Fund PineBridge Global Dynamic Markets Allocation Fund Sub-Fund PineBridge Asia Balanced Fund PineBridge Asia Ex Japan Small Cap Equity Fund PineBridge Asia Pacific Investment Grade Bond Fund PineBridge Europe Equity Fund PineBridge Europe Small Cap Equity Fund PineBridge Global Bond Fund PineBridge Global Dynamic Asset Allocation Fund PineBridge Global Emerging Markets Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Local Currency Bond Fund PineBridge India Equity Fund PineBridge Japan New Horizon Equity Fund PineBridge Japan Small Cap Equity Fund PineBridge Japan Small & Mid Cap Equity Fund PineBridge Latin America Small & Mid Cap Equity Fund PineBridge Strategic Bond Fund PineBridge Strategic Bond Fund PineBridge USD Investment Grade Credit Fund

Level 2 Level 2 2 2 2 2 2 2 2 2 3 2 2 2 2 2 2 2 3 2

2018 GBP 2,597,399

2017 GBP 2,840,255

2018 USD 19,622,660 (150,348) 132,413,687 38,191,501 215,353,951 18,905,871 28,532,929 81,104,237 (56,257) 78 14,743,192 886 123,092,560

2017 USD 20,541,099 90,580 123,713,352 (198) 122 39,745,428 226,366,383 25,741,086 32,079,962 25,323 68,929,649 2,698 (730) 124 (221) 20,798,753 2,622 130,094,099

Investments whose values are based on quoted market prices in active markets, and therefore classified within Level 1, include active listed equities, futures contracts and investment funds, which are daily trading in an active market. The Fund does not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include, investment-grade corporate bonds, bank loans, US and non-US sovereign obligations and OTC FDI. Fixed Income securities held in the Sub-Funds listed above are classified under Level 2 as they were valued based on evaluated prices. As Level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include suspended or liquidated equity investments and corporate bonds. As at 30 June 2018 all Level 3 securities were carried at zero value, as referenced on the Sub-Funds Schedule of Investments, except for four securities; Waterford Gaming and three Lehman Brothers Holdings, held on PineBridge Strategic Bond Fund. As at 31 December 2017 all Level 3 securities were carried at zero value except for eight securities, Waterford Gaming, four Lehman Brothers Holdings and Atlas Air listed in the Schedule of Investments of PineBridge Strategic Bond Fund, Kepler Weber (Warrants) and TGLT (ADR) listed in the Schedule of Investments of PineBridge Latin America Small & Mid Cap Equity Fund.

Notes to the Financial Statements 233

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 4.

SOFT COMMISSION ARRANGEMENTS Soft Commission Arrangements The Manager and the Investment Managers may utilise brokers with whom soft commission arrangements are in place. Any such arrangements will provide for best execution and any goods or services received will be of a type which assists in the provision of investment services to the Fund. Neither the Manager, the Investment Managers nor any of their connected persons retain cash rebates. During the financial period, PineBridge Investments Asia Limited and PineBridge Investments LLC have entered into soft commission arrangements with brokers and details are given below. PineBridge Investments Japan Co., Limited, PineBridge Investments Singapore Limited and PineBridge Investments Europe Limited did not engage in soft commission arrangements during the financial period. PineBridge Investments Asia Limited (the “Investment Manager”) The Investment Manager has entered into soft commission arrangements with selected brokers where it obtains services from third parties. These services relate essentially to research and price information, performance measurement and portfolio valuation, and analysis all of which are believed to be helpful in the overall discharge of the Investment Manager's duties to clients. As such services generally benefit all of the Investment Manager's clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. Under such arrangements, no direct payment is made for these services or benefits. The trades were executed by the Investment Manager on the best available terms and there was no churning of trades. During the financial period, the Investment Manager used soft commissions for the following Sub-Funds: PineBridge Asia Balanced Fund PineBridge Asia ex Japan Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Greater China Equity Fund PineBridge Global Dynamic Asset Allocation Fund PineBridge India Equity Fund PineBridge Investments LLC (the “Investment Manager”) The Investment Manager has entered into soft dollar commission arrangements with selected brokers where it obtains services from third parties. These services relate to research and are eligible under the safe harbor of Section 28(e) of the Securities and Exchange Act of 1934. These services generally benefit all of Investment Manager’s clients in terms of input into the investment decision making process. The soft dollar credits utilized are not allocated on a specific client basis. Under these arrangements direct payments can be made for these services and benefits. The Investment Manager seeks to obtain best execution on all transactions. During the period, the Investment Manager used soft commissions for the following Funds: PineBridge American Equity Fund PineBridge Europe Equity Fund PineBridge Emerging Europe Equities Fund PineBridge Global Dynamic Asset Allocation Fund PineBridge Global Dynamic Markets Allocation Fund PineBridge Global Emerging Markets Equity Fund PineBridge Global Focus Equity Fund PineBridge India Equity Fund PineBridge Latin America Equity Fund PineBridge Latin America Small & Mid Cap Equity Fund PineBridge US Large Cap Research Enhanced Fund

234 Notes to the Financial Statements

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 5.

RELATED PARTIES Related Party Transactions FRS 102 "Related Party Disclosures" requires the disclosure of information relating to material transactions with parties who are deemed to be related to the reporting entity. The Manager is a related party under FRS 102 “Related Party Disclosures”. Fees payable to these parties and the amounts due at the financial period end are shown on the Statement of Financial Position and Statement of Comprehensive Income. A related party transaction is a transfer of resources, services or obligations between a reporting entity and a related party, regardless of whether a price is charged.

Transactions with parties who have significant influence For the six month financial period ended 30 June 2018, in respect of management fees there was USD 25,761,351 (30 June 2017: USD 19,001,207) expensed to the Manager, of which USD 4,352,277 (31 December 2017: USD 3,963,385) was payable at the financial period end. For the six month financial period ended 30 June 2018, in respect of unitholder service fees there was USD 2,959,797 (30 June 2017: USD 2,831,437) expensed to the Manager for the financial period of which USD 453,973 (31 December 2017: USD 439,661) was payable at the financial period end. The Directors of the Manager are not aware of any transactions with other connected persons during the financial period, other than those disclosed in these Financial Statements. All transactions were entered into in the normal course of business.

Transactions with key management personnel For the six month financial period ended 30 June 2018, in respect of Directors’ fees for PineBridge GF Mauritius, there was USD 1,267 (30 June 2017: USD 1,085) expensed to the Directors, of which USD 210 (31 December 2017: USD 217) was payable at financial period end. Kamala Anantharam, Roman Hackelsberger, Michael Karpik (appointed 11 June 2018) and Julian Sluyters (resigned 11 January 2018) are also Directors of PineBridge Investments GF Mauritius Limited.

Notes to the Financial Statements 235

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 5. RELATED PARTIES (continued) Related Party Transactions (continued)

Transactions with other related parties Unitholdings held by and transactions with related entities of the Manager at 30 June 2018 were as follows:

Name of the Sub-Fund PineBridge Asia Balanced Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Focus Equity Fund PineBridge India Equity Fund PineBridge India Equity Fund PineBridge Japan Small & Mid Cap Equity Fund PineBridge Japan Small Cap Equity Fund

Name of the entity PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investment Singapore Limited PineBridge Investments Asia Limited PineBridge Global Emerging Markets Bond Fund PineBridge Global Dynamic Asset Allocation Fund PineBridge Global Dynamic Asset Allocation Fund PineBridge Asia Balanced Fund Pinebridge Investments Europe Limited Pinebridge Investments Europe Limited



Type of Transaction

Six month financial period end Transactions†

Outstanding Balance at 30 June 2018

Investment

-

3 units of Class L

Investment

-

11,970 units of Class A

Investment

-

70,376 units of Class A

Investment

-

217,731 units of Class A

Common Manager/Directors

Investment

USD (480,000)

15,230 units of Class Y

Common Manager/Directors

Investment

USD 115,856

13,728 units of Class ZD

Investment

USD (43,880,000)

350,974 units of Class AZ

Investment

USD (1,580,000)

12,542 units of Class AZ

Investment

-

58 units of Class A

Investment

-

1,004 units of Class A

Relationship Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund

Common Manager/Directors Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund

Net subscriptions/(redemptions) unless otherwise stated.

236 Notes to the Financial Statements

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 5.

RELATED PARTIES (continued) Related Party Transactions (continued)

Transactions with other related parties (continued)

Name of the Sub-Fund PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund

Name of the entity PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited

PineBridge Investments GF Mauritius Limited PineBridge Latin America Small & Mid Cap Equity Fund PineBridge USD Investment Grade Credit Fund

PineBridge India Equity Fund PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Ireland Limited

All Funds

Relationship Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Common Directors and Sub-Fund exercises 100% ownership of the entity Investment Manager to the Fund Investment Manager to the Fund Manager to the PineBridge Global Funds

Type of Transaction

Six month financial period end Transactions†

Outstanding Balance at 30 June 2018

Investment

-

67 units of Class RE

Investment

-

78 units of Class RH

Investment

-

9 units of Class YE

Investment

-

10 units of Class YH

Investment

USD (228,703,758)

Holds 100% 33,598,049 shares

Investment

-

12 units of Class Y

Investment

-

Holds 100% -80 units of Class A

Expense Recharge*

USD 72,696

USD 72,696



Net subscriptions/(redemptions) unless otherwise stated.

*These expenses are charged to each Sub-Fund on a rateable basis, as a percentage of the allocation of legal and compliance resources to each Sub-Fund.

Notes to the Financial Statements 237

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 5. RELATED PARTIES (continued) Related Party Transactions (continued)

Transactions with other related parties (continued) Unitholdings held by and transactions with related entities of the Manager at 30 June 2017 were as follows:

Name of the Sub-Fund PineBridge Global Dynamic Markets Allocation Fund PineBridge Global Dynamic Asset Allocation Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Global Emerging Markets Corporate Bond Fund PineBridge Asia ex Japan Equity Fund PineBridge Asia ex Japan Equity Fund PineBridge Asia ex Japan Equity Fund PineBridge Asia ex Japan Equity Fund PineBridge Asia ex Japan Equity Fund PineBridge Asia ex Japan Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund

Name of the entity PineBridge Investments Holdings US LLC PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investment Singapore Limited PineBridge Investments Asia Limited PineBridge Global Emerging Markets Bond Fund PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited



Relationship Parent of Investment Manager Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Common Manager/Directors Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund

Net subscriptions/(redemptions) unless otherwise stated.

238 Notes to the Financial Statements

Type of Transaction

Six month financial period end Transactions†

Outstanding Balance at 30 June 2017

Investment

-

1,032,000 units of Class U2

Investment

USD (7,215)

3 units of Class AC

Investment

-

12,097 units of Class A

Investment

-

70,376 units of Class A

Investment

-

217,730 units of Class A

Investment

-

21,948 units of Class Y

Investment

GBP 34

566 units of Class AE

Investment

-

720 units of Class H1

Investment

-

800 units of Class R

Investment

USD 98

817 units of Class RD

Investment

GBP 68

572 units of Class RE

Investment

-

720 units of Class RH

Investment

GBP 832

67 units of Class RE

Investment

EUR 974

78 units of Class RH

Investment

GBP 832

8 units of Class YE

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 5. RELATED PARTIES (continued) Related Party Transactions (continued)

Transactions with other related parties (continued)

Name of the Sub-Fund PineBridge India Equity Fund PineBridge Jap New Horizon Equity Fund PineBridge Asia ex Japan Small Cap Equity Fund PineBridge Asia Pacific Investment Grade Bond Fund PineBridge Asia Pacific Investment Grade Bond Fund PineBridge Asia Pacific Investment Grade Bond Fund PineBridge Global Emerging Markets Local Currency Bond Fund PineBridge Investments GF Mauritius Limited PineBridge Latin America Small & Mid Cap Equity Fund PineBridge US Large Cap Research Enhanced Fund PineBridge USD Investment Grade Credit Fund PineBridge USD Investment Grade Credit Fund

All Funds

Name of the entity PineBridge Global Dynamic Asset Allocation Fund PineBridge Global Dynamic Asset Allocation Fund PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited

Relationship

PineBridge Investments Europe Limited

Investment Manager to the Fund Common Directors and 100% ownership Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Manager to the PineBridge Global Funds

PineBridge India Equity Fund PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Europe Limited PineBridge Investments Ireland Limited

Common Manager/Directors Common Manager/Directors Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund Investment Manager to the Fund

Type of Transaction

Six month financial period end Transactions†

Outstanding Balance at 30 June 2017

Investment

USD 11,100,000

639,991 Units of Class AZ

Investment

USD 1,000,000

438,024 Units of Class AZ

Investment

EUR 974

10 units of Class YH

Investment

USD 1,043

83 units of Class A

Investment

SGD 1,485

119 units of Class AS

Investment

USD 1,043

10 units of Class Y

Investment

-

85 units of Class Y

Investment

USD (66,555,670)

Holds 100% 49,893,195 shares

Investment

-

11 units of Class Y

Investment

USD 181

102 units of Class YY

Investment

-

80 units of Class A

Investment

-

10 units of Class Y

Expense Recharge*

USD 178,654

USD 178,654



Net subscriptions/(redemptions) unless otherwise stated.

*These expenses are charged to each Sub-Fund on a rateable basis, as a percentage of the allocation of legal and compliance resources to each Sub-Fund.

Notes to the Financial Statements 239

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 5. RELATED PARTIES (continued) Connected Party Transactions Regulation 41 of the UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm’s length; and b) in the best interest of the unitholders of the UCITS”. As required under UCITS Regulation 78.4, the Directors, as responsible persons are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by UCITS Regulation 41(1) are applied to all transactions with a connected party; and all transactions with a connected party that were entered into during the financial period to which the report relates complied with the obligations that are prescribed by Regulation 41(1). 6. EFFICIENT PORTFOLIO MANAGEMENT A Sub-Fund may employ Financial Derivative Instruments ("FDI") for the purposes of hedging and efficient portfolio management purposes and shall be understood to fulfil the following criteria as set out in the UCITS Regulations: a) they are economically appropriate in that they are realised in a cost-effective way; b) they are entered into for one or more of the following specific aims: (i) reduction of risk; (ii) reduction of cost; (iii) generation of additional capital or income for the Sub-Fund with a level of risk which is consistent with the risk profile of the Sub-Fund and the risk diversification rules set out in the UCITS Regulations; c) their risks are adequately captured by the risk management process of the Sub-Fund; and d) they cannot result in a change to the Sub-Fund’s declared investment objectives or add supplementary risks in comparison to the general risk policy as described in the sales documents. For efficient portfolio management purposes, the Sub-Funds may enter into repurchase agreements, reverse repurchase agreements and/or stock lending agreements, subject to the conditions and limits set out in the UCITS Regulations, to generate additional income for the Fund. During the financial period, the Sub-Funds did not utilise these efficient portfolio management techniques.

240 Notes to the Financial Statements

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 7. EXCHANGE RATES The rates of exchange ruling at 30 June 2018 were:

USD 1 = ARS AUD BRL CAD CHF CLP CNY COP CZK DKK EGP EUR GBP HKD HUF IDR ILS INR JPY KES KRW KZT LKR MXN MYR NOK NZD PEN PHP PLN RON RUB SEK SGD THB TRY TWD UGX VND ZAR

30 June 2018 4.00pm GMT 8.00am GMT 28.8500 28.0600 1.3535 1.3533 3.8474 3.8628 1.3155 1.3229 0.9930 0.9944 651.0450 649.5000 6.6253 6.6193 2,936.9900 2,950.0000 22.2817 22.2596 6.3815 6.4036 17.8900 17.8900 0.8565 0.8593 0.7574 0.7628 7.8455 7.8477 281.8938 282.0924 14,330.0000 14,370.0000 3.6606 3.6530 68.5150 68.5820 110.7650 110.6050 101.0500 101.0000 1,114.5000 1,114.5000 341.2050 341.3600 158.3000 158.3750 19.6558 19.6935 4.0395 4.0365 8.1504 8.1431 1.4770 1.4775 3.2745 3.2725 53.3675 53.3505 3.7440 3.7430 3.9944 4.0058 62.7025 62.6550 8.9460 8.9691 1.3635 1.3638 33.1300 33.1400 4.5812 4.5632 30.4885 30.4885 3,880.0000 3,882.0000 22,958.5000 22,957.5000 13.7063 13.6975

The rates of exchange ruling at 31 December 2017 were:

USD 1 = ARS AUD BRL CAD CHF CLP CNY COP CZK DKK EGP EUR GBP HKD HUF IDR ILS INR JPY KES KRW KZT LKR MXN MYR NOK NZD PEN PHP PLN RON RUB SEK SGD THB TRY TWD UGX VND ZAR

31 December 2017 4.00pm GMT 8.00am GMT 18.8250 19.2300 1.2785 1.2833 3.3171 3.3171 1.2530 1.2555 0.9745 0.9770 614.9800 614.8050 6.5120 6.5120 2,984.5000 2,984.4800 21.2600 21.4059 6.2004 6.2286 17.7800 17.7800 0.8328 0.8366 0.7392 0.7423 7.8173 7.8158 258.3320 259.6186 13,567.5000 13,560.5000 3.4717 3.4720 63.8275 63.9100 112.6500 112.6600 103.2500 103.3500 1,070.5500 1,070.5500 332.7100 332.6050 153.5000 153.4000 19.5655 19.7080 4.0470 4.0545 1.4061 1.4079 3.2405 3.2405 49.9200 49.9200 3.4748 3.4954 3.8880 3.8989 57.5713 57.6563 8.1875 8.2484 1.3364 1.3370 32.5900 32.6200 3.7916 3.7841 29.7585 29.7585 3,645.0000 3,635.0000 22,709.0000 22,707.0000 12.3800 12.3450

Please refer to page 4 to determine which Sub-Funds correspond to the rates shown above (Sub-Funds marked with ** on page 4 have rates at 8.00am GMT, Sub-Funds marked with * have rates at 4.00pm GMT), PineBridge India Equity Fund and PineBridge Global Dynamic Markets Allocation Fund (marked with *** on page 4) have rates of USD 1= AUD 1.3535, GBP 0.7574, INR 68.5150, JPY 110.7650, SGD 1.3635 (2017 USD 1= EUR 0.8341, INR 63.8275, JPY 112.5150, SGD 1.3360) at 12.00 noon GMT.

Notes to the Financial Statements 241

PineBridge Global Funds

Notes to the Financial Statements for the six month financial period ended 30 June 2018 (continued) 7. EXCHANGE RATES (continued)

GBP 1 = BRL CHF DKK EUR IDR JPY MXN NOK PEN SEK USD ZAR

30 June 2018 12.00 noon GMT 5.0755 1.3055 8.4125 1.1288 18,828.9027 145.3557 25.9200 10.7183 4.3052 11.7878 1.3139 18.1358

31 December 2017 12.00 noon GMT 4.4819 1.1270 18,331.7345 152.0247 26.6177 4.3784 1.3512 16.6327

8. APPROVAL OF THE FINANCIAL STATEMENTS The Financial Statements were approved by the Board of Directors of the Manager on 28 August 2018.

9. Seasonal and Cyclical Activities The Fund is not subject to seasonal or cyclical activities.

242 Notes to the Financial Statements

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 The following material changes occurred in the disposition of the assets of the relevant Sub-Fund during the financial period. A material change is defined as aggregate purchases or sales exceeding 1% of the total value of such purchases and sales. If there were fewer than 20 purchases that met the material changes definition, the Sub-Funds shall disclose those purchases and such number of the next largest purchases so that at least 20 purchases are disclosed. If there are fewer than 20 sales that met the material changes definition, the Sub-Funds shall disclose those sales and such number of the next largest sales so that at least 20 sales are disclosed.

PINEBRIDGE AMERICAN EQUITY FUND

Security Name

SPDR S&P 500 (ETF) (UCITS) Distributing Class Cisco Systems Berkshire Hathaway Bank of America Medtronic Entergy CenterPoint Energy Johnson & Johnson Walmart Colgate-Palmolive PACCAR ConocoPhillips Bristol-Myers Squibb Eli Lilly & Co AT&T Huntington Ingalls Industries AMETEK Walt Disney International Business Machines Abbott Laboratories Packaging Corp of America Chevron Intuit Cooper Cos Dover

Largest Purchases USD

5,451,429 1,194,811 1,132,474 939,168 918,339 743,133 733,726 716,014 663,006 606,430 570,395 568,905 557,409 550,927 540,806 535,781 523,428 482,959 471,110 470,591 457,114 450,743 450,661 441,794 440,742

Largest Sales USD

Security Name

SPDR S&P 500 (ETF) (UCITS) Distributing Class Microsoft FirstEnergy Eli Lilly & Co Merck & Co Baxter International Entergy Cooper Cos Jefferies Financial Group General Dynamics General Electric Valero Energy ConocoPhillips Procter & Gamble Berkshire Hathaway Citigroup Inc Paypal Holdings Caterpillar Scripps Networks Inter TJX Cos AvalonBay Communities

5,233,079 1,198,425 1,162,098 1,030,093 1,027,721 935,037 852,245 795,295 775,959 758,157 686,802 653,883 602,640 573,991 570,695 567,241 551,373 538,506 517,131 466,694 463,424

Schedule of Portfolio Changes 243

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE ASIA BALANCED FUND

Security Name

Hugel 5.730% Yancoal International Resources Development 16/05/2022 6.375% Yuzhou Properties 06/03/2021 4.875% CNAC HK Finbridge 14/03/2025 9.000% Agile Group Holdings 21/05/2020 5.000% CBQ Finance 24/05/2023 7.625% CSN Resources 13/02/2023 Infosys Tencent Holdings China Unicom Hong Kong 4.250% Pelabuhan Indonesia II 05/05/2025 9.500% Philippines 02/02/2030 4.750% New Metro Global 11/02/2019 Shinhan Financial Group Ping An Insurance Group of China Hyundai Heavy Industries MediaTek NAVER Largan Precision 3.516% Horse Gallop Finance 28/06/2021

244 Schedule of Portfolio Changes

Largest Purchases USD

1,473,960 970,650 745,875 648,154 524,000 496,555 494,915 444,800 397,446 397,330 389,250 368,750 350,000 336,933 335,583 322,125 313,613 308,845 303,353 300,000

Security Name

PineBridge Global Funds - PineBridge India Equity Fund - Class Z Hugel Inc 7.250% Country Garden Holdings 04/04/2021 Titan 6.500% Jababeka International 05/10/2023 Hong Kong Exchanges & Clearing Venture 4.325% Perusahaan Penerbit SBSN Indonesia III 28/05/2025 Sime Darby 4.250% Gohl Capital 24/01/2027 Gourmet Master CJ CGV 6.750% BHP Billiton Finance USA 19/10/2075 6.375% Vedanta Resources 30/07/2022 China Mobile NAVER 6.525% China Aoyuan Property Group 25/04/2019 4.375% KEB Hana Bank 30/09/2024 CSPC Pharmaceutical Group 3.375% Commonwealth Bank of Australia 20/10/2026

Largest Sales USD

1,580,000 886,399 568,343 520,155 514,870 444,840 428,511 402,600 394,018 379,880 377,646 342,289 323,050 315,960 312,412 305,062 303,000 301,920 297,913 297,420

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN EQUITY FUND

Security Name

Hugel Infosys Ping An Insurance Group of China China Unicom Hong Kong Shinhan Financial Group Hyundai Heavy Industries MediaTek Taiwan Semiconductor Manufacturing Largan Precision POSCO Samsung Life Insurance NAVER KB Financial Group Hong Kong Exchanges & Clearing Hang Seng Bank Wharf Real Estate Investment Bank of China Wynn Macau NongShim Hysan Development AIA Group CP ALL Amorepacific Taiwan Cement Times China Holdings Sunny Optical Technology Group Gamuda China Gas Holdings Sime Darby PChome Online Adaro Energy Tbk Hotel Shilla Larsen & Toubro Genting Malaysia HDFC Bank Kasikornbank Taiwan Union Technology Sun Pharmaceutical Industries CSPC Pharmaceutical Group China Petroleum & Chemical Industrial & Commercial Bank of China

Largest Purchases USD

4,733,100 4,535,473 3,467,690 3,437,838 3,433,902 3,248,186 3,242,306 2,994,181 2,788,758 2,491,369 2,443,683 2,441,233 2,400,122 2,335,977 2,329,495 2,319,364 2,311,808 2,307,952 2,305,303 2,294,782 2,291,925 2,072,094 2,036,947 2,024,582 1,879,534 1,866,573 1,851,290 1,842,799 1,813,195 1,781,664 1,767,438 1,740,564 1,739,460 1,729,983 1,718,947 1,703,721 1,671,402 1,658,295 1,641,580 1,561,452 1,366,758

Largest Sales USD

Security Name

Titan Sime Darby Gourmet Master Venture CJ CGV NAVER Hana Financial Group CSPC Pharmaceutical Group China Mobile CNOOC TOA Paint Thailand Zhuzhou CRRC Times Electric POSCO Far EasTone Telecommunications Bank of China Largan Precision Wynn Macau Tenaga Nasional MediaTek CK Asset Holdings Hong Kong Exchanges & Clearing Ping An Insurance Group of China Hotel Shilla Keppel Sunny Optical Technology Group NetEase S-Oil Hyundai Motor KB Financial Group Hero MotoCorp Brilliance China Automotive Holdings CP ALL SM Investments PChome Online Amorepacific China Life Insurance Megaworld Kingsoft

5,363,553 4,023,822 4,012,368 3,871,165 3,519,798 3,158,217 2,981,896 2,964,147 2,741,626 2,732,308 2,601,108 2,504,604 2,366,344 2,345,664 2,332,149 2,319,164 2,313,999 2,290,701 2,278,649 2,275,849 2,269,995 2,256,492 2,233,759 2,209,948 2,184,860 2,179,839 2,107,882 2,019,349 1,990,918 1,925,677 1,900,156 1,824,150 1,647,922 1,571,730 1,570,813 1,539,904 1,411,681 1,392,302

Schedule of Portfolio Changes 245

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND

Security Name

Largest Purchases USD

Appen Hong Leong Bank LG Innotek Chow Tai Fook Jewellery Group VTech Holdings China Everbright International Shenzhou International Group Holdings Techtronic Industries China Everbright Greentech Largan Precision Divi's Laboratories Chinasoft International Sinotrans Avanti Feeds Bharat Heavy Electricals HKBN George Kent Malaysia PetroVietnam Power Sinbon Electronics SITC International Holdings DuluxGroup Hoa Phat Group Shree Cement Nestle India Tong Hsing Electronic Industries Korea Zinc Korea Kolmar Anhui Conch Cement Orora Pacific Basin Shipping Koh Young Technology Uni-President China Holdings Domino's Pizza Enterprises

20,209,790 17,032,839 12,078,936 11,459,838 9,937,814 9,659,494 8,674,178 8,608,832 8,448,663 8,272,082 7,921,372 7,865,202 7,190,051 6,965,558 6,360,603 6,051,801 5,322,740 5,217,577 5,033,233 4,743,014 4,630,181 4,497,760 4,203,343 3,731,997 3,536,094 3,289,666 3,269,039 3,140,910 3,104,377 2,977,511 2,819,421 2,651,953 2,643,846

246 Schedule of Portfolio Changes

Security Name

Sinotruk Hong Kong Avanti Feeds Tipco Asphalt SFA Engineering Bapcor China Machinery Engineering George Kent Malaysia RCR Tomlinson Halcyon Technology Avanti Feeds Inari Amertron Khon Kaen Sugar Industry Lifestyle International Holdings Cafe24 Nameson Holdings Surya Citra Media C-Mer Eye Care Holdings L'Occitane International Chow Sang Sang Holdings International

Largest Sales USD

6,267,507 4,619,619 3,348,462 3,054,802 2,249,328 2,090,654 1,989,359 1,916,736 1,258,516 1,253,800 1,117,195 1,091,695 1,083,883 989,900 836,524 757,868 265,823 57,916 17,814

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND

Security Name

3.500% Petronas Capital 18/03/2025 4.500% Longfor Properties 16/01/2028 3.750% Shanghai Commercial Bank 29/11/2027 6.250% BHP Billiton Finance USA 19/10/2075 4.250% State Grid Overseas Investment 2016 02/05/2028 3.750% Marubeni 17/04/2023 4.875% Abu Dhabi National Energy PJSC 23/04/2030 3.250% Export-Import Bank of China 28/11/2027 3.600% DBS Group Holdings (perpetual) 4.250% Transportadora de Gas del Peru 30/04/2028 5.000% CBQ Finance 24/05/2023 3.000% Equate Petrochemical 03/03/2022 4.250% China Construction Bank Asia 20/08/2024 6.750% Petroleos Mexicanos 21/09/2047 3.516% Horse Gallop Finance 28/06/2021 4.875% CNAC HK Finbridge 14/03/2025 2.625% CNOOC Finance 2015 05/05/2020 2.375% Saudi 26/10/2021 5.750% AusNet Services Holdings 17/03/2076 4.500% RH International Singapore 27/03/2028 4.500% Saudi 17/04/2030 3.763% Macquarie Group 28/11/2028 4.650% Bank of Nova Scotia (perpetual) 3.750% Perusahaan Penerbit SBSN Indonesia III 01/03/2023

Largest Purchases USD

3,147,463 2,848,827 2,668,350 2,613,438 2,503,463 2,490,300 2,233,718 2,180,700 2,115,600 2,019,438 1,986,220 1,916,800 1,513,500 1,508,675 1,502,048 1,489,825 1,481,700 1,447,800 1,437,075 1,259,698 1,242,900 1,230,500 1,224,125 1,170,000

Largest Sales USD

Security Name

4.650% Bank of Nova Scotia (perpetual) 3.750% Marubeni 17/04/2023 4.000% Sumitomo Life Insurance 14/09/2077 3.250% Export-Import Bank of China 28/11/2027 3.875% Shinhan Bank 07/12/2026 4.500% Longfor Properties 16/01/2028 3.625% Thaioil Treasury Center 23/01/2023 2.650% SMBC Aviation Capital Finance DAC 15/07/2021 3.375% Export-Import Bank of India 05/08/2026 5.500% Mexico City Airport Trust 31/07/2047 6.375% China Overseas Finance Cayman III 29/10/2043 2.900% ORIX 18/07/2022 4.250% China Construction Bank Asia 20/08/2024 4.875% CNAC HK Finbridge 14/03/2025 2.625% CNOOC Finance 2015 Australia 05/05/2020 2.375% Saudi Government International Bond 26/10/2021 2.950% BDO Unibank 06/03/2023 6.750% Petroleos Mexicanos 21/09/2047 5.500% Mexico City Airport Trust 31/07/2047 3.259% Mizuho Financial Group 28/02/2022 3.286% Hanjin International 28/09/2020 3.600% Alibaba Group Holding 28/11/2024 4.500% Saudi Government International Bond 17/04/2030

3,076,039 2,484,855 2,397,125 2,153,813 2,022,900 2,009,065 1,943,409 1,705,078 1,680,255 1,654,600 1,545,495 1,537,351 1,513,500 1,499,300 1,480,200 1,443,750 1,421,250 1,372,437 1,354,750 1,260,625 1,257,938 1,257,724 1,242,325

Schedule of Portfolio Changes 247

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued)

Security Name

3.875% Export-Import Bank of India 01/02/2028 5.950% Indonesia 08/01/2046 5.100% Nippon Life Insurance 16/10/2044 4.325% Perusahaan Penerbit SBSN Indonesia III 28/05/2025 5.550% Bank of China Hong Kong 11/02/2020 6.750% Australia & New Zealand Banking Group (perpetual) 3.500% Hankook Tire 30/01/2023 3.380%Clifford Capital 07/03/2028 3.331% Export-Import Bank of India 21/08/2022 4.000% Huarong Finance 17/07/2019 5.125% CNAC HK Finbridge 14/03/2028 5.100% Meiji Yasuda Life Insurance 26/04/2048 3.125% Abu Dhabi 11/10/2027 3.538% Industrial & Commercial Bank of China 08/11/2027 3.875% United Overseas Bank (perpetual) 4.875% Sinopec Group Overseas Development 2012 17/05/2042 3.500% CNAC HK Finbridge 19/07/2022 6.300% Sinochem Overseas Capital 12/11/2040 5.200% Meiji Yasuda Life Insurance 20/10/2045 4.000% Export-Import Bank of China 28/11/2047

248 Schedule of Portfolio Changes

Largest Purchases USD

1,167,882 1,120,000 1,058,000 1,041,250 1,037,000 1,029,000 1,027,054 1,007,880 1,005,120 1,001,900 993,360 980,000 964,000 950,500 942,500 929,898 856,898 854,875 847,000 760,460

Security Name

5.250% Dah Sing Bank 29/01/2024 3.763% Macquarie Group 28/11/2028 7.875% Petronas Capital 22/05/2022 3.875% Export-Import Bank of India 01/02/2028 5.100% Nippon Life Insurance 16/10/2044 4.150% Perusahaan Penerbit SBSN Indonesia III 29/03/2027 3.500% Hankook Tire 30/01/2023 3.750% CGNPC International 11/12/2027 3.380% Clifford Capital 07/03/2028 5.125% CNAC HK Finbridge 14/03/2028 3.950% Incitec Pivot Finance LLC 03/08/2027 3.950% China Overseas Finance Cayman V 15/11/2022 3.375% Commonwealth Bank of Australia 20/10/2026 3.500% Petronas Capital 18/03/2025 3.125% Abu Dhabi Government International Bond 11/10/2027 3.473% Mizuho Financial Group 13/09/2021 3.625% Hyundai Capital Services 29/08/2027 5.200% Meiji Yasuda Life Insurance 20/10/2045 6.375% Philippines 23/10/2034 5.550% Bank of China Hong Kong 11/02/2020

Largest Sales USD

1,219,020 1,195,713 1,194,000 1,109,654 1,044,000 1,028,750 1,021,245 1,005,548 1,005,320 1,003,860 999,935 984,560 981,120 970,000 952,600 764,198 718,223 620,100 611,875 575,575

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE EMERGING EUROPE EQUITY FUND

Security Name

TCS Group Holding Sberbank of Russia Komercni Banka LPP X5 Retail Group (GDR) Polski Koncern Naftowy ORLEN Aeroflot Moscow Exchange MICEX - RTS Richter Gedeon Nyrt Gazprom (ADR) Vtb Bank Gazprom Neft Lenta (GDR) Rosneft Oil Co Haci Omer Sabanci Holding Alrosa KGHM Polska Miedz Mobile TeleSystems (ADR) Piraeus Bank Turkiye Garanti Bankasi Akbank Turk Arcelik Powszechny Zaklad Ubezpieczen BIM Birlesik Magazalar Mmc Norilsk Nickel Cyfrowy Polsat

Largest Purchases USD

638,386 544,801 446,692 348,237 329,068 319,712 289,033 278,131 218,667 201,313 190,341 185,584 172,832 166,316 157,395 152,765 113,871 99,342 94,649 93,355 91,894 90,776 86,906 86,185 85,425 77,221

Security Name

Largest Sales USD

Sberbank Of Russia LUKOIL National Bank of Greece Turk Hava Yollari Arcelik Alior Bank Turkiye Garanti Bankasi CCC Bank Millennium Cyfrowy Polsat Gazprom Polski Koncern Naftowy ORLEN Turkiye Vakiflar Bankasi Tao Novatek MOL Hungarian Oil & Gas PLC Richter Gedeon Nyrt Piraeus Bank SA Novatek Turkcell Iletisim Hizmetleri LUKOIL MMC Norilsk Nickel OTP Bank Nyrt Tupras Turkiye Petrol Rafinerileri Tofas Turk Otomobil Fabrikasi KGHM Polska Miedz Bank Zachodni WBK Polskie Gornictwo Naftowe i Gazownictwo

771,482 618,808 578,035 479,976 388,545 314,339 295,757 244,868 244,088 229,568 195,997 183,347 168,787 155,643 155,372 152,751 149,371 147,545 146,172 127,860 124,454 124,399 91,422 86,534 83,809 81,092 70,908

Schedule of Portfolio Changes 249

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE EUROPE EQUITY FUND

Security Name

iShares Europe (ETF) - Distributing Class ABB BP BASF Roche Holding Royal Dutch Shell A Shares SAP Barry Callebaut Diageo AstraZeneca Baloise Holding Dufry Air Liquide Genmab Royal Dutch Shell B Shares Sampo Svenska Handelsbanken Adidas DSV Hexagon Adecco Group Carlsberg Kinnevik AIB Group Continental Ipsen Clariant Chr Hansen Holding Telefonica RELX RTL Group Orange Davide Campari Coca-Cola HBC Jeronimo Martins L'Oreal Safran Essilor International Cie Generale d'Optique

250 Schedule of Portfolio Changes

Largest Purchases USD

2,719,343 1,175,189 1,127,401 1,103,116 1,097,645 1,081,335 1,055,786 926,226 899,390 754,945 742,615 740,222 722,798 721,387 658,396 658,212 639,710 631,357 619,409 615,722 594,051 586,667 582,523 580,380 576,682 571,881 564,124 550,152 547,212 544,749 544,601 531,931 521,467 434,697 433,022 413,070 402,891 389,224

Security Name

iShares Europe (ETF) - Distributing Class HSBC Holdings Carlsberg Roche Holding Glencore Lloyds Banking Group Deutsche Telekom Eni Total BAE Systems Schindler Holding AstraZeneca Baloise Holding Peugeot SAP SE UPM-Kymmene Swiss Re H Lundbeck A Vonovia Abertis Infraestructuras Danske Bank Hexagon Merck TeliaSonera Burberry Group E.ON Enel Swedbank Chocoladefabriken Lindt & Spruengli Lonza Group Davide Campari Beiersdorf Schindler Holding Orsted Marks & Spencer Group Credit Agricole Clariant Boliden Babcock International Group Air Liquide Orange Ingenico Group Bunzl Jeronimo Martins Sonova Holding

Largest Sales USD

2,510,375 1,136,072 1,087,010 1,063,688 908,053 894,574 798,955 793,703 764,230 744,177 740,256 719,414 717,977 694,288 673,578 665,711 638,207 622,374 614,582 611,762 610,674 605,463 600,802 599,033 573,068 566,532 559,040 557,644 554,604 541,446 537,940 537,231 536,240 521,464 517,713 503,465 496,669 493,524 481,289 471,619 465,249 437,642 415,407 414,495 390,744

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE EUROPE SMALL CAP EQUITY FUND

Security Name

CVS Group Bodycote St James's Place Stroeer AMS Recordati Unicaja Banco Jungheinrich (Preference) Norma Group

Largest Purchases* USD

4,128,920 1,946,903 1,721,624 1,652,321 1,586,682 1,533,648 1,186,939 1,173,696 994,014

Largest Sales* USD

Security Name

MARR Cineworld Group AcadeMedia Micro Focus International National Bank of Greece Takkt Laird

2,343,184 2,323,003 1,883,590 1,747,049 1,178,655 935,803 279,063

* Represents total purchases and sales during the six months ended 30 June 2018.

.

Schedule of Portfolio Changes 251

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL BOND FUND

Security Name

3.750% Italy 01/05/2021 1.875% United States Treasury Notes 28/02/2022 1.500% Swiss Confederation 30/04/2042 2.250% United States Treasury Notes 31/12/2024 5.625% Morgan Stanley 23/09/2019 8.000% Canada 01/06/2027 2.000% Ireland 18/02/2045 2.250% BPCE 27/01/2020 3.750% Netherlands 15/01/2042 2.450% UBS 01/12/2020 2.625% Finland 04/07/2042 4.000% Wells Fargo & Co 08/08/2019 7.125% UBS Group (perpetual) 4.850% EnLink Midstream Partners 15/07/2026 2.750% United States Treasury Notes 15/08/2047 1.600% Canadian Imperial Bank of Commerce 06/09/2019 2.500% United States Treasury Notes 15/02/2046 1.850% Citibank 18/09/2019 5.375% Enterprise Products Operating 15/02/2078 3.000% United States Treasury Notes 15/02/2048 5.150% Spain 31/10/2044 2.125% United States Treasury Notes 31/07/2024

252 Schedule of Portfolio Changes

Largest Purchases USD

1,969,655 1,276,227 1,131,852 1,012,009 969,711 943,590 940,538 937,888 884,602 867,764 690,243 591,176 567,875 466,181 447,581 393,840 349,776 311,094 281,250 262,433 253,633 250,545

Security Name

3.750% Netherlands 15/01/2042 10.500% Canada 15/03/2021 1.875% United States Treasury Notes 28/02/2022 5.625% Morgan Stanley 23/09/2019 2.450% UBS 01/12/2020 3.500% Sweden 30/03/2039 2.876% Goldman Sachs Group 31/10/2022 5.000% Belgium 28/03/2035 8.350% Dell International 15/07/2046 3.250% Italy 01/09/2046 3.250% Germany 04/07/2042 2.750% Glencore Finance Europe 01/04/2021 0.100% Japan 20/03/2027 2.750% Netherlands 15/01/2047 5.450% Dell International 15/06/2023 2.875% Santander UK Group 16/10/2020 5.869% Solvay Finance (perpetual) 3.150% Austria 20/06/2044 4.420% Dell International 15/06/2021 1.200% Japan 20/09/2035 6.020% Dell International 15/06/2026 5.000% Telefonica Europe (perpetual) 3.750% Belgium 22/06/2045 0.100% Japan 20/12/2026 1.850% Citibank 18/09/2019 2.625% Finland 04/07/2042 0.500% Japan 20/09/2036 7.875% Friends Life Holdings (perpetual) 4.750% Australia 21/04/2027 7.500% CNP Assurances (perpetual) 1.750% United States Treasury Notes 30/09/2022

Largest Sales USD

1,312,920 1,188,840 981,111 961,322 856,388 723,278 715,974 671,936 655,875 595,097 559,349 551,898 530,246 492,745 483,165 476,657 471,614 463,252 459,151 422,252 409,725 398,005 387,471 356,712 310,999 309,505 300,641 272,355 247,319 203,602 174,621

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND

Security Name

Largest Purchases USD

iShares MSCI Brazil Capped (ETF) Distributing Class Anglo American Rio Tinto (UK listed) Glencore BHP Billiton 2.955% Kingsland VIII 20/04/2031 3.315% Kingsland VIII 20/04/2031 Itau Unibanco Holding (ADR) Banco Santander 4.859% Mariner CLO 2015-1 20/04/2029 BNP Paribas BHP Billiton Bank of America Ambev (ADR) 5.303% Elm CLO 2014-1 17/01/2029 ING Groep Vale (ADR) 4.291% Post CLO 2018-1 16/04/2031 3.702% CBAM 2018-5 17/04/2031 Banco Bradesco

45,222,365 9,111,342 9,019,682 8,993,943 8,941,326 8,491,500 7,842,150 6,987,463 6,657,722 5,444,280 5,414,670 5,256,792 4,959,241 4,691,679 4,627,613 4,627,096 4,231,491 4,150,000 4,050,000 3,805,736

Largest Sales USD

Security Name

iShares MSCI Brazil Capped (ETF) Distributing Class PineBridge Global Funds PineBridge India Equity Fund - Class Y PineBridge Global Funds PineBridge Japan New Horizon Equity Fund - Class Z (USD) JPMorgan Chase & Co Citigroup Anglo American Bank of America Wells Fargo & Co BHP Billiton Glencore 5.010% Allegro CLO III 25/07/2027 Rio Tinto (UK listed) 3.590% Dryden 2018-57 CLO 15/05/2031 2.686% Northwoods Capital XVI 15/11/2030 2.803% Rockford Tower Clo 2017-3 20/10/2030 2.809% Carbone CLO 20/01/2031 2.489% THL Credit Wind River 2017-3 Clo 15/10/2030 2.618% Cedar Funding VIII Clo 17/10/2030 2.464% Dewolf Park CLO 15/10/2030 Goldman Sachs Group

45,523,947 43,880,000

16,483,511 10,036,957 8,458,163 7,213,587 6,684,181 6,289,174 5,776,331 5,013,103 4,962,759 4,597,686 4,564,246 4,433,752 4,157,388 4,094,777 3,956,724 3,595,116 3,376,749 3,354,945

Schedule of Portfolio Changes 253

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL DYNAMIC MARKETS ALLOCATION FUND

Security Name

0.000% United Kingdom Treasury Bill 28/08/2018 iShares MSCI Japan (ETF) Distributing Class 0.000% United Kingdom Treasury Bill 20/08/2018 iShares MSCI Brazil Capped (ETF) Distributing Class iShares EURO STOXX Small (ETF) (UCITS) Distributing Class (EUR) Lyxor MSCI Indonesia (ETF) (UCITS) iShares MSCI Emerging Markets (ETF) (UCITS) - Distributing Class iShares Digitalisation (ETF) (UCITS) Accumulation Class (USD) UBS Irl ETF - MSCI USA Value (ETF) (UCITS) - Class A (USD) iShares Automation & Robotics (ETF) (UCITS) Anglo American Rio Tinto Glencore BHP Billiton Banco Santander BNP Paribas ING Groep iShares Core S&P Small-Cap (ETF) – Distributing Class UBS Group iShares S&P 500 Information Technology Sector (ETF) (UCITS) Accumulation Class (USD)

254 Schedule of Portfolio Changes

Largest Purchases GBP

1,397,141 1,256,327 1,097,685 583,302 581,778 572,068 557,070 262,704 191,186 134,075 123,791 122,577 122,205 121,489 83,790 68,210 58,582 58,104 43,142

41,158

Security Name

db x-trackers MSCI Japan TRN INDEX (ETF) (UCITS) - Class 1C iShares Core S&P Small-Cap (ETF) – Distributing Class iShares MSCI Emerging Markets (ETF) (UCITS) - Distributing Class Lyxor MSCI India (ETF) (UCITS) Class C (EUR) UBS Irl ETF - MSCI USA Value (ETF) (UCITS) - Class A (USD) 3.260% JPMorgan Chase & Co 25/04/2023 3.298% AT&T 15/07/2021 .895% Reckitt Benckiser Treasury 2 Services 24/06/2022 2.653% Siemens Financieringsmaatschappij 13/09/2019 2.684% American Express Credit 2 03/05/2019 2.443% Apple 08/02/2019 3.239% Citigroup 30/07/2018 3.443% Goldman Sachs Group 15/11/2018 3.293% Ford Motor Credit 04/11/2019 iShares Global Infrastructure (ETF) (UCITS) - Distributing Class 3.207% Bank of America 01/04/2019 3.218% Daimler Finance North America 01/08/2018 iShares MSCI Japan (ETF) - Distributing Class JPMorgan Chase & Co Citigroup

Largest Sales GBP

1,259,365 779,403 567,982 542,232 478,054 226,641 221,450 213,811 212,071 209,157 208,999 205,897 205,204 196,262 189,092 181,471 180,621 170,243 95,465 89,613

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND

Security Name

6.125% Romania 22/01/2044 7.250% Petra Diamonds US Treasury 01/05/2022 7.450% China SCE Property Holdings 17/04/2021 5.875% Petkim Petrokimya Holding 26/01/2023 10.600% Turkey 11/02/2026 10.500% Republic of South Africa 21/12/2026 7.100% Russia 16/10/2024 5.375% SCF Capital Designated Activity 16/06/2023 4.000% Poland 25/10/2023 4.375% Guatemala 05/06/2027 10.000% Brazil 01/01/2023 4.375% Uruguay 27/10/2027 6.625% Turkey 17/02/2045 6.500% Kazakhstan 21/07/2045 6.650% Lebanon 22/04/2024 7.500% Hungary 12/11/2020 5.125% Romania 15/06/2048 2.750% China Great Wall International Holdings III 31/08/2020 5.750% Tunisia 30/01/2025 8.750% Republic of South Africa 28/02/2048 7.750% Mexican 13/11/2042 9.625% Ecuador 02/06/2027 6.625% Lithuania 01/02/2022 6.825% Sri Lanka 18/07/2026 7.375% Jordan 10/10/2047 9.125% HTA Group 08/03/2022 6.125% Lithuania 09/03/2021

Largest Purchases USD

422,225 409,750 397,200 382,934 360,698 320,667 312,713 306,000 299,270 291,000 279,603 273,550 263,250 258,750 251,875 247,821 247,168 246,500 235,368

Largest Sales USD

Security Name

10.000% Brazil 01/01/2021 PineBridge Global Funds - Emerging Markets Corporate Bond Fund Class Y (UCITS) 3.250% Turkey 23/03/2023 6.125% Romania 22/01/2044 10.700% Turkey 17/02/2021 4.000% Poland 25/10/2023 5.250% Russia 23/06/2047 6.375% Croatia 24/03/2021 3.000% Hungary 27/10/2027 10.500% Republic of South Africa 21/12/2026 5.375% SCF Capital Designated Activity 16/06/2023 4.375% Guatemala 05/06/2027 3.844% Malaysia 15/04/2033 4.375% Uruguay 27/10/2027 4.750% Corp Financiera de Desarrollo 08/02/2022 10.000% Brazil 01/01/2027 6.500% Kazakhstan 21/07/2045 10.000% Brazil 01/01/2019 2.750% China Great Wall International Holdings III 31/08/2020 6.650% Lebanon 22/04/2024

530,912 480,000 418,138 414,110 408,259 404,171 401,700 393,516 392,499 340,518 294,750 291,450 274,372 272,367 256,563 255,196 245,400 244,840 244,800 242,500

234,981 226,826 226,800 224,942 219,750 216,750 215,000 214,460

Schedule of Portfolio Changes 255

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND

Security Name

8.875% Yar Holding 06/05/2020 7.250% Petra Diamonds US Treasury 01/05/2022 7.625% CSN Resources 13/02/2023 8.250% Digicel Group 30/09/2020 7.000% Gol Finance 31/01/2025 5.350% Petroleos Mexicanos 12/02/2028 7.450% China SCE Property Holdings 17/04/2021 4.125% State Grid Overseas Investment 2014 07/05/2024 6.750% Medco Platinum Road 30/01/2025 6.125% Turkiye Is Banki 25/04/2024 5.875% Petkim Petrokimya Holding 26/01/2023 4.125% Reliance Industries 28/01/2025 6.100% Yapi ve Kredi Banki 16/03/2023 4.875% Abu Dhabi National Energy PJSC 23/04/2030 9.625% Generacion Mediterranea 27/07/2023 5.250% Grupo Cementos de Chihuahua SAB de CV 23/06/2024 6.375% Israel Chemicals 31/05/2038 4.125% Ecopetrol 16/01/2025 4.125% Proven Honour Capital 19/05/2025 4.699% Polyus Finance 28/03/2022 6.250% Cydsa SAB de CV 04/10/2027 4.875% Sigma Finance Netherlands 27/03/2028 4.875% Industrial & Commercial Bank of China 21/09/2025 5.250% Ultrapar International 06/10/2026 5.750% CIMPOR Financial Operations 17/07/2024 5.875% Arcos Dorados Holdings 04/04/2027 4.500% Longfor Properties 16/01/2028 5.000% CBQ Finance 24/05/2023 3.595% Tencent Holdings 19/01/2028 6.750% Southern Copper 16/04/2040 5.625% Orazul Energy Egenor 28/04/2027 3.750% China Minmetals (perpetual) 6.375% Indo Energy Finance II 24/01/2023

256 Schedule of Portfolio Changes

Largest Purchases USD

995,775 816,250 670,484 655,325 632,750 625,598 594,400 576,873 516,806 498,125 474,934 463,289 420,000 395,570 363,000 352,755 350,000 348,688 338,042 330,660 330,000 327,809 326,416 326,400 325,050 324,400 323,938 317,795 317,757 313,200 304,838 304,013 300,000

Security Name

7.625% CSN Resources 13/02/2023 3.500% State Grid Overseas Investment 2016 04/05/2027 8.250% Digicel Group 30/09/2020 4.630% Powszechna Kasa Oszczednosci Bank Polski via PKO Finance 26/09/2022 5.125% Akbank Turk 31/03/2025 6.375% Vedanta Resources 30/07/2022 7.375% Zenith Bank 30/05/2022 4.875% Reliance Industries 10/02/2045 4.125% Reliance Industries 28/01/2025 5.000% Bangkok Bank 03/10/2023 5.300% Raizen Fuels Finance 20/01/2027 4.875% Globo Comunicacao e Participacoes 11/04/2022 5.000% Arcelik 03/04/2023 6.750% Southern Copper 16/04/2040 3.250% CBQ Finance 13/06/2021 7.375% Rumo Luxembourg Sarl 09/02/2024 10.500 Fidelity Bank 16/10/2022 4.500% China Resources Gas Group 05/04/2022 4.250% Gohl Capital 24/01/2027 4.000% Proven Glory Capital 21/02/2027 3.799% Tencent Holdings 11/02/2025 4.699% Polyus Finance 28/03/2022 2.250% Shinhan Bank 15/04/2020 7.000% Cosan Luxembourg 20/01/2027 4.500% ADCB Finance Cayman 06/03/2023 6.750% TMK OAO via TMK Capital 03/04/2020 5.875% Ecopetrol 28/05/2045 4.750% MAF Global Securities 07/05/2024 5.250% Ultrapar International 06/10/2026 5.625% OCP 25/04/2024 5.500% Turkiye Sinai Kalkinma Banki 16/01/2023 6.000% Yuzhou Properties 25/01/2022 6.750% BBVA Bancomer 30/09/2022 7.500% Pampa Energia 24/01/2027 8.375% Shimao Property Holdings 10/02/2022 8.200% Rio Oil Finance 06/04/2028

Largest Sales USD

630,700 579,298 561,000 534,375 509,124 502,500 493,488 479,822 450,818 428,800 418,200 401,200 394,016 348,708 341,460 340,313 339,900 338,844 332,729 331,439 331,112 328,680 323,549 318,750 314,700 314,250 308,250 301,500 299,840 296,184 294,750 283,050 273,750 272,200 269,688 258,125

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued)

Security Name

5.500% Turkiye Sinai Kalkinma Banki 16/01/2023 6.500% Minerva Luxembourg 20/09/2026 7.000% Nostrum Oil & Gas Finance 16/02/2025 6.950% YPF 21/07/2027 8.200% Rio Oil Finance 06/04/2028 7.000% Tullow Oil 01/03/2025 3.750% Daegu Bank 13/08/2023 4.950% VEON Holdings 16/06/2024

Largest Purchases USD

298,605 276,750 273,130 260,000 250,000 200,000 198,958 187,400

Largest Sales USD

Security Name

7.500% Credit Bank of Moscow via CBOM Finance 05/10/2027 7.000% Unifin Financiera SAB de CV 15/01/2025 7.000% Theta Capital 11/04/2022 7.875% Grupo Unicomer 01/04/2024 5.750% Yapi ve Kredi Banki 24/02/2022 5.250% Trust F 30/01/2026 5.375% Volcan Cia Minera 02/02/2022 5.000% Huarong Finance II 19/11/2025 1.001% Oversea Chinese Banking 15/10/2024 5.250% Turkiye Garanti Banki 13/09/2022 5.875% Petkim Petrokimya Holding 26/01/2023 7.450% China SCE Property Holdings 17/04/2021 3.750% Daegu Bank 13/08/2023 3.125% Petronas Capital 18/03/2022 3.875% Shinhan Bank 24/03/2026 4.375% Banco de Bogota 03/08/2027 4.375% Charming Light Investments 21/12/2027

238,438 235,440 224,063 216,500 210,105 203,500 203,000 201,614 201,568 201,500 199,840 198,500 197,386 196,960 193,360 193,250 189,920

Schedule of Portfolio Changes 257

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND

Security Name

Komercni banka China Life Insurance Cemex SAB de CV Guararapes Confeccoes VTech Holdings Capitec Bank Holdings POSCO Itau Unibanco Holding (ADR) Zhuzhou CRRC Times Electric Prudential Ping An Insurance Group of China Ayala Land Chow Tai Fook Jewellery Group Vipshop Holdings (ADR) Bharat Heavy Electricals Grupo de Inversiones Suramericana Colfax Vodacom Group X5 Retail Group (GDR) Vale (ADR) China Unicom Hong Kong Workpoint Entertainment Taiwan Semiconductor Manufacturing Venture China State Construction International Holdings Angang Steel Haier Electronics Group NAVER Sunny Optical Technology Group Ctrip.com International (ADR) ASM Pacific Technology KOC Holding Airtac International Group China Everbright International Woori Bank Pick n Pay Stores Shree Cement

258 Schedule of Portfolio Changes

Largest Purchases USD

1,021,225 948,587 800,215 771,698 737,349 695,147 663,676 589,160 583,600 556,910 535,631 530,455 505,540 492,721 484,076 479,831 473,849 419,666 372,035 349,730 343,212 334,680 333,701 321,727 319,992 315,702 315,214 310,263 310,015 296,636 286,530 280,952 236,174 230,362 218,828 207,287 205,166

Security Name

Pacific Basin Shipping Petroleo Brasileiro (ADR) Uni-President China Holdings China Life Insurance Pick n Pay Stores IRB Brasil Resseguros FirstRand JD.com (ADR) Ambev (ADR) FF Group Bayer CropScience Inventec Megawide Construction Wal-Mart de Mexico SAB de CV Komercni banka Tipco Asphalt Cathay Financial Holding Infosys Ping An Insurance Group of China Sime Darby Plantation NetEase (ADR) Anhui Conch Cement Cummins India Mexichem SAB de CV Angang Steel China Everbright International Banco Santander Brasil (ADR) Korea Zinc Airtac International Group China State Construction International Holdings NAVER Ctrip.com International (ADR) Sberbank of Russia (Preference) Venture Grupo Financiero Banorte SAB de CV Sunny Optical Technology Group Facebook Sime Darby

Largest Sales USD

958,051 890,862 867,392 811,972 723,544 674,608 660,126 649,679 608,783 587,760 536,556 516,819 514,070 458,426 453,226 422,006 420,455 417,669 400,463 398,299 385,826 384,611 366,413 348,478 348,011 331,606 328,821 324,657 320,087 301,643 298,844 297,780 283,473 282,584 262,083 257,989 228,459 204,543

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND

Security Name

10.500% South Africa 21/12/2026 5.750% Poland 23/09/2022 4.000% Poland 25/10/2023 7.100% Russia 16/10/2024 10.600% Turkey 11/02/2026 3.000% Hungary 27/10/2027 2.000% Thailand 17/12/2022 3.650% Thailand 17/12/2021 7.500% Colombia 26/08/2026 7.190% Petroleos Mexicanos 12/09/2024 12.800% Indonesia 15/06/2021 7.500% Hungary 12/11/2020 10.000% Mexico 05/12/2024 7.750% Colombia 14/04/2021 8.875% South Africa 28/02/2035 7.000% Indonesia 15/05/2027 10.500% Turkey 11/08/2027 2.500% Poland 25/01/2023 11.000% Turkey 02/03/2022 2.500% Hungary 27/10/2021 7.750% Mexico 13/11/2042 6.250% South Africa 31/03/2036 3.400% Thailand 17/06/2036 10.250% Brazil 10/01/2028 9.850% Colombia 28/06/2027 5.750% Mexico 05/03/2026 11.000% Indonesia 15/09/2025 7.700% Indonesia 31/01/2021 8.000% South Africa 31/01/2030 2.500% Poland 25/07/2027 8.150% Russia 03/02/2027 10.000% Brazil 01/01/2025 10.000% Indonesia 15/02/2028 4.500% Chile 01/03/2021 4.500% Chile 01/03/2026 7.050% Russia 19/01/2028 7.750% South Africa 28/02/2023 7.600% Russia 14/04/2021 18.200% Argentina 03/10/2021 10.500% Turkey 15/01/2020 9.500% Development Bank of Kazakhstan 14/12/2020 7.000% Indonesia 15/05/2022 7.500% Mexico 03/06/2027 10.000% Colombia 24/07/2024 4.875% Thailand 22/06/2029

Largest Purchases USD

2,516,622 2,478,434 2,196,157 2,176,680 2,138,127 1,867,707 1,865,412 1,718,353 1,519,201 1,434,758 1,349,140 1,334,419 1,327,270 1,322,662 1,298,238 1,239,035 1,205,523 1,199,642 1,153,415 1,099,695 1,097,541 1,048,305 1,013,974 911,340 902,746 891,432 870,968 866,027 864,109 846,942 845,896 839,328 832,979 809,970 806,840 803,564 787,540 779,554 685,851 648,522

Largest Sales USD

Security Name

3.000% Hungary 27/10/2027 10.500% South Africa 21/12/2026 3.844% Malaysia 15/04/2033 7.750% Colombia 14/04/2021 8.370% Rural Electrification 14/08/2020 5.750% Mexico 05/03/2026 5.500% Hungary 24/06/2025 4.000% Poland 25/10/2023 7.000% Indonesia 15/05/2027 3.800% Malaysia 17/08/2023 6.000% Chile 01/01/2043 2.500% Hungary 27/10/2021 4.750% Romania 24/02/2025 6.250% South Africa 31/03/2036 7.500% Russia 27/02/2019 3.650% Thailand 17/12/2021 3.000% Hungary 26/06/2024 3.400% Thailand 17/06/2036 6.400% Russia 27/05/2020 7.600% Russia 20/07/2022 9.850% Colombia 28/06/2027 9.500% Turkey 12/01/2022 2.500% Poland 25/07/2026 10.000% Brazil 01/01/2021 6.500% Mexico 10/06/2021 2.500% Poland 25/07/2027 40.000% Argentina 21/06/2020 8.375% Indonesia 15/09/2026 10.000% Brazil 01/01/2023 8.200% Peru 12/08/2026 7.500% Mexico 03/06/2027 6.950% Peru 12/08/2031 8.750% South Africa 28/02/2048 7.750% South Africa 28/02/2023 7.500% Hungary 12/11/2020 9.875% Uruguay 20/06/2022 11.000% Turkey 02/03/2022

2,577,410 2,335,290 1,956,656 1,565,998 1,560,799 1,526,292 1,490,248 1,288,004 1,187,341 1,143,704 1,083,881 1,071,864 1,054,654 1,038,916 1,027,521 1,022,328 985,266 981,472 958,051 887,251 867,614 866,449 848,670 758,248 756,753 735,846 697,341 677,252 593,291 590,207 559,385 551,957 548,792 519,588 408,332 394,901 387,603

632,102 604,356 600,067 586,862 581,194

Schedule of Portfolio Changes 259

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GLOBAL FOCUS EQUITY FUND

Security Name

AMS Synopsys McCormick & Co Danone NMC Health China Life Insurance RPC Group TE Connectivity Colfax Signature Bank Sony Aramark Huntington Bancshares Kerry Group AstraZeneca Societe Generale Rubis CaixaBank Essilor International Cie Generale d'Optique Facebook

Largest Purchases USD

13,746,910 10,502,014 9,076,973 7,216,858 6,360,161 5,890,860 3,975,194 3,931,331 3,017,803 2,885,368 2,042,189 1,891,369 1,470,476 1,215,338 1,114,298 1,044,919 1,010,316 974,715 926,620 801,043

* Represents total sales during the six months ended 30 June 2018.

260 Schedule of Portfolio Changes

Security Name

Cisco Systems Crown Holdings Procter & Gamble Chubb SCSK Samsung Electronics Broadridge Financial Solutions Senior Cineworld Group Halma Cineworld Group NMC Health Zalando

Largest Sales* USD

6,942,245 6,654,002 6,152,041 5,764,549 5,215,443 5,117,579 3,014,967 2,015,711 2,015,574 1,991,076 1,617,785 1,176,204 163,729

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE GREATER CHINA EQUITY FUND

Security Name

China Mobile China Machinery Engineering Zhuzhou CRRC Times Electric Formosa Chemicals & Fibre Dongfeng Motor Group VTech Holdings Sercomm Cathay Pacific Airways PetroChina Hong Kong & China Gas CLP Holdings Hong Kong Exchanges & Clearing A-Living Services Weifu High-Technology Group Kweichow Moutai China Everbright Bank Hubei Jumpcan Pharmaceutical CK Hutchison Holdings Power Assets Holdings CK Asset Holdings Beijing Capital International Airport Lifestyle International Holdings Shanghai Fudan-Zhangjiang BioPharmaceutical Haier Electronics Group Tal Education Group (ADR) United Laboratories International Holdings China Everbright Greentech China Pacific Insurance Group China Life Insurance Beijing Chunlizhengda Medical Instruments Ctrip.com International (ADR) Hengan International Group Country Garden Holdings

Largest Purchases USD

1,426,514 1,189,720 871,050 752,977 750,659 671,429 597,521 539,566 537,443 524,545 454,953 439,935 384,527 372,949 365,865 336,837 326,232 325,045 303,746 296,911 261,082 250,186 249,948 243,419 241,191 239,975 238,051 226,319 221,210 212,023 202,102 179,190 175,431

Largest Sales USD

Security Name

Anhui Conch Cement Tencent Holdings Uni-President China Holdings ASM Pacific Technology Fosun International Sunny Optical Technology Group Hong Kong & China Gas Chunghwa Telecom Hota Industrial Manufacturing AIA Group Ping An Insurance Group of China China Unicom Hong Kong China Communications Construction China Yuhua Education Haitong Securities BAIC Motor ASE Technology Holding China Mobile Galaxy Entertainment Group A-Living Services China Life Insurance Country Garden Holdings Kingsoft Luk Fook Holdings International Yum China Holdings CK Hutchison Holdings JD.com (ADR) China Galaxy Securities Airtac International Group Huaneng Power International Power Assets Holdings Baoshan Iron & Steel Alibaba Group Holding Hong Kong Exchanges & Clearing China Everbright Bank China Everbright Greentech Link (REIT) China Mengniu Dairy Tal Education Group (ADR) Sun Hung Kai Properties Haier Electronics Group Shenzhou International Group Holdings Lifestyle International Holdings Value Partners Group Geely Automobile Holdings United Laboratories International Holdings

1,313,984 905,375 684,375 640,717 556,719 554,512 549,028 534,617 526,806 512,876 490,478 483,149 466,702 462,756 459,560 456,786 447,967 441,369 430,053 424,198 418,669 418,188 413,225 408,407 399,983 387,051 380,716 349,163 341,986 324,798 320,504 310,774 286,658 285,032 284,323 282,146 280,122 274,132 271,544 270,467 268,563 266,260 265,367 262,607 253,348 250,574

Schedule of Portfolio Changes 261

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE INDIA EQUITY FUND INCORPORATING PINEBRIDGE INVESTMENTS GF MAURITIUS LIMITED*

Security Name

Tata Consultancy Services* NMDC* Bajaj Finance* Sun Pharmaceutical Industries Bharat Heavy Electricals JM Financial* Kotak Mahindra Bank* Shree Cement HDFC Bank** MPS* Gabriel India Sharda Cropchem Hero MotoCorp Orient Refractories Avanti Feeds*

Largest Purchases*** USD

28,968,275 22,369,319 15,515,138 11,780,210 8,804,387 8,565,206 8,133,851 6,297,623 4,114,781 2,760,388 2,200,775 1,595,129 1,270,870 1,062,524 253,130

Security Name

Infosys Indraprastha Gas** Tata Consultancy Services* Wipro** Larsen & Toubro* Cummins India** Hero MotoCorp Entertainment Network India** Bayer CropScience** Sun Pharmaceutical Industries Divi's Laboratories Infosys (ADR)* HDFC Bank** Bharat Heavy Electricals NMDC* AIA Engineering** Shree Cement Bajaj Auto** Sanofi India VST Tillers Tractors**

* Fully held by PineBridge India Equity Fund. ** Fully held by PineBridge Investments GF Mauritius Limited. *** Represents total purchases during the six months financial period ended 30 June 2018 All other equities are partially held by PineBridge India Equity Fund and PineBridge Investments GF Mauritius Limited.

262 Schedule of Portfolio Changes

Largest Sales USD

37,245,358 36,919,242 35,327,554 31,176,333 30,377,791 27,127,815 14,194,318 12,368,662 12,329,030 11,073,646 10,413,156 10,190,666 8,209,005 7,078,116 6,943,057 6,787,947 6,747,873 5,279,283 5,230,074 2,529,332

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE JAPAN NEW HORIZON EQUITY FUND

Security Name

Chiba Bank Inpex Keyence Nippon Telegraph & Telephone Nihon Unisys Comsys Holdings Seven & i Holdings Sumitomo Bakelite Shimano Daikin Industries Yamaha Yamaha Motor Mabuchi Motor ITOCHU Shionogi & Co Don Quijote Holdings Link And Motivation Mitsubishi UFJ Financial Group Asahi Group Holdings Sumitomo Mitsui Financial Group Bandai Namco Holdings Toyota Motor Toray Industries Mitsui Fudosan Shin-Etsu Chemical Sankyu Suzuki Motor SCSK Nidec Capcom Pola Orbis Holdings Minebea Mitsumi Yokogawa Electric Fuji Electric Recruit Holdings Kureha Otsuka Sysmex

Largest Purchases USD

1,007,907 982,576 949,066 942,433 936,947 918,228 874,618 840,482 704,829 655,027 645,446 644,224 633,774 621,950 537,501 520,985 508,106 485,466 429,492 427,694 398,259 397,085 394,874 368,657 352,373 350,328 341,392 334,984 326,653 312,589 309,349 309,019 288,103 288,026 284,441 283,666 276,236 272,728

Largest Sales USD

Security Name

Isuzu Motors Mitsubishi UFJ Financial Group Sumitomo Mitsui Financial Group Shin-Etsu Chemical Sekisui Chemical Shimadzu Daikyo GMO internet Toyota Motor Kubota Mitsui & Co SCSK Omron Bandai Namco Holdings Minebea Mitsumi Nidec Don Quijote Holdings Ajinomoto Nippon Telegraph & Telephone Fuji Electric Pola Orbis Holdings Shionogi & Co MS&AD Insurance Group Holdings Suzuki Motor SoftBank Group Hitachi Metals Taisei Capcom Toray Industries Keyence Koito Manufacturing Otsuka Dai-ichi Life Holdings Sony Penta-Ocean Construction Daikin Industries Fujitsu Yokogawa Electric Kao JFE Holdings Asahi Group Holdings Sundrug Komatsu Topcon Disco Sankyu Nitori Holdings

1,961,271 1,562,701 1,228,151 1,164,018 1,022,150 896,283 886,678 878,311 877,984 836,044 835,451 828,964 799,508 770,076 735,138 709,056 697,734 682,693 674,783 632,115 623,234 620,178 617,797 597,937 580,413 574,509 572,393 568,369 561,329 558,705 548,555 536,776 532,768 524,077 514,949 510,212 508,570 504,313 504,029 497,173 495,295 485,529 477,147 453,002 452,214 418,705 414,508

Schedule of Portfolio Changes 263

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL CAP EQUITY FUND

Security Name

Largest Purchases USD

Shima Seiki Manufacturing Ain Holdings Toyobo HIS PeptiDream BayCurrent Consulting Takeuchi Manufacturing Nachi-Fujikoshi RS Technologies Casio Computer Daiwabo Holdings Mirait Holdings Zenkoku Hosho FCC Sankyu Megachips SAMTY Nippon Gas Yamaichi Electronics IDOM Ulvac W-Scope Kumagai Gumi Dip Shoei Foods Syuppin Sanken Electric NTT Urban Development FP Outsourcing Ai Holdings Nippon Kodoshi Iriso Electronics Topcon Septeni Holdings Tokyo Tatemono Matsuoka N Field Like Nissei ASB Machine Fuji Oil Holdings Net Marketing Furuya Metal Ezaki Glico

19,798,598 19,588,851 16,802,472 15,478,639 15,133,915 15,005,998 14,214,142 14,108,594 14,106,618 13,777,671 13,567,379 13,203,989 13,067,753 12,677,177 12,046,409 11,434,725 11,188,972 10,077,786 10,011,837 9,546,119 9,163,590 8,940,936 8,854,611 8,828,039 8,336,890 8,148,980 8,083,135 8,033,526 7,837,867 7,645,647 7,509,848 7,302,866 7,082,126 7,034,601 6,875,972 6,794,890 6,681,255 6,599,161 6,142,007 6,109,714 6,039,053 5,996,201 5,916,133 5,875,971

264 Schedule of Portfolio Changes

Security Name

CareerIndex VT Holdings Takeuchi Manufacturing Iriso Electronics Ain Holdings Ezaki Glico Tomy Topcon Yamaichi Electronics JAC Recruitment Vector SAMTY Sac's Bar Holdings Matsuoka Ulvac Shima Seiki Manufacturing HIS FCC Nachi-Fujikoshi Furuya Metal Sanken Electric Daiseki Eco. Solution W-Scope Teikoku Electric Manufacturing

Largest Sales USD

10,525,329 9,448,652 9,134,312 8,963,621 8,937,059 8,891,088 6,799,308 5,822,120 5,740,011 5,259,966 5,178,438 5,160,519 3,025,881 3,007,473 2,957,870 2,940,270 2,811,882 2,328,033 2,164,838 1,854,927 1,618,652 1,593,236 1,525,597 1,342,418

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL CAP EQUITY FUND (continued)

Security Name

FULLCAST Holdings Fukushima Industries Mimaki Engineering Takeei Nihon Trim

Largest Purchases USD

5,841,088 5,506,196 5,425,682 5,259,271 5,228,621

Schedule of Portfolio Changes 265

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE JAPAN SMALL & MID CAP EQUITY FUND

Security Name

MSYS Holdings Yokogawa Electric Nihon Unisys Sumitomo Bakelite Union Tool Link And Motivation Yamaha Motor Mabuchi Motor Shimano Kenko Mayonnaise Bandai Nam Holdings Sankyu Asahi Group Holdings Tokyo Century SCSK Recruit Holdings Don Quijote Holdings Hoshizaki kabu.com Securities Yamaha Daikin Industries Kureha Suzuki Motor Hitachi Metals MCJ Morinaga & Co Sundrug HIS Capcom Tokyo Tatemono Minebea Mitsumi Fuji Electric

266 Schedule of Portfolio Changes

Largest Purchases USD

577,100 485,738 450,345 425,354 363,438 248,210 241,165 231,090 224,894 221,727 220,377 217,409 202,964 199,540 193,752 185,216 173,204 164,291 163,966 156,268 155,401 137,779 134,441 131,235 129,481 122,734 120,745 104,939 101,520 98,624 93,335 91,072

Security Name

Largest Sales USD

Isuzu Motors GMO internet Sekisui Chemical Otsuka Kubota Union Tool W-Scope Ferrotec Holdings Hitachi Metals Senko Group Holdings Glory Disco Daifuku Topcon Minebea Mitsumi Ai Holdings NTT Urban Development Kureha Casio mputer Daikyo Nichias SCSK Shimadzu

562,943 476,436 427,862 375,294 350,852 317,469 314,788 307,191 279,853 210,545 200,510 192,073 189,932 129,031 126,761 117,675 111,896 109,863 100,722 91,421 90,187 76,491 72,378

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA EQUITY FUND

Security Name

Ambev [ADR] Itau Unibanco Holding [ADR] Banco Bradesco [ADR] Vale [ADR] Lojas Renner [ADR] Petroleo Brasileiro [ADR] Cemex SAB de CV Mexichem SAB de CV Banco Santander Chile Localiza Rent a Car [ADR] Ecopetrol [ADR] Cia Brasileira de Distribuicao Lojas Americanas [ADR] Hapvida Participacoes e Investimentos Petroleo Brasileiro [ADR] B3 SA - Brasil Bolsa Balcao Suzano Papel E Celulose [ADR] Credicorp Alfa SAB de CV America Movil SAB de CV Bancolombia [ADR] Banco Santander Brasil [ADR] Embraer [ADR] Empresas COPEC [ADR] Fibra Uno Administracion SA de CV BR Malls Participacoes [ADR] Grupo Televisa SAB Fomento Economico Mexicano SAB de CV Gerdau [ADR] Wal-Mart de Mexico SAB de CV TIM Participacoes [ADR] Enel Americas [ADR] Grupo Financiero Galicia [ADR] Banco do Brasil [ADR] SACI Falabella Hypera [ADR]

Largest Purchases USD

3,602,972 3,143,945 2,809,175 2,094,122 2,080,670 1,877,667 1,820,603 1,681,931 1,512,000 1,463,242 1,462,492 1,388,308 1,341,373 1,339,170 1,221,844 1,200,920 1,162,893 1,137,215 1,135,961 1,074,024 1,020,670 1,014,605 997,559 990,121 956,818 909,432 868,039 835,185 830,079 793,628 673,764 637,209 596,214 594,890 590,916 560,011

Largest Sales USD

Security Name

Ambev [ADR] Banco Santander Brasil [ADR] Lojas Renner [ADR] Suzano Papel E Celulose [ADR] Grupo Mexico SAB de CV Cia Brasileira de Distribuicao [ADR] Cemex SAB de CV Loma Negra Cia Industrial [ADR] IRB Brasil Resseguros Petroleo Brasileiro SA [ADR] Petroleo Brasileiro [ADR] Mexichem SAB de CV Localiza Rent a Car [ADR] BRF [ADR] Ultrapar Participacoes [ADR] Banco do Brasil [ADR] Banco Santander Chile Bb Seguridade Participacoes Credicorp Grupo Televisa [ADR] Empresas CMPC [ADR] Vale [ADR] Fibria Celulose [ADR] Hapvida Participacoes e Investimentos Pagseguro Digital Rumo [ADR] Grupo Financiero Inbursa SAB de CV TIM Participacoes [ADR] Embraer [ADR] Itau Corpbanca Arca Continental SAB de CV Lojas Americanas [ADR] Hypera [ADR] Ecopetrol [ADR] Fibra Uno Administracion SA de CV Grupo Supervielle [ADR] Embotelladora Andina [ADR] America Movil SAB de CV Enel Americas [ADR] Kroton Educacional [ADR]

3,964,632 1,653,995 1,601,548 1,474,008 1,381,210 1,362,069 1,327,717 1,260,582 1,105,745 1,083,706 1,058,002 1,016,630 1,011,269 908,150 805,461 752,361 738,318 715,423 707,049 693,287 600,988 592,957 587,782 586,826 578,945 547,476 540,866 531,495 511,715 510,196 465,854 460,695 446,549 434,780 433,364 432,868 419,440 400,967 382,588 376,739

Schedule of Portfolio Changes 267

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE LATIN AMERICA SMALL & MID CAP EQUITY FUND

Security Name

Qualicorp Banco do Estado do Rio Grande do Sul (Preference) Grupo Cementos de Chihuahua SAB de CV Smiles Fidelidade Magazine Luiza Bolsas y Mercados Argentinos Guararapes Confeccoes Randon Implementos e Participacoes (Preference) Marcopolo (Preference) Corp Financiera Colombiana Banco ABC Brasil (Preference) CVC Brasil Operadora e Agencia de Viagens Valid Solucoes Grupo Aeroportuario del Centro Norte SAB de CV B2W Cia Digital Arezzo Industria e Comercio Banregio Grupo Financiero SAB de CV Fleury Banco do Estado do Rio Grande do Sul (Preference) Grupo Cementos de Chihuahua SAB de CV Smiles Fidelidade Magazine Luiza Bolsas y Mercados Argentinos

268 Schedule of Portfolio Changes

Largest Purchases USD

1,097,424 1,070,120 928,596 909,628 908,673 889,256 860,379 769,848 462,154 449,736 349,618 335,055 326,038 277,621 274,372 274,119 219,012 132,596 1,070,120 928,596 909,628 908,673 889,256

Security Name

Smiles Fidelidade Magazine Luiza Cia Hering Usinas Siderurgicas de Minas Gerais (Preference) Via Varejo Grupo Comercial Chedraui de CV EcoRodovias Infraestrutura e Logistica Alsea SAB de CV B2W Cia Digital CVC Brasil Operadora e Agencia de Viagens Instituto Hermes Pardini Sao Martinho Biotoscana Investments Industrias Bachoco SAB de CV Gentera SAB de CV Controladora Vuela Cia de Aviacion SAB de CV Bradespar (Preference) Banco ABC Brasil (Preference) Metalurgica Gerdau (Preference) Banco do Estado do Rio Grande do Sul (Preference) Iochpe Maxion Banregio Grupo Financiero SAB de CV Estacio Participacoes Fleury Guararapes Confeccoes Cia Paranaense de Energia (ADR) Parque Arauco

Largest Sales USD

2,283,514 2,232,429 893,597 833,775 829,708 731,096 698,077 586,251 516,295 450,916 396,723 396,030 386,543 378,122 370,247 367,347 357,263 349,871 347,494 346,470 255,484 230,858 213,596 205,641 196,533 188,143

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE STRATEGIC BOND FUND

Security Name

1.000% United States Treasury Note 30/06/2019 6.500% Kazakhstan 21/07/2045 10.500% Fidelity Bank 16/10/2022 8.500% Zambia 14/04/2024 7.250% Petra Diamonds US Treasury 05/01/2022 4.800% Vietnam 19/11/2024 7.500% Egypt 31/01/2027 5.375% SCF Capital Designated Activity 16/06/2023 5.625% Petroleos del Peru 19/06/2047 4.300% Pertamina Persero 20/05/2023 5.625% Brazil 21/02/2047 5.103% Qatar 23/04/2048 5.750% Sri Lanka 18/04/2023 7.143% Nigeria 23/02/2030 6.750% Senegal 13/03/2048 5.577% Egypt 21/02/2023 7.875% Ecuador 23/01/2028 3.240% Chile 02/06/2028 6.250% Cydsa SAB de CV 10/04/2027 4.000% Saudi Arabia 17/04/2025 4.500% Saudi Arabia 17/04/2030 6.125% Turkey 24/10/2028 7.625% Nigeria 28/11/2047 4.375% Russia 21/03/2029 4.700% Paraguay 27/03/2027 4.375% Guatemala 06/05/2027 4.375% Charming Light Investments 21/12/2027 6.200% Belarus 28/02/2030 6.500% Italy 11/01/2027

Largest Purchases USD

1,016,079 258,750 211,100 209,700 207,000 205,900 205,000 204,000 202,500 202,100 200,704 200,000 200,000 200,000 200,000 200,000 200,000 199,882 199,750 198,875 198,864 198,854 197,750 195,726 195,000 194,000

Largest Sales USD

Security Name

1.000% United States Treasury Note 30/06/2019 4.375% Charming Light Investments 21/12/2027 5.125% Poland 21/04/2021 2.000% United States Treasury Note 30/11/2022 6.500% Kazakhstan 21/07/2045 7.625% Belarus 29/06/2027 5.375% Hungary 21/02/2023 4.750% Russia 27/05/2026 6.375% Croatia 24/03/2021 5.000% Bank of China 13/11/2024 4.500% CNOOC Curtis Funding 10/03/2023 5.375% Evraz Group 20/03/2023 4.750% Corp Financiera de Desarrollo 02/08/2022 7.143% Nigeria 23/02/2030 5.625% Petroleos del Peru 19/06/2047 10.500% Fidelity Bank 16/10/2022 0.500% Germany 15/08/2027 4.800% Vietnam 19/11/2024 5.103% Qatar 18/04/2023 4.500% Saudi Arabia 18/04/2017

892,349 387,024 278,757 277,894 234,000 225,750 219,355 213,300 212,168 212,000 207,200 206,750 205,250 203,500 202,500 202,000 201,898 201,600 199,250 198,620

190,070 189,700 171,911

Schedule of Portfolio Changes 269

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND

Security Name

Largest Purchases USD

SPDR S&P 500 (ETF) (UCITS) Distributing Class Berkshire Hathaway Bank of America Intel PepsiCo Mastercard International Business Machines Walmart Bristol-Myers Squibb Comcast Lockheed Martin Walt Disney Activision Blizzard AbbVie Biogen Cognizant Technology Solutions Delta Air Lines Sysco Red Hat Fidelity National Information Services Western Digital Waste Management Huntington Ingalls Industries Marathon Petroleum Eastman Chemical Waters Ametek Caterpillar Avery Dennison Medtronic Palo Alto Networks Apple Zebra Technologies US Ban NXP Semiconductors NV Lam Research BlackRock

27,495,592 6,700,502 6,495,942 6,096,503 5,083,019 4,931,972 4,627,046 4,576,040 4,408,747 4,377,294 4,201,738 4,155,032 3,854,842 3,834,759 3,777,599 3,770,160 3,679,661 3,633,388 3,600,267 3,559,951 3,526,843 3,504,180 3,493,184 3,432,050 3,412,110 3,407,543 3,360,508 3,355,921 3,288,810 3,246,976 3,130,982 3,028,363 3,009,161 2,860,345 2,858,420 2,797,725 2,734,039

270 Schedule of Portfolio Changes

Security Name

SPDR S&P 500 (ETF) (UCITS) Distributing Class Intel Berkshire Hathaway International Business Machines Citigroup Merck & Co Eli Lilly & Co Broadcom Alphabet (Class C) Texas Instruments Caterpillar Valero Energy Lowe's Cos Fidelity National Information Services Lam Research Charter Communications General Dynamics Baxter International TJX Cos AT&T Exxon Mobil Medtronic Royal Caribbean Cruises FirstEnergy AvalonBay Communities Entergy T Mobile US NXP Semiconductors NV Carnival United Continental Holdings Essex Property Trust Apple Clorox Jefferies Financial Group Corning Dr Pepper Snapple Group Archer-Daniels-Midland Omnicom Group General Electric CSX International Paper Twenty-First Century Fox

Largest Sales USD

21,065,697 6,673,305 6,253,159 5,088,360 4,797,141 4,597,434 4,445,308 4,403,783 4,302,273 4,288,507 4,163,826 3,826,667 3,811,955 3,777,024 3,771,872 3,770,537 3,631,509 3,602,017 3,579,509 3,578,867 3,480,093 3,410,841 3,292,001 3,165,534 3,128,527 3,112,196 3,101,957 3,081,678 3,059,704 3,051,804 3,029,096 2,970,926 2,752,601 2,622,481 2,571,652 2,484,557 2,432,963 2,392,829 2,340,911 2,156,279 2,153,818 2,120,923

PineBridge Global Funds

Schedule of Portfolio Changes for the six month financial period ended 30 June 2018 (continued) PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND

Security Name

3.000% United States Treasury Bonds 15/02/2048 2.875% United States Treasury Bonds 15/05/2028 3.549% Mizuho Financial Group 03/05/2023 2.750% United States Treasury Bonds 15/11/2047 2.375% UnitedHealth Group 15/10/2022 3.191% Chevron 24/06/2023 2.650% IBM Credit 02/05/2021 2.950% Toyota Motor Credit 13/04/2021 3.235% Toyota Industries 16/03/2023 7.721% Telecom Italia Capital 06/04/2038 2.000% United States Treasury Note 31/01/2020 4.450% Citigroup 29/09/2027 6.250% HSBC Holdings (perpetual) 4.738% Sprint Spectrum 20/03/2025 4.125% Athene Holding 01/12/2028 3.100% BMW US Capital 04/12/2021 7.375% FirstEnergy 15/11/2031 2.342% GE Capital International Funding Unlimited 15/11/2020 4.900% Anheuser-Busch InBev Finance 02/01/2046 4.700% Hanwha Life Insurance 23/04/2048

Largest Purchases USD

3,024,931 2,531,298 1,399,794 1,359,461 1,346,646 1,191,426 1,171,426 1,144,356 1,086,000 1,056,125 996,289 968,657 870,000 848,000 769,440 713,437 713,375 667,760 657,474 644,000

Largest Sales USD

Security Name

4.400% Citigroup 06/10/2025 2.750% United States Treasury Note 15/08/2047 6.750% First Niagara Financial Group 19/03/2020 2.000% United States Treasury Note 31/01/2020 2.350% Intel 05/11/2022 2.125% United States Treasury Note 30/11/2024 3.875% American International Group 15/01/2035 4.282% Credit Suisse Group 01/09/2028 3.750% Apple 13/11/2047 1.991% Chevron 03/03/2020 2.273% Mizuho Financial Group 13/09/2021 4.750% Mexico 03/08/2044 4.625% JPMorgan Chase & Co (perpetual) 1.700% Toyota Motor Credit 01/09/2019 1.750% United States Treasury Note 15/11/2020 2.000% United States Treasury Note 30/11/2022 3.102% Sumitomo Mitsui Financial Group 17/01/2023 2.300% Metropolitan Life Global Funding I 04/10/2019 1.650% Walt Disney 01/08/2019 5.050% SunTrust Banks (perpetual)

1,204,497 1,177,830 1,165,127 995,246 913,256 865,431 839,393 834,260 766,433 763,987 758,824 701,423 682,500 642,667 639,260 631,635 625,456 613,469 608,782 607,912

Schedule of Portfolio Changes 271

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About PineBridge Investments

PineBridge Investments is a global asset manager with experience in emerging and developed markets, and investment capabilities in multi-asset, fixed income, equities and alternatives. Our firm is differentiated by the integration of on-the-ground investment teams, providing investors with the combined benefits of global fundamental perspectives and analytical insights. We have a global client base that includes institutions, insurance companies, and intermediaries.