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PineBridge Global Funds Annual Report & Audited Financial Statements 31 December 2020
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PineBridge Global FundsAnnual Report & Audited Financial Statements

31 December 2020

PineBridge Global Funds

Contents Page

Organisation 2

Background to the Fund 4

Investment Manager’s Report 7

Statement of Manager’s Responsibilities 48

Depositary’s Report 49

Independent Auditors’ Report 50

Schedule of Investments 52

Statement of Comprehensive Income 220

Statement of Financial Position 228

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 236

Statement of Changes in Equity 243

Notes to the Financial Statements 244

Schedule of Portfolio Changes (Unaudited) 302

Remuneration Disclosure (Unaudited) 330

Appendix I - Securities Financing Transactions Regulation Disclosure 331

Appendix II - Transactions with Connected Persons for the Funds distributed in Hong Kong 333

1

Manager and GlobalDistributor:

PineBridge Investments Ireland LimitedThe Observatory Building – 4th Floor7-11 Sir John Rogerson’s QuayDublin 2D02 VC42Ireland

Directors of the Manager: Éilish Finan*** (Irish) (Chairperson) (appointed 30 October 2020)Eimear Cowhey*** (Irish)Roman Hackelsberger** (German)Michael Karpik** (American)Klaus Schuster** (German)Michael Sweeney* (Irish)Kamala Anantharam* (American) (resigned 29 May 2020)Linda O’Leary* (Irish) (resigned 1 March 2020)Adrian Waters*** (Irish) (Chairman up to resignation on 30 September 2020)*Executive Directors**Non-executive Directors***Independent and non-executive Directors

Investment Managers: PineBridge Investments Asia LimitedLevel 31, Three Pacific Place1 Queens Road EastHong Kong

PineBridge Investments Singapore LimitedOne George Street1 George StreetUnit 21-06Singapore

PineBridge Investments Japan Co., LimitedJA Building, 3-1Otemachi 1-chomeChiyoda-kuTokyo 100-6813Japan

PineBridge Investments Europe Limited6th Floor Exchequer Court33 St. Mary AxeLondon EC3A 8AAUnited Kingdom

PineBridge Investments LLC399 Park Avenue, 4th FloorNew YorkNY 10022USA

Investment Advisor: Huatai-PineBridge Fund Management Co., LtdTower 1 ZendaiWudaokou Plaza 1199Minsheng Road Pudong Shanghai200135China

Trustee and Depositary: State Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2D02 HD32Ireland

PineBridge Global Funds

Organisation

Organisation 2

Administrative Agent: State Street Fund Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2D02 HD32Ireland

Hong Kong Representative: PineBridge Investments Asia LimitedLevel 31, Three Pacific Place1 Queens Road EastHong Kong

Switzerland Representativeand Paying Agent: State Street Bank International

GmbH Munich, Zurich BranchBeethovenstrasse 19, CH - 8027ZurichSwitzerland

German Paying/Information Agent: BHF – BANK AG

Agent: Bockenheimer Landstrasse 1060323 Frankfurt am MainGermany

Independent Auditors: PricewaterhouseCoopersOne Spencer DockNorth Wall QuayD01 X9R7Dublin 1Ireland

Company Secretary: PineBridge Investments Ireland LimitedThe Observatory Building - 4th Floor7-11 Sir John Rogerson’s QuayDublin 2D02 VC42Ireland

Legal Advisers: IrelandArthur Cox10 Earlsfort TerraceDublin 2D02 T380Ireland

Hong KongDeacons5th FloorAlexandra House18 Chater RoadCentral Hong Kong

PineBridge Global Funds

Organisation (continued)

3 Organisation

The following information is derived from and should be read in conjunction with the full text and interpretation sectionof 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 intransferable securities pursuant to Irish Statute comprising the Unit Trusts Act, 1990 (the �Act�) and the EuropeanCommunities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2019 (as amended) (the�UCITS Regulations�), and under The Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1) (UndertakingsFor Collective Investment In Transferable Securities)) Regulations 2019 (the �Central Bank’s UCITS Regulations�), andauthorised on 4 March 2005 by the Central Bank of Ireland (the �Central Bank�).

The Fund is composed of the following active Sub-Funds (each a �Sub-Fund� and together the �Sub-Funds�) at31 December 2020.

• PineBridge Asia Dynamic Asset Allocation Fund**†

• PineBridge Asia ex Japan Equity Fund***†‡

• PineBridge Asia ex Japan Small Cap Equity Fund**†‡

• PineBridge Asia Pacific Investment Grade BondFund**†

• PineBridge China A-Shares Quantitative Fund**±

• PineBridge Emerging Europe Equity Fund*†‡

• PineBridge Europe Research Enhanced Equity Fund*†‡

• PineBridge Europe Small Cap Equity Fund*†‡

• PineBridge Global Bond Fund*†‡

• PineBridge Global Dynamic Asset Allocation Fund*†‡

• PineBridge Global Dynamic Preservation Plus Fund*±1

• PineBridge Global Emerging Markets Bond Fund*†‡

• PineBridge Global Emerging Markets Corporate BondFund*†‡

• PineBridge Global Emerging Markets Focus EquityFund*†

• PineBridge Global Emerging Markets Local CurrencyBond Fund*†

• PineBridge Global Focus Equity Fund*†

• PineBridge Global Strategic Income Fund*†

• PineBridge Greater China Equity Fund**†‡

• PineBridge India Equity Fund***†‡

• PineBridge Japan Equity Fund**†‡

• PineBridge Japan Small Cap Equity Fund**±‡

• PineBridge Latin America Equity Fund*†‡

• PineBridge US Large Cap Research Enhanced Fund*†‡

• PineBridge US Research Enhanced Core EquityFund*†‡

• PineBridge USD High Yield Bond Fund*±2

• PineBridge USD Investment Grade Credit Fund*†‡

The Transfer Agent dealing cut off is 12.00 noon GMT on Valuation Day for all Sub-Funds.

*Trade receipt deadline 4.00pm GMT on Valuation Day, 31 December 2020 for the Annual Accounts.

**Trade receipt deadline 9.00am GMT on Valuation Day, 31 December 2020 for the Annual Accounts.

***Trade receipt deadline 11.30am GMT on Valuation Day, 31 December 2020 for the 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-Funds 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 areavailable from the office of the German Paying/Information Agent.

1PineBridge Global Dynamic Preservation Plus Fund launched 24 June 2020.

2PineBridge USD High Yield Bond Fund launched 2 October 2020.

Each of the Sub-Funds which are registered with the Securities and Futures Commission (the �SFC�) in Hong Kong areregulated under an equivalent jurisdiction in the form of the UCITS Regulations. While the SFC recognises that annualreports of recognised jurisdiction schemes will vary in content, annual reports are expected to offer investorscomparable disclosure.

PineBridge Global Funds

Background to the Fund

Background to the Fund 4

PineBridge Investments Ireland Limited (the �Manager�) may create additional Sub-Funds, with the prior approval of theCentral Bank and the Trustee. Each Sub-Fund will bear its own liabilities and shall not bear the liabilities of any otherSub-Funds.

The Prospectus, KIIDs, the unaudited semi-annual report and the annual report and audited financial statements as wellas a listing of the schedule of portfolio changes during the financial year under review can be obtained free of chargefrom the Manager at the address 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 therelevant Sub-Fund as set out in the Prospectus and outlined in each Investment Manager’s Report. Material changes tothe investment objectives of each Sub-Fund will not be made without unitholder approval and in the event of any suchchange, 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 therelevant Sub-Fund less its liabilities to include at the discretion of the Manager, a provision for duties and charges, by thenumber of units then outstanding. The value of the underlying assets is adjusted for accrued income and liabilitiesexcluding management fees, unitholder servicing and maintenance fees (as appropriate) and other Class specificcharges, where applicable. It is then allocated between the various Classes based on their pro rata closing NAVs as of theprevious Dealing Day. Where applicable, Class currency hedging impact is applied to the relevant unit Class. Themanagement fee, the unitholder servicing and maintenance fee (as appropriate) and other Class specific charges arethen applied to each Class.

The NAV of each Sub-Fund is calculated in the Functional Currency of that Sub-Fund. For Sub-Funds with Classesdenominated in a currency other than the Functional Currency, the NAV of such Classes is translated to the relevantSub-Fund currency. The NAV per unit for each class is available on www.pinebridge.com.

Irish Funds Corporate Governance Code

The Irish Funds (�IF�), in association with the Central Bank has published a corporate governance code (the �Code�) to beadopted by Irish authorised collective investment schemes. The Board of Directors of the Manager voluntarily adoptedthe code effective from 31 December 2012 and is in full compliance with the Code.

Significant Events During the Financial Year

Beginning in January 2020, global financial markets have experienced and may continue to experience significantvolatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted intravel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general marketuncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies ofcertain nations and individual issuers, all of which may negatively impact the PineBridge Global Funds’ performance.The Board continues to monitor and receive regular updates on the situation. As at 31 December 2020, to our knowledge,the impact of COVID-19 has not affected the Investment Managers ability to execute the investment strategy of theSub-Funds, nor has there been interruption to key service providers engaged by the Fund.

The UK officially withdrew from the EU on 31 January 2020 with the EU and the UK agreeing a Trade and Co-operationAgreement (excluding financial services) in December 2020. The departure of the UK from the EU has led to political andeconomic instability and volatility in the financial markets of the UK and Europe. It has also led to a weakening inconsumer, corporate and financial confidence. There remains a number of uncertainties in connection with the future ofthe UK and its relationship with the EU and both are likely to continue to negotiate trading or other agreements for anumber of years.

PineBridge Global Funds

Background to the Fund (continued)

5 Background to the Fund

Significant Events During the Financial Year

While the Brexit Deal has now been agreed, there may still be continuing uncertainty and periods of exacerbated volatilityin both the UK and in wider European markets. Currency volatility resulting from this uncertainty may mean that thereturns of the Funds and their investments are adversely affected by market movements, potential decline in the value ofthe British Pound and/or Euro, and any downgrading of UK sovereign credit rating.

Linda O’Leary resigned as a Director on 1 March 2020.

Kamala Anantharam resigned as a Director on 29 May 2020.

Adrian Waters resigned as a Director and Chairman on 30 September 2020.

Éilish Finan was appointed as a Director and Chairperson on 30 October 2020.

Please see Note 11 for details of Sub-Fund and share class launches and terminations during the financial year.

There have been no other significant events affecting the Fund during the financial year.

Significant Events Since the Financial Year End

The most recent Prospectus of the Fund was issued on 4 March 2021.

There have been no other significant events affecting the Fund since the financial year.

PineBridge Global Funds

Background to the Fund (continued)

Background to the Fund 6

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND

Portfolio Objective

PineBridge Asia Dynamic Asset Allocation Fund seeks long-term capital appreciation by identifying new and changingeconomic and investment trends and investing primarily in the Asia Pacific Region by taking a forward view offundamental economic and market conditions across the region.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Asia Dynamic Asset Allocation Fund Class “L” returned26.32%. Over the same period, the Fund’s benchmark index, a blended index of 60% of the MSCI All Country Asiaex-Japan Daily Total Return Index and 40% of the JACI Composite Total Return Index returned 17.63%.

Portfolio Overview

In December, equity markets and Asian risk assets continued rising on an upward trajectory, ending the year positive at25.02% YTD mostly due to the performance of South Korea, Taiwan and China Equities. There was a consistent rallyacross Asia in Q4, with the MSCI APAC ex Japan closing at an all-time high in over three decades. South Korean equitiesoutperformed the market due to optimistic outlook on COVID-19 vaccine progress; Taiwan equities due to stay at homestrategies leading to resiliency in tech demand, while China equities continued its rally in December, in a year of solideconomic recovery, with consumer staples and healthcare sectors both outperforming. In contrast, Asian Fixed Incomedelivered a performance of 6.33%, major positive contributors were from China Bonds, Indonesia Bonds, and SouthKorea Bonds from the JP Morgan Asia Credit Index (JACI) Composite Total Return (Source: 60% MSCI AC Asia ex Japan(Net) + 40% JACI Composite Total Return).

With risks dynamically managed in 2020, the Fund outperformed its 60/40 risk budget both on a gross and net basis. Withthe Fund’s equity holdings, our positions in South Korea equities, Chinese equities and India equities were amongst thetop contributors, whilst our positions in Irish equities, Thai equities and Indonesian equities detracted from performance.Within our fixed income holdings, our positions in China bonds, South Korea bonds, and US bonds were amongst the topcontributors, whilst our positions in Australia bonds, Hong Kong bonds, and Indonesian bonds detracted fromperformance.

Portfolio Outlook

The team maintains a constructive outlook on risk, maintaining a Risk Dial Score of 2.3. Equities continue to be the mostattractive asset class on our Capital Market Line despite lower expected returns as a result of the recent rally in globalequity markets. Within equities, we continue to favor a tilt toward cyclical exposures that have the potential to experiencethe biggest delta in cash flows, while also including secular growers and avoiding defensive segments. In credit, theteam maintains a positive outlook on emerging market (EM) sovereign hard currency as well as EM corporate credit.Asian investment grade credits also have strong fundamentals.

PineBridge Investments Asia Ltd.January 2021

PineBridge Global Funds

Investment Manager’s Report

7 Investment Manager’s Report

PINEBRIDGE ASIA EX JAPAN EQUITY FUND

Portfolio Objective

PineBridge Asia ex Japan Equity Fund seeks long-term capital appreciation by investing in equity and equity relatedsecurities of companies whose assets, product or operations are in the Asian Region. The Sub-Fund may also, to a lesserextent, invest in equity-related securities of companies whose assets, products or operations are in Australia and NewZealand.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Asia ex-Japan Equity Fund Class “A”, “L” and “Y” returned44.24%, 45.04% and 45.41% respectively. Over the same period, the benchmark index, MSCI All Country Asia ex JapanDaily Total Return Net (USD) returned 25.02%. For the period 5 October to 31 December 2020, the PineBridge Asiaex-Japan Equity Fund Class “C” returned 22.57%. Over the same period, the benchmark index, MSCI All Country Asia exJapan Daily Total Return Net (USD) returned 17.43%.

Portfolio Overview

Asian equities ended 2020 on a solid note despite the slumped growth and earnings which were at depressed levels.Investor sentiment on equities was high early in the year before it was jolted by COVID-19 and the oil price war. In 2020 wehave witnessed several market movements, from the fastest bear market to the sharpest rally, from a deep recession toa V-shaped recovery, from the onset of a worldwide pandemic to the development of multiple vaccines in record time.Major central banks globally had provided a backstop with continued asset purchases. The region advanced more than25% primarily driven by North Asia, the technology exporter Korea and Taiwan were the brightest spots in the region, aswell as China which had relatively better control of pandemic and only country in the region with positive GDP growth in2020. 2020 had been a disappointing year for ASEAN chiefly due to weak control of COVID-19 and political uncertainties.

Portfolio Outlook

Export-led recovery coming alongside rapid spending on digitalization has helped the majority of the Asian economies tooffset the impact of COVID-19. The Asian economies are set up for a sharp rebound in 2021, supported by the loose USand domestic monetary policy and a recovery in global trade. Coming into 2021, we continue to expect volatility in theAsian equity markets. We maintain our positive stance in Korea as it is in an economic sweet spot, benefiting from therevival of global trade, booming global auto and an upswing in technology spending, while valuations remain compelling.We remain cautious on Malaysia as political risk continues to linger and valuations are not attractive.

PineBridge Investments Asia Ltd.January 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 8

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND

Portfolio Objective

PineBridge Asia ex Japan Small Cap Equity Fund seeks long-term capital appreciation by investing in smaller tomedium-sized companies in the Asian Region, i.e. companies whose assets, products or operations are in the AsianRegion. In practice, at least 50% of the Sub-Fund’s investment will be in companies whose free float adjusted marketcapitalisation at the time of purchase is less than USD$1.5 billion.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Asia ex Japan Small Cap Equity Fund Class “A”, “A5CP”, “Y”,“A12”, “A5”, “R”, “R1”, “R1H”, “R2HD”, “Y1H”, “Y2”, “Y2HD” and “YD” returned 23.49%, 21.55%, 24.48%, 8.24%, 21.19%,24.61%, 13.55%, 21.97%, 21.74%, 21.86%, 19.77%, 21.63% and 24.48% respectively. Over the same period, the benchmarkindex, MSCI All Country Asia Pacific ex Japan Small Cap Daily Total Return Net Index (USD), (SGD), (SEK), (EUR)and(GBP) returned 25.99%, 23.84%, 10.54%, 15.59% and 22.10% respectively.

For the period 5 October 2020 to 31 December 2020, the PineBridge Asia ex Japan Small Cap Equity Fund Class “C”,“R2D”, “SR”, “SR1”, “SR1H”, respectively returned 14.72%, 8.90%, 15.14%, 9.78% and 14.73%. Over the same period, thebenchmark index, MSCI All Country Asia Pacific ex Japan Small Cap Daily Total Return Net Index returned (USD) 18.73%,(GBP) 12.72% and (EUR) 14.43%. For the period 25 August 2020 to 31 December 2020, the PineBridge Asia ex Japan SmallCap Equity Fund Class “R2”, returned 7.54%. Over the same period, the benchmark index, MSCI All Country Asia Pacificex Japan Small Cap Daily Total Return Net Index (GBP) returned 14.52%. For the period 3 September 2020 to31 December 2020, the PineBridge Asia ex Japan Small Cap Equity Fund Class “Y1D” returned 7.71%. Over the sameperiod, the benchmark index, MSCI All Country Asia Pacific ex Japan Small Cap Daily Total Return Net Index (EUR)returned 13.08%. For the period 10 January 2020 to 31 December 2020, the PineBridge Asia ex Japan Small Cap EquityFund Class “SR2D”, and “SR2DH” returned 17.66% and 20.28%. Over the same period, the benchmark index, MSCI AllCountry Asia Pacific ex Japan Small Cap Daily Total Return Net Index (GBP) returned 19.67%.

Portfolio Overview

The strong equity market performance can be attributed to a mixture of excess liquidity, expectations of a post COVIDeconomic rebound, and the acceleration of structural trends perceived to benefit a large basket of stocks. Countries witha higher exposure towards the technology sector, namely South Korea, China outperformed the market, while countrieswith higher cyclicals exposure, such as Association of Southeast Asian Nations (ASEAN) lagged the rest of the region inperformance.

By sector, the Fund’s stock selection in the industrials sector and underweight in the real estate sector helpedperformance. The tech sector detracted due to stock selection. Materials sector detracted from both our underweight,and stock selection as our exposure in the sector was geared towards building materials stock which rose by less thanmetals and mining stocks we did not own.

By country, Korea was the largest detractor given our underweight, followed by China due to our stock selection. Indiacontributed positively due to our stock selection, and Singapore due to our underweight.

By stock, Divi’s Laboratories was the largest contributor to performance as the company continuously beat earningsexpectations, driven by strong API demand in the year as customers moved to secure supply to minimize the impact ofsupply chain disruptions, and the structural tailwinds of outsourcing continued to play out. Largan was the largestdetractor due to revenue slowdown driven by lower orders from Huawei.

PineBridge Global Funds

Investment Manager’s Report (continued)

9 Investment Manager’s Report

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued)

Portfolio Outlook

The strong performance of markets in 2020 was fueled by ample liquidity driven by policy easing and the prospects of apost COVID economic rebound. 2020 was also a year marketed by increase adoption of the internet economy, and theapplications and infrastructure to support it. This drove strong broad-based gains and valuation re-rates in large basketsof companies perceived to benefit from this trend. The tailwinds to markets from these factors should continue althoughin a more uneven manner to stocks given heightened valuations in markets. With social distancing, the economies mayfind the recovery to be delayed. Thus, we remain cautious and will take the opportunity to purchase quality companiesthat have been sold down in this pandemic.

PineBridge Investments Asia Ltd.January 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 10

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND

Portfolio Objective

The investment objective of PineBridge Asia Pacific Investment Grade Bond Fund is to provide investors with stablereturn and long-term capital growth through investment in a wide range of investment grade debt securities within theAsia Pacific Region.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Asia Pacific Investment Grade Bond Fund Class “X” and “Y”returned 7.76% and 7.33%. Over the same period, the benchmark index, the JP Morgan Asia Credit (JACI) InvestmentGrade Total Return returned 6.86%.

For the periods 17 November 2020 to 31 December 2020, the PineBridge Asia Pacific Investment Grade Bond Fund Class“A”, returned 1.00%. Over the same period, the benchmark index, the JP Morgan Asia Credit (JACI) Investment GradeTotal Return (USD) returned 0.58%.

For the periods 14 April 2020 to 31 December 2020, the PineBridge Asia Pacific Investment Grade Bond Fund Class“A5HD”, returned 10.39%. Over the same period, the benchmark index, the JP Morgan Asia Credit (JACI) InvestmentGrade Total Return (SGD) returned 0.61%.

For the periods 24 November 2020 to 31 December, the PineBridge Asia Pacific Investment Grade Bond Fund Class “R”returned 0.94%. Over the same period, the benchmark index, the JP Morgan Asia Credit (JACI) Investment Grade TotalReturn (USD) returned 0.39%.

For the periods 16 April 2020 to 31 December 2020, the PineBridge Asia Pacific Investment Grade Bond Fund Class “YD”returned 10.06%. Over the same period, the benchmark index, the JP Morgan Asia Credit (JACI) Investment Grade TotalReturn (USD) returned 7.12%.

Portfolio Overview

The investment grade Asian fixed income market had a strong year in 2020. After a selloff in the first quarter driven by thegrowing realisation of the major global extent of the pandemic, the market quickly recovered its losses. It is to be notedhowever that the Asian IG’s market selloff was much less pronounced than some other similar markets.

The recovery was driven by spectacular monetary policy support announcements, relatively better virus containment inlarge parts of Asia and a compelling investment thesis for a market presenting stable fundamentals, attractivevaluations and persistently strong technicals.

The Fund outperformed the market. The outperformance was driven primarily by our credit selection and creditallocation, and to a lesser extent, duration management. Within credit, our security selection within China, Hong Kong,Philippines were primary contributors. Our allocation to some Australian and Japanese issuers also helpedperformance. This was partially offset by our defensive positioning within India and Indonesia.

Portfolio Outlook

The Asian investment grade market should continue to be well supported, driven by the relatively stronger economicoutlook and the persistently accommodative monetary policy stance. As a result, we expect credit spreads will have atightening bias, with the exception of issuers impacted by the US executive order and COVID hit economic sectors. Wehave however turned more cautious on duration risk as the expected economic recovery and (to a lesser extent) heavy UStreasury supply should weigh on treasury yields.

PineBridge Global Funds

Investment Manager’s Report (continued)

11 Investment Manager’s Report

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued)

Portfolio Outlook (continued)

Within Asia, we expect a broad economic recovery to take shape this year, particularly in countries such as China,Singapore, Korea and Thailand.

PineBridge Investments Asia Ltd./PineBridge Investments Singapore Ltd.January 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 12

PINEBRIDGE CHINA A-SHARES QUANTITATIVE FUND

Portfolio Objective

The portfolio objective of PineBridge China A-Shares Quantitative Fund seeks to provide long-term capital growth byprimarily investing mainly in equity and equity-related securities of companies listed on stock exchanges in the People’sRepublic of China (�PRC�) or related to the economic development and growth of PRC.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge China-A Shares Quantitative Fund Class “X”, “Y11D” and “Z”returned 32.62%, 23.28% and 32.95% respectively. Over the same period, the benchmark index, the MSCI China AInternational Total Return Net Index (USD) and (CNH) returned 42.00% and 32.45% respectively.

Portfolio Overview

The China A-Shares market closed higher in December, reaching a two-year high. In the second half of 2020, the SSE50 Index was up 23.74%, the CSI 300 gained 25.15%, and the CSI 500 and CSI 1000 rose 8.57% and 5.17%, respectively.The ChiNext Index continued to rally in the second half of 2020, gaining 21.66%; its year-to-date return is 64.96%. Despiteexternal disruptions by the COVID-19 pandemic, the strong market performance was supported by continued economicrecovery in China and a stable government policy direction.

In the second half of 2020, the Fund underperformed (gross and net of fees) its benchmark, the MSCI China AInternational Total Return Net Index. The weak performance of value and small and mid-cap stocks weighed on relativeperformance. Growth related factors delivered a strong performance during this period, which helped to boost theperformance of the alpha model.

Portfolio Outlook

In 2020, the A-Shares stock market can be identified as a COVID-19 pandemic driven and a liquidity driven market. In2020, the PBoC had taken a series of actions to support sectors hit hard by the pandemic, as well as small & microenterprises. As China’s economic growth stabilized in the 2nd quarter of 2020 and continued to pick up, the monetarypolicy marginally tightened since late May. We expect that these policies may gradually exit in 2021. Also, as the vaccineroll-out progress accelerated, the outlook for global economic recovery brightened. As a result, we think that the equitymarket in 2021 may gradually come back to normal.

Meanwhile, investor focus may come back to company fundamentals and a search for structural opportunities in 2021.After a strong gain in A-Shares last year, the valuation of some sectors has been already very high. Investors may seekalpha in other sectors with relatively reasonable valuation. Thus, we think the performance of valuation factor may pickup and return to its historical average level after two years of drawdown.

From an alpha perspective, growth related factor groups and price momentum factor were the best performing factorsin 2020. This year’s pandemic initially boosted the premium of these growth sectors like technology and health carefirms. Investors were willing to pay more premium as lockdowns shuttered most of the economy, and these sectorsbenefited from the pandemic. Value stocks have had their worst performance since 2017 in A-Shares, with spreadsbetween growth and value going to extreme widening in 2020. December closed the year with strong price momentum,and the long-suffered value recovery faded again after shining a little in November. However, we still believe theperformance of value will recover and perform well in 2021 as the vaccine will drive economic growth and global recoveryin 2021; value and cyclical stocks will likely outperform.

From a portfolio management perspective, we recently raised a value factor weight in the alpha model and also adjustedportfolio exposure to cyclical sectors; we think once investor focus returns back to basic fundamentals and risk appetitebecomes normalized, the performance of the fundamental-based factor model will pick up.

PineBridge Investments Asia Ltd.January 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

13 Investment Manager’s Report

PINEBRIDGE EMERGING EUROPE EQUITY FUND

Portfolio Objective

PineBridge Emerging Europe Equity Fund seeks to achieve a superior rate of return by making equity and equity-relatedinvestments with superior growth potential primarily in the emerging European markets. The Fund is designed to enableinvestors to participate in the high rates of growth generated by these events.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Emerging Europe Equity Fund Class “A” and “Y” returned(12.93%) and (12.23%) respectively. Over the same period, the benchmark index, the MSCI Emerging Markets Europe10/40 Equity Daily Total Return Net Index (USD) returned (11.86%).

Portfolio Overview

Emerging Europe Markets began 2020 with an improving economic outlook. However, a sudden and broad accelerationof the pandemic derailed most projections and forced the region to adapt. One of the outcomes of this process wassignificant increase in demand for products and services that enabled people and businesses to function in a newlyremote mode. There was a pick-up of online commerce, video conferencing, sales of personal electronic equipment, aswell as sales of anti-viral implements, ranging from face masks to advanced medical equipment. After an almost 47%plunge in March of 2020, the MSCI EM Europe 10-40 Index began a recovery, but still finished the year down 11.86%.Initially the market’s rise was led by materials and consumer staples. The former were helped by the weakening USdollar; the latter were the beneficiaries of the decline in restaurant demand and a switch to in-home dining. Later in theyear the market was led by financials, energy and materials due to the expectations that the economic activity willrebound once vaccines have been launched. All this was coupled with the increasingly accommodating monetary andfiscal policies in many countries, and the global economic stimulus exceeding $20trn. In the second half of the year MSCIEM Europe 10-40 Index rallied 16.3% but still finished the year down -11.86% and lagged MSCI GEM Equities Index whichreturned +18.31%. 2020 saw greater adoption of ESG principles by an increasing number of corporates. In addition todividends and independent board directors, more companies are gradually engaging in environmentally and sociallyconscious behavior and are becoming more consistent in communicating their ESG attributes to the shareholders.Investors, in turn, are adding greater weight to ESG considerations in their decision-making. Of note is that dividendpayouts have risen in emerging Europe companies. MSCI EM Europe 10-40 Index’ 3.78% dividend yield is well above thatof MSCI GEM Index’s 1.66% yield. Such disciplined return of capital to shareholders is likely to continue.

The Fund exceeded its benchmark, the MSCI EM Europe 10-40 Index, gross of fees but trailed net of fees, during theannual reporting period ending December 31, 2020. Relative performance was helped by positive stock selection andallocation effect. The strongest contributors to the relative performance were in the financials and industrials. Thelargest detracting sectors from relative Fund performance were energy and information technology. Geographically, keydrivers of relative returns were in Poland, and laggards in Russia.

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 14

PINEBRIDGE EMERGING EUROPE EQUITY FUND (continued)

Portfolio Outlook

Looking ahead to 2021, the outlook for emerging Europe is positive. The corporate world has adapted well to the newenvironment, balance sheets are very strong, and there is a lot of pent-up demand for capex and consumer spending.Government policies are generally supportive of business growth. Key risks are slower than projected vaccine rollout,the emergence of vaccine-resistant strains of COVID and tensions with Russia. Reform processes have slowed in someemerging Europe countries, although this may be due to the focus on COVID containment measures. The portfolio isinvested in thirty two companies with strong management, governance and business models mainly in energy, financialsand materials sectors. Due to the markets’ rally valuations have risen, but they are well supported by a positive earningsoutlook. Even after the rally we are able to find suitable investment candidates. The team continues to identify companiesthat are best positioned to succeed in the current economic environment and are mispriced relative to their investmentcharacteristics. We seek to construct style-neutral, high-conviction differentiated portfolios of companies whosebusiness success is driven by unique competitive attributes and who have strong ESG characteristics. Sectorally, ourlargest current overweights are in financials, consumer staples and materials, while we are most underweight healthcare, utilities and communication services.

PineBridge Investments Europe Ltd./PineBridge Investments LLCJanuary 2021

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PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY FUND

Portfolio Objective

PineBridge Europe Research Enhanced Equity Fund seeks to achieve a superior rate of return by making equity andequity-related investments in companies whose assets, products or operations are located in Europe. Up to 10% of thevalue of the Fund may be invested in other companies which are listed on a European Recognised Stock Exchange.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Europe Research Enhanced Equity Fund Class “A”, “L” and“Y” returned 3.38%, 3.95% and 4.22% respectively. Over the same period, the benchmark index, the MSCI Europe DailyTotal Return Net Index (USD) returned 5.38%.

Portfolio Overview

An orderly Brexit helped to prevent further volatility within European equities, but global coronavirus fears destabilizedthe market over the course of January and wiped away early 2020 gains. While a temporal escalation of tension betweenthe U.S. and Iran had a minimal impact on the European equity markets, the growing fear of coronavirus outbreak inChina in the second half of January. Sharp de-risking defined the month of January as European equities sold off withglobal equities amidst the global coronavirus pandemic. European markets had a positive April on the hope that theglobal coronavirus pandemic was slowing in many European countries including the worst hit like Italy. The situations inEurope saw mild improvement as spread slowed while the US followed shortly with its own relative flattening of the viruscurves. With governments around the world pledging to combat economic slowdown with whatever tools are available,markets are optimistic that this support will help to stem the negative effects of the global coronavirus shutdowns. InEurope, the European Central bank (ECB) moved to help maintain access to liquidity. While the oil market reached crisislevels of volatility where futures temporarily dipped into negative territory, the effect on European equities wassomewhat muted. European markets, along with other global equities, were resilient in the month of June which sawspiking COVID-19 cases in some areas and geopolitical tensions. While there were pockets of coronavirus case spikesseen in the US, Europe was largely considered to be under control despite areas of the region phasing in re-openings ofbusinesses. The ECB was active in June with further easing actions to help support growth with the Bank of England alsofollowing suit by delivering on more asset purchases over the month. The major outstanding pieces affecting theEuropean landscape remain the outcome of Brexit deal and the development, approval, and distribution of the vaccinefor COVID-19. While cases continue to rise and certain European countries have continued to put in place stricterlockdown measures, a vaccine could mean the end of lockdowns and a return to normal for many Eurozone areas.Increased chances of a Brexit outcome fairly soon have also given rise to optimism for European equities.

During the period, the Fund outperformed the MSCI Europe Daily Total Return Net Index, on a gross basis. During theperiod, the strongest contributors to relative performance were in the information technology and utilities sectors. Thelargest detracting sector from relative performance was the consumer discretionary sector. The exceptional growthcategorization was the top performing growth category exhibiting strong stock selection while the high stable growthcategorization was the worst performing.

Portfolio Outlook

2020 marked a tremendous year of volatility as the coronavirus became a global pandemic and countries issuedlockdowns, impacting economies across the world. Despite the pandemic, equity markets were resilient and rallied to afairly significant gain to end the year on positivity for the vaccine rollout as well as a more stable political environment.Agreement on a post-Brexit deal brings a level of stability to the Eurozone region that has been in a state of uncertaintywith Brexit negotiations ongoing. As seen in the UK’s nationwide lockdown, the situation in Europe remains tenuous asvaccines begin rolling out with concerns of new strains of COVID-19 developing.

PineBridge Investments Europe Ltd./PineBridge Investments LLCJanuary 2021

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PINEBRIDGE EUROPE SMALL CAP EQUITY FUND

Portfolio Objective

PineBridge Europe Small Cap Equity Fund seeks to achieve a high rate of return by making equity and equity-relatedinvestments in small companies, whose assets, products or operations are in Europe.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Europe Small Cap Equity Fund Class “A1”, “Y” and “Y1”returned 1.18%, 11.17% and 1.98% respectively. Over the same period, the benchmark index, EMIX Smaller EuropeanCompanies Total Return Net Index (EUR) and (USD) returned 7.32% and 16.98% respectively.

Portfolio Overview

We maintain our view that markets will continue to look past the painful present of COVID-19 and see the vaccine rolloutsas bringing some version of normalization in the second half of 2021. While absolute valuations of the market currentlyare at historical highs, earnings revisions are trending higher, CEO confidence is strong, and the wide valuation gapbetween value and growth should present investment opportunities in a business cycle expansion. Additionally, afterseveral years of capex limbo for companies across the globe, spending may be headed for a tipping point in 2021. Majoruncertainties have hamstrung companies’ investment decisions since at least 2017, starting with fears of a hard landingin China, followed by the US-China trade wars in 2018 and 2019, and then the upheaval of the pandemic in 2020. Theresult has been an enormous increase in pent-up demand: We estimate that a substantial portion of industrial capacity,despite the published numbers on capacity utilization, is now obsolete at a time when competition from emerginglower-cost operators that have embraced automation and digitalization continues to grow. Given these realities – andagainst the backdrop of a strengthening recovery, outsize stimulus to offset economic fallout from the coronavirus, andthe potential for more than $3 trillion of local quantitative easing in 2021 – we expect the release of pent-up demand forinvestment in equipment, upgrades, and new technologies to become a spending force for companies next year.

In 2020, the PineBridge Europe Small Cap Equity Fund underperformed its benchmark, the EMIX Smaller EuropeanCompanies Index. Underperformance was primarily the result of near-term weakness in select holdings due toCov-19 lockdown measures. Overall, industrials, healthcare, and information technology were the top contributingsectors to excess returns. By contrast, consumer discretionary, consumer staples, and utilities were the main laggards.The Fund remains overweight communication services, healthcare, industrials, consumer staples, informationtechnology, and financials, and underweight materials, real estate, utilities, energy, and consumer discretionary.

Portfolio Outlook

While visibility is limited into the pace of demand recovery and the possibility for permanent changes in parts of theeconomy, we believe the risk-reward is attractive for fundamental investors over the medium-term. As “animal spirits”return, we believe enormous investments are needed in renewables, automation, and equipment upgrades. Capital willbegin to flow again to companies that benefit from strong governance, sustainable business models, strong financials,and supportive valuations. This heralds a more stock-selection-driven market in 2021 and a move away from the narrow,“visible growth” market of 2020. Despite this, our basic tenets remain as before. The Fund continues to be constructedstyle-neutral through stock selection with the principal themes expressed in the portfolio that include digitalization, Asiaconsumer, mini-cycles (5G, semiconductors, machinery), and next-gen management. We continue to find opportunitiesto invest in these types of companies across a variety of countries and industries, with a prevalence in technology andindustrials, as well as those where we have strong confidence in the management team.

PineBridge Investments Europe Ltd.January 2021

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PINEBRIDGE GLOBAL BOND FUND

Portfolio Objective

PineBridge Global Bond Fund seeks a high level of return from a combination of current income and capital appreciationby 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 andMexican Peso.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Global Bond Fund Class “A”, “X7H” and “Y” returned 2.23%,1.82% and 3.26% respectively. Over the same period, the benchmark index, the Bloomberg Barclays Global AggregateTotal Return Index (USD), (CHF) returned 5.58% and 3.88% respectively.

Portfolio Overview

2020 proved to be a tumultuous year for global financial markets, with the coronavirus pandemic and the subsequentpolicy responses leading to major swings in asset prices. In fact, we could say that the year was a period of two halves. Inthe first quarter, financial markets were hit by two black swan events within the space of two weeks as the coronavirusoutbreak in the Wuhei province in China developed into a global pandemic and OPEC+ commitments to limit oil supplycollapsed, leading to a dramatic fall in oil prices. The subsequent sharp sell-off of risk assets was met by unprecedentedmonetary policy easing (rates cuts & quantitative easing (QE) from the Federal Reserve, European Central Bank andBank of England, among others) as well as fiscal support from governments aimed at both consumers and corporates.The rest of the year was almost a mirror image from the first quarter, as we saw a strong rebound in risk assets drivenby the additional liquidity injected by the major central banks together with a more optimistic view on the negative impactfrom the COVID-19 pandemic as several pharmaceutical companies had positive vaccine trial results.

The Fund underperformed (gross and net of fees) its benchmark, the Bloomberg Barclays Global Aggregate Total ReturnIndex (USD Hedged), during the annual reporting period ending December 31, 2020. The Fund’s relativeunderperformance was driven mainly by yield curve positioning slightly offset by the positive contribution from securityselection. On yield curve positioning, the Fund suffered in the first quarter of the year due to an underweight position inUS rates at the time when US rates rallied and outperformed the rest of the G4 countries. On security selection, the Fundhad a positive performance from holdings in the energy, consumer cyclical and transportation sectors.

Portfolio Outlook

The coronavirus pandemic and resulting lockdowns in several developed countries are having a tremendous impact intothe global economic growth and debt levels from governments. Central banks policies however have given the necessarysupport for markets to look through the current recessions and start pricing a recovery in 2021. In this environment, theteam expects risk assets to do well in the coming months and we still like credit spreads at current levels, mainly fromthe cyclical sectors, while we are more cautious on duration. Valuations however are somewhat stretched so while weare positive, we are also aware that the upside will not be across sectors / issuers, so we expect security selection to bea key driver of performance this year.

PineBridge Investments Europe Ltd.January 2021

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PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND

Portfolio Objective

PineBridge Global Dynamic Asset Allocation Fund seeks long-term capital appreciation by identifying new and changingworldwide economic and investment trends and investing in assets globally to benefit therefrom.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Global Dynamic Asset Allocation Fund Class “A”, “AA”,“ADC”, “ADCT”, “Y”, “Y1H, “Y2H”, “Y2HD”, “Y5H” and “YD” returned 12.47%, 12.53%, 12.48%, 12.48%, 13.66%, 11.43%,11.35%, 11.35%, 12.64% and 13.66% respectively. Over the same period, the benchmark index, 60% of the MSCI AllCountry World Index (ACWI) Daily Total Return Net and 40% of the FTSE World Government Bond Index (Total Return)returned 14.53%. For the period 5 October to 31 December 2020, the PineBridge Global Dynamic Asset Allocation FundClass “C” returned 11.08%. Over the same period, the benchmark index, 60% of the MSCI All Country World Index (ACWI)Daily Total Return Net and 40% of the FTSE World Government Bond Index (Total Return) returned 8.96%.

Portfolio Overview

The Fund outperformed (gross) the 60/40 risk budget: 60% MSCI All Country World Index (ACWI) Daily Total ReturnNet/40% FTSE World Government Bond Index (Total Return) (60/40) during 2020 and outperformed the 3-monthLIBOR+5% over rolling 5 year periods. On a total return basis, the top contributors to Fund performance were UScyclicals, South Korea, and productivity basket, while the detractors were UK mid cap equity, GBP, and US financialequity. Relative to the 60/40, the top relative return contributors were us cyclicals global government bonds, and SouthKorea, while the largest detractors were an underweight to US large cap equity, which was largely offset by the Fund’scomplementing US centric strategies, US financial equity, and UK mid cap equity.

It is important to note that much of our performance was driven through selectivity, not simply by adding risk. A case inpoint was our positioning within credit starting in Q2. The flood of central bank liquidity into credit markets led to a veryhasty tightening in spreads particularly within our long investment grade credit positions with 14 years of spreadduration.

In terms of equities, the US led the charge in the global rally, specifically within the technology space. Investment intechnology continues to be an important theme for companies as they seek to enhance productivity. Cloud computing,software as a service, and cyber security are all critical for global businesses. As the Fund invests selectively within USequities (financials, cyclicals, small caps) rather than the broader US asset class, the Fund had a lower allocation to coreUS equities relative to the benchmark which shows as detracted from performance on a relative return basis.

In early cycles broadening economic growth tends to be a hallmark characteristic. We were positioned in both seculargrowth winners and cyclical allocations that benefit from a broadening of the equity rally especially as the globaleconomy becomes less policy dependent. In this vein, we pivoted our exposures towards the back half of the year towardsthe laggards in Europe such as Spain and France and smaller companies which stand to benefit most from a firmingglobal growth.

Portfolio Outlook

The prospect of a unified US government following the Georgia Senate runoffs has been confirmed. Meanwhile, theCOVID vaccine rollout continues to be a primary force behind improving global fundamentals. Throughout 2021, marketswill be on the lookout for early policy normalisers. Meanwhile, our capital market line (CML) remains upward-sloping,encouraging us to maintain our constructive Risk Dial Score of 2.30.

Markets remain in a holding pattern after a remarkable run in November. They await clarity on a few drivers. How longwill vaccines remain effective? Will China normalise policy, and when and if it does, can it do so this time withoutdisrupting global growth?

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PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

Portfolio Outlook (continued)

It’s difficult to draw firm conclusions about how the new virus strains detected recently will affect vaccine efficacy. Mostexperts appear to view the significance of individual mutations as limited and believe that two or more years ofbi-monthly mutations are needed to render current vaccines ineffective. Yet ongoing mutations are likely to continueraising questions about the “end game” in terms of an endemic virus and its long-term effects on global fundamentals.

Recent political events have also clearly been difficult to predict. The surprise sweep by the democrats tilted the balanceof power in the US Senate from purple/red to purple/blue. This implies higher ongoing spending and the need to price insteeper US bond curves, a weaker US dollar, more regulations, and higher US corporate tax rates, albeit offset by agreater fiscal thrust. Markets would also need to opine on the significance of taking another small step closer to modernmonetary theory (MMT). The team views this as a long-term negative but a medium-term positive, and more positive forglobal assets than US assets.

On the other side of the world, China was “first in” with COVID-19 and “first out” with renewed growth. Now it might alsopotentially be “first out” with policy normalisation. Once policymakers see cyclical strength, some will view it as anopportunity to proceed with counter-cyclical measures aimed at financial stability and debt sustainability, while otherswill drag their feet. Differentiation lies ahead between the two, and markets will prefer the latter.

For China, although the pace of credit growth is already approaching an elevated level, this can lead to either a levelingoff of this growth rate, or a decline. Monetary policy makers are making noise about restraining credit from acceleratinginto real estate markets. Yet we are more persuaded by constraints imposed by the political calendar, which argue for acontinuation of the current pace of stimulus.

PineBridge Investments Europe Ltd./PineBridge Investments LLCJanuary 2021

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Investment Manager’s Report 20

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND

Portfolio Objective

PineBridge Global Dynamic Preservation Plus Fund seeks long-term capital appreciation by by investing worldwide inequities and fixed income securities, in cash, cash equivalents and derivatives.

Portfolio Performance

For the period 24 June to 31 December 2020, the PineBridge Global Dynamic Preservation Plus Fund Class “XD” and “Z”returned 8.93% and 8.94% respectively. Over the same period, the benchmark (CPI +4%) returned 6.40%.

Portfolio Overview

Buoyed by a reduction of risk events and additional monetary stimulus announcements, global equities rose 12.3% forthe full-year for 2020. December returns were led by Japan’s Nikkei 225 and the US’s S&P 500, which posted +3.8% and+3.7% returns, respectively. The S&P 500 grew and Nikkei 225 made stronger gains both indices returned about 16%YTD, outpacing the 11.7% average across developed market (DM) regions. Emerging markets (EM) broadly grew andcontributed to returns of +16.6% year-to-date, the best year since 2017. Within North Asian equities key performers wereChinese, Taiwanese, and South Korean equity indices, all up more than 20% year-to-date, thanks to the apparenthandling of the coronavirus outbreak. Government bond yields broadly fell in 2020 as central banks adopted awhatever-it-takes mindset to implementing monetary stimulus and markets downgraded growth and inflationexpectations in the face of an unprecedented economic contraction.

The Fund launched on June 24 2020, just a few days before the first half of 2020 (H1) came to a close. Since inception theFund has outperformed as compared to the return objective of CPI +4%. The top contributors were our equity positions,notably within US cyclicals, South Korean equity, and the productivity basket. On a total return basis, the top detractorswere our US 30-year Treasury, European equity, and US equity large cap. The US led the charge in the global rally,specifically within the technology space. Investment in technology continues to be an important theme for companies asthey seek to enhance productivity. Cloud computing, software as a service, and cyber security are all critical for globalbusinesses. On a risk adjusted basis we had some strong performers coming from our selectivity. An example to point tothis was over the second quarter. The flood of central bank liquidity into credit markets led to a very hasty tightening inspreads particularly within our Long investment grade credit positions with 14 years of spread duration. In early cyclesgrowth broadening within our existing asset classes tends to be a hallmark characteristic. We are positioned in bothsecular growth winners and cyclical allocations that will benefit from a broadening of the equity rally especially when theglobal economy becomes less policy-dependent come spring. In this vein, we have begun pivoting our exposures towardsthe laggards in Europe such as Spain and France and Smaller companies which stand to benefit most from a firmingglobal growth. Credit had a fantastic play through the recovery, but we have since turned our favor towards EMSovereign.

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PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

Portfolio Outlook

The team maintains a constructive outlook on risk, maintaining a Risk Dial Score of 2.3. Equities continue to be the mostattractive asset class on our Capital Market Line despite lower expected returns as a result of the recent rally in globalequity markets. Within equities, we continue to favor a tilt toward cyclical exposures that have the potential to experiencethe biggest delta in cash flows, while also including secular growers and avoiding defensive segments. This list hasbroadened from markets such as US cyclicals, industrials, and financials to also include small-cap European equitymarkets, France and Spain, and more recently an emerging markets (EM) allocation. This continues to be balanced withsecular growers, such as our productivity and new energy baskets. The strategy implementing the broad-based EMallocation features very high active share selection to accommodate highly selective environmental, social, andgovernance (ESG) criteria within the less ESG-friendly emerging countries. In credit, the team maintains a positiveoutlook on EM sovereign hard currency as well as EM corporate credit. Asian investment grade also has strongfundamentals. In the US, the team believes that the pace and magnitude will be controlled by the Federal Reserve (Fed)to avoid a premature tightening of financial conditions that offsets the impact from the fiscal thrust. One caution is thatthe Fed has been quiet on this score. A push higher will force them to show their hand. Gold has been in a holding patternfor the past few months. Should Democrats increase spending and the Fed restrain the natural rise in rates that wouldcome from a greater fiscal thrust, confidence that negative real yields will be sustained for longer would grow, providingsupport for gold prices.

PineBridge Investments Europe Ltd./PineBridge Investments LLCJanuary 2021

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Investment Manager’s Report 22

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND

Portfolio Objective

PineBridge Global Emerging Markets Bond Fund seeks to achieve long-term, capital appreciation through investment inbond issues primarily by governments, their agencies, local authorities and instrumentalities and corporate entitieslocated in Emerging Markets. Such securities may be denominated in the local currency of any of the OECD membercountries or the local currency of the emerging countries in which the Fund is permitted to invest as per investmentguidelines.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Global Emerging Markets Bond Fund Class “A”, �A6HD�,“AD” and “Y” returned 2.90%, 1.28%, 2.90% and 3.99% respectively. Over the same period, the benchmark index, ablended USD index of 1/3 of the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (Total Return), 1/3 ofthe JP Morgan Government Bond Index Emerging Markets (GBI-EM) Global Diversified (Total Return) and 1/3 of the JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified (Total Return) returned 5.07% and ablended AUD index of 1/3 of the JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (Total Return), 1/3 ofthe JP Morgan Government Bond Index Emerging Markets (GBI-EM) Global Diversified (Total Return) and 1/3 of the JPMorgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified (Total Return) returned (4.28)%.

Portfolio Overview

Emerging market debt delivered positive returns in 2020 despite an unprecedented contraction in global growth anduncertainty associated with the COVID-19 pandemic as the support of global central banks and expectations for a robustrecovery in 2021 contributed to a rally over the final 9 months of the year. Initial concerns regarding the pandemiccentered on China, and the impact that containment measures might have on China’s economy. Unfortunately, as Chinabegan to successfully contain the virus, new cases began spreading into western Europe and the United States. Theexponential increase of new cases in March, prompted governments around the world to enforce restrictions on themovement of people and economic activity to contain the virus, which in turn caused a sharp market sell-off. Centralbanks and governments around the world were quick to respond with an easing of monetary policy and pledges of fiscalstimulus and markets rebounded in April. The rally continued throughout the second quarter as the unprecedentedlevels of policy support and an easing of lockdowns in many countries allowed for a resumption of global economicactivity and optimism for a quick recovery. Economic indicators continued on a positive trend during the third quarter,highlighted by positive momentum in China. The rally stalled in September as valuations appeared closer to fair valueand uncertainty regarding the US election weighed on risk sentiment. The weaker tone was short-lived as marketsreacted well to the likelihood of a Biden victory in the US presidential election and a more predictable US foreign policyunder his administration. The rally received another boost of optimism as various COVID vaccines were found to beeffective and were fast tracked for distribution to begin before year-end. Most importantly for emerging market(EM) investors, was the consistent improvement of economic indicators, most notably from China, beginning with arather strong 3Q GDP print. China’s recovery maintained its momentum throughout the quarter and supportedexpectations that China’s increased credit impulse and infrastructure spending would benefit EM economies. Externaldebt markets outperformed as a decline of rates and compressions of spreads from April through December drovepositive returns. Local currency debt returns were also positive, although a depreciation of EM currencies versus thedollar eroded positive performance from declining local bond yields.

The Fund outperformed (gross) its custom benchmark (gross of fees), the 1/3 blend of J.P. Morgan EMBI GlobalDiversified Index, J.P. Morgan CEMBI Broad Diversified Index and J.P. Morgan GBI-EM Global Diversified Index, duringthe annual reporting period ending December 31, 2020. Outperformance was driven by positive selections within externalsovereign debt – most notably underweight positions in Ecuador, Lebanon and Argentina, overweight positions inUkraine and Ivory Coast and security selection within UAE, Saudi Arabia, Nigeria, Qatar and Panama.

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PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued)

Portfolio Outlook

While the COVID-19 pandemic continues to impact daily life for much of the world, the consistent policy support,potential for effective vaccination and growth recovery in China has helped markets focus more on the long-termsupportive economic trends at hand. For their part, emerging markets (EM) have fared well during the pandemic due inlarge part to their stable fundamental position heading into 2020, notably the improvement of their account balances andbenefits of a multi-year disinflation trend. We also note that while public sector debt levels have increased across EM in2020, the magnitude of increase and overall level is materially lower than that of developed markets (DM) and much ofthat increase has come via their local currency debt markets and is therefore insulated from changes in externalfinancing costs. Looking forward to 2021, China’s recovery, particularly its credit impulse directed toward infrastructureand real estate, should benefit EM, as China’s growth typically serves a leading indicator of economic growth for the restof EM.

EM debt valuations have advanced over the past 9 months toward our fair value expectations. As such, total returnexpectations have rationalised and selectivity of risk will take on a greater importance over the near-term. However, westill view current valuations as attractive from a long-term fundamental perspective, particularly given the historicallylow yields found across global bond markets. While potential COVID related lockdowns and geo-political risks maycontribute to market volatility over the near-term, the political calendar across most of the EM universe will be fairlyquiet over the coming 12 months, and benign political risk should allow investors to focus on stable and improvingfundamentals. For their part, EM corporates have done well to manage the impact of COVID lockdowns on fundamentals,and a recovery of earnings should support a return of credit metrics return to pre COVID levels in 2021. Extraordinarylevels of central bank liquidity injected into a historically low yield environment should continue to drive a global searchfor yield and provide EM debt markets with a strong underpinning of technical support. Ultimately, while EM debt mayexperience short-lived periods of volatility stemming from macro-economic risk, we believe investors should takeadvantage of potential market weakness as an opportunity to make longer-term allocations to EM debt.

PineBridge Investments Europe Ltd.January 2021

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Investment Manager’s Report 24

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND

Portfolio Objective

PineBridge Global Emerging Markets Corporate Bond Fund seeks to achieve long-term, capital appreciation throughinvestment in bonds issued primarily by corporate entities and financial institutions located in Emerging Markets. Suchsecurities may be denominated in the local currency of any of the OECD member countries or the local currency of theemerging countries in which the Fund is permitted to invest as per investment guidelines.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Global Emerging Markets Corporate Bond Fund Class “A”,“Y” and “Z” returned 7.01%, 7.86% and 9.04% respectively. Over the same period, the benchmark index, the JP MorganCorporate Emerging Markets Bond Index (CEMBI) Broad Diversified (Total Return) (USD) returned 7.13%. For the period10 January to 31 December 2020, the PineBridge Global Emerging Markets Corporate Bond Fund Class “Y2H” returned5.58%. Over the same period, the benchmark index, the JP Morgan Corporate Emerging Markets Bond Index (CEMBI)Broad Diversified (Total Return) (GBP) returned 1.64%.

Portfolio Overview

Emerging market corporate debt delivered positive returns in 2020 despite an unprecedented contraction in globalgrowth and uncertainty associated with the COVID-19 pandemic as the support of global central banks and expectationsfor a robust recovery in 2021 contributed to a rally over the final 9 months of the year. Initial concerns regarding thepandemic centered on China, and the impact that containment measures might have on China’s economy.Unfortunately, as China began to successfully contain the virus, new cases began spreading into western Europe and theUnited States. The exponential increase of new cases in March, prompted governments around the world to enforcerestrictions on the movement of people and economic activity to contain the virus, which in turn caused a sharp marketsell-off. Central banks and governments around the world were quick to respond with an easing of monetary policy andpledges of fiscal stimulus and markets rebounded in April. The rally continued throughout the second quarter as theunprecedented levels of policy support and an easing of lockdowns in many countries allowed for a resumption of globaleconomic activity and optimism for a quick recovery. Economic indicators continued on a positive trend during the thirdquarter, highlighted by positive momentum in China. The rally stalled in September as valuations appeared closer to fairvalue and uncertainty regarding the US election weighed on risk sentiment. The weaker tone was short-lived as marketsreacted well to the likelihood of a Biden victory in the US presidential election and a more predictable US foreign policyunder his administration. The rally received another boost of optimism as various COVID vaccines were found to beeffective and were fast tracked for distribution to begin before year-end. Most importantly for emerging market(EM) investors, was the consistent improvement of economic indicators, most notably from China, beginning with arather strong 3Q GDP print. China’s recovery maintained its momentum throughout the quarter and supportedexpectations that China’s increased credit impulse and infrastructure spending would benefit EM economies. Primaryissuance was robust throughout the year, as 2020 closed as the busiest year of EM corporate primary issuance onrecord, with just over $497 billion priced during the year. For all the relative volatility associated with the first quartersell-off and subsequent rally, corporate spreads ended the year just three basis points wider, at +270 basis points asmeasured by the J.P. Morgan CEMBI Broad Diversified Index.

The Fund outperformed (gross and net of fees) its benchmark, the J.P. Morgan CEMBI Broad Diversified Index, duringthe annual reporting period ending December 31, 2020. Outperformance was driven by positive security selection, ascontributors within China, South Africa, UAE, Indonesia and Kuwait more than made up for detractors within Chile. Yieldcurve positioning made a more modest contribution, as the Fund benefited from a long duration position relative to theindex.

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PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued)

Portfolio Outlook

While the COVID-19 pandemic continues to impact daily life for much of the world, the consistent policy support,potential for effective vaccination and growth recovery in China has helped markets focus more on the long-termsupportive economic trends at hand. For their part, emerging markets (EM) have fared well during the pandemic due inlarge part to their stable fundamental position heading into 2020, notably the improvement of their account balances andbenefits of a multi-year disinflation trend. We also note that while public sector debt levels have increased across EM in2020, the magnitude of increase and overall level is materially lower than that of developed markets (DM) and much ofthat increase has come via their local currency debt markets and is therefore insulated from changes in externalfinancing costs. Looking forward to 2021, China’s recovery, particularly its credit impulse directed toward infrastructureand real estate, should benefit EM, as China’s growth typically serves a leading indicator of economic growth for the restof EM.

EM corporate debt valuations have advanced over the past 9 months toward our fair value expectations. As such, totalreturn expectations have rationalised and selectivity of risk will take on a greater importance over the near-term.However, we still view current valuations as attractive from a long-term fundamental perspective, particularly given thehistorically low yields found across global bond markets. While potential COVID related lockdowns and geo-politicalrisks may contribute to market volatility over the near term, the political calendar across most of the EM universe will befairly quiet over the coming 12 months, and benign political risk should allow investors to focus on stable and improvingfundamentals. For their part, EM corporates have done well to manage the impact of COVID lockdowns on fundamentals,and a recovery of earnings should support a return of credit metrics return to pre COVID levels in 2021. Extraordinarylevels of central bank liquidity injected into a historically low yield environment should continue to drive a global searchfor yield and provide EM debt markets with a strong underpinning of technical support. Ultimately, while EM debt mayexperience short-lived periods of volatility stemming from macro-economic risk, we believe investors should takeadvantage of potential market weakness as an opportunity to make longer-term allocations to EM debt.

PineBridge Investments Europe Ltd./PineBridge Investments LLCJanuary 2021

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PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND

Portfolio Objective

PineBridge Global Emerging Markets Focus Equity Fund seeks to achieve a relatively high rate of growth, on a long-termbasis, through careful selection of equity and equity-related securities in global Emerging Markets whilst seeking toprotect the Fund from downside risk.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Global Emerging Markets Focus Equity Fund Class “A” and“Y” returned 29.05% and 30.09% respectively. Over the same period, the benchmark index, the MSCI Emerging MarketsDaily Total Return Net Index (USD) returned 18.31%. For the period 16 December to 31 December 2020, the PineBridgeGlobal Emerging Markets Focus Equity Fund Class “Z” returned 1.72%. Over the same period, the benchmark index, theMSCI Emerging Markets Daily Total Return Net Index (USD) returned 2.34%.

Portfolio Overview

Global Emerging Markets (GEM) began 2020 with a positive economic outlook. However, a sudden and broadacceleration of the pandemic derailed most projections and forced the world to adapt. One of the outcomes of thisprocess was significant increase in demand for products and services that enabled people and businesses to function ina newly remote mode. There was a meaningful pick-up of the online commerce, video conferencing, sales of personalelectronic equipment, as well as sales of anti-viral implements, ranging from face masks to advanced medicalequipment. After an almost 32% plunge in February-March of 2020, the MSCI GEM Index began a rapid recovery to finishthe year with a positive return of +18.31%. Initially the market recovery was led by the aforementioned enablers of remoteactivities. This was accompanied by increasingly accommodating monetary and fiscal policies by many countries withglobal economic stimulus exceeding $20trn. Towards the end of 2020, the promise of vaccine gave rise to theexpectations of gradual economic reopening. All this expanded the market’s post-March 2020 rally from the tech/remoteworld-focused to a broad-based one. In the second half of the year MSCI GEM Index rallied 31.19% and finished the yearwith a positive return of +18.31%. During 2020 GEM Equities exceeded MSCI All Country Index by over 6.9%. 2020 sawgreater adoption of ESG principles by an increasing number of corporates. In addition to dividends and independentboard directors, more companies are gradually engaging in environmentally and socially conscious behavior and arebecoming more consistent in communicating their ESG attributes to the shareholders. Investors, in turn, are addinggreater weight to ESG considerations in their decision-making.

The Fund exceeded (gross and net of fees) its benchmark, the MSCI Emerging Markets Index, during the annualreporting period ending December 31, 2020 due to the outperformance in stock selection. The strongest contributors tothe relative performance were in the industrials and consumer discretionary sectors. The largest detracting sectorsfrom relative Fund performance were information technology and communications. Geographically, key drivers ofrelative returns were in Asia, and laggards in EMEA.

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PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND (continued)

Portfolio Outlook

Looking ahead to 2021, the outlook for Global Emerging Markets is generally positive. The corporate world has adaptedwell to the new lockdown, balance sheets are strong, there is a lot of pent-up demand for capex and consumer spendingand government policies are generally supportive of business growth. New US administration promises to follow a morepredictable economic and political path than the outgoing one, which should be supportive for trade and investment inthe US but also in Emerging Markets. Key risks are slower than projected vaccine rollout, emergence ofvaccine-resistant strains of COVID, trade tensions between US and China, and rising government debt levels due tomultiple economic stimuli. Reform processes have slowed in some countries, although this may be due to the focus onCOVID containment measures. The portfolio is invested in 40 companies with strong management, governance andbusiness models mainly in consumer, technology, automation, China localization and 5G, digitalization, industrials,pharma, real estate and materials sectors. Due to the markets’ rally valuations have risen, but they are well supported bya positive earnings outlook. Even after the rally we can find suitable investment candidates. The team continues toidentify companies that are best positioned to succeed in the current economic environment and are mispriced relativeto their investment characteristics. We seek to construct style-neutral, high-conviction differentiated portfolios ofcompanies whose business success is driven by unique competitive attributes, who have strong ESG characteristics andthat are not government-owned. Sectorally, our largest current overweights are in the industrials and materials, whilewe are most underweight financials and communication services.

PineBridge Investments LLCJanuary 2021

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PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND

Portfolio Objective

PineBridge Global Emerging Markets Local Currency Bond Fund seeks to achieve a high level of total return and fixedincome consistent with conservation of capital through investment of not less than two thirds of the Fund’s total netassets in local currency fixed income instruments issued by sovereign or quasi-sovereign or corporate entities located inEmerging Markets.

Portfolio Performance

For the year 1st January to 31st December 2020, the PineBridge Global Emerging Markets Local Currency Bond FundClass “A”, “A6HD”, “A9HD”, “AD”, “JD” and “Y” returned (1.72)%, (3.38)%, 0.87%, (1.72)%, (0.23)% and (0.73)%respectively. Over the same period, the benchmark index, the JP Morgan Government Bond Index Emerging Markets(GBI-EM) Global Diversified (Total Return) Index (USD), (AUD) and (ZAR) returned 2.69%, (6.45)% and 7.87% respectively.

Portfolio Overview

Emerging market local debt delivered positive returns in 2020 despite an unprecedented contraction in global growthand uncertainty associated with the COVID-19 pandemic as the support of global central banks and expectations for arobust recovery in 2021 contributed to a rally over the final 9 months of the year. Initial concerns regarding the pandemiccentered on China, and the impact that containment measures might have on China’s economy. Unfortunately, as Chinabegan to successfully contain the virus, new cases began spreading into western Europe and the United States. Theexponential increase of new cases in March, prompted governments around the world to enforce restrictions on themovement of people and economic activity to contain the virus, which in turn caused a sharp market sell-off. Centralbanks and governments around the world were quick to respond with an easing of monetary policy and pledges of fiscalstimulus and markets rebounded in April. The rally continued throughout the second quarter as the unprecedentedlevels of policy support and an easing of lockdowns in many countries allowed for a resumption of global economicactivity and optimism for a quick recovery. Economic indicators continued on a positive trend during the third quarter,highlighted by positive momentum in China. The rally stalled in September as valuations appeared closer to fair valueand uncertainty regarding the US election weighed on risk sentiment. The weaker tone was short-lived as marketsreacted well to the likelihood of a Biden victory in the US presidential election and a more predictable US foreign policyunder his administration. The rally received another boost of optimism as various COVID vaccines were found to beeffective and were fast tracked for distribution to begin before year-end. Most importantly for emerging market(EM) investors, was the consistent improvement of economic indicators, most notably from China, beginning with arather strong 3Q GDP print. China’s recovery maintained its momentum throughout the quarter and supportedexpectations that China’s increased credit impulse and infrastructure spending would benefit EM economies.Uncertainty regarding the global economic outlook supported the US dollar, which in turn caused EM currencies todepreciate during the year, however local currency debt still delivered positive returns as bond yields declinedthroughout 2020.

The Fund underperformed (gross and net of fees) its benchmark, the J.P. Morgan GBI-EM Global Diversified Index,during the annual reporting period ending December 31, 2020. Underperformance was driven by foreign exchangepositions, as negative contributions from overweight positions in Brazilian real, Turkish lira, Ukrainian hryvnia and SouthAfrican rand overshadowed positive contributions from overweight positions in Mexican peso and Egyptian pound.

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PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued)

Portfolio Outlook

While the COVID-19 pandemic continues to impact daily life for much of the world, the consistent policy support,potential for effective vaccination and growth recovery in China has helped markets focus more on the long-termsupportive economic trends at hand. For their part, emerging markets (EM) have fared well during the pandemic due inlarge part to their stable fundamental position heading into 2020, notably the improvement of their account balances andbenefits of a multi-year disinflation trend. We also note that while public sector debt levels have increased across EM in2020, the magnitude of increase and overall level is materially lower than that of developed markets (DM) and much ofthat increase has come via their local currency debt markets and is therefore insulated from changes in externalfinancing costs. Looking forward to 2021, China’s recovery, particularly its credit impulse directed toward infrastructureand real estate, should benefit EM, as China’s growth typically serves a leading indicator of economic growth for the restof EM.

EM debt valuations have advanced over the past 9 months toward our fair value expectations. As such, total returnexpectations have rationalised and selectivity of risk will take on a greater importance over the near-term. However, westill view current valuations as attractive from a long-term fundamental perspective, particularly given the historicallylow yields found across global bond markets. While potential COVID-related lockdowns and geo-political risks maycontribute to market volatility over the near-term, the political calendar across most of the EM universe will be fairlyquiet over the coming 12 months, and benign political risk should allow investors to focus on stable and improvingfundamentals. Extraordinary levels of central bank liquidity injected into a historically low yield environment shouldcontinue to drive a global search for yield and provide EM debt markets with a strong underpinning of technical support.Ultimately, while EM debt may experience short-lived periods of volatility stemming from macro-economic risk, webelieve investors should take advantage of potential market weakness as an opportunity to make longer-termallocations to EM debt.

PineBridge Investments Europe Ltd./PineBridge Investments LLCJanuary 2021

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PINEBRIDGE GLOBAL FOCUS EQUITY FUND

Portfolio Objective

PineBridge Global Focus Equity Fund seeks to achieve growth at a reasonable price (meaning securities that have agrowth potential and are reasonably priced as determined by conventional measures, such as priced earnings or bycomparison to other securities in the same market and the same industry) by making equity and equity-relatedinvestments in global markets with a focus on superior and sustainable earnings performance.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Global Focus Equity Fund Class “A”, “L”, “Y” and “ZD”returned 22.33%, 23.01%, 23.31% and 24.55% respectively. Over the same period, the benchmark index, MSCI All CountryWorld Index (ACWI) Daily Total Return Net Index (USD) returned 16.25%. For the period 5 October to 31 December 2020,the PineBridge Global Focus Equity Fund Class “C” returned 12.30%. Over the same period, the benchmark index, MSCIAll Country World Index (ACWI) Daily Total Return Net Index (USD) returned 13.02%.

Portfolio Overview

We maintain our view that markets will continue to look past the painful present of COVID-19 and see the vaccine rolloutsas bringing some version of normalization in the second half of 2021. While absolute valuations of the market currentlyare at historical highs, earnings revisions are trending higher, CEO confidence is strong, and the wide valuation gapbetween value and growth should present investment opportunities in a business cycle expansion. Additionally, afterseveral years of capex limbo for companies across the globe, spending may be headed for a tipping point in 2021. Majoruncertainties have hamstrung companies’ investment decisions since at least 2017, starting with fears of a hard landingin China, followed by the US-China trade wars in 2018 and 2019, and then the upheaval of the pandemic in 2020. Theresult has been an enormous increase in pent-up demand: We estimate that a substantial portion of industrial capacity,despite the published numbers on capacity utilization, is now obsolete at a time when competition from emerginglower-cost operators that have embraced automation and digitalization continues to grow. Given these realities – andagainst the backdrop of a strengthening recovery, outsize stimulus to offset economic fallout from the coronavirus, andthe potential for more than $3 trillion of local quantitative easing in 2021 – we expect the release of pent-up demand forinvestment in equipment, upgrades, and new technologies to become a spending force for companies next year.

In 2020, the PineBridge Global Focus Equity Fund outperformed its benchmark, the MSCI All Country World Net Index.Outperformance was primarily driven by strong security selection, while favorable portfolio allocation provided anincremental lift to performance. Overall, financials, information technology, and industrials were the top contributingsectors to excess returns. By contrast, consumer discretionary, consumer staples, and healthcare were the mainlaggards. The Fund remains overweight industrials, information technology, healthcare, and communication services,and underweight materials, consumer staples, utilities, real estate, energy, consumer discretionary, and financials.

Portfolio Outlook

While visibility is limited into the pace of demand recovery and the possibility for permanent changes in parts of theeconomy, we believe the risk-reward is attractive for fundamental investors over the medium-term. As “animal spirits”return, we believe enormous investments are needed in renewables, automation, and equipment upgrades. Capital willbegin to flow again to companies that benefit from strong governance, sustainable business models, strong financials,and supportive valuations. This heralds a more stock-selection-driven market in 2021 and a move away from the narrow,“visible growth” market of 2020. Despite this, our basic tenets remain as before. The Fund continues to be constructedstyle-neutral through stock selection with the principal themes expressed in the portfolio that include digitalization, Asiaconsumer, mini-cycles (5G, semiconductors, machinery), and next-gen management. We continue to find opportunitiesto invest in these types of companies across a variety of countries and industries, with a prevalence in technology andindustrials, as well as those where we have strong confidence in the management team.

PineBridge Investments LLCJanuary 2021

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PINEBRIDGE GLOBAL STRATEGIC INCOME FUND

Portfolio Objective

PineBridge Global Strategic Income Fund seeks to achieve a high level of total return and income consistent withconservation of capital through investment in a diversified portfolio of income producing debt securities.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Strategic Bond Fund Class “A”, “A5HD”, “AD”, “M” and “YD”returned 7.20%, 6.65%, 7.20%, 7.50% and 7.85% respectively. Over the same period, the Index, 10% FTSE Non-USD WorldGovernment Bond Index (Unhedged)(Total Return)/ 35% Bloomberg Barclays Capital US Corporate High Yield 2% IssuerCapped Index (Total Return)/ 20% JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified (Total Return)/35% Bloomberg Barclays Capital US Aggregate Bond Index (Total Return) (USD), (SGD), returned 7.50%.

Portfolio Overview

Most fixed income asset classes continued to rally to start the year, however the global outbreak of COVID-19 andsubsequent lockdown measures resulted in immense economic losses with credit markets experiencing unparalleleddeclines. The pace of spread widening was historic, and spreads traded at levels not seen since the 2008-2009 GlobalFinancial Crisis. To combat the economic devastation, governments and central banks around the world implementeddramatic policy measures that reinforced investor confidence in risk assets. In March, the Federal Reserve reducedrates 150 basis points (bps) in two rate cuts, bringing the federal funds target range to 0-0.25% and rolled out additionalinitiatives to guarantee liquidity to the primary and secondary investment grade credit markets, while the United Statespassed a $2 trillion relief package. The Fed then expanded its bond buying program in April to include fallen angels aswell as high yield exchange-traded funds, with an aim to ensure credit markets could support businesses that wereotherwise fundamentally sound. These fiscal and monetary policy responses that were historic both in terms of pace andmagnitude resulted in the return of capital flow into corporations and households, enabling individuals to keep spendingand corporations to keep borrowing. As a result, yields on safe-haven government bonds hit record lows and remainedlow, while credit-risk assets experienced a sharp recovery, led by higher spread segments of the market, due to theongoing thirst for yield and the belief these actions would mitigate the worst effects of recession. Over the second half ofthe year, the Federal Reserve continued to pledge support for US markets, even adjusting its inflation target to anaverage that guarantees support for the foreseeable future heading into 2021, resulting in sustained investor optimismand the continued recovery in credit markets. Towards the end of the year, a second wave of the virus, the US presidentialelections and ongoing stalemate in congress over additional fiscal stimulus caused additional market volatility. However,as US election results solidified and the first available vaccines began rolling out in December, trends of market positivityand tightening spreads continued in most fixed income asset classes.

The Fund outperformed (gross) its blended benchmark, 10% FTSE Non-USD World Government Bond Index (Unhedged)(Total Return)/ 35% Bloomberg Barclays Capital US Corporate High Yield 2% Issuer Capped Index (Total Return)/ 20% JPMorgan Emerging Markets Bond Index (EMBI) Global Diversified (Total Return)/ 35% Bloomberg Barclays Capital USAggregate Bond Index (Total Return), during 2020. From a sector selection standpoint, underweight allocations highyield and emerging markets debt and overweight allocations to securitized products and investment grade creditcontributed to performance during the peak of the downturn in the first quarter. As the year progressed, we increasedour allocation to high yield and emerging markets debt while reducing our allocation to securitised products whichfurther contributed as the market recovered, led by higher spread asset classes. An underweight allocation to treasuriesduring the first quarter was the most notable detractor as rates traded to all-time lows, however the underweightpositioning contributed during the rest of the year as rates remained largely range bound at the lower bound. Anunderweight allocation to non-USD currency bonds and hedging non-USD exposure detracted from Fund performanceduring the year as the US dollar weakened, decreasing 6.69% as measured by the DXY index. Security selectioncontributed to Fund performance across all asset class portfolios during the year, with holdings within investment gradecredit and emerging markets debt the most notable contributors.

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PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

Portfolio Outlook

Although valuations are around fair value, we believe that the extremely strong credit market conditions that drovemarkets in November and December are likely to carry over and support credit risk into 2021. Most notably, we believeadditional spread compression is likely amid continued support from central banks, increased investor optimism fromprogress on COVID-19 vaccine distribution, and a strong technical backdrop resulting from robust demand as investorssearch for yield and issuance levels moderate. In addition, the results of the senate runoff elections are now known, withthe democrats winning both seats, resulting in unified control of the presidency and both chambers of congress, albeitwith slim majorities. As a result, we now expect to see a more robust fiscal package than we anticipated in previousmonths when a divided government appeared to be the most likely outcome, which should further boost marketsentiment. While we remain cognisant of the risks still present in the market, such as high rates of COVID-19 infectionsand the emergence of virus mutations threatening new shutdown measures, we believe these issues will ultimately beoutweighed by the various tailwinds supporting financial markets. Against this backdrop, we maintain a buy-on-dipsapproach within our individual asset class portfolios. We also continue to monitor a further shift toward lower-ratedasset classes, as rates trading lower should have a smaller impact moving forward.

PineBridge Investments LLC/PineBridge Investments Europe Ltd.January 2021

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PINEBRIDGE GREATER CHINA EQUITY FUND

Portfolio Objective

PineBridge Greater China Equity Fund seeks to provide long-term capital growth by investing in equity and equity relatedsecurities of companies whose assets, products or operations are in the Greater China Region.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Greater China Equity Fund Class “A” and “Y” returned13.56% and 14.47% respectively. Over the same period, the benchmark index, the MSCI Golden Dragon 10/40 Index NetReturn (Net) (USD) returned 29.04%.

Portfolio Overview

The Hong Kong equity market declined significantly in the first quarter of 2020, as the COVID-19 outbreak in Chinareversed the positive market momentum at the beginning of the year. Since the second quarter of the year, however, themarket rebounded notably, as governments around the world rolled out policy supports while economies moved beyondthe peak of the pandemic. China, in particular, showed steady recovery in terms of economic activities. The rally of themarket well extended into the second half of the year. Better-than-expected GDP number, solid interim results fromcorporates, continued recovery in economic activities, abundant liquidity and upbeat sentiment kept market activitieselevated most of the time. In 2020, Taiwan equities significantly outperformed Hong Kong and China equities, drivenlargely by improving earnings outlook of tech sector and strong pricing outlook for technology components in 2021.

The Fund underperformed its benchmark in 2020. The overall conservative positions especially in expensive and crowdedsectors detracted. During the year, the Fund’s positionings in energy, material and industrial sectors contributedpositively to performance, while the underweight positions in consumer discretionary, consumer staple sectors, and thepositioning in information technology sector detracted.

Portfolio Outlook

China’s economy continues to recover, albeit at slightly slower pace. December manufacturing PMI was 51.9%, slightlydown by 0.2% from the previous month, but stayed in expansionary territory for the 10th month. Going into 2021, with thesolid recovery, policy support will likely normalize gradually. With this backdrop, corporate earnings will likely remainsolid, while equity valuations may be volatile. The rally of Greater China equities in 2020 was partly driven by liquidity asresult of accommodative policies around the globe. Consequently, some sectors or stocks saw their valuations runningahead of fundamentals. With government policies normalizing coming into 2021, some of these crowded names may seetheir valuations normalizing. As such, the Fund will continue to be disciplined in asset allocation and focus mainly onareas with solid fundamental trends and reasonable valuations.

PineBridge Investments Asia Ltd.January 2021

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PINEBRIDGE INDIA EQUITY FUND

Portfolio Objective

PineBridge India Equity Fund seeks to provide long-term capital appreciation by investing in equity and equity-relatedsecurities of companies listed on stock exchanges in India or closely related to the economic development and growth ofIndia.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge India Equity Fund Class “A”, “A5”, “A5CP”, “R”, “R1”, “R2D”,“RD”, “Y”, “Y3” and “YD” returned 26.83%, 24.51%, 24.99%, 28.20%, 18.17%, 24.49%, 28.18%, 27.83%, 21.58% and 27.81%respectively. Over the same period, the benchmark index, the MSCI India Daily Total Return Net (USD), (SGD), (EUR),(GBP) and (JPY) returned 15.55%, 13.58%, 6.01%, 11.99% and 9.71% respectively. For the period 5 October to31 December 2020, the PineBridge India Equity Fund Class “C” returned 16.15%. Over the same period, the benchmarkindex, the MSCI India Daily Total Return Net (USD) returned 17.93%. For the period 19 October to 31 December 2020, thePineBridge India Equity Fund Class “Z” returned 16.15%. Over the same period, the benchmark index, the MSCI IndiaDaily Total Return Net (USD) returned 15.58%.

Portfolio Overview

First half of the year witnessed extreme events; a lockdown in the country in March to control the spread ofCOVID-19 followed by lifting of restrictions towards May. The former brought the economic activity to a grinding haltwhereas the latter led to resumption of the same. Similarly, global equity investors pulled out significant amount fromIndian equity markets in March (common phenomenon across the emerging markets) whereas India slowly regainedtheir confidence with lifting of restrictions and resumption of economic activities from mid-April onwards. Post the liftingof the lockdown, the economy is healing rapidly with various sub sectors showing very good growth. India’s economiccontraction in September (Q3) reduced to 7% from 23% in June (Q2), with manufacturing and utilities joining agriculturein showing positive growth.

For 2020, the Fund outperformed the benchmark. Selection was the key contributor to the performance. From a sectorperspective, financials and health care contributed to the performance while underweight in energy and communicationservices dragged the performance. At the stock level, Divi’s Laboratories (health care name) contributed positivelywhereas underweight in Reliance Industries, index heavy weight with over 13.1% average weight, dragged theperformance.

Portfolio Outlook

We noticed that the year saw price-earnings multiples increase across most stocks. When we analyzed MSCI India Indexstock constituents, we noticed that the average earnings’ estimates for the twelve-month period ending March 2022,have been reduced by 14% since the beginning of the year. However, when we look at the stock prices, average stockprices have increased by 21%. Time-adjusted price-earnings multiples* have gone up for stocks during the year and theycontribute nearly 90% of the index weight. The only reasonable explanation we can give for such a move is that investorsare disregarding the near-term earnings and are now more optimistic about the medium to longer term earnings.

The force vectors which had started impacting companies and their earnings before the pandemic have now becomeextremely powerful. These force vectors were digitization, direct to consumer, climate change mitigating efforts,geopolitical rewiring of supply chains, social concerns, etc. To those were added health and home demand drivers, oncethe virus started spreading. The pandemic has changed habits of people and thereby nature of demand. While surelysome sectors are facing demand contraction, some other sectors are unable to meet the seemingly insatiable demand.All the assumptions of companies and their dominance one had before the pandemic needed to be revisited to pick outfuture successes. This investing opportunity due to disruption across industries is rare and plays to a stock-picker’sstrength. Valuation parameters based on recent earnings of most companies are not representative of future returns asearnings are yet to stabilize. While the markets have recovered and reached a new high and the price-earnings multipleshave risen, we believe that great investing opportunities abound.

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PINEBRIDGE INDIA EQUITY FUND (continued)

Portfolio Outlook (continued)

*Since we measured price-earnings multiples at the beginning of the year and at the end of the year, we adjusted themusing time value of money of 10%. So, a multiple of 20 at the beginning of the year would be equivalent to 22 at the end ofthe year.

PineBridge Investments Asia Ltd.January 2021

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PINEBRIDGE JAPAN EQUITY FUND

Portfolio Objective

PineBridge Japan Equity Fund seeks to achieve long term capital growth by making at least two-thirds of its totalinvestments in equity and equity-related investments in Japanese companies, i.e. companies incorporated in Japan orcompanies whose assets, products or operations are in Japan.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Japan Equity Fund Class “A”, “Y” and “Z” returned 9.63%,10.52% and 11.64% respectively. Over the same period, the benchmark index, the TOPIX Total Return Net Index (USD)returned 12.94%.

Portfolio Overview

The Japanese equity market, the broad market index of Topix, rose 7.39% in the local currency. The market experiencedsevere adjustment in February and March due to the panic created by the outbreak of COVID-19. However, the markethas recovered since April with the resuming global economic activity together with the fiscal stimulus policies and theeasing monetary policies globally. As for corporate fundamentals, earning revisions were negative in the first half inmost of the sectors due to downward revisions by the negative impact from COVID-19. However, they recovered toneutral in September and to positive in November and after. As for the supply/demand situation of equities, foreigninvestors were major sellers till autumn but turned to be major buyers in winter. Meanwhile, individual investors weremajor buyers till autumn but turned to be major sellers in winter. By style, value kept lagging reflecting weakness ofbanks and commodity sectors. The Fund underperformed the Fund’s benchmark. Sector allocation was negative due toforeign exchange translation and the Fund’s underweight in outperforming communication services. Stock selectionwas beneficial since positive contribution from the stocks in electronics and automobiles sectors were larger than thenegative contribution from the stocks in telecommunications and health care.

Portfolio Outlook

It will take a while for the coronavirus situation to be settled even after vaccines are developed. Despite the fact that newcoronavirus cases have not yet settled globally, investors’ risk appetite has been resuming over the past several months,and it seems that stock prices have already incorporated an earnings’ recovery for fiscal year to March 2022. In thepost-coronavirus era, it should be noted that US-China friction, Middle East tension, and North Korea relations, etc., willbe the concerns. The estimated Price Earnings Ratio (P/E) for fiscal year, to March 2021 has now become 26x, whichlooks a little expensive, and the team also believes the market has already incorporated an earnings’ recovery for fiscalyear to March 2022 (approximately 18x of P/E). The team has maintained the Fund’s overweight position in globalcyclicals to take advantage of the market and cyclical recovery. The team invests in diversified investment themes, suchas 5G, automation/IoT (Internet of Things), labor saving technology and sector consolidation, and remains selective dueto the structural changes of certain Japanese companies to be more shareholder oriented and to improve profitability.

PineBridge Investments Japan Co., Ltd.January 2021

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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 itstotal investments in equity and equity- related investments in small Japanese companies, i.e. companies incorporated inJapan or companies whose assets, products or operations are in Japan.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Japan Small Cap Equity Fund Class “A”, “A12”,“A3”,”M”,”R1D”, “R2D”, “Y”, “Y1H” and “Y3” returned 10.66%, (2.83%), 4.77%, 10.45%, 1.96%, 8.26%, 11.55%, 4.22% and5.61% respectively. Over the same period, the benchmark index, the MSCI Japan Small Cap Daily Total Return Net Index(USD), (EUR), (SEK), (JPY) and (GBP) returned 6.83%, (2.73%), (5.98%), 1.13% and 2.85% respectively. For the period12 February to 31 December 2020, the PineBridge Japan Small Cap Equity Fund Class “RD” returned 14.21%. Over thesame period, the benchmark index, the MSCI Japan Small Cap Daily Total Return Net Index (USD) returned 9.99%. Forthe period 5 October to 31 December 2020, the PineBridge Japan Small Cap Equity Fund Class “C” returned 11.18%. Overthe same period, the benchmark index, the MSCI Japan Small Cap Daily Total Return Net Index (USD) returned 6.93%.

Portfolio Overview

The Japan Small Cap Equity market gained 1.1% in the local currency base in 2020. Due the global COVID-19 outbreak,the market lost more than 30% until mid-March, and then, it gradually recovered toward the year-end. The initialrecovery is triggered by the large-scale fiscal and monetary policy measures taken worldwide, followed by the staticmonth-on-month macro and micro economic recovery. The Fund outperformed against the benchmark over the twelvemonths, however, starting with the severe underperformance in quarter 1 followed by the outperformance in thefollowing quarters. By sector, the Fund’s overweight position in domestic and global cyclicals initially damaged theportfolio especially during the panic selling in March. Such cyclical exposure turned positive in the following quartersand throughout the year 2020. By style, the market significantly favored fundamentally sound growth companies andliquid large cap stocks against value and micro-cap, as a safer bet amid the pandemic uncertainty. The growth biascontributed positively, but micro-cap overweight offset the gain to some extent. At the individual stock level, twocommercial service stocks earned most of the excess return.

Portfolio Outlook

Uncertainty related to COVID-19, especially the mutant strains, has increased in recent weeks; however, the progress ofthe vaccination continued to improve both the market and business sentiment. As a result, the team believes the marketrally could continue to spread to the small cap laggards, especially among illiquid stocks and the ones with negativetemporary earnings deterioration, where the valuation remains attractive. As for the portfolio’s positioning, the teamcontinues to overweight electronics and commercial services, which are attractively priced and benefit from theCOVID-19 recovery and longer-term structural industry and social dynamics, such as digital transformation anddemography. At the same time, we continue to overweight undervalued micro-cap and reasonably priced growthcompanies, while underweight mature low PBR companies as most of them are long-term shareholder value detractors.

PineBridge Investments Japan Co., Ltd.January 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 38

PINEBRIDGE LATIN AMERICA EQUITY FUND

Portfolio Objective

PineBridge Latin America Equity Fund seeks to achieve a superior rate of return by making equity and equity-relatedinvestments in companies operating in the economies of Latin America.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge Latin America Equity Fund Class “A” and “Y” returned(14.42%) and (13.73%) respectively. Over the same period, the benchmark index, the MSCI Emerging Markets LatinAmerica Daily Total Return Net Index (USD) returned (13.29%).

Portfolio Overview

In 2020, the MSCI Emerging Market Latin America Daily Total Return Net Index declined 13.8%, underperforming theMSCI Emerging Market Index, up 18.3% and the S&P 500, up 16.3%, in a year marked by the effect of theCOVID-19 pandemic and its impact on global activity and policy. Brazil and Colombia were the weakest performers in theregion, underperforming the Index, due to strong currency depreciation (Brazil) and a sharply decline in crude oil prices,negatively affecting Colombia. The positive highlight of the year was Argentina, which had a strong positive performance,as it most important stock, from the technology sector, is not affected by the severe economic situation facing thecountry. Chile, Peru and Mexico posted negative returns for the year but outperformed the Index. The Latin American(Latam) currencies depreciated in 2020, dragged by the ARS, BRL, PEN, MXN and COP. On the other hand, the CLP wasthe only currency that appreciated after starting the year at higher levels in the context of the late 2019 social crisis. At asector level, the Index was most significantly pressured by the real estate, energy and financial sectors, impacted by theweak economic activity and mobility restrictions due to the pandemic, while information technology (due to the need torapid digitalization in all sectors) and materials (due to economic stimuli) were the only sectors that posted positive (andstrong) returns.

The Fund outperformed (gross of fees) its benchmark, the MSCI Emerging Markets Latin America Daily Total Return NetIndex, during the year 2020. The Fund’s outperformance was mainly due to stock selection in Brazil and Argentina,partially offset by stock selection in Mexico. At a sector level, the largest contributors to the Fund’s outperformance werestock selection in consumer discretionary and industrials, mitigated stock selection in consumer staples and financials.

Portfolio Outlook

In Latin America, economic reopening continues in most countries, though a second wave of contagion is a majorconcern. Vaccine development news and the outcome of presidential elections in the United States have created a morefavorable environment for emerging markets, benefiting Latam currencies and markets. Solid current accounts alsoprovide room for further appreciation in Latam currencies. However, domestic uncertainties (fiscal and political) andaccess to vaccine continue as the main risks for further gains in the region. The main themes in the region are: (1) Brazil:with higher fiscal deficit from stimulus measures, the passing of structural reforms and privatizations becomes moreurgent as the market fears that the spending cap law can be breached. BRL depreciation and increased consumptiondue to government stimulus has created inflationary pressures. (2) Mexico: economy impacted by lack of governmentaid. Political noise to increase due to Gubernatorial elections in 2021. (3) Chile: a major copper exporter but an importerof oil, fiscal situation is solid, but uncertainty has increased by the approval during a referendum of the creation of a newconstitution. (4) Colombia: already in a weak but improving fiscal situation before the pandemic, now the impact of loweroil revenues increases fiscal difficulties in 2021. (5) Peru: despite the country’s relatively healthier fiscal situation, thehigh level of informality weakened the impact of health protocols, while the loss of commodity revenues and politicaluncertainty put additional pressure on the economy (6) Argentina: challenging economic conditions, high inflation,economic recession, capital controls and a very restrictive lockdown. At the end of December, the Fund was overweightArgentina, Panama, Peru and Mexico and underweight Chile, Colombia and Brazil.

PineBridge Investments LLCJanuary 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

39 Investment Manager’s Report

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND

Portfolio Objective

The investment objective of the Fund is to attain long term growth of capital by means of a diversified portfolio throughinvestment in equity and equity-related securities of companies, at least 90% of which have assets, products oroperations based in the United States or are included in the Russell 1000 index. Up to 10% of the value of the Sub-Fundmay be invested in other companies which have a US Stock Exchange listing. The Russell 1000 Index is constructed bythe Russell Investment Group to provide a comprehensive and unbiased barometer for the large-cap segment of the USequity universe and is completely reconstituted annually to ensure new and growing equities are reflected.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge US Large Cap Research Enhanced Fund Class “A”, “A5CP”,“Y” and “YYD” returned 12.54%, 10.64%, 13.13% and 14.00% respectively. Over the same period, the benchmark index,the Standard & Poor’s 500 Total Return Net Index (USD) and (SGD) returned 17.75% and 15.74% respectively. For theperiod 28 May to 31 December 2020, the PineBridge US Large Cap Research Enhanced Fund Class “A5H” returned20.16%. Over the same period, the benchmark index, the Standard & Poor’s 500 Total Return Net Index (SGD) returned16.47%.

Portfolio Overview

The first quarter of 2020 was one of the most volatile periods for equity markets since the Global Financial Crisis assignificant de-risking occurred in the latter half of the quarter following markets reaching new highs due to thesurrounding concerns about the economic and social impacts of the COVID-19 global pandemic. While largely viewed asan Asia issue to begin the year, coronavirus impacts began to show signs of global penetration beginning in the middle ofFebruary. The US equity markets rallied in the second quarter of 2020 off a historically strong month in April as marketsbounced back from the steep sell-off in March due to the global coronavirus pandemic, spurred by optimism that theworst of the virus had passed and governments began preliminary assessments for re-opening. The month of Juneushered in those phased re-openings with markets remaining relatively positive but volatile as virus cases spiked. Acontinued pull-back in US equities in October was fueled by lack of stimulus agreement, rising coronavirus rates, anduncertainty heading into the US presidential election. As signs of increased coronavirus cases began to show inSeptember, October continued the trend as states nationwide looked to continue phased re-openings of businesses.Equities saw some de-risking ahead of the November US presidential election with the binary outcome considerationcomplicated by the results of the House and Senate races as well to determine whether there would be a single partycontrolling a majority in Washington. Following a closely contested US presidential election, markets rallied as itseemed likely that Joe Biden would win the presidential nomination despite claims from the Trump campaign of voterfraud. Adding to euphoria for markets was the positive news of the effectiveness of Pfizer’s vaccine in the face ofescalating infection rates that continued into December. Despite the continuing surge of COVID-19 cases, vaccinerollouts in December as well as news of a stimulus deal helped to bolster market performance.

During the period, the Fund underperformed the S&P 500 Total Return Net Index. During the period, the strongestcontributors to relative performance were in consumer staples and financials sectors. The largest detracting sectorfrom relative performance was the health care sector. The mature cyclical categorization was the top performing growthcategory exhibiting strong stock selection while the exceptional growth categorization were the worst performing.

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 40

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued)

Portfolio Outlook

2020 was a year for equities in which there was tremendous volatility. Few could have imagined that the US equity marketwould be ending the year with a double-digit gain in overall index performance following one the weakness seen inQ1 2020. As vaccines for the coronavirus have begun to rollout and despite continued rising case counts, there is somelight on the horizon for a return to normal for many whose lives have been severely disrupted over the course of 2020. Asnoted previously, markets have been resilient to end the year despite the global pandemic as well as political upheaval tostart the year in 2021. The market is seemingly setting up for a more stable 2021 with a clearer picture forming inWashington, though PineBridge doesn’t expect there to be vast policy changes/reversals even with a government morealigned under a single party. There are certainly variables that could be significant for markets, particularly on the publichealth front where news of certain new strains of the coronavirus has been surfacing. This is something that will becontinuously monitored for the subsequent impact both on public health and the economy if potential shutdowns are putin place. Geopolitical factors also look to be impactful to begin the new year as the current administration’s firmingstance with China has caused ripples among investors as they assess the longer term impact of a more restrictive policyfor investment in Chinese companies based on the newly issued Executive Order.

PineBridge Investments Europe Ltd./PineBridge Investments LLCJanuary 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

41 Investment Manager’s Report

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND

Portfolio Objective

The investment objective of PineBridge US Research Enhanced Core Equity Fund is to seek to attain long-term growth ofcapital by means of a diversified portfolio through investment in equity and equity-related securities of companies atleast 90% of which have assets, products or operations based in the United States or are included in the Russell1000 Index. Up to 10% of the value of the Sub-Fund may be invested in other companies which have a US Stock Exchangelisting.

The Russell 1000 Index is constructed by the Russell Investment Group to provide a comprehensive and unbiasedbarometer for the large-cap segment of the US equity universe and is completely reconstituted annually to ensure newand growing equities are reflected.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge US Research Enhanced Core Equity Fund Class “A” and “Y”returned 14.15% and 15.07% respectively. Over the same period, the benchmark index, the Standard and Poor’s 500 TotalReturn Net Index returned 17.75%.

Portfolio Overview

The first quarter of 2020 was one of the most volatile periods for equity markets since the global financial crisis assignificant de-risking occurred in the latter half of the quarter following markets reaching new highs due to thesurrounding concerns about the economic and social impacts of the COVID-19 global pandemic. While largely viewed asan Asia issue to begin the year, coronavirus impacts began to show signs of global penetration beginning in the middle ofFebruary. The US equity markets rallied in the second quarter of 2020 off a historically strong month in April as marketsbounced back from the steep sell-off in March due to the global coronavirus pandemic, spurred by optimism that theworst of the virus had passed and governments began preliminary assessments for reopening. The month of Juneushered in those phased re-openings with markets remaining relatively positive but volatile as virus cases spiked. Acontinued pull-back in US equities in October was fueled by lack of stimulus agreement, rising coronavirus rates, anduncertainty heading into the US presidential election. As signs of increased coronavirus cases began to show inSeptember, October continued the trend as states nationwide looked to continue phased re-openings of businesses.Equities saw some de-risking ahead of the November US presidential election with the binary outcome considerationcomplicated by the results of the House and Senate races as well to determine whether there would be a single partycontrolling a majority in Washington. Following a closely contested US presidential election, markets rallied as itseemed likely that Joe Biden would win the presidential nomination despite claims from the Trump campaign of voterfraud. Adding to euphoria for markets was the positive news of the effectiveness of Pfizer’s vaccine in the face ofescalating infection rates that continued into December. Despite the continuing surge of COVID-19 cases, vaccinerollouts in December as well as news of a stimulus deal helped to bolster market performance.

During the period, the Fund underperformed the S&P 500 Total Return Net Index. During the period, the strongestcontributors to relative performance were in the financials and energy sectors. The largest detracting sector fromrelative performance was the real estate sector. The high stable growth categorization was the best performing growthcategory while the mature defensive categorization were the worst performing.

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 42

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND (continued)

Portfolio Outlook

2020 was a year for equities in which there was tremendous volatility. Few could have imagined that the US equity marketwould be ending the year with a double-digit gain in overall index performance following one the weakness seen inQ1 2020. As vaccines for the coronavirus have begun to rollout and despite continued rising case counts, there is somelight on the horizon for a return to normal for many whose lives have been severely disrupted over the course of 2020. Asnoted previously, markets have been resilient to end the year despite the global pandemic as well as political upheaval tostart the year in 2021. The market is seemingly setting up for a more stable 2021 with a clearer picture forming inWashington, though PineBridge doesn’t expect there to be vast policy changes/reversals even with a government morealigned under a single party. There are certainly variables that could be significant for markets, particularly on the publichealth front where news of certain new strains of the coronavirus has been surfacing. This is something that will becontinuously monitored for the subsequent impact both on public health and the economy if potential shutdowns are putin place. Geopolitical factors also look to be impactful to begin the new year as the current administration’s firmingstance with China has caused ripples among investors as they assess the longer term impact of a more restrictive policyfor investment in Chinese companies based on the newly issued Executive Order.

PineBridge Investments LLCJanuary 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

43 Investment Manager’s Report

PINEBRIDGE USD HIGH YIELD BOND FUND

Portfolio Objective

The investment objective of PineBridge USD High Yield Bond Fund is to aim to maximize total return consisting of currentincome and capital appreciation by primarily investing in USD-denominated high yield debt securities.

Portfolio Performance

For the period 2 October to 31 December 2020, the PineBridge USD High Yield Bond Fund Class “X”, “X1”, “X2” and “X2D”returned 5.67%, 1.17%, (0.02%) and (0.06%) respectively. Over the same period, the benchmark index, the BloombergBarclays High Yield Total Return Index (USD), (EUR) and (GBP) returned 6.28%, 1.75% and 0.56% respectively.

Portfolio Overview

High yield spreads traded tighter through the first three weeks of October and then wider during the last week of themonth, ultimately trading roughly flat overall. Capital market activity slowed somewhat following back-to-back$50-billion-plus volumes in August and September. Reduced new-issue activity, coupled with inflows into retail mutualfunds and exchange traded funds (ETFs), created a strong technical backdrop for the high yield market. However,investors also had to contend with uncertainty related to the election and additional fiscal stimulus in the US and therapid rise in COVID-19 cases in the US and Europe, increasing the risk of governments reinstituting varying degrees ofshutdown measures and pushing economies around the globe back into recession. High yield spreads then tradedtighter in November and December as clarity around the results of the US presidential election, positive news flow onvaccine development and distribution, and ongoing optimism and passing of additional fiscal stimulus providedconfidence of a stronger recovery in 2021. The boost in investor optimism came despite the continued surge inCOVID-19 infections in the US and Europe. In the meantime, central banks continue to provide support and haveindicated that their accommodative measures will remain in place for the foreseeable future, keeping rates lower forlonger.

Gross new issue activity totaled $99.6bn during the quarter, down from second and third quarter levels, but still the ninthhighest total quarterly issuance on record. Full year 2020 issuance totaled $449.9bn, up 57% from 2019 levels andsurpassing the prior record issuance of $398.5bn in 2013. High yield mutual Funds and ETFs reported inflows of $8.3bnin the fourth quarter. For 2020, high yield Funds reported inflows of $44.3bn, up from 2019 inflows of $18.8bn. Thepar-weighted US high yield default rate ended December at 6.17%, which is 353 bps higher than the start of the year andsignificantly higher than the long-term average of ~3.5%. 5- and 10-year Treasury rates traded 8 bps and 23 bps higher,respectively. The option-adjusted spread (OAS) on the Bloomberg Barclays US HY Index traded 157 bps tighter during thequarter to end at 360 bps. The US dollar weakened during the quarter, decreasing 4.21% as measured by the DXY index.

The Fund incepted on 2 October 2020 and was ramping up during this period. The Fund underperformed (gross and netof fees) its benchmark, Bloomberg Barclays U.S. High Yield 2% Issuer Capped Index, over the ramp up period sinceinception.

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 44

PINEBRIDGE USD HIGH YIELD BOND FUND (continued)

Portfolio Outlook

High yield bonds rallied further in December with spreads approaching levels not seen since the beginning of the year.Overall index spread levels have now largely closed the gap with what would normally be considered fair valuationsagainst the current default backdrop. However, we see the potential for credit markets to tighten further. The results ofthe Senate runoff elections are now known, with the Democrats winning both seats, resulting in unified control of thePresidency and both chambers of Congress, albeit with slim majorities. As a result, we now expect to see a more robustfiscal package than we anticipated in previous months when a divided government appeared to be the most likelyoutcome, which should further boost market sentiment. In addition, technical conditions remain supportive, with robustinstitutional and retail demand for high yield bonds as investors search for yield. Moreover, we expect the lowering of riskpremia to continue into 2021 and beyond, as Federal Reserve policy remains accommodative and has diminished tailrisks for investors. While we remain cognizant of the risks still present in the market, such as high rates ofCOVID-19 infections and the emergence of virus mutations threatening new shutdown measures, we believe theseissues will ultimately be outweighed by the various tailwinds supporting financial markets. Against this backdrop, weremain constructive on the high yield bond market and continue to seek to add incremental returns at the issuer andsecurity selection level as opposed to broad beta positioning.

PineBridge Investments LLCJanuary 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

45 Investment Manager’s Report

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND

Portfolio Objective

The portfolio objective of PineBridge USD Investment Grade Credit Fund is to aim to maximise total return and providecapital preservation through investment in the US Investment Grade credit universe.

Portfolio Performance

For the year 1 January to 31 December 2020, the PineBridge USD Investment Grade Credit Fund Class “X” and “Y”returned 13.24% and 12.84% respectively. Over the same period, the benchmark index, the Bloomberg Barclays USCredit Total Return Index returned 9.35%. For the period 5 August to 31 December 2020, the PineBridge USD InvestmentGrade Credit Fund Class “C” returned 1.67%. Over the same period, the benchmark index, the Bloomberg Barclays USCredit Total Return Index returned 0.93%. For the period 11 August to 31 December 2020, the PineBridge USDInvestment Grade Credit Fund Class “A” returned 2.64%. Over the same period, the benchmark index, the BloombergBarclays US Credit Total Return Index returned 1.45%.

Portfolio Overview

Credit markets delivered weak performance in the first quarter, driven primarily by escalating fears of coronavirusspread and its potential impact on global growth and corporate earnings. The Federal Reserve (Fed) delivered anemergency half-percentage point interest rate cut on 3rd March and followed up with another one-percentage-pointinterest rate cut on 16th March in a bid to protect the longest-ever economic expansion. Also, to alleviate liquidity stressin the markets, the Fed announced several programs throughout the month, including the Primary Market CorporateCredit Facility (PMCCF) for new bond and loan issuance, and the Secondary Market Corporate Credit Facility (SMCCF).These unprecedented measures dramatically improved market liquidity and led to a strong market rebound in thefollowing months.

Credit markets delivered one of the strongest performances on record in the second and third quarters as actionsundertaken by central banks and governments in the form of monetary and fiscal support helped bolster marketsentiment. The markets continued to remain optimistic in the fourth quarter driven by a flurry of positive newssupporting market sentiment. Better than expected third quarter earnings reports, strong economic data, relativelysmooth passing of US elections, vaccine approval and a second fiscal package drove markets higher despite discovery ofmore infectious virus mutations and renewed lockdowns around the world. FOMC met for their last meeting of the yearand left things broadly unchanged. The committee said it would continue buying $120 billion in bonds until substantialprogress has been made towards employment and price stability goals. The Fed Chairman Powell sounded quitecautious about the economy during his press conference, noting that although some Americans are already receiving thecoronavirus vaccine, economic activity is likely to remain suppressed well into next year. Economic data released duringthe quarter was relatively strong and pointed towards an ongoing steady recovery.

The portfolio outperformed its benchmark, the Bloomberg Barclays U.S. Credit Index, during the year due to positivecontributions from security selection, primarily in the government, financials and capital goods sectors. However, theportfolio’s overweight allocation to energy and underweight allocation to consumer non-cyclical sectors detractedperformance. Portfolio’s overweight duration versus the index contributed to performance as treasury yields movedlower during the year.

PineBridge Global Funds

Investment Manager’s Report (continued)

Investment Manager’s Report 46

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

Portfolio Outlook

The approval of another fiscal stimulus package and COVID-19 vaccine approvals have given the market a great deal ofconfidence to navigate in 2021. The latest data on US manufacturing indicated a strong rebound with expansion at thefastest pace since 2018. The political environment in the US should calm during the 1st quarter of 2021. While theoutcome of the election leaves the Democratic party in control, the margin of their win was very thin. This thin margin islikely to put a limit on the amount of legislation that will be able to pass. The ongoing support from the central banks willalso remain a key driver for the markets throughout the year. We remain cautious in the near term, as rising COVID casesaround the world and renewed lockdowns could present more challenges ahead. However, we believe that the vaccinerollout, despite it potentially taking longer than expected, should prove effective in tackling these challenges for a strongeconomic rebound in 2021. Moreover, supply expectations for 2021 also point to lower issuance, with estimates atapproximately 30% lower than last year. Thus, we expect these favorable conditions to continue as credit demandremains strong.

PineBridge Investments LLCJanuary 2021

PineBridge Global Funds

Investment Manager’s Report (continued)

47 Investment Manager’s Report

The Manager is responsible for preparing the Annual Report and the Financial Statements in accordance with GenerallyAccepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UKincluding Financial Reporting Standard 102 �The Financial Reporting Standard applicable in the UK and Republic ofIreland� and Irish law). In preparing these Financial Statements the Manager is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether the Financial Statements have been prepared in accordance with applicable accounting standardsand identify the standards in question subject to any material departure from those standards being disclosed andexplained in the notes to the financial statements; and

• prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that eachSub-Fund will continue in operation.

The Manager is responsible for keeping adequate accounting records which disclose with reasonable accuracy at anytime the financial position of the Fund and to enable it to ensure that the Financial Statements are prepared inaccordance with FRS 102 and comply with the provisions of the Prospectus, Trust Deed and the UCITS Regulations. TheManager has appointed the Administrator to maintain the accounting records of the Fund at 78 Sir John Rogerson’sQuay, Dublin 2, Ireland. The Manager is also responsible with respect to its duties under the UCITS Regulations to takereasonable steps for the prevention and detection of fraud, error and other irregularities.

Under the UCITS Regulations, the assets of the Fund are entrusted to the Depositary for safe-keeping.

The Manager is responsible for the maintenance and integrity of the corporate and financial information included onPineBridge’s website (www.pinebridge.com/funds/emea/professional-investor/). Legislation in Ireland governing thepreparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Connected Persons

Regulation 43 of the Central Bank (Supervision And Enforcement) Act 2013(Section 48(1)) (Undertakings For CollectiveInvestment in Transferable Securities) Regulations 2019 (the �UCITS Regulations�) “Restrictions of transactions withconnected persons” states that “A responsible person shall ensure that any transaction between a UCITS and aconnected 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 81 (4), the Directors, as responsible persons are satisfied that there arearrangements in place, evidenced by written procedures, to ensure that the obligations that are prescribed by UCITSRegulation 43(1) are applied to all transactions with a connected person; and all transactions with connected personsthat were entered into during the period to which the report relates complied with the obligations that are prescribed byRegulation 43(1).

ON BEHALF OF THE BOARD OF THE MANAGER:

Date: 27 April 2021

PineBridge Global Funds

Statement of Manager’s Responsibilities

Statement of Manager’s Responsibilities 48

CMcGonag
Stamp

We have enquired into the conduct of the Manager in respect of PineBridge Global Funds (the �Trust�) for the financialyear ended 31 December 2020, in our capacity as Depositary to the Trust.

This report including the opinion has been prepared for and solely for the unitholders in the Trust, in accordance withRegulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not,in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report isshown.

Responsibilities of the Depositary

Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One ofthose duties is to enquire into the conduct of the Trust in each annual accounting period and report thereon to theunitholders.

Our report shall state whether, in our opinion, the Trust has been managed in that period in accordance with theprovisions of the Trust’s Trust Deed and the UCITS Regulations. It is the overall responsibility of the Manager to complywith these provisions. If the Manager has not so complied, we as Depositary must state why this is the case and outlinethe steps which we have taken to rectify the situation.

Basis of Depositary Opinion

The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with itsduties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all materialrespects, the Trust has been managed.

(i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Trust Deedand the appropriate regulations and;

(ii) otherwise in accordance with the Trust’s constitutional documentation and the appropriate regulations.

Opinion

In our opinion, the Trust has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and theDepositary by the Trust Deed, by the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the CentralBank UCITS Regulations’); and

(ii) otherwise in accordance with the provisions of the Trust Deed, the UCITS Regulations and the Central Bank UCITSRegulations.

State Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Date: 27 April 2021

PineBridge Global Funds

Depositary’s Report to the Unitholders of PineBridge Global Funds

49 Depositary’s Report

50

Independent auditors’ report to the unitholders of the Sub-Funds of PineBridge Global Funds

Report on the audit of the financial statements

Opinion

In our opinion, PineBridge Global Funds’ financial statements:

• give a true and fair view of the Sub-Funds’ assets, liabilities and financial position as at 31 December 2020 and of their results for the year then ended;

• have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and Irish law); and

• have been properly prepared in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report & Audited Financial Statements, which comprise:

• the Statement of Financial Position as at 31 December 2020;

• the Statement of Comprehensive Income for the year then ended;

• the Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders for the year then ended;

• the Statement of Changes in Equity for the year then ended;

• the Schedule of Investments for each of the Sub-Funds as at 31 December 2020; and

• the notes to the financial statements for each of the Sub-Funds, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Sub-Funds’ ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the manager’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Sub-Funds’ ability to continue as a going concern.

Our responsibilities and the responsibilities of the manager with respect to going concern are described in the relevant sections of this report.

51

Reporting on other information

The other information comprises all of the information in the Annual Report & Audited Financial Statements other than the financial statements and our auditors’ report thereon. The manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

Responsibilities for the financial statements and the audit

Responsibilities of the manager for the financial statements

As explained more fully in the Statement of Manager’s Responsibilities set out on page 48, the manager is responsible for the preparation of the financial statements in accordance with the applicable framework giving a true and fair view.

The manager is also responsible for such internal control as the manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the manager is responsible for assessing the Sub-Funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the manager intends to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.

This description forms part of our auditors’ report.

Use of this report

This report, including the opinion, has been prepared for and only for the unitholders of each of the Sub-Funds as a body in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers Chartered Accountants and Registered Auditors Dublin 27 April 2021

PINEBRIDGE ASIA EX JAPAN EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 97.88%)CHINA (31 DECEMBER 2019: 22.52%)

166,549 China Tourism Group Duty Free.......................................................................... 7,200,748 2.744,152,000 CIFI Holdings Group................................................................................................... 3,518,916 1.341,004,971 Estun Automation........................................................................................................ 4,587,279 1.751,694,400 Haier Smart Home...................................................................................................... 6,141,982 2.34

372,324 Jonjee Hi-Tech Industrial And Commercial Holding ............................... 3,798,527 1.45427,000 Kingsoft ............................................................................................................................. 2,754,128 1.05641,381 Luxshare Precision Industry.................................................................................. 5,509,697 2.10

36,995 Pinduoduo (ADR).......................................................................................................... 6,626,175 2.5358,000 Silergy ................................................................................................................................ 4,974,731 1.90

276,600 Tencent Music Entertainment Group (ADR).................................................. 5,316,252 2.034,892,000 Uni-President China Holdings.............................................................................. 4,979,087 1.901,902,000 Weichai Power............................................................................................................... 3,817,740 1.451,521,600 Xiaomi ................................................................................................................................ 6,516,656 2.481,473,221 Zhejiang Sanhua Intelligent Controls............................................................... 5,558,771 2.12

CHINA - TOTAL ............................................................................................................. 71,300,689 27.18

HONG KONG (31 DECEMBER 2019: 22.37%)936,800 AIA Group......................................................................................................................... 11,480,392 4.38123,940 Alibaba Group Holding.............................................................................................. 3,718,840 1.42410,000 China Mengniu Dairy.................................................................................................. 2,475,232 0.94

2,999,000 Chow Tai Fook Jewellery Group .......................................................................... 3,771,962 1.44130,126 JD.com............................................................................................................................... 5,740,853 2.19

25,230 New Oriental Education & Technology Group ............................................. 4,530,464 1.73228,000 Ping An Healthcare and Technology ................................................................. 2,764,706 1.05

3,372,000 Stella International Holdings ................................................................................ 3,919,211 1.493,715,500 Sun Art Retail Group.................................................................................................. 3,776,850 1.44

228,000 Techtronic Industries ................................................................................................ 3,252,941 1.24

HONG KONG - TOTAL................................................................................................ 45,431,451 17.32

INDIA (31 DECEMBER 2019: 10.26%)89,361 Bajaj Finance ................................................................................................................. 6,477,430 2.4772,338 Indiamart Intermesh.................................................................................................. 6,344,642 2.42

338,778 Infosys................................................................................................................................ 5,823,821 2.2211,589 Reliance Industries..................................................................................................... 314,952 0.12

127,867 Route Mobile .................................................................................................................. 1,922,961 0.7314,113 Shree Cement................................................................................................................ 4,639,185 1.77

387,751 Sun Pharmaceutical Industries ........................................................................... 3,144,153 1.20

INDIA - TOTAL............................................................................................................... 28,667,144 10.93

PineBridge Global Funds

Schedule of Investments as at 31 December 2020

Schedule of Investments 52

PINEBRIDGE ASIA EX JAPAN EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

INDONESIA (31 DECEMBER 2019: 2.81%)7,836,200 Bank Tabungan Pensiunan Nasional Syariah.............................................. 2,091,512 0.79

43,676,900 Ramayana Lestari Sentosa .................................................................................... 2,409,224 0.92

INDONESIA - TOTAL .................................................................................................. 4,500,736 1.71

ITALY (31 DECEMBER 2019: 1.02%)786,300 PRADA ............................................................................................................................... 5,193,313 1.98

ITALY - TOTAL............................................................................................................... 5,193,313 1.98

LUXEMBOURG (31 DECEMBER 2019: NIL)2,476,200 Samsonite International .......................................................................................... 4,388,930 1.67

LUXEMBOURG - TOTAL ........................................................................................... 4,388,930 1.67

PHILIPPINES (31 DECEMBER 2019: 0.93%)294,626 GT Capital Holdings.................................................................................................... 3,588,997 1.37

PHILIPPINES - TOTAL .............................................................................................. 3,588,997 1.37

SINGAPORE (31 DECEMBER 2019: NIL)28,460 Sea (ADR) ......................................................................................................................... 5,599,505 2.13

SINGAPORE - TOTAL................................................................................................. 5,599,505 2.13

SOUTH KOREA (31 DECEMBER 2019: 17.33%)8,183 CJ CheilJedang............................................................................................................. 2,870,039 1.09

14,152 LG Chem........................................................................................................................... 10,734,832 4.0958,624 LG Electronics............................................................................................................... 7,285,501 2.7830,977 LS ......................................................................................................................................... 2,036,047 0.7839,989 Naver .................................................................................................................................. 10,767,543 4.1012,583 Shinsegae ........................................................................................................................ 2,774,214 1.0666,047 SK Hynix............................................................................................................................ 7,204,796 2.75

SOUTH KOREA - TOTAL........................................................................................... 43,672,972 16.65

TAIWAN (31 DECEMBER 2019: 13.63%)156,000 Airtac International Group...................................................................................... 4,996,797 1.90641,000 Delta Electronics ......................................................................................................... 5,999,822 2.29502,000 MediaTek.......................................................................................................................... 13,345,932 5.09111,000 Taiwan Semiconductor Manufacturing............................................................ 2,093,744 0.80

1,179,000 Taiwan Union Technology ....................................................................................... 5,077,194 1.93

TAIWAN - TOTAL ......................................................................................................... 31,513,489 12.01

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

53 Schedule of Investments

PINEBRIDGE ASIA EX JAPAN EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

THAILAND (31 DECEMBER 2019: 4.53%)13,120,500 AP Thailand..................................................................................................................... 3,175,021 1.21

3,257,500 Sabina ................................................................................................................................ 2,218,057 0.85

THAILAND - TOTAL .................................................................................................... 5,393,078 2.06

UNITED STATES (31 DECEMBER 2019: 2.48%)126,422 Kingsoft Cloud Holdings (ADR) ............................................................................ 5,450,053 2.08

77,211 Yum China Holdings................................................................................................... 4,410,292 1.68

UNITED STATES - TOTAL ....................................................................................... 9,860,345 3.76

EQUITIES - TOTAL....................................................................................................... 259,110,649 98.77

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 168,514,409) ............................................................. 259,110,649 98.77

TOTAL VALUE OF INVESTMENTS ...................................................................... 259,110,649 98.77

CASH................................................................................................................................... 5,145,708 1.96

OTHER NET LIABILITIES......................................................................................... (1,907,123) (0.73)

TOTAL VALUE OF SUB-FUND .............................................................................. 262,349,234 100.00

Abbreviations Used:

ADR American Depositary Receipt

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 97.95Other current assets............................................................................................................................................................................ 2.05

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 54

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 87.76%)AUSTRALIA (31 DECEMBER 2019: 12.26%)

3,114,280 Appen ................................................................................................................................. 59,264,160 3.0312,362,071 Cleanaway Waste Management........................................................................... 22,390,948 1.15

647,118 Domino’s Pizza Enterprises................................................................................... 43,233,039 2.214,975,873 IPH ....................................................................................................................................... 24,660,033 1.26

11,836,890 Qube Holdings ............................................................................................................... 26,822,443 1.374,831,913 Service Stream.............................................................................................................. 6,722,173 0.35

AUSTRALIA - TOTAL.................................................................................................. 183,092,796 9.37

CHINA (31 DECEMBER 2019: 11.84%)9,359,716 Baoshan Iron & Steel ................................................................................................ 8,524,592 0.43

16,173,000 China Modern Dairy Holdings............................................................................... 3,880,519 0.20943,280 Chindata Group Holdings (ADR) .......................................................................... 19,148,584 0.98

15,906,000 Dongfeng Motor Group............................................................................................. 18,548,793 0.951,454,000 Haitian International Holdings ............................................................................. 5,026,729 0.262,645,200 Haitong Securities....................................................................................................... 2,364,711 0.12

19,091,500 KWG Group Holdings ................................................................................................. 26,056,253 1.333,548,000 Li Ning ............................................................................................................................... 24,394,788 1.251,848,309 SF Holding ....................................................................................................................... 24,962,314 1.283,318,200 Shenzhou International Group Holdings......................................................... 65,062,745 3.33

23,609,000 Sinotrans.......................................................................................................................... 8,588,413 0.444,137,000 TravelSky Technology................................................................................................ 9,979,605 0.511,863,148 WuXi AppTec................................................................................................................... 36,484,245 1.87

CHINA - TOTAL ............................................................................................................. 253,022,291 12.95

HONG KONG (31 DECEMBER 2019: 21.77%)2,503,500 ASM Pacific Technology........................................................................................... 33,037,674 1.69

10,550,000 Cafe de Coral Holdings............................................................................................. 22,727,683 1.1623,209,222 China Everbright International............................................................................. 13,113,570 0.67

5,714,600 China Gas Holdings .................................................................................................... 22,705,067 1.1628,060,200 Chow Tai Fook Jewellery Group .......................................................................... 35,292,434 1.8159,846,000 Comba Telecom Systems Holdings................................................................... 17,447,363 0.8913,042,500 HKBN ................................................................................................................................. 20,189,628 1.03

2,839,000 Hysan Development ................................................................................................... 10,419,189 0.5332,927,000 Lee & Man Paper Manufacturing........................................................................ 26,971,936 1.38

6,694,000 Nissin Foods................................................................................................................... 5,509,252 0.2872,464,000 Pacific Basin Shipping .............................................................................................. 13,647,761 0.70

3,758,500 Sinotruk Hong Kong................................................................................................... 9,599,884 0.4925,067,000 SITC International Holdings................................................................................... 54,130,751 2.7725,143,500 Sun Art Retail Group.................................................................................................. 25,558,666 1.31

4,346,500 Techtronic Industries ................................................................................................ 62,012,758 3.18

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

55 Schedule of Investments

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

HONG KONG (31 DECEMBER 2019: 21.77%) (continued)16,835,200 Tongcheng-Elong Holdings.................................................................................... 32,575,851 1.67

5,213,600 VTech Holdings ............................................................................................................. 40,453,824 2.07

HONG KONG - TOTAL................................................................................................ 445,393,291 22.79

INDIA (31 DECEMBER 2019: 11.43%)2,246,443 Avanti Feeds ................................................................................................................... 16,073,863 0.822,888,199 Bandhan Bank............................................................................................................... 15,903,602 0.811,167,125 Divi’s Laboratories ...................................................................................................... 61,381,257 3.14

612,376 Kajaria Ceramics ......................................................................................................... 5,898,157 0.30162,626 Nestle India..................................................................................................................... 40,940,200 2.10828,626 Route Mobile .................................................................................................................. 12,461,505 0.64133,765 Sanofi India ..................................................................................................................... 15,247,576 0.78137,806 Shree Cement................................................................................................................ 45,299,198 2.32

INDIA - TOTAL............................................................................................................... 213,205,358 10.91

INDONESIA (31 DECEMBER 2019: 1.34%)133,597,000 Ciputra Development................................................................................................. 9,366,053 0.48348,993,400 Pakuwon Jati.................................................................................................................. 12,668,088 0.65

7,222,000 United Tractors............................................................................................................. 13,672,968 0.70

INDONESIA - TOTAL .................................................................................................. 35,707,109 1.83

ITALY (31 DECEMBER 2019: 0.17%)

MALAYSIA (31 DECEMBER 2019: 2.47%)10,999,400 Gamuda............................................................................................................................. 10,648,996 0.54

3,951,300 Hong Leong Bank........................................................................................................ 17,897,875 0.92

MALAYSIA - TOTAL .................................................................................................... 28,546,871 1.46

SINGAPORE (31 DECEMBER 2019: 1.07%)8,244,000 SATS.................................................................................................................................... 24,837,152 1.273,191,700 UOL Group....................................................................................................................... 18,627,612 0.95

SINGAPORE - TOTAL................................................................................................. 43,464,764 2.22

SOUTH KOREA (31 DECEMBER 2019: 3.19%)470,244 Eugene Technology..................................................................................................... 14,436,746 0.74

1,665,628 Hanon Systems............................................................................................................. 24,916,188 1.27199,037 Hansol Chemical.......................................................................................................... 36,003,655 1.84338,889 Hotel Shilla...................................................................................................................... 25,674,827 1.31148,844 ITM Semiconductor .................................................................................................... 7,796,395 0.40

66,697 Koh Young Technology.............................................................................................. 6,446,824 0.33225,949 KoMiCo .............................................................................................................................. 10,389,536 0.53

12,568 LS Industrial Systems............................................................................................... 730,039 0.04

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 56

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SOUTH KOREA (31 DECEMBER 2019: 3.19%) (continued)55,522 Park Systems................................................................................................................. 4,830,000 0.25

241,490 Ray ....................................................................................................................................... 11,848,860 0.61

SOUTH KOREA - TOTAL........................................................................................... 143,073,070 7.32

TAIWAN (31 DECEMBER 2019: 16.86%)1,640,520 Airtac International Group...................................................................................... 52,547,085 2.692,450,000 Alchip Technologies ................................................................................................... 54,147,982 2.772,359,000 Catcher Technology.................................................................................................... 17,294,968 0.896,458,181 Chicony Power Technology .................................................................................... 16,227,047 0.831,061,000 Chief Telecom................................................................................................................ 13,386,166 0.682,706,660 Innodisk............................................................................................................................. 15,990,660 0.82

239,000 Largan Precision.......................................................................................................... 27,176,489 1.397,875,000 Sinbon Electronics ...................................................................................................... 60,538,117 3.107,425,000 Taiwan Union Technology ....................................................................................... 31,974,696 1.641,180,681 Voltronic Power Technology .................................................................................. 47,062,521 2.412,482,000 Win Semiconductors.................................................................................................. 30,563,457 1.56

TAIWAN - TOTAL ......................................................................................................... 366,909,188 18.78

THAILAND (31 DECEMBER 2019: 2.41%)747,317 AEON Thana Sinsap Thailand ............................................................................... 5,063,596 0.26

3,568,183 AEON Thana Sinsap Thailand (Voting Rights) .............................................. 24,176,941 1.243,806,000 Bumrungrad Hospital ............................................................................................... 15,244,326 0.78

THAILAND - TOTAL .................................................................................................... 44,484,863 2.28

UNITED STATES (31 DECEMBER 2019: 0.81%)1,018,670 Kingsoft Cloud Holdings (ADR) ............................................................................ 43,914,864 2.25

20,140,000 Nexteer Automotive Group..................................................................................... 21,641,666 1.11

UNITED STATES - TOTAL ....................................................................................... 65,556,530 3.36

VIETNAM (31 DECEMBER 2019: 2.14%)22,756,195 Hoa Phat Group ............................................................................................................ 40,864,043 2.09

VIETNAM - TOTAL ....................................................................................................... 40,864,043 2.09

EQUITIES - TOTAL....................................................................................................... 1,863,320,174 95.36

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 1,371,400,241) ......................................................... 1,863,320,174 95.36

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 1,863,320,174 95.36

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

57 Schedule of Investments

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.01%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

04/01/2021 State Street Bank & Trust Co.† GBP 15,165 USD 20,523 177 0.0004/01/2021 State Street Bank & Trust Co.† SGD 130,492 USD 97,932 847 0.0004/01/2021 State Street Bank & Trust Co.† SGD 226 USD 170 1 0.0005/01/2021 State Street Bank & Trust Co.† GBP 33 USD 45 - 0.0005/01/2021 State Street Bank & Trust Co.† SGD 4,084 USD 3,072 19 0.0005/01/2021 State Street Bank & Trust Co.† SGD 1,221 USD 919 6 0.0015/01/2021 State Street Bank & Trust Co.5 EUR 40,617,701 USD 49,298,922 659,348 0.0315/01/2021 State Street Bank & Trust Co.1 EUR 10,342,681 USD 12,553,222 167,893 0.0115/01/2021 State Street Bank & Trust Co.5 EUR 707,815 USD 858,623 11,964 0.0015/01/2021 State Street Bank & Trust Co.5 EUR 991,932 USD 1,208,415 11,624 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 551,811 USD 671,392 7,316 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 614,723 USD 750,575 5,511 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 261,878 USD 319,031 3,069 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 128,792 USD 156,232 2,177 0.0015/01/2021 State Street Bank & Trust Co.5 EUR 49,251 USD 60,238 339 0.0015/01/2021 State Street Bank & Trust Co.5 EUR 4,097 USD 4,977 62 0.0015/01/2021 State Street Bank & Trust Co.5 EUR 2,447 USD 2,989 20 0.0015/01/2021 State Street Bank & Trust Co.5 EUR 667 USD 810 10 0.0015/01/2021 State Street Bank & Trust Co.3 EUR 324 USD 394 5 0.0015/01/2021 State Street Bank & Trust Co.4 GBP 4,780,062 USD 6,361,593 163,763 0.0115/01/2021 State Street Bank & Trust Co.2 GBP 507,945 USD 676,004 17,402 0.0015/01/2021 State Street Bank & Trust Co.6 GBP 117,515 USD 156,396 4,026 0.0015/01/2021 State Street Bank & Trust Co.4 GBP 99,423 USD 134,380 1,345 0.0015/01/2021 State Street Bank & Trust Co.4 GBP 37,670 USD 50,367 1,058 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 12,750 USD 16,946 460 0.0015/01/2021 State Street Bank & Trust Co.4 GBP 5,922 USD 7,868 216 0.0015/01/2021 State Street Bank & Trust Co.4 GBP 5,020 USD 6,720 133 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 3,918 USD 5,238 110 0.0015/01/2021 State Street Bank & Trust Co.6 GBP 2,873 USD 3,819 104 0.0015/01/2021 State Street Bank & Trust Co.6 GBP 829 USD 1,108 23 0.0015/01/2021 State Street Bank & Trust Co.5 USD 1,775 EUR 1,450 (7) 0.0015/01/2021 State Street Bank & Trust Co.5 USD 2,154 EUR 1,770 (23) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 6,538 EUR 5,364 (60) 0.0015/01/2021 State Street Bank & Trust Co.5 USD 6,862 EUR 5,630 (63) 0.0015/01/2021 State Street Bank & Trust Co.5 USD 11,701 EUR 9,617 (128) 0.0015/01/2021 State Street Bank & Trust Co.5 USD 13,507 EUR 11,118 (168) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 45 GBP 33 (-) 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 1,059,028 0.05Unrealised loss on open forward foreign currency exchange contracts ....................................... (449) 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 1,058,579 0.05

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 58

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND (continued)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 1,864,378,753 95.41

CASH............................................................................................................................. 112,170,677 5.74

OTHER NET LIABILITIES................................................................................... (22,498,173) (1.15)

TOTAL VALUE OF SUB-FUND ........................................................................ 1,954,051,257 100.00

Abbreviations Used:

ADR American Depositary Receipt1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class R1H.2Open Forward Foreign Currency Exchange Contracts relate to Hedge Class R2HD.3Open Forward Foreign Currency Exchange Contracts relate to Hedge Class SR1H.4Open Forward Foreign Currency Exchange Contracts relate to Hedge Class SR2HD.5Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y1H.6Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y2HD.†Spot forward.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 93.43Over-the-counter financial derivative instruments............................................................................................................. 0.05Other current assets............................................................................................................................................................................ 6.52

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

59 Schedule of Investments

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESFIXED INCOME SECURITIES (31 DECEMBER 2019: 70.43%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 10.98%)

550,000 4.000% Export-Import Bank of China 28/11/2047...................................... 683,221 0.35200,000 4.350% Indonesia 08/01/2027................................................................................ 232,602 0.12200,000 5.375% Indonesia 17/10/2023................................................................................ 225,916 0.11200,000 5.875% Indonesia 15/01/2024................................................................................ 229,677 0.12250,000 8.500% Indonesia 12/10/2035................................................................................ 408,355 0.21

1,200,000 3.800% Perusahaan Penerbit SBSN Indonesia III 23/06/2050 ............ 1,321,548 0.67320,000 3.900% Perusahaan Penerbit SBSN Indonesia III 20/08/2024 ............ 352,906 0.18250,000 4.550% Perusahaan Penerbit SBSN Indonesia III 29/03/2026 ............ 289,023 0.15

1,255,000 2.457% Philippine 05/05/2030 ............................................................................... 1,353,402 0.68

UNITED STATES DOLLAR - TOTAL.................................................................... 5,096,650 2.59

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 59.45%)

4,830,000 2.250% Amipeace 22/10/2030 ............................................................................... 4,830,198 2.45500,000 3.064% Axiata Spv5 Labuan 19/08/2050 .......................................................... 499,052 0.25

2,325,000 4.750% Bank Mandiri Persero 13/05/2025..................................................... 2,595,863 1.321,500,000 5.000% Bank of China 13/11/2024 ...................................................................... 1,680,825 0.85

500,000 3.875% Bank of China Hong Kong 30/06/2025............................................. 554,350 0.28

1,928,0004.125% Beijing State-Owned Assets Management Hong Kong26/05/2025 ....................................................................................................................... 2,078,555 1.05

2,270,000 2.625% BOC Aviation 17/09/2030......................................................................... 2,288,447 1.162,500,000 3.000% BOC Aviation 11/09/2029......................................................................... 2,578,727 1.31

830,000 2.200% Castle Peak Power Finance 22/06/2030......................................... 838,631 0.432,150,000 4.875% Chalco Hong Kong Investment 07/09/2021................................... 2,195,062 1.111,300,000 4.000% China Clean Energy Development 05/11/2025............................ 1,427,465 0.72

660,000 2.750% CMB International Leasing Management 12/08/2030 ............ 644,812 0.333,000,000 3.500% CNAC HK Finbridge 19/07/2022.......................................................... 3,028,445 1.541,000,000 5.000% CNOOC Finance 02/05/2042.................................................................. 1,238,406 0.63

415,000 1.875% Contemporary Ruiding Development 17/09/2025 ..................... 419,017 0.211,310,000 3.875% Country Garden Holdings 22/10/2030.............................................. 1,347,990 0.682,590,000 4.850% Elect Global Investments (perpetual) .............................................. 2,706,114 1.371,345,000 3.000% Goodman HK Finance 22/07/2030 ..................................................... 1,402,957 0.711,000,000 2.875% Hongkong Electric Finance 03/05/2026.......................................... 1,073,679 0.541,020,000 2.875% Hongkong Land Finance 27/05/2030................................................ 1,083,031 0.551,550,000 4.950% Huarong Finance 2017 07/11/2047.................................................... 1,743,083 0.88

820,000 3.375% Huarong Finance 2019 24/02/2030.................................................... 844,598 0.43500,000 3.875% Huarong Finance 2019 13/11/2029.................................................... 528,000 0.27

1,500,000 5.450% Indonesia Asahan Aluminium Persero 15/05/2030.................. 1,803,528 0.911,000,000 6.757% Indonesia Asahan Aluminium Persero 15/11/2048.................. 1,365,140 0.69

730,000 2.125% JIC Zhixin 27/08/2030 ............................................................................... 717,236 0.361,450,000 4.250% KEB Hana Bank 14/10/2024.................................................................. 1,605,326 0.811,600,000 4.375% KEB Hana Bank 30/09/2024.................................................................. 1,778,181 0.90

630,000 2.500% Kookmin Bank 04/11/2030..................................................................... 641,123 0.332,500,000 3.950% Longfor Group Holdings 16/09/2029 ................................................ 2,714,697 1.38

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 60

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 59.45%)(continued)

2,000,000 4.500% Longfor Properties 16/01/2028 ........................................................... 2,218,324 1.12600,000 2.125% Meituan 28/10/2025 ................................................................................... 609,200 0.31

1,055,000 2.125% Metropolitan Bank & Trust 15/01/2026 .......................................... 1,076,016 0.551,990,000 5.000% Nan Fung Treasury III (perpetual) ..................................................... 2,040,634 1.034,500,000 4.400% Newcastle Coal Infrastructure Group 29/09/2027.................... 4,607,341 2.34

500,000 6.400% Nexen Energy 15/05/2037 ...................................................................... 680,760 0.351,200,000 4.625% ONGC Videsh 15/07/2024........................................................................ 1,309,266 0.661,000,000 2.875% ONGC Videsh Vankorneft 27/01/2022............................................... 1,012,590 0.511,000,000 3.750% ONGC Videsh Vankorneft 27/07/2026............................................... 1,080,605 0.551,810,000 3.500% Panther Ventures........................................................................................ 1,807,593 0.921,550,000 3.100% Pertamina Persero 27/08/2030........................................................... 1,654,800 0.841,070,000 4.175% Pertamina Persero 21/01/2050........................................................... 1,152,369 0.581,350,000 4.300% Pertamina Persero 20/05/2023........................................................... 1,447,915 0.731,500,000 4.875% Pertamina Persero 03/05/2022........................................................... 1,576,537 0.80

500,000 6.500% Pertamina Persero 07/11/2048........................................................... 699,890 0.351,750,000 4.125% Perusahaan Listrik Negara 15/05/2027.......................................... 1,933,750 0.981,200,000 5.500% Perusahaan Listrik Negara 22/11/2021.......................................... 1,250,400 0.63

300,000 6.250% Perusahaan Listrik Negara 25/01/2049.......................................... 400,500 0.20700,000 3.500% Petronas Capital 21/04/2030 ................................................................ 803,413 0.41

1,500,000 4.550% Petronas Capital 21/04/2050 ................................................................ 2,000,821 1.01200,000 4.800% Petronas Capital 21/04/2060 ................................................................ 288,612 0.15785,000 3.280% Philippine National Bank 27/09/2024............................................... 831,315 0.42360,000 4.250% Philippine National Bank 27/04/2023............................................... 383,580 0.19

1,000,000 2.125% PSA Treasury 05/09/2029 ....................................................................... 1,053,943 0.53845,000 2.250% PSA Treasury 30/04/2030 ....................................................................... 895,480 0.45500,000 3.700% PTT Treasury Center 16/07/2070........................................................ 518,110 0.26200,000 2.587% PTTEP Treasury Center 10/06/2027 ................................................. 208,569 0.11335,000 3.903% PTTEP Treasury Center 06/12/2059 ................................................. 369,492 0.19500,000 4.500% RH International Singapore 27/03/2028 ......................................... 568,387 0.29

2,725,000 4.375% Scentre Group Trust 28/05/2030 ........................................................ 3,135,628 1.59500,000 2.375% Shanghai Port Group BVI Development 2 13/07/2030 ............ 502,705 0.26700,000 3.750% Shinhan Bank 20/09/2027 ...................................................................... 773,052 0.39690,000 4.000% Shinhan Bank 23/04/2029 ...................................................................... 783,396 0.40900,000 4.875% Sinopec Group Overseas Development 2012 17/05/2042...... 1,157,823 0.59

1,300,000 4.100% Sinopec Group Overseas Development 2015 28/04/2045...... 1,537,212 0.78200,000 3.350% Sinopec Group Overseas Development 2018 13/05/2050...... 208,560 0.11

1,115,000 2.625% Sinosing Services 20/02/2030 .............................................................. 1,126,528 0.57800,000 4.375% State Grid Overseas Investment 2013 22/05/2043 .................... 1,005,195 0.51500,000 2.750% Sun Hung Kai Properties Capital Market 13/05/2030............. 523,141 0.27

1,265,000 3.125% Sunny Express Enterprises 23/04/2030.......................................... 1,334,158 0.68200,000 2.000% Tencent Music Entertainment Group 03/09/2030 ..................... 197,284 0.10

1,000,000 2.300% Three Gorges Finance I 16/10/2024.................................................. 1,029,080 0.52

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

61 Schedule of Investments

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 59.45%)(continued)

2,942,000 3.975% Vanke Real Estate Hong Kong 09/11/2027.................................... 3,220,864 1.63280,000 5.125% Woori Bank 06/08/2028............................................................................ 300,900 0.15

UNITED STATES DOLLAR - TOTAL.................................................................... 99,568,276 50.46

FIXED INCOME SECURITIES - TOTAL.............................................................. 104,664,926 53.05

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 24.88%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

735,000 2.400% Airport Authority 31/12/2099................................................................. 750,619 0.38

UNITED STATES DOLLAR - TOTAL.................................................................... 750,619 0.38

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 24.88%)

2,220,000 6.750% Australia & New Zealand Banking Group (perpetual) ............ 2,591,073 1.312,105,000 3.100% Blossom Joy (perpetual) ......................................................................... 2,104,867 1.073,765,000 3.650% CCCI Treasure (perpetual)..................................................................... 3,689,662 1.872,000,000 4.250% Chalco Hong Kong Investment (perpetual)................................... 2,027,001 1.031,130,000 2.450% China Construction Bank 24/06/2030.............................................. 1,156,397 0.593,720,000 2.875% China Development Bank Financial Leasing 28/09/2030...... 3,803,774 1.93

4,990,0004.000% China Huadian Overseas Development Management(perpetual) ....................................................................................................................... 5,197,427 2.63

2,700,0002.850% China Huaneng Group Hong Kong Treasury ManagementHolding (perpetual) ..................................................................................................... 2,705,400 1.37

1,700,000 3.750% China Minmetals (perpetual)................................................................ 1,726,357 0.872,500,000 4.100% Chinalco Capital Holdings (perpetual) ............................................ 2,570,000 1.302,485,000 3.550% CLP Power HK Finance (perpetual).................................................. 2,574,364 1.304,120,000 3.500% CMHI Finance (perpetual) ...................................................................... 4,135,616 2.103,500,000 3.970% CRCC Chengan (perpetual) ................................................................... 3,574,559 1.811,250,000 4.000% Dai-ichi Life Insurance (perpetual) ................................................... 1,375,000 0.701,000,000 5.100% Dai-ichi Life Insurance (perpetual) ................................................... 1,122,500 0.57

200,000 4.520% DBS Group Holdings 11/12/2028........................................................ 218,741 0.115,240,000 3.300% DBS Group Holdings (perpetual)........................................................ 5,326,984 2.701,000,000 3.600% DBS Group Holdings (perpetual)........................................................ 1,007,500 0.512,500,000 5.000% Fukoku Mutual Life Insurance (perpetual) ................................... 2,793,750 1.422,500,000 4.000% Huarong Finance 2017 (perpetual).................................................... 2,553,762 1.291,200,000 3.905% Malayan Banking 29/10/2026 ............................................................... 1,223,148 0.622,200,000 5.200% Meiji Yasuda Life Insurance 20/10/2045......................................... 2,521,918 1.282,810,000 3.375% Minmetals Bounteous Finance ........................................................... 2,846,530 1.442,910,000 4.950% Mitsui Sumitomo Insurance (perpetual) ........................................ 3,470,175 1.762,250,000 3.400% Nippon Life Insurance 23/01/2050..................................................... 2,441,250 1.24

495,000 1.832% Oversea-Chinese Banking 10/09/2030............................................ 502,354 0.251,980,000 5.350% Peak RE Bvi Holding (perpetual) ........................................................ 2,056,665 1.042,110,000 4.750% Scentre Group Trust 24/09/2080 ........................................................ 2,199,440 1.11

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 62

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 24.88%)(continued)

2,110,000 5.125% Scentre Group Trust 24/09/2080 ........................................................ 2,221,888 1.13750,000 3.875% Shinhan Bank 07/12/2026 ...................................................................... 768,537 0.39

4,500,000 5.250% Tongyang Life Insurance (perpetual) ............................................... 4,636,350 2.351,700,000 3.500% United Overseas Bank 16/09/2026 .................................................... 1,726,486 0.883,450,000 3.875% United Overseas Bank (perpetual) .................................................... 3,575,062 1.81

UNITED STATES DOLLAR - TOTAL.................................................................... 82,444,537 41.78

VARIABLE RATE SECURITIES - TOTAL........................................................... 83,195,156 42.16

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 178,157,301) ............................................................. 187,860,082 95.21

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 187,860,082 95.21

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: NIL)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

15/01/2021 State Street Bank & Trust Co.1 SGD 562,217 USD 420,324 5,260 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 301,000 USD 225,448 2,401 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 6,395 USD 4,814 27 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 6,027 USD 4,548 15 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 1,484 USD 1,109 14 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 1,393 USD 1,041 14 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 860 USD 643 8 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 1,000 USD 749 8 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 1,000 USD 754 3 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,897 SGD 2,533 (21) 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 7,750 0.00Unrealised loss on open forward foreign currency exchange contracts ....................................... (21) 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 7,729 0.00

FUTURES CONTRACTS (31 DECEMBER 2019: NIL)*

MaturityDate Currency

No. ofcontracts

long/(short)

UnrealisedAppreciation

USD% of Value

of Sub-Fund

US 10-Year Ultra Futures 22/03/2021 USD (80) 45,000 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

63 Schedule of Investments

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

FUTURES CONTRACTS (31 DECEMBER 2019: NIL)* (continued)

MaturityDate Currency

No. ofcontracts

long/(short)

UnrealisedAppreciation

USD% of Value

of Sub-Fund

US Ultra Bond CBT Futures 22/03/2021 USD (35) 75,937 0.04

Unrealised gain on futures contracts..................................................................................................... 120,937 0.06Net unrealised gain on futures contracts........................................................................................... 120,937 0.06

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 187,988,748 95.27

CASH............................................................................................................................. 8,315,205 4.21

OTHER NET ASSETS............................................................................................ 1,009,344 0.52

TOTAL VALUE OF SUB-FUND ........................................................................ 197,313,297 100.00

*The broker to the futures contracts is Goldman Sachs.1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A5HD.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 69.26Transferable securities dealt in on another regulated market.................................................................................... 17.85Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 7.20Over-the-counter financial derivative instruments............................................................................................................. 0.00Exchange traded financial derivative instruments.............................................................................................................. 0.06Other current assets............................................................................................................................................................................ 5.63

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 64

PINEBRIDGE CHINA A-SHARES QUANTITATIVE FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 98.99%)CHINA (31 DECEMBER 2019: 98.99%)

11,900 Addsino.............................................................................................................................. 50,093 0.093,300 AECC Aviation Power................................................................................................. 29,980 0.06

11,500 Aerospace CH................................................................................................................ 58,531 0.11280,600 Agricultural Bank of China..................................................................................... 134,869 0.25

30,500 Anhui Conch Cement................................................................................................. 240,997 0.4573,439 Apeloa Pharmaceutical ............................................................................................ 261,700 0.4932,900 AVIC Electromechanical Systems....................................................................... 57,663 0.1123,881 AVIC Jonhon Optronic Technology ..................................................................... 286,189 0.54

2,400 AVIC Shenyang Aircraft ............................................................................................ 28,721 0.05316,065 Bank of Beijing.............................................................................................................. 234,162 0.44118,200 Bank of Changsha....................................................................................................... 172,246 0.32212,800 Bank of Chengdu ......................................................................................................... 347,560 0.65516,000 Bank of China ................................................................................................................ 251,172 0.47325,532 Bank of Communications........................................................................................ 223,237 0.42

42,000 Bank of Hangzhou....................................................................................................... 95,921 0.18320,909 Bank of Jiangsu............................................................................................................ 268,206 0.50154,500 Bank of Nanjing............................................................................................................ 191,088 0.36215,454 Bank of Shanghai......................................................................................................... 258,562 0.48

1,600 Bear Electric Appliance............................................................................................ 27,761 0.0510,000 BGI Genomics ................................................................................................................ 196,789 0.37

126,502 Bluestar Adisseo.......................................................................................................... 222,878 0.4265,700 Changjiang Securities ............................................................................................... 84,477 0.1617,600 Chaozhou Three-Circle Group.............................................................................. 100,354 0.1976,700 Chengdu Wintrue Holding....................................................................................... 86,763 0.1678,800 China Avionics Systems ........................................................................................... 237,019 0.44

144,500 China CITIC Bank......................................................................................................... 113,027 0.21494,130 China Everbright Bank.............................................................................................. 301,792 0.57296,400 China Galaxy Securities............................................................................................ 567,583 1.06

400 China Life Insurance.................................................................................................. 2,351 0.00157,168 China Merchants Bank............................................................................................. 1,057,346 1.98

96,266 China Merchants Securities .................................................................................. 343,928 0.64380,440 China Minsheng Banking ........................................................................................ 302,819 0.57

62,500 China Molybdenum..................................................................................................... 59,794 0.11125,378 China Pacific Insurance Group............................................................................. 736,964 1.38251,900 China Petroleum & Chemical............................................................................... 155,391 0.29808,570 China Railway Group.................................................................................................. 652,262 1.22

38,400 China Shenhua Energy ............................................................................................. 105,862 0.2052,800 China South Publishing & Media Group.......................................................... 77,023 0.14

292,200 China Southern Airlines........................................................................................... 266,576 0.504,502 China Tourism Group Duty Free.......................................................................... 194,644 0.36

256,024 China United Network Communications ........................................................ 174,787 0.3374,100 China Vanke.................................................................................................................... 325,532 0.6128,000 China Yangtze Power................................................................................................. 82,120 0.1523,300 Chongqing Brewery.................................................................................................... 424,385 0.7930,708 Chongqing Changan Automobile ........................................................................ 102,847 0.1919,000 Chongqing Department Store............................................................................... 84,051 0.16

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

65 Schedule of Investments

PINEBRIDGE CHINA A-SHARES QUANTITATIVE FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CHINA (31 DECEMBER 2019: 98.99%) (continued)23,500 Chongqing Zhifei Biological Products .............................................................. 532,058 1.0081,100 CITIC Securities............................................................................................................ 364,974 0.6892,204 CNHTC Jinan Truck.................................................................................................... 444,020 0.83

7,530 Contemporary Amperex Technology................................................................. 404,699 0.76167,900 Cosco Shipping Holdings......................................................................................... 313,805 0.59

31,500 CSC Financial ................................................................................................................ 202,513 0.38247,635 Daqin Railway ................................................................................................................ 244,872 0.46

14,052 DaShenLin Pharmaceutical Group .................................................................... 168,528 0.3217,700 Dongfang Electric........................................................................................................ 27,012 0.0531,693 East Money Information........................................................................................... 150,390 0.2820,200 Ecovacs Robotics ......................................................................................................... 273,615 0.5141,500 Eoptolink Technology ................................................................................................ 352,435 0.66

422,329 Fangda Special Steel Technology....................................................................... 448,647 0.8422,600 Fibocom Wireless........................................................................................................ 207,046 0.39

402,397 Focus Media Information Technology .............................................................. 607,947 1.14700 Foshan Haitian Flavouring & Food .................................................................... 21,488 0.04

7,100 Foxconn Industrial Internet.................................................................................... 14,878 0.0378,000 Fujian Longma Environmental Sanitation Equipment............................. 191,988 0.36

105,600 Gansu Qilianshan Cement Group........................................................................ 219,512 0.4145,600 GF Securities.................................................................................................................. 113,635 0.2123,500 Glarun Technology ...................................................................................................... 61,224 0.1137,100 GoerTek............................................................................................................................. 211,938 0.40

8,600 Great Wall Motor.......................................................................................................... 49,774 0.09121,100 Grinm Advanced Materials ..................................................................................... 247,654 0.46

11,200 Guangdong South New Media .............................................................................. 120,522 0.2322,520 Guangdong Topstar Technology.......................................................................... 119,789 0.2255,964 Guangdong Xinbao Electrical Appliances Holdings .................................. 361,934 0.68

7,896 Guangzhou Kingmed Diagnostics Group........................................................ 154,852 0.2913,600 Guangzhou Restaurant Group.............................................................................. 80,627 0.1513,512 Guangzhou Wondfo Biotech................................................................................... 184,513 0.35

7,229 Guizhou Space Appliance........................................................................................ 72,125 0.14107,900 Guosen Securities ....................................................................................................... 225,284 0.42170,181 Guotai Junan Securities........................................................................................... 456,654 0.85

20,500 Haier Smart Home...................................................................................................... 91,660 0.176,869 Hang Zhou Great Star Industrial ......................................................................... 32,711 0.06

46,665 Hangcha Group............................................................................................................. 150,076 0.285,800 Hangzhou First Applied Material ........................................................................ 75,819 0.14

39,545 Henan Shuanghui Investment & Development ........................................... 284,138 0.5331,356 Hengli Petrochemical................................................................................................ 134,248 0.25

111,759 Hisense Home Appliances Group ....................................................................... 246,513 0.4610,920 Hithink RoyalFlush Information Network....................................................... 207,237 0.3915,561 Huabao Flavours & Fragrances........................................................................... 130,697 0.24

858,501 Huadian Power International ................................................................................ 446,801 0.84163,900 Huaibei Mining Holdings.......................................................................................... 280,739 0.53671,767 Huaneng Power International............................................................................... 460,671 0.86102,520 Huaxia Bank ................................................................................................................... 98,080 0.18894,772 Hunan Valin Steel ........................................................................................................ 654,688 1.23424,300 Industrial & Commercial Bank of China......................................................... 324,091 0.61

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 66

PINEBRIDGE CHINA A-SHARES QUANTITATIVE FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CHINA (31 DECEMBER 2019: 98.99%) (continued)158,320 Industrial Bank ............................................................................................................. 505,769 0.95

51,300 Industrial Securities................................................................................................... 68,160 0.1315,600 Intco Medical Technology........................................................................................ 401,528 0.7530,210 Jafron Biomedical ....................................................................................................... 313,619 0.5916,122 Jiangsu Hengli Hydraulic ........................................................................................ 278,863 0.52

7,300 Jiangsu Hengrui Medicine ...................................................................................... 124,548 0.2360,396 Jiangsu Linyang Energy ........................................................................................... 73,220 0.14

8,600 Jiangsu Yanghe Brewery Joint-Stock............................................................... 310,660 0.5896,677 Jiangsu Yuyue Medical Equipment & Supply ............................................... 417,465 0.78

267,300 Jiangsu Zhongnan Construction Group........................................................... 361,288 0.6885,600 Jiangsu Zhongtian Technology............................................................................. 142,036 0.27

2,500 Jiangxi Ganfeng Lithium.......................................................................................... 38,727 0.0788,099 Jiangxi Zhengbang Technology............................................................................ 229,792 0.4313,900 JiuGui Liquor.................................................................................................................. 332,984 0.6267,635 Joincare Pharmaceutical Group Industry ...................................................... 144,010 0.2791,100 Jointo Energy Investment Hebei.......................................................................... 78,230 0.15

3,300 Joyoung............................................................................................................................. 16,185 0.03109,100 Keshun Waterproof Technologies ...................................................................... 358,384 0.67146,300 Kingfa Sci & Tech ........................................................................................................ 383,839 0.72

9,001 Kweichow Moutai......................................................................................................... 2,752,835 5.1532,406 Lens Technology .......................................................................................................... 151,839 0.28

115,836 Liaoning Wellhope Agri-Tech................................................................................ 209,582 0.3962,000 Livzon Pharmaceutical Group .............................................................................. 384,362 0.7228,727 LONGi Green Energy Technology........................................................................ 405,429 0.7636,685 Luxshare Precision Industry.................................................................................. 315,138 0.59

6,900 Luzhou Laojiao.............................................................................................................. 238,868 0.452,782 Maxscend Microelectronics................................................................................... 242,961 0.45

300,600 Metallurgical Corp of China................................................................................... 125,616 0.2466,600 Ming Yang Smart Energy Group .......................................................................... 193,493 0.3652,173 New China Life Insurance....................................................................................... 462,960 0.8781,151 Ningbo Orient Wires & Cables ............................................................................. 309,926 0.5855,000 Orient Securities .......................................................................................................... 97,912 0.18

204,366 People’s Insurance Co Group of China............................................................ 205,527 0.385,400 PharmaBlock Sciences Nanjing.......................................................................... 114,069 0.21

11,100 Pharmaron Beijing...................................................................................................... 204,571 0.3840,905 Ping An Insurance Group ........................................................................................ 544,615 1.0290,900 Poly Developments and Holdings Group ........................................................ 220,122 0.4125,600 Qingdao Port International ..................................................................................... 25,197 0.0554,400 Riyue Heavy Industry.................................................................................................. 251,894 0.4710,500 Rongsheng Petro Chemical ................................................................................... 44,376 0.08

135,900 SAIC Motor ...................................................................................................................... 508,411 0.9579,693 Sanquan Food................................................................................................................ 316,557 0.5964,600 Sany Heavy Industry ................................................................................................... 345,897 0.65

3,500 SG Micro ........................................................................................................................... 141,331 0.26102,200 Shaanxi Coal Industry................................................................................................ 146,114 0.27267,450 Shandong Chenming Paper Holdings .............................................................. 262,828 0.49

4,900 Shandong Himile Mechanical Science & Technology.............................. 22,239 0.0427,461 Shanghai Bairun Investment Holding Group................................................ 438,382 0.82

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

67 Schedule of Investments

PINEBRIDGE CHINA A-SHARES QUANTITATIVE FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CHINA (31 DECEMBER 2019: 98.99%) (continued)4,200 Shanghai Baosight Software ................................................................................. 44,347 0.08

38,433 Shanghai Pharmaceuticals Holding.................................................................. 112,953 0.2165,060 Shanghai Pudong Development Bank.............................................................. 96,401 0.1811,404 Shanxi Xinghuacun Fen Wine Factory .............................................................. 655,116 1.2312,000 Shenwan Hongyuan Group ..................................................................................... 9,699 0.0241,856 Shenzhen Inovance Technology........................................................................... 597,769 1.12

5,100 Shenzhen Kangtai Biological Products ........................................................... 136,226 0.266,800 Shenzhen Mindray Bio-Medical Electronics................................................. 443,417 0.83

81,600 Shenzhen MTC .............................................................................................................. 77,442 0.1513,000 Shenzhen SC New Energy Technology ............................................................ 289,733 0.5456,600 Shenzhen Topband ..................................................................................................... 70,264 0.1336,871 Sichuan Jiuyuan Yinhai Software ........................................................................ 131,729 0.25

162,939 Sichuan Road & Bridge ............................................................................................ 112,485 0.216,900 Sichuan Swellfun ......................................................................................................... 87,685 0.16

29,200 Sichuan Teway Food Group.................................................................................... 367,587 0.6969,485 Sieyuan Electric............................................................................................................ 213,361 0.4070,700 Sinolink Securities ...................................................................................................... 176,076 0.3329,300 Sinoma Science & Technology............................................................................. 108,447 0.20

174,200 Sinopec Shanghai Petrochemical....................................................................... 91,728 0.171,007,341 Sinotrans.......................................................................................................................... 678,458 1.27

31,800 Sungrow Power Supply ............................................................................................ 351,835 0.6684,908 Suzhou TFC Optical Communication ................................................................ 693,129 1.30

154,577 Tecon Biology................................................................................................................. 250,573 0.4720,800 Thunder Software Technology.............................................................................. 372,514 0.7083,410 Tianjin Ringpu Bio-Technology ............................................................................ 241,054 0.4530,100 TongFu Microelectronics......................................................................................... 116,292 0.2232,700 Tongwei............................................................................................................................. 192,409 0.36

103,300 TRS Information Technology ................................................................................. 132,191 0.2513,700 Tsingtao Brewery......................................................................................................... 208,450 0.39

110,100 Universal Scientific Industrial Shanghai......................................................... 325,940 0.6124,000 Wanhua Chemical Group......................................................................................... 334,455 0.63

126,951 Weifu High-Technology Group.............................................................................. 450,641 0.8440,100 Wondershare Technology Group......................................................................... 339,993 0.6445,700 Wuhan Guide Infrared ............................................................................................... 292,056 0.5512,700 Wuliangye Yibin............................................................................................................. 567,358 1.0611,300 WuXi AppTec................................................................................................................... 233,026 0.44

158,700 Xiamen Comfort Science & Technology Group ........................................... 326,733 0.6112,400 Xiamen Faratronic....................................................................................................... 204,139 0.3834,600 Xiamen Intretech.......................................................................................................... 340,709 0.6477,321 Xiamen Jihong Technology..................................................................................... 381,581 0.71

128,400 Xinyu Iron & Steel........................................................................................................ 90,214 0.17457,100 Yango Group ................................................................................................................... 456,197 0.85213,720 Yintai Gold........................................................................................................................ 281,671 0.53309,108 Yonggao............................................................................................................................. 301,873 0.57

2,200 Zhejiang Cfmoto Power............................................................................................ 58,660 0.11601 ZheJiang Dali Technology....................................................................................... 2,532 0.00

65,300 Zhejiang Medicine ....................................................................................................... 135,940 0.2532,200 Zhejiang Runtu.............................................................................................................. 45,937 0.09

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 68

PINEBRIDGE CHINA A-SHARES QUANTITATIVE FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CHINA (31 DECEMBER 2019: 98.99%) (continued)5,300 Zhejiang Weiming Environment Protection................................................... 15,358 0.039,600 Zhongfu Information .................................................................................................. 72,122 0.14

12,183 Zhongji Innolight .......................................................................................................... 94,847 0.1823,700 Zhuzhou Hongda Electronics ................................................................................ 262,471 0.49

157,100 Zijin Mining Group ....................................................................................................... 223,401 0.42371,756 Zoomlion Heavy Industry Science and Technology ................................... 563,362 1.05

CHINA - TOTAL ............................................................................................................. 49,270,087 92.21

EQUITIES - TOTAL....................................................................................................... 49,270,087 92.21

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 43,117,089)................................................................ 49,270,087 92.21

TOTAL VALUE OF INVESTMENTS ...................................................................... 49,270,087 92.21

CASH................................................................................................................................... 4,175,775 7.81

OTHER NET LIABILITIES......................................................................................... (11,916) (0.02)

TOTAL VALUE OF SUB-FUND .............................................................................. 53,433,946 100.00

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 92.19Other current assets............................................................................................................................................................................ 7.81

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

69 Schedule of Investments

PINEBRIDGE EMERGING EUROPE EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 97.79%)AUSTRIA (31 DECEMBER 2019: 0.49%)

CYPRUS (31 DECEMBER 2019: 4.88%)2,391 Ozon Holdings (ADR).................................................................................................. 99,011 0.935,055 Polymetal International............................................................................................ 116,398 1.09

CYPRUS - TOTAL ......................................................................................................... 215,409 2.02

CZECH REPUBLIC (31 DECEMBER 2019: 1.07%)8,601 Komercni Banka........................................................................................................... 263,275 2.47

CZECH REPUBLIC - TOTAL.................................................................................... 263,275 2.47

GREECE (31 DECEMBER 2019: 4.70%)11,000 Jumbo ................................................................................................................................ 191,253 1.79

8,451 OPAP................................................................................................................................... 113,226 1.06

GREECE - TOTAL ......................................................................................................... 304,479 2.85

HUNGARY (31 DECEMBER 2019: 4.49%)8,765 OTP Bank ......................................................................................................................... 395,048 3.704,672 Richter Gedeon ............................................................................................................. 117,265 1.10

HUNGARY - TOTAL ..................................................................................................... 512,313 4.80

NETHERLANDS (31 DECEMBER 2019: 1.72%)8,370 Yandex................................................................................................................................ 581,610 5.45

NETHERLANDS - TOTAL......................................................................................... 581,610 5.45

POLAND (31 DECEMBER 2019: 14.17%)2,932 Dino Polska..................................................................................................................... 227,730 2.135,901 KGHM Polska Miedz................................................................................................... 289,824 2.72

11,287 Polski Koncern Naftowy Orlen ............................................................................. 174,848 1.6450,695 Powszechna Kasa Oszczednosci Bank Polski ............................................. 390,757 3.6623,286 Powszechny Zaklad Ubezpieczen ....................................................................... 202,237 1.89

POLAND - TOTAL......................................................................................................... 1,285,396 12.04

RUSSIA (31 DECEMBER 2019: 57.10%)205,420 Aeroflot.............................................................................................................................. 198,409 1.86275,260 Alrosa................................................................................................................................. 367,612 3.45287,650 Gazprom ........................................................................................................................... 826,385 7.74

78,330 Gazprom Neft................................................................................................................. 336,028 3.154,497 Lukoil.................................................................................................................................. 315,124 2.956,772 Lukoil (ADR).................................................................................................................... 461,851 4.334,194 Magnit ................................................................................................................................ 321,392 3.012,225 MMC Norilsk Nickel ................................................................................................... 714,449 6.70

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 70

PINEBRIDGE EMERGING EUROPE EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

RUSSIA (31 DECEMBER 2019: 57.10%) (continued)115,880 Moscow Exchange MICEX ....................................................................................... 249,481 2.34

2,328 Novatek (GDR) ............................................................................................................... 380,395 3.5664,530 Rosneft Oil ....................................................................................................................... 381,390 3.57

246,460 Sberbank of Russia..................................................................................................... 903,044 8.4615,649 Severstal........................................................................................................................... 279,194 2.62

501,300 Surgutneftegas ............................................................................................................. 243,858 2.2956,505 Tatneft................................................................................................................................ 392,822 3.68

RUSSIA - TOTAL........................................................................................................... 6,371,434 59.71

TURKEY (31 DECEMBER 2019: 9.17%)185,583 Akbank............................................................................................................................... 173,036 1.62

54,159 Aselsan Elektronik Sanayi Ve Ticaret ............................................................... 132,984 1.2411,103 BIM Birlesik Magazalar............................................................................................ 112,785 1.0681,083 Eregli Demir ve Celik Fabrikalari ....................................................................... 162,875 1.5318,627 Tofas Turk Otomobil Fabrikasi............................................................................. 85,009 0.80

178,876 Turkiye Garanti Bankasi........................................................................................... 249,572 2.34

TURKEY - TOTAL ......................................................................................................... 916,261 8.59

EQUITIES - TOTAL....................................................................................................... 10,450,177 97.93

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 9,015,652) .................................................................. 10,450,177 97.93

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: (0.00%))

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 10,450,177 97.93

CASH............................................................................................................................. 289,052 2.71

OTHER NET LIABILITIES................................................................................... (68,350) (0.64)

TOTAL VALUE OF SUB-FUND ........................................................................ 10,670,879 100.00

Abbreviations Used:

ADR American Depositary ReceiptGDR Global Depository Receipt

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

71 Schedule of Investments

PINEBRIDGE EMERGING EUROPE EQUITY FUND (continued)

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 94.65Other current assets............................................................................................................................................................................ 5.35

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 72

PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 98.87%)AUSTRIA (31 DECEMBER 2019: 0.81%)

BELGIUM (31 DECEMBER 2019: 0.31%)11,755 Anheuser-Busch.......................................................................................................... 819,965 1.48

7,224 Proximus .......................................................................................................................... 143,279 0.26

BELGIUM - TOTAL ...................................................................................................... 963,244 1.74

DENMARK (31 DECEMBER 2019: 6.90%)163 AP Moller - Maersk (Class A)................................................................................ 338,941 0.61138 AP Moller - Maersk (Class B) ............................................................................... 308,393 0.56

3,956 Carlsberg ......................................................................................................................... 634,157 1.1434,624 Danske Bank.................................................................................................................. 572,846 1.03

1,570 Genmab............................................................................................................................. 635,639 1.154,077 GN Store Nord............................................................................................................... 326,508 0.591,794 Novo Nordisk ................................................................................................................. 125,817 0.23

DENMARK - TOTAL .................................................................................................... 2,942,301 5.31

FINLAND (31 DECEMBER 2019: NIL)37,750 Nokia Oyj .......................................................................................................................... 145,542 0.26

2,482 Nordea Bank .................................................................................................................. 20,315 0.04

FINLAND - TOTAL....................................................................................................... 165,857 0.30

FRANCE (31 DECEMBER 2019: 15.90%)5,843 Air Liquide........................................................................................................................ 959,780 1.73

14,069 AXA....................................................................................................................................... 335,882 0.612,505 BioMerieux ...................................................................................................................... 353,700 0.64

14,688 BNP Paribas................................................................................................................... 774,662 1.406,020 Bouygues.......................................................................................................................... 247,858 0.454,346 Capgemini........................................................................................................................ 674,265 1.223,552 Cie de Saint-Gobain.................................................................................................... 162,977 0.29

14,528 Credit Agricole .............................................................................................................. 183,446 0.33248 Dassault Aviation ......................................................................................................... 272,186 0.49

4,698 Eiffage................................................................................................................................ 454,341 0.8219,056 Electricite de France.................................................................................................. 300,659 0.54

5,008 EssilorLuxottica............................................................................................................ 781,567 1.41938 L’Oreal ............................................................................................................................... 356,702 0.64642 LVMH Moet Hennessy Louis Vuitton ................................................................. 401,322 0.72

13,714 Natixis ................................................................................................................................ 46,799 0.0924,104 Orange ............................................................................................................................... 287,080 0.5222,760 Peugeot ............................................................................................................................. 622,960 1.12

592 Sanofi ................................................................................................................................. 57,006 0.101,093 Sartorius Stedim Biotech........................................................................................ 389,433 0.70

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

73 Schedule of Investments

PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

FRANCE (31 DECEMBER 2019: 15.90%) (continued)1,872 Schneider Electric....................................................................................................... 270,964 0.492,788 TOTAL................................................................................................................................. 120,417 0.22

FRANCE - TOTAL......................................................................................................... 8,054,006 14.53

GERMANY (31 DECEMBER 2019: 13.39%)2,430 Adidas ................................................................................................................................ 885,724 1.604,261 Allianz ................................................................................................................................ 1,046,359 1.899,348 Bayer .................................................................................................................................. 550,785 0.993,409 Bayerische Motoren Werke.................................................................................... 301,277 0.543,748 Brenntag........................................................................................................................... 290,469 0.521,737 Deutsche Bank.............................................................................................................. 19,019 0.03

14,221 Deutsche Post ............................................................................................................... 704,704 1.2742,130 Deutsche Telekom...................................................................................................... 770,903 1.3910,610 Deutsche Wohnen ....................................................................................................... 567,178 1.0212,792 Evonik Industries ......................................................................................................... 417,586 0.75

2,807 Hannover Rueck........................................................................................................... 447,516 0.81591 HeidelbergCement...................................................................................................... 44,269 0.08

5,290 Henkel AG & Co............................................................................................................ 597,419 1.08893 Henkel AG & Co (Rights).......................................................................................... 86,154 0.16132 KION Group..................................................................................................................... 11,493 0.02802 Muenchener Rueckversicherungs-Gesellschaft........................................ 238,257 0.43

1,943 SAP...................................................................................................................................... 254,900 0.46330 Siemens ............................................................................................................................ 47,451 0.09

10,712 Uniper ................................................................................................................................ 370,132 0.67

GERMANY - TOTAL..................................................................................................... 7,651,595 13.80

IRELAND (31 DECEMBER 2019: 0.80%)6,512 CRH ..................................................................................................................................... 272,210 0.49

IRELAND - TOTAL ....................................................................................................... 272,210 0.49

ITALY (31 DECEMBER 2019: 3.67%)30,323 Assicurazioni Generali .............................................................................................. 529,070 0.95

8,188 Atlantia .............................................................................................................................. 147,421 0.271,142 DiaSorin ............................................................................................................................ 237,680 0.434,588 Enel ..................................................................................................................................... 46,458 0.08

83,986 Intesa Sanpaolo ............................................................................................................ 196,541 0.369,959 Moncler ............................................................................................................................. 610,973 1.10

79,574 Telecom Italia ................................................................................................................ 36,745 0.07

ITALY - TOTAL............................................................................................................... 1,804,888 3.26

LUXEMBOURG (31 DECEMBER 2019: NIL)24,268 SES ...................................................................................................................................... 229,112 0.41

LUXEMBOURG - TOTAL ........................................................................................... 229,112 0.41

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 74

PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

NETHERLANDS (31 DECEMBER 2019: 8.49%)10,039 ABN AMRO Bank.......................................................................................................... 98,511 0.18

102 Adyen.................................................................................................................................. 237,748 0.4337,150 Altice Europe.................................................................................................................. 242,184 0.44

3,450 ASML Holding................................................................................................................ 1,678,157 3.0315,801 Davide Campari-Milano ........................................................................................... 180,573 0.32

2,570 EXOR................................................................................................................................... 208,230 0.373,057 Ferrari................................................................................................................................ 705,625 1.27

10,521 Fiat Chrysler Automobiles...................................................................................... 188,718 0.3431,097 ING Groep ........................................................................................................................ 290,730 0.5220,897 Koninklijke Ahold Delhaize..................................................................................... 590,889 1.07

NETHERLANDS - TOTAL......................................................................................... 4,421,365 7.97

NORWAY (31 DECEMBER 2019: 0.14%)3,185 Equinor.............................................................................................................................. 53,921 0.10

NORWAY - TOTAL........................................................................................................ 53,921 0.10

PORTUGAL (31 DECEMBER 2019: 1.02%)99,636 EDP - Energias de Portugal................................................................................... 628,566 1.13

PORTUGAL - TOTAL................................................................................................... 628,566 1.13

SPAIN (31 DECEMBER 2019: 5.04%)16,043 ACS Actividades de Construccion y Servicios .............................................. 532,938 0.96

2,182 Aena .................................................................................................................................... 379,644 0.689,811 Amadeus IT Group....................................................................................................... 714,973 1.29

29,345 Banco Bilbao Vizcaya Argentaria ........................................................................ 144,877 0.2620,206 Endesa............................................................................................................................... 552,560 1.0016,520 Iberdrola........................................................................................................................... 236,493 0.4322,787 Inditex................................................................................................................................. 726,022 1.3169,526 Telefonica......................................................................................................................... 276,047 0.50

SPAIN - TOTAL.............................................................................................................. 3,563,554 6.43

SWEDEN (31 DECEMBER 2019: 4.73%)25,280 Assa Abloy ....................................................................................................................... 623,339 1.12

2,424 Atlas Copco (Class A)................................................................................................. 124,291 0.2213,436 Atlas Copco (Class B) ................................................................................................ 602,551 1.0915,483 Epiroc ................................................................................................................................. 262,055 0.4710,663 Essity .................................................................................................................................. 343,421 0.62

3,324 Evolution Gaming Group.......................................................................................... 337,882 0.614,211 Hexagon............................................................................................................................ 384,461 0.691,055 ICA Gruppen ................................................................................................................... 52,785 0.106,495 Industrivarden ............................................................................................................... 209,974 0.383,553 Investor ............................................................................................................................. 259,232 0.47

SWEDEN - TOTAL........................................................................................................ 3,199,991 5.77

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

75 Schedule of Investments

PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SWITZERLAND (31 DECEMBER 2019: 15.43%)8,712 Adecco Group................................................................................................................. 583,067 1.05

10,910 Alcon................................................................................................................................... 726,222 1.313,116 Baloise Holding............................................................................................................. 555,201 1.003,387 Banque Cantonale Vaudoise.................................................................................. 368,989 0.67

62 Chocoladefabriken Lindt & Spruengli.............................................................. 605,306 1.0910,126 Clariant.............................................................................................................................. 215,591 0.3933,698 Credit Suisse Group ................................................................................................... 434,592 0.78

433 Geberit ............................................................................................................................... 271,473 0.492,608 Julius Baer Group ....................................................................................................... 150,470 0.27

12,675 LafargeHolcim............................................................................................................... 697,164 1.2611,170 Nestle................................................................................................................................. 1,317,477 2.3818,133 Novartis............................................................................................................................. 1,715,963 3.10

4,775 Roche Holding ............................................................................................................... 1,669,184 3.01524 Straumann Holding .................................................................................................... 611,467 1.10

SWITZERLAND - TOTAL .......................................................................................... 9,922,166 17.90

UNITED KINGDOM (31 DECEMBER 2019: 22.24%)8,070 Admiral Group............................................................................................................... 320,569 0.588,724 Anglo American ............................................................................................................ 289,128 0.52

30,079 Antofagasta..................................................................................................................... 592,283 1.0713,494 Ashtead Group............................................................................................................... 634,160 1.14

2,673 Associated British Foods......................................................................................... 82,723 0.151,636 AstraZeneca.................................................................................................................... 163,789 0.30

14,199 Aviva.................................................................................................................................... 63,119 0.1181,138 BAE Systems.................................................................................................................. 542,136 0.98

9,215 Berkeley Group Holdings ........................................................................................ 597,323 1.0832,101 BHP Group ...................................................................................................................... 844,698 1.5225,711 British American Tobacco....................................................................................... 951,744 1.72

9,748 British Land (REIT)...................................................................................................... 65,160 0.12120,574 BT Group .......................................................................................................................... 217,973 0.39

16,887 Bunzl................................................................................................................................... 563,934 1.024,443 Coca-Cola European Partners ............................................................................. 221,395 0.406,285 Hikma Pharmaceuticals .......................................................................................... 216,328 0.39

78,623 HSBC Holdings ............................................................................................................. 407,164 0.73968 Intertek Group ............................................................................................................... 74,735 0.13

146,329 Lloyds Banking Group............................................................................................... 72,889 0.136,109 London Stock Exchange Group............................................................................ 752,230 1.36

38,973 M&G.................................................................................................................................... 105,456 0.1924,785 Mondi.................................................................................................................................. 582,564 1.05

498 Persimmon ..................................................................................................................... 18,836 0.037,210 Rio Tinto............................................................................................................................ 539,107 0.97

32,140 Royal Dutch Shell (Class A).................................................................................... 570,172 1.0331,465 Royal Dutch Shell (Class B) ................................................................................... 541,681 0.9810,618 RSA Insurance Group................................................................................................ 98,320 0.18

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 76

PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED KINGDOM (31 DECEMBER 2019: 22.24%) (continued)51,425 Standard Chartered.................................................................................................... 327,506 0.59

5,101 Unilever............................................................................................................................. 306,246 0.55

UNITED KINGDOM - TOTAL................................................................................... 10,763,368 19.41

EQUITIES - TOTAL....................................................................................................... 54,636,144 98.55

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 46,534,967)................................................................ 54,636,144 98.55

INVESTMENT FUNDS (31 DECEMBER 2019: 0.70%)IRELAND (31 DECEMBER 2019: 0.70%)

37,029 iShares Core MSCI Europe (ETF) (UCITS) ...................................................... 1,106,393 1.99

IRELAND - TOTAL ....................................................................................................... 1,106,393 1.99

TOTAL INVESTMENT FUNDS (Cost: USD 1,028,490) .............................. 1,106,393 1.99

TOTAL VALUE OF INVESTMENTS ...................................................................... 55,742,537 100.54

CASH................................................................................................................................... 143,882 0.26

OTHER NET LIABILITIES......................................................................................... (444,638) (0.80)

TOTAL VALUE OF SUB-FUND .............................................................................. 55,441,781 100.00

Abbreviations Used:

ETF Exchange Traded FundREIT Real Estate Investment Trust

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 90.65UCITS Investment funds .................................................................................................................................................................... 1.84Other current assets............................................................................................................................................................................ 7.51

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

77 Schedule of Investments

PINEBRIDGE EUROPE SMALL CAP EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 96.13%)AUSTRIA (31 DECEMBER 2019: 0.19%)

2,997 AMS ..................................................................................................................................... 65,639 0.11

AUSTRIA - TOTAL........................................................................................................ 65,639 0.11

BELGIUM (31 DECEMBER 2019: 4.65%)21,182 VGP...................................................................................................................................... 3,177,453 5.38

BELGIUM - TOTAL ...................................................................................................... 3,177,453 5.38

FRANCE (31 DECEMBER 2019: 14.52%)69,730 Aubay.................................................................................................................................. 2,930,678 4.9617,550 Ubisoft Entertainment............................................................................................... 1,692,955 2.86

8,035 Virbac ................................................................................................................................. 2,339,831 3.96

FRANCE - TOTAL......................................................................................................... 6,963,464 11.78

GERMANY (31 DECEMBER 2019: 24.83%)27,593 Aareal Bank .................................................................................................................... 660,036 1.1215,126 Amadeus Fire................................................................................................................. 2,228,293 3.7741,375 CTS Eventim ................................................................................................................... 2,753,966 4.6639,713 Deutsche Euroshop.................................................................................................... 896,501 1.5213,689 Gerresheimer ................................................................................................................ 1,469,740 2.4945,332 Jungheinrich (Preference)...................................................................................... 2,030,054 3.4356,140 Norma Group ................................................................................................................. 2,876,741 4.8722,320 Stroeer............................................................................................................................... 2,212,081 3.74

GERMANY - TOTAL..................................................................................................... 15,127,412 25.60

ITALY (31 DECEMBER 2019: 10.99%)57,564 ASTM .................................................................................................................................. 1,450,908 2.4646,504 Interpump Group ......................................................................................................... 2,295,344 3.88

107,792 MARR.................................................................................................................................. 2,223,647 3.7635,103 Recordati Industria Chimica e Farmaceutica .............................................. 1,946,936 3.29

ITALY - TOTAL............................................................................................................... 7,916,835 13.39

JERSEY CHANNEL (31 DECEMBER 2019: NIL)139,543 Sanne Group................................................................................................................... 1,175,009 1.99

JERSEY CHANNEL - TOTAL .................................................................................. 1,175,009 1.99

NETHERLANDS (31 DECEMBER 2019: 3.37%)91,988 Kendrion ........................................................................................................................... 1,868,362 3.16

NETHERLANDS - TOTAL......................................................................................... 1,868,362 3.16

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 78

PINEBRIDGE EUROPE SMALL CAP EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SPAIN (31 DECEMBER 2019: 2.40%)1,419,225 Unicaja Banco................................................................................................................ 1,241,592 2.10

SPAIN - TOTAL.............................................................................................................. 1,241,592 2.10

UNITED KINGDOM (31 DECEMBER 2019: 35.18%)226,758 Bodycote........................................................................................................................... 2,310,802 3.91164,353 Britvic ................................................................................................................................. 1,824,257 3.09

2,542,140 Coats Group.................................................................................................................... 2,338,659 3.96103,861 CVS Group........................................................................................................................ 2,132,431 3.61

62,544 Keywords Studios ........................................................................................................ 2,445,142 4.14531,254 Premier Oil...................................................................................................................... 142,589 0.24

13,302 Spirax-Sarco Engineering....................................................................................... 2,053,788 3.47480,300 SSP Group ....................................................................................................................... 2,178,419 3.68146,738 St James’s Place ......................................................................................................... 2,273,613 3.85161,141 Tullow Oil ......................................................................................................................... 65,156 0.11138,248 Workspace Group (REIT).......................................................................................... 1,453,241 2.46

UNITED KINGDOM - TOTAL................................................................................... 19,218,097 32.52

EQUITIES - TOTAL....................................................................................................... 56,753,863 96.03

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 45,492,883)................................................................ 56,753,863 96.03

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 56,753,863 96.03

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: (0.00%))

MaturityDate Counterparty

AmountBought

AmountSold

Unrealised(Depreciation)

USD% of Value

of Sub-Fund

04/01/2021 State Street Bank & Trust Co. EUR 38,931 GBP 35,104 (351) 0.0004/01/2021 State Street Bank & Trust Co. USD 7,433 GBP 5,492 (75) 0.0005/01/2021 State Street Bank & Trust Co. EUR 16,828 GBP 15,154 (125) 0.00

Unrealised loss on open forward foreign currency exchange contracts ....................................... (551) 0.00Net unrealised loss on open forward foreign currency exchange contracts ........................... (551) (0.00)

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

79 Schedule of Investments

PINEBRIDGE EUROPE SMALL CAP EQUITY FUND (continued)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 56,753,312 96.03

CASH............................................................................................................................. 2,671,313 4.52

OTHER NET LIABILITIES................................................................................... (323,750) (0.55)

TOTAL VALUE OF SUB-FUND ........................................................................ 59,100,875 100.00

Abbreviations Used:

REIT Real Estate Investment Trust

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 95.15Other current assets............................................................................................................................................................................ 4.85

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 80

PINEBRIDGE GLOBAL BOND FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESFIXED INCOME SECURITIES (31 DECEMBER 2019: 78.40%)GOVERNMENT BONDSAUSTRALIAN DOLLAR (31 DECEMBER 2019: 0.73%)

120,000 2.750% Australia 21/11/2027 ................................................................................. 105,974 0.201,240,000 2.750% Australia 21/11/2028 ................................................................................. 1,103,956 2.09

330,000 2.750% Australia 21/05/2041 ................................................................................. 299,755 0.57785,000 3.000% Australia 21/03/2047 ................................................................................. 746,039 1.42

1,160,000 3.250% Australia 21/04/2029 ................................................................................. 1,071,967 2.03520,000 3.250% Australia 21/06/2039 ................................................................................. 506,918 0.96

AUSTRALIAN DOLLAR - TOTAL .......................................................................... 3,834,609 7.27

CANADIAN DOLLAR (31 DECEMBER 2019: 1.52%)

EURO (31 DECEMBER 2019: 15.06%)550,000 5.750% Italy 01/02/2033............................................................................................ 1,065,889 2.02660,000 6.500% Italy 01/11/2027............................................................................................ 1,151,168 2.18140,000 7.250% Italy 01/11/2026............................................................................................ 243,000 0.46880,000 0.950% Italy Buoni Poliennali Del Tesoro 15/09/2027 ............................. 1,130,237 2.14690,000 4.750% Italy Buoni Poliennali Del Tesoro 01/09/2028 ............................. 1,128,010 2.14160,000 5.000% Italy Buoni Poliennali Del Tesoro 01/09/2040 ............................. 328,257 0.62480,000 6.000% Italy Buoni Poliennali Del Tesoro 01/05/2031 ............................. 907,133 1.72620,000 5.150% Spain 31/10/2028......................................................................................... 1,074,944 2.04

EURO - TOTAL ............................................................................................................... 7,028,638 13.32

JAPANESE YEN (31 DECEMBER 2019: 23.99%)88,000,000 1.500% Japan 20/03/2045........................................................................................ 1,045,610 1.9887,000,000 1.700% Japan 20/03/2044........................................................................................ 1,068,210 2.0274,000,000 2.000% Japan 20/09/2040........................................................................................ 933,735 1.7750,000,000 2.400% Japan 20/03/2048........................................................................................ 705,632 1.34

JAPANESE YEN - TOTAL......................................................................................... 3,753,187 7.11

NEW ZEALAND DOLLAR (31 DECEMBER 2019: NIL)300,000 1.750% New Zealand 15/05/2041 ........................................................................ 212,710 0.40

NEW ZEALAND DOLLAR - TOTAL ...................................................................... 212,710 0.40

POUND STERLING (31 DECEMBER 2019: 4.89%)500,000 4.250% United Kingdom 07/09/2039.................................................................. 1,124,518 2.13710,000 0.625% United Kingdom Gilt 31/07/2035......................................................... 985,056 1.87680,000 1.750% United Kingdom Gilt 07/09/2037......................................................... 1,102,768 2.09300,000 3.500% United Kingdom Gilt 22/01/2045......................................................... 661,301 1.25540,000 4.250% United Kingdom Gilt 07/03/2036......................................................... 1,144,106 2.17480,000 4.750% United Kingdom Gilt 07/12/2038......................................................... 1,125,802 2.13

POUND STERLING - TOTAL................................................................................... 6,143,551 11.64

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Schedule of Investments as at 31 December 2020 (continued)

81 Schedule of Investments

PINEBRIDGE GLOBAL BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)SWISS FRANC (31 DECEMBER 2019: 2.84%)

413,000 1.500% Switzerland 30/04/2042 ........................................................................... 653,035 1.24

SWISS FRANC - TOTAL............................................................................................ 653,035 1.24

UNITED STATES DOLLAR (31 DECEMBER 2019: 15.01%)235,000 3.000% United States Treasury Bond 15/08/2048** ................................. 309,145 0.59720,000 3.625% United States Treasury Note 15/08/2043....................................... 1,016,831 1.93710,000 3.625% United States Treasury Note 15/02/2044....................................... 1,005,399 1.90710,000 3.750% United States Treasury Note 15/11/2043....................................... 1,021,956 1.94

UNITED STATES DOLLAR - TOTAL.................................................................... 3,353,331 6.36

YUAN RENMINBI (31 DECEMBER 2019: NIL)100,000 2.360% China 02/07/2023 ........................................................................................ 15,108 0.03

7,000,000 1.860% China Development Bank 09/04/2023 ............................................. 1,045,189 1.987,000,000 2.890% China Development Bank 22/06/2025 ............................................. 1,055,882 2.007,000,000 3.230% China Development Bank 10/01/2025 ............................................. 1,072,197 2.037,000,000 3.340% China Development Bank 14/07/2025 ............................................. 1,075,111 2.046,500,000 3.430% China Development Bank 14/01/2027 ............................................. 993,523 1.88

YUAN RENMINBI - TOTAL ...................................................................................... 5,257,010 9.96

CORPORATE BONDSEURO (31 DECEMBER 2019: 4.55%)

470,000 0.000% Apple 15/11/2025......................................................................................... 580,642 1.10490,000 0.800% Booking Holdings 10/03/2022 .............................................................. 605,531 1.15380,000 0.000% Daimler 08/02/2024 ................................................................................... 464,458 0.88160,000 0.625% Dell Bank International 17/10/2022.................................................. 197,445 0.37220,000 3.250% Ford Motor Credit 15/09/2025.............................................................. 282,453 0.54190,000 2.200% General Motors Financial 01/04/2024.............................................. 245,926 0.47220,000 1.000% Jefferies Group 19/07/2024 ................................................................... 273,578 0.52300,000 0.000% Mercedes-Benz Finance 21/08/2022................................................ 366,730 0.69310,000 0.250% RCI Banque 08/03/2023........................................................................... 379,030 0.72240,000 0.750% RCI Banque 10/04/2023........................................................................... 296,832 0.56330,000 2.000% RCI Banque 11/07/2024........................................................................... 422,612 0.80

EURO - TOTAL ............................................................................................................... 4,115,237 7.80

POUND STERLING (31 DECEMBER 2019: 2.72%)210,000 4.535% Ford Motor Credit 06/03/2025.............................................................. 304,075 0.58260,000 3.125% Glencore Finance Europe 26/03/2026 ............................................. 383,753 0.73280,000 6.000% Glencore Finance Europe 03/04/2022 ............................................. 408,420 0.77310,000 7.125% Heathrow Funding 14/02/2024 ............................................................ 485,238 0.92

POUND STERLING - TOTAL................................................................................... 1,581,486 3.00

UNITED STATES DOLLAR (31 DECEMBER 2019: 7.09%)250,000 7.500% AI Candelaria Spain 15/12/2028.......................................................... 290,627 0.55

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 82

PINEBRIDGE GLOBAL BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 7.09%)(continued)

335,265 4.950% American Airlines 15/07/2024.............................................................. 319,463 0.61250,000 5.125% Cheniere Corpus Christi Holdings 30/06/2027 ........................... 295,745 0.56480,000 7.000% Cheniere Corpus Christi Holdings 30/06/2024 ........................... 560,532 1.06200,000 8.100% Dell International 15/07/2036............................................................... 295,776 0.56470,000 8.350% Dell International 15/07/2046............................................................... 711,024 1.35480,000 7.000% Delta Air Lines 01/05/2025..................................................................... 554,185 1.05480,000 6.250% Expedia Group 01/05/2025 ..................................................................... 556,368 1.05350,000 9.000% Ford Motor 22/04/2025 ............................................................................ 429,103 0.81310,000 6.600% General Motors 01/04/2036................................................................... 419,706 0.80360,000 6.800% General Motors 01/10/2027................................................................... 462,640 0.88210,000 5.250% GLP Capital 01/06/2025........................................................................... 236,267 0.45320,000 9.500% Kohl’s 15/05/2025 ....................................................................................... 415,074 0.79250,000 3.500% MPLX 01/12/2022 ........................................................................................ 262,565 0.50270,000 4.250% MPLX 01/12/2027 ........................................................................................ 317,026 0.60500,000 4.875% MPLX 01/06/2025 ........................................................................................ 577,535 1.09300,000 5.125% Natwest Group 28/05/2024.................................................................... 338,938 0.64360,000 6.000% Royal Bank of Scotland Group 19/12/2023.................................... 411,431 0.78510,000 10.875% Royal Caribbean Cruises 01/06/2023 ............................................ 580,319 1.10360,000 6.572% UniCredit 14/01/2022 ................................................................................ 379,374 0.72530,000 5.875% United Airlines 15/10/2027 .................................................................... 572,513 1.08

UNITED STATES DOLLAR - TOTAL.................................................................... 8,986,211 17.03

FIXED INCOME SECURITIES - TOTAL.............................................................. 44,919,005 85.13

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 21.01%)CORPORATE BONDSCANADIAN DOLLAR (31 DECEMBER 2019: 3.80%)

640,000 10.250% CIBC Capital Trust 30/06/2108.......................................................... 548,285 1.04

CANADIAN DOLLAR - TOTAL ............................................................................... 548,285 1.04

EURO (31 DECEMBER 2019: 11.75%)800,000 4.032% BNP Paribas Cardif (perpetual) .......................................................... 1,108,536 2.10420,000 3.500% Enel 24/05/2080 ........................................................................................... 560,783 1.06400,000 2.125% ING Groep 26/05/2031 .............................................................................. 522,597 0.99300,000 3.000% ING Groep 11/04/2028 .............................................................................. 388,479 0.74220,000 5.250% Orange (perpetual)..................................................................................... 305,857 0.58260,000 5.869% Solvay Finance SACA (perpetual)....................................................... 363,078 0.69400,000 3.500% Volkswagen International Finance (perpetual)........................... 515,482 0.98

EURO - TOTAL ............................................................................................................... 3,764,812 7.14

POUND STERLING (31 DECEMBER 2019: 0.34%)200,000 6.125% Aviva (perpetual).......................................................................................... 294,236 0.56260,000 3.750% Barclays 22/11/2030.................................................................................. 388,115 0.73

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

83 Schedule of Investments

PINEBRIDGE GLOBAL BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)POUND STERLING (31 DECEMBER 2019: 0.34%) (continued)

330,000 6.500% BHP Billiton Finance 22/10/2077 ....................................................... 490,991 0.93

100,0006.625% Muenchener Rueckversicherungs-Gesellschaft AG inMuenchen 26/05/2042............................................................................................... 147,738 0.28

230,000 3.622% Natwest Group 14/08/2030.................................................................... 338,085 0.64

POUND STERLING - TOTAL................................................................................... 1,659,165 3.14

UNITED STATES DOLLAR (31 DECEMBER 2019: 5.12%)240,000 4.263% AIB Group 10/04/2025............................................................................... 262,408 0.50280,000 8.750% Enel 24/09/2073 ........................................................................................... 326,984 0.62300,000 5.375% Enterprise Products Operating 15/02/2078.................................. 303,148 0.57

UNITED STATES DOLLAR - TOTAL.................................................................... 892,540 1.69

VARIABLE RATE SECURITIES - TOTAL........................................................... 6,864,802 13.01

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 49,142,293)................................................................ 51,783,807 98.14

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 51,783,807 98.14

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: (0.79%))

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

15/01/2021 State Street Bank & Trust Co.1 CHF 4,944,111 USD 5,567,667 27,378 0.0515/01/2021 State Street Bank & Trust Co.1 CHF 86,690 USD 97,708 396 0.0015/01/2021 State Street Bank & Trust Co.1 CHF 16,192 USD 18,346 (22) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 14,924 CHF 13,183 6 0.0015/01/2021 State Street Bank & Trust Co.1 USD 608 CHF 537 (-) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,201 CHF 1,066 (5) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,144,851 CHF 1,013,617 (2,217) 0.0011/03/2021 State Street Bank London AUD 1,495,000 USD 1,104,041 50,206 0.1011/03/2021 State Street Bank London GBP 785,000 USD 1,060,370 13,130 0.0211/03/2021 State Street Bank London USD 4,787,557 AUD 6,450,000 (192,308) (0.36)11/03/2021 State Street Bank London USD 561,311 CAD 722,040 (5,548) (0.01)11/03/2021 State Street Bank London USD 647,074 CHF 575,000 (4,688) (0.01)11/03/2021 State Street Bank London USD 5,288,953 CNH 34,707,843 (30,072) (0.06)11/03/2021 State Street Bank London USD 3,020,687 EUR 2,500,000 (42,722) (0.08)11/03/2021 State Street Bank London USD 11,884,469 EUR 9,750,000 (62,826) (0.12)11/03/2021 State Street Bank London USD 3,206,549 GBP 2,400,000 (75,490) (0.14)11/03/2021 State Street Bank London USD 7,055,027 GBP 5,245,000 (117,595) (0.22)11/03/2021 State Street Bank London USD 3,752,198 JPY 389,708,400 (25,105) (0.05)

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 84

PINEBRIDGE GLOBAL BOND FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: (0.79%)) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

11/03/2021 State Street Bank London USD 231,967 NZD 329,270 (5,178) (0.01)

Unrealised gain on open forward foreign currency exchange contracts ....................................... 91,116 0.17Unrealised loss on open forward foreign currency exchange contracts ....................................... (563,776) (1.06)Net unrealised loss on open forward foreign currency exchange contracts ........................... (472,660) (0.89)

FUTURES CONTRACTS (31 DECEMBER 2019: NIL)*

MaturityDate Currency

No. ofcontracts

long/(short)

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

Euro-Bund Futures 08/03/2021 EUR (11) 2,288 0.00Euro-Buxl Futures 08/03/2021 EUR (9) (30,344) (0.06)US Long Bond CBT Futures 22/03/2021 USD (25) 31,250 0.06US Ultra Bond CBT Futures 22/03/2021 USD 14 (13,531) (0.02)Long Gilt Futures 29/03/2021 GBP (22) (40,298) (0.08)

Unrealised gain on futures contracts..................................................................................................... 33,538 0.06Unrealised loss on futures contracts ..................................................................................................... (84,173) (0.16)Net unrealised loss on futures contracts........................................................................................... (50,635) (0.10)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 51,260,512 97.15

CASH............................................................................................................................. 1,343,904 2.55

OTHER NET ASSETS............................................................................................ 160,211 0.30

TOTAL VALUE OF SUB-FUND ........................................................................ 52,764,627 100.00

1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class X7H.*The broker to the futures contracts is Morgan Stanley.**A portion of this security is pledged as collateral in connection with the collateral requirements for open financial derivative instruments. The amount of collateral thatis pledged is USD263,102.

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

85 Schedule of Investments

PINEBRIDGE GLOBAL BOND FUND (continued)

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 77.27Transferable securities dealt in on another regulated market.................................................................................... 16.29Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 2.09Over-the-counter financial derivative instruments............................................................................................................. 0.17Exchange traded financial derivative instruments.............................................................................................................. 0.06Other current assets............................................................................................................................................................................ 4.12

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 86

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 67.88%)AUSTRALIA (31 DECEMBER 2019: 0.42%)

AUSTRIA (31 DECEMBER 2019: 0.27%)20,656 AMS ..................................................................................................................................... 452,401 0.04

6,145 Antritz................................................................................................................................. 281,802 0.0313,120 BAWAG Group................................................................................................................ 610,013 0.06

9,852 CA Immobilien Anlagen............................................................................................ 377,906 0.0315,862 Wienerberger................................................................................................................. 506,159 0.05

AUSTRIA - TOTAL........................................................................................................ 2,228,281 0.21

BELGIUM (31 DECEMBER 2019: 0.33%)3,752 Ackermans & van Haaren....................................................................................... 564,663 0.052,713 Melexis .............................................................................................................................. 265,227 0.03

10,204 Telenet Group Holding.............................................................................................. 437,978 0.0412,863 Warehouses De Pauw CVA (REIT)....................................................................... 444,771 0.04

BELGIUM - TOTAL ...................................................................................................... 1,712,639 0.16

BRAZIL (31 DECEMBER 2019: 3.44%)16,300 Azul (ADR)........................................................................................................................ 371,966 0.04

198,500 Localiza Rent a Car .................................................................................................... 2,634,973 0.25194,800 Magazine Luiza ............................................................................................................. 935,709 0.09

30,964 Natura & Co Holding (ADR).................................................................................... 619,280 0.06133,200 Raia Drogasil.................................................................................................................. 642,125 0.06

BRAZIL - TOTAL ........................................................................................................... 5,204,053 0.50

CANADA (31 DECEMBER 2019: 0.46%)1,183 Shopify ............................................................................................................................... 1,339,097 0.133,423 Waste Connections ..................................................................................................... 351,097 0.03

CANADA - TOTAL ........................................................................................................ 1,690,194 0.16

CHILE (31 DECEMBER 2019: 0.04%)495,188 Enel Chile (ADR)........................................................................................................... 1,926,281 0.18

CHILE - TOTAL.............................................................................................................. 1,926,281 0.18

CHINA (31 DECEMBER 2019: 0.46%)897,300 Agricultural Bank of China..................................................................................... 430,827 0.04

11,678 Alibaba Group Holding (ADR) ................................................................................ 2,717,821 0.2673,282 Anhui Conch Cement................................................................................................. 578,430 0.05

854 Baidu (ADR)..................................................................................................................... 184,669 0.02459,852 Baoshan Iron & Steel ................................................................................................ 418,380 0.04

1,364,000 China Everbright Bank.............................................................................................. 518,942 0.05597,473 China Minsheng Banking ........................................................................................ 475,069 0.05

47,000 China Pacific Insurance Group............................................................................. 183,967 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

87 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CHINA (31 DECEMBER 2019: 0.46%) (continued)257,900 China Railway Construction................................................................................... 311,540 0.03372,000 China Railway Signal & Communication ........................................................ 124,738 0.01

1,027,900 China State Construction Engineering ............................................................ 781,165 0.07102,800 China Vanke.................................................................................................................... 451,139 0.04

89,711 Gree Electric Appliances ......................................................................................... 849,674 0.0896,405 Guangdong Haid Group ............................................................................................ 965,554 0.0978,659 Guangxi Liuzhou Pharmaceutical....................................................................... 259,077 0.02

561,600 Haitong Securities....................................................................................................... 501,930 0.0592,745 Hangzhou Hikvision Digital Technology .......................................................... 687,951 0.07

180,269 Hangzhou Robam Appliances............................................................................... 1,124,097 0.11438,849 Han’s Laser Technology Industry Group......................................................... 2,868,711 0.27168,227 Huadong Medicine ...................................................................................................... 683,218 0.07

47,000 Hubei Jumpcan Pharmaceutical......................................................................... 145,388 0.0142,000 IKD ....................................................................................................................................... 100,187 0.01

522,900 Industrial & Commercial Bank of China......................................................... 398,983 0.04284,600 Industrial Bank ............................................................................................................. 908,224 0.09111,460 Inner Mongolia Yili Industrial Group.................................................................. 756,213 0.07

27,480 Jiangsu Hengrui Medicine ...................................................................................... 468,351 0.043,400 Kweichow Moutai......................................................................................................... 1,038,747 0.10

935,500 KWG Group Holdings ................................................................................................. 1,276,474 0.1214,444 Lao Feng Xiang.............................................................................................................. 100,117 0.01

114,400 Liaoning Wellhope Agri-Tech................................................................................ 206,766 0.0217,100 LONGi Green Energy Technology........................................................................ 241,081 0.0250,505 Luxshare Precision Industry.................................................................................. 433,399 0.0433,503 Ping An Insurance Group ........................................................................................ 445,593 0.0433,230 Poly Developments and Holdings Group ........................................................ 80,385 0.01

152,700 SAIC Motor ...................................................................................................................... 570,658 0.05127,900 SDIC Power Holdings ................................................................................................ 168,974 0.02

91,900 Shenzhen Inovance Technology........................................................................... 1,311,091 0.1363,600 Shenzhou International Group Holdings......................................................... 1,246,761 0.1214,000 Silergy ................................................................................................................................ 1,200,797 0.11

285,500 Suzhou Gold Mantis Construction Decoration............................................. 409,928 0.04122,877 Tencent Music Entertainment Group (ADR).................................................. 2,364,153 0.23

23,300 Wanhua Chemical Group......................................................................................... 324,357 0.03265,023 Weifu High-Technology Group.............................................................................. 939,766 0.09

95,500 Wuxi Biologics Cayman ............................................................................................ 1,266,132 0.1244,700 YTO Express Group ..................................................................................................... 78,603 0.01

314,100 Zhejiang Dahua Technology................................................................................... 955,297 0.09425,800 Zhengzhou Yutong Bus............................................................................................. 1,101,645 0.11156,800 Zhuzhou CRRC Times Electric ............................................................................. 683,511 0.07

CHINA - TOTAL ............................................................................................................. 34,338,480 3.28

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 88

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

COLOMBIA (31 DECEMBER 2019: 0.01%)

CZECH REPUBLIC (31 DECEMBER 2019: NIL)52,411 Komercni Banka........................................................................................................... 1,604,287 0.15

CZECH REPUBLIC - TOTAL.................................................................................... 1,604,287 0.15

DENMARK (31 DECEMBER 2019: 0.43%)701 ALK-Abello ...................................................................................................................... 288,074 0.03

12,627 Bavarian Nordic............................................................................................................ 388,140 0.0421,704 ISS........................................................................................................................................ 376,034 0.0414,191 Jyske Bank ...................................................................................................................... 543,753 0.05

4,709 Netcompany Group..................................................................................................... 481,853 0.055,887 NKT Holding ................................................................................................................... 262,440 0.02

10,221 Orsted ................................................................................................................................ 2,089,227 0.205,990 Ringkjoebing Landbobank ...................................................................................... 545,485 0.054,550 Royal Unibrew ............................................................................................................... 528,484 0.054,476 SimCorp............................................................................................................................ 666,231 0.067,267 Topdanmark ................................................................................................................... 315,598 0.038,563 Vestas Wind Systems................................................................................................. 2,026,209 0.19

DENMARK - TOTAL .................................................................................................... 8,511,528 0.81

FAEROE ISLANDS (31 DECEMBER 2019: 0.05%)6,341 Bakkafrost ....................................................................................................................... 453,619 0.04

FAEROE ISLANDS - TOTAL.................................................................................... 453,619 0.04

FINLAND (31 DECEMBER 2019: 0.19%)77,890 Fortum............................................................................................................................... 1,877,455 0.1810,760 Huhtamaki....................................................................................................................... 556,370 0.0512,340 Kojamo .............................................................................................................................. 273,285 0.0313,616 Konecranes..................................................................................................................... 479,470 0.0532,108 Metsa Board ................................................................................................................... 338,643 0.0343,558 Metso Outotec ............................................................................................................... 435,690 0.0412,242 Nokian Renkaat ............................................................................................................ 431,686 0.0412,504 Valmet................................................................................................................................ 357,391 0.03

FINLAND - TOTAL....................................................................................................... 4,749,990 0.45

FRANCE (31 DECEMBER 2019: 1.12%)4,596 Alten.................................................................................................................................... 521,011 0.052,570 Atos ..................................................................................................................................... 235,147 0.023,216 Capgemini........................................................................................................................ 498,950 0.05

433 Dassault Systemes ..................................................................................................... 88,026 0.0129,296 Elis ....................................................................................................................................... 488,569 0.05

117,947 Engie................................................................................................................................... 1,806,812 0.1743,928 Eutelsat Communications ...................................................................................... 497,707 0.05

3,941 Gaztransport Et Technigaz ..................................................................................... 381,903 0.044,922 ICADE (REIT)................................................................................................................... 378,803 0.04

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

89 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

FRANCE (31 DECEMBER 2019: 1.12%) (continued)18,329 JCDecaux ......................................................................................................................... 417,805 0.0412,288 Korian................................................................................................................................. 471,196 0.04

3,120 Neoen................................................................................................................................. 239,356 0.028,632 Plastic Omnium............................................................................................................ 298,051 0.039,829 Rubis................................................................................................................................... 456,758 0.043,358 Schneider Electric....................................................................................................... 486,057 0.051,595 Soitec.................................................................................................................................. 310,884 0.033,447 Sopra Steria Group ..................................................................................................... 557,564 0.05

19,704 SPIE..................................................................................................................................... 429,378 0.049,719 Valeo ................................................................................................................................... 383,864 0.04

FRANCE - TOTAL......................................................................................................... 8,947,841 0.86

GERMANY (31 DECEMBER 2019: 1.81%)31,401 Alstria office (REIT) ..................................................................................................... 568,626 0.05

3,968 Aurubis .............................................................................................................................. 309,072 0.0312,546 Capital Stage.................................................................................................................. 327,737 0.03

2,245 CompuGroup Medical SE & Co KgaA ............................................................... 215,904 0.027,130 CTS Eventim ................................................................................................................... 474,581 0.05

11,158 Duerr .................................................................................................................................. 455,989 0.04164,651 E.ON.................................................................................................................................... 1,826,022 0.18

11,439 Evotec................................................................................................................................. 423,805 0.047,637 Fraport AG Frankfurt Airport Services Worldwide .................................... 461,232 0.04

25,884 Freenet.............................................................................................................................. 544,572 0.054,515 Gerresheimer ................................................................................................................ 484,760 0.05

14,135 HUGO BOSS.................................................................................................................... 471,977 0.05447 Hypoport ........................................................................................................................... 281,667 0.03

16,141 Infineon Technologies ............................................................................................... 619,931 0.063,697 Jungheinrich (Preference)...................................................................................... 165,559 0.02

32,404 K&S ..................................................................................................................................... 308,778 0.033,352 MorphoSys....................................................................................................................... 384,788 0.042,878 OSRAM Licht .................................................................................................................. 183,252 0.02

29,298 ProSiebenSat.1 Media............................................................................................... 493,083 0.055,256 Rheinmetall .................................................................................................................... 556,794 0.05

44,020 RWE..................................................................................................................................... 1,861,963 0.185,855 SAP...................................................................................................................................... 768,112 0.071,435 Siemens ............................................................................................................................ 206,341 0.02

755 Siemens Energy............................................................................................................ 27,713 0.002,028 Siltronic............................................................................................................................. 317,862 0.038,252 Software............................................................................................................................ 336,625 0.034,101 Stroeer............................................................................................................................... 406,440 0.04

19,801 TAG Immobilien ............................................................................................................ 627,493 0.0631,262 thyssenkrupp ................................................................................................................. 310,748 0.0356,688 TUI........................................................................................................................................ 355,213 0.03

1,649 Varta.................................................................................................................................... 238,484 0.02

GERMANY - TOTAL..................................................................................................... 15,015,123 1.44

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HoldingFair Value

USD% of Value

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GREECE (31 DECEMBER 2019: NIL)68,417 Jumbo ................................................................................................................................ 1,189,542 0.11

GREECE - TOTAL ......................................................................................................... 1,189,542 0.11

HONG KONG (31 DECEMBER 2019: 0.09%)135,400 ASM Pacific Technology........................................................................................... 1,786,393 0.17

49,900 Meituan Dianping......................................................................................................... 1,895,902 0.18

HONG KONG - TOTAL................................................................................................ 3,682,295 0.35

HUNGARY (31 DECEMBER 2019: NIL)31,314 OTP Bank Nyrt............................................................................................................... 1,411,358 0.14

HUNGARY - TOTAL ..................................................................................................... 1,411,358 0.14

INDIA (31 DECEMBER 2019: 3.14%)19,111 Bajaj Finance ................................................................................................................. 1,384,974 0.1335,107 Divi’s Laboratories ...................................................................................................... 1,845,931 0.1872,740 Hindustan Unilever ..................................................................................................... 2,384,663 0.2320,744 Indiamart Intermesh.................................................................................................. 1,819,016 0.1784,416 Reliance Industries..................................................................................................... 2,293,648 0.22

5,748 Shree Cement................................................................................................................ 1,889,046 0.18

INDIA - TOTAL............................................................................................................... 11,617,278 1.11

INDONESIA (31 DECEMBER 2019: NIL)3,136,400 Bank BTPN Syariah.................................................................................................... 837,117 0.08

487,500 Bank Central Asia........................................................................................................ 1,174,511 0.11

INDONESIA - TOTAL .................................................................................................. 2,011,628 0.19

IRELAND (31 DECEMBER 2019: 0.76%)6,631 Accenture......................................................................................................................... 1,732,084 0.172,260 Aptiv .................................................................................................................................... 294,455 0.035,082 Eaton................................................................................................................................... 610,552 0.06

15,215 Experian............................................................................................................................ 577,564 0.0526,809 Glanbia (Ireland listed).............................................................................................. 340,486 0.03

3,737 Glanbia (UK listed) ...................................................................................................... 47,324 0.0029,301 Grafton Group................................................................................................................ 369,489 0.0410,244 Johnson Controls International ........................................................................... 477,268 0.05

2,895 Linde................................................................................................................................... 762,861 0.073,004 Trane Technologies .................................................................................................... 436,061 0.04

35,031 UDG Healthcare............................................................................................................ 373,508 0.04

IRELAND - TOTAL ....................................................................................................... 6,021,652 0.58

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HoldingFair Value

USD% of Value

of Sub-Fund

ISRAEL (31 DECEMBER 2019: 0.11%)3,316 Check Point Software Technologies.................................................................. 440,730 0.04

15,380 Plus500.............................................................................................................................. 304,843 0.03

ISRAEL - TOTAL ........................................................................................................... 745,573 0.07

ITALY (31 DECEMBER 2019: 0.89%)169,733 A2A....................................................................................................................................... 270,914 0.03

89,688 ACEA................................................................................................................................... 1,882,002 0.1815,807 Azimut Holding.............................................................................................................. 343,683 0.03

9,759 Banca Generali ............................................................................................................. 325,263 0.03228,208 Banco BPM ..................................................................................................................... 504,837 0.05

8,199 De’ Longhi........................................................................................................................ 258,622 0.02182,080 Enel ..................................................................................................................................... 1,843,760 0.18

73,973 ERG...................................................................................................................................... 2,117,926 0.2021,579 Freni Brembo................................................................................................................. 285,152 0.0387,509 Hera .................................................................................................................................... 319,074 0.03

8,596 Interpump Group ......................................................................................................... 424,281 0.0435,509 Italgas ................................................................................................................................ 225,925 0.0256,237 Leonardo .......................................................................................................................... 406,660 0.0439,804 Pirelli .................................................................................................................................. 215,897 0.02

2,722 Reply................................................................................................................................... 317,397 0.03104,937 Unipol Gruppo................................................................................................................ 502,027 0.05

ITALY - TOTAL............................................................................................................... 10,243,420 0.98

JAPAN (31 DECEMBER 2019: 2.07%)3,000 Daifuku .............................................................................................................................. 370,769 0.041,700 FANUC............................................................................................................................... 417,570 0.041,700 Fujitsu ................................................................................................................................ 245,421 0.024,600 Harmonic Drive Systems......................................................................................... 410,790 0.047,700 Hitachi................................................................................................................................ 303,167 0.038,400 Itochu Techno-Solutions.......................................................................................... 299,811 0.032,200 Keyence............................................................................................................................. 1,235,895 0.127,400 MISUMI Group ............................................................................................................... 242,617 0.02

33,300 Mitsubishi Electric ...................................................................................................... 502,185 0.0510,700 NEC ..................................................................................................................................... 574,149 0.06

6,300 Nomura Research Institute ................................................................................... 225,469 0.0239,500 NTT Data........................................................................................................................... 539,828 0.05

900 Obic...................................................................................................................................... 180,706 0.026,400 Omron................................................................................................................................ 570,294 0.061,700 Oracle Japan .................................................................................................................. 221,463 0.022,600 Otsuka................................................................................................................................ 137,246 0.01

57,900 Renesas Electronics .................................................................................................. 605,105 0.063,900 SCSK................................................................................................................................... 222,868 0.021,100 SMC..................................................................................................................................... 670,686 0.068,900 TIS ........................................................................................................................................ 182,233 0.02

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HoldingFair Value

USD% of Value

of Sub-Fund

JAPAN (31 DECEMBER 2019: 2.07%) (continued)4,100 Trend Micro..................................................................................................................... 235,886 0.024,600 Yaskawa Electric .......................................................................................................... 228,563 0.02

JAPAN - TOTAL ............................................................................................................ 8,622,721 0.83

LUXEMBOURG (31 DECEMBER 2019: 0.22%)8,658 ADLER Group................................................................................................................. 307,212 0.036,608 APERAM............................................................................................................................ 276,029 0.035,080 Befesa................................................................................................................................ 321,348 0.03

15,940 Grand City Properties................................................................................................ 408,791 0.044,773 Stabilus ............................................................................................................................. 336,968 0.03

51,268 Subsea 7 ........................................................................................................................... 525,976 0.05

LUXEMBOURG - TOTAL ........................................................................................... 2,176,324 0.21

MALTA (31 DECEMBER 2019: NIL)37,174 Kindred Group (SDR) ................................................................................................. 364,654 0.04

MALTA - TOTAL............................................................................................................ 364,654 0.04

MEXICO (31 DECEMBER 2019: NIL)115,268 America Movil (ADR) .................................................................................................. 1,675,997 0.16248,635 Cemex (ADR) .................................................................................................................. 1,285,443 0.12

MEXICO - TOTAL .......................................................................................................... 2,961,440 0.28

NETHERLANDS (31 DECEMBER 2019: 1.11%)10,499 Aalberts............................................................................................................................. 468,367 0.0512,413 AerCap Holdings .......................................................................................................... 565,785 0.05

3,444 ASM International........................................................................................................ 758,292 0.0716,811 ASR Nederland ............................................................................................................. 675,695 0.07

8,727 BE Semiconductor Industries............................................................................... 529,411 0.0512,517 Boskalis Westminster............................................................................................... 345,204 0.03

8,510 Corbion.............................................................................................................................. 480,533 0.051,339 Elastic ................................................................................................................................ 195,668 0.026,890 Euronext ........................................................................................................................... 759,988 0.074,670 IMCD................................................................................................................................... 595,682 0.067,495 NXP Semiconductors................................................................................................. 1,191,780 0.11

11,402 OCI ....................................................................................................................................... 219,308 0.0226,751 SBM Offshore................................................................................................................. 509,461 0.05

1,982 Shop Apotheke Europe ............................................................................................. 359,396 0.0311,867 Signify................................................................................................................................. 501,371 0.0515,956 STMicroelectronics..................................................................................................... 596,426 0.0610,406 TKH Group (ADR) ......................................................................................................... 503,434 0.05

NETHERLANDS - TOTAL......................................................................................... 9,255,801 0.89

NORWAY (31 DECEMBER 2019: 0.32%)52,137 Leroy Seafood Group ................................................................................................. 368,773 0.03

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PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

NORWAY (31 DECEMBER 2019: 0.32%) (continued)117,250 NEL...................................................................................................................................... 396,587 0.04

6,218 Salmar ............................................................................................................................... 365,733 0.039,834 Scatec ................................................................................................................................ 392,122 0.04

47,858 SpareBank....................................................................................................................... 508,655 0.0510,184 Tomra Systems............................................................................................................. 502,661 0.05

NORWAY - TOTAL........................................................................................................ 2,534,531 0.24

PANAMA (31 DECEMBER 2019: NIL)4,132 Copa Holdings ............................................................................................................... 319,114 0.03

PANAMA - TOTAL........................................................................................................ 319,114 0.03

PHILIPPINES (31 DECEMBER 2019: 0.04%)

POLAND (31 DECEMBER 2019: NIL)8,607 Dino Polska..................................................................................................................... 668,509 0.06

POLAND - TOTAL......................................................................................................... 668,509 0.06

PORTUGAL (31 DECEMBER 2019: NIL)306,737 EDP - Energias de Portugal................................................................................... 1,935,088 0.19

PORTUGAL - TOTAL................................................................................................... 1,935,088 0.19

PUERTO RICO (31 DECEMBER 2019: 0.02%)

SOUTH AFRICA (31 DECEMBER 2019: 0.03%)

SOUTH KOREA (31 DECEMBER 2019: 4.86%)706 Alteogen............................................................................................................................ 116,789 0.01

1,287 Amorepacific .................................................................................................................. 244,060 0.023,431 Celltrion ............................................................................................................................ 1,133,875 0.112,543 Celltrion Healthcare................................................................................................... 381,579 0.04

367 CJ CheilJedang............................................................................................................. 128,719 0.011,982 Daelim Industrial ......................................................................................................... 161,289 0.022,074 DB Insurance ................................................................................................................. 83,529 0.01

904 E-MART............................................................................................................................. 126,076 0.013,262 GS Engineering & Construction........................................................................... 113,508 0.01

11,474 Hana Financial Group................................................................................................ 364,405 0.043,837 Hankook Tire & Technology................................................................................... 139,168 0.01

324 Hanmi Pharm ................................................................................................................ 109,312 0.018,712 Hanon Systems............................................................................................................. 130,323 0.014,077 Hanwha Solutions ....................................................................................................... 179,774 0.021,623 HLB ..................................................................................................................................... 138,201 0.011,341 Hotel Shilla...................................................................................................................... 101,596 0.013,637 Hyundai Engineering & Construction............................................................... 125,385 0.01

871 Hyundai Glovis............................................................................................................... 147,532 0.01472 Hyundai Heavy Industries Holdings................................................................... 123,181 0.01

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HoldingFair Value

USD% of Value

of Sub-Fund

SOUTH KOREA (31 DECEMBER 2019: 4.86%) (continued)2,454 Hyundai Mobis............................................................................................................... 577,186 0.065,691 Hyundai Motor ............................................................................................................... 1,005,866 0.101,464 Hyundai Motor (Preference)................................................................................... 120,753 0.014,070 Hyundai Steel................................................................................................................. 148,368 0.022,032 Kakao ................................................................................................................................. 728,587 0.075,075 Kangwon Land............................................................................................................... 109,788 0.01

14,597 KB Financial Group..................................................................................................... 583,181 0.069,833 Kia Motors ....................................................................................................................... 564,834 0.05

990 KMW.................................................................................................................................... 73,546 0.013,869 Korea Aerospace Industries .................................................................................. 91,890 0.019,773 Korea Electric Power................................................................................................. 246,507 0.021,992 Korea Investment Holdings.................................................................................... 144,866 0.011,584 Korea Shipbuilding & Offshore Engineering................................................. 158,210 0.02

369 Korea Zinc........................................................................................................................ 136,384 0.014,506 KT&G .................................................................................................................................. 344,701 0.033,873 LG......................................................................................................................................... 311,965 0.034,708 LG Chem........................................................................................................................... 3,571,198 0.34

10,295 LG Display........................................................................................................................ 175,801 0.024,196 LG Electronics............................................................................................................... 521,458 0.05

377 LG Household & Health Care................................................................................ 562,220 0.05594 LG Innotek ....................................................................................................................... 99,793 0.01

9,060 LG Uplus........................................................................................................................... 97,998 0.01704 Lotte Chemical.............................................................................................................. 178,868 0.02

16,621 Mirae Asset Daewoo .................................................................................................. 144,437 0.014,399 Naver .................................................................................................................................. 1,184,486 0.11

594 NCSoft................................................................................................................................ 509,080 0.05862 Netmarble ....................................................................................................................... 104,348 0.01944 Orion ................................................................................................................................... 107,757 0.01

2,750 POSCO ............................................................................................................................... 688,576 0.07592 Samsung Biologics ..................................................................................................... 450,144 0.04

3,147 Samsung C&T................................................................................................................ 399,785 0.042,077 Samsung Electro-Mechanics................................................................................ 340,335 0.03

212,302 Samsung Electronics ................................................................................................ 15,830,307 1.5128,850 Samsung Electronics (Preference).................................................................... 1,954,672 0.19

1,214 Samsung Fire & Marine Insurance.................................................................... 209,542 0.0219,170 Samsung Heavy Industries..................................................................................... 124,235 0.01

3,347 Samsung Life Insurance.......................................................................................... 243,715 0.021,971 Samsung SDI.................................................................................................................. 1,139,453 0.111,352 Samsung SDS................................................................................................................ 222,160 0.023,503 Samsung Securities ................................................................................................... 130,439 0.01

631 Seegene ............................................................................................................................ 112,108 0.011,212 Shin Poong Pharmaceutical .................................................................................. 138,348 0.01

17,028 Shinhan Financial Group ......................................................................................... 502,391 0.051,303 SK Holdings .................................................................................................................... 288,476 0.03

48,403 SK Hynix............................................................................................................................ 5,280,084 0.512,122 SK Innovation ................................................................................................................. 371,150 0.041,531 SK Telecom..................................................................................................................... 335,430 0.031,856 S-Oil .................................................................................................................................... 118,232 0.01

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95 Schedule of Investments

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HoldingFair Value

USD% of Value

of Sub-Fund

SOUTH KOREA (31 DECEMBER 2019: 4.86%) (continued)2,058 Woongjin Coway............................................................................................................ 137,730 0.01

22,200 Woori Financial Group .............................................................................................. 198,846 0.022,136 Yuhan.................................................................................................................................. 147,670 0.02

SOUTH KOREA - TOTAL........................................................................................... 46,016,205 4.40

SPAIN (31 DECEMBER 2019: 0.50%)15,241 Acciona.............................................................................................................................. 2,176,236 0.21

7,612 Amadeus IT Group....................................................................................................... 554,722 0.051,094,194 Banco de Sabadell ...................................................................................................... 473,936 0.05

108,918 Bankinter ......................................................................................................................... 589,571 0.0611,114 CIE Automotive.............................................................................................................. 299,984 0.0375,134 EDP Renovaveis............................................................................................................ 2,096,008 0.20

131,984 Iberdrola........................................................................................................................... 1,889,421 0.1842,974 Inmobiliaria Colonial Socimi (REIT) ................................................................... 421,961 0.04

187,584 Mapfre................................................................................................................................ 365,623 0.0320,407 Masmovil Ibercom^.................................................................................................... 561,802 0.0550,067 Merlin Properties Socimi (REIT) .......................................................................... 476,599 0.0551,801 Siemens Gamesa Renewable Energy............................................................... 2,097,281 0.20

7,322 Viscofan............................................................................................................................. 520,060 0.05

SPAIN - TOTAL.............................................................................................................. 12,523,204 1.20

SWEDEN (31 DECEMBER 2019: 1.66%)17,226 AAK...................................................................................................................................... 348,189 0.0325,411 AddTech ............................................................................................................................ 337,264 0.03

8,928 AF Poyry............................................................................................................................ 273,084 0.0310,179 Annehem Fastigheter................................................................................................ 39,228 0.0010,150 Avanza Bank Holding................................................................................................. 287,968 0.0310,137 Axfood ................................................................................................................................ 236,745 0.02

5,613 Beijer Ref ......................................................................................................................... 257,257 0.0218,255 BillerudKorsnas ........................................................................................................... 323,531 0.0335,487 Bravida Holding ............................................................................................................ 473,157 0.0418,318 Castellum......................................................................................................................... 465,503 0.0430,454 Dometic Group .............................................................................................................. 404,011 0.0428,264 Elekta ................................................................................................................................. 380,120 0.0417,688 Embracer Group........................................................................................................... 423,433 0.0424,299 Fabege............................................................................................................................... 382,716 0.04

4,805 Fortnox .............................................................................................................................. 270,600 0.0317,428 Getinge .............................................................................................................................. 407,659 0.04

5,054 Hexagon............................................................................................................................ 461,427 0.0431,711 Hexpol ................................................................................................................................ 339,793 0.03

8,595 Holmen.............................................................................................................................. 411,930 0.0425,374 Hufvudstaden................................................................................................................. 420,812 0.0427,171 Indutrade.......................................................................................................................... 582,953 0.06

7,664 JM......................................................................................................................................... 271,190 0.0346,421 Kungsleden..................................................................................................................... 509,285 0.05

2,785 Lifco .................................................................................................................................... 267,562 0.02

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HoldingFair Value

USD% of Value

of Sub-Fund

SWEDEN (31 DECEMBER 2019: 1.66%) (continued)10,572 Loomis............................................................................................................................... 291,187 0.03

9,224 Mycronic ........................................................................................................................... 275,623 0.032,737 Nolato................................................................................................................................. 277,281 0.038,219 Nordic Entertainment Group................................................................................. 458,960 0.04

34,383 Peab.................................................................................................................................... 375,332 0.0410,462 Recipharm....................................................................................................................... 279,495 0.0310,582 Saab .................................................................................................................................... 308,599 0.0379,988 Samhallsbyggnadsbolaget i Norden................................................................. 279,141 0.03

2,835 Sinch................................................................................................................................... 462,572 0.0496,273 SSAB................................................................................................................................... 306,899 0.0327,740 Stillfront Group ............................................................................................................. 337,776 0.0322,627 Sweco AB ......................................................................................................................... 416,031 0.0419,234 Swedish Orphan Biovitrum..................................................................................... 389,010 0.0414,458 Thule Group .................................................................................................................... 541,522 0.0511,854 Wallenstam..................................................................................................................... 188,508 0.0223,020 Wihlborgs Fastigheter............................................................................................... 519,681 0.05

SWEDEN - TOTAL........................................................................................................ 14,283,034 1.37

SWITZERLAND (31 DECEMBER 2019: 1.80%)16,082 ABB ..................................................................................................................................... 449,557 0.04

2,144 Allreal Holding .............................................................................................................. 493,585 0.05455 Bachem............................................................................................................................. 203,578 0.02

46 Belimo Holding ............................................................................................................. 399,661 0.041,500 BKW AG............................................................................................................................. 168,335 0.021,128 Bucher Industries........................................................................................................ 517,582 0.054,637 Cembra Money Bank ................................................................................................. 562,347 0.05

666 Daetwyler Holding....................................................................................................... 193,633 0.023,962 DKSH Holding................................................................................................................ 298,287 0.03

284 Emmi .................................................................................................................................. 292,851 0.033,079 Flughafen Zurich.......................................................................................................... 543,732 0.05

295 Forbo Holding................................................................................................................ 506,601 0.057,511 Galenica ............................................................................................................................ 501,328 0.05

468 Georg Fischer ................................................................................................................ 603,564 0.064,559 Helvetia Holding ........................................................................................................... 481,713 0.05

12,767 Idorsia ................................................................................................................................ 368,589 0.03138 Interroll Holding........................................................................................................... 420,737 0.04

102,062 IWG ...................................................................................................................................... 478,811 0.0443,185 OC Oerlikon..................................................................................................................... 447,019 0.04

3,268 PSP Swiss Property.................................................................................................... 437,360 0.041,705 SFS Group........................................................................................................................ 202,528 0.02

666 Siegfried Holding ......................................................................................................... 490,864 0.0520,925 SIG Combibloc Group ................................................................................................ 486,226 0.0510,596 Softwareone Holding ................................................................................................. 314,062 0.03

4,421 Stadler Rail ..................................................................................................................... 202,157 0.024,672 Sulzer ................................................................................................................................. 492,068 0.054,450 TE Connectivity.............................................................................................................. 538,762 0.051,647 Tecan Group ................................................................................................................... 808,268 0.08

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97 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SWITZERLAND (31 DECEMBER 2019: 1.80%) (continued)2,216 VAT Group ........................................................................................................................ 553,530 0.054,515 Vontobel Holding.......................................................................................................... 358,564 0.039,157 Wizz Air Holdings......................................................................................................... 571,283 0.051,016 Zur Rose Group............................................................................................................. 325,276 0.03

SWITZERLAND - TOTAL .......................................................................................... 13,712,458 1.31

TAIWAN (31 DECEMBER 2019: 0.16%)48,000 Airtac International Group...................................................................................... 1,537,476 0.15

411,000 Chailease Holding ....................................................................................................... 2,457,399 0.243,000 Largan Precision.......................................................................................................... 341,128 0.03

96,000 MediaTek.......................................................................................................................... 2,552,210 0.24

TAIWAN - TOTAL ......................................................................................................... 6,888,213 0.66

THAILAND (31 DECEMBER 2019: 0.01%)

UNITED KINGDOM (31 DECEMBER 2019: 5.50%)33,855 Aggreko............................................................................................................................. 289,701 0.0342,118 AJ Bell................................................................................................................................ 249,580 0.0239,675 AO World........................................................................................................................... 222,901 0.0254,792 Ascential........................................................................................................................... 287,608 0.0360,759 Ashmore Group............................................................................................................. 358,131 0.03

268,799 Assura (REIT) ................................................................................................................. 282,190 0.0350,387 Atlantica Sustainable Infrastructure................................................................. 1,913,698 0.1852,137 Avast ................................................................................................................................... 383,069 0.04

3,411 AVEVA Group .................................................................................................................. 149,298 0.015,495 Avon Rubber ................................................................................................................... 237,735 0.02

65,215 Babcock International Group ................................................................................ 249,519 0.0290,378 Balfour Beatty................................................................................................................ 333,811 0.0373,879 Beazley .............................................................................................................................. 368,205 0.0414,683 Bellway.............................................................................................................................. 593,096 0.0623,746 Big Yellow Group (REIT) ........................................................................................... 356,082 0.0326,877 Bodycote........................................................................................................................... 273,893 0.0328,470 Bovis Homes Group.................................................................................................... 365,626 0.0435,249 Britvic ................................................................................................................................. 391,251 0.0491,210 Capital & Counties Properties (REIT) ............................................................... 180,785 0.0218,316 Carnival ............................................................................................................................. 342,256 0.03

187,344 Centamin.......................................................................................................................... 316,783 0.03717,211 Centrica............................................................................................................................. 456,862 0.04

19,185 Close Brothers Group ............................................................................................... 362,428 0.04225,182 Coats Group.................................................................................................................... 207,158 0.02

12,139 Computacenter ............................................................................................................. 406,206 0.04181,587 ConvaTec Group ........................................................................................................... 494,455 0.05

66,112 Countryside Properties............................................................................................. 422,398 0.047,404 Cranswick ........................................................................................................................ 356,255 0.03

13,451 Dechra Pharmaceuticals......................................................................................... 634,346 0.0611,453 Derwent London (REIT) ............................................................................................ 484,700 0.05

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HoldingFair Value

USD% of Value

of Sub-Fund

UNITED KINGDOM (31 DECEMBER 2019: 5.50%) (continued)8,537 Dialog Semiconductor............................................................................................... 466,807 0.04

12,544 Diploma............................................................................................................................. 375,862 0.04151,902 Direct Line Insurance Group ................................................................................. 662,379 0.06154,016 Dixons Carphone.......................................................................................................... 243,796 0.02

77,457 Domino’s Pizza Group............................................................................................... 334,580 0.0359,702 Drax Group ...................................................................................................................... 306,036 0.0314,041 Dunelm Group............................................................................................................... 232,815 0.0236,963 easyJet............................................................................................................................... 419,370 0.0454,742 Electrocomponents .................................................................................................... 651,391 0.0616,839 Euromoney Institutional Investor........................................................................ 245,373 0.0212,913 Future ................................................................................................................................ 306,782 0.03

175,294 G4S ...................................................................................................................................... 608,151 0.063,801 Games Workshop Group.......................................................................................... 581,927 0.068,880 Genus ................................................................................................................................. 509,332 0.05

87,122 Grainger............................................................................................................................ 337,743 0.0330,628 Great Portland Estates (REIT)............................................................................... 279,671 0.0311,984 Greggs ............................................................................................................................... 293,229 0.03

179,644 Hays PLC.......................................................................................................................... 351,157 0.0310,479 Hill & Smith Holdings................................................................................................ 201,972 0.0238,672 Hiscox................................................................................................................................. 525,455 0.0558,485 Howden Joinery Group ............................................................................................. 551,308 0.0544,220 IG Group Holdings ....................................................................................................... 521,049 0.05

4,814 IHS Markit........................................................................................................................ 432,442 0.0431,284 IMI ........................................................................................................................................ 498,196 0.0546,259 Inchcape ........................................................................................................................... 406,909 0.0433,679 IntegraFin Holdings.................................................................................................... 255,968 0.0281,863 Investec ............................................................................................................................. 209,594 0.02

442,907 ITV ........................................................................................................................................ 646,601 0.0660,707 John Laing Group ........................................................................................................ 275,505 0.0396,802 John Wood Group ........................................................................................................ 410,467 0.0465,962 Jupiter Fund Management ..................................................................................... 254,631 0.0243,584 KAZ Minerals.................................................................................................................. 393,209 0.0428,699 Lancashire Holdings.................................................................................................. 283,830 0.03

113,390 LondonMetric Property (REIT) .............................................................................. 354,946 0.03189,654 Man Group....................................................................................................................... 357,761 0.03219,716 Marks & Spencer Group .......................................................................................... 409,364 0.04

22,518 Marshalls ......................................................................................................................... 230,088 0.0247,434 Mediclinic International ........................................................................................... 182,848 0.0299,033 Meggitt............................................................................................................................... 631,515 0.0640,300 Micro Focus International....................................................................................... 233,628 0.0274,841 Moneysupermarket.com Group........................................................................... 266,604 0.0379,963 National Express Group........................................................................................... 259,491 0.0360,372 Network International Holdings .......................................................................... 269,528 0.0349,254 OSB Group....................................................................................................................... 285,200 0.03

7,511 Oxford Instruments .................................................................................................... 204,522 0.0237,005 Pagegroup ....................................................................................................................... 226,313 0.0240,960 Paragon Banking Group........................................................................................... 273,568 0.0363,393 Pets at Home Group................................................................................................... 360,658 0.03

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Schedule of Investments as at 31 December 2020 (continued)

99 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED KINGDOM (31 DECEMBER 2019: 5.50%) (continued)46,980 Playtech ............................................................................................................................ 257,712 0.0224,952 Polypipe Group.............................................................................................................. 203,625 0.02

149,777 Primary Health Properties (REIT)....................................................................... 312,839 0.0381,959 QinetiQ Group ................................................................................................................ 358,284 0.03

209,618 Quilter ................................................................................................................................ 440,121 0.0434,598 Redrow .............................................................................................................................. 270,284 0.03

4,463 Renishaw.......................................................................................................................... 351,400 0.0397,775 Rotork ................................................................................................................................ 425,018 0.04

110,065 Royal Mail ........................................................................................................................ 508,081 0.0528,931 Safestore Holdings (REIT)....................................................................................... 308,468 0.0321,653 Savills................................................................................................................................. 282,518 0.0315,741 Segro (REIT).................................................................................................................... 203,897 0.02

171,341 Serco Group.................................................................................................................... 279,886 0.0331,076 Shaftesbury (REIT) ...................................................................................................... 241,707 0.0272,745 Signature Aviation ....................................................................................................... 384,828 0.0416,401 Softcat................................................................................................................................ 308,042 0.0311,756 Spectris ............................................................................................................................. 452,849 0.04

103,834 Spirent Communications......................................................................................... 374,711 0.0490,282 SSE ...................................................................................................................................... 1,851,164 0.1871,120 SSP Group ....................................................................................................................... 322,567 0.0348,913 Synthomer ....................................................................................................................... 300,610 0.0364,354 Tate & Lyle ...................................................................................................................... 593,261 0.0676,141 TP ICAP ............................................................................................................................. 247,921 0.0259,722 Trainline............................................................................................................................ 378,795 0.0429,970 Travis Perkins................................................................................................................ 551,832 0.05

238,042 Tritax Big Box (REIT) .................................................................................................. 546,332 0.0510,009 Ultra Electronics Holdings ..................................................................................... 283,487 0.0338,704 UNITE Group (REIT).................................................................................................... 552,872 0.0529,481 Vesuvius............................................................................................................................ 216,204 0.0210,231 Victrex ................................................................................................................................ 328,094 0.03

173,079 Virgin Money UK........................................................................................................... 318,214 0.0329,420 Weir Group ...................................................................................................................... 800,090 0.0816,907 WH Smith ......................................................................................................................... 348,976 0.03

151,118 William Hill...................................................................................................................... 557,947 0.05

UNITED KINGDOM - TOTAL................................................................................... 43,752,233 4.18

UNITED STATES (31 DECEMBER 2019: 35.56%)5,845 3M......................................................................................................................................... 1,021,648 0.105,961 Activision Blizzard ....................................................................................................... 553,479 0.055,159 Adobe Systems.............................................................................................................. 2,580,119 0.257,452 Advanced Micro Devices .......................................................................................... 683,423 0.071,680 Air Products & Chemicals ...................................................................................... 459,010 0.046,409 Akamai Technologies ................................................................................................ 672,881 0.062,610 Alexandria Real Estate Equities (REIT) ............................................................ 465,155 0.042,110 Alphabet (Class A) ....................................................................................................... 3,698,070 0.352,129 Alphabet (Class C)....................................................................................................... 3,729,753 0.361,096 Alteryx................................................................................................................................ 133,482 0.01

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 100

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 35.56%) (continued)3,091 Amazon.com................................................................................................................... 10,067,171 0.965,540 Amdocs.............................................................................................................................. 392,952 0.043,153 American Tower (REIT)............................................................................................. 707,722 0.072,679 Ameriforge Group........................................................................................................ 46,883 0.006,186 AMETEK ............................................................................................................................ 748,135 0.073,636 Amphenol......................................................................................................................... 475,480 0.055,014 Analog Devices.............................................................................................................. 740,718 0.071,428 ANSYS ................................................................................................................................ 519,506 0.05

287,516 Api Heat Transfer Thermasys^ ............................................................................ 22,426 0.0061 Api Heat Transfer Thermasys (Preference)^................................................ 3,063 0.00

125,780 Apple................................................................................................................................... 16,689,748 1.607,019 Applied Materials......................................................................................................... 605,740 0.063,268 Arista Networks............................................................................................................ 949,583 0.09

54,395 AT&T................................................................................................................................... 1,564,400 0.154,641 Autodesk........................................................................................................................... 1,417,083 0.143,313 Automatic Data Processing ................................................................................... 583,751 0.06

208 AutoZone .......................................................................................................................... 246,572 0.022,991 AvalonBay Communities (REIT) ........................................................................... 479,846 0.05

40,203 Avangrid............................................................................................................................ 1,827,226 0.183,493 Ball ...................................................................................................................................... 325,478 0.03

162,354 Bank of America........................................................................................................... 4,920,950 0.4717,722 Bank of New York Mellon........................................................................................ 752,122 0.07

3,454 Best Buy............................................................................................................................ 344,675 0.036,689 Boeing................................................................................................................................ 1,431,847 0.14

375 Booking Holdings......................................................................................................... 835,226 0.083,274 Booz Allen Hamilton Holding................................................................................ 285,427 0.034,525 Broadcom ........................................................................................................................ 1,981,271 0.191,383 CACI International....................................................................................................... 344,823 0.033,689 Cadence Design Systems........................................................................................ 503,290 0.05

10,259 Carrier Global ................................................................................................................ 386,969 0.047,063 Caterpillar........................................................................................................................ 1,285,607 0.122,588 CDK Global ...................................................................................................................... 134,136 0.012,729 Ceridian HCM Holding .............................................................................................. 290,802 0.031,170 Charter Communications Operating................................................................. 774,014 0.07

13,865 Chevron............................................................................................................................. 1,170,899 0.11246 Chipotle Mexican Grill............................................................................................... 341,131 0.03

1,811 Cintas ................................................................................................................................. 640,116 0.0657,622 Cisco Systems ............................................................................................................... 2,578,584 0.2544,188 Citigroup........................................................................................................................... 2,724,632 0.26

9,185 Citizens Financial Group.......................................................................................... 328,456 0.033,043 Citrix Systems................................................................................................................ 395,894 0.04

58,183 Clearway Energy .......................................................................................................... 1,857,783 0.184,647 Cognex............................................................................................................................... 373,084 0.04

10,904 Cognizant Technology Solutions ......................................................................... 893,583 0.0934,614 Comcast............................................................................................................................ 1,813,774 0.17

3,049 Comerica.......................................................................................................................... 170,317 0.0214,010 ConocoPhillips .............................................................................................................. 560,260 0.05

4,673 Copart ................................................................................................................................ 594,639 0.06

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Schedule of Investments as at 31 December 2020 (continued)

101 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 35.56%) (continued)11,463 Corning.............................................................................................................................. 412,668 0.04

8,346 Corteva .............................................................................................................................. 323,157 0.03495 CoStar Group ................................................................................................................. 457,519 0.04872 Coupa Software ............................................................................................................ 295,530 0.03

1,727 Crowdstrike Holdings................................................................................................ 365,813 0.044,130 Crown Castle International (REIT)...................................................................... 657,455 0.069,517 CSX ...................................................................................................................................... 863,668 0.082,936 Cummins.......................................................................................................................... 666,766 0.063,636 Deere & Co...................................................................................................................... 978,266 0.092,110 Digital (REIT)................................................................................................................... 294,366 0.034,912 DocuSign .......................................................................................................................... 1,091,938 0.102,044 Dollar General............................................................................................................... 429,853 0.042,034 Dollar Tree ...................................................................................................................... 219,753 0.028,104 Dow...................................................................................................................................... 449,772 0.046,473 DR Horton........................................................................................................................ 446,119 0.04

15,441 Dropbox............................................................................................................................. 342,636 0.038,104 DuPont de Nemours .................................................................................................. 576,275 0.067,104 eBay .................................................................................................................................... 356,976 0.031,955 Ecolab ................................................................................................................................ 422,984 0.042,351 Electronic Arts .............................................................................................................. 337,604 0.03

13,420 Emerson Electric ......................................................................................................... 1,078,565 0.1010,813 EOG Resources............................................................................................................. 539,244 0.05

567 EPAM Systems.............................................................................................................. 203,184 0.021,652 Equifax ............................................................................................................................... 318,572 0.03

795 Equinix (REIT)................................................................................................................. 567,773 0.0530,899 Exxon Mobil..................................................................................................................... 1,273,657 0.12

2,218 F5 Networks ................................................................................................................... 390,235 0.0417,254 Facebook.......................................................................................................................... 4,713,103 0.45

7,099 Fastenal ............................................................................................................................ 346,644 0.032,929 FedEx.................................................................................................................................. 760,427 0.075,820 Fidelity National Information Services............................................................. 823,297 0.08

14,987 Fifth Third Bancorp..................................................................................................... 413,192 0.043,551 First Republic Bank.................................................................................................... 521,748 0.05

19,860 First Solar........................................................................................................................ 1,964,551 0.194,711 Fiserv.................................................................................................................................. 536,394 0.054,775 Five9.................................................................................................................................... 832,760 0.088,238 FLIR Systems................................................................................................................. 361,072 0.03

35,151 Ford Motor....................................................................................................................... 308,977 0.033,746 Fortinet.............................................................................................................................. 556,393 0.053,780 Fortive................................................................................................................................ 267,700 0.03

19,808 Freeport-McMoRan.................................................................................................... 515,404 0.053,167 General Dynamics....................................................................................................... 471,313 0.05

145,194 General Electric............................................................................................................ 1,568,095 0.1511,406 General Motors............................................................................................................. 474,946 0.05

3,384 Global Payments.......................................................................................................... 728,981 0.074,324 GoDaddy............................................................................................................................ 358,676 0.037,396 Goldman Sachs Group .............................................................................................. 1,950,399 0.191,156 Guidewire Software .................................................................................................... 148,812 0.01

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PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 35.56%) (continued)23,298 Hewlett Packard Enterprise .................................................................................. 276,081 0.03

5,276 Hilton Worldwide Holdings..................................................................................... 587,008 0.067,657 Home Depot.................................................................................................................... 2,033,852 0.199,591 Honeywell International ........................................................................................... 2,040,006 0.20

20,808 HP......................................................................................................................................... 511,669 0.052,196 HubSpot ............................................................................................................................ 870,582 0.08

21,807 Huntington Bancshares ........................................................................................... 275,422 0.032,734 Illinois Tool Works....................................................................................................... 557,408 0.05

30,196 Intel ..................................................................................................................................... 1,504,365 0.1414,857 International Business Machines ....................................................................... 1,870,199 0.18

2,093 Intuit.................................................................................................................................... 795,026 0.081,454 Intuitive Surgical .......................................................................................................... 1,189,517 0.112,074 IPG Photonics ................................................................................................................ 464,140 0.04

65,238 JPMorgan Chase & Co.............................................................................................. 8,289,793 0.7912,482 Juniper Networks........................................................................................................ 280,970 0.0320,808 KeyCorp............................................................................................................................. 341,459 0.0332,471 Kinder Morgan .............................................................................................................. 443,879 0.04

1,103 KLA...................................................................................................................................... 285,578 0.032,752 L3Harris Technologies.............................................................................................. 520,183 0.051,027 Lam Research ............................................................................................................... 485,021 0.053,299 Leidos Holdings............................................................................................................ 346,791 0.036,922 Lennar ............................................................................................................................... 527,664 0.052,181 Lockheed Martin .......................................................................................................... 774,211 0.076,581 Lowe’s Cos ...................................................................................................................... 1,056,316 0.10

967 Lululemon Athletica................................................................................................... 336,545 0.032,789 M&T Bank........................................................................................................................ 355,040 0.034,835 Marathon Petroleum ................................................................................................. 199,976 0.024,700 Marriott International................................................................................................ 620,024 0.06

10,094 Marvell Technology Group...................................................................................... 479,869 0.056,229 Mastercard...................................................................................................................... 2,223,379 0.213,206 Match Group Inc........................................................................................................... 484,715 0.05

302 Maxim Integrated Products ................................................................................... 26,772 0.004,671 McDonald’s ..................................................................................................................... 1,002,303 0.10

388 MercadoLibre................................................................................................................. 649,985 0.064,589 Microchip Technology ............................................................................................... 633,787 0.068,088 Micron Technology...................................................................................................... 608,056 0.06

62,906 Microsoft .......................................................................................................................... 13,991,553 1.3430,711 Morgan Stanley............................................................................................................. 2,104,625 0.20

1,342 Motorola Solutions...................................................................................................... 228,221 0.024,322 National Instruments ................................................................................................ 189,909 0.023,323 Netflix................................................................................................................................. 1,796,846 0.178,621 Newmont.......................................................................................................................... 516,312 0.05

24,304 NextEra Energy............................................................................................................. 1,875,054 0.187,886 Nike..................................................................................................................................... 1,115,632 0.113,325 Norfolk Southern ......................................................................................................... 790,053 0.084,480 Northern Trust .............................................................................................................. 417,267 0.042,077 Northrop Grumman ................................................................................................... 632,903 0.066,051 NVIDIA................................................................................................................................ 3,159,832 0.30

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

103 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 35.56%) (continued)4,575 Okta..................................................................................................................................... 1,163,239 0.113,107 ON Semiconductor...................................................................................................... 101,692 0.01

32,722 Oracle................................................................................................................................. 2,116,786 0.20684 O’Reilly Automotive..................................................................................................... 309,558 0.03

5,108 Otis Worldwide .............................................................................................................. 345,045 0.034,244 PACCAR ............................................................................................................................ 366,172 0.042,397 Palo Alto Networks..................................................................................................... 851,870 0.083,267 Parker-Hannifin ........................................................................................................... 889,963 0.095,013 Paychex ............................................................................................................................. 467,111 0.048,208 PayPal Holdings ........................................................................................................... 1,922,314 0.189,386 People’s United Financial ....................................................................................... 121,361 0.013,493 Phillips 66 ........................................................................................................................ 244,300 0.029,008 PNC Financial Services Group ............................................................................. 1,342,192 0.132,551 PPG Industries .............................................................................................................. 367,905 0.046,311 Prologis (REIT) .............................................................................................................. 628,954 0.062,900 Proofpoint ........................................................................................................................ 395,589 0.042,777 PTC...................................................................................................................................... 332,157 0.031,618 Public Storage (REIT)................................................................................................. 373,645 0.04

11,857 Qualcomm ....................................................................................................................... 1,806,295 0.1718,609 Raytheon........................................................................................................................... 1,330,730 0.13

4,163 RealPage .......................................................................................................................... 363,180 0.048,157 Realty Income (REIT) ................................................................................................. 507,121 0.05

20,367 Regions Financial ........................................................................................................ 328,316 0.035,424 Republic Services ........................................................................................................ 522,331 0.051,585 RingCentral..................................................................................................................... 600,667 0.062,280 Rockwell Automation................................................................................................. 571,847 0.051,283 Roper Technologies.................................................................................................... 553,088 0.053,243 Ross Stores..................................................................................................................... 398,273 0.04

12,858 Salesforce.com............................................................................................................. 2,861,291 0.271,055 SBA Communications (REIT)................................................................................. 297,647 0.03

21,990 Schlumberger................................................................................................................ 480,042 0.053,907 ServiceNow ..................................................................................................................... 2,150,530 0.21

633 Sherwin-Williams........................................................................................................ 465,198 0.046,199 Simon Property Group (REIT)................................................................................ 528,651 0.052,196 Skyworks Solutions .................................................................................................... 335,724 0.03

11,057 Snap Inc ............................................................................................................................ 553,624 0.053,728 Splunk................................................................................................................................ 633,350 0.063,376 Square ............................................................................................................................... 734,753 0.074,077 Stanley Black & Decker ........................................................................................... 727,989 0.078,260 Starbucks......................................................................................................................... 883,655 0.087,675 State Street ..................................................................................................................... 558,587 0.051,089 SVB Financial Group .................................................................................................. 422,347 0.042,090 Synopsys........................................................................................................................... 541,812 0.054,285 Target................................................................................................................................. 756,431 0.073,430 Teradyne........................................................................................................................... 411,223 0.045,850 Tesla ................................................................................................................................... 4,128,169 0.409,251 Texas Instruments ...................................................................................................... 1,518,367 0.15

10,538 TJX Cos.............................................................................................................................. 719,640 0.07

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 104

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 35.56%) (continued)2,693 T-Mobile............................................................................................................................ 363,151 0.04

914 Trade Desk ...................................................................................................................... 732,114 0.07652 TransDigm Group ........................................................................................................ 403,490 0.04

6,747 Trimble .............................................................................................................................. 450,497 0.0428,327 Truist Financial ............................................................................................................. 1,357,713 0.13

2,801 Twilio .................................................................................................................................. 948,139 0.099,045 Twitter................................................................................................................................ 489,787 0.051,118 Tyler Technologies...................................................................................................... 488,029 0.05

14,706 Uber Technologies...................................................................................................... 750,006 0.077,158 Union Pacific .................................................................................................................. 1,490,439 0.147,195 United Parcel Service................................................................................................ 1,211,638 0.12

29,005 US Bancorp..................................................................................................................... 1,351,343 0.131,412 Veeva Systems............................................................................................................... 384,417 0.041,876 VeriSign............................................................................................................................. 405,966 0.041,964 Verisk Analytics ............................................................................................................ 407,707 0.04

28,234 Verizon Communications ........................................................................................ 1,658,747 0.162,951 VF.......................................................................................................................................... 252,045 0.02

10,783 Visa ...................................................................................................................................... 2,358,566 0.236,423 VMware.............................................................................................................................. 900,890 0.093,323 Vontier................................................................................................................................ 110,988 0.01

14,182 Walt Disney ..................................................................................................................... 2,569,495 0.255,508 Waste Management.................................................................................................... 649,558 0.06

87,433 Wells Fargo & Co......................................................................................................... 2,638,728 0.257,615 Welltower (REIT)........................................................................................................... 492,081 0.057,603 Weyerhaeuser (REIT) ................................................................................................. 254,929 0.02

18,443 Williams ............................................................................................................................ 369,782 0.044,265 Workday ............................................................................................................................ 1,021,937 0.103,932 Xilinx.................................................................................................................................... 557,440 0.05

42,004 Yum China Holdings................................................................................................... 2,398,008 0.232,677 Yum! Brands................................................................................................................... 290,615 0.031,311 Zebra Technologies .................................................................................................... 503,857 0.052,690 Zendesk............................................................................................................................. 384,993 0.043,597 Zions Bancorp ............................................................................................................... 156,254 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

105 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 35.56%) (continued)1,352 Zoom Video Communications ............................................................................... 456,057 0.043,289 Zscaler............................................................................................................................... 656,846 0.06

UNITED STATES - TOTAL ....................................................................................... 243,820,827 23.32

EQUITIES - TOTAL....................................................................................................... 533,139,418 50.98

FIXED INCOME SECURITIES (31 DECEMBER 2019: 4.83%)GOVERNMENT BONDSAUSTRALIAN DOLLAR (31 DECEMBER 2019: 0.22%)

CANADIAN DOLLAR (31 DECEMBER 2019: 0.05%)

EURO (31 DECEMBER 2019: 0.97%)

JAPANESE YEN (31 DECEMBER 2019: 1.14%)

POUND STERLING (31 DECEMBER 2019: 0.25%)

SWEDISH KRONA (31 DECEMBER 2019: 0.02%)

UNITED STATES DOLLAR (31 DECEMBER 2019: 0.19%)2,070,000 3.125% Colombia 15/04/2031 ................................................................................ 2,196,788 0.211,125,000 4.125% Colombia 15/05/2051 ................................................................................ 1,248,750 0.121,600,000 5.200% Colombia 15/05/2049 ................................................................................ 2,030,880 0.191,440,000 6.125% Colombia 18/01/2041 ................................................................................ 1,929,600 0.181,570,000 5.875% Dominican 30/01/2060 ............................................................................. 1,727,016 0.175,480,000 7.625% Egypt 29/05/2032......................................................................................... 6,197,880 0.592,950,000 8.125% Ghana 26/03/2032....................................................................................... 3,116,297 0.302,500,000 10.750% Ghana 14/10/2030 .................................................................................... 3,341,950 0.321,300,000 6.125% Ivory Coast 15/06/2033............................................................................. 1,463,051 0.142,600,000 6.875% Kenya 24/06/2024........................................................................................ 2,846,142 0.272,870,000 8.000% Kenya 22/05/2032........................................................................................ 3,343,343 0.32

200,000 3.000% Korea Development Bank 13/01/2026............................................. 221,514 0.021,000,000 3.250% Korea National Oil 01/10/2025............................................................. 1,115,720 0.11

500,000 4.000% Korea Resources 18/04/2023 ............................................................... 535,016 0.053,155,000 3.250% Mexico 16/04/2030...................................................................................... 3,406,674 0.332,250,000 4.750% Mexico 08/03/2044...................................................................................... 2,671,897 0.26

200,000 5.000% Mexico 27/04/2051...................................................................................... 249,000 0.024,500,000 6.050% Mexico 11/01/2040...................................................................................... 6,029,955 0.582,520,000 7.253% Ukraine 15/03/2033.................................................................................... 2,746,649 0.26

100,000 7.750% Ukraine 01/09/2023.................................................................................... 109,888 0.011,700,000 7.750% Ukraine 01/09/2024.................................................................................... 1,889,176 0.18

45,000,000 0.000% United States Treasury Bill 17/06/2021.......................................... 44,983,088 4.3020,150,000 0.000% United States Treasury Bill 15/07/2021.......................................... 20,141,000 1.93

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 106

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 0.19%)(continued)

16,000,000 1.500% United States Treasury Note 28/02/2023....................................... 16,471,250 1.5715,500,000 1.750% United States Treasury Note 31/01/2023....................................... 16,021,914 1.53

UNITED STATES DOLLAR - TOTAL.................................................................... 146,034,438 13.96

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 1.93%)

220,000 6.250% Adani Green Energy 10/12/2024 ......................................................... 243,925 0.02280,000 4.250% Adaro Indonesia 31/10/2024 ................................................................. 288,050 0.03250,000 7.500% AI Candelaria Spain 15/12/2028.......................................................... 290,627 0.03480,000 2.250% Amipeace 22/10/2030 ............................................................................... 479,342 0.05615,000 3.064% Axiata Spv5 Labuan 19/08/2050 .......................................................... 614,244 0.06500,000 3.500% Azure Nova International Finance 21/03/2022............................ 511,698 0.05480,000 3.500% Banco de Credito e Inversiones 12/10/2027................................. 531,112 0.05500,000 4.450% Bangkok Bank 19/09/2028..................................................................... 579,004 0.06440,000 4.750% Bank Mandiri Persero 13/05/2025..................................................... 491,281 0.05240,000 6.750% BBVA Bancomer 30/09/2022 ................................................................ 259,440 0.03

850,0004.125% Beijing State-Owned Assets Management Hong Kong26/05/2025 ....................................................................................................................... 916,417 0.09

200,000 2.750% BOC Aviation 02/12/2023......................................................................... 207,071 0.02450,000 3.250% BOC Aviation 29/04/2025......................................................................... 476,555 0.05500,000 2.625% BOC Aviation Ltd 17/09/2030 ................................................................ 504,160 0.05240,000 7.450% Braskem Idesa SAPI 15/11/2029........................................................ 225,000 0.02280,000 4.500% Braskem Netherlands Finance 31/01/2030.................................. 287,350 0.03240,000 4.875% BRF 24/01/2030 ........................................................................................... 260,402 0.03400,000 2.200% Castle Peak Power Finance 22/06/2030......................................... 404,224 0.04900,000 3.000% China Cinda 2020 I Management 18/03/2027 .............................. 938,610 0.09250,000 9.500% China Evergrande Group 29/03/2024 ............................................... 218,876 0.02700,000 2.750% China Overseas Finance Cayman VIII 02/03/2030..................... 698,492 0.07230,000 7.375% China SCE Group Holdings 09/04/2024........................................... 244,502 0.02210,000 5.500% CIFI Holdings Group 23/01/2022......................................................... 212,625 0.02500,000 3.263% CIMB Bank 15/03/2022 ............................................................................ 512,733 0.05400,000 3.250% CK Hutchison International 17 II 29/09/2027 ............................... 440,805 0.04860,000 2.125% CLP Power Hong Kong Financing 30/06/2030 ............................ 869,512 0.08600,000 2.750% CMB International Leasing Management 12/08/2030 ............ 586,302 0.06800,000 3.000% CMB International Leasing Management 03/07/2024 ............ 825,488 0.08835,000 3.609% CMT 04/04/2029........................................................................................... 901,870 0.09200,000 2.875% CNOOC Finance 2013 30/09/2029 ...................................................... 208,089 0.02400,000 4.950% Colombia Telecomunicaciones 17/07/2030.................................. 444,000 0.04206,140 6.375% Cometa Energia 24/04/2035.................................................................. 239,638 0.02210,000 7.250% Country Garden Holdings 08/04/2026.............................................. 236,369 0.02200,000 6.750% CSN Islands XI 28/01/2028..................................................................... 216,500 0.02230,000 7.625% CSN Resources 17/04/2026 .................................................................. 247,250 0.02230,000 4.700% DP World 30/09/2049 ................................................................................ 265,139 0.03270,000 5.875% Ecopetrol 28/05/2045................................................................................ 326,835 0.03

1,620,000 4.850% Elect Global Investments (perpetual) .............................................. 1,692,737 0.16

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

107 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 1.93%)(continued)

400,000 5.500% Elementia 15/01/2025............................................................................... 405,000 0.04200,000 6.950% Embraer Netherlands Finance 17/01/2028 .................................. 226,000 0.02200,000 3.750% Empresa Nacional del Petroleo 05/08/2026 ................................ 218,589 0.02234,000 5.875% Energuate Trust 03/05/2027 ................................................................. 247,750 0.02224,265 4.317% Fenix Power Peru 20/09/2027.............................................................. 235,761 0.02230,000 7.250% First Quantum Minerals 01/04/2023................................................. 237,055 0.02400,000 5.500% Geopark 17/01/2027 .................................................................................. 400,004 0.04400,000 4.875% Globo Comunicacao e Participacoes 22/01/2030 ...................... 427,004 0.04410,000 4.625% Golden Eagle Retail Group 21/05/2023 ........................................... 418,405 0.04495,000 3.000% Goodman HK Finance 22/07/2030 ..................................................... 516,409 0.05270,000 5.950% Greenko Solar Mauritius 29/07/2026 ............................................... 291,622 0.03400,000 4.375% Grupo Aval 04/02/2030............................................................................. 426,000 0.04580,000 5.750% Grupo KUO 07/07/2027 ............................................................................ 609,000 0.06600,000 4.625% Hongkong Land Finance 16/01/2024................................................ 658,777 0.06235,000 2.875% Hongkong Land Finance Cayman Islands 27/05/2030............ 249,568 0.02

1,200,000 3.375% Huarong Finance 2019 24/02/2030.................................................... 1,236,019 0.12200,000 8.000% IHS Netherlands Holdco 18/09/2027................................................ 215,000 0.02430,000 5.875% Indika Energy Capital III 09/11/2024................................................. 440,750 0.04550,000 5.450% Indonesia Asahan Aluminium Persero 15/05/2030.................. 662,334 0.06200,000 4.750% Industrias Penoles 06/08/2050............................................................ 231,940 0.02200,000 4.750% Infraestructura Energetica Nova 15/01/2051 .............................. 219,000 0.02250,000 2.125% JIC Zhixin 27/08/2030 ............................................................................... 245,634 0.02230,000 5.950% JSW Steel 18/04/2024............................................................................... 243,917 0.02200,000 1.750% Korea East-West Power 06/05/2025................................................. 208,854 0.02400,000 2.500% Korea Electric Power 24/06/2024 ...................................................... 423,767 0.04230,000 7.125% Kosmos Energy 04/04/2026................................................................... 223,100 0.02280,000 3.958% Lamar Funding 07/05/2025 ................................................................... 274,854 0.03630,000 3.850% Longfor Group Holdings 13/01/2032 ................................................ 679,543 0.07240,000 3.875% Lukoil Securities 06/05/2030 ................................................................ 259,351 0.03310,000 7.000% MARB BondCo 15/03/2024..................................................................... 317,753 0.03220,000 3.700% MDGH 07/11/2049....................................................................................... 251,680 0.02230,000 7.375% Medco Oak Tree 14/05/2026 ................................................................. 246,171 0.02294,000 5.875% MEGlobal Canada 18/05/2030.............................................................. 366,030 0.04

1,010,000 2.125% Metropolitan Bank & Trust 15/01/2026 .......................................... 1,030,198 0.10210,000 6.250% Millicom International Cellular 25/03/2029.................................. 236,250 0.02400,000 5.625% Minejesa Capital 10/08/2037................................................................. 439,000 0.04700,000 3.250% Minera y Metalurgica del Boleo 17/04/2024................................. 744,417 0.07800,000 2.625% Mirae Asset Daewoo 30/07/2025 ........................................................ 827,933 0.08600,000 2.193% Mitsubishi UFJ Financial Group 25/02/2025 ................................ 633,837 0.06500,000 2.757% Mitsubishi UFJ Financial Group 13/09/2026 ................................ 550,081 0.05250,000 5.125% Mong Duong Finance Holdings 07/05/2029.................................. 261,994 0.03210,000 6.500% MTN Mauritius Investments 13/10/2026 ........................................ 240,450 0.02430,000 5.000% Nan Fung Treasury III (perpetual) ..................................................... 440,919 0.04420,000 6.000% Neerg Energy 13/02/2022....................................................................... 426,511 0.04840,000 1.250% NongHyup Bank 20/07/2025 ................................................................. 855,536 0.08200,000 4.000% Oleoducto Central 14/07/2027 ............................................................. 217,102 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 108

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 1.93%)(continued)

200,000 5.196% OmGrid Funding 16/05/2027................................................................. 202,496 0.02470,000 4.625% ONGC Videsh 15/07/2024........................................................................ 514,100 0.05650,000 3.750% ONGC Videsh Vankorneft 27/07/2026............................................... 704,437 0.07240,000 5.875% Orbia Advance 17/09/2044...................................................................... 298,502 0.03980,000 3.500% Panther Ventures........................................................................................ 981,176 0.09200,000 5.950% Periama Holdings 19/04/2026.............................................................. 212,600 0.02200,000 3.100% Pertamina Persero 27/08/2030........................................................... 213,495 0.02600,000 6.450% Pertamina Persero 30/05/2044........................................................... 813,050 0.08230,000 5.875% Petkim Petrokimya Holding 26/01/2023......................................... 234,942 0.02240,000 5.600% Petrobras Global Finance 03/01/2031............................................. 275,832 0.03290,000 6.625% Petroleos Mexicanos 15/06/2035 ....................................................... 287,100 0.03200,000 3.500% Petronas Capital 21/04/2030 ................................................................ 229,552 0.02270,000 4.500% Rede D’or Finance 22/01/2030 ............................................................ 281,475 0.03220,000 6.670% ReNew Power Synthetic 12/03/2024 ................................................ 232,100 0.02200,000 5.250% Rumo Luxembourg 10/01/2028........................................................... 216,600 0.02240,000 3.750% SACI Falabella 30/10/2027..................................................................... 258,801 0.02430,000 4.450% Saka Energi Indonesia 05/05/2024.................................................... 419,332 0.04200,000 6.500% Sasol Financing USA 27/09/2028 ....................................................... 216,600 0.02410,000 3.500% Saudi Arabian Oil 16/04/2029 ............................................................... 455,721 0.04230,000 2.950% Sinopec Group Overseas Development 2018 12/11/2029...... 242,158 0.02650,000 3.375% SP Group Treasury 27/02/2029 ........................................................... 742,507 0.07840,000 2.348% Sumitomo Mitsui Financial Group 15/01/2025............................ 891,325 0.09480,000 2.750% Sun Hung Kai Properties Capital Market 13/05/2030............. 502,330 0.05

1,000,000 3.750% Sun Hung Kai Properties Capital Market 25/02/2029............. 1,118,030 0.11200,000 3.750% Suzano Austria 15/01/2031.................................................................... 212,200 0.02380,000 4.000% Tengizchevroil Finance International 15/08/2026 ..................... 421,950 0.04200,000 7.875% Termocandelaria Power 30/01/2029 ................................................ 220,002 0.02230,000 6.750% Times China Holdings 16/07/2023..................................................... 240,350 0.02430,000 7.000% Tullow Oil 01/03/2025 ............................................................................... 285,950 0.03210,000 5.800% Turkcell Iletisim Hizmetleri 11/04/2028......................................... 222,809 0.02200,000 6.000% Turkiye Sinai Kalkinma Bankasi 23/01/2025................................ 201,581 0.02220,000 6.950% Turkiye Sise ve Cam Fabrikalari 14/03/2026 ............................... 244,200 0.02200,000 6.950% Ulker Biskuvi Sanayi 30/10/2025........................................................ 216,144 0.02246,000 3.500% Vanke Real Estate Hong Kong 12/11/2029.................................... 261,889 0.03240,000 9.250% Vedanta Resources Finance II 23/04/2026.................................... 180,600 0.02205,000 6.250% Yingde Gases Investment 19/01/2023.............................................. 211,388 0.02330,000 8.500% Yuzhou Properties 26/02/2024............................................................. 358,216 0.03

UNITED STATES DOLLAR - TOTAL.................................................................... 50,934,683 4.87

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

109 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

BANK LOANSUNITED STATES DOLLAR (31 DECEMBER 2019: 0.06%)

292,912 LIBOR +0.000% API Heat Transfer 29/12/2023^ ......................................... 205,040 0.02

UNITED STATES DOLLAR - TOTAL.................................................................... 205,040 0.02

FIXED INCOME SECURITIES - TOTAL.............................................................. 197,174,161 18.85

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 0.11%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

200,000 2.400% Airport Authority 31/12/2099................................................................. 204,250 0.024,482,000 5.750% Ivory Coast 31/12/2032............................................................................. 4,521,711 0.43

UNITED STATES DOLLAR - TOTAL.................................................................... 4,725,961 0.45

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 0.11%)

240,000 3.125% Banco de Credito del Peru 01/07/2030 ........................................... 245,702 0.02800,000 4.250% Chalco Hong Kong Investment (perpetual)................................... 810,770 0.08740,000 2.875% China Development Bank Financial Leasing 28/09/2030...... 756,717 0.07

1,500,0004.000% China Huadian Overseas Development Management(perpetual) ....................................................................................................................... 1,562,363 0.15

600,0002.850% China Huaneng Group Hong Kong Treasury ManagementHolding (perpetual) ..................................................................................................... 601,200 0.06

765,000 3.750% China Minmetals (perpetual)................................................................ 776,881 0.07800,000 4.100% Chinalco Capital Holdings (perpetual) ............................................ 822,416 0.08850,000 4.000% Dai-ichi Life Insurance (perpetual) ................................................... 938,188 0.09

1,000,000 3.300% DBS Group Holdings (perpetual)........................................................ 1,016,600 0.10230,000 3.600% DBS Group Holdings (perpetual)........................................................ 231,725 0.02700,000 4.000% Huarong Finance 2017 (perpetual).................................................... 715,071 0.07

1,200,000 3.375% Minmetals Bounteous Finance ........................................................... 1,215,600 0.12700,000 4.950% Mitsui Sumitomo Insurance (perpetual) ........................................ 834,750 0.08

1,200,000 2.869% Mizuho Financial Group 13/09/2030 ................................................. 1,301,752 0.13300,000 5.350% Peak RE Bvi Holding (perpetual) ........................................................ 311,755 0.03400,000 5.800% Spic 2018 (perpetual) ................................................................................ 419,404 0.04250,000 3.500% United Overseas Bank 16/09/2026 .................................................... 253,898 0.02500,000 3.875% United Overseas Bank (perpetual) .................................................... 518,125 0.05

UNITED STATES DOLLAR - TOTAL.................................................................... 13,332,917 1.28

VARIABLE RATE SECURITIES - TOTAL........................................................... 18,058,878 1.73

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 110

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

COLLATERALISED MORTGAGE OBLIGATIONS (31 DECEMBER2019: 6.03%)UNITED STATES DOLLAR (31 DECEMBER 2019: 6.03%)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 627,527,492) ............................................................. 748,372,457 71.56

INVESTMENT FUNDS (31 DECEMBER 2019: 6.64%)IRELAND (31 DECEMBER 2019: 6.64%)

14,250 PineBridge Global Funds - PineBridge Global Focus Equity Fund .. 21,297,970 2.0431,538 PineBridge Global Funds - PineBridge Japan Equity Fund.................. 40,901,588 3.91

15,208PineBridge Global Funds - PineBridge China A-SharesQuantitative Fund......................................................................................................... 21,871,591 2.09

1,038,331 iShares Physical Gold ETC ..................................................................................... 38,435,887 3.67111,600 Invesco Physical Gold ETC...................................................................................... 20,473,020 1.96

IRELAND - TOTAL ....................................................................................................... 142,980,056 13.67

TOTAL INVESTMENT FUNDS (Cost: USD 116,341,887) ......................... 142,980,056 13.67

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 891,352,513 85.23

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.66%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

17/03/2021 JP Morgan Chase Bank AUD 44,730,000 USD 33,299,249 1,236,960 0.1217/03/2021 JP Morgan Chase Bank AUD 24,220,000 USD 17,836,335 864,023 0.0817/03/2021 JP Morgan Chase Bank CAD 14,880,000 USD 11,447,668 234,413 0.0217/03/2021 JP Morgan Chase Bank CAD 43,570,000 USD 34,209,092 (2,890) 0.0017/03/2021 JP Morgan Chase Bank CHF 9,850,000 USD 11,143,013 23,917 0.0017/03/2021 JP Morgan Chase Bank CHF 2,290,000 USD 2,579,788 16,382 0.0017/03/2021 JP Morgan Chase Bank DKK 58,250,000 USD 9,608,539 (18,242) 0.0017/03/2021 JP Morgan Chase Bank EUR 57,130,000 USD 69,541,435 472,367 0.0417/03/2021 JP Morgan Chase Bank EUR 16,220,000 USD 19,777,419 100,471 0.0117/03/2021 JP Morgan Chase Bank EUR 10,440,000 USD 12,837,431 (43,031) 0.0017/03/2021 JP Morgan Chase Bank GBP 18,910,000 USD 25,271,343 589,275 0.0617/03/2021 JP Morgan Chase Bank GBP 15,350,000 USD 20,434,826 557,268 0.0517/03/2021 JP Morgan Chase Bank GBP 30,370,000 USD 41,235,991 296,900 0.0317/03/2021 JP Morgan Chase Bank JPY 10,972,550,000 USD 105,447,495 913,375 0.0917/03/2021 JP Morgan Chase Bank KRW 16,578,000,000 USD 15,238,533 27,522 0.0017/03/2021 JP Morgan Chase Bank KRW 764,600,000 USD 702,377 1,715 0.0017/03/2021 JP Morgan Chase Bank KRW 1,887,300,000 USD 1,736,247 1,697 0.0017/03/2021 JP Morgan Chase Bank KRW 188,000,000 USD 171,982 1,140 0.0017/03/2021 JP Morgan Chase Bank MXN 402,220,000 USD 20,036,864 (15,678) 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

111 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.66%) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

17/03/2021 JP Morgan Chase Bank NOK 49,600,000 USD 5,771,952 19,682 0.0017/03/2021 JP Morgan Chase Bank SEK 140,000,000 USD 16,932,439 127,902 0.0117/03/2021 JP Morgan Chase Bank USD 1,299,892 AUD 1,720,000 (28,127) 0.0017/03/2021 JP Morgan Chase Bank USD 1,475,725 AUD 1,950,000 (29,878) 0.0017/03/2021 JP Morgan Chase Bank USD 2,302,935 AUD 3,060,000 (59,703) (0.01)17/03/2021 JP Morgan Chase Bank USD 1,189,768 CAD 1,510,000 4,288 0.0017/03/2021 JP Morgan Chase Bank USD 1,366,079 CAD 1,740,000 30 0.0017/03/2021 JP Morgan Chase Bank USD 11,638,027 CAD 14,910,000 (67,607) (0.01)17/03/2021 JP Morgan Chase Bank USD 939,370 CHF 830,000 (1,600) 0.0017/03/2021 JP Morgan Chase Bank USD 825,879 CHF 730,000 (1,721) 0.0017/03/2021 JP Morgan Chase Bank USD 945,328 CNH 6,190,000 (2,930) 0.0017/03/2021 JP Morgan Chase Bank USD 693,358 CNH 4,550,000 (3,666) 0.0017/03/2021 JP Morgan Chase Bank USD 1,713,042 CNH 11,270,000 (13,432) 0.0017/03/2021 JP Morgan Chase Bank USD 5,728,274 CNH 37,580,000 (28,682) 0.0017/03/2021 JP Morgan Chase Bank USD 9,377,719 DKK 58,250,000 (212,578) (0.02)17/03/2021 JP Morgan Chase Bank USD 5,490,869 EUR 4,500,000 (23,959) 0.0017/03/2021 JP Morgan Chase Bank USD 4,811,933 EUR 3,950,000 (28,860) 0.0017/03/2021 JP Morgan Chase Bank USD 914,021 GBP 680,000 (15,922) 0.0017/03/2021 JP Morgan Chase Bank USD 1,553,443 GBP 1,150,000 (19,255) 0.0017/03/2021 JP Morgan Chase Bank USD 11,465,550 GBP 8,490,000 (145,061) (0.01)17/03/2021 JP Morgan Chase Bank USD 40,092,367 GBP 29,690,000 (510,582) (0.05)17/03/2021 JP Morgan Chase Bank USD 4,506,586 JPY 466,100,000 (11,488) 0.0017/03/2021 JP Morgan Chase Bank USD 4,282,850 JPY 443,600,000 (17,125) 0.0017/03/2021 JP Morgan Chase Bank USD 5,516,204 JPY 574,500,000 (52,631) (0.01)17/03/2021 JP Morgan Chase Bank USD 19,588,131 KRW 21,306,010,000 (31,770) 0.0017/03/2021 JP Morgan Chase Bank USD 9,432,295 KRW 10,459,000,000 (199,004) (0.02)17/03/2021 JP Morgan Chase Bank USD 5,657,275 NOK 49,600,000 (134,359) (0.01)17/03/2021 JP Morgan Chase Bank USD 18,228,380 SEK 153,570,000 (485,597) (0.05)04/01/2021 State Street Bank & Trust Co.† GBP 706 USD 955 10 0.0005/01/2021 State Street Bank & Trust Co.† GBP 14,837 USD 20,080 203 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 223,505,158 USD 271,274,916 2,265,474 0.2215/01/2021 State Street Bank & Trust Co.1 EUR 3,668,106 USD 4,449,714 39,557 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 5,324,401 USD 6,535,090 (18,736) 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 304,187,497 USD 404,830,973 11,017,093 1.0515/01/2021 State Street Bank & Trust Co.3 GBP 47,024,028 USD 62,582,398 1,703,122 0.1615/01/2021 State Street Bank & Trust Co.2 GBP 2,191,525 USD 2,930,554 65,433 0.0115/01/2021 State Street Bank & Trust Co.3 GBP 495,863 USD 663,078 14,805 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 5,081,183 USD 6,941,572 4,802 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 81,838 USD 110,743 1,135 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 59,984 USD 80,939 1,064 0.0015/01/2021 State Street Bank & Trust Co.3 GBP 1,110,476 USD 1,517,058 1,050 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 19,462 USD 25,726 879 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 24,643 USD 32,845 844 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 16,621 USD 22,145 578 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 26,378 USD 35,589 471 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 19,773 USD 26,679 352 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 9,560 USD 12,742 327 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 10,409 USD 13,919 311 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 112

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.66%) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

15/01/2021 State Street Bank & Trust Co.3 GBP 13,081 USD 17,651 232 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 14,232 USD 19,275 182 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 4,746 USD 6,361 127 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 17,136 USD 23,310 117 0.0015/01/2021 State Street Bank & Trust Co.2 GBP 6,469 USD 8,805 39 0.0015/01/2021 State Street Bank & Trust Co.4 SGD 148,528,286 USD 111,042,544 1,339,471 0.1315/01/2021 State Street Bank & Trust Co.4 SGD 387,100 USD 289,441 3,453 0.0015/01/2021 State Street Bank & Trust Co.4 SGD 3,517,895 USD 2,661,461 309 0.0015/01/2021 State Street Bank & Trust Co.1 USD 2,684,433 EUR 2,189,815 4,392 0.0015/01/2021 State Street Bank & Trust Co.2 USD 955 GBP 706 (10) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 2,118 GBP 1,568 (26) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 2,764 GBP 2,075 (72) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 6,702 GBP 5,000 (134) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 6,037 GBP 4,529 (155) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 20,094 GBP 14,837 (190) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 12,942 GBP 9,710 (332) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 35,811 GBP 26,781 (801) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 25,532 GBP 19,315 (873) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 839,554 GBP 622,229 (11,082) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 39,530,023 GBP 29,269,357 (483,474) (0.05)15/01/2021 State Street Bank & Trust Co.2 USD 25,974,696 GBP 19,375,382 (512,965) (0.05)15/01/2021 State Street Bank & Trust Co.2 USD 59,638,848 GBP 44,912,626 (1,760,221) (0.17)15/01/2021 State Street Bank & Trust Co.4 USD 16,408 SGD 21,781 (72) 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 21,955,159 2.08Unrealised loss on open forward foreign currency exchange contracts ....................................... (4,994,521) (0.46)Net unrealised gain on open forward foreign currency exchange contracts ........................... 16,960,638 1.62

FUTURES CONTRACTS (31 DECEMBER 2019: 0.02%)*

MaturityDate Currency

No. ofcontracts

long/(short)

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

Cac 40 Futures 15/01/2021 EUR 739 34,614 0.01IBEX 35 Index Futures 15/01/2021 EUR 407 (75,366) (0.01)FTSE China A50 Index Futures 28/01/2021 USD (688) (594,767) (0.05)Topix Index Futures 11/03/2021 JPY (158) (721,030) (0.07)Euro Stoxx 50 Index Futures 19/03/2021 EUR 33 9,489 0.00FTSE 100 Index Futures 19/03/2021 GBP (22) 30,674 0.00MSCI Emerging Markets Index Futures 19/03/2021 USD 21 26,130 0.00NASDAQ 100 E-Mini Futures 19/03/2021 USD 13 75,880 0.01Russell 1000 E Mini Value Index 19/03/2021 USD 18 17,321 0.00S&P 500 E Mini Index Futures 19/03/2021 USD (28) (76,370) (0.01)US 10-Year Note Futures 22/03/2021 USD 201 59,662 0.01

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

113 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

FUTURES CONTRACTS (31 DECEMBER 2019: 0.02%)* (continued)

MaturityDate Currency

No. ofcontracts

long/(short)

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

US Ultra Bond CBT Futures 22/03/2021 USD 130 (209,235) (0.02)

Unrealised gain on futures contracts..................................................................................................... 253,770 0.03Unrealised loss on futures contracts ..................................................................................................... (1,676,768) (0.16)Net unrealised loss on futures contracts........................................................................................... (1,422,998) (0.13)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 906,890,153 86.72

CASH............................................................................................................................. 109,314,704 10.45

OTHER NET ASSETS............................................................................................ 29,548,612 2.83

TOTAL VALUE OF SUB-FUND ........................................................................ 1,045,753,469 100.00

Abbreviations Used:

ADR American Depositary ReceiptREIT Real Estate Investment TrustSDR Swedish Depositary Receipt*The broker to the futures contracts is Morgan Stanley.^Investment classified within Level 3.1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y1H.2Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y2H.3Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y2HD.4Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y5H.†Spot forward.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 62.67Transferable securities dealt in on another regulated market.................................................................................... 0.92Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 6.82UCITS Investment funds .................................................................................................................................................................... 13.45Over-the-counter financial derivative instruments............................................................................................................. 2.07Exchange traded financial derivative instruments.............................................................................................................. 0.02Other current assets............................................................................................................................................................................ 14.05

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 114

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: NIL)AUSTRIA (31 DECEMBER 2019: NIL)

1,638 AMS ..................................................................................................................................... 35,875 0.03881 BAWAG Group................................................................................................................ 40,962 0.03

1,187 Wienerberger................................................................................................................. 37,877 0.03

AUSTRIA - TOTAL........................................................................................................ 114,714 0.09

BELGIUM (31 DECEMBER 2019: NIL)240 Ackermans & van Haaren....................................................................................... 36,119 0.03362 Aedifica (REIT) ............................................................................................................... 43,540 0.03259 Cofinimmo (REIT)......................................................................................................... 38,598 0.03751 Gimv .................................................................................................................................... 45,944 0.04

1,130 Warehouses De Pauw CVA (REIT)....................................................................... 39,073 0.03

BELGIUM - TOTAL ...................................................................................................... 203,274 0.16

CANADA (31 DECEMBER 2019: NIL)71 Shopify ............................................................................................................................... 80,368 0.06

287 Waste Connections ..................................................................................................... 29,438 0.02

CANADA - TOTAL ........................................................................................................ 109,806 0.08

CHILE (31 DECEMBER 2019: NIL)19,160 Enel Chile (ADR)........................................................................................................... 74,532 0.06

CHILE - TOTAL.............................................................................................................. 74,532 0.06

DENMARK (31 DECEMBER 2019: NIL)64 ALK-Abello ...................................................................................................................... 26,301 0.02

790 Bavarian Nordic............................................................................................................ 24,284 0.021,579 ISS........................................................................................................................................ 27,357 0.02

850 Jyske Bank ...................................................................................................................... 32,569 0.03384 Netcompany Group..................................................................................................... 39,293 0.03586 Orsted ................................................................................................................................ 119,782 0.09367 Ringkjoebing Landbobank ...................................................................................... 33,421 0.03

86 Rockwool International ............................................................................................ 32,203 0.02346 Royal Unibrew ............................................................................................................... 40,188 0.03335 SimCorp............................................................................................................................ 49,863 0.04730 Vestas Wind Systems................................................................................................. 172,735 0.13

DENMARK - TOTAL .................................................................................................... 597,996 0.46

FAEROE ISLANDS (31 DECEMBER 2019: NIL)447 Bakkafrost ....................................................................................................................... 31,977 0.02

FAEROE ISLANDS - TOTAL.................................................................................... 31,977 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

115 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

FINLAND (31 DECEMBER 2019: NIL)3,996 Fortum............................................................................................................................... 96,319 0.08

703 Huhtamaki....................................................................................................................... 36,350 0.031,820 Kesko.................................................................................................................................. 46,853 0.04

801 Konecranes..................................................................................................................... 28,206 0.024,145 Metso Outotec ............................................................................................................... 41,460 0.03

874 Nokian Renkaat ............................................................................................................ 30,820 0.021,077 Tieto .................................................................................................................................... 35,395 0.031,059 Valmet................................................................................................................................ 30,269 0.024,598 YIT Oyj................................................................................................................................. 27,747 0.02

FINLAND - TOTAL....................................................................................................... 373,419 0.29

FRANCE (31 DECEMBER 2019: NIL)285 Alten.................................................................................................................................... 32,308 0.03300 Atos ..................................................................................................................................... 27,449 0.02253 Capgemini........................................................................................................................ 39,252 0.03

2,082 Elis ....................................................................................................................................... 34,722 0.036,228 Engie................................................................................................................................... 95,406 0.07

239 Gaztransport Et Technigaz ..................................................................................... 23,160 0.02834 Korian................................................................................................................................. 31,981 0.02895 Plastic Omnium............................................................................................................ 30,903 0.02

2,497 Rexel................................................................................................................................... 39,397 0.03834 Rubis................................................................................................................................... 38,756 0.03177 Soitec.................................................................................................................................. 34,499 0.03161 Sopra Steria Group ..................................................................................................... 26,042 0.02

1,334 SPIE..................................................................................................................................... 29,070 0.02

FRANCE - TOTAL......................................................................................................... 482,945 0.37

GERMANY (31 DECEMBER 2019: NIL)2,204 Alstria office (REIT) ..................................................................................................... 39,911 0.03

211 Amadeus Fire................................................................................................................. 31,083 0.02343 Aurubis .............................................................................................................................. 26,717 0.02218 Bechtle .............................................................................................................................. 47,585 0.04471 CANCOM........................................................................................................................... 26,141 0.02

1,203 Capital Stage.................................................................................................................. 31,426 0.03251 Cewe Stifung & Co ...................................................................................................... 28,408 0.02518 CTS Eventim ................................................................................................................... 34,479 0.03741 Duerr .................................................................................................................................. 30,282 0.02

7,160 E.ON.................................................................................................................................... 79,406 0.061,086 Evotec................................................................................................................................. 40,235 0.031,419 Freenet.............................................................................................................................. 29,854 0.02

332 Gerresheimer ................................................................................................................ 35,646 0.033,278 Hamborner (REIT) ....................................................................................................... 36,125 0.03

925 HelloFresh....................................................................................................................... 71,529 0.06835 HUGO BOSS.................................................................................................................... 27,881 0.02

2,552 K&S ..................................................................................................................................... 24,318 0.02327 MorphoSys....................................................................................................................... 37,537 0.03

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 116

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GERMANY (31 DECEMBER 2019: NIL) (continued)583 OSRAM............................................................................................................................... 37,122 0.03

1,840 ProSiebenSat.1 Media............................................................................................... 30,967 0.0230 Rational............................................................................................................................. 27,952 0.02

371 Rheinmetall .................................................................................................................... 39,302 0.032,026 RWE..................................................................................................................................... 85,696 0.07

329 SAP...................................................................................................................................... 43,161 0.03153 Siltronic............................................................................................................................. 23,981 0.02321 Sixt ....................................................................................................................................... 38,569 0.03277 Stroeer............................................................................................................................... 27,453 0.02

1,236 TAG Immobilien ............................................................................................................ 39,169 0.032,726 TUI........................................................................................................................................ 17,081 0.01

GERMANY - TOTAL..................................................................................................... 1,089,016 0.84

IRELAND (31 DECEMBER 2019: NIL)388 Accenture......................................................................................................................... 101,349 0.08278 Allegion ............................................................................................................................. 32,354 0.03

10,702 Bank of Ireland Group............................................................................................... 43,212 0.03404 Eaton................................................................................................................................... 48,536 0.04

1,165 Experian............................................................................................................................ 44,224 0.041,865 Glanbia............................................................................................................................... 23,618 0.021,405 Grafton Group................................................................................................................ 17,717 0.01

937 Johnson Controls International ........................................................................... 43,655 0.031,669 UDG Healthcare............................................................................................................ 17,795 0.01

IRELAND - TOTAL ....................................................................................................... 372,460 0.29

ISRAEL (31 DECEMBER 2019: NIL)750 Plus500.............................................................................................................................. 14,866 0.01

ISRAEL - TOTAL ........................................................................................................... 14,866 0.01

ITALY (31 DECEMBER 2019: NIL)3,974 ACEA................................................................................................................................... 83,390 0.06

954 Amplifon ........................................................................................................................... 39,734 0.033,397 Autogrill ............................................................................................................................ 22,735 0.021,205 Azimut Holding.............................................................................................................. 26,200 0.02

737 Banca Generali ............................................................................................................. 24,564 0.0213,332 Banco BPM ..................................................................................................................... 29,493 0.02

1,089 Buzzi Unicem................................................................................................................. 25,983 0.02678 De’ Longhi........................................................................................................................ 21,386 0.02

9,226 Enel ..................................................................................................................................... 93,423 0.073,842 ERG...................................................................................................................................... 110,001 0.081,937 Freni Brembo................................................................................................................. 25,596 0.028,114 Hera .................................................................................................................................... 29,585 0.02

719 Interpump Group ......................................................................................................... 35,488 0.034,028 Italgas ................................................................................................................................ 25,628 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

117 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

ITALY (31 DECEMBER 2019: NIL) (continued)213 Reply................................................................................................................................... 24,837 0.02

3,976 Tamburi Investment Partners .............................................................................. 33,519 0.03

ITALY - TOTAL............................................................................................................... 651,562 0.50

JAPAN (31 DECEMBER 2019: NIL)1,000 Aeon .................................................................................................................................... 32,786 0.031,000 Asahi Group Holdings................................................................................................ 41,106 0.031,800 Canon ................................................................................................................................. 34,485 0.03

300 Central Japan Railway .............................................................................................. 42,394 0.031,000 Chugai Pharmaceutical............................................................................................ 53,300 0.041,600 Dai Nippon Printing .................................................................................................... 28,747 0.02

600 East Japan Railway..................................................................................................... 40,012 0.03500 Fujitsu ................................................................................................................................ 72,183 0.06

1,300 Hankyu Hanshin Holdings....................................................................................... 43,189 0.03300 Harmonic Drive Systems......................................................................................... 26,791 0.02

1,300 Itochu.................................................................................................................................. 37,321 0.03800 Itochu Techno-Solutions.......................................................................................... 28,553 0.02400 Kao....................................................................................................................................... 30,878 0.02300 Keyence............................................................................................................................. 168,531 0.13

4,800 Marubeni .......................................................................................................................... 31,898 0.022,000 Mitsubishi Estate ......................................................................................................... 32,098 0.03

700 NEC ..................................................................................................................................... 37,561 0.032,900 NTT Data........................................................................................................................... 39,633 0.03

500 Omron................................................................................................................................ 44,554 0.032,600 Panasonic ........................................................................................................................ 29,980 0.02

800 Recruit Holdings .......................................................................................................... 33,482 0.033,200 Renesas Electronics .................................................................................................. 33,443 0.032,000 Santen Pharmaceutical............................................................................................ 32,447 0.03

300 Sony..................................................................................................................................... 29,885 0.02400 Trend Micro..................................................................................................................... 23,013 0.02

JAPAN - TOTAL ............................................................................................................ 1,048,270 0.81

LUXEMBOURG (31 DECEMBER 2019: NIL)1,100 Grand City Properties................................................................................................ 28,210 0.02

813 Millicom International Cellular (SDR) .............................................................. 32,055 0.03356 Stabilus ............................................................................................................................. 25,133 0.02

3,847 Subsea 7 ........................................................................................................................... 39,468 0.03

LUXEMBOURG - TOTAL ........................................................................................... 124,866 0.10

NETHERLANDS (31 DECEMBER 2019: NIL)799 Aalberts............................................................................................................................. 35,644 0.03275 ASM International........................................................................................................ 60,549 0.04

1,222 ASR Nederland ............................................................................................................. 49,117 0.04564 BE Semiconductor Industries............................................................................... 34,214 0.02

1,025 Boskalis Westminster............................................................................................... 28,268 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 118

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

NETHERLANDS (31 DECEMBER 2019: NIL) (continued)622 Corbion.............................................................................................................................. 35,122 0.03439 Euronext ........................................................................................................................... 48,423 0.04370 IMCD................................................................................................................................... 47,195 0.03

1,676 Intertrust .......................................................................................................................... 28,463 0.02387 LyondellBasell Industries ....................................................................................... 35,473 0.03350 NXP Semiconductors................................................................................................. 55,654 0.04

1,191 OCI ....................................................................................................................................... 22,908 0.021,282 SBM Offshore................................................................................................................. 24,415 0.02

881 Signify................................................................................................................................. 37,222 0.031,650 STMicroelectronics..................................................................................................... 61,676 0.05

NETHERLANDS - TOTAL......................................................................................... 604,343 0.46

NORWAY (31 DECEMBER 2019: NIL)1,758 Entra ................................................................................................................................... 39,874 0.03

10,044 NEL...................................................................................................................................... 33,973 0.031,530 Nordic Semiconductor.............................................................................................. 24,660 0.02

474 Salmar ............................................................................................................................... 27,880 0.02749 Scatec ................................................................................................................................ 29,866 0.02

5,201 Storebrand ...................................................................................................................... 38,999 0.03780 Tomra Systems............................................................................................................. 38,499 0.03

NORWAY - TOTAL........................................................................................................ 233,751 0.18

PORTUGAL (31 DECEMBER 2019: NIL)16,138 EDP - Energias de Portugal................................................................................... 101,809 0.08

PORTUGAL - TOTAL................................................................................................... 101,809 0.08

SPAIN (31 DECEMBER 2019: NIL)996 Acciona.............................................................................................................................. 142,217 0.11

2,754 Acerinox ............................................................................................................................ 30,441 0.02285 Amadeus IT Group....................................................................................................... 20,769 0.02

59,828 Banco de Sabadell ...................................................................................................... 25,914 0.0213,400 Bankia................................................................................................................................ 23,757 0.02

951 CIE Automotive.............................................................................................................. 25,669 0.025,353 EDP Renovaveis............................................................................................................ 149,332 0.115,115 Iberdrola........................................................................................................................... 73,224 0.062,647 Inmobiliaria Colonial Socimi (REIT) ................................................................... 25,991 0.026,711 Melia Hotels International ...................................................................................... 46,968 0.043,002 Merlin Properties Socimi (REIT) .......................................................................... 28,577 0.024,272 Siemens Gamesa Renewable Energy............................................................... 172,962 0.13

333 Viscofan............................................................................................................................. 23,652 0.023,717 Zardoya Otis.................................................................................................................... 26,060 0.02

SPAIN - TOTAL.............................................................................................................. 815,533 0.63

SWEDEN (31 DECEMBER 2019: NIL)1,428 AAK...................................................................................................................................... 28,864 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

119 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SWEDEN (31 DECEMBER 2019: NIL) (continued)2,217 AddTech ............................................................................................................................ 29,425 0.021,034 AF Poyry............................................................................................................................ 31,627 0.021,110 Avanza Bank Holding................................................................................................. 31,492 0.021,515 BillerudKorsnas ........................................................................................................... 26,850 0.022,200 Bravida Holding ............................................................................................................ 29,333 0.021,766 Castellum......................................................................................................................... 44,878 0.043,188 Dios Fastigheter........................................................................................................... 29,813 0.022,484 Dometic Group .............................................................................................................. 32,954 0.032,632 Elekta ................................................................................................................................. 35,398 0.031,539 Embracer Group........................................................................................................... 36,842 0.032,222 Fabege............................................................................................................................... 34,997 0.03

761 Fastighets Balder ........................................................................................................ 39,743 0.031,634 Getinge .............................................................................................................................. 38,221 0.03

411 Hexagon............................................................................................................................ 37,524 0.032,672 Hexpol ................................................................................................................................ 28,631 0.02

724 Holmen.............................................................................................................................. 34,699 0.031,462 Hufvudstaden................................................................................................................. 24,246 0.022,649 Indutrade.......................................................................................................................... 56,834 0.042,251 Investment AB Oresund ........................................................................................... 34,097 0.03

739 JM......................................................................................................................................... 26,150 0.02348 Lifco .................................................................................................................................... 33,433 0.03812 Loomis............................................................................................................................... 22,365 0.02515 Nordic Entertainment Group................................................................................. 28,758 0.02253 Sinch................................................................................................................................... 41,281 0.03

8,824 SSAB................................................................................................................................... 28,129 0.022,500 Stillfront Group ............................................................................................................. 30,441 0.021,684 Sweco................................................................................................................................. 30,963 0.021,806 Swedish Orphan Biovitrum..................................................................................... 36,527 0.031,062 Thule Group .................................................................................................................... 39,777 0.032,164 Trelleborg ........................................................................................................................ 48,089 0.041,629 Wihlborgs Fastigheter............................................................................................... 36,775 0.03

SWEDEN - TOTAL........................................................................................................ 1,089,156 0.84

SWITZERLAND (31 DECEMBER 2019: NIL)1,327 ABB ..................................................................................................................................... 37,095 0.03

132 Allreal Holding .............................................................................................................. 30,389 0.0260 Bachem............................................................................................................................. 26,846 0.02

3 Belimo Holding ............................................................................................................. 26,065 0.02125 Bossard Holdings ........................................................................................................ 25,228 0.02

86 Bucher Industries........................................................................................................ 39,461 0.03341 Cembra Money Bank ................................................................................................. 41,354 0.03

85 Daetwyler Holding....................................................................................................... 24,713 0.02534 Dufry ................................................................................................................................... 33,576 0.03179 Flughafen Zurich.......................................................................................................... 31,610 0.02

19 Forbo Holding................................................................................................................ 32,629 0.03459 Galenica ............................................................................................................................ 30,636 0.0237 Georg Fischer ................................................................................................................ 47,718 0.04

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 120

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SWITZERLAND (31 DECEMBER 2019: NIL) (continued)324 Helvetia Holding ........................................................................................................... 34,235 0.03

1,009 Idorsia ................................................................................................................................ 29,130 0.024,970 IWG ...................................................................................................................................... 23,316 0.02

119 Kardex................................................................................................................................ 26,063 0.02278 PSP Swiss Property.................................................................................................... 37,205 0.03236 SFS Group........................................................................................................................ 28,033 0.02

36 Siegfried Holding ......................................................................................................... 26,533 0.021,910 SIG Combibloc Group ................................................................................................ 44,382 0.03

401 Sulzer ................................................................................................................................. 42,234 0.03345 Sunrise Communications Group......................................................................... 43,010 0.03105 Tecan Group ................................................................................................................... 51,529 0.04193 VAT Group ........................................................................................................................ 48,209 0.04442 Wizz Air Holdings......................................................................................................... 27,575 0.02

76 Zur Rose Group............................................................................................................. 24,332 0.02

SWITZERLAND - TOTAL .......................................................................................... 913,106 0.70

UNITED KINGDOM (31 DECEMBER 2019: NIL)1,627 Aggreko............................................................................................................................. 13,922 0.012,004 AJ Bell................................................................................................................................ 11,875 0.012,895 Ashmore Group............................................................................................................. 17,064 0.01

12,865 Assura (REIT) ................................................................................................................. 13,506 0.013,006 Atlantica Sustainable Infrastructure................................................................. 114,168 0.094,268 Balfour Beatty................................................................................................................ 15,764 0.013,520 Beazley .............................................................................................................................. 17,543 0.01

710 Bellway.............................................................................................................................. 28,679 0.021,152 Big Yellow Group (REIT) ........................................................................................... 17,275 0.011,369 Bovis Homes Group.................................................................................................... 17,581 0.011,706 Britvic ................................................................................................................................. 18,936 0.02

891 Carnival ............................................................................................................................. 16,649 0.018,982 Centamin.......................................................................................................................... 15,188 0.01

34,881 Centrica............................................................................................................................. 22,219 0.02912 Close Brothers Group ............................................................................................... 17,229 0.01579 Computacenter ............................................................................................................. 19,375 0.02

8,710 ConvaTec Group ........................................................................................................... 23,717 0.023,189 Countryside Properties............................................................................................. 20,375 0.02

357 Cranswick ........................................................................................................................ 17,178 0.01643 Dechra Pharmaceuticals......................................................................................... 30,324 0.02559 Derwent London (REIT) ............................................................................................ 23,657 0.02574 Dialog Semiconductor............................................................................................... 31,387 0.03601 Diploma............................................................................................................................. 18,008 0.01

7,230 Direct Line Insurance Group ................................................................................. 31,527 0.033,738 Domino’s Pizza Group............................................................................................... 16,147 0.011,828 easyJet............................................................................................................................... 20,740 0.022,607 Electrocomponents .................................................................................................... 31,021 0.02

619 Future ................................................................................................................................ 14,706 0.018,387 G4S ...................................................................................................................................... 29,097 0.02

177 Games Workshop Group.......................................................................................... 27,098 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

121 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED KINGDOM (31 DECEMBER 2019: NIL) (continued)426 Genus ................................................................................................................................. 24,434 0.02

4,276 Grainger............................................................................................................................ 16,577 0.01567 Greggs ............................................................................................................................... 13,874 0.01

8,591 Hays .................................................................................................................................... 16,793 0.011,852 Hiscox................................................................................................................................. 25,164 0.022,766 Howden Joinery Group ............................................................................................. 26,074 0.022,115 IG Group Holdings ....................................................................................................... 24,921 0.021,500 IMI ........................................................................................................................................ 23,887 0.022,226 Inchcape ........................................................................................................................... 19,581 0.021,516 IntegraFin Holdings.................................................................................................... 11,522 0.01

21,355 ITV ........................................................................................................................................ 31,176 0.034,668 John Wood Group ........................................................................................................ 19,794 0.022,073 KAZ Minerals.................................................................................................................. 18,702 0.025,504 LondonMetric Property (REIT) .............................................................................. 17,229 0.019,157 Man Group....................................................................................................................... 17,274 0.01

10,766 Marks & Spencer Group .......................................................................................... 20,059 0.022,240 Mediclinic International ........................................................................................... 8,635 0.014,794 Meggitt............................................................................................................................... 30,570 0.023,115 Network International Holdings .......................................................................... 13,907 0.011,957 Paragon Banking Group........................................................................................... 13,071 0.012,958 Pets at Home Group................................................................................................... 16,829 0.017,169 Primary Health Properties (REIT)....................................................................... 14,974 0.013,815 QinetiQ Group ................................................................................................................ 16,677 0.01

10,031 Quilter ................................................................................................................................ 21,061 0.02212 Renishaw.......................................................................................................................... 16,692 0.01

4,721 Rotork ................................................................................................................................ 20,522 0.025,401 Royal Mail ........................................................................................................................ 24,932 0.021,385 Safestore Holdings (REIT)....................................................................................... 14,767 0.011,024 Savills................................................................................................................................. 13,361 0.018,375 Serco Group.................................................................................................................... 13,681 0.013,538 Signature Aviation ....................................................................................................... 18,716 0.02

777 Softcat................................................................................................................................ 14,594 0.01558 Spectris ............................................................................................................................. 21,494 0.02

4,986 Spirent Communications......................................................................................... 17,993 0.014,245 SSE ...................................................................................................................................... 87,040 0.073,456 SSP Group ....................................................................................................................... 15,675 0.012,345 Synthomer ....................................................................................................................... 14,412 0.013,097 Tate & Lyle ...................................................................................................................... 28,550 0.022,871 Trainline............................................................................................................................ 18,210 0.021,445 Travis Perkins................................................................................................................ 26,606 0.02

11,428 Tritax Big Box (REIT) .................................................................................................. 26,228 0.02476 Ultra Electronics Holdings ..................................................................................... 13,482 0.01

1,861 UNITE Group (REIT).................................................................................................... 26,584 0.02494 Victrex ................................................................................................................................ 15,842 0.01

8,383 Virgin Money UK........................................................................................................... 15,413 0.011,405 Weir Group ...................................................................................................................... 38,210 0.03

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 122

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED KINGDOM (31 DECEMBER 2019: NIL) (continued)831 WH Smith ......................................................................................................................... 17,153 0.01

7,242 William Hill...................................................................................................................... 26,738 0.02

UNITED KINGDOM - TOTAL................................................................................... 1,721,635 1.33

UNITED STATES (31 DECEMBER 2019: NIL)385 3M......................................................................................................................................... 67,294 0.05370 Activision Blizzard ....................................................................................................... 34,354 0.03259 Adobe Systems.............................................................................................................. 129,531 0.10466 Advanced Micro Devices .......................................................................................... 42,737 0.03432 Akamai Technologies ................................................................................................ 45,356 0.03

55 Alphabet (Class A) ....................................................................................................... 96,395 0.07161 Alphabet (Class C)....................................................................................................... 282,053 0.22152 Amazon.com................................................................................................................... 495,053 0.38193 American Tower (REIT)............................................................................................. 43,321 0.03247 Analog Devices.............................................................................................................. 36,489 0.03437 AO Smith........................................................................................................................... 23,956 0.02

6,106 Apple................................................................................................................................... 810,205 0.62414 Applied Materials......................................................................................................... 35,728 0.03204 Arista Networks............................................................................................................ 59,276 0.05305 Arrow Electronics........................................................................................................ 29,676 0.02

2,862 AT&T................................................................................................................................... 82,311 0.06227 Autodesk........................................................................................................................... 69,312 0.05204 Automatic Data Processing ................................................................................... 35,945 0.03

19 AutoZone .......................................................................................................................... 22,523 0.021,763 Avangrid............................................................................................................................ 80,128 0.061,404 Baker Hughes................................................................................................................ 29,273 0.028,126 Bank of America........................................................................................................... 246,299 0.19

924 Bank of New York Mellon........................................................................................ 39,215 0.03235 Best Buy............................................................................................................................ 23,451 0.02330 Boeing................................................................................................................................ 70,640 0.05324 Booz Allen Hamilton Holding................................................................................ 28,246 0.02607 BorgWarner .................................................................................................................... 23,454 0.02213 Broadcom ........................................................................................................................ 93,262 0.07105 CACI International....................................................................................................... 26,180 0.02363 Caterpillar........................................................................................................................ 66,073 0.05475 CBRE Group.................................................................................................................... 29,792 0.02

76 Charter Communications Operating................................................................. 50,278 0.04521 Cheniere Energy........................................................................................................... 31,276 0.02848 Chevron............................................................................................................................. 71,614 0.06

2,780 Cisco Systems ............................................................................................................... 124,405 0.102,252 Citigroup........................................................................................................................... 138,858 0.11

850 Citizens Financial Group.......................................................................................... 30,396 0.02210 Citrix Systems................................................................................................................ 27,321 0.02

3,444 Clearway Energy .......................................................................................................... 109,967 0.08490 Cognex............................................................................................................................... 39,340 0.03679 Cognizant Technology Solutions ......................................................................... 55,644 0.04

1,683 Comcast............................................................................................................................ 88,189 0.07

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123 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: NIL) (continued)846 ConocoPhillips .............................................................................................................. 33,832 0.03534 CSX ...................................................................................................................................... 48,460 0.04171 Cummins.......................................................................................................................... 38,834 0.03217 Deere & Co...................................................................................................................... 58,384 0.04268 DocuSign .......................................................................................................................... 59,576 0.05139 Dollar General............................................................................................................... 29,232 0.02327 Dover .................................................................................................................................. 41,284 0.03614 Dow...................................................................................................................................... 34,077 0.03381 DR Horton........................................................................................................................ 26,259 0.02

1,259 Dropbox............................................................................................................................. 27,937 0.02440 eBay .................................................................................................................................... 22,110 0.02794 Emerson Electric ......................................................................................................... 63,814 0.05114 EPAM Systems.............................................................................................................. 40,852 0.03236 Equifax ............................................................................................................................... 45,510 0.04

48 Equinix (REIT)................................................................................................................. 34,281 0.03529 Equity LifeStyle Properties (REIT)....................................................................... 33,517 0.03201 Extra Space Storage (REIT) .................................................................................... 23,288 0.02

2,328 Exxon Mobil..................................................................................................................... 95,960 0.07884 Facebook.......................................................................................................................... 241,473 0.19172 FedEx.................................................................................................................................. 44,655 0.03

1,049 Fifth Third Bancorp..................................................................................................... 28,921 0.021,514 First Solar........................................................................................................................ 149,765 0.12

332 Five9.................................................................................................................................... 57,901 0.0486 FleetCor Technologies.............................................................................................. 23,463 0.02

269 Fortinet.............................................................................................................................. 39,955 0.03319 Fortune Brands Home & Security ...................................................................... 27,345 0.02865 Fox ....................................................................................................................................... 24,981 0.02224 Gartner .............................................................................................................................. 35,883 0.03235 General Dynamics....................................................................................................... 34,973 0.03

9,805 General Electric............................................................................................................ 105,894 0.08648 General Motors............................................................................................................. 26,983 0.02289 Genuine Parts................................................................................................................ 29,024 0.02376 GoDaddy............................................................................................................................ 31,189 0.02333 Goldman Sachs Group .............................................................................................. 87,815 0.07

1,776 Halliburton ...................................................................................................................... 33,566 0.03423 Home Depot.................................................................................................................... 112,357 0.09680 Honeywell International ........................................................................................... 144,636 0.11157 HubSpot ............................................................................................................................ 62,241 0.05139 Huntington Ingalls Industries ............................................................................... 23,697 0.02275 Illinois Tool Works....................................................................................................... 56,067 0.04

1,554 Intel ..................................................................................................................................... 77,420 0.06642 International Business Machines ....................................................................... 80,815 0.06581 International Paper..................................................................................................... 28,887 0.02116 Intuit.................................................................................................................................... 44,063 0.03

67 Intuitive Surgical .......................................................................................................... 54,813 0.04967 Invitation Homes (REIT)............................................................................................ 28,720 0.02130 IPG Photonics ................................................................................................................ 29,093 0.02

3,204 JPMorgan Chase & Co.............................................................................................. 407,132 0.31

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HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: NIL) (continued)1,478 Juniper Networks........................................................................................................ 33,270 0.032,089 KeyCorp............................................................................................................................. 34,280 0.03

100 KLA...................................................................................................................................... 25,891 0.02199 L3Harris Technologies.............................................................................................. 37,615 0.03

92 Lam Research ............................................................................................................... 43,449 0.03354 Leidos Holdings............................................................................................................ 37,212 0.03374 Lennar ............................................................................................................................... 28,510 0.02161 Lockheed Martin .......................................................................................................... 57,152 0.04325 Lowe’s................................................................................................................................ 52,166 0.04270 M&T Bank........................................................................................................................ 34,371 0.03261 Marriott International................................................................................................ 34,431 0.03351 Mastercard...................................................................................................................... 125,286 0.10155 Match Group................................................................................................................... 23,434 0.02440 Maxim Integrated Products ................................................................................... 39,006 0.03308 McDonald’s ..................................................................................................................... 66,091 0.05

24 MercadoLibre................................................................................................................. 40,205 0.03248 Microchip Technology ............................................................................................... 34,251 0.03528 Micron Technology...................................................................................................... 39,695 0.03

3,172 Microsoft .......................................................................................................................... 705,516 0.541,409 Morgan Stanley............................................................................................................. 96,559 0.071,079 Mosaic................................................................................................................................ 24,828 0.02

168 Netflix................................................................................................................................. 90,843 0.07516 Newmont.......................................................................................................................... 30,903 0.02119 Northrop Grumman ................................................................................................... 36,262 0.03299 NVIDIA................................................................................................................................ 156,138 0.12

6 NVR...................................................................................................................................... 24,479 0.02227 Okta..................................................................................................................................... 57,717 0.04114 Old Dominion Freight Line...................................................................................... 22,251 0.02510 Omnicom Group ........................................................................................................... 31,809 0.02

1,525 Oracle................................................................................................................................. 98,652 0.0862 O’Reilly Automotive..................................................................................................... 28,059 0.02

382 Owens Corning.............................................................................................................. 28,940 0.02151 Palo Alto Networks..................................................................................................... 53,664 0.04354 Paychex ............................................................................................................................. 32,986 0.03450 PayPal Holdings ........................................................................................................... 105,390 0.08

1,678 People’s United Financial ....................................................................................... 21,697 0.02340 Pioneer Natural Resources ................................................................................... 38,723 0.03448 PNC Financial Services Group ............................................................................. 66,752 0.05213 PPG Industries .............................................................................................................. 30,719 0.02515 PulteGroup ...................................................................................................................... 22,207 0.02570 Qualcomm ....................................................................................................................... 86,834 0.07

1,022 Raytheon Technologies ............................................................................................ 73,083 0.061,810 Regions Financial ........................................................................................................ 29,177 0.02

138 RingCentral..................................................................................................................... 52,298 0.04683 Salesforce.com............................................................................................................. 151,988 0.12

81 SBA Communications (REIT)................................................................................. 22,853 0.02199 ServiceNow ..................................................................................................................... 109,536 0.08490 Snap .................................................................................................................................... 24,534 0.02

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125 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: NIL) (continued)125 Snap-on............................................................................................................................. 21,393 0.02181 Square ............................................................................................................................... 39,393 0.03418 SS&C Technologies Holdings ............................................................................... 30,409 0.02444 State Street ..................................................................................................................... 32,314 0.02

76 SVB Financial Group .................................................................................................. 29,475 0.02215 Target................................................................................................................................. 37,954 0.03234 Teradyne........................................................................................................................... 28,054 0.02269 Tesla ................................................................................................................................... 189,825 0.15461 Texas Instruments ...................................................................................................... 75,664 0.06627 TJX ....................................................................................................................................... 42,818 0.03

75 Trade Desk ...................................................................................................................... 60,075 0.05561 Trimble .............................................................................................................................. 37,458 0.03

1,551 Truist Financial ............................................................................................................. 74,339 0.06156 Twilio .................................................................................................................................. 52,806 0.04101 Tyler Technologies...................................................................................................... 44,089 0.03665 Uber Technologies...................................................................................................... 33,915 0.03395 Union Pacific .................................................................................................................. 82,247 0.06401 United Parcel Service................................................................................................ 67,528 0.05127 United Rentals............................................................................................................... 29,453 0.02

1,662 US Bancorp..................................................................................................................... 77,433 0.06117 Veeva Systems............................................................................................................... 31,853 0.02

1,503 Verizon Communications ........................................................................................ 88,301 0.07634 Visa ...................................................................................................................................... 138,675 0.11355 VMware.............................................................................................................................. 49,792 0.04319 Wabtec............................................................................................................................... 23,351 0.02769 Walt Disney ..................................................................................................................... 139,327 0.11

4,548 Wells Fargo & Co......................................................................................................... 137,259 0.111,403 Williams ............................................................................................................................ 28,130 0.02

256 Workday ............................................................................................................................ 61,340 0.05234 Xilinx.................................................................................................................................... 33,174 0.03108 Zebra Technologies .................................................................................................... 41,508 0.03

73 Zoom Video Communications ............................................................................... 24,624 0.02252 Zscaler............................................................................................................................... 50,327 0.04

UNITED STATES - TOTAL ....................................................................................... 11,971,765 9.22

EQUITIES - TOTAL....................................................................................................... 22,740,801 17.52

FIXED INCOME SECURITIES (31 DECEMBER 2019: 0.00%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

350,000 2.625% Korea National Oil Corp 14/04/2026................................................. 380,362 0.2915,000,000 0.000% United States Treasury Bill 25/03/2021.......................................... 14,997,500 11.55

5,000,000 0.000% United States Treasury Bill 17/06/2021.......................................... 4,998,121 3.8510,940,000 0.000% United States Treasury Bill 09/09/2021.......................................... 10,933,481 8.42

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PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: NIL) (continued)

1,306,000 0.875% United States Treasury Note 15/11/2030....................................... 1,301,715 1.001,392,000 1.375% United States Treasury Note 15/08/2050....................................... 1,303,695 1.01

UNITED STATES DOLLAR - TOTAL.................................................................... 33,914,874 26.12

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

990,000 3.800% AbbVie 15/03/2025...................................................................................... 1,104,027 0.85160,000 4.400% Altria Group 14/02/2026 .......................................................................... 185,771 0.14580,000 4.800% Altria Group 14/02/2029 .......................................................................... 694,896 0.54550,000 2.500% American Express 30/07/2024............................................................. 586,743 0.45450,000 3.400% American Express 22/02/2024............................................................. 488,377 0.38160,000 6.150% Athene Holding 03/04/2030 ................................................................... 199,044 0.15300,000 4.000% Azure Orbit IV International Finance 25/01/2028....................... 327,384 0.25320,000 4.375% Baidu 14/05/2024 ........................................................................................ 352,026 0.27600,000 5.179% Banco Santander 19/11/2025 ............................................................... 703,556 0.54970,000 4.200% Bank of America 26/08/2024................................................................. 1,085,897 0.84360,000 3.750% BB&T 06/12/2023........................................................................................ 395,480 0.30370,000 4.250% BNP Paribas 15/10/2024......................................................................... 416,599 0.32550,000 3.000% BOC Aviation 11/09/2029......................................................................... 569,712 0.44200,000 2.625% BOC Aviation Ltd 17/09/2030 ................................................................ 201,664 0.16140,000 4.100% Booking Holdings 13/04/2025 .............................................................. 158,773 0.12247,000 3.700% Brighthouse Financial 22/06/2027..................................................... 268,618 0.21220,000 2.900% Bristol-Myers Squibb 26/07/2024 ...................................................... 238,756 0.18230,000 3.875% Broadcom 15/01/2027 .............................................................................. 258,131 0.20260,000 3.100% Canadian Imperial Bank of Commerce 02/04/2024................. 281,346 0.22350,000 2.200% Castle Peak Power Finance 22/06/2030......................................... 353,696 0.27200,000 3.500% CDBL Funding 1 24/10/2027 ................................................................. 214,946 0.17260,000 7.000% Cheniere Corpus Christi Holdings 30/06/2024 ........................... 303,621 0.23110,000 3.750% Cigna 15/07/2023 ........................................................................................ 118,918 0.09280,000 3.900% Cimarex Energy 15/05/2027.................................................................. 308,599 0.24280,000 4.375% Cimarex Energy 01/06/2024.................................................................. 305,388 0.24920,000 4.400% Citigroup 10/06/2025................................................................................. 1,051,842 0.81270,000 4.300% Citizens Financial Group 03/12/2025................................................ 311,787 0.24110,000 3.300% Citrix Systems 01/03/2030 ..................................................................... 121,527 0.09350,000 2.750% CMB International Leasing Management 12/08/2030 ............ 342,009 0.26372,000 3.609% CMT 04/04/2029........................................................................................... 401,791 0.31250,000 1.950% CNH Industrial Capital 02/07/2023.................................................... 257,361 0.20460,000 3.700% Comcast 15/04/2024.................................................................................. 506,096 0.39270,000 4.375% Cooperatieve Rabobank 04/08/2025................................................. 308,144 0.24650,000 4.625% Cooperatieve Rabobank 01/12/2023................................................. 724,458 0.56940,000 4.900% Dell International 01/10/2026............................................................... 1,109,988 0.85200,000 5.850% Devon Energy 15/12/2025....................................................................... 235,068 0.18270,000 2.450% Discover Bank 12/09/2024 ..................................................................... 285,549 0.22360,000 3.450% Discover Bank 27/07/2026 ..................................................................... 402,622 0.31360,000 4.650% Discover Bank 13/09/2028 ..................................................................... 430,660 0.33133,000 3.500% Dow Chemical 01/10/2024 ..................................................................... 145,687 0.11

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Schedule of Investments as at 31 December 2020 (continued)

127 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: NIL) (continued)

400,000 4.850% Elect Global Investments (perpetual) .............................................. 417,960 0.32540,000 3.650% Fifth Third Bancorp 25/01/2024 .......................................................... 588,939 0.45270,000 4.300% Fifth Third Bancorp 16/01/2024 .......................................................... 298,538 0.23270,000 3.450% GE Capital Funding 15/05/2025........................................................... 297,897 0.23340,000 4.050% GE Capital Funding 15/05/2027........................................................... 388,958 0.30320,000 3.450% General Electric 01/05/2027 ................................................................. 361,935 0.28150,000 3.625% General Electric 01/05/2030 ................................................................. 171,433 0.13310,000 3.700% General Mills 17/10/2023........................................................................ 337,616 0.26550,000 5.100% General Motors Financial 17/01/2024.............................................. 615,476 0.47320,000 5.250% GLP Capital 01/06/2025........................................................................... 360,026 0.28150,000 5.300% GLP Capital 15/01/2029........................................................................... 173,542 0.13360,000 5.375% GLP Capital 15/04/2026........................................................................... 413,161 0.32160,000 2.875% Goldman Sachs Group 15/01/2026.................................................... 163,260 0.13800,000 4.250% Goldman Sachs Group 21/10/2025.................................................... 917,441 0.71300,000 3.000% Goodman HK Finance 22/07/2030 ..................................................... 312,975 0.24270,000 3.800% Halliburton Co 15/11/2025..................................................................... 302,811 0.23270,000 4.000% HCP 01/06/2025 ........................................................................................... 306,403 0.24380,000 4.450% Hewlett Packard Enterprise 02/10/2023 ........................................ 418,032 0.32350,000 2.875% Hongkong Land Finance 27/05/2030................................................ 371,696 0.29820,000 4.375% HSBC Holdings 23/11/2026 ................................................................... 946,138 0.73313,000 3.625% ICBCIL Finance 15/11/2027................................................................... 338,632 0.26200,000 5.450% Indonesia Asahan Aluminium Persero 15/05/2030.................. 240,849 0.19370,000 3.550% ING Groep 09/04/2024 .............................................................................. 404,251 0.31540,000 4.100% ING Groep 02/10/2023 .............................................................................. 593,256 0.46140,000 4.150% Jefferies Financial Group 23/01/2030.............................................. 163,181 0.13280,000 5.500% Jefferies Financial Group 18/10/2023.............................................. 308,334 0.24200,000 2.125% JIC Zhixin 27/08/2030 ............................................................................... 196,507 0.15360,000 4.417% Keurig Dr Pepper 25/05/2025............................................................... 415,058 0.32250,000 4.250% Kohl’s 17/07/2025 ....................................................................................... 270,334 0.21250,000 9.500% Kohl’s 15/05/2025 ....................................................................................... 324,276 0.25170,000 4.400% L3Harris Technologies 15/06/2028 ................................................... 203,844 0.16280,000 3.625% Marathon Petroleum 15/09/2024 ....................................................... 305,561 0.24440,000 4.500% Marathon Petroleum 01/05/2023 ....................................................... 477,763 0.37100,000 4.700% Marathon Petroleum 01/05/2025 ....................................................... 114,556 0.09200,000 4.750% Marathon Petroleum 15/12/2023 ....................................................... 221,401 0.17400,000 2.125% Metropolitan Bank & Trust 15/01/2026 .......................................... 407,999 0.31300,000 2.625% Mirae Asset Daewoo 30/07/2025 ........................................................ 310,475 0.24350,000 2.559% Mitsubishi UFJ Financial Group 25/02/2030 ................................ 378,122 0.29100,000 3.407% Mitsubishi UFJ Financial Group 07/03/2024 ................................ 108,671 0.08370,000 4.500% MPLX 15/07/2023 ........................................................................................ 402,996 0.31430,000 4.875% MPLX 01/12/2024 ........................................................................................ 493,462 0.38220,000 4.875% MPLX 01/06/2025 ........................................................................................ 254,115 0.20200,000 5.000% Nan Fung Treasury III (perpetual) ..................................................... 205,078 0.16970,000 3.875% Natwest Group 12/09/2023.................................................................... 1,052,486 0.81140,000 4.550% ONEOK 15/07/2028..................................................................................... 160,213 0.12200,000 3.750% ONGC Videsh Vankorneft 27/07/2026............................................... 216,750 0.17260,000 3.500% Panther Ventures........................................................................................ 260,312 0.20

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Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 128

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: NIL) (continued)

300,000 6.450% Pertamina Persero 30/05/2044........................................................... 406,525 0.31200,000 3.500% Petronas Capital 21/04/2030 ................................................................ 229,552 0.18320,000 2.875% Philip Morris International 01/05/2024 ........................................... 343,707 0.26360,000 3.800% Regions Financial 14/08/2023.............................................................. 390,530 0.30200,000 2.500% Ryder System 01/09/2024....................................................................... 212,479 0.16200,000 3.650% Ryder System 18/03/2024....................................................................... 218,545 0.17370,000 3.500% Santander Holdings 07/06/2024.......................................................... 399,716 0.31290,000 4.400% Santander Holdings 13/07/2027.......................................................... 331,426 0.26410,000 4.500% Santander Holdings 17/07/2025.......................................................... 465,170 0.36240,000 3.450% Sherwin-Williams 01/06/2027.............................................................. 271,137 0.21300,000 1.350% Shinhan Financial Group 10/01/2026............................................... 304,218 0.23360,000 2.000% Simon Property Group 13/09/2024 .................................................... 376,219 0.29120,000 3.375% Simon Property Group 15/06/2027 .................................................... 133,284 0.10200,000 2.130% Sumitomo Mitsui Financial Group 08/07/2030............................ 208,460 0.16360,000 2.448% Sumitomo Mitsui Financial Group 27/09/2024............................ 383,403 0.30350,000 2.750% Sun Hung Kai Properties Capital Market 13/05/2030............. 366,282 0.28460,000 4.250% Synchrony Financial 15/08/2024......................................................... 508,262 0.39200,000 4.375% Synchrony Financial 19/03/2024......................................................... 220,193 0.17370,000 4.500% Synchrony Financial 23/07/2025......................................................... 416,238 0.32280,000 3.250% Sysco 15/07/2027 ........................................................................................ 311,605 0.24170,000 3.300% Sysco 15/07/2026 ........................................................................................ 189,082 0.15280,000 3.750% Sysco 01/10/2025 ........................................................................................ 314,355 0.24280,000 5.650% Sysco 01/04/2025 ........................................................................................ 332,920 0.26400,000 4.133% Thermo Fisher Scientific 25/03/2025 ............................................... 454,815 0.35360,000 4.150% Thermo Fisher Scientific 01/02/2024 ............................................... 396,949 0.31160,000 7.850% Transcontinental Gas Pipe Line 01/02/2026 ................................ 209,729 0.16350,000 3.200% Truist Bank 01/04/2024 ........................................................................... 379,912 0.29130,000 5.875% United Airlines Holdings 15/10/2027................................................ 140,428 0.11200,000 3.500% Vanke Real Estate Hong Kong 12/11/2029.................................... 212,918 0.16990,000 3.750% Wells Fargo & Co 24/01/2024............................................................... 1,080,773 0.83350,000 3.625% Welltower 15/03/2024............................................................................... 381,462 0.29300,000 4.250% Welltower 15/04/2028............................................................................... 350,661 0.27200,000 3.600% Westlake Chemical 15/08/2026........................................................... 224,460 0.17250,000 4.500% Xingsheng 20/09/2021 .............................................................................. 255,185 0.20

UNITED STATES DOLLAR - TOTAL.................................................................... 45,169,876 34.80

FIXED INCOME SECURITIES - TOTAL.............................................................. 79,084,750 60.92

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 0.00%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

200,000 2.400% Airport Authority (perpetual) ................................................................ 204,250 0.16

UNITED STATES DOLLAR - TOTAL.................................................................... 204,250 0.16

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Schedule of Investments as at 31 December 2020 (continued)

129 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

670,000 2.852% Barclays 07/05/2026.................................................................................. 719,540 0.55230,000 3.932% Barclays 07/05/2025.................................................................................. 251,619 0.19250,000 4.610% Barclays 15/02/2023.................................................................................. 260,984 0.20300,000 4.250% Chalco Hong Kong Investment (perpetual)................................... 304,039 0.23210,000 2.875% China Development Bank Financial Leasing 28/09/2030...... 214,744 0.17

550,0004.000% China Huadian Overseas Development Management(perpetual) ....................................................................................................................... 572,867 0.44

200,0002.850% China Huaneng Group Hong Kong Treasury ManagementHolding (perpetual) ..................................................................................................... 200,400 0.16

300,000 3.750% China Minmetals (perpetual)................................................................ 304,659 0.24130,000 4.750% CMS Energy 01/06/2050 .......................................................................... 146,450 0.11350,000 3.300% DBS Group Holdings (perpetual)........................................................ 355,810 0.27200,000 4.000% Huarong Finance 2017 (perpetual).................................................... 204,306 0.16730,000 3.220% JPMorgan Chase & Co 01/03/2025 ................................................... 787,178 0.61200,000 5.350% Peak RE Bvi Holding (perpetual) ........................................................ 207,837 0.16350,000 3.875% United Overseas Bank (perpetual) .................................................... 362,687 0.28

UNITED STATES DOLLAR - TOTAL.................................................................... 4,893,120 3.77

VARIABLE RATE SECURITIES - TOTAL........................................................... 5,097,370 3.93

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 101,724,214) ............................................................. 106,922,921 82.37

INVESTMENT FUNDS (31 DECEMBER 2019: 0.00%)IRELAND (31 DECEMBER 2019: NIL)

34,605 iShares MSCI Korea (ETF) (UCITS) - Distributing Class......................... 2,152,063 1.6677,076 iShares Physical Gold ETC ..................................................................................... 2,853,121 2.20

IRELAND - TOTAL ....................................................................................................... 5,005,184 3.86

TOTAL INVESTMENT FUNDS (Cost: USD 4,184,895) .............................. 5,005,184 3.86

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 111,928,105 86.23

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: NIL)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

17/03/2021 Morgan Stanley AUD 1,980,000 USD 1,474,328 54,438 0.0417/03/2021 Morgan Stanley AUD 1,000,000 USD 736,520 35,584 0.0317/03/2021 Morgan Stanley CAD 560,000 USD 430,783 8,865 0.0117/03/2021 Morgan Stanley CAD 2,080,000 USD 1,633,107 (128) 0.0017/03/2021 Morgan Stanley CHF 470,000 USD 531,771 1,068 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 130

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: NIL) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

17/03/2021 Morgan Stanley CNH 9,590,000 USD 1,459,998 9,113 0.0117/03/2021 Morgan Stanley EUR 2,770,000 USD 3,371,299 23,383 0.0217/03/2021 Morgan Stanley EUR 860,000 USD 1,057,387 (3,442) 0.0017/03/2021 Morgan Stanley GBP 790,000 USD 1,051,617 28,758 0.0217/03/2021 Morgan Stanley GBP 890,000 USD 1,189,194 27,938 0.0217/03/2021 Morgan Stanley GBP 1,510,000 USD 2,051,350 13,670 0.0117/03/2021 Morgan Stanley JPY 593,650,000 USD 5,704,937 49,526 0.0417/03/2021 Morgan Stanley KRW 619,000,000 USD 569,510 504 0.0017/03/2021 Morgan Stanley KRW 200,000,000 USD 184,009 163 0.0017/03/2021 Morgan Stanley MXN 19,870,000 USD 989,744 (681) 0.0017/03/2021 Morgan Stanley USD 507,329 CAD 650,000 (2,977) 0.0017/03/2021 Morgan Stanley USD 365,364 DKK 2,270,000 (8,369) (0.01)17/03/2021 Morgan Stanley USD 459,118 GBP 340,000 (5,854) (0.01)17/03/2021 Morgan Stanley USD 1,971,263 GBP 1,460,000 (25,379) (0.02)17/03/2021 Morgan Stanley USD 698,363 KRW 759,400,000 (940) 0.0017/03/2021 Morgan Stanley USD 558,014 KRW 619,000,000 (11,999) (0.01)17/03/2021 Morgan Stanley USD 193,940 NOK 1,700,000 (4,563) 0.0017/03/2021 Morgan Stanley USD 676,503 SEK 5,700,000 (18,097) (0.02)

Unrealised gain on open forward foreign currency exchange contracts ....................................... 253,010 0.20Unrealised loss on open forward foreign currency exchange contracts ....................................... (82,429) (0.07)Net unrealised gain on open forward foreign currency exchange contracts ........................... 170,581 0.13

FUTURES CONTRACTS (31 DECEMBER 2019: NIL)*

MaturityDate Currency

No. ofcontracts

long/(short)

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

Cac 40 Futures 15/01/2021 EUR 36 1,686 0.00IBEX 35 Index Futures 15/01/2021 EUR 20 (3,703) (0.00)FTSE China A50 Index Futures 28/01/2021 USD 86 74,346 0.06Euro-BTP Futures 08/03/2021 EUR 10 8,442 0.01Euro-BUXL Futures 08/03/2021 EUR (8) (19,586) (0.02)Euro Stoxx 50 Index Futures 19/03/2021 EUR (42) (71,431) (0.06)MSCI Emerging Markets Index Futures 19/03/2021 USD 47 77,389 0.06US 10-Year Note Futures 22/03/2021 USD 86 25,527 0.02US Long Bond CBT Futures 22/03/2021 USD (43) 41,994 0.03US Ultra Bond CBT Futures 22/03/2021 USD 80 (130,756) (0.10)

Unrealised gain on futures contracts..................................................................................................... 229,384 0.18Unrealised loss on futures contracts ..................................................................................................... (225,476) (0.18)Net unrealised gain on futures contracts........................................................................................... 3,908 0.00

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Schedule of Investments as at 31 December 2020 (continued)

131 Schedule of Investments

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS

TOTAL RETURN SWAPS (31 DECEMBER 2019: NIL)**

NotionalAmount Counterparty

Maturitydate

Fair ValueUSD

% of Valueof Sub-Fund

10,000 UBS 28/01/2021 293,882 0.23Total gain for Total Return Swaps at fair value................................................................................. 293,882 0.23Total Return Swaps at fair value ............................................................................................................. 293,882 0.23

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 112,396,476 86.59

CASH............................................................................................................................. 16,043,437 12.36

OTHER NET ASSETS............................................................................................ 1,368,679 1.05

TOTAL VALUE OF SUB-FUND ........................................................................ 129,808,592 100.00

Abbreviations Used:

ADR American Depositary ReceiptETF Exchange Traded FundREIT Real Estate Investment TrustSDR Swedish Depositary Receipt*The broker to the futures contracts is Morgan Stanley.

**List of swap indices traded as at 31 December 2020

MSCI USA Large Value Gross TR USDMSCI USA Large Growth Gross TR USDMSCI USA Mid Value Gross TR USDMSCI USA Mid Growth Gross TR USDMSCI USA Small Value Gross TR USDMSCI USA Small Growth Gross TR USDMSCI Europe Large Value Gross TR USDMSCI Europe Large Growth Gross TR USDMSCI Europe Mid Growth Gross TR USDMSCI EM Asia Gross TR USDMSCI EM EMEA Gross TR USDMSCI EM Latin America Gross TR USD

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 132

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND (continued)

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 52.14Transferable securities dealt in on another regulated market.................................................................................... 2.87Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 27.1UCITS Investment funds .................................................................................................................................................................... 3.84Over-the-counter financial derivative instruments............................................................................................................. 0.48Exchange traded financial derivative instruments.............................................................................................................. 0.12Other current assets............................................................................................................................................................................ 13.45

100.00

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Schedule of Investments as at 31 December 2020 (continued)

133 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESFIXED INCOME SECURITIES (31 DECEMBER 2019: 83.18%)GOVERNMENT BONDSBRAZILIAN REAL (31 DECEMBER 2019: 4.50%)

600,000 10.000% Brazil 01/01/2023 ..................................................................................... 127,527 0.65650,000 10.000% Brazil 01/01/2027 ..................................................................................... 147,939 0.75350,000 10.250% Brazil 01/10/2028 ..................................................................................... 79,538 0.41300,000 12.500% Brazil 05/01/2022 ..................................................................................... 63,283 0.32

BRAZILIAN REAL - TOTAL ..................................................................................... 418,287 2.13

CHILEAN PESO (31 DECEMBER 2019: 1.33%)10,000,000 5.000% Chile 01/03/2035.......................................................................................... 17,326 0.09

CHILEAN PESO - TOTAL.......................................................................................... 17,326 0.09

COLOMBIAN PESO (31 DECEMBER 2019: 2.57%)200,000,000 4.375% Colombia 21/03/2023 ................................................................................ 59,616 0.30260,000,000 7.000% Colombia 30/06/2032 ................................................................................ 83,836 0.43200,000,000 7.500% Colombia 26/08/2026 ................................................................................ 67,497 0.34

50,000,000 7.750% Colombia 18/09/2030 ................................................................................ 17,154 0.0970,000,000 9.850% Colombia 28/06/2027 ................................................................................ 26,612 0.14

150,000,000 10.000% Colombia 24/07/2024.............................................................................. 53,240 0.27

COLOMBIAN PESO - TOTAL .................................................................................. 307,955 1.57

CZECH KORUNA (31 DECEMBER 2019: NIL)1,000,000 0.950% Czech Republic 15/05/2030 ................................................................... 45,223 0.23

700,000 2.000% Czech Republic 13/10/2033 ................................................................... 34,811 0.181,200,000 2.500% Czech Republic 25/08/2028 ................................................................... 61,687 0.31

CZECH KORUNA - TOTAL ....................................................................................... 141,721 0.72

EGYPTIAN POUND (31 DECEMBER 2019: 1.08%)2,200,000 17.200% Egypt 08/09/2023 ...................................................................................... 149,695 0.76

EGYPTIAN POUND - TOTAL................................................................................... 149,695 0.76

GHANA CEDI (31 DECEMBER 2019: 0.24%)550,000 19.000% Ghana 02/11/2026 .................................................................................... 88,433 0.45

GHANA CEDI - TOTAL ............................................................................................... 88,433 0.45

HUNGARIAN FORINT (31 DECEMBER 2019: 0.88%)10,000,000 1.000% Hungary 26/11/2025 .................................................................................. 33,435 0.1725,000,000 3.000% Hungary 21/08/2030 .................................................................................. 91,322 0.4610,000,000 3.250% Hungary 22/10/2031 .................................................................................. 37,339 0.19

HUNGARIAN FORINT - TOTAL ............................................................................. 162,096 0.82

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 134

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)INDONESIAN RUPIAH (31 DECEMBER 2019: 2.18%)

1,000,000,000 7.000% Indonesia 15/09/2030................................................................................ 77,046 0.391,000,000,000 10.000% Indonesia 15/02/2028 ............................................................................. 88,086 0.45

INDONESIAN RUPIAH - TOTAL ........................................................................... 165,132 0.84

MALAYSIAN RINGGIT (31 DECEMBER 2019: 0.89%)300,000 3.899% Malaysia 16/11/2027.................................................................................. 81,812 0.42

MALAYSIAN RINGGIT - TOTAL ............................................................................ 81,812 0.42

MEXICAN PESO (31 DECEMBER 2019: 3.48%)2,000,000 7.750% Mexico 13/11/2042...................................................................................... 115,603 0.592,400,000 8.500% Mexico 31/05/2029...................................................................................... 146,815 0.741,800,000 10.000% Mexico 05/12/2024 ................................................................................... 108,050 0.551,870,000 10.000% Mexico 20/11/2036 ................................................................................... 131,504 0.67

MEXICAN PESO - TOTAL ......................................................................................... 501,972 2.55

PERUVIAN NOUVEAU SOL (31 DECEMBER 2019: 0.86%)200,000 6.900% Peru 12/08/2037 .......................................................................................... 68,181 0.35

PERUVIAN NOUVEAU SOL - TOTAL .................................................................. 68,181 0.35

POLISH ZLOTY (31 DECEMBER 2019: 2.19%)250,000 2.500% Poland 25/07/2027...................................................................................... 74,616 0.38680,000 2.750% Poland 25/04/2028...................................................................................... 206,825 1.05250,000 2.750% Poland 25/10/2029...................................................................................... 76,591 0.39

POLISH ZLOTY - TOTAL ........................................................................................... 358,032 1.82

ROMANIAN LEU (31 DECEMBER 2019: NIL)250,000 4.750% Romania 24/02/2025 ................................................................................. 67,958 0.35

ROMANIAN LEU - TOTAL........................................................................................ 67,958 0.35

RUSSIAN ROUBLE (31 DECEMBER 2019: 3.00%)2,000,000 7.000% Russia 16/08/2023 ...................................................................................... 28,514 0.15

17,500,000 7.050% Russia 19/01/2028 ...................................................................................... 255,575 1.307,000,000 7.700% Russia 23/03/2033 ...................................................................................... 106,617 0.542,000,000 7.700% Russia 16/03/2039 ...................................................................................... 30,883 0.169,800,000 8.150% Russia 03/02/2027 ...................................................................................... 150,638 0.772,000,000 7.150% Russian Federal Bond - OFZ 12/11/2025....................................... 29,247 0.152,000,000 7.950% Russian Federal Bond - OFZ 07/10/2026....................................... 30,362 0.15

RUSSIAN ROUBLE - TOTAL................................................................................... 631,836 3.22

SOUTH AFRICAN RAND (31 DECEMBER 2019: 3.09%)700,000 8.000% South Africa 31/01/2030.......................................................................... 45,448 0.23

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

135 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)SOUTH AFRICAN RAND (31 DECEMBER 2019: 3.09%) (continued)

1,000,000 8.500% South Africa 31/01/2037.......................................................................... 56,339 0.291,650,000 8.750% South Africa 28/02/2048.......................................................................... 92,381 0.471,000,000 8.875% South Africa 28/02/2035.......................................................................... 59,834 0.311,100,000 9.000% South Africa 31/01/2040.......................................................................... 63,733 0.32

SOUTH AFRICAN RAND - TOTAL........................................................................ 317,735 1.62

THAILAND BAHT (31 DECEMBER 2019: 1.74%)1,800,000 1.875% Thailand 17/06/2049 .................................................................................. 57,961 0.301,400,000 3.650% Thailand 20/06/2031 .................................................................................. 57,712 0.29

THAILAND BAHT - TOTAL ...................................................................................... 115,673 0.59

TURKISH LIRA (31 DECEMBER 2019: 1.39%)200,000 10.600% Turkey 11/02/2026 ................................................................................... 25,160 0.13200,000 12.200% Turkey 18/01/2023 ................................................................................... 26,088 0.13

TURKISH LIRA - TOTAL ........................................................................................... 51,248 0.26

UKRAINE HRYVNA (31 DECEMBER 2019: 0.81%)1,500,000 17.000% Ukraine 11/05/2022................................................................................. 56,155 0.29

UKRAINE HRYVNA - TOTAL .................................................................................. 56,155 0.29

UNITED STATES DOLLAR (31 DECEMBER 2019: 25.63%)200,000 3.875% Abu Dhabi 16/04/2050 .............................................................................. 243,800 1.24200,000 5.875% Belarus 24/02/2026.................................................................................... 204,808 1.04100,000 5.625% Brazil 07/01/2041........................................................................................ 118,100 0.60200,000 2.450% Chile 31/01/2031.......................................................................................... 214,000 1.09200,000 2.250% China 21/10/2050 ........................................................................................ 198,396 1.01

80,000 10.375% Colombia 28/01/2033.............................................................................. 128,601 0.65200,000 6.875% Egypt 30/04/2040......................................................................................... 205,000 1.04

50,000 6.375% El Salvador 18/01/2027 ............................................................................ 47,188 0.24185,000 9.500% El Salvador 15/07/2052 ............................................................................ 186,850 0.95100,000 7.750% Indonesia 17/01/2038................................................................................ 156,986 0.80200,000 6.125% Ivory Coast 15/06/2033............................................................................. 225,085 1.14200,000 5.000% Mexico 27/04/2051...................................................................................... 249,000 1.27200,000 6.750% Oman 28/10/2027........................................................................................ 216,660 1.10200,000 7.375% Oman 28/10/2032........................................................................................ 220,910 1.12200,000 2.252% Panama 29/09/2032................................................................................... 206,000 1.05

30,000 6.700% Panama 26/01/2036................................................................................... 44,550 0.23200,000 1.862% Peruvian 01/12/2032.................................................................................. 201,600 1.03200,000 2.650% Philippine 10/12/2045 ............................................................................... 202,518 1.03200,000 3.750% Qatar 16/04/2030......................................................................................... 235,380 1.20200,000 4.400% Qatar 16/04/2050......................................................................................... 260,550 1.33200,000 6.875% Republic of Belarus International Bond 28/02/2023................ 208,544 1.06170,000 3.000% Romania 14/02/2031 ................................................................................. 182,446 0.93120,000 4.000% Romania 14/02/2051 ................................................................................. 130,333 0.66

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 136

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 25.63%)(continued)

200,000 4.375% Russian Foreign Bond - Eurobond 21/03/2029 .......................... 233,256 1.19200,000 3.250% Saudi 22/10/2030......................................................................................... 220,564 1.12200,000 4.500% Saudi 22/04/2060......................................................................................... 250,790 1.28200,000 4.300% South Africa 12/10/2028.......................................................................... 208,260 1.06200,000 5.750% Sri Lanka 18/04/2023................................................................................ 126,902 0.65200,000 7.550% Sri Lanka 28/03/2030................................................................................ 113,470 0.58130,000 6.875% Turkey 17/03/2036...................................................................................... 141,492 0.72200,000 7.253% Ukraine 15/03/2033.................................................................................... 217,988 1.11100,000 7.750% Ukraine 09/01/2027.................................................................................... 113,390 0.58

27,574 4.375% Uruguay 23/01/2031 .................................................................................. 33,813 0.17

UNITED STATES DOLLAR - TOTAL.................................................................... 5,947,230 30.27

URUGUAYAN PESO (31 DECEMBER 2019: 0.27%)

YUAN RENMINBI (31 DECEMBER 2019: NIL)450,000 3.250% China 06/06/2026 ........................................................................................ 69,560 0.35

1,210,000 3.290% China 23/05/2029 ........................................................................................ 185,788 0.94800,000 3.090% China Development Bank 18/06/2030 ............................................. 117,199 0.60200,000 3.230% China Development Bank 10/01/2025 ............................................. 30,634 0.16

YUAN RENMINBI - TOTAL ...................................................................................... 403,181 2.05

CORPORATE BONDSINDONESIAN RUPIAH (31 DECEMBER 2019: 0.71%)

2,000,000,000 7.700% Wijaya Karya Persero 31/01/2021 ...................................................... 140,416 0.72

INDONESIAN RUPIAH - TOTAL ........................................................................... 140,416 0.72

KAZAKHSTAN TENGE (31 DECEMBER 2019: 0.64%)

MEXICAN PESO (31 DECEMBER 2019: 0.98%)

UNITED STATES DOLLAR (31 DECEMBER 2019: 24.72%)200,000 2.500% Abu Dhabi 16/04/2025 .............................................................................. 213,660 1.09200,000 3.500% Banco de Credito e Inversiones 12/10/2027................................. 221,297 1.13200,000 7.375% China SCE Group Holdings 09/04/2024........................................... 212,610 1.08187,400 6.375% Cometa Energia 24/04/2035.................................................................. 217,852 1.11

55,000 5.875% Ecopetrol 28/05/2045................................................................................ 66,578 0.34200,000 5.500% Elementia 15/01/2025............................................................................... 202,500 1.03200,000 6.950% Embraer Netherlands Finance 17/01/2028 .................................. 226,000 1.15200,000 5.875% Energuate Trust 03/05/2027 ................................................................. 211,752 1.08200,000 5.500% Geopark 17/01/2027 .................................................................................. 200,002 1.02200,000 4.875% Globo Comunicacao e Participacoes 22/01/2030 ...................... 213,502 1.09200,000 4.375% Grupo Aval 04/02/2030............................................................................. 213,000 1.08200,000 5.750% Grupo KUO 07/07/2027 ............................................................................ 210,000 1.07200,000 5.875% Indika Energy Capital III 09/11/2024................................................. 205,000 1.04

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

137 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 24.72%)(continued)

200,000 4.750% Infraestructura Energetica Nova 15/01/2051 .............................. 219,000 1.11200,000 5.950% JSW Steel 18/04/2024............................................................................... 212,102 1.08200,000 7.125% Kosmos Energy 04/04/2026................................................................... 194,000 0.99200,000 3.850% Longfor Group Holdings 13/01/2032 ................................................ 215,728 1.10200,000 7.375% Medco Oak Tree 14/05/2026 ................................................................. 214,061 1.09200,000 5.625% Minejesa Capital 10/08/2037................................................................. 219,500 1.12200,000 6.000% Neerg Energy 13/02/2022....................................................................... 203,101 1.03200,000 5.196% OmGrid Funding 16/05/2027................................................................. 202,496 1.03200,000 4.625% ONGC Videsh 15/07/2024........................................................................ 218,766 1.11200,000 4.300% Pertamina Persero 20/05/2023........................................................... 214,500 1.09200,000 5.875% Petkim Petrokimya Holding 26/01/2023......................................... 204,297 1.04160,000 6.375% Petroleos Mexicanos 23/01/2045 ....................................................... 146,640 0.75

83,000 6.490% Petroleos Mexicanos 23/01/2027 ....................................................... 87,648 0.4550,000 6.625% Petroleos Mexicanos 15/06/2035 ....................................................... 49,500 0.25

200,000 6.670% ReNew Power Synthetic 12/03/2024 ................................................ 211,000 1.07200,000 3.500% Saudi Arabian Oil 16/04/2029 ............................................................... 222,303 1.13200,000 3.750% Suzano Austria 15/01/2031.................................................................... 212,200 1.08200,000 8.500% Yuzhou Properties 26/02/2024............................................................. 217,101 1.11

UNITED STATES DOLLAR - TOTAL.................................................................... 6,077,696 30.94

FIXED INCOME SECURITIES - TOTAL.............................................................. 16,269,770 82.83

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 1.88%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 0.87%)

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 138

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS

UNITED STATES DOLLAR (31 DECEMBER 2019: 1.01%)200,000 3.125% Banco de Credito del Peru 01/07/2030 ........................................... 204,752 1.04

UNITED STATES DOLLAR - TOTAL.................................................................... 204,752 1.04

VARIABLE RATE SECURITIES - TOTAL........................................................... 204,752 1.04

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 15,684,518)................................................................ 16,474,522 83.87

INVESTMENT FUNDS (31 DECEMBER 2019: 9.71%)IRELAND (31 DECEMBER 2019: 9.71%)

13,714PineBridge Global Funds - Emerging Markets Corporate BondFund - Class Y (UCITS).............................................................................................. 2,103,241 10.71

IRELAND - TOTAL ....................................................................................................... 2,103,241 10.71

TOTAL INVESTMENT FUNDS (Cost: USD 1,396,779) .............................. 2,103,241 10.71

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 18,577,763 94.58

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 1.37%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

04/01/2021 State Street Bank & Trust Co.† AUD 2,584 USD 1,959 34 0.0005/01/2021 State Street Bank & Trust Co.† AUD 9,008 USD 6,841 110 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 10,444,656 USD 7,754,875 305,725 1.5515/01/2021 State Street Bank & Trust Co.1 AUD 132,947 USD 98,620 3,981 0.0215/01/2021 State Street Bank & Trust Co.1 AUD 5,347 USD 4,072 54 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 3,401 USD 2,574 51 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 1,343 USD 996 40 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 822 USD 620 15 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 400 USD 301 8 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 285 USD 213 7 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 467 USD 353 7 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 234 USD 176 4 0.0015/01/2021 State Street Bank & Trust Co.1 USD 14 AUD 19 (-) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 941 AUD 1,236 (13) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,890 AUD 2,480 (24) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,294 AUD 1,715 (30) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 7,552 AUD 9,826 (31) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,960 AUD 2,584 (34) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 4,669 AUD 6,131 (63) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 3,950 AUD 5,220 (78) 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

139 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 1.37%) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

15/01/2021 State Street Bank & Trust Co.1 USD 6,841 AUD 9,008 (111) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 6,375 AUD 8,479 (168) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 8,662 AUD 11,678 (350) 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 310,036 1.57Unrealised loss on open forward foreign currency exchange contracts ....................................... (902) 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 309,134 1.57

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 18,886,897 96.15

CASH............................................................................................................................. 546,056 2.78

OTHER NET ASSETS............................................................................................ 211,020 1.07

TOTAL VALUE OF SUB-FUND ........................................................................ 19,643,973 100.00

1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A6H.†Spot forward.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 71.11Transferable securities dealt in on another regulated market.................................................................................... 9.67Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 2.70UCITS Investment funds .................................................................................................................................................................... 10.66Over-the-counter financial derivative instruments............................................................................................................. 1.57Other current assets............................................................................................................................................................................ 4.29

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 140

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: NIL)BRAZIL (31 DECEMBER 2019: NIL)

29,882 Oas Sa (Warrants) ....................................................................................................... 5,753 0.01

BRAZIL - TOTAL ........................................................................................................... 5,753 0.01

EQUITIES - TOTAL....................................................................................................... 5,753 0.01

FIXED INCOME SECURITIES (31 DECEMBER 2019: 89.45%)CORPORATE BONDSBRAZILIAN REAL (31 DECEMBER 2019: NIL)

80,850 5.000% OAS Restructuring 31/03/2035^ ......................................................... 156 0.00

BRAZILIAN REAL - TOTAL ..................................................................................... 156 0.00

UNITED STATES DOLLAR (31 DECEMBER 2019: 89.45%)360,000 6.250% Adani Green Energy 10/12/2024 ......................................................... 399,150 0.73730,000 4.250% Adaro Indonesia 31/10/2024 ................................................................. 750,987 1.38550,000 7.500% AI Candelaria Spain 15/12/2028.......................................................... 639,380 1.17450,000 3.500% Banco de Credito e Inversiones 12/10/2027................................. 497,918 0.91380,000 4.125% Banco General 07/08/2027 .................................................................... 430,354 0.79300,000 6.750% BBVA Bancomer 30/09/2022 ................................................................ 324,300 0.60590,000 7.450% Braskem Idesa SAPI 15/11/2029........................................................ 553,125 1.02710,000 4.500% Braskem Netherlands Finance 31/01/2030.................................. 728,637 1.34500,000 4.875% BRF 24/01/2030 ........................................................................................... 542,505 1.00440,000 9.500% China Evergrande Group 29/03/2024 ............................................... 385,222 0.71450,000 7.125% China Hongqiao Group 22/07/2022.................................................... 432,232 0.79400,000 7.375% China SCE Group Holdings 09/04/2024........................................... 425,220 0.78530,000 5.500% CIFI Holdings Group 23/01/2022......................................................... 536,625 0.99570,000 2.875% CNOOC Finance 2013 30/09/2029 ...................................................... 593,056 1.09700,000 4.950% Colombia Telecomunicaciones 17/07/2030.................................. 777,000 1.43562,200 6.375% Cometa Energia 24/04/2035.................................................................. 653,557 1.20650,000 7.250% Country Garden Holdings 08/04/2026.............................................. 731,619 1.34200,000 6.750% CSN Islands XI 28/01/2028..................................................................... 216,500 0.40400,000 7.625% CSN Resources 17/04/2026 .................................................................. 430,000 0.79470,000 6.250% Cydsa 04/10/2027........................................................................................ 494,680 0.91600,000 4.700% DP World 30/09/2049 ................................................................................ 691,668 1.27500,000 5.875% Ecopetrol 28/05/2045................................................................................ 605,250 1.11650,000 5.500% Elementia 15/01/2025............................................................................... 658,125 1.21350,000 6.950% Embraer Netherlands Finance 17/01/2028 .................................. 395,500 0.73300,000 4.750% Empresa Nacional de Telecomunicaciones 01/08/2026........ 335,253 0.62200,000 3.750% Empresa Nacional del Petroleo 05/08/2026 ................................ 218,589 0.40600,000 5.875% Energuate Trust 03/05/2027 ................................................................. 635,256 1.17500,000 4.250% Equate Petrochemical 03/11/2026 .................................................... 556,885 1.02654,853 4.317% Fenix Power Peru 20/09/2027.............................................................. 688,421 1.26330,000 7.250% First Quantum Minerals 01/04/2023................................................. 340,123 0.63720,000 5.500% Geopark 17/01/2027 .................................................................................. 720,007 1.32500,000 4.875% Globo Comunicacao e Participacoes 22/01/2030 ...................... 533,755 0.98

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

141 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 89.45%)(continued)

600,000 4.625% Golden Eagle Retail Group 21/05/2023 ........................................... 612,300 1.13410,000 5.950% Greenko Solar Mauritius 29/07/2026 ............................................... 442,834 0.81840,000 4.375% Grupo Aval 04/02/2030............................................................................. 894,600 1.64950,000 5.750% Grupo KUO 07/07/2027 ............................................................................ 997,500 1.83600,000 8.000% IHS Netherlands Holdco 18/09/2027................................................ 645,000 1.19800,000 5.875% Indika Energy Capital III 09/11/2024................................................. 820,000 1.51600,000 5.450% Indonesia Asahan Aluminium Persero 15/05/2030.................. 722,546 1.33405,000 4.750% Industrias Penoles 06/08/2050............................................................ 469,679 0.86650,000 4.750% Infraestructura Energetica Nova 15/01/2051 .............................. 711,750 1.31300,000 5.950% JSW Steel 18/04/2024............................................................................... 318,153 0.58300,000 5.950% JSW Steel 18/04/2024............................................................................... 318,153 0.58706,000 7.125% Kosmos Energy 04/04/2026................................................................... 684,820 1.26430,000 3.958% Lamar Funding 07/05/2025 ................................................................... 422,097 0.78375,600 6.875% LLPL Capital 04/02/2039......................................................................... 442,832 0.81370,000 3.850% Longfor Group Holdings 13/01/2032 ................................................ 399,097 0.73490,000 4.500% LS Finance 2025 26/06/2025................................................................. 472,917 0.87500,000 3.875% Lukoil Securities 06/05/2030 ................................................................ 540,315 0.99400,000 7.000% MARB BondCo 15/03/2024..................................................................... 410,004 0.75420,000 3.700% MDGH 07/11/2049....................................................................................... 480,480 0.88590,000 7.375% Medco Oak Tree 14/05/2026 ................................................................. 631,481 1.16389,000 5.875% MEGlobal Canada 18/05/2030.............................................................. 484,305 0.89640,000 2.125% Metropolitan Bank & Trust 15/01/2026 .......................................... 652,798 1.20400,000 6.250% Millicom International Cellular 25/03/2029.................................. 450,000 0.83700,000 5.625% Minejesa Capital 10/08/2037................................................................. 768,250 1.41500,000 6.500% Minerva Luxembourg 20/09/2026 ...................................................... 525,005 0.96670,000 5.125% Mong Duong Finance Holdings 07/05/2029.................................. 702,143 1.29600,000 6.500% MTN Mauritius Investments 13/10/2026 ........................................ 687,000 1.26400,000 6.000% Neerg Energy 13/02/2022....................................................................... 406,201 0.75200,000 4.000% Oleoducto Central 14/07/2027 ............................................................. 217,102 0.40300,000 4.000% Oleoducto Central 14/07/2027 ............................................................. 325,653 0.60200,000 5.196% OmGrid Funding 16/05/2027................................................................. 202,496 0.37880,000 4.625% ONGC Videsh 15/07/2024........................................................................ 962,570 1.77450,000 5.625% Orazul Energy Egenor 28/04/2027..................................................... 474,192 0.87320,000 5.875% Orbia Advance 17/09/2044...................................................................... 398,003 0.73470,000 5.950% Periama Holdings 19/04/2026.............................................................. 499,610 0.92595,000 3.100% Pertamina Persero 27/08/2030........................................................... 635,148 1.17500,000 5.875% Petkim Petrokimya Holding 26/01/2023......................................... 510,743 0.94400,000 5.600% Petrobras Global Finance 03/01/2031............................................. 459,720 0.84250,000 6.500% Petroleos Mexicanos 13/03/2027 ....................................................... 263,298 0.48700,000 6.625% Petroleos Mexicanos 15/06/2035 ....................................................... 693,000 1.27610,000 4.500% Rede D’or Finance 22/01/2030 ............................................................ 635,925 1.17600,000 6.670% ReNew Power Synthetic 12/03/2024 ................................................ 633,001 1.16505,000 5.250% Rumo Luxembourg 10/01/2028........................................................... 546,915 1.00380,000 3.750% SACI Falabella 30/10/2027..................................................................... 409,769 0.75600,000 4.450% Saka Energi Indonesia 05/05/2024.................................................... 585,115 1.08400,000 6.500% SASOL Financing USA 27/09/2028..................................................... 433,200 0.80

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 142

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 89.45%)(continued)

500,000 3.500% Saudi Arabian Oil 16/04/2029 ............................................................... 555,758 1.02390,000 2.950% Sinopec Group Overseas Development 2018 12/11/2029...... 410,615 0.75450,000 3.750% Suzano Austria 15/01/2031.................................................................... 477,450 0.88500,000 4.000% Tengizchevroil Finance International 15/08/2026 ..................... 555,198 1.02750,000 7.875% Termocandelaria Power 30/01/2029 ................................................ 825,007 1.52380,000 6.750% Times China Holdings 16/07/2023..................................................... 397,100 0.73490,000 7.500% Total Play Telecomunicaciones 12/11/2025 ................................. 489,143 0.90600,000 7.000% Tullow Oil 01/03/2025 ............................................................................... 399,000 0.73300,000 5.800% Turkcell Iletisim Hizmetleri 11/04/2028......................................... 318,298 0.59400,000 6.000% Turkiye Sinai Kalkinma Bankasi 23/01/2025................................ 403,162 0.74300,000 6.950% Turkiye Sise ve Cam Fabrikalari 14/03/2026 ............................... 333,000 0.61500,000 6.950% Ulker Biskuvi Sanayi 30/10/2025........................................................ 540,360 0.99300,000 9.250% Vedanta Resources Finance II 23/04/2026.................................... 225,750 0.42370,000 6.250% Yingde Gases Investment 19/01/2023.............................................. 381,529 0.70650,000 8.500% Yuzhou Properties 26/02/2024............................................................. 705,578 1.30

UNITED STATES DOLLAR - TOTAL.................................................................... 48,935,567 89.90

FIXED INCOME SECURITIES - TOTAL.............................................................. 48,935,723 89.90

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 4.45%)CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 4.45%)

670,000 3.125% Banco de Credito del Peru 01/07/2030 ........................................... 685,919 1.26330,000 3.750% China Minmetals (perpetual)................................................................ 335,125 0.61330,000 3.500% United Overseas Bank 16/09/2026 .................................................... 335,145 0.62

UNITED STATES DOLLAR - TOTAL.................................................................... 1,356,189 2.49

VARIABLE RATE SECURITIES - TOTAL........................................................... 1,356,189 2.49

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 47,252,040)................................................................ 50,297,665 92.40

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 50,297,665 92.40

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: NIL)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

04/01/2021 State Street Bank & Trust Co.† USD 53,138 GBP 39,388 (703) 0.0005/01/2021 State Street Bank & Trust Co.† USD 42,404 GBP 31,157 (187) 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

143 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: NIL) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

15/01/2021 State Street Bank & Trust Co.1 GBP 15,385,194 USD 20,475,539 557,222 1.0215/01/2021 State Street Bank & Trust Co.1 GBP 116,567 USD 154,787 4,569 0.0115/01/2021 State Street Bank & Trust Co.1 GBP 112,694 USD 150,697 3,365 0.0115/01/2021 State Street Bank & Trust Co.1 GBP 120,221 USD 162,365 1,986 0.0115/01/2021 State Street Bank & Trust Co.1 GBP 42,917 USD 57,535 1,136 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 22,211 USD 29,604 760 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 20,910 USD 27,859 727 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 39,387 USD 53,144 702 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 12,147 USD 16,057 549 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 10,812 USD 14,411 370 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 25,506 USD 34,515 354 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 39,205 USD 53,329 267 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 11,521 USD 15,545 206 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 15,271 USD 20,682 195 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 31,157 USD 42,408 186 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 6,169 USD 8,248 185 0.0015/01/2021 State Street Bank & Trust Co.1 GBP 6,341 USD 8,499 170 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,316 GBP 982 (26) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 2,871 GBP 2,147 (64) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 4,247 GBP 3,188 (111) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 7,417 GBP 5,565 (191) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 6,983 GBP 5,282 (239) 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 572,949 1.05Unrealised loss on open forward foreign currency exchange contracts ....................................... (1,521) 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 571,428 1.05

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 50,869,093 93.45

CASH............................................................................................................................. 2,749,745 5.05

OTHER NET ASSETS............................................................................................ 816,921 1.50

TOTAL VALUE OF SUB-FUND ........................................................................ 54,435,759 100.00

1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y2H.^Investment classified within Level 3.†Spot forward.

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 144

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued)

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 64.85Transferable securities dealt in on another regulated market.................................................................................... 23.32Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 4.17Over-the-counter financial derivative instruments............................................................................................................. 1.05Other current assets............................................................................................................................................................................ 6.61

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

145 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 98.74%)AUSTRIA (31 DECEMBER 2019: 2.47%)

BRAZIL (31 DECEMBER 2019: 11.46%)29,613 Azul (ADR)........................................................................................................................ 675,769 0.60

360,700 Localiza Rent a Car .................................................................................................... 4,788,084 4.28354,000 Magazine Luiza ............................................................................................................. 1,700,416 1.52

56,255 Natura & Co Holding (ADR).................................................................................... 1,125,100 1.00242,100 Raia Drogasil.................................................................................................................. 1,167,106 1.04

BRAZIL - TOTAL ........................................................................................................... 9,456,475 8.44

CHINA (31 DECEMBER 2019: 30.15%)21,217 Alibaba Group Holding (ADR) ................................................................................ 4,937,832 4.41

327,645 Hangzhou Robam Appliances............................................................................... 2,043,084 1.83620,188 Han’s Laser Technology Industry Group......................................................... 4,054,105 3.62

1,700,000 KWG Group Holdings ................................................................................................. 2,319,622 2.07167,066 Shenzhen Inovance Technology........................................................................... 2,383,446 2.13115,614 Shenzhou International Group Holdings......................................................... 2,266,400 2.02

27,000 Silergy ................................................................................................................................ 2,315,823 2.07223,236 Tencent Music Entertainment Group (ADR).................................................. 4,295,061 3.84173,500 Wuxi Biologics Cayman ............................................................................................ 2,300,251 2.05

CHINA - TOTAL ............................................................................................................. 26,915,624 24.04

COLOMBIA (31 DECEMBER 2019: 1.98%)

CZECH REPUBLIC (31 DECEMBER 2019: NIL)95,218 Komercni Banka........................................................................................................... 2,914,599 2.60

CZECH REPUBLIC - TOTAL.................................................................................... 2,914,599 2.60

GREECE (31 DECEMBER 2019: 2.58%)124,297 Jumbo ................................................................................................................................ 2,161,108 1.93

GREECE - TOTAL ......................................................................................................... 2,161,108 1.93

HONDURAS (31 DECEMBER 2019: 1.01%)

HONG KONG (31 DECEMBER 2019: 6.53%)246,000 ASM Pacific Technology........................................................................................... 3,245,588 2.90

HONG KONG - TOTAL................................................................................................ 3,245,588 2.90

HUNGARY (31 DECEMBER 2019: 3.06%)56,890 OTP Bank ......................................................................................................................... 2,564,097 2.29

HUNGARY - TOTAL ..................................................................................................... 2,564,097 2.29

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 146

PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

INDIA (31 DECEMBER 2019: 10.26%)34,720 Bajaj Finance ................................................................................................................. 2,516,158 2.2563,781 Divi’s Laboratories ...................................................................................................... 3,353,614 2.99

132,150 Hindustan Unilever ..................................................................................................... 4,332,324 3.8737,687 Indiamart Intermesh.................................................................................................. 3,304,727 2.95

153,362 Reliance Industries..................................................................................................... 4,166,963 3.7210,444 Shree Cement................................................................................................................ 3,432,359 3.07

INDIA - TOTAL............................................................................................................... 21,106,145 18.85

INDONESIA (31 DECEMBER 2019: 0.99%)885,800 Bank Central Asia........................................................................................................ 2,134,116 1.90

5,698,100 Bank Tabungan Pensiunan Nasional Syariah.............................................. 1,520,845 1.36

INDONESIA - TOTAL .................................................................................................. 3,654,961 3.26

MEXICO (31 DECEMBER 2019: NIL)209,413 America Movil (ADR) .................................................................................................. 3,044,865 2.72451,706 Cemex (ADR) .................................................................................................................. 2,335,320 2.08

MEXICO - TOTAL .......................................................................................................... 5,380,185 4.80

PANAMA (31 DECEMBER 2019: NIL)7,507 Copa Holdings ............................................................................................................... 579,766 0.52

PANAMA - TOTAL........................................................................................................ 579,766 0.52

PHILIPPINES (31 DECEMBER 2019: 2.51%)

POLAND (31 DECEMBER 2019: NIL)15,637 Dino Polska..................................................................................................................... 1,214,532 1.09

POLAND - TOTAL......................................................................................................... 1,214,532 1.09

RUSSIA (31 DECEMBER 2019: 2.69%)

SOUTH AFRICA (31 DECEMBER 2019: 2.59%)

SOUTH KOREA (31 DECEMBER 2019: 1.80%)5,394 LG Chem........................................................................................................................... 4,091,555 3.65

37,715 SK Hynix............................................................................................................................ 4,114,174 3.68

SOUTH KOREA - TOTAL........................................................................................... 8,205,729 7.33

TAIWAN (31 DECEMBER 2019: 14.14%)88,000 Airtac International Group...................................................................................... 2,818,706 2.52

747,320 Chailease Holding ....................................................................................................... 4,468,281 3.99186,000 Delta Electronics ......................................................................................................... 1,740,978 1.55

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

147 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

TAIWAN (31 DECEMBER 2019: 14.14%) (continued)6,200 Largan Precision.......................................................................................................... 704,997 0.63

176,000 MediaTek.......................................................................................................................... 4,679,052 4.18

TAIWAN - TOTAL ......................................................................................................... 14,412,014 12.87

THAILAND (31 DECEMBER 2019: 2.05%)

UNITED STATES (31 DECEMBER 2019: 2.47%)90,800 Meituan Dianping......................................................................................................... 3,449,858 3.0876,312 Yum China Holdings................................................................................................... 4,356,652 3.89

UNITED STATES - TOTAL ....................................................................................... 7,806,510 6.97

EQUITIES - TOTAL....................................................................................................... 109,617,333 97.89

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 100,697,669) ............................................................. 109,617,333 97.89

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.02%)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 109,617,333 97.89

CASH............................................................................................................................. 2,515,791 2.25

OTHER NET LIABILITIES................................................................................... (149,012) (0.14)

TOTAL VALUE OF SUB-FUND ........................................................................ 111,984,112 100.00

Abbreviations Used:

ADR American Depositary Receipt

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 97.69Other current assets............................................................................................................................................................................ 2.31

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 148

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESFIXED INCOME SECURITIES (31 DECEMBER 2019: 95.68%)GOVERNMENT BONDSBRAZILIAN REAL (31 DECEMBER 2019: 14.33%)

2,400,000 10.000% Brazil 01/01/2027 ..................................................................................... 546,235 2.673,300,000 10.250% Brazil 01/10/2028 ..................................................................................... 749,930 3.66

850,000 12.500% Brazil 05/01/2022 ..................................................................................... 179,303 0.881,000,000 10.000% Brazil Notas do Tesouro Nacional Serie F 01/01/2031........ 234,061 1.14

BRAZILIAN REAL - TOTAL ..................................................................................... 1,709,529 8.35

CHILEAN PESO (31 DECEMBER 2019: 3.89%)130,000,000 5.000% Chile 01/03/2035.......................................................................................... 225,236 1.10

CHILEAN PESO - TOTAL.......................................................................................... 225,236 1.10

COLOMBIAN PESO (31 DECEMBER 2019: 7.19%)1,010,300,000 7.000% Colombia 30/06/2032 ................................................................................ 325,768 1.59

950,000,000 7.500% Colombia 26/08/2026 ................................................................................ 320,610 1.57700,000,000 7.750% Colombia 18/09/2030 ................................................................................ 240,161 1.17280,000,000 9.850% Colombia 28/06/2027 ................................................................................ 106,449 0.52

1,400,000,000 10.000% Colombia 24/07/2024.............................................................................. 496,908 2.43

COLOMBIAN PESO - TOTAL .................................................................................. 1,489,896 7.28

CZECH KORUNA (31 DECEMBER 2019: 0.94%)5,000,000 0.950% Czech Republic 15/05/2030 ................................................................... 226,112 1.114,000,000 2.000% Czech Republic 13/10/2033 ................................................................... 198,921 0.97

12,000,000 2.500% Czech Republic 25/08/2028 ................................................................... 616,869 3.01

CZECH KORUNA - TOTAL ....................................................................................... 1,041,902 5.09

EGYPTIAN POUND (31 DECEMBER 2019: 3.21%)5,000,000 14.406% Egypt 07/07/2027 ...................................................................................... 320,655 1.573,000,000 16.500% Egypt 02/04/2026 ...................................................................................... 206,947 1.016,300,000 18.750% Egypt 23/05/2022 ...................................................................................... 426,633 2.08

EGYPTIAN POUND - TOTAL................................................................................... 954,235 4.66

GHANA CEDI (31 DECEMBER 2019: 0.84%)2,600,000 19.000% Ghana 02/11/2026 .................................................................................... 418,046 2.04

GHANA CEDI - TOTAL ............................................................................................... 418,046 2.04

HUNGARIAN FORINT (31 DECEMBER 2019: 2.47%)125,000,000 3.000% Hungary 21/08/2030 .................................................................................. 456,609 2.23

60,000,000 3.250% Hungary 22/10/2031 .................................................................................. 224,033 1.09

HUNGARIAN FORINT - TOTAL ............................................................................. 680,642 3.32

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

149 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)INDONESIAN RUPIAH (31 DECEMBER 2019: 6.69%)

6,500,000,000 10.000% Indonesia 15/02/2028 ............................................................................. 572,556 2.803,000,000,000 10.500% Indonesia 15/08/2030 ............................................................................. 278,448 1.36

INDONESIAN RUPIAH - TOTAL ........................................................................... 851,004 4.16

MALAYSIAN RINGGIT (31 DECEMBER 2019: 2.78%)1,200,000 3.899% Malaysia 16/11/2027.................................................................................. 327,249 1.60

800,000 4.762% Malaysia 07/04/2037.................................................................................. 231,171 1.13

MALAYSIAN RINGGIT - TOTAL ............................................................................ 558,420 2.73

MEXICAN PESO (31 DECEMBER 2019: 9.71%)9,400,000 7.750% Mexico 13/11/2042...................................................................................... 543,337 2.65

11,500,000 8.500% Mexico 31/05/2029...................................................................................... 703,488 3.4410,000,000 10.000% Mexico 05/12/2024 ................................................................................... 600,276 2.93

8,900,000 10.000% Mexico 20/11/2036 ................................................................................... 625,874 3.06

MEXICAN PESO - TOTAL ......................................................................................... 2,472,975 12.08

PERUVIAN NOUVEAU SOL (31 DECEMBER 2019: 1.20%)900,000 6.900% Peru 12/08/2037 .......................................................................................... 306,815 1.50

PERUVIAN NOUVEAU SOL - TOTAL .................................................................. 306,815 1.50

POLISH ZLOTY (31 DECEMBER 2019: 5.94%)1,200,000 2.500% Poland 25/07/2027...................................................................................... 358,158 1.752,100,000 2.750% Poland 25/04/2028...................................................................................... 638,724 3.122,050,000 2.750% Poland 25/10/2029...................................................................................... 628,043 3.06

POLISH ZLOTY - TOTAL ........................................................................................... 1,624,925 7.93

ROMANIAN LEU (31 DECEMBER 2019: NIL)1,270,000 4.750% Romania 24/02/2025 ................................................................................. 345,227 1.69

ROMANIAN LEU - TOTAL........................................................................................ 345,227 1.69

RUSSIAN ROUBLE (31 DECEMBER 2019: 5.15%)15,000,000 7.000% Russia 16/08/2023 ...................................................................................... 213,853 1.0415,000,000 7.050% Russia 19/01/2028 ...................................................................................... 219,065 1.0714,000,000 7.100% Russia 16/10/2024 ...................................................................................... 202,931 0.9940,000,000 7.700% Russia 23/03/2033 ...................................................................................... 609,239 2.98

7,800,000 7.700% Russia 16/03/2039 ...................................................................................... 120,444 0.5914,000,000 8.500% Russia 17/09/2031 ...................................................................................... 227,134 1.1114,000,000 7.150% Russian Federal Bond - OFZ 12/11/2025....................................... 204,728 1.00

6,000,000 7.950% Russian Federal Bond - OFZ 07/10/2026....................................... 91,085 0.44

RUSSIAN ROUBLE - TOTAL................................................................................... 1,888,479 9.22

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 150

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

GOVERNMENT BONDS (CONTINUED)SOUTH AFRICAN RAND (31 DECEMBER 2019: 7.40%)

3,000,000 8.000% South Africa 31/01/2030.......................................................................... 194,775 0.9510,200,000 8.500% South Africa 31/01/2037.......................................................................... 574,653 2.81

4,000,000 8.750% South Africa 28/02/2048.......................................................................... 223,955 1.096,000,000 9.000% South Africa 31/01/2040.......................................................................... 347,636 1.70

SOUTH AFRICAN RAND - TOTAL........................................................................ 1,341,019 6.55

THAILAND BAHT (31 DECEMBER 2019: 5.15%)6,000,000 1.585% Thailand 17/12/2035 .................................................................................. 204,033 1.007,600,000 1.875% Thailand 17/06/2049 .................................................................................. 244,725 1.198,400,000 3.650% Thailand 20/06/2031 .................................................................................. 346,273 1.693,500,000 3.775% Thailand 25/06/2032 .................................................................................. 147,455 0.72

THAILAND BAHT - TOTAL ...................................................................................... 942,486 4.60

TURKISH LIRA (31 DECEMBER 2019: 4.23%)1,200,000 10.600% Turkey 11/02/2026 ................................................................................... 150,958 0.741,000,000 12.200% Turkey 18/01/2023 ................................................................................... 130,441 0.63

TURKISH LIRA - TOTAL ........................................................................................... 281,399 1.37

UKRAINE HRYVNA (31 DECEMBER 2019: 2.94%)

URUGUAYAN PESO (31 DECEMBER 2019: 1.22%)

YUAN RENMINBI (31 DECEMBER 2019: NIL)4,100,000 3.250% China 06/06/2026 ........................................................................................ 633,771 3.103,000,000 3.290% China 23/05/2029 ........................................................................................ 460,631 2.251,500,000 3.090% China Development Bank 18/06/2030 ............................................. 219,747 1.071,500,000 3.230% China Development Bank 10/01/2025 ............................................. 229,756 1.12

YUAN RENMINBI - TOTAL ...................................................................................... 1,543,905 7.54

CORPORATE BONDSINDONESIAN RUPIAH (31 DECEMBER 2019: 2.69%)

11,500,000,000 7.700% Wijaya Karya Persero 31/01/2021 ...................................................... 807,393 3.94

INDONESIAN RUPIAH - TOTAL ........................................................................... 807,393 3.94

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

151 Schedule of Investments

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)KAZAKHSTAN TENGE (31 DECEMBER 2019: 3.06%)

MEXICAN PESO (31 DECEMBER 2019: 2.96%)

SOUTH AFRICAN RAND (31 DECEMBER 2019: 1.69%)

FIXED INCOME SECURITIES - TOTAL.............................................................. 19,483,533 95.15

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 19,719,916)................................................................ 19,483,533 95.15

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 19,483,533 95.15

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.44%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

05/01/2021 State Street Bank & Trust Co. AUD 7,579 USD 5,756 93 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 3,611,253 USD 2,681,257 105,705 0.5115/01/2021 State Street Bank & Trust Co.1 AUD 46,017 USD 34,135 1,378 0.0115/01/2021 State Street Bank & Trust Co.1 AUD 92,082 USD 70,146 917 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 3,071 USD 2,339 31 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 1,271 USD 962 19 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 660 USD 498 12 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 143 USD 106 4 0.0015/01/2021 State Street Bank & Trust Co.1 AUD 140 USD 107 1 0.0015/01/2021 State Street Bank & Trust Co.1 USD 5 AUD 7 (-) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 1,805 AUD 2,394 (43) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 5,756 AUD 7,579 (93) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 6,611 AUD 8,742 (135) 0.0015/01/2021 State Street Bank & Trust Co.1 USD 5,026 AUD 6,734 (171) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 5,409 ZAR 79,489 7 0.0015/01/2021 State Street Bank & Trust Co.2 USD 1,480 ZAR 22,337 (38) 0.0015/01/2021 State Street Bank & Trust Co.2 USD 21,485 ZAR 326,333 (696) 0.0015/01/2021 State Street Bank & Trust Co.2 ZAR 8,198,924 USD 542,577 14,688 0.0715/01/2021 State Street Bank & Trust Co.2 ZAR 159,686 USD 10,595 259 0.0015/01/2021 State Street Bank & Trust Co.2 ZAR 2,647 USD 176 4 0.0015/01/2021 State Street Bank & Trust Co.2 ZAR 4,604 USD 309 4 0.0015/01/2021 State Street Bank & Trust Co.2 ZAR 2,550 USD 173 (-) 0.0015/01/2021 State Street Bank & Trust Co.2 ZAR 165,429 USD 11,315 (71) 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 123,122 0.59Unrealised loss on open forward foreign currency exchange contracts ....................................... (1,247) 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 121,875 0.59

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 152

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 19,605,408 95.74

CASH............................................................................................................................. 522,589 2.55

OTHER NET ASSETS............................................................................................ 349,556 1.71

TOTAL VALUE OF SUB-FUND ........................................................................ 20,477,553 100.00

1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A6HD.2Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A9HD.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 72.16Transferable securities dealt in on another regulated market.................................................................................... 19.92Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 2.63Over-the-counter financial derivative instruments............................................................................................................. 0.60Other current assets............................................................................................................................................................................ 4.69

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

153 Schedule of Investments

PINEBRIDGE GLOBAL FOCUS EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 96.02%)CANADA (31 DECEMBER 2019: 0.48%)

18,782 Kinaxis ............................................................................................................................... 2,658,670 0.88

CANADA - TOTAL ........................................................................................................ 2,658,670 0.88

CHINA (31 DECEMBER 2019: 4.92%)19,575 Alibaba Group Holding (ADR) ................................................................................ 4,555,690 1.52

179,700 Shenzhou International Group Holdings......................................................... 3,522,688 1.17

CHINA - TOTAL ............................................................................................................. 8,078,378 2.69

FRANCE (31 DECEMBER 2019: 3.78%)90,630 Danone .............................................................................................................................. 5,961,464 1.9860,663 Sanofi ................................................................................................................................. 5,841,445 1.95

FRANCE - TOTAL......................................................................................................... 11,802,909 3.93

INDIA (31 DECEMBER 2019: 0.84%)38,238 HDFC Bank (ADR)........................................................................................................ 2,763,078 0.9270,702 Reliance Industries..................................................................................................... 1,921,027 0.64

INDIA - TOTAL............................................................................................................... 4,684,105 1.56

IRELAND (31 DECEMBER 2019: 4.29%)9,514 Kerry Group .................................................................................................................... 1,379,441 0.46

60,855 Medtronic......................................................................................................................... 7,128,555 2.37

IRELAND - TOTAL ....................................................................................................... 8,507,996 2.83

JAPAN (31 DECEMBER 2019: 4.13%)149,600 Hitachi................................................................................................................................ 5,890,106 1.96

10,500 Keyence............................................................................................................................. 5,898,591 1.96

JAPAN - TOTAL ............................................................................................................ 11,788,697 3.92

PANAMA (31 DECEMBER 2019: NIL)27,521 Copa Holdings ............................................................................................................... 2,125,447 0.71

PANAMA - TOTAL........................................................................................................ 2,125,447 0.71

SOUTH KOREA (31 DECEMBER 2019: 0.89%)

SWEDEN (31 DECEMBER 2019: 4.14%)359,323 Trelleborg ........................................................................................................................ 7,984,907 2.66

SWEDEN - TOTAL........................................................................................................ 7,984,907 2.66

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 154

PINEBRIDGE GLOBAL FOCUS EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SWITZERLAND (31 DECEMBER 2019: 2.01%)86,302 TE Connectivity.............................................................................................................. 10,448,583 3.48

SWITZERLAND - TOTAL .......................................................................................... 10,448,583 3.48

UNITED KINGDOM (31 DECEMBER 2019: 10.26%)70,876 AstraZeneca.................................................................................................................... 7,095,777 2.36

3,377,388 Coats Group.................................................................................................................... 3,107,051 1.0341,038 Rio Tinto............................................................................................................................ 3,068,499 1.02

221,593 SSP Group ....................................................................................................................... 1,005,044 0.34380,707 Weir Group ...................................................................................................................... 10,353,501 3.45

UNITED KINGDOM - TOTAL................................................................................... 24,629,872 8.20

UNITED STATES (31 DECEMBER 2019: 60.28%)30,914 Activision Blizzard ....................................................................................................... 2,870,365 0.9613,621 Adobe Systems.............................................................................................................. 6,812,135 2.27

6,723 Alphabet (Class A) ....................................................................................................... 11,782,999 3.92259,388 Aramark............................................................................................................................ 9,981,250 3.32

57,731 Broadridge Financial Solutions ........................................................................... 8,844,389 2.9487,340 Centene............................................................................................................................. 5,243,020 1.7528,590 Charles River Laboratories International....................................................... 7,143,497 2.38

171,161 Comcast............................................................................................................................ 8,968,837 2.99208,480 Elanco Animal Health................................................................................................ 6,394,082 2.13

16,470 Facebook.......................................................................................................................... 4,498,945 1.5028,975 Goldman Sachs Group .............................................................................................. 7,640,997 2.5449,714 Honeywell International ........................................................................................... 10,574,168 3.5237,138 Hubbell .............................................................................................................................. 5,822,867 1.94

764,486 Huntington Bancshares ........................................................................................... 9,655,458 3.2176,734 JPMorgan Chase & Co.............................................................................................. 9,750,589 3.2581,082 Kellogg .............................................................................................................................. 5,045,733 1.6849,919 Lowe’s................................................................................................................................ 8,012,499 2.6777,724 LPL Financial Holdings ............................................................................................ 8,100,395 2.7030,913 Microsoft .......................................................................................................................... 6,875,670 2.2943,817 Motorola Solutions...................................................................................................... 7,451,519 2.48

8,357 NVIDIA................................................................................................................................ 4,364,025 1.45113,884 Otis Worldwide .............................................................................................................. 7,692,864 2.56

55,856 PTC...................................................................................................................................... 6,680,936 2.228,158 Rockwell Automation................................................................................................. 2,046,108 0.68

11,498 Roper Technologies.................................................................................................... 4,956,673 1.6530,510 Salesforce.com............................................................................................................. 6,789,390 2.2624,501 Synopsys........................................................................................................................... 6,351,639 2.11

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

155 Schedule of Investments

PINEBRIDGE GLOBAL FOCUS EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 60.28%) (continued)37,984 Union Pacific .................................................................................................................. 7,909,029 2.6338,985 Yum China Holdings................................................................................................... 2,225,654 0.74

UNITED STATES - TOTAL ....................................................................................... 200,485,732 66.74

EQUITIES - TOTAL....................................................................................................... 293,195,296 97.60

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 207,826,227) ............................................................. 293,195,296 97.60

TOTAL VALUE OF INVESTMENTS ...................................................................... 293,195,296 97.60

CASH................................................................................................................................... 6,006,055 2.00

OTHER NET ASSETS.................................................................................................. 1,217,009 0.40

TOTAL VALUE OF SUB-FUND .............................................................................. 300,418,360 100.00

Abbreviations Used:

ADR American Depositary Receipt

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 97.39Other current assets............................................................................................................................................................................ 2.61

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 156

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 0.07%)UNITED STATES (31 DECEMBER 2019: 0.07%)

988 Readers Digest (Warrants)*^ ................................................................................ - 0.00

UNITED STATES - TOTAL ....................................................................................... - 0.00

EQUITIES - TOTAL....................................................................................................... - 0.00

FIXED INCOME SECURITIES (31 DECEMBER 2019: 62.51%)GOVERNMENT BONDSEURO (31 DECEMBER 2019: 0.90%)

POUND STERLING (31 DECEMBER 2019: 0.15%)

UNITED STATES DOLLAR (31 DECEMBER 2019: 14.70%)200,000 3.125% Abu Dhabi 30/09/2049 .............................................................................. 214,000 1.66100,000 5.625% Brazil 07/01/2041........................................................................................ 118,100 0.91

60,000 10.375% Colombia 28/01/2033.............................................................................. 96,451 0.75200,000 8.875% Egypt 29/05/2050......................................................................................... 234,356 1.82

50,000 6.375% El Salvador 18/01/2027 ............................................................................ 47,188 0.37150,000 9.500% El Salvador 15/07/2052 ............................................................................ 151,500 1.17

14,000 4.750% Mexico 08/03/2044...................................................................................... 16,625 0.13100,000 6.050% Mexico 11/01/2040...................................................................................... 133,999 1.04200,000 6.750% Oman 28/10/2027........................................................................................ 216,660 1.68200,000 2.650% Philippine 10/12/2045 ............................................................................... 202,518 1.57200,000 3.750% Qatar 16/04/2030......................................................................................... 235,380 1.82200,000 6.875% Republic of Belarus International Bond 28/02/2023................ 208,544 1.62

70,000 3.000% Romania 14/02/2031 ................................................................................. 75,125 0.5830,000 4.000% Romania 14/02/2051 ................................................................................. 32,583 0.25

200,000 4.500% Saudi 22/04/2060......................................................................................... 250,790 1.9450,000 6.875% Turkey 17/03/2036...................................................................................... 54,420 0.42

100,000 7.750% Ukraine 01/09/2024.................................................................................... 111,128 0.86100,000 7.750% Ukraine 09/01/2027.................................................................................... 113,390 0.88110,000 0.125% United States Treasury Note 30/11/2022....................................... 110,013 0.85

50,000 0.250% United States Treasury Note 31/10/2025....................................... 49,785 0.3927,574 4.375% Uruguay 23/01/2031 .................................................................................. 33,813 0.26

UNITED STATES DOLLAR - TOTAL.................................................................... 2,706,368 20.97

CORPORATE BONDSEURO (31 DECEMBER 2019: 3.77%)

100,000 1.450% Aroundtown 09/07/2028 .......................................................................... 129,439 1.00100,000 1.375% Banco Santander 05/01/2026 ............................................................... 129,662 1.01100,000 1.408% Exxon Mobil 26/06/2039........................................................................... 128,216 0.99100,000 1.125% Glencore Capital Finance 10/03/2028.............................................. 125,128 0.97

EURO - TOTAL ............................................................................................................... 512,445 3.97

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

157 Schedule of Investments

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)

4,000 4.050% AbbVie 21/11/2039...................................................................................... 4,841 0.043,000 4.250% AbbVie 21/11/2049...................................................................................... 3,761 0.03

15,000 5.000% Acadia Healthcare 15/04/2029............................................................. 16,013 0.123,000 2.500% Activision Blizzard 15/09/2050............................................................. 2,932 0.023,000 1.750% Advance Auto Parts 01/10/2027 .......................................................... 3,047 0.02

13,000 3.900% Advance Auto Parts 15/04/2030 .......................................................... 14,949 0.127,000 2.450% AES 15/01/2031............................................................................................ 7,094 0.067,000 0.750% African Development Bank 03/04/2023 .......................................... 7,083 0.05

52,000 6.250% AG Issuer 01/03/2028................................................................................ 52,585 0.4130,000 7.375% Ahern Rentals 15/05/2023...................................................................... 21,900 0.17

8,000 3.450% Albemarle Wodgina 15/11/2029.......................................................... 8,514 0.0713,000 5.750% Albertson’s 15/03/2025............................................................................ 13,390 0.1027,000 4.625% Albertsons Cos 15/01/2027.................................................................... 28,721 0.2225,000 5.875% Albertsons Cos 15/02/2028.................................................................... 27,205 0.2145,000 4.750% Alliance Data Systems 15/12/2024.................................................... 45,450 0.3525,000 3.750% Allison Transmission 30/01/2031....................................................... 25,578 0.2025,000 4.750% Allison Transmission 01/10/2027....................................................... 26,313 0.2010,000 4.800% Amazon.com 05/12/2034 ........................................................................ 13,721 0.1145,000 11.750% American Airlines 15/07/2025 ........................................................... 51,896 0.40

4,000 4.200% American Express 06/11/2025............................................................. 4,644 0.042,000 3.100% American Tower 15/06/2050................................................................. 2,060 0.022,000 3.000% Ameriprise Financial 22/03/2022 ....................................................... 2,065 0.02

13,000 3.150% Amgen 21/02/2040 ..................................................................................... 14,311 0.1115,000 4.900% Anheuser-Busch 01/02/2046................................................................ 19,503 0.1517,000 4.375% Apache 15/10/2028..................................................................................... 17,697 0.14

2,000 4.625% Apache 15/11/2025..................................................................................... 2,114 0.0215,000 4.750% Apache 15/04/2043..................................................................................... 15,553 0.12

5,000 4.875% Apache 15/11/2027..................................................................................... 5,300 0.043,000 3.700% Appalachian Power 01/05/2050........................................................... 3,601 0.03

15,000 2.050% Apple 11/09/2026......................................................................................... 16,040 0.1242,000 6.875% Archrock Partners 01/04/2027 ............................................................ 45,202 0.35

2,000 4.000% Arrow Electronics 01/04/2025.............................................................. 2,200 0.022,000 4.250% Ascot Group 15/12/2030 .......................................................................... 2,038 0.022,000 2.125% AstraZeneca 06/08/2050 ......................................................................... 1,872 0.012,000 3.550% AT&T 15/09/2055......................................................................................... 1,993 0.02

19,000 4.500% AT&T 15/05/2035......................................................................................... 23,055 0.1811,000 4.850% AT&T 15/07/2045......................................................................................... 13,550 0.11

2,000 4.900% AT&T 15/08/2037......................................................................................... 2,508 0.025,000 3.500% Athene Holding 15/01/2031 ................................................................... 5,284 0.042,000 4.750% AutoNation 01/06/2030 ............................................................................ 2,407 0.02

17,000 3.200% Avangrid 15/04/2025.................................................................................. 18,611 0.1418,000 5.750% Avis Budget Car Rental 15/07/2027 .................................................. 18,383 0.1414,000 3.850% BAE Systems Holdings 15/12/2025................................................... 15,876 0.1230,000 9.750% Banff Merger Sub 01/09/2026 .............................................................. 32,404 0.2514,000 4.183% Bank of America 25/11/2027................................................................. 16,241 0.13

6,000 4.875% BankUnited 17/11/2025 ........................................................................... 6,903 0.0520,000 5.125% BankUnited 11/06/2030 ........................................................................... 23,393 0.18

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 158

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

5,000 7.250% Belo 15/09/2027........................................................................................... 5,750 0.0445,000 7.750% Belo 01/06/2027........................................................................................... 52,425 0.41

2,000 2.850% Berkshire Hathaway Finance 15/10/2050...................................... 2,142 0.0220,000 4.875% Block Communications 01/03/2028.................................................. 20,600 0.16

2,000 3.100% BMW US Capital 12/04/2021................................................................. 2,014 0.0212,000 4.875% Boise Cascade 01/07/2030..................................................................... 12,990 0.1014,000 4.750% Boyd Gaming 01/12/2027........................................................................ 14,543 0.1135,000 6.375% Boyd Gaming 01/04/2026........................................................................ 36,372 0.28

5,000 2.772% BP Capital Markets America 10/11/2050....................................... 4,983 0.0424,000 3.543% BP Capital Markets America 06/04/2027....................................... 27,314 0.21

3,000 4.700% Brighthouse Financial 22/06/2047..................................................... 3,133 0.023,000 5.625% Brighthouse Financial 15/05/2030..................................................... 3,703 0.03

29,000 4.625% Brink’s 15/10/2027 ..................................................................................... 30,305 0.235,000 0.750% Bristol-Myers Squibb 13/11/2025 ...................................................... 5,034 0.045,000 4.625% Bristol-Myers Squibb 15/05/2044 ...................................................... 6,808 0.052,000 4.150% Broadcom 15/11/2030 .............................................................................. 2,316 0.022,000 5.000% Broadcom 15/04/2030 .............................................................................. 2,431 0.02

10,000 4.125% Buckeye Partners 01/03/2025.............................................................. 10,125 0.0814,000 4.500% Buckeye Partners 01/03/2028.............................................................. 14,420 0.1125,000 5.000% C&S Group Enterprises 15/12/2028.................................................. 24,927 0.1932,000 6.375% Callon Petroleum 01/07/2026 .............................................................. 16,480 0.1330,000 3.750% Calpine 01/03/2031 .................................................................................... 29,710 0.23

4,000 0.500% Canadian Imperial Bank of Commerce 14/12/2023................. 4,011 0.033,000 0.950% Canadian Imperial Bank of Commerce 23/10/2025................. 3,043 0.024,000 2.250% Canadian Imperial Bank of Commerce 28/01/2025................. 4,249 0.033,000 2.950% Canadian Natural Resources 15/07/2030...................................... 3,209 0.022,000 6.125% Canadian Pacific Railway 15/09/2115 .............................................. 3,349 0.033,000 4.600% Cardinal Health 15/03/2043 .................................................................. 3,546 0.03

34,000 4.750% Cargo Aircraft Management 01/02/2028........................................ 35,062 0.275,000 7.625% Carnival 01/03/2026................................................................................... 5,447 0.042,000 2.700% Carrier Global 15/02/2031...................................................................... 2,149 0.022,000 2.722% Carrier Global 15/02/2030...................................................................... 2,139 0.025,000 3.377% Carrier Global 05/04/2040...................................................................... 5,485 0.04

15,000 5.375% Cascades 15/01/2028................................................................................ 15,942 0.126,000 1.100% Caterpillar Financial Services 14/09/2027 .................................... 6,062 0.05

51,000 4.250% Cenovus Energy 15/04/2027.................................................................. 55,693 0.4313,000 5.125% Central Garden & Pet 01/02/2028...................................................... 13,825 0.1117,000 5.125% CenturyLink 15/12/2026 .......................................................................... 17,951 0.1444,000 7.500% CenturyLink 01/04/2024 .......................................................................... 49,830 0.3917,000 6.375% ChampionX 01/05/2026............................................................................ 17,170 0.13

5,000 3.850% Charter Communications Operating 01/04/2061....................... 5,041 0.044,000 4.800% Charter Communications Operating 01/03/2050....................... 4,778 0.042,000 5.375% Charter Communications Operating 01/04/2038....................... 2,498 0.024,000 6.384% Charter Communications Operating 23/10/2035....................... 5,480 0.043,000 3.700% Cheniere Corpus Christi Holdings 15/11/2029 ........................... 3,340 0.03

21,000 4.625% Cheniere Energy 15/10/2028................................................................. 22,050 0.17

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

159 Schedule of Investments

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

25,000 4.500% Cheniere Energy Partners 01/10/2029............................................ 26,444 0.202,000 1.018% Chevron 12/08/2027................................................................................... 2,010 0.02

18,000 1.554% Chevron 11/05/2025................................................................................... 18,720 0.153,000 3.300% Chevron Phillips Chemical 01/05/2023........................................... 3,175 0.02

18,000 5.625% CHS 15/03/2027 ........................................................................................... 19,355 0.155,000 4.450% Citigroup 29/09/2027................................................................................. 5,911 0.05

15,000 5.875% Citigroup 22/02/2033................................................................................. 20,226 0.169,000 6.000% Citigroup 31/10/2033................................................................................. 12,369 0.105,000 2.638% Citizens Financial Group 30/09/2032................................................ 5,268 0.04

25,000 4.750% Clearwater Paper 15/08/2028 .............................................................. 25,875 0.2025,000 5.000% Clearway Energy Operating 15/09/2026 ......................................... 25,875 0.2020,000 5.750% Clearway Energy Operating 15/10/2025 ......................................... 21,050 0.1636,000 6.750% Cleveland - Cl 15/03/2026...................................................................... 38,880 0.3019,000 5.750% Cleveland-Cliffs 01/03/2025.................................................................. 19,285 0.15

4,000 1.875% CNH Industrial Capital 15/01/2026.................................................... 4,189 0.033,000 4.200% CNH Industrial Capital 15/01/2024.................................................... 3,291 0.03

30,000 5.375% Cogent Communications Group 01/03/2022 ................................ 30,862 0.242,000 3.250% Colonial Enterprises 15/05/2030 ........................................................ 2,262 0.023,000 4.150% Colorado Interstate Gas 15/08/2026................................................. 3,409 0.03

50,000 6.250% Colt Merger Sub 01/07/2025................................................................. 53,250 0.41

4,0004.150% Columbia Property Trust Operating Partnership01/04/2025 ....................................................................................................................... 4,219 0.03

4,000 2.450% Comcast 15/08/2052.................................................................................. 3,882 0.033,000 3.300% Comcast 01/02/2027.................................................................................. 3,385 0.032,000 3.750% Comcast 01/04/2040.................................................................................. 2,416 0.028,000 3.900% Comcast 01/03/2038.................................................................................. 9,791 0.08

29,000 5.750% Commercial Metals 15/04/2026.......................................................... 29,942 0.235,000 7.000% Conagra Brands 01/10/2028 ................................................................. 6,741 0.05

16,000 7.250% Conn’s 15/07/2022...................................................................................... 15,680 0.122,000 3.950% Consolidated Edison of New York 01/04/2050............................. 2,437 0.025,000 4.375% Continental Resources 15/01/2028................................................... 5,126 0.04

14,000 5.750% Continental Resources 15/01/2031................................................... 15,540 0.1217,000 5.450% Corning 15/11/2079.................................................................................... 23,337 0.1835,000 6.500% Coty 15/04/2026 ........................................................................................... 34,035 0.2630,000 5.000% Covanta Holding 01/09/2030................................................................. 32,098 0.25

4,000 5.125% Credit Acceptance 31/12/2024............................................................. 4,160 0.0329,000 6.625% Credit Acceptance 15/03/2026............................................................. 30,885 0.2460,000 5.250% CSC Holdings 01/06/2024....................................................................... 64,944 0.5026,000 5.250% CTR Partnership 01/06/2025 ................................................................ 26,896 0.2142,000 6.750% Cushman & Wakefield US Borrower 15/05/2028 ...................... 46,305 0.36

2,000 2.700% CVS Health 21/08/2040 ............................................................................ 2,023 0.022,000 4.250% CVS Health 01/04/2050 ............................................................................ 2,502 0.027,000 4.780% CVS Health 25/03/2038 ............................................................................ 8,869 0.072,000 5.050% CVS Health 25/03/2048 ............................................................................ 2,711 0.02

14,000 5.375% Dana 15/11/2027.......................................................................................... 14,840 0.1225,000 7.625% Dave & Buster’s 01/11/2025 ................................................................. 26,313 0.20

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 160

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

11,000 5.625% DCP Midstream Operating 15/07/2027 ........................................... 12,210 0.095,000 6.750% DCP Midstream Operating 15/09/2037 ........................................... 5,400 0.048,000 8.100% Dell International 15/07/2036............................................................... 11,831 0.097,175 4.500% Delta Air Lines 20/10/2025..................................................................... 7,669 0.065,000 4.750% Delta Air Lines 20/10/2028..................................................................... 5,458 0.04

22,000 7.000% Delta Air Lines 01/05/2025..................................................................... 25,400 0.205,000 3.500% Diamondback Energy 01/12/2029 ...................................................... 5,342 0.04

25,000 8.500% Diebold Nixdorf 15/04/2024................................................................... 25,313 0.208,000 9.375% Diebold Nixdorf 15/07/2025................................................................... 8,960 0.078,000 5.300% Discovery Communications 15/05/2049 ......................................... 10,555 0.08

20,000 7.250% Dole Food 15/06/2025............................................................................... 20,400 0.165,000 5.100% Dominion Energy 01/06/2065 ............................................................... 7,880 0.06

10,000 5.250% Dominion Energy 01/08/2033 ............................................................... 13,115 0.1022,000 6.750% Domtar 15/02/2044 .................................................................................... 27,890 0.2224,000 8.250% Donnelley Financial Solutions 15/10/2024.................................... 25,440 0.20

3,000 3.950% DTE Electric 01/03/2049.......................................................................... 3,891 0.033,000 4.750% Emera US Finance 15/06/2046............................................................ 3,836 0.034,000 0.875% Emerson Electric 15/10/2026............................................................... 4,026 0.034,000 4.950% Enable Midstream Partners 15/05/2028 ........................................ 4,135 0.03

13,000 5.750% Endeavor Energy Resources 30/01/2028 ....................................... 14,023 0.1131,000 6.000% Endo 30/06/2028.......................................................................................... 26,350 0.2020,000 4.375% Energizer Holdings 31/03/2029........................................................... 20,710 0.16

3,000 4.900% Energy Transfer Operating 15/03/2035........................................... 3,303 0.036,000 6.125% Energy Transfer Operating 15/12/2045........................................... 7,088 0.05

43,000 8.500% Enova International 01/09/2024 .......................................................... 41,710 0.326,000 8.500% Enova International 15/09/2025 .......................................................... 5,835 0.058,000 4.950% Enstar Group 01/06/2029........................................................................ 9,049 0.07

17,000 4.500% Entergy Texas 30/03/2039 ...................................................................... 21,464 0.174,000 3.700% Enterprise Products Operating 31/01/2051.................................. 4,403 0.035,000 4.250% Enterprise Products Operating 15/02/2048.................................. 5,862 0.055,000 4.950% EOG Resources 15/04/2050................................................................... 6,777 0.052,000 1.750% Equinor 22/01/2026.................................................................................... 2,101 0.02

20,000 4.625% ESH Hospitality 01/10/2027 ................................................................... 20,500 0.162,000 3.351% Essential Utilities 15/04/2050............................................................... 2,229 0.02

28,000 5.125% EW Scripps 15/05/2025............................................................................ 28,581 0.2236,000 5.125% EW Scripps 15/05/2025............................................................................ 36,746 0.28

3,000 4.700% Exelon 15/04/2050 ...................................................................................... 3,989 0.0334,000 7.875% Fairstone Financial 15/07/2024........................................................... 36,040 0.28

8,000 1.250% Federal Realty Investment Trust 15/02/2026 .............................. 8,147 0.06

5,0001.875% FedEx Corp 2020-1 Class AA Pass Through Trust20/02/2034 ....................................................................................................................... 5,148 0.04

14,000 7.250% First Niagara Financial Group 15/12/2021.................................... 14,891 0.1224,000 4.625% FirstCash 01/09/2028................................................................................ 24,750 0.19

6,000 7.375% FirstEnergy 15/11/2031 ........................................................................... 8,556 0.0721,000 4.500% FMG Resources August 2006 15/09/2027...................................... 23,331 0.1810,000 2.815% Ford Foundation 01/06/2070................................................................. 10,707 0.08

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

161 Schedule of Investments

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

41,000 4.750% Ford Motor 15/01/2043 ............................................................................ 41,820 0.324,000 7.450% Ford Motor 16/07/2031 ............................................................................ 5,130 0.04

33,000 4.125% Freeport-McMoRan 01/03/2028.......................................................... 34,609 0.2713,000 4.250% Freeport-McMoRan 01/03/2030.......................................................... 14,008 0.1125,000 4.375% Freeport-McMoRan 01/08/2028.......................................................... 26,562 0.2125,000 5.000% Frontier Communications 01/05/2028............................................. 26,063 0.2019,000 4.625% Garda World Security 15/02/2027 ...................................................... 19,190 0.15

9,000 9.500% Garda World Security 01/11/2027 ...................................................... 9,968 0.083,000 4.000% GATX 30/06/2030 ......................................................................................... 3,545 0.039,000 4.350% GATX 15/02/2024 ......................................................................................... 9,935 0.08

22,000 4.250% General Electric 01/05/2040 ................................................................. 26,009 0.202,000 4.350% General Electric 01/05/2050 ................................................................. 2,432 0.025,000 2.750% General Motors Financial 20/06/2025.............................................. 5,347 0.04

75,000 5.625% Genesis Energy 15/06/2024................................................................... 73,125 0.573,000 1.875% Genuine Parts 01/11/2030...................................................................... 2,977 0.02

21,000 6.500% Genworth Mortgage Holdings 15/08/2025..................................... 22,733 0.189,000 0.950% Georgia-Pacific 15/05/2026 ................................................................... 9,044 0.078,000 1.750% Georgia-Pacific 30/09/2025 ................................................................... 8,364 0.06

35,000 5.375% goeasy 01/12/2024...................................................................................... 36,400 0.2825,000 6.750% Golden Nugget 15/10/2024 .................................................................... 24,821 0.19

5,000 3.500% Goldman Sachs Group 16/11/2026.................................................... 5,613 0.042,000 3.800% Goldman Sachs Group 15/03/2030.................................................... 2,353 0.025,000 6.750% Goldman Sachs Group 01/10/2037.................................................... 7,651 0.069,000 2.000% Gray Oak Pipeline 15/09/2023 .............................................................. 9,140 0.074,000 3.450% Gray Oak Pipeline 15/10/2027 .............................................................. 4,178 0.03

25,000 5.750% Griffon 01/03/2028...................................................................................... 26,437 0.2034,000 5.500% GrubHub Holdings 01/07/2027 ............................................................ 35,657 0.2825,000 3.875% H&E Equipment Services 15/12/2028.............................................. 25,268 0.20

3,000 2.920% Halliburton 01/03/2030 ............................................................................ 3,162 0.022,000 4.750% Halliburton 01/08/2043 ............................................................................ 2,260 0.02

25,000 5.750% Harsco 31/07/2027 ..................................................................................... 26,438 0.2034,000 5.750% Harsco 31/07/2027 ..................................................................................... 35,955 0.2849,000 7.500% Harvest Midstream I 01/09/2028 ........................................................ 52,124 0.40

9,000 3.750% HAT Holdings I 15/09/2030 .................................................................... 9,338 0.0720,000 6.000% HAT Holdings I 15/04/2025 .................................................................... 21,400 0.1735,000 3.500% HCA 01/09/2030 ........................................................................................... 37,190 0.2928,000 7.875% Herbalife Nutrition 01/09/2025............................................................ 30,590 0.24

7,000 6.000% Hess 15/01/2040.......................................................................................... 8,648 0.0714,000 1.750% Hewlett Packard Enterprise 01/04/2026 ........................................ 14,499 0.11

8,000 6.200% Hewlett Packard Enterprise 15/10/2035 ........................................ 10,323 0.0839,000 9.500% Hi-Crush 01/08/2026................................................................................. 634 0.0058,000 5.000% Hilcorp Energy 01/12/2024 .................................................................... 57,734 0.4520,000 6.125% Hilton Grand Vacations Borrower 01/12/2024............................. 20,950 0.1625,000 7.250% HLF Financing 15/08/2026..................................................................... 26,523 0.2129,000 5.000% Holy Energy 01/02/2028........................................................................... 29,217 0.23

4,000 0.483% Honeywell International 19/08/2022................................................. 4,006 0.03

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 162

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

2,000 3.375% Host Hotels & Resorts 15/12/2029.................................................... 2,057 0.026,000 3.500% Host Hotels & Resorts 15/09/2030.................................................... 6,321 0.05

35,000 6.625% Hughes Satellite Systems 01/08/2026............................................. 39,601 0.312,000 4.200% Huntington Ingalls Industries 01/05/2030..................................... 2,365 0.025,000 4.500% Huntsman International 01/05/2029................................................. 5,761 0.043,000 3.400% Hyundai Capital America 20/06/2024............................................... 3,199 0.023,000 3.500% Illinois Tool Works 01/03/2024 ............................................................ 3,264 0.03

35,000 5.450% Ingram Micro 15/12/2024 ....................................................................... 40,258 0.31

8,0000.750% International Bank for Reconstruction & Development24/11/2027 ....................................................................................................................... 8,005 0.06

7,0003.125% International Bank for Reconstruction & Development20/11/2025 ....................................................................................................................... 7,903 0.06

2,000 3.500% Interstate Power & Light ........................................................................ 2,299 0.0250,000 7.000% Intertape Polymer Group 15/10/2026............................................... 53,025 0.4110,000 4.250% iStar 01/08/2025........................................................................................... 9,875 0.0839,000 5.000% Jaguar Holding II 15/06/2028 ............................................................... 41,632 0.3215,000 7.125% JB Poindexter 15/04/2026 ...................................................................... 15,863 0.12

5,000 2.875% Kansas City Southern 15/11/2029...................................................... 5,420 0.043,000 4.700% Kansas City Southern 01/05/2048...................................................... 3,777 0.03

21,000 5.125% KAR Auction Services 01/06/2025...................................................... 21,610 0.172,000 3.300% Kentucky Utilities 01/06/2050............................................................... 2,266 0.024,000 5.050% Kinder Morgan 15/02/2046 .................................................................... 4,883 0.04

51,000 6.625% Kinder Morgan 01/10/2028 .................................................................... 59,922 0.466,000 4.200% Kirby 01/03/2028.......................................................................................... 6,655 0.057,000 5.550% Kohl’s 17/07/2045 ....................................................................................... 7,541 0.062,000 9.500% Kohl’s 15/05/2025 ....................................................................................... 2,594 0.02

29,000 4.625% Korn Ferry 15/12/2027 ............................................................................. 30,160 0.237,000 4.875% Kraft Heinz Foods 01/10/2049.............................................................. 8,166 0.06

33,000 4.250% Ladder Capital Finance Holdings 01/02/2027 ............................. 32,422 0.2530,000 4.625% Lamb Weston Holdings 01/11/2024.................................................. 31,275 0.2425,000 6.500% LD Holdings Group 01/11/2025 ........................................................... 26,313 0.2024,000 4.375% Legacy LifePoint Health 15/02/2027................................................. 24,030 0.1950,000 5.500% Lehman Brothers Holdings 04/04/2016^....................................... 475 0.0033,000 6.750% Lehman Brothers Holdings 28/12/2017^....................................... 3 0.0043,000 7.500% Lehman Brothers Holdings 11/05/2038^....................................... 4 0.0027,000 5.857% Lehman Brothers Holdings Capital Trust VII (perpetual) ^ . 3 0.00

3,000 2.300% Leidos 15/02/2031 ...................................................................................... 3,055 0.023,000 3.625% Leidos 15/05/2025 ...................................................................................... 3,354 0.033,000 4.375% Leidos 15/05/2030 ...................................................................................... 3,592 0.033,000 2.050% Liberty Utilities Finance GP 1 15/09/2030 ..................................... 3,016 0.025,000 3.750% Live Nation Entertainment 15/01/2028 ........................................... 5,052 0.04

19,000 4.750% Live Nation Entertainment 15/10/2027 ........................................... 19,473 0.152,000 3.800% LYB International Finance III 01/10/2060....................................... 2,148 0.029,000 6.600% Marathon Oil 01/10/2037......................................................................... 11,125 0.097,000 6.800% Marathon Oil 15/03/2032......................................................................... 8,629 0.073,000 2.375% Mars 16/07/2040.......................................................................................... 3,073 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

163 Schedule of Investments

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

5,000 2.000% Masco 01/10/2030....................................................................................... 5,091 0.0425,000 4.625% Mattamy Group 01/03/2030 ................................................................... 26,500 0.21

5,000 3.625% McDonald’s 01/09/2049 ........................................................................... 5,868 0.055,000 4.200% McDonald’s 01/04/2050 ........................................................................... 6,428 0.05

30,000 6.500% MEG Energy 15/01/2025 .......................................................................... 30,901 0.2425,000 7.125% MEG Energy Corp 01/02/2027 .............................................................. 25,813 0.20

20,0005.750% MGM Growth Properties Operating Partnership01/02/2027 ....................................................................................................................... 22,437 0.17

25,000 8.125% Mineral Resources 01/05/2027............................................................ 27,656 0.2143,000 5.000% Minerals Technologies 01/07/2028 ................................................... 44,995 0.35

9,000 4.250% Moog 15/12/2027......................................................................................... 9,338 0.0725,000 4.250% Moog 15/12/2027......................................................................................... 25,938 0.2014,000 3.625% Morgan Stanley 20/01/2027................................................................... 16,033 0.12

1,000 5.000% Morgan Stanley 24/11/2025................................................................... 1,195 0.0125,000 5.750% MPH Acquisition Holdings 01/11/2028 ............................................ 24,570 0.19

3,000 2.650% MPLX 15/08/2030 ........................................................................................ 3,144 0.0211,000 3.500% MPT Operating Partnership 15/03/2031......................................... 11,358 0.0946,000 4.750% Murphy Oil USA 15/09/2029................................................................... 48,932 0.3811,000 5.875% National CineMedia 15/04/2028.......................................................... 9,295 0.07

5,000 1.350% National Rural Utilities Cooperative Finance 15/03/2031..... 4,934 0.0435,000 3.625% NCL 15/12/2024 ........................................................................................... 33,250 0.26

9,000 5.875% NCL Corp 15/03/2026 ............................................................................... 9,466 0.0740,000 4.375% Netflix 15/11/2026....................................................................................... 44,350 0.3425,000 4.875% Netflix 15/06/2030....................................................................................... 28,750 0.2220,000 6.125% Newmark Group 15/11/2023................................................................. 21,729 0.1725,000 4.250% NextEra Energy Operating Partners LP 15/07/2024................ 26,750 0.21

4,000 4.375% NGPL PipeCo 15/08/2022 ....................................................................... 4,167 0.0323,000 5.000% Nielsen 01/02/2025 .................................................................................... 23,604 0.18

9,000 5.000% Nielsen Finance 15/04/2022 ................................................................. 9,024 0.078,000 5.625% Nielsen Finance 01/10/2028 ................................................................. 8,692 0.07

14,000 5.875% Nielsen Finance 01/10/2030 ................................................................. 15,838 0.1217,000 8.750% Nine Energy Service 01/11/2023......................................................... 7,565 0.0616,000 7.375% NMI Holdings 01/06/2025 ....................................................................... 17,920 0.14

2,000 4.200% Noble Energy 15/10/2049 ....................................................................... 2,606 0.023,000 5.250% Noble Energy 15/11/2043 ....................................................................... 4,309 0.035,000 4.100% Norfolk Southern ........................................................................................ 6,288 0.057,000 3.375% NRG Energy 15/02/2029 .......................................................................... 7,167 0.06

25,000 3.625% NRG Energy 15/02/2031 .......................................................................... 25,720 0.202,000 3.950% NSTAR Electric 01/04/2030 ................................................................... 2,426 0.02

38,000 6.375% NuStar Logistics 01/10/2030 ................................................................ 43,046 0.334,000 3.700% NVIDIA 01/04/2060 ..................................................................................... 5,140 0.04

20,000 5.875% Occidental Petroleum 01/09/2025 ..................................................... 21,300 0.1712,000 6.125% Occidental Petroleum 01/01/2031 ..................................................... 12,842 0.1030,000 6.375% Occidental Petroleum 01/09/2028 ..................................................... 31,650 0.25

3,000 3.375% Omega Healthcare Investors 01/02/2031 ...................................... 3,145 0.0220,000 3.875% ON Semiconductor 01/09/2028 ........................................................... 20,700 0.16

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 164

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

21,000 5.375% OneMain Finance 15/11/2029............................................................... 23,625 0.183,000 6.650% ONEOK 01/10/2036..................................................................................... 3,791 0.032,000 7.150% ONEOK 15/01/2051..................................................................................... 2,762 0.02

11,000 2.500% Oracle 01/04/2025....................................................................................... 11,822 0.0910,000 4.300% Owens Corning 15/07/2047.................................................................... 12,020 0.09

2,000 3.500% Pacific Gas and Electric 01/08/2050 ................................................. 1,988 0.025,000 4.300% Pacific Gas and Electric 15/03/2045 ................................................. 5,331 0.04

42,000 7.500% Par Pharmaceutical 01/04/2027......................................................... 45,570 0.3530,000 5.875% Park Intermediate Holdings 01/10/2028 ........................................ 31,950 0.2512,000 4.500% Pattern Energy Operations 15/08/2028........................................... 12,660 0.1023,000 4.500% Pattern Energy Operations 15/08/2028........................................... 24,265 0.1926,000 6.000% PBF Holding 15/02/2028 ......................................................................... 14,853 0.12

5,000 3.000% PECO Energy 15/09/2049........................................................................ 5,515 0.042,000 3.350% Penske Truck Leasing 01/11/2029 .................................................... 2,177 0.02

11,000 3.400% Penske Truck Leasing 15/11/2026 .................................................... 12,231 0.095,000 4.200% Penske Truck Leasing 01/04/2027 .................................................... 5,752 0.04

22,000 5.500% Performance Food Group 15/10/2027 ............................................. 23,210 0.184,000 2.150% Phillips 66 15/12/2030 .............................................................................. 4,061 0.034,000 3.150% Piedmont Operating Partnership 15/08/2030.............................. 4,096 0.03

25,000 5.875% Pilgrim’s Pride 30/09/2027.................................................................... 27,115 0.215,000 1.900% Pioneer Natural Resources 15/08/2030 ......................................... 4,956 0.042,000 4.300% Plains All American Pipeline 31/01/2043....................................... 1,968 0.02

26,000 5.250% Prime Security Services Borrower 15/04/2024 .......................... 27,755 0.2225,000 5.750% Prime Security Services Borrower 15/04/2026 .......................... 27,375 0.2117,000 6.250% Prime Security Services Borrower 15/01/2028 .......................... 18,251 0.14

4,000 0.500% Principal Life Global Funding II 08/01/2024 ................................. 4,009 0.039,000 1.500% Prudential Financial 10/03/2026......................................................... 9,338 0.073,000 3.700% Public Service of Colorado 15/06/2028 ........................................... 3,498 0.035,000 4.100% Public Service of Colorado 15/06/2048 ........................................... 6,496 0.05

20,000 3.625% Quicken Loans 01/03/2029..................................................................... 20,400 0.164,000 1.750% Regeneron Pharmaceuticals 15/09/2030 ...................................... 3,939 0.032,000 2.800% Regeneron Pharmaceuticals 15/09/2050 ...................................... 1,940 0.02

14,000 7.375% Regions Financial 10/12/2037.............................................................. 21,363 0.175,000 2.150% Reliance Steel & Aluminum 15/08/2030 ........................................ 5,137 0.042,000 2.125% Rexford Industrial Realty 01/12/2030............................................... 2,003 0.025,000 1.875% Ross Stores 15/04/2031........................................................................... 5,020 0.044,000 4.500% Sabine Pass Liquefaction 15/05/2030.............................................. 4,741 0.04

23,000 5.125% Sabra Health Care 15/08/2026 ............................................................ 25,643 0.202,000 3.244% Santander Holdings USA 05/10/2026............................................... 2,172 0.027,000 4.000% Schlumberger Holdings 21/12/2025................................................. 7,954 0.063,000 5.375% Scripps Escrow II 15/01/2031............................................................... 3,128 0.02

40,000 8.750% SeaWorld Parks & Entertainment 01/05/2025............................ 43,200 0.339,000 4.375% Service Properties Trust 15/02/2030................................................ 8,775 0.074,000 4.750% Service Properties Trust 01/10/2026................................................ 3,950 0.032,000 5.500% Service Properties Trust 15/12/2027................................................ 2,187 0.02

13,000 4.625% Shift4 Payments 01/11/2026 ................................................................. 13,520 0.10

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

165 Schedule of Investments

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

25,000 4.125% Silgan Holdings 01/02/2028................................................................... 25,969 0.2021,000 4.750% Silgan Holdings 15/03/2025................................................................... 21,341 0.1725,000 7.250% Silversea Cruise Finance 01/02/2025............................................... 25,875 0.20

3,000 3.250% Simon Property Group 13/09/2049 .................................................... 3,072 0.024,000 4.250% Smithfield Foods 01/02/2027................................................................ 4,443 0.032,000 5.200% Smithfield Foods 01/04/2029................................................................ 2,381 0.023,000 3.125% Sonoco Products 01/05/2030................................................................ 3,334 0.03

25,000 7.375% Sotheby’s 15/10/2027................................................................................ 26,781 0.211,000 3.650% Southern California Edison 01/02/2050.......................................... 1,136 0.01

10,000 7.500% Southwestern Energy 01/04/2026...................................................... 10,490 0.0810,000 8.375% Southwestern Energy 15/09/2028...................................................... 10,850 0.0824,000 7.500% Spirit AeroSystems 15/04/2025........................................................... 25,740 0.2019,000 5.500% SS&C Technologies 30/09/2027.......................................................... 20,292 0.1620,000 3.375% Standard Industries 15/01/2031.......................................................... 20,100 0.16

3,000 3.400% Stanley Black & Decker 01/03/2026................................................. 3,397 0.0329,000 4.750% Starwood Property Trust 15/03/2025 ............................................... 29,725 0.23

4,000 5.500% Starwood Property Trust 01/11/2023 ............................................... 4,180 0.0329,000 7.500% SunCoke Energy Partners 15/06/2025 ............................................ 28,788 0.22

5,000 5.950% Suncor Energy 15/05/2035..................................................................... 6,474 0.052,000 5.350% Sunoco Logistics Partners Operations 15/05/2045.................. 2,203 0.025,000 3.750% Suzano Austria 15/01/2031.................................................................... 5,305 0.04

17,000 4.500% Synchrony Financial 23/07/2025......................................................... 19,124 0.159,000 2.400% Sysco 15/02/2030 ........................................................................................ 9,365 0.074,000 5.950% Sysco 01/04/2030 ........................................................................................ 5,256 0.042,000 6.600% Sysco 01/04/2050 ........................................................................................ 3,080 0.02

50,000 6.625% Talen Energy Supply 15/01/2028 ........................................................ 52,250 0.4017,000 4.875% Targa Reouscers Partners 01/02/2031........................................... 18,523 0.1410,000 6.250% Teck Resources 15/07/2041.................................................................. 12,785 0.1040,000 6.500% Telesat 15/10/2027..................................................................................... 41,800 0.32

5,000 5.750% Tempo Acquisition 01/06/2025............................................................. 5,313 0.0415,000 6.750% Tempo Acquisition 01/06/2025............................................................. 15,503 0.1225,000 4.625% Tenet Healthcare 15/07/2024............................................................... 25,626 0.2037,000 6.125% Tenet Healthcare 01/10/2028............................................................... 38,553 0.3036,000 8.875% Terrier Media Buyer 15/12/2027......................................................... 39,690 0.31

4,000 6.550% Time Warner Cable 01/05/2037........................................................... 5,491 0.049,000 2.250% T-Mobile USA 15/11/2031....................................................................... 9,237 0.073,000 3.600% T-Mobile USA 15/11/2060....................................................................... 3,184 0.024,000 3.461% Total Capital International 12/07/2049............................................ 4,654 0.04

20,000 6.500% Tronox 15/04/2026...................................................................................... 20,825 0.164,000 2.950% Union Electric 15/06/2027...................................................................... 4,418 0.03

18,000 4.875% United Airlines Holdings 15/01/2025................................................ 17,713 0.1417,000 5.000% United Airlines Holdings 01/02/2024................................................ 16,873 0.13

3,000 3.900% United Parcel Service 01/04/2025...................................................... 3,389 0.036,000 1.250% UnitedHealth Group 15/01/2026 ......................................................... 6,185 0.055,000 3.750% UnitedHealth Group 15/07/2025 ......................................................... 5,697 0.043,000 5.125% Univision Communications 15/02/2025 .......................................... 3,023 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 166

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 42.99%)(continued)

52,000 6.625% Univision Communications 01/06/2027 .......................................... 55,851 0.432,000 4.500% Unum Group 15/03/2025......................................................................... 2,265 0.02

11,000 4.000% Upjohn 22/06/2050 ..................................................................................... 12,603 0.1025,000 6.250% US Foods 15/04/2025................................................................................ 26,719 0.2123,000 6.875% USA Compression Partners 01/04/2026......................................... 24,035 0.19

3,000 2.150% Valero Energy 15/09/2027 ...................................................................... 3,065 0.025,000 4.375% Valero Energy Partners 15/12/2026.................................................. 5,788 0.042,000 2.850% VEREIT Operating Partnership 15/12/2032................................... 2,091 0.029,000 1.500% Verizon Communications 18/09/2030 .............................................. 8,866 0.073,000 2.987% Verizon Communications 30/10/2056 .............................................. 3,020 0.024,000 3.000% Verizon Communications 20/11/2060 .............................................. 4,040 0.035,000 4.272% Verizon Communications 15/01/2036 .............................................. 6,201 0.052,000 4.400% Verizon Communications 01/11/2034 .............................................. 2,496 0.02

18,000 4.375% Viacom 15/03/2043..................................................................................... 21,266 0.163,000 13.000% Viking Cruises 15/05/2025................................................................... 3,585 0.032,000 0.750% Visa 15/08/2027............................................................................................ 1,994 0.02

20,000 5.000% VOC Escrow 15/02/2028 .......................................................................... 19,850 0.155,000 4.875% Vodafone Group ........................................................................................... 6,682 0.058,000 5.250% Vodafone Group 30/05/2048 .................................................................. 11,144 0.095,000 2.750% Walt Disney 01/09/2049 ........................................................................... 5,290 0.04

52,020 8.625% Waterford Gaming (perpetual) ^......................................................... 375 0.008,000 4.300% Wells Fargo & Co 22/07/2027............................................................... 9,374 0.072,000 5.950% Wells Fargo & Co 15/12/2036............................................................... 2,681 0.025,000 3.375% Westlake Chemical 15/06/2030........................................................... 5,500 0.049,000 5.750% Williams 24/06/2044.................................................................................. 11,664 0.09

25,000 6.000% Wyndham Destinations 01/04/2027................................................... 28,000 0.225,000 6.500% Xcel Energy 01/07/2036 ........................................................................... 7,509 0.062,000 3.148% Yara International 04/06/2030.............................................................. 2,166 0.02

56,000 6.125% Zayo Group Holdings 01/03/2028 ....................................................... 59,220 0.46

UNITED STATES DOLLAR - TOTAL.................................................................... 6,556,488 50.81

FIXED INCOME SECURITIES - TOTAL.............................................................. 9,775,301 75.75

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 3.73%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 0.82%)

4,063 3.500% JP Morgan Mortgage Trust 2018-1 25/06/2048.......................... 4,074 0.03

UNITED STATES DOLLAR - TOTAL.................................................................... 4,074 0.03

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

167 Schedule of Investments

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDSEURO (31 DECEMBER 2019: 1.77%)

100,000 1.375% Danske Bank 12/02/2030........................................................................ 124,161 0.96

EURO - TOTAL ............................................................................................................... 124,161 0.96

UNITED STATES DOLLAR (31 DECEMBER 2019: 1.14%)8,000 1.486% Bank of America 19/05/2024................................................................. 8,187 0.065,000 1.898% Bank of America 23/07/2031................................................................. 5,052 0.04

17,000 2.456% Bank of America 22/10/2025................................................................. 18,123 0.147,000 3.705% Bank of America 24/04/2028................................................................. 7,969 0.065,000 4.875% BP Capital Markets (perpetual) .......................................................... 5,579 0.042,000 3.668% Citigroup 24/07/2028................................................................................. 2,267 0.024,000 4.750% CMS Energy 01/06/2050 .......................................................................... 4,506 0.042,000 5.750% Dominion Energy 01/10/2054 ............................................................... 2,229 0.023,000 6.000% EnLink Midstream Partners (perpetual)........................................ 1,747 0.013,000 5.250% Enterprise Products Operating 16/08/2077.................................. 3,042 0.02

14,000 5.000% Goldman Sachs Group (perpetual).................................................... 14,140 0.115,000 0.653% JPMorgan Chase & Co 16/09/2024 ................................................... 5,026 0.04

19,000 2.005% JPMorgan Chase & Co 13/03/2026 ................................................... 19,957 0.1513,000 2.525% JPMorgan Chase & Co 19/11/2041 ................................................... 13,342 0.10

2,000 2.956% JPMorgan Chase & Co 13/05/2031 ................................................... 2,193 0.0213,000 6.125% JPMorgan Chase & Co (perpetual) ................................................... 14,170 0.11

4,000 4.061% Manulife Financial 24/02/2032............................................................. 4,374 0.032,000 3.622% Morgan Stanley 01/04/2031................................................................... 2,326 0.023,000 4.750% National Rural Utilities Cooperative Finance 30/04/2043..... 3,158 0.027,000 5.900% New York Community Bancorp 06/11/2028.................................. 7,266 0.063,000 5.625% Prudential Financial 15/06/2043......................................................... 3,217 0.032,000 5.700% Prudential Financial 15/09/2048......................................................... 2,309 0.023,000 4.000% Stanley Black & Decker 15/03/2060................................................. 3,194 0.038,000 4.700% Voya Financial 23/01/2048...................................................................... 8,312 0.068,000 3.068% Wells Fargo & Co 30/04/2041............................................................... 8,702 0.07

UNITED STATES DOLLAR - TOTAL.................................................................... 170,387 1.32

VARIABLE RATE SECURITIES - TOTAL........................................................... 298,622 2.31

COLLATERALISED MORTGAGE OBLIGATIONS (31 DECEMBER2019: 28.43%)UNITED STATES DOLLAR (31 DECEMBER 2019: 28.43%)

55,000 3.000% BA Credit Card Trust 15/09/2023 ....................................................... 55,432 0.4310,000 3.933% BANK 2019-BNK16 15/02/2052........................................................... 10,751 0.0815,000 3.933% Benchmark 2019-B9 Mortgage Trust 15/03/2052 .................... 17,367 0.1325,000 2.000% Fannie Mae or Freddie Mac 16/01/2036......................................... 26,137 0.20

115,000 2.000% Fannie Mae or Freddie Mac 14/01/2051......................................... 119,461 0.9340,000 2.500% Fannie Mae or Freddie Mac 14/01/2051......................................... 42,166 0.33

1,986 1.903% Fannie Mae Pool 01/09/2035 ................................................................ 2,060 0.0223,550 2.000% Fannie Mae Pool 01/07/2035 ................................................................ 24,617 0.1924,854 2.000% Fannie Mae Pool 01/11/2035 ................................................................ 26,208 0.20

690 2.325% Fannie Mae Pool 01/10/2040 ................................................................ 719 0.01

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 168

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

COLLATERALISED MORTGAGE OBLIGATIONS (31 DECEMBER2019: 28.43%)(continued)UNITED STATES DOLLAR (31 DECEMBER 2019: 28.43%)(continued)

332 2.327% Fannie Mae Pool 01/10/2040 ................................................................ 347 0.0010,744 2.500% Fannie Mae Pool 01/12/2026 ................................................................ 11,225 0.0973,273 2.500% Fannie Mae Pool 01/07/2031 ................................................................ 76,590 0.5918,911 2.500% Fannie Mae Pool 01/05/2050 ................................................................ 20,064 0.1681,403 2.500% Fannie Mae Pool 01/06/2050 ................................................................ 85,885 0.6724,294 2.500% Fannie Mae Pool 01/07/2050 ................................................................ 25,950 0.20

2,165 2.791% Fannie Mae Pool 01/05/2040 ................................................................ 2,255 0.02298 2.824% Fannie Mae Pool 01/05/2037 ................................................................ 310 0.00

1,189 2.947% Fannie Mae Pool 01/08/2035 ................................................................ 1,250 0.0156,387 3.000% Fannie Mae Pool 01/03/2030 ................................................................ 60,526 0.4719,623 3.000% Fannie Mae Pool 01/10/2030 ................................................................ 20,619 0.1614,808 3.000% Fannie Mae Pool 01/02/2033 ................................................................ 15,561 0.1238,702 3.000% Fannie Mae Pool 01/11/2039 ................................................................ 40,567 0.31

3,200 3.000% Fannie Mae Pool 01/12/2042 ................................................................ 3,474 0.0313,061 3.000% Fannie Mae Pool 01/09/2046 ................................................................ 13,736 0.1122,908 3.000% Fannie Mae Pool 01/12/2046 ................................................................ 24,085 0.1984,893 3.000% Fannie Mae Pool 01/04/2047 ................................................................ 89,421 0.69

1 3.000% Fannie Mae Pool 01/04/2048 ................................................................ 0 0.0045,438 3.000% Fannie Mae Pool 01/09/2048 ................................................................ 47,665 0.3721,367 3.000% Fannie Mae Pool 01/03/2050 ................................................................ 22,700 0.18

705 3.035% Fannie Mae Pool 01/11/2036 ................................................................ 742 0.011,514 3.060% Fannie Mae Pool 01/10/2035 ................................................................ 1,591 0.015,790 3.500% Fannie Mae Pool 01/10/2028 ................................................................ 6,290 0.058,818 3.500% Fannie Mae Pool 01/10/2045 ................................................................ 9,616 0.07

32,927 3.500% Fannie Mae Pool 01/11/2045 ................................................................ 35,142 0.2719,293 3.500% Fannie Mae Pool 01/04/2048 ................................................................ 20,911 0.1623,773 4.000% Fannie Mae Pool 01/03/2039 ................................................................ 25,526 0.2071,461 4.000% Fannie Mae Pool 01/02/2045 ................................................................ 78,964 0.6122,821 4.000% Fannie Mae Pool 01/07/2047 ................................................................ 24,536 0.1948,426 4.000% Fannie Mae Pool 01/06/2048 ................................................................ 52,441 0.4133,119 4.000% Fannie Mae Pool 01/01/2049 ................................................................ 35,362 0.2720,039 4.000% Fannie Mae Pool 01/01/2049 ................................................................ 21,406 0.17

0 4.500% Fannie Mae Pool 01/06/2048 ................................................................ 0 0.005,487 5.000% Fannie Mae Pool 01/06/2040 ................................................................ 6,380 0.055,214 5.500% Fannie Mae Pool 01/08/2037 ................................................................ 6,130 0.05

570 5.500% Fannie Mae Pool 01/06/2038 ................................................................ 670 0.003,436 2.500% Freddie Mac Gold Pool 01/01/2028 ................................................... 3,617 0.03

19,503 2.500% Freddie Mac Gold Pool 01/11/2032 ................................................... 20,865 0.1621,053 3.500% Freddie Mac Gold Pool 01/03/2042 ................................................... 22,901 0.18

112,451 3.500% Freddie Mac Gold Pool 01/07/2045 ................................................... 121,996 0.94116,904 3.500% Freddie Mac Gold Pool 01/03/2048 ................................................... 126,836 0.98

20,122 4.000% Freddie Mac Gold Pool 01/01/2047 ................................................... 22,197 0.1772,303 4.500% Freddie Mac Gold Pool 01/03/2039 ................................................... 81,784 0.6336,278 4.500% Freddie Mac Gold Pool 01/07/2044 ................................................... 40,776 0.32

3,325 5.000% Freddie Mac Gold Pool 01/11/2043 ................................................... 3,860 0.03

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

169 Schedule of Investments

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

COLLATERALISED MORTGAGE OBLIGATIONS (31 DECEMBER2019: 28.43%)(continued)UNITED STATES DOLLAR (31 DECEMBER 2019: 28.43%)(continued)

307 6.500% Freddie Mac Gold Pool 01/05/2037 ................................................... 360 0.00199 2.360% Freddie Mac Non Gold Pool 01/02/2037......................................... 205 0.00

1,790 3.378% Freddie Mac Non Gold Pool 01/11/2037......................................... 1,890 0.0144,256 3.500% Freddie Mac Pool 01/08/2049............................................................... 47,416 0.3739,126 3.500% Freddie Mac Pool 01/04/2050............................................................... 41,304 0.3215,188 4.000% Freddie Mac Pool 01/07/2049............................................................... 16,461 0.1344,267 4.500% Freddie Mac Pool 01/07/2045............................................................... 49,645 0.38

7,074 3.000% Freddie Mac REMICS 15/09/2045....................................................... 7,288 0.0619,295 2.500% Ginnie Mae II Pool 20/05/2050 ............................................................. 20,430 0.1687,485 2.500% Ginnie Mae II Pool 20/06/2050 ............................................................. 92,654 0.7225,364 3.000% Ginnie Mae II Pool 20/01/2046 ............................................................. 27,026 0.2154,228 3.000% Ginnie Mae II Pool 20/04/2046 ............................................................. 57,740 0.4545,078 3.000% Ginnie Mae II Pool 20/05/2046 ............................................................. 48,033 0.37

129,856 3.000% Ginnie Mae II Pool 20/05/2050 ............................................................. 135,872 1.0523,934 3.500% Ginnie Mae II Pool 20/07/2046 ............................................................. 25,847 0.20

2,805 3.500% Ginnie Mae II Pool 20/03/2047 ............................................................. 3,011 0.0244,041 4.000% Ginnie Mae II Pool 20/05/2048 ............................................................. 47,374 0.3738,334 4.500% Ginnie Mae II Pool 20/10/2045 ............................................................. 42,707 0.3365,000 4.145% ILPT Trust 2019-SURF 11/02/2041.................................................... 76,119 0.59

UNITED STATES DOLLAR - TOTAL.................................................................... 2,399,069 18.59

COLLATERALISED MORTGAGE OBLIGATIONS - TOTAL ....................... 2,399,069 18.59

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 11,948,745)................................................................ 12,472,992 96.65

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 12,472,992 96.65

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: (0.02%))

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

14/01/2021 JP Morgan Chase Bank EUR 6,000 USD 7,155 188 0.0014/01/2021 JP Morgan Chase Bank USD 2,379 EUR 2,000 (69) 0.0014/01/2021 JP Morgan Chase Bank USD 5,319 EUR 4,500 (188) 0.0014/01/2021 JP Morgan Chase Bank USD 177,296 EUR 150,000 (6,280) (0.05)25/02/2021 JP Morgan Chase Bank USD 443,320 EUR 373,000 (13,605) (0.10)15/01/2021 State Street Bank & Trust Co.1 SGD 202,145 USD 151,128 1,823 0.0115/01/2021 State Street Bank & Trust Co.1 SGD 8,570 USD 6,428 56 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 525 USD 393 5 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 1,099 USD 826 5 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 170

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: (0.02%)) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

15/01/2021 State Street Bank & Trust Co.1 SGD 1,019 USD 769 3 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 2,080 0.01Unrealised loss on open forward foreign currency exchange contracts ....................................... (20,142) (0.15)Net unrealised loss on open forward foreign currency exchange contracts ........................... (18,062) (0.14)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 12,454,930 96.51

CASH............................................................................................................................. 537,356 4.16

OTHER NET LIABILITIES................................................................................... (87,263) (0.67)

TOTAL VALUE OF SUB-FUND ........................................................................ 12,905,023 100.00

*Suspended security.^Investment classified within Level 3.1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A5H.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 48.27Transferable securities dealt in on another regulated market.................................................................................... 28.78Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) ................................ 17.76Over-the-counter financial derivative instruments............................................................................................................. 0.02Other current assets............................................................................................................................................................................ 5.17

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

171 Schedule of Investments

PINEBRIDGE GREATER CHINA EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 97.34%)CHINA (31 DECEMBER 2019: 47.74%)

15,345 Alibaba Group Holding (ADR) ................................................................................ 3,658,095 4.927,716 Baidu (ADR)..................................................................................................................... 1,694,665 2.28

874,200 Baoshan Iron & Steel ................................................................................................ 796,199 1.0736,500 Blue Moon Group Holdings .................................................................................... 71,851 0.10

3,292,000 China Construction Bank ........................................................................................ 2,501,274 3.361,024,000 China Longyuan Power Group.............................................................................. 1,026,378 1.381,706,000 China Minsheng Banking ........................................................................................ 972,719 1.31

257,800 China Pacific Insurance Group............................................................................. 1,009,318 1.36611,500 China Shenhua Energy ............................................................................................. 1,151,690 1.55798,000 China Southern Airlines........................................................................................... 475,588 0.64923,000 China State Construction Engineering ............................................................ 702,186 0.94820,000 CIFI Holdings Group................................................................................................... 694,969 0.94

1,776,000 Dongfeng Motor Group............................................................................................. 2,071,084 2.79142,900 Gree Electric Appliances ......................................................................................... 1,354,869 1.82300,000 Haitian International Holdings ............................................................................. 1,037,152 1.40

1,121,600 Haitong Securities....................................................................................................... 1,002,669 1.353,567,255 Industrial & Commercial Bank of China......................................................... 2,314,666 3.11

45,600 Pharmaron Beijing...................................................................................................... 770,588 1.04113,000 Ping An Insurance Group Co of China.............................................................. 1,384,804 1.86

40,400 Shanghai Kindly Medical Instruments ............................................................. 213,934 0.2983,400 Tencent Holdings......................................................................................................... 6,067,802 8.16

344,100 Weifu High-Technology Group.............................................................................. 1,221,460 1.64437,400 Xiaomi ................................................................................................................................ 1,873,282 2.52216,722 Zhejiang Dahua Technology................................................................................... 659,830 0.89291,100 Zhengzhou Yutong Bus............................................................................................. 753,940 1.01745,500 Zhuzhou CRRC Times Electric ............................................................................. 3,250,503 4.37

CHINA - TOTAL ............................................................................................................. 38,731,515 52.10

HONDURAS (31 DECEMBER 2019: 5.51%)

HONG KONG (31 DECEMBER 2019: 15.96%)131,600 AIA Group......................................................................................................................... 1,612,745 2.17

54,800 Alibaba Group Holding.............................................................................................. 1,644,283 2.21371,000 BOC Hong Kong Holdings ....................................................................................... 1,124,677 1.51346,000 China Com Rich Rene Ene Invest*^................................................................... - 0.00

1,658,000 China Everbright Greentech .................................................................................. 731,471 0.99282,000 China Mobile................................................................................................................... 1,607,895 2.16216,000 China Resources Land.............................................................................................. 891,641 1.20168,500 CK Asset Holdings....................................................................................................... 865,106 1.16289,700 CK Hutchison Holdings ............................................................................................ 2,021,771 2.72127,000 CK Infrastructure Holdings.................................................................................... 682,346 0.92770,000 CNOOC............................................................................................................................... 713,184 0.96

2,063,000 Lee & Man Paper Manufacturing........................................................................ 1,689,893 2.27438,500 Lifestyle International Holdings........................................................................... 347,881 0.47

21,000 Meituan Dianping......................................................................................................... 798,065 1.07

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 172

PINEBRIDGE GREATER CHINA EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

HONG KONG (31 DECEMBER 2019: 15.96%) (continued)902,000 Sino Biopharmaceutical........................................................................................... 872,678 1.18

49,000 Sun Hung Kai Properties......................................................................................... 632,095 0.85124,800 VTech Holdings ............................................................................................................. 968,359 1.30720,000 WH Group......................................................................................................................... 603,715 0.81

HONG KONG - TOTAL................................................................................................ 17,807,805 23.95

SINGAPORE (31 DECEMBER 2019: NIL)76,300 BOC Aviation................................................................................................................... 659,456 0.89

SINGAPORE - TOTAL................................................................................................. 659,456 0.89

SWITZERLAND (31 DECEMBER 2019: 10.47%)

TAIWAN (31 DECEMBER 2019: 17.07%)89,000 Catcher Technology.................................................................................................... 652,502 0.88

586,499 Cathay Financial Holding......................................................................................... 881,898 1.19429,951 Hon Hai Precision Industry..................................................................................... 1,407,769 1.89

12,000 Largan Precision.......................................................................................................... 1,364,510 1.83377,000 Nanya Technology ....................................................................................................... 1,164,624 1.57373,969 Taiwan Semiconductor Manufacturing............................................................ 7,054,010 9.49171,000 Taiwan Union Technology ....................................................................................... 736,387 0.99

TAIWAN - TOTAL ......................................................................................................... 13,261,700 17.84

UNITED STATES (31 DECEMBER 2019: 0.59%)913,000 Nexteer Automotive Group..................................................................................... 981,074 1.32

UNITED STATES - TOTAL ....................................................................................... 981,074 1.32

EQUITIES - TOTAL....................................................................................................... 71,441,550 96.10

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 55,338,364)................................................................ 71,441,550 96.10

TOTAL VALUE OF INVESTMENTS ...................................................................... 71,441,550 96.10

CASH................................................................................................................................... 3,192,729 4.29

OTHER NET LIABILITIES......................................................................................... (294,906) (0.39)

TOTAL VALUE OF SUB-FUND .............................................................................. 74,339,373 100.00

Abbreviations Used:

ADR American Depositary Receipt*Suspended security.^Investment classified within Level 3.

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

173 Schedule of Investments

PINEBRIDGE GREATER CHINA EQUITY FUND (continued)

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 95.15Other current assets............................................................................................................................................................................ 4.85

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 174

PINEBRIDGE INDIA EQUITY FUND INCORPORATING PINEBRIDGE INVESTMENTS GF MAURITIUSLIMITED

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 94.36%)INDIA (31 DECEMBER 2019: 94.36%)

739,793 AIA Engineering............................................................................................................ 19,989,877 2.86310,000 Asian Paints*.................................................................................................................. 11,728,812 1.68

1,605,094 Avanti Feeds*................................................................................................................. 11,482,296 1.64687,394 Bajaj Auto......................................................................................................................... 32,400,442 4.63890,930 Bajaj Finance* ............................................................................................................... 64,565,676 9.23

2,182,688 Bandhan Bank* ............................................................................................................ 12,016,098 1.7270,000 Britannia Industries* ................................................................................................. 3,426,209 0.49

1,206,450 Can Fin Homes* ........................................................................................................... 8,245,816 1.18450,923 Care Ratings* ................................................................................................................ 3,245,498 0.46804,035 Central Depository Services India*.................................................................... 5,866,234 0.84442,011 Crompton Greaves Consumer El*...................................................................... 2,302,081 0.33

1,857,882 Dabur India* ................................................................................................................... 13,577,979 1.941,309,388 Divi’s Laboratories** ................................................................................................. 68,847,815 9.84

78,971 Dr Lal PathLabs* ......................................................................................................... 2,491,503 0.361,184,877 eClerx Services*........................................................................................................... 14,323,767 2.05

233,981 Elantas Beck India*.................................................................................................... 8,823,182 1.2626,878 Fine Organic Industries*.......................................................................................... 927,887 0.13

3,914,772 Gabriel India*................................................................................................................. 5,657,781 0.811,611,220 HDFC Bank* ................................................................................................................... 31,672,020 4.532,750,915 HeidelbergCement India* ....................................................................................... 8,536,900 1.22

692,150 Hero MotoCorp.............................................................................................................. 29,460,246 4.21747,540 Hindustan Unilever*................................................................................................... 24,506,892 3.50103,693 Indiamart Intermesh* ............................................................................................... 9,092,713 1.30

2,326,714 Infosys* ............................................................................................................................. 39,988,879 5.721,625,000 Infosys (ADR)*................................................................................................................ 27,511,250 3.93

110,000 InterGlobe Aviation* ................................................................................................... 2,594,355 0.37374,951 IOL Chemicals and Pharmaceuticals*............................................................. 3,800,441 0.54605,461 Kajaria Ceramics*....................................................................................................... 5,830,258 0.83179,644 Kewal Kiran Clothing*............................................................................................... 2,054,901 0.29

1,231,849 Kotak Mahindra Bank* ............................................................................................. 33,643,930 4.81789,227 KSB* ................................................................................................................................... 6,960,384 1.00339,356 Marico*.............................................................................................................................. 1,870,075 0.27330,767 MPS*................................................................................................................................... 1,647,554 0.24

2,370,946 Orient Refractories*................................................................................................... 8,177,075 1.171,580,430 Reliance Industries* .................................................................................................. 24,169,056 3.45

699,676 Route Mobile*................................................................................................................ 10,519,917 1.50138,378 Sanofi India* ................................................................................................................... 15,769,893 2.25

3,211,985 Sharda Cropchem*..................................................................................................... 11,842,594 1.69198,288 Shree Cement................................................................................................................ 65,166,173 9.31

1,312,786 Sun Pharmaceutical Industries *........................................................................ 10,642,608 1.52781,232 Tata Consultancy Services* ................................................................................... 30,608,299 4.37385,000 Titan*.................................................................................................................................. 8,257,471 1.18

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

175 Schedule of Investments

PINEBRIDGE INDIA EQUITY FUND INCORPORATING PINEBRIDGE INVESTMENTS GF MAURITIUSLIMITED (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

INDIA (31 DECEMBER 2019: 94.36%) (continued)19,097 TTK Prestige*................................................................................................................. 1,615,368 0.23

283,720 Vinati Organics*............................................................................................................ 4,691,422 0.67

INDIA - TOTAL............................................................................................................... 710,549,627 101.55

EQUITIES - TOTAL....................................................................................................... 710,549,627 101.55

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 470,069,203) ............................................................. 710,549,627 101.55

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 710,549,627 101.55

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.00%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation

USD% of Value

of Sub-Fund

04/01/2021 State Street Bank & Trust Co.† SGD 45,883 USD 34,434 298 0.0004/01/2021 State Street Bank & Trust Co.† SGD 20 USD 15 - 0.0005/01/2021 State Street Bank & Trust Co.† SGD 3,069 USD 2,309 14 0.0005/01/2021 State Street Bank & Trust Co.† SGD 22 USD 17 - 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 312 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 312 0.00

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 710,549,939 101.55

CASH............................................................................................................................. 14,347,450 2.05

OTHER NET LIABILITIES................................................................................... (25,182,504) (3.60)

TOTAL VALUE OF SUB-FUND ........................................................................ 699,714,885 100.00

Abbreviations Used:

ADR American Depositary Receipt*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.

†Spot forward.

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 176

PINEBRIDGE INDIA EQUITY FUND INCORPORATING PINEBRIDGE INVESTMENTS GF MAURITIUSLIMITED (continued)

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 97.78Over-the-counter financial derivative instruments............................................................................................................. 0.00Other current assets............................................................................................................................................................................ 2.22

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

177 Schedule of Investments

PINEBRIDGE JAPAN EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 97.33%)JAPAN (31 DECEMBER 2019: 97.33%)

6,400 Advantest.......................................................................................................................... 479,798 0.8437,800 Anicom Holdings.......................................................................................................... 394,827 0.6919,700 Asahi Group Holdings................................................................................................ 810,850 1.41

6,400 Capcom ............................................................................................................................. 415,867 0.7341,700 Casio Computer............................................................................................................ 762,741 1.33

9,000 Central Japan Railway .............................................................................................. 1,273,494 2.22109,800 Concordia Financial Group..................................................................................... 386,552 0.67

6,000 Daifuku .............................................................................................................................. 742,508 1.2946,600 Dai-ichi Life Holdings................................................................................................ 701,418 1.2240,000 Daiichi Sankyo ............................................................................................................... 1,371,351 2.39

3,300 Daikin Industries.......................................................................................................... 733,547 1.281,300 Disco................................................................................................................................... 438,124 0.76

17,400 Fancl................................................................................................................................... 694,414 1.2119,900 Fuji Electric..................................................................................................................... 716,987 1.2527,200 Fuji Oil................................................................................................................................ 777,407 1.36

154,500 H2O Retailing ................................................................................................................. 1,045,883 1.822,300 Hikari Tsushin ............................................................................................................... 539,366 0.94

33,200 Hitachi................................................................................................................................ 1,308,874 2.286,400 Hoya .................................................................................................................................... 885,734 1.54

114,500 Inpex ................................................................................................................................... 617,418 1.0865,100 Itochu.................................................................................................................................. 1,871,365 3.2631,900 JCR Pharmaceuticals................................................................................................ 753,955 1.3150,000 KDDI.................................................................................................................................... 1,486,762 2.59

3,300 Keyence............................................................................................................................. 1,856,270 3.2415,300 Koito Manufacturing .................................................................................................. 1,041,664 1.8236,300 Kubota................................................................................................................................ 792,467 1.3819,100 Meiko Electronics........................................................................................................ 356,770 0.6231,800 Minebea Mitsumi ......................................................................................................... 631,621 1.10

209,400 Mitsubishi UFJ Financial Group .......................................................................... 926,266 1.6144,800 Mitsui Fudosan.............................................................................................................. 937,841 1.6416,300 Morinaga Milk Industry............................................................................................. 803,065 1.4020,000 MS&AD Insurance Group Holdings ................................................................... 609,252 1.06

9,500 Murata Manufacturing.............................................................................................. 858,695 1.5026,000 NET One Systems........................................................................................................ 917,855 1.6015,600 Nidec .................................................................................................................................. 1,963,806 3.4214,600 Nihon Unisys .................................................................................................................. 572,049 1.0062,000 Nippon Telegraph & Telephone........................................................................... 1,590,738 2.77

3,200 Nitori Holdings.............................................................................................................. 670,973 1.1717,100 Nittoku............................................................................................................................... 689,075 1.20

7,800 Omron................................................................................................................................ 695,956 1.219,500 Open House..................................................................................................................... 349,190 0.61

48,500 Pan Pacific International Holdings .................................................................... 1,123,247 1.9649,700 Penta-Ocean Construction..................................................................................... 427,542 0.75

8,400 Prored Partners ........................................................................................................... 297,352 0.5214,600 Recruit Holdings .......................................................................................................... 611,838 1.0799,500 Rengo ................................................................................................................................. 833,750 1.45

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 178

PINEBRIDGE JAPAN EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

JAPAN (31 DECEMBER 2019: 97.33%) (continued)66,600 Santen Pharmaceutical............................................................................................ 1,081,903 1.8929,900 Seven & i Holdings...................................................................................................... 1,061,043 1.8518,000 Shimadzu ......................................................................................................................... 700,029 1.22

1,700 Shimano............................................................................................................................ 397,095 0.698,400 Shin-Etsu Chemical ................................................................................................... 1,469,654 2.56

12,900 SoftBank Group ............................................................................................................ 1,008,129 1.7617,600 Sony..................................................................................................................................... 1,755,562 3.0668,700 Sumitomo Electric Industries ............................................................................... 910,470 1.59

9,500 Sumitomo Metal Mining........................................................................................... 421,884 0.7430,800 Sumitomo Mitsui Financial Group...................................................................... 952,288 1.6614,800 Suzuki Motor .................................................................................................................. 686,389 1.20

6,100 Taiyo Holdings ............................................................................................................... 361,468 0.6314,200 Terumo.............................................................................................................................. 593,836 1.04

6,400 Tokyo Century................................................................................................................ 507,730 0.8992,500 Tokyu .................................................................................................................................. 1,149,185 2.0028,400 Toyota Motor................................................................................................................... 2,191,628 3.82

4,600 Union Tool........................................................................................................................ 138,076 0.248,100 Yamaha.............................................................................................................................. 476,840 0.83

JAPAN - TOTAL ............................................................................................................ 54,629,733 95.24

EQUITIES - TOTAL....................................................................................................... 54,629,733 95.24

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 44,926,608)................................................................ 54,629,733 95.24

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 54,629,733 95.24

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.00%)

MaturityDate Counterparty

AmountBought

AmountSold

Unrealised(Depreciation)

USD% of Value

of Sub-Fund

04/01/2021 State Street Bank & Trust Co. USD 35,035 JPY 3,630,115 (95) 0.0005/01/2021 State Street Bank & Trust Co. USD 12,785 JPY 1,323,325 (21) 0.0006/01/2021 State Street Bank & Trust Co. USD 3,660 JPY 379,205 (9) 0.00

Unrealised loss on open forward foreign currency exchange contracts ....................................... (125) 0.00Net unrealised loss on open forward foreign currency exchange contracts ........................... (125) (0.00)

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

179 Schedule of Investments

PINEBRIDGE JAPAN EQUITY FUND (continued)

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 54,629,608 95.24

CASH............................................................................................................................. 2,792,433 4.87

OTHER NET LIABILITIES................................................................................... (62,448) (0.11)

TOTAL VALUE OF SUB-FUND ........................................................................ 57,359,593 100.00

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 94.96Other current assets............................................................................................................................................................................ 5.04

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 180

PINEBRIDGE JAPAN SMALL CAP EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 97.22%)JAPAN (31 DECEMBER 2019: 97.22%)

302,800 Ai Holdings ...................................................................................................................... 6,093,589 1.45121,700 Ain Holdings ................................................................................................................... 7,518,466 1.79

83,900 Autonomous Control Systems Laboratory..................................................... 2,701,464 0.6465,800 BayCurrent Consulting............................................................................................. 11,544,196 2.74

442,500 Carna Biosciences ...................................................................................................... 5,201,338 1.24195,300 Casa .................................................................................................................................... 1,998,269 0.47279,700 Casio Computer............................................................................................................ 5,116,033 1.22

95,400 Daiwabo Holdings........................................................................................................ 8,493,570 2.02399,900 Dip........................................................................................................................................ 10,677,187 2.54135,900 Fujicco................................................................................................................................ 2,638,656 0.63

2,764 Fukuoka (REIT).............................................................................................................. 4,101,367 0.97416,800 FULLCAST Holdings................................................................................................... 6,483,825 1.54115,200 Furuya Metal .................................................................................................................. 6,759,383 1.61730,100 Golf Digest Online........................................................................................................ 6,393,951 1.52

85,500 HPC Systems ................................................................................................................. 2,127,757 0.5169,000 I-NE..................................................................................................................................... 2,144,748 0.51

219,800 JSB ...................................................................................................................................... 7,482,281 1.78227,100 KH Neochem.................................................................................................................. 6,015,033 1.43

62,500 Kokopelli........................................................................................................................... 4,443,071 1.06286,300 Kumagai Gumi............................................................................................................... 7,213,727 1.71196,100 Lacto Japan .................................................................................................................... 5,422,181 1.29303,800 Like...................................................................................................................................... 5,904,521 1.40292,900 M&A Capital Partners............................................................................................... 16,816,681 4.00

81,700 Maeda Kosen.................................................................................................................. 2,147,289 0.51340,600 Management Solutions............................................................................................. 6,438,070 1.53155,200 Matsuoka.......................................................................................................................... 3,141,329 0.75308,200 Megachips........................................................................................................................ 8,414,150 2.00416,300 Meiko Electronics........................................................................................................ 7,776,101 1.85

1,304,800 Miamaki Engineering................................................................................................. 6,074,134 1.44492,000 Mirait Holdings.............................................................................................................. 8,436,194 2.00120,600 Miroku Jyoho Service ................................................................................................ 2,449,194 0.58133,700 Mitsubishi Research Institute............................................................................... 5,543,279 1.32284,100 Mizuho Medy................................................................................................................... 3,543,328 0.84

51,000 Monogatari ...................................................................................................................... 6,212,395 1.48116,800 Nachi-Fujikoshi ............................................................................................................ 4,848,259 1.15101,900 Nihon Trim ...................................................................................................................... 4,116,124 0.98187,600 Nippon Gas...................................................................................................................... 10,061,371 2.39130,000 Nissei ASB Machine................................................................................................... 7,426,050 1.76

2,847 Orix JREIT (REIT).......................................................................................................... 4,707,725 1.12567,800 Outsourcing .................................................................................................................... 7,604,808 1.81182,600 PeptiDream..................................................................................................................... 9,279,643 2.21

77,300 Prored Partners ........................................................................................................... 2,736,350 0.65508,500 Raito Kogyo ..................................................................................................................... 8,945,970 2.13163,700 RS Technologies........................................................................................................... 9,017,709 2.14334,100 SAMTY................................................................................................................................ 5,816,211 1.38102,000 Sankyu ............................................................................................................................... 3,853,070 0.92

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

181 Schedule of Investments

PINEBRIDGE JAPAN SMALL CAP EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

JAPAN (31 DECEMBER 2019: 97.22%) (continued)2,699,100 Septeni Holdings.......................................................................................................... 11,072,828 2.63

120,100 Seria.................................................................................................................................... 4,414,499 1.05319,100 Shima Seiki Manufacturing.................................................................................... 5,406,534 1.28

68,700 Shoei Foods .................................................................................................................... 2,391,941 0.57168,300 sinops................................................................................................................................. 2,505,484 0.60360,600 Sun....................................................................................................................................... 10,946,349 2.60

1,001,700 Syuppin.............................................................................................................................. 8,762,811 2.08467,400 Takeuchi Manufacturing.......................................................................................... 11,019,779 2.62177,700 TeamSpirit ....................................................................................................................... 3,374,422 0.80455,800 Tokyo Tatemono ........................................................................................................... 6,255,038 1.49363,700 Topcon ............................................................................................................................... 4,522,000 1.07297,800 Tosho.................................................................................................................................. 4,517,110 1.07299,500 Toyobo................................................................................................................................ 4,008,438 0.95

26,300 Tri Chemical Laboratories...................................................................................... 4,246,872 1.01184,300 Ulvac ................................................................................................................................... 7,891,422 1.88521,700 Vector ................................................................................................................................. 5,049,526 1.20809,700 W-Scope............................................................................................................................ 7,381,612 1.75317,600 Yamaichi Electronics ................................................................................................. 4,774,319 1.13125,000 Yukiguni Maitake.......................................................................................................... 2,052,420 0.49286,300 Zenkoku Hosho............................................................................................................. 13,119,654 3.12

JAPAN - TOTAL ............................................................................................................ 405,593,105 96.40

EQUITIES - TOTAL....................................................................................................... 405,593,105 96.40

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 359,561,991) ............................................................. 405,593,105 96.40

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 405,593,105 96.40

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.12%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

04/01/2021 State Street Bank & Trust Co.† USD 9,108 JPY 943,684 (25) 0.0004/01/2021 State Street Bank & Trust Co.† USD 11,763 JPY 1,218,812 (32) 0.0005/01/2021 State Street Bank & Trust Co.† SEK 29,792 JPY 372,367 34 0.0006/01/2021 State Street Bank & Trust Co.† USD 73,497 JPY 7,613,675 (184) 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 10,328,905 JPY 1,303,845,517 55,245 0.0115/01/2021 State Street Bank & Trust Co.1 EUR 200,000 JPY 25,254,820 990 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 99,451 JPY 12,542,768 640 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 247,627 JPY 31,367,902 267 0.0015/01/2021 State Street Bank & Trust Co.1 EUR 272,357 JPY 34,628,462 (945) 0.0015/01/2021 State Street Bank & Trust Co.1 JPY 324,062 EUR 2,566 (12) 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 182

PINEBRIDGE JAPAN SMALL CAP EQUITY FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.12%) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

15/01/2021 State Street Bank & Trust Co.1 JPY 54,193,466 EUR 430,222 (3,410) 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 57,176 0.01Unrealised loss on open forward foreign currency exchange contracts ....................................... (4,608) 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 52,568 0.01

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 405,645,673 96.41

CASH............................................................................................................................. 10,327,764 2.45

OTHER NET ASSETS............................................................................................ 4,791,229 1.14

TOTAL VALUE OF SUB-FUND ........................................................................ 420,764,666 100.00

Abbreviations Used:

REIT Real Estate Investment Trust1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class Y1H.†Spot forward.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 96.20Over-the-counter financial derivative instruments............................................................................................................. 0.01Other current assets............................................................................................................................................................................ 3.79

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

183 Schedule of Investments

PINEBRIDGE LATIN AMERICA EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 100.44%)BRAZIL (31 DECEMBER 2019: 69.90%)

379,565 Ambev (ADR)................................................................................................................... 1,161,469 1.2721,737 Azul (ADR)........................................................................................................................ 496,038 0.54

332,251 B3 - Brasil Bolsa Balcao ......................................................................................... 3,964,598 4.34660,359 Banco Bradesco (ADR) ............................................................................................. 3,473,488 3.80396,389 Banco do Brasil ............................................................................................................ 2,960,974 3.24

85,758 Centrais Eletricas Brasileiras (ADR)................................................................. 599,448 0.6682,088 Engie Brasil Energia .................................................................................................. 694,418 0.76

177,286 Equatorial Energia ...................................................................................................... 790,486 0.86625,906 Gerdau (ADR) ................................................................................................................. 2,922,981 3.20161,075 Hapvida Participacoes e Investimentos........................................................... 473,221 0.52

1,119,260 Itau Unibanco Holding (ADR)................................................................................. 6,816,293 7.45395,900 JBS ...................................................................................................................................... 1,803,357 1.97325,005 Localiza Rent a Car .................................................................................................... 4,314,253 4.72398,996 Lojas Quero Quero ...................................................................................................... 1,252,864 1.37681,455 Magazine Luiza ............................................................................................................. 3,273,325 3.58177,601 Natura & Co Holding (ADR).................................................................................... 3,552,020 3.88

72,620 Notre Dame Intermedica Participacoes ......................................................... 1,095,270 1.20630,307 Petroleo Brasileiro (ADR)........................................................................................ 7,078,348 7.74

72,435 Raia Drogasil.................................................................................................................. 349,192 0.38148,927 Suzano (ADR) ................................................................................................................. 1,665,004 1.82177,217 Ultrapar Participacoes (ADR)................................................................................ 802,793 0.88480,448 Vale (ADR) ........................................................................................................................ 8,052,309 8.81124,688 WEG..................................................................................................................................... 1,818,157 1.99

BRAZIL - TOTAL ........................................................................................................... 59,410,306 64.98

CHILE (31 DECEMBER 2019: 2.84%)74,076 Banco Santander Chile (ADR)............................................................................... 1,406,703 1.54

123,257 Embotelladora Andina (Preference).................................................................. 317,294 0.3557,624 Empresas COPEC........................................................................................................ 584,756 0.64

289,905 Parque Arauco .............................................................................................................. 474,538 0.5217,120 Sociedad Quimica y Minera de Chile (Preference) .................................... 833,711 0.91

447,631 Vina Concha y Toro ..................................................................................................... 777,259 0.85

CHILE - TOTAL.............................................................................................................. 4,394,261 4.81

COLOMBIA (31 DECEMBER 2019: 3.92%)36,577 Ecopetrol (ADR) ............................................................................................................ 472,209 0.52

104,005 Interconexion Electrica............................................................................................. 781,444 0.85

COLOMBIA - TOTAL ................................................................................................... 1,253,653 1.37

MEXICO (31 DECEMBER 2019: 19.50%)255,879 Alsea................................................................................................................................... 332,474 0.36

4,140,564 America Movil ................................................................................................................ 3,011,055 3.29136,206 Arca Continental .......................................................................................................... 654,046 0.72

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 184

PINEBRIDGE LATIN AMERICA EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

MEXICO (31 DECEMBER 2019: 19.50%) (continued)440,242 Cemex (ADR) .................................................................................................................. 2,276,051 2.49464,789 Fibra Uno Administracion (REIT)......................................................................... 524,842 0.58232,733 Fomento Economico Mexicano ............................................................................ 1,755,995 1.92756,431 Genomma Lab Internacional................................................................................. 715,222 0.78

68,505 Gruma................................................................................................................................ 814,579 0.89169,045 Grupo Aeroportuario del Centro Norte............................................................ 1,089,242 1.19448,077 Grupo Financiero Banorte ...................................................................................... 2,472,064 2.70659,735 Grupo Mexico ................................................................................................................. 2,785,220 3.05337,057 Kimberly-Clark de Mexico ...................................................................................... 574,970 0.63229,164 Orbia Advance................................................................................................................ 537,674 0.59

1,048,588 Wal-Mart de Mexico ................................................................................................... 2,945,971 3.22

MEXICO - TOTAL .......................................................................................................... 20,489,405 22.41

PANAMA (31 DECEMBER 2019: NIL)5,751 Copa Holdings ............................................................................................................... 444,150 0.48

PANAMA - TOTAL........................................................................................................ 444,150 0.48

PERU (31 DECEMBER 2019: 2.82%)55,597 Cia de Minas Buenaventura (ADR) ..................................................................... 677,727 0.7410,026 Credicorp.......................................................................................................................... 1,644,465 1.8021,643 InRetail Peru .................................................................................................................. 848,406 0.93

PERU - TOTAL ............................................................................................................... 3,170,598 3.47

UNITED STATES (31 DECEMBER 2019: 1.46%)1,428 MercadoLibre................................................................................................................. 2,392,214 2.62

UNITED STATES - TOTAL ....................................................................................... 2,392,214 2.62

EQUITIES - TOTAL....................................................................................................... 91,554,587 100.14

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 78,411,154)................................................................ 91,554,587 100.14

TOTAL VALUE OF INVESTMENTS ...................................................................... 91,554,587 100.14

CASH................................................................................................................................... 756,298 0.83

OTHER NET LIABILITIES......................................................................................... (883,535) (0.97)

TOTAL VALUE OF SUB-FUND .............................................................................. 91,427,350 100.00

Abbreviations Used:

ADR American Depositary ReceiptREIT Real Estate Investment Trust

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

185 Schedule of Investments

PINEBRIDGE LATIN AMERICA EQUITY FUND (continued)

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 98.81Other current assets............................................................................................................................................................................ 1.19

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 186

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 99.73%)IRELAND (31 DECEMBER 2019: 1.84%)

7,375 Accenture......................................................................................................................... 1,926,424 1.47

IRELAND - TOTAL ....................................................................................................... 1,926,424 1.47

PUERTO RICO (31 DECEMBER 2019: 0.13%)

UNITED KINGDOM (31 DECEMBER 2019: NIL)21,545 TechnipFMC.................................................................................................................... 202,523 0.15

UNITED KINGDOM - TOTAL................................................................................... 202,523 0.15

UNITED STATES (31 DECEMBER 2019: 97.76%)7,832 3M......................................................................................................................................... 1,368,955 1.048,924 Abbott Laboratories.................................................................................................... 977,089 0.743,329 Acadia Healthcare....................................................................................................... 167,316 0.13

12,155 Activision Blizzard ....................................................................................................... 1,128,592 0.863,651 Adobe Systems.............................................................................................................. 1,825,938 1.39

934 Advanced Micro Devices .......................................................................................... 85,657 0.0731,131 Aflac .................................................................................................................................... 1,384,396 1.05

7,175 Agilent Technologies ................................................................................................. 850,166 0.6548,459 AGNC Investment (REIT).......................................................................................... 755,960 0.58

1,506 Alexion Pharmaceuticals......................................................................................... 235,297 0.186,956 Alliance Data Systems .............................................................................................. 515,440 0.391,573 Allstate .............................................................................................................................. 172,920 0.137,731 Ally Financial.................................................................................................................. 275,687 0.211,095 Alphabet (Class A) ....................................................................................................... 1,919,141 1.461,897 Alphabet (Class C)....................................................................................................... 3,323,316 2.53

28,077 Altria Group..................................................................................................................... 1,151,157 0.881,731 Amazon.com................................................................................................................... 5,637,746 4.294,774 Amgen................................................................................................................................ 1,097,638 0.831,815 Anthem.............................................................................................................................. 582,778 0.44

74,409 Apple................................................................................................................................... 9,873,330 7.512,261 Applied Materials......................................................................................................... 195,124 0.159,336 Berkshire Hathaway................................................................................................... 2,164,738 1.65

640 BlackRock........................................................................................................................ 461,786 0.355,091 Booz Allen Hamilton Holding................................................................................ 443,833 0.34

19,178 Bristol-Myers Squibb................................................................................................. 1,189,611 0.9010,747 Campbell Soup.............................................................................................................. 519,617 0.40

4,043 Cardinal Health............................................................................................................. 216,543 0.1619,806 CenturyLink .................................................................................................................... 193,108 0.15

2,517 Charter Communications Operating................................................................. 1,665,121 1.27153 Chemed............................................................................................................................. 81,489 0.06

13,715 Chevron............................................................................................................................. 1,158,232 0.8834,657 Cisco Systems ............................................................................................................... 1,550,901 1.18

3,611 Citrix Systems................................................................................................................ 469,791 0.364,622 Clorox................................................................................................................................. 933,274 0.71

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

187 Schedule of Investments

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 97.76%) (continued)6,547 Cognizant Technology Solutions ......................................................................... 536,527 0.41

13,793 Comcast............................................................................................................................ 722,753 0.5510,832 Conagra Brands ........................................................................................................... 392,768 0.30

5,740 CSX ...................................................................................................................................... 520,905 0.405,444 Cummins.......................................................................................................................... 1,236,332 0.946,299 Curtiss-Wright............................................................................................................... 732,889 0.56

19,605 CVS Health....................................................................................................................... 1,339,021 1.0231,854 Discovery .......................................................................................................................... 834,256 0.63

4,796 Dollar General............................................................................................................... 1,008,599 0.772,716 Dollar Tree ...................................................................................................................... 293,437 0.225,420 Dow...................................................................................................................................... 300,810 0.231,850 DR Horton........................................................................................................................ 127,502 0.10

17,276 eBay .................................................................................................................................... 868,119 0.661,736 EchoStar ........................................................................................................................... 36,786 0.034,636 Electronic Arts .............................................................................................................. 665,730 0.511,693 Eli Lilly & Co................................................................................................................... 285,846 0.221,550 Euronet Worldwide ..................................................................................................... 224,626 0.17

14,950 Evergy................................................................................................................................. 829,874 0.6312,612 Facebook.......................................................................................................................... 3,445,094 2.62

1,205 FactSet Research Systems .................................................................................... 400,662 0.30144 FedEx.................................................................................................................................. 37,385 0.03

12,290 Fidelity National Financial ...................................................................................... 480,416 0.3711,904 Fifth Third Bancorp..................................................................................................... 328,193 0.25

965 FleetCor Technologies.............................................................................................. 263,281 0.2067,933 Ford Motor....................................................................................................................... 597,131 0.4511,487 Fox ....................................................................................................................................... 331,745 0.25

2,766 FTI Consulting ............................................................................................................... 309,017 0.24132 Gaming and Leisure Properties (REIT) ............................................................ 5,597 0.00745 Gartner .............................................................................................................................. 119,342 0.09

2,830 Generac Holdings........................................................................................................ 643,570 0.4916,083 General Motors............................................................................................................. 669,696 0.5116,665 Gilead Sciences ............................................................................................................ 970,903 0.74

6,754 Hartford Financial Services Group..................................................................... 330,811 0.255,040 Hershey............................................................................................................................. 767,743 0.58

930 Hill-Rom Holdings ...................................................................................................... 91,112 0.076,429 Hologic............................................................................................................................... 468,224 0.368,182 Home Depot.................................................................................................................... 2,173,303 1.652,029 Humana ............................................................................................................................ 832,438 0.631,548 Huntington Ingalls Industries ............................................................................... 263,903 0.20

567 Illumina ............................................................................................................................. 209,790 0.1635,008 Intel ..................................................................................................................................... 1,744,099 1.33

6,068 International Business Machines ....................................................................... 763,840 0.5817,028 International Paper..................................................................................................... 846,632 0.64

386 Intuitive Surgical .......................................................................................................... 315,787 0.246,201 Jack Henry & Associates......................................................................................... 1,004,500 0.764,970 Johnson & Johnson.................................................................................................... 782,179 0.59

22,507 JPMorgan Chase & Co.............................................................................................. 2,859,964 2.1810,751 Kimberly-Clark ............................................................................................................. 1,449,557 1.10

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 188

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 97.76%) (continued)815 KLA...................................................................................................................................... 211,012 0.16491 Knight-Swift Transportation Holdings ............................................................. 20,534 0.02

10,071 Kroger................................................................................................................................ 319,855 0.247,115 Landstar System.......................................................................................................... 958,106 0.736,853 Lennar ............................................................................................................................... 522,404 0.403,973 Lockheed Martin .......................................................................................................... 1,410,335 1.076,318 Lowe’s................................................................................................................................ 1,014,102 0.77

18,645 Marathon Oil................................................................................................................... 124,362 0.09766 Markel................................................................................................................................ 791,508 0.60

1,013 Mastercard...................................................................................................................... 361,580 0.271,198 Match Group Inc........................................................................................................... 181,126 0.142,514 MDU Resources Group............................................................................................. 66,219 0.051,531 Merck & Co ..................................................................................................................... 125,236 0.101,534 Microchip Technology ............................................................................................... 211,861 0.16

36,212 Microsoft .......................................................................................................................... 8,054,273 6.131,116 Monolithic Power Systems..................................................................................... 408,713 0.311,966 Monster Beverage....................................................................................................... 181,816 0.141,848 New York Times............................................................................................................ 95,671 0.07

12,103 Newell Brands............................................................................................................... 256,947 0.202,092 NewMarket...................................................................................................................... 833,223 0.637,761 Newmont.......................................................................................................................... 464,806 0.35

217 Northrop Grumman ................................................................................................... 66,124 0.053,216 NRG Energy .................................................................................................................... 120,761 0.099,366 Nucor.................................................................................................................................. 498,177 0.382,925 NVIDIA................................................................................................................................ 1,527,435 1.162,128 Old Dominion Freight Line...................................................................................... 415,343 0.322,881 Owens Corning.............................................................................................................. 218,265 0.179,179 PACCAR ............................................................................................................................ 791,964 0.60

305 PayPal Holdings ........................................................................................................... 71,431 0.054,395 PerkinElmer ................................................................................................................... 630,682 0.487,494 Pioneer Natural Resources ................................................................................... 853,492 0.651,014 Polaris................................................................................................................................ 96,614 0.073,053 Pool ..................................................................................................................................... 1,137,242 0.87

12,600 Procter & Gamble ....................................................................................................... 1,753,164 1.3315,218 Progressive ..................................................................................................................... 1,504,756 1.14

5,891 Prosperity Bancshares............................................................................................. 408,600 0.31259 Public Storage (REIT)................................................................................................. 59,811 0.05

14,356 PulteGroup ...................................................................................................................... 619,031 0.479,129 Qualcomm ....................................................................................................................... 1,390,712 1.063,190 Quest Diagnostics........................................................................................................ 380,152 0.29

150 Quidel ................................................................................................................................. 26,947 0.0213,007 Raymond James Financial ..................................................................................... 1,244,380 0.95

6,092 Reliance Steel & Aluminum................................................................................... 729,517 0.55276 ResMed ............................................................................................................................. 58,667 0.04

2,468 S&P Global ...................................................................................................................... 811,306 0.621,158 SBA Communications (REIT)................................................................................. 326,707 0.251,292 Seagen............................................................................................................................... 226,281 0.17

995 ServiceNow ..................................................................................................................... 547,678 0.42

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

189 Schedule of Investments

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 97.76%) (continued)799 Sherwin-Williams........................................................................................................ 587,193 0.45

4,131 State Street ..................................................................................................................... 300,654 0.231,278 Take-Two Interactive Software ............................................................................ 265,556 0.207,661 Targa Resources.......................................................................................................... 202,097 0.15

461 Target................................................................................................................................. 81,380 0.062,581 Tesla ................................................................................................................................... 1,821,334 1.39

11,459 Texas Instruments ...................................................................................................... 1,880,766 1.43852 Tractor Supply ............................................................................................................... 119,774 0.09

1,992 United Parcel Service................................................................................................ 335,453 0.263,206 UnitedHealth Group.................................................................................................... 1,124,280 0.86

26,757 US Bancorp..................................................................................................................... 1,246,609 0.9512,149 Valvoline............................................................................................................................ 281,128 0.21

3,732 VEREIT (REIT)................................................................................................................. 141,032 0.1115,536 Verizon Communications ........................................................................................ 912,740 0.69

3,918 Vertex Pharmaceuticals........................................................................................... 925,980 0.701,079 Visa ...................................................................................................................................... 236,010 0.18

27,070 Vistra Energy.................................................................................................................. 532,196 0.409,637 Walmart ............................................................................................................................ 1,389,174 1.061,281 West Pharmaceutical Services ............................................................................ 362,920 0.288,474 Western Union............................................................................................................... 185,920 0.14

402 Whirlpool .......................................................................................................................... 72,557 0.062,518 Williams-Sonoma........................................................................................................ 256,433 0.20

UNITED STATES - TOTAL ....................................................................................... 125,424,495 95.42

EQUITIES - TOTAL....................................................................................................... 127,553,442 97.04

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 102,731,322) ............................................................. 127,553,442 97.04

INVESTMENT FUNDS (31 DECEMBER 2019: 0.27%)IRELAND (31 DECEMBER 2019: 0.27%)

9,737 iShares Core S&P 500 (ETF) (UCITS) ................................................................ 3,668,415 2.79

IRELAND - TOTAL ....................................................................................................... 3,668,415 2.79

TOTAL INVESTMENT FUNDS (Cost: USD 3,650,330) .............................. 3,668,415 2.79

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 131,221,857 99.83

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.00%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation

USD% of Value

of Sub-Fund

05/01/2021 State Street Bank & Trust Co. SGD 30,000 USD 22,568 130 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 26,912 USD 20,120 243 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 190

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.00%) (continued)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation

USD% of Value

of Sub-Fund

15/01/2021 State Street Bank & Trust Co.1 SGD 2,323 USD 1,741 17 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 1,200 USD 898 10 0.0015/01/2021 State Street Bank & Trust Co.1 SGD 36 USD 27 - 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 400 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 400 0.00

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 131,222,257 99.83

CASH............................................................................................................................. 147,262 0.11

OTHER NET ASSETS............................................................................................ 78,404 0.06

TOTAL VALUE OF SUB-FUND ........................................................................ 131,447,923 100.00

Abbreviations Used:

ETF Exchange Traded FundREIT Real Estate Investment Trust1Open Forward Foreign Currency Exchange Contracts relate to Hedge Class A5H.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 95.32UCITS Investment funds .................................................................................................................................................................... 2.74Over-the-counter financial derivative instruments............................................................................................................. 0.00Other current assets............................................................................................................................................................................ 1.94

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

191 Schedule of Investments

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 97.89%)IRELAND (31 DECEMBER 2019: 1.27%)

2,631 Accenture......................................................................................................................... 687,244 0.61931 Aon....................................................................................................................................... 196,693 0.17124 Eaton................................................................................................................................... 14,897 0.01

6,136 Medtronic......................................................................................................................... 718,771 0.64406 STERIS............................................................................................................................... 76,953 0.07

IRELAND - TOTAL ....................................................................................................... 1,694,558 1.50

LIBERIA (31 DECEMBER 2019: NIL)382 Royal Caribbean Cruises ......................................................................................... 28,532 0.02

LIBERIA - TOTAL ......................................................................................................... 28,532 0.02

NETHERLANDS (31 DECEMBER 2019: 0.04%)

PANAMA (31 DECEMBER 2019: NIL)4,639 Carnival ............................................................................................................................. 100,481 0.09

PANAMA - TOTAL........................................................................................................ 100,481 0.09

SWITZERLAND (31 DECEMBER 2019: NIL)2,714 Garmin............................................................................................................................... 324,757 0.29

SWITZERLAND - TOTAL .......................................................................................... 324,757 0.29

UNITED KINGDOM (31 DECEMBER 2019: 0.64%)20,896 TechnipFMC.................................................................................................................... 196,422 0.17

UNITED KINGDOM - TOTAL................................................................................... 196,422 0.17

UNITED STATES (31 DECEMBER 2019: 95.94%)3,518 3M......................................................................................................................................... 614,911 0.548,990 Abbott Laboratories.................................................................................................... 984,315 0.873,896 AbbVie ................................................................................................................................ 417,456 0.375,856 Activision Blizzard ....................................................................................................... 543,730 0.482,195 Adobe Systems.............................................................................................................. 1,097,763 0.973,931 Advanced Micro Devices .......................................................................................... 360,512 0.32

15,565 AES ...................................................................................................................................... 365,777 0.3212,902 Aflac .................................................................................................................................... 573,752 0.51

3,277 Agilent Technologies ................................................................................................. 388,292 0.341,407 Akamai Technologies ................................................................................................ 147,721 0.131,859 Alaska Air Group .......................................................................................................... 96,668 0.091,860 Alexion Pharmaceuticals......................................................................................... 290,606 0.26

174 Align Technology.......................................................................................................... 92,982 0.082,510 Allstate .............................................................................................................................. 275,924 0.24

699 Alphabet (Class A) ....................................................................................................... 1,225,095 1.091,584 Alphabet (Class C)....................................................................................................... 2,774,978 2.46

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 192

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 95.94%) (continued)10,636 Altria Group..................................................................................................................... 436,076 0.39

1,516 Amazon.com................................................................................................................... 4,937,506 4.37936 American Tower (REIT)............................................................................................. 210,095 0.19535 Ameriprise Financial.................................................................................................. 103,967 0.09

3,191 Amgen................................................................................................................................ 733,675 0.651,081 Anthem.............................................................................................................................. 347,098 0.315,596 AO Smith........................................................................................................................... 306,773 0.27

60,387 Apple................................................................................................................................... 8,012,751 7.103,557 Applied Materials......................................................................................................... 306,969 0.27

254 Arista Networks............................................................................................................ 73,805 0.071,795 Arthur J Gallagher & Co .......................................................................................... 222,059 0.20

24,461 AT&T................................................................................................................................... 703,498 0.62862 Autodesk........................................................................................................................... 263,203 0.23642 Automatic Data Processing ................................................................................... 113,120 0.10113 AutoZone .......................................................................................................................... 133,955 0.12

2,628 Baker Hughes................................................................................................................ 54,794 0.0510,068 Bank of America........................................................................................................... 305,161 0.27

7,552 Berkshire Hathaway................................................................................................... 1,751,082 1.55815 Best Buy............................................................................................................................ 81,329 0.07866 Biogen................................................................................................................................ 212,049 0.19939 BlackRock........................................................................................................................ 677,526 0.60

1,020 Boeing................................................................................................................................ 218,341 0.198 Booking Holdings......................................................................................................... 17,818 0.02

2,871 BorgWarner .................................................................................................................... 110,935 0.108,360 Bristol-Myers Squibb................................................................................................. 518,571 0.46

766 Broadcom ........................................................................................................................ 335,393 0.305,223 Campbell Soup.............................................................................................................. 252,532 0.222,429 Capital One Financial ................................................................................................ 240,107 0.213,523 Cardinal Health............................................................................................................. 188,692 0.171,857 Caterpillar........................................................................................................................ 338,011 0.304,340 CenturyLink .................................................................................................................... 42,315 0.04

247 CH Robinson Worldwide .......................................................................................... 23,186 0.021,288 Charter Communications Operating................................................................. 852,076 0.758,415 Chevron............................................................................................................................. 710,647 0.63

83 Chipotle Mexican Grill............................................................................................... 115,097 0.10993 Cigna................................................................................................................................... 206,723 0.18

1,742 Cincinnati Financial.................................................................................................... 152,199 0.1320,395 Cisco Systems ............................................................................................................... 912,676 0.81

4,010 Citigroup........................................................................................................................... 247,257 0.221,494 Citrix Systems................................................................................................................ 194,369 0.171,683 Clorox................................................................................................................................. 339,831 0.302,574 Coca-Cola ........................................................................................................................ 141,158 0.134,020 Cognizant Technology Solutions ......................................................................... 329,439 0.294,714 Colgate-Palmolive....................................................................................................... 403,094 0.36

18,425 Comcast............................................................................................................................ 965,470 0.864,409 Conagra Brands ........................................................................................................... 159,870 0.144,442 ConocoPhillips .............................................................................................................. 177,636 0.167,397 Corteva .............................................................................................................................. 286,412 0.25

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

193 Schedule of Investments

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 95.94%) (continued)320 Costco Wholesale ........................................................................................................ 120,570 0.11

4,450 CSX ...................................................................................................................................... 403,837 0.362,420 Cummins.......................................................................................................................... 549,582 0.497,562 CVS Health....................................................................................................................... 516,485 0.461,020 Danaher ............................................................................................................................ 226,583 0.201,914 DaVita ................................................................................................................................. 224,704 0.201,100 Deere & Co...................................................................................................................... 295,955 0.26

847 Dentsply Sirona ............................................................................................................ 44,349 0.04161 DexCom............................................................................................................................. 59,525 0.05539 Discover Financial Services ................................................................................... 48,796 0.04766 Discovery (Class A) ..................................................................................................... 23,049 0.02

6,838 Discovery (Class C) ..................................................................................................... 179,087 0.162,187 DISH Network................................................................................................................ 70,728 0.062,052 Dollar General............................................................................................................... 431,536 0.381,874 Dollar Tree ...................................................................................................................... 202,467 0.187,687 Dominion Energy.......................................................................................................... 578,062 0.51

233 Domino’s Pizza.............................................................................................................. 89,346 0.087,838 Dow...................................................................................................................................... 435,009 0.392,745 DR Horton........................................................................................................................ 189,185 0.176,830 Duke Realty (REIT) ...................................................................................................... 272,995 0.24

677 DXC Technology............................................................................................................ 17,433 0.025,928 eBay .................................................................................................................................... 297,882 0.26

715 Edwards Lifesciences................................................................................................ 65,229 0.062,196 Electronic Arts .............................................................................................................. 315,346 0.282,558 Eli Lilly & Co................................................................................................................... 431,893 0.38

191 Equinix (REIT)................................................................................................................. 136,408 0.12254 Etsy...................................................................................................................................... 45,189 0.04731 Everest Re Group......................................................................................................... 171,120 0.15

12,515 Evergy................................................................................................................................. 694,708 0.624,927 Expeditors International of Washington.......................................................... 468,607 0.426,999 Exxon Mobil..................................................................................................................... 288,499 0.269,085 Facebook.......................................................................................................................... 2,481,659 2.202,040 Fastenal ............................................................................................................................ 99,613 0.09

762 FedEx.................................................................................................................................. 197,830 0.18862 Fidelity National Information Services............................................................. 121,939 0.11

12,485 Fifth Third Bancorp..................................................................................................... 344,211 0.301,820 Fiserv.................................................................................................................................. 207,225 0.18

522 FleetCor Technologies.............................................................................................. 142,417 0.131,692 FMC..................................................................................................................................... 194,462 0.17

29,382 Ford Motor....................................................................................................................... 258,268 0.231,189 Fortune Brands Home & Security ...................................................................... 101,921 0.093,938 Fox (Class A)................................................................................................................... 114,675 0.101,293 Fox (Class B) .................................................................................................................. 37,342 0.032,550 Gap....................................................................................................................................... 51,485 0.051,658 Gartner .............................................................................................................................. 265,595 0.24

24,145 General Electric............................................................................................................ 260,766 0.237,481 General Motors............................................................................................................. 311,509 0.286,282 Gilead Sciences ............................................................................................................ 365,989 0.32

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 194

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 95.94%) (continued)7,646 Halliburton ...................................................................................................................... 144,509 0.135,567 Hanesbrands.................................................................................................................. 81,167 0.076,055 Hartford Financial Services Group..................................................................... 296,574 0.26

894 HCA Healthcare............................................................................................................ 147,027 0.132,134 Hershey............................................................................................................................. 325,072 0.292,642 HollyFrontier .................................................................................................................. 68,296 0.063,375 Hologic............................................................................................................................... 245,801 0.225,466 Home Depot.................................................................................................................... 1,451,879 1.293,360 Howmet Aerospace .................................................................................................... 95,894 0.088,848 HP......................................................................................................................................... 217,572 0.19

846 Humana ............................................................................................................................ 347,088 0.311,258 Huntington Ingalls Industries ............................................................................... 214,464 0.191,128 Illinois Tool Works....................................................................................................... 229,977 0.20

761 Illumina ............................................................................................................................. 281,570 0.2515,671 Intel ..................................................................................................................................... 780,729 0.69

5,051 International Business Machines ....................................................................... 635,820 0.566,494 International Paper..................................................................................................... 322,882 0.29

570 Intuit.................................................................................................................................... 216,515 0.19507 Intuitive Surgical .......................................................................................................... 414,777 0.37896 Jack Henry & Associates......................................................................................... 145,143 0.13

1,075 JM Smucker ................................................................................................................... 124,270 0.118,198 Johnson & Johnson.................................................................................................... 1,290,201 1.14

12,967 JPMorgan Chase & Co.............................................................................................. 1,647,717 1.464,091 Kellogg .............................................................................................................................. 254,583 0.234,921 Kimberly-Clark ............................................................................................................. 663,498 0.599,343 Kimco Realty (REIT).................................................................................................... 140,238 0.121,068 KLA...................................................................................................................................... 276,516 0.244,583 Kroger................................................................................................................................ 145,556 0.131,037 L Brands........................................................................................................................... 38,566 0.03

412 Laboratory Corp of America Holdings.............................................................. 83,863 0.071,204 Leidos Holdings............................................................................................................ 126,564 0.111,724 Lennar ............................................................................................................................... 131,421 0.122,563 LKQ...................................................................................................................................... 90,320 0.082,803 Lockheed Martin .......................................................................................................... 995,009 0.883,277 Lowe’s................................................................................................................................ 525,991 0.47

27,445 Marathon Oil................................................................................................................... 183,058 0.16568 Marriott International................................................................................................ 74,931 0.07

2,750 Masco................................................................................................................................. 151,058 0.132,720 Mastercard...................................................................................................................... 970,877 0.862,285 McDonald’s ..................................................................................................................... 490,315 0.43

405 McKesson ........................................................................................................................ 70,438 0.062,726 Merck & Co ..................................................................................................................... 222,987 0.203,493 MetLife............................................................................................................................... 163,996 0.15

149 Mettler-Toledo International................................................................................. 169,812 0.151,852 Microchip Technology ............................................................................................... 255,780 0.233,548 Micron Technology...................................................................................................... 266,739 0.24

29,598 Microsoft .......................................................................................................................... 6,583,187 5.832,091 Mid-America Apartment Communities (REIT)............................................. 264,909 0.23

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

195 Schedule of Investments

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 95.94%) (continued)382 Mohawk Industries ..................................................................................................... 53,843 0.05

3,327 Monster Beverage....................................................................................................... 307,681 0.271,206 Moody’s ............................................................................................................................. 350,029 0.313,619 Mosaic................................................................................................................................ 83,273 0.07

248 Motorola Solutions...................................................................................................... 42,175 0.0413,772 National Oilwell Varco............................................................................................... 189,090 0.17

1,247 Netflix................................................................................................................................. 674,290 0.6010,418 Newell Brands............................................................................................................... 221,174 0.20

3,544 Newmont.......................................................................................................................... 212,250 0.19368 NextEra Energy............................................................................................................. 28,391 0.03

4,421 NiSource........................................................................................................................... 101,418 0.095,813 Northern Trust .............................................................................................................. 541,423 0.48

696 Northrop Grumman ................................................................................................... 212,085 0.19582 NortonLifeLock............................................................................................................. 12,094 0.01

5,678 NRG Energy .................................................................................................................... 213,209 0.197,042 Nucor.................................................................................................................................. 374,564 0.332,342 NVIDIA................................................................................................................................ 1,222,992 1.085,286 Occidental Petroleum ............................................................................................... 91,501 0.081,303 Old Dominion Freight Line...................................................................................... 254,320 0.23

500 O’Reilly Automotive..................................................................................................... 226,285 0.203,062 Otis Worldwide .............................................................................................................. 206,838 0.183,636 PACCAR ............................................................................................................................ 313,714 0.283,553 PayPal Holdings ........................................................................................................... 832,113 0.74

25,478 People’s United Financial ....................................................................................... 329,431 0.294,631 PepsiCo ............................................................................................................................. 686,777 0.612,015 PerkinElmer ................................................................................................................... 289,153 0.26

12,371 Pfizer .................................................................................................................................. 455,377 0.404,999 Philip Morris International ..................................................................................... 413,867 0.372,101 Phillips 66 ........................................................................................................................ 146,944 0.136,195 Pinnacle West Capital ............................................................................................... 495,290 0.442,902 Pioneer Natural Resources ................................................................................... 330,509 0.29

777 Pool ..................................................................................................................................... 289,432 0.263,784 PPG Industries .............................................................................................................. 545,728 0.48

10,405 Procter & Gamble ....................................................................................................... 1,447,752 1.285,533 Progressive ..................................................................................................................... 547,103 0.482,002 Public Storage (REIT)................................................................................................. 462,322 0.415,326 PulteGroup ...................................................................................................................... 229,657 0.201,308 Qorvo .................................................................................................................................. 217,481 0.195,195 Qualcomm ....................................................................................................................... 791,406 0.701,160 Quest Diagnostics........................................................................................................ 138,237 0.126,377 Raymond James Financial ..................................................................................... 610,088 0.542,853 Raytheon Technologies ............................................................................................ 204,018 0.18

129 Regeneron Pharmaceuticals ................................................................................ 62,321 0.061,232 Republic Services ........................................................................................................ 118,642 0.11

986 ResMed ............................................................................................................................. 209,584 0.193,138 Robert Half International ........................................................................................ 196,062 0.171,907 S&P Global ...................................................................................................................... 626,888 0.562,170 Salesforce.com............................................................................................................. 482,890 0.43

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 196

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 95.94%) (continued)1,205 SBA Communications (REIT)................................................................................. 339,967 0.301,240 Schlumberger................................................................................................................ 27,069 0.02

787 ServiceNow ..................................................................................................................... 433,188 0.38623 Sherwin-Williams........................................................................................................ 457,849 0.41

2,465 Simon Property Group (REIT)................................................................................ 210,215 0.191,408 Snap-on............................................................................................................................. 240,965 0.212,909 Southern........................................................................................................................... 178,700 0.161,169 Southwest Airlines...................................................................................................... 54,487 0.05

973 Starbucks......................................................................................................................... 104,092 0.094,417 State Street ..................................................................................................................... 321,469 0.28

329 SVB Financial Group .................................................................................................. 127,596 0.112,885 Synchrony Financial ................................................................................................... 100,138 0.09

539 T Rowe Price Group.................................................................................................... 81,599 0.071,578 Take-Two Interactive Software ............................................................................ 327,893 0.292,180 Target................................................................................................................................. 384,835 0.342,428 Tesla ................................................................................................................................... 1,713,367 1.526,636 Texas Instruments ...................................................................................................... 1,089,167 0.961,528 Thermo Fisher Scientific ......................................................................................... 711,712 0.635,196 TJX ....................................................................................................................................... 354,835 0.31

821 Tractor Supply ............................................................................................................... 115,416 0.10596 Twitter................................................................................................................................ 32,273 0.03438 Tyler Technologies...................................................................................................... 191,196 0.17

3,677 Tyson Foods.................................................................................................................... 236,946 0.212,099 Union Pacific .................................................................................................................. 437,054 0.393,650 United Parcel Service................................................................................................ 614,660 0.54

317 United Rentals............................................................................................................... 73,515 0.073,819 UnitedHealth Group.................................................................................................... 1,339,247 1.19

322 Universal Health Services....................................................................................... 44,275 0.0414,750 US Bancorp..................................................................................................................... 687,202 0.61

1,297 Valero Energy................................................................................................................. 73,371 0.06617 VeriSign............................................................................................................................. 133,519 0.12

11,204 Verizon Communications ........................................................................................ 658,235 0.581,470 Vertex Pharmaceuticals........................................................................................... 347,420 0.314,802 Visa ...................................................................................................................................... 1,050,341 0.931,337 Wabtec............................................................................................................................... 97,868 0.095,146 Walmart ............................................................................................................................ 741,796 0.662,473 Walt Disney ..................................................................................................................... 448,058 0.409,103 Wells Fargo & Co......................................................................................................... 274,729 0.24

401 West Pharmaceutical Services ............................................................................ 113,607 0.107,922 Weyerhaeuser (REIT) ................................................................................................. 265,625 0.24

823 Xerox Holdings .............................................................................................................. 19,085 0.02

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

197 Schedule of Investments

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

UNITED STATES (31 DECEMBER 2019: 95.94%) (continued)1,077 Yum! Brands................................................................................................................... 116,919 0.102,354 Zoetis.................................................................................................................................. 389,587 0.35

UNITED STATES - TOTAL ....................................................................................... 108,085,852 95.77

EQUITIES - TOTAL....................................................................................................... 110,430,602 97.84

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 81,773,732)................................................................ 110,430,602 97.84

INVESTMENT FUNDS (31 DECEMBER 2019: 1.88%)IRELAND (31 DECEMBER 2019: 1.88%)

5,812 iShares Core S&P 500 (ETF) (UCITS) ................................................................ 2,189,671 1.94

IRELAND - TOTAL ....................................................................................................... 2,189,671 1.94

TOTAL INVESTMENT FUNDS (Cost: USD 1,952,699) .............................. 2,189,671 1.94

TOTAL VALUE OF INVESTMENTS ...................................................................... 112,620,273 99.78

CASH................................................................................................................................... 346,607 0.31

OTHER NET LIABILITIES......................................................................................... (101,887) (0.09)

TOTAL VALUE OF SUB-FUND .............................................................................. 112,864,993 100.00

Abbreviations Used:

ETF Exchange Traded FundREIT Real Estate Investment Trust

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 97.41UCITS Investment funds .................................................................................................................................................................... 1.93Other current assets............................................................................................................................................................................ 0.66

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 198

PINEBRIDGE USD HIGH YIELD BOND FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESFIXED INCOME SECURITIES (31 DECEMBER 2019: 0.00%)CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

150,000 3.650% AerCap Ireland Capital 21/07/2027 ................................................... 163,001 1.0490,000 7.375% Ahern Rentals 15/05/2023...................................................................... 65,700 0.42

125,000 4.625% Albertsons 15/01/2027 ............................................................................. 132,969 0.85150,000 4.750% Alliance Data Systems 15/12/2024.................................................... 151,500 0.97

70,000 3.750% Allison Transmission Holdings 30/01/2031 .................................. 71,619 0.46200,000 5.000% Altice Financing 15/01/2028.................................................................. 204,927 1.31140,000 11.750% American Airlines 15/07/2025 ........................................................... 161,455 1.03125,000 4.375% Apache 15/10/2028..................................................................................... 130,122 0.83

41,000 4.750% Apache 15/04/2043..................................................................................... 42,511 0.27125,000 6.875% Archrock Partners 01/04/2027 ............................................................ 134,531 0.86105,000 5.750% Avis Budget Car Rental 15/07/2027 .................................................. 107,231 0.68

85,000 9.750% Banff Merger Sub 01/09/2026 .............................................................. 91,813 0.59100,000 4.875% Block Communications 01/03/2028.................................................. 103,000 0.66

65,000 4.750% Boyd Gaming 01/12/2027........................................................................ 67,520 0.43100,000 4.625% Brink’s 15/10/2027 ..................................................................................... 104,500 0.67115,000 4.500% Buckeye Partners 01/03/2028.............................................................. 118,450 0.76

75,000 5.000% C&S Group Enterprises 15/12/2028.................................................. 74,781 0.4875,000 6.375% Callon Petroleum 01/07/2026 .............................................................. 38,625 0.2585,000 3.750% Calpine 01/03/2031 .................................................................................... 84,178 0.54

150,000 4.750% Cargo Aircraft Management 01/02/2028........................................ 154,687 0.9915,000 7.625% Carnival 01/03/2026................................................................................... 16,342 0.1060,000 5.375% Cascades 15/01/2028................................................................................ 63,769 0.4150,000 5.000% Catalent Pharma Solutions 15/07/2027.......................................... 52,807 0.34

130,000 4.250% Cenovus Energy 15/04/2027.................................................................. 141,963 0.9160,000 5.125% Central Garden & Pet 01/02/2028...................................................... 63,806 0.41

125,000 5.125% CenturyLink 15/12/2026 .......................................................................... 131,995 0.8465,000 6.375% ChampionX 01/05/2026............................................................................ 65,650 0.42

110,000 4.625% Cheniere Energy 15/10/2028................................................................. 115,500 0.7460,000 4.500% Cheniere Energy Partners 01/10/2029............................................ 63,467 0.4158,000 5.625% CHS 15/03/2027 ........................................................................................... 62,365 0.40

150,000 4.750% Clearwater Paper 15/08/2028 .............................................................. 155,250 0.9990,000 5.000% Clearway Energy Operating 15/09/2026 ......................................... 93,150 0.60

100,000 5.750% Cleveland-Cliffs 01/03/2025.................................................................. 101,500 0.6550,000 6.750% Cleveland-Cliffs 15/03/2026.................................................................. 54,000 0.3460,000 5.375% Cogent Communications Group 01/03/2022 ................................ 61,725 0.3985,000 6.250% Colt Merger Sub 01/07/2025................................................................. 90,525 0.5860,000 5.750% Commercial Metals 15/04/2026.......................................................... 61,950 0.40

200,000 6.750% Connect Finco 01/10/2026...................................................................... 215,440 1.38105,000 7.250% Conn’s 15/07/2022...................................................................................... 102,900 0.66

15,000 4.375% Continental Resources 15/01/2028................................................... 15,378 0.1040,000 5.750% Continental Resources 15/01/2031................................................... 44,399 0.2890,000 6.500% Coty 15/04/2026 ........................................................................................... 87,518 0.56

140,000 5.000% Covanta Holding 01/09/2030................................................................. 149,791 0.96125,000 6.625% Credit Acceptance 15/03/2026............................................................. 133,125 0.85200,000 5.500% CSC Holdings 15/04/2027....................................................................... 212,000 1.35

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

199 Schedule of Investments

PINEBRIDGE USD HIGH YIELD BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: NIL) (continued)

60,000 5.250% CTR Partnership 01/06/2025 ................................................................ 62,067 0.4050,000 5.375% Dana 15/11/2027.......................................................................................... 53,000 0.3475,000 7.625% Dave & Buster’s Entertainment 01/11/2025 ................................ 78,938 0.5060,000 5.625% DCP Midstream Operating 15/07/2027 ........................................... 66,600 0.43

150,000 7.000% Delta Air Lines 01/05/2025..................................................................... 173,183 1.11130,000 8.500% Diebold Nixdorf 15/04/2024................................................................... 131,625 0.84

50,000 9.375% Diebold Nixdorf 15/07/2025................................................................... 56,000 0.36100,000 7.250% Dole Food Co Inc 15/06/2025................................................................ 102,000 0.65

65,000 6.000% Endo International 30/06/2028 ............................................................ 55,250 0.3565,000 4.375% Energizer Holdings 31/03/2029........................................................... 67,309 0.43

100,000 5.000% EnerSys 30/04/2023................................................................................... 104,625 0.67150,000 8.500% Enova International 01/09/2024 .......................................................... 145,500 0.93115,000 4.625% ESH Hospitality 01/10/2027 ................................................................... 117,875 0.75145,000 5.125% EW Scripps 15/05/2025............................................................................ 148,007 0.95110,000 7.875% Fairstone Financial 15/07/2024........................................................... 116,600 0.74

60,000 4.625% FirstCash 01/09/2028................................................................................ 61,875 0.40100,000 4.500% FMG Resources August 2006 15/09/2027...................................... 111,099 0.71120,000 4.750% Ford Motor 15/01/2043 ............................................................................ 122,400 0.78200,000 4.375% Freeport-McMoRan 01/08/2028.......................................................... 212,500 1.36

70,000 5.000% Frontier Communications 01/05/2028............................................. 72,975 0.4752,000 4.625% Garda World Security 15/02/2027 ...................................................... 52,520 0.3416,000 9.500% Garda World Security 01/11/2027 ...................................................... 17,720 0.11

170,000 5.625% Genesis Energy 15/06/2024................................................................... 165,750 1.0644,000 8.000% Genesis Energy 15/01/2027................................................................... 43,569 0.28

100,000 6.500% Genworth Mortgage Holdings 15/08/2025..................................... 108,250 0.6955,000 5.375% GLP Capital 15/04/2026........................................................................... 63,122 0.4075,000 6.750% Golden Nugget 15/10/2024 .................................................................... 74,462 0.4860,000 5.750% Griffon 01/03/2028...................................................................................... 63,450 0.4160,000 5.500% GrubHub Holdings 01/07/2027 ............................................................ 62,925 0.4075,000 3.875% H&E Equipment Services 15/12/2028.............................................. 75,803 0.4875,000 5.750% Harsco 31/07/2027 ..................................................................................... 79,312 0.5190,000 7.500% Harvest Midstream I 01/09/2028 ........................................................ 95,737 0.6190,000 3.750% HAT Holdings I 15/09/2030 .................................................................... 93,375 0.60

105,000 3.500% HCA 01/09/2030 ........................................................................................... 111,570 0.71150,000 5.000% Hilcorp Energy 01/12/2024 .................................................................... 149,313 0.95

85,000 6.125% Hilton Grand Vacations Borrower 01/12/2024............................. 89,037 0.57125,000 7.250% HLF Financing 15/08/2026..................................................................... 132,617 0.85125,000 5.000% Holy Energy 01/02/2028........................................................................... 125,937 0.80165,000 6.625% Hughes Satellite Systems 01/08/2026............................................. 186,693 1.19

70,000 5.450% Ingram Micro 15/12/2024 ....................................................................... 80,517 0.5132,000 4.250% iStar 01/08/2025........................................................................................... 31,600 0.2050,000 7.125% JB Poindexter 15/04/2026 ...................................................................... 52,875 0.3460,000 6.750% JBS USA Finance 15/02/2028............................................................... 67,410 0.43

110,000 5.125% KAR Auction Services 01/06/2025...................................................... 113,193 0.72180,000 6.625% Kinder Morgan 01/10/2028 .................................................................... 211,491 1.35

85,000 4.625% Korn Ferry 15/12/2027 ............................................................................. 88,400 0.5650,000 4.875% Kraft Heinz Foods 01/10/2049.............................................................. 58,331 0.37

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 200

PINEBRIDGE USD HIGH YIELD BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: NIL) (continued)

107,000 4.250% Ladder Capital Finance Holdings 01/02/2027 ............................. 105,127 0.6760,000 4.625% Lamb Weston Holdings 01/11/2024.................................................. 62,550 0.4070,000 6.500% LD Holdings Group 01/11/2025 ........................................................... 73,675 0.4715,000 3.750% Live Nation Entertainment 15/01/2028 ........................................... 15,156 0.1056,000 4.750% Live Nation Entertainment 15/10/2027 ........................................... 57,396 0.3760,000 5.250% Mattamy Group 15/12/2027 ................................................................... 63,450 0.41

145,000 6.500% MEG Energy 15/01/2025 .......................................................................... 149,357 0.9555,000 7.125% MEG Energy 01/02/2027 .......................................................................... 56,788 0.3665,000 8.125% Mineral Resources 01/05/2027............................................................ 71,906 0.4675,000 5.000% Minerals Technologies 01/07/2028 ................................................... 78,480 0.50

100,000 4.250% Moog 15/12/2027......................................................................................... 103,750 0.6675,000 5.750% MPH Acquisition Holdings 01/11/2028 ............................................ 73,710 0.4731,000 3.500% MPT Operating Partnership 15/03/2031......................................... 32,008 0.20

140,000 5.000% MPT Operating Partnership 15/10/2027......................................... 148,925 0.9550,000 4.750% Murphy Oil USA 15/09/2029................................................................... 53,188 0.34

120,000 3.625% NCL 15/12/2024 ........................................................................................... 114,000 0.7316,000 5.875% NCL 15/03/2026 ........................................................................................... 16,829 0.11

110,000 4.875% Netflix 15/06/2030....................................................................................... 126,500 0.8190,000 4.250% NextEra Energy Operating Partners LP 15/07/2024................ 96,300 0.6275,000 5.625% Nielsen Finance 01/10/2028 ................................................................. 81,491 0.5225,000 3.375% NRG Energy 15/02/2029 .......................................................................... 25,595 0.1670,000 3.625% NRG Energy 15/02/2031 .......................................................................... 72,016 0.46

110,000 6.375% NuStar Logistics 01/10/2030 ................................................................ 124,608 0.8036,000 6.125% Occidental Petroleum 01/01/2031 ..................................................... 38,527 0.2550,000 3.875% ON Semiconductor 01/09/2028 ........................................................... 51,750 0.3355,000 6.875% OneMain Finance 15/03/2025............................................................... 63,869 0.4170,000 7.500% Par Pharmaceutical 01/04/2027......................................................... 75,950 0.49

115,000 5.875% Park Intermediate Holdings 01/10/2028 ........................................ 122,475 0.78100,000 4.500% Pattern Energy Operations 15/08/2028........................................... 105,500 0.67

60,000 5.500% Performance Food Group 15/10/2027 ............................................. 63,300 0.4060,000 5.875% Pilgrim’s Pride 30/09/2027.................................................................... 65,077 0.4280,000 3.375% Prime Security Services Borrower 31/08/2027 .......................... 79,400 0.5150,000 6.250% Prime Security Services Borrower 15/01/2028 .......................... 53,680 0.3475,000 3.625% Quicken Loans 01/03/2029..................................................................... 76,500 0.49

7,000 5.375% Scripps Escrow II 15/01/2031............................................................... 7,298 0.0523,000 4.375% Service Properties Trust 15/02/2030................................................ 22,425 0.1414,000 4.750% Service Properties Trust 01/10/2026................................................ 13,825 0.09

6,000 5.500% Service Properties Trust 15/12/2027................................................ 6,560 0.0477,000 4.625% Shift4 Payments 01/11/2026 ................................................................. 80,080 0.5185,000 7.250% Silversea Cruise Finance 01/02/2025............................................... 87,975 0.56

115,000 5.500% Six Flags Entertainment 15/04/2027 ................................................ 118,162 0.75200,000 7.375% Sotheby’s 15/10/2027................................................................................ 214,250 1.37

65,000 7.500% Southwestern Energy 01/04/2026...................................................... 68,185 0.4460,000 7.500% Spirit AeroSystems 15/04/2025........................................................... 64,350 0.4160,000 5.500% SS&C Technologies 30/09/2027.......................................................... 64,081 0.4160,000 5.000% Standard Industries 15/02/2027.......................................................... 62,700 0.40

115,000 4.750% Starwood Property Trust 15/03/2025 ............................................... 117,875 0.75

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

201 Schedule of Investments

PINEBRIDGE USD HIGH YIELD BOND FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: NIL) (continued)

13,000 5.500% Starwood Property Trust 01/11/2023 ............................................... 13,585 0.0970,000 7.500% SunCoke Energy Partners 15/06/2025 ............................................ 69,489 0.44

130,000 6.625% Talen Energy Supply 15/01/2028 ........................................................ 135,850 0.8753,000 4.875% Targa Resources 01/02/2031................................................................ 57,748 0.37

125,000 6.500% Telesat 15/10/2027..................................................................................... 130,625 0.8350,000 6.750% Tempo Acquisition 01/06/2025............................................................. 51,678 0.3360,000 4.625% Tenet Healthcare 15/07/2024............................................................... 61,501 0.39

115,000 6.125% Tenet Healthcare 01/10/2028............................................................... 119,828 0.77125,000 8.875% Terrier Media Buyer 15/12/2027......................................................... 137,812 0.88

65,000 6.500% Tronox 15/04/2026...................................................................................... 67,681 0.4345,000 4.875% United Airlines Holdings 15/01/2025................................................ 44,282 0.2843,000 5.000% United Airlines Holdings 01/02/2024................................................ 42,678 0.27

130,000 6.625% Univision Communications 01/06/2027 .......................................... 139,626 0.8960,000 6.250% US Foods 15/04/2025................................................................................ 64,125 0.41

100,000 6.875% USA Compression Partners 01/04/2026......................................... 104,500 0.6790,000 5.000% Vistra Operations 31/07/2027............................................................... 95,400 0.61

120,000 5.000% VOC Escrow 15/02/2028 .......................................................................... 119,100 0.76125,000 6.000% Wyndham Destinations 01/04/2027................................................... 140,000 0.89110,000 6.125% Zayo Group Holdings 01/03/2028 ....................................................... 116,325 0.74

UNITED STATES DOLLAR - TOTAL.................................................................... 14,352,274 91.70

FIXED INCOME SECURITIES - TOTAL.............................................................. 14,352,274 91.70

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 13,732,658)................................................................ 14,352,274 91.70

TOTAL VALUE OF INVESTMENTS ...................................................................... 14,352,274 91.70

CASH................................................................................................................................... 1,109,466 7.09

OTHER NET ASSETS.................................................................................................. 190,347 1.21

TOTAL VALUE OF SUB-FUND .............................................................................. 15,652,087 100.00

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 32.48Transferable securities dealt in on another regulated market.................................................................................... 39.38Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 19.70Other current assets............................................................................................................................................................................ 8.44

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 202

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESFIXED INCOME SECURITIES (31 DECEMBER 2019: 87.77%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 11.00%)

358,000 0.500% BNG Bank 24/11/2025.............................................................................. 358,125 0.131,775,000 1.040% Industrial Bank of Korea 22/06/2025 ............................................... 1,796,335 0.65

249,000 4.000% Italy 17/10/2049............................................................................................ 273,705 0.10399,000 0.500% Korea Development Bank 27/10/2023............................................. 400,273 0.15487,000 4.500% Mexico 22/04/2029...................................................................................... 571,738 0.21609,000 4.750% Mexico 03/08/2044...................................................................................... 723,194 0.26546,000 0.125% United States Treasury Note 31/05/2022....................................... 546,107 0.20

1,479,000 0.875% United States Treasury Note 15/11/2030....................................... 1,474,147 0.531,004,000 1.375% United States Treasury Note 15/08/2050....................................... 940,309 0.34

UNITED STATES DOLLAR - TOTAL.................................................................... 7,083,933 2.57

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 76.77%)

512,000 4.050% AbbVie 21/11/2039...................................................................................... 619,635 0.22704,000 4.250% AbbVie 21/11/2049...................................................................................... 882,690 0.32486,000 2.500% Activision Blizzard 15/09/2050............................................................. 475,015 0.17423,000 1.750% Advance Auto Parts 01/10/2027 .......................................................... 429,597 0.16553,000 3.900% Advance Auto Parts 15/04/2030 .......................................................... 635,917 0.23267,000 4.150% AEP Texas 01/05/2049.............................................................................. 330,105 0.12

1,023,000 2.450% AES 15/01/2031............................................................................................ 1,036,798 0.38889,000 0.750% African Development Bank 03/04/2023 .......................................... 899,563 0.33695,000 3.450% Albemarle Wodgina 15/11/2029.......................................................... 739,664 0.27348,000 4.800% Amazon.com 05/12/2034 ........................................................................ 477,496 0.17473,000 3.400% American Express 22/02/2024............................................................. 513,338 0.19365,000 4.200% American Express 06/11/2025............................................................. 423,787 0.15556,000 3.100% American Tower 15/06/2050................................................................. 572,695 0.21577,000 3.000% Ameriprise Financial 22/03/2022 ....................................................... 595,848 0.22

1,847,000 3.150% Amgen 21/02/2040 ..................................................................................... 2,033,196 0.74726,000 2.625% Anglo American Capital 10/09/2030 ................................................. 759,170 0.28590,000 3.750% AngloGold Ashanti Holdings 01/10/2030........................................ 634,181 0.23

1,081,000 4.600% Anheuser-Busch 15/04/2048................................................................ 1,367,899 0.501,054,000 4.900% Anheuser-Busch 01/02/2046................................................................ 1,370,443 0.50

195,000 4.875% Apache 15/11/2027..................................................................................... 206,700 0.07701,000 3.700% Appalachian Power 01/05/2050........................................................... 841,356 0.30547,000 2.050% Apple 11/09/2026......................................................................................... 584,917 0.21258,000 4.000% Arrow Electronics 01/04/2025.............................................................. 283,790 0.10318,000 4.250% Ascot Group 15/12/2030 .......................................................................... 323,962 0.12

2,000 6.750% Assurant 15/02/2034 ................................................................................. 2,432 0.00244,000 2.125% AstraZeneca 06/08/2050 ......................................................................... 228,334 0.08194,000 3.550% AT&T 15/09/2055......................................................................................... 193,341 0.07

1,094,000 4.500% AT&T 15/05/2035......................................................................................... 1,327,498 0.48588,000 4.750% AT&T 15/05/2046......................................................................................... 725,304 0.26784,000 4.850% AT&T 15/07/2045......................................................................................... 965,718 0.35

1,144,000 4.900% AT&T 15/08/2037......................................................................................... 1,434,576 0.52

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

203 Schedule of Investments

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 76.77%)(continued)

626,000 3.500% Athene Holding 15/01/2031 ................................................................... 661,562 0.24391,000 4.750% AutoNation 01/06/2030 ............................................................................ 470,504 0.17

1,505,000 3.200% Avangrid 15/04/2025.................................................................................. 1,647,583 0.60535,000 3.400% BAE Systems 15/04/2030........................................................................ 606,088 0.22

1,455,000 3.850% BAE Systems Holdings 15/12/2025................................................... 1,649,992 0.60600,000 2.706% Banco Santander 27/06/2024 ............................................................... 640,666 0.23889,000 5.375% Banco Santander 17/04/2025 ............................................................... 1,021,337 0.37830,000 4.183% Bank of America 25/11/2027................................................................. 962,871 0.35

1,143,000 6.110% Bank of America 29/01/2037................................................................. 1,664,815 0.601,509,000 2.050% Bank of Montreal 01/11/2022............................................................... 1,557,088 0.561,355,000 4.875% BankUnited 17/11/2025 ........................................................................... 1,558,859 0.571,585,000 5.125% BankUnited 11/06/2030 ........................................................................... 1,853,896 0.67

505,000 1.700% Barclays Bank 12/05/2022 ..................................................................... 513,931 0.19356,000 2.850% Berkshire Hathaway Finance 15/10/2050...................................... 381,266 0.14915,000 2.772% BP Capital Markets America 10/11/2050....................................... 911,863 0.33

1,554,000 3.543% BP Capital Markets America 06/04/2027....................................... 1,768,574 0.64233,000 4.500% Braskem Netherlands Finance 10/01/2028.................................. 245,279 0.09851,000 4.500% Braskem Netherlands Finance 31/01/2030.................................. 873,339 0.32222,000 4.700% Brighthouse Financial 22/06/2047..................................................... 231,823 0.08585,000 5.625% Brighthouse Financial 15/05/2030..................................................... 722,171 0.26790,000 0.750% Bristol-Myers Squibb 13/11/2025 ...................................................... 795,420 0.29422,000 4.625% Bristol-Myers Squibb 15/05/2044 ...................................................... 574,597 0.21498,000 4.150% Broadcom 15/11/2030 .............................................................................. 576,566 0.21298,000 5.000% Broadcom 15/04/2030 .............................................................................. 362,252 0.13556,000 0.500% Canadian Imperial Bank of Commerce 14/12/2023................. 557,597 0.20400,000 0.950% Canadian Imperial Bank of Commerce 23/10/2025................. 405,689 0.15974,000 2.250% Canadian Imperial Bank of Commerce 28/01/2025................. 1,034,600 0.38

18,000 2.850% Canadian National Railway 15/12/2021 .......................................... 18,321 0.01428,000 2.950% Canadian Natural Resources 15/07/2030...................................... 457,813 0.17686,000 4.600% Cardinal Health 15/03/2043 .................................................................. 810,864 0.29277,000 2.700% Carrier Global 15/02/2031...................................................................... 297,615 0.11338,000 2.722% Carrier Global 15/02/2030...................................................................... 361,462 0.13836,000 3.377% Carrier Global 05/04/2040...................................................................... 917,115 0.33925,000 0.650% Caterpillar Financial Services 07/07/2023 .................................... 932,749 0.34667,000 1.100% Caterpillar Financial Services 14/09/2027 .................................... 673,907 0.24170,000 3.700% Charter Communications Operating 01/04/2051....................... 176,537 0.06736,000 3.850% Charter Communications Operating 01/04/2061....................... 741,996 0.27487,000 4.800% Charter Communications Operating 01/03/2050....................... 581,673 0.21

78,000 5.375% Charter Communications Operating 01/04/2038....................... 97,418 0.04309,000 6.384% Charter Communications Operating 23/10/2035....................... 423,345 0.15638,000 3.700% Cheniere Corpus Christi Holdings 15/11/2029 ........................... 710,262 0.26413,000 1.018% Chevron 12/08/2027................................................................................... 415,028 0.15

1,150,000 1.554% Chevron 11/05/2025................................................................................... 1,195,977 0.43435,000 3.300% Chevron Phillips Chemical 01/05/2023........................................... 460,431 0.17713,000 4.450% Citigroup 29/09/2027................................................................................. 842,865 0.31384,000 4.750% Citigroup 18/05/2046................................................................................. 513,031 0.19

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 204

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 76.77%)(continued)

531,000 5.875% Citigroup 22/02/2033................................................................................. 715,996 0.26792,000 6.000% Citigroup 31/10/2033................................................................................. 1,088,511 0.39838,000 2.638% Citizens Financial Group 30/09/2032................................................ 882,870 0.32619,000 1.875% CNH Industrial Capital 15/01/2026.................................................... 648,245 0.23996,000 4.200% CNH Industrial Capital 15/01/2024.................................................... 1,092,540 0.40877,000 1.850% Coca-Cola Femsa 01/09/2032.............................................................. 878,096 0.32363,000 4.950% Colombia Telecomunicaciones 17/07/2030.................................. 402,930 0.15216,000 3.250% Colonial Enterprises 15/05/2030 ........................................................ 244,304 0.09339,000 4.150% Colorado Interstate Gas 15/08/2026................................................. 385,206 0.14

843,0004.150% Columbia Property Trust Operating Partnership01/04/2025 ....................................................................................................................... 889,058 0.32

524,000 2.450% Comcast 15/08/2052.................................................................................. 508,512 0.18620,000 3.300% Comcast 01/02/2027.................................................................................. 699,474 0.25262,000 3.750% Comcast 01/04/2040.................................................................................. 316,503 0.11221,000 3.900% Comcast 01/03/2038.................................................................................. 270,466 0.10457,000 4.600% Comcast 15/10/2038.................................................................................. 602,247 0.22456,000 7.000% Conagra Brands 01/10/2028 ................................................................. 614,806 0.22145,000 3.950% Consolidated Edison of New York 01/04/2050............................. 176,664 0.06990,000 5.450% Corning 15/11/2079.................................................................................... 1,359,051 0.49300,000 3.150% Corp Nacional del Cobre de Chile 15/01/2051............................ 302,037 0.11264,000 2.700% CVS Health 21/08/2040 ............................................................................ 267,077 0.10313,000 4.250% CVS Health 01/04/2050 ............................................................................ 391,528 0.14

1,003,000 4.780% CVS Health 25/03/2038 ............................................................................ 1,270,782 0.46361,000 5.050% CVS Health 25/03/2048 ............................................................................ 489,256 0.18931,000 2.000% Daimler Finance North America 06/07/2021............................... 938,376 0.34747,000 3.875% Danske Bank 12/09/2023........................................................................ 804,910 0.29267,000 2.850% DBS Group Holdings 16/04/2022........................................................ 274,935 0.10715,000 8.100% Dell International 15/07/2036............................................................... 1,057,399 0.38714,000 3.500% Diamondback Energy 01/12/2029 ...................................................... 762,777 0.28539,000 5.300% Discovery Communications 15/05/2049 ......................................... 711,149 0.26713,000 5.100% Dominion Energy 01/06/2065 ............................................................... 1,123,622 0.41940,000 6.750% Domtar 15/02/2044 .................................................................................... 1,191,684 0.43

1,080,000 3.950% DTE Electric 01/03/2049.......................................................................... 1,400,900 0.51763,000 2.375% Ecolab 10/08/2022 ...................................................................................... 786,519 0.29241,000 5.000% Electricite de France 21/09/2048 ....................................................... 318,005 0.12562,000 4.750% Emera US Finance 15/06/2046............................................................ 718,686 0.26567,000 0.875% Emerson Electric 15/10/2026............................................................... 570,708 0.21430,000 4.950% Enable Midstream Partners 15/05/2028 ........................................ 444,533 0.16675,000 4.750% Enel Finance International 25/05/2047........................................... 898,801 0.33423,000 4.900% Energy Transfer Operating 15/03/2035........................................... 465,707 0.17686,000 6.125% Energy Transfer Operating 15/12/2045........................................... 810,370 0.29415,000 3.400% Engie Energia Chile 28/01/2030.......................................................... 449,756 0.16949,000 4.950% Enstar Group 01/06/2029........................................................................ 1,073,478 0.39946,000 4.500% Entergy Texas 30/03/2039 ...................................................................... 1,194,422 0.43603,000 3.700% Enterprise Products Operating 31/01/2051.................................. 663,770 0.24474,000 4.250% Enterprise Products Operating 15/02/2048.................................. 555,756 0.20

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

205 Schedule of Investments

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 76.77%)(continued)

636,000 4.950% EOG Resources 15/04/2050................................................................... 862,063 0.31363,000 1.750% Equinor 22/01/2026.................................................................................... 381,324 0.14374,000 3.351% Essential Utilities 15/04/2050............................................................... 416,811 0.15

1,127,0001.500% European Bank for Reconstruction & Development13/02/2025 ....................................................................................................................... 1,167,991 0.42

452,000 4.700% Exelon 15/04/2050 ...................................................................................... 601,039 0.22790,000 1.250% Federal Realty Investment Trust 15/02/2026 .............................. 804,501 0.29843,000 1.875% FedEx Corp 20/02/2034............................................................................ 868,008 0.31

1,090,000 5.750% First Horizon Bank 01/05/2030............................................................ 1,269,097 0.46305,000 7.250% First Niagara Financial Group 15/12/2021.................................... 324,412 0.12967,000 7.375% FirstEnergy 15/11/2031 ........................................................................... 1,378,908 0.50505,000 2.815% Ford Foundation 01/06/2070................................................................. 540,710 0.20619,000 4.000% Ford Motor Credit 13/11/2030.............................................................. 649,950 0.24382,000 4.000% GATX 30/06/2030 ......................................................................................... 451,447 0.16568,000 4.350% GATX 15/02/2024 ......................................................................................... 627,010 0.23

2,584,000 4.418% GE Capital International Funding 15/11/2035 ............................. 3,084,123 1.12482,000 4.350% General Electric 01/05/2050 ................................................................. 586,183 0.21612,000 2.750% General Motors Financial 20/06/2025.............................................. 654,414 0.24510,000 1.875% Genuine Parts 01/11/2030...................................................................... 506,100 0.18

1,015,000 0.950% Georgia-Pacific 15/05/2026 ................................................................... 1,020,002 0.37511,000 3.375% GlaxoSmithKline Capital 15/05/2023................................................ 547,467 0.20703,000 3.500% Goldman Sachs Group 16/11/2026.................................................... 789,218 0.29

1,260,000 3.800% Goldman Sachs Group 15/03/2030.................................................... 1,482,589 0.541,173,000 6.750% Goldman Sachs Group 01/10/2037.................................................... 1,794,879 0.65

840,000 2.000% Gray Oak Pipeline 15/09/2023 .............................................................. 853,073 0.31500,000 3.450% Gray Oak Pipeline 15/10/2027 .............................................................. 522,258 0.19229,000 2.920% Halliburton 01/03/2030 ............................................................................ 241,354 0.09326,000 4.750% Halliburton 01/08/2043 ............................................................................ 368,388 0.13780,000 2.375% Hanwha Energy USA Holdings 30/07/2022 ................................... 801,775 0.29925,000 6.000% Hess 15/01/2040.......................................................................................... 1,142,711 0.41

1,398,000 1.750% Hewlett Packard Enterprise 01/04/2026 ........................................ 1,447,867 0.52514,000 6.200% Hewlett Packard Enterprise 15/10/2035 ........................................ 663,228 0.24464,000 0.483% Honeywell International 19/08/2022................................................. 464,742 0.17304,000 3.375% Host Hotels & Resorts 15/12/2029.................................................... 312,675 0.11876,000 3.500% Host Hotels & Resorts 15/09/2030.................................................... 922,904 0.33543,000 4.200% Huntington Ingalls Industries 01/05/2030..................................... 642,165 0.23700,000 4.500% Huntsman International 01/05/2029................................................. 806,517 0.29552,000 3.400% Hyundai Capital America 20/06/2024............................................... 588,542 0.21

2,248,000 3.000% IBM Credit 06/02/2023 ............................................................................. 2,380,683 0.86481,000 3.500% Illinois Tool Works 01/03/2024 ............................................................ 523,359 0.19

1,174,0000.750% International Bank for Reconstruction & Development24/11/2027 ....................................................................................................................... 1,174,801 0.43

685,0003.125% International Bank for Reconstruction & Development20/11/2025 ....................................................................................................................... 773,406 0.28

1,202,000 0.500% International Finance 20/03/2023 ...................................................... 1,210,252 0.44414,000 3.500% Interstate Power & Light ........................................................................ 475,935 0.17

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 206

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 76.77%)(continued)

405,000 2.200% JAB Holdings 23/11/2030 ....................................................................... 407,176 0.151,049,000 2.950% John Deere Capital 01/04/2022........................................................... 1,083,950 0.39

316,000 3.650% John Deere Capital 12/10/2023........................................................... 344,984 0.13394,000 2.875% Kansas City Southern 15/11/2029...................................................... 427,096 0.15260,000 4.700% Kansas City Southern 01/05/2048...................................................... 327,322 0.12259,000 3.300% Kentucky Utilities 01/06/2050............................................................... 293,492 0.11700,000 2.300% KeyBank 14/09/2022.................................................................................. 723,639 0.26540,000 5.050% Kinder Morgan 15/02/2046 .................................................................... 659,222 0.24436,000 4.200% Kirby 01/03/2028.......................................................................................... 483,586 0.18531,000 7.000% Klabin Austria 03/04/2049...................................................................... 679,022 0.25

1,129,000 5.550% Kohl’s 17/07/2045 ....................................................................................... 1,216,190 0.44194,000 9.500% Kohl’s 15/05/2025 ....................................................................................... 251,638 0.09420,000 2.300% Leidos 15/02/2031 ...................................................................................... 427,644 0.16366,000 3.625% Leidos 15/05/2025 ...................................................................................... 409,221 0.15198,000 4.375% Leidos 15/05/2030 ...................................................................................... 237,095 0.09367,000 2.050% Liberty Utilities Finance GP 1 15/09/2030 ..................................... 368,897 0.13365,000 3.800% LYB International Finance III 01/10/2060....................................... 392,007 0.14942,000 6.600% Marathon Oil 01/10/2037......................................................................... 1,164,386 0.42315,000 6.800% Marathon Oil 15/03/2032......................................................................... 388,295 0.14376,000 2.375% Mars 16/07/2040.......................................................................................... 385,088 0.14635,000 2.000% Masco 01/10/2030....................................................................................... 646,509 0.23827,000 2.000% Mastercard 03/03/2025............................................................................ 877,487 0.32349,000 3.625% McDonald’s 01/09/2049 ........................................................................... 409,558 0.15366,000 4.200% McDonald’s 01/04/2050 ........................................................................... 470,525 0.17

1,229,000 2.193% Mitsubishi UFJ Financial Group 25/02/2025 ................................ 1,298,310 0.471,752,000 3.625% Morgan Stanley 20/01/2027................................................................... 2,006,418 0.73

142,000 5.000% Morgan Stanley 24/11/2025................................................................... 169,737 0.06471,000 2.650% MPLX 15/08/2030 ........................................................................................ 493,614 0.18265,000 2.150% National Bank of Canada 07/10/2022 .............................................. 273,110 0.10753,000 1.350% National Rural Utilities Cooperative Finance 15/03/2031..... 743,072 0.27

1,353,000 2.850% National Rural Utilities Cooperative Finance 27/01/2025..... 1,470,492 0.53940,000 3.500% Nestle Holdings 24/09/2025.................................................................. 1,055,666 0.38435,000 3.043% Nissan Motor 15/09/2023 ....................................................................... 454,834 0.16362,000 4.200% Noble Energy 15/10/2049 ....................................................................... 471,739 0.17549,000 5.250% Noble Energy 15/11/2043 ....................................................................... 788,611 0.29614,000 4.100% Norfolk Southern ........................................................................................ 772,210 0.28598,000 3.950% NSTAR Electric 01/04/2030 ................................................................... 725,259 0.26506,000 3.700% NVIDIA 01/04/2060 ..................................................................................... 650,153 0.24608,000 5.550% Ohio National Financial Services 24/01/2030.............................. 635,637 0.23508,000 3.375% Omega Healthcare Investors 01/02/2031 ...................................... 532,548 0.19288,000 3.100% ONEOK 15/03/2030..................................................................................... 306,803 0.11313,000 6.650% ONEOK 01/10/2036..................................................................................... 395,477 0.14260,000 7.150% ONEOK 15/01/2051..................................................................................... 359,072 0.13

1,357,000 2.500% Oracle 01/04/2025....................................................................................... 1,458,447 0.531,024,000 4.300% Owens Corning 15/07/2047.................................................................... 1,230,827 0.45

362,000 0.800% PACCAR Financial 08/06/2023............................................................. 365,877 0.13

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

207 Schedule of Investments

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 76.77%)(continued)

581,000 3.950% Pacific Gas and Electric 01/12/2047 ................................................. 602,108 0.22503,000 4.300% Pacific Gas and Electric 15/03/2045 ................................................. 536,279 0.19491,000 3.000% PECO Energy 15/09/2049........................................................................ 541,580 0.20119,000 3.350% Penske Truck Leasing 01/11/2029 .................................................... 129,542 0.05588,000 3.400% Penske Truck Leasing 15/11/2026 .................................................... 653,821 0.24507,000 4.200% Penske Truck Leasing 01/04/2027 .................................................... 583,300 0.21734,000 2.250% PepsiCo 19/03/2025................................................................................... 784,049 0.28568,000 2.875% PepsiCo 15/10/2049................................................................................... 635,907 0.23325,000 2.750% Pernod Ricard International Finance 01/10/2050 ..................... 322,251 0.12576,000 2.150% Phillips 66 15/12/2030 .............................................................................. 584,739 0.21680,000 3.150% Piedmont Operating Partnership 15/08/2030.............................. 696,277 0.25550,000 1.900% Pioneer Natural Resources 15/08/2030 ......................................... 545,141 0.20270,000 4.300% Plains All American Pipeline 31/01/2043....................................... 265,653 0.10597,000 0.500% Principal Life Global Funding II 08/01/2024 ................................. 598,294 0.22

1,564,000 1.500% Prudential Financial 10/03/2026......................................................... 1,622,768 0.59964,000 2.700% Public Service of Colorado 15/01/2051 ........................................... 1,031,936 0.37599,000 3.700% Public Service of Colorado 15/06/2028 ........................................... 698,493 0.25469,000 4.100% Public Service of Colorado 15/06/2048 ........................................... 609,340 0.22694,000 1.750% Regeneron Pharmaceuticals 15/09/2030 ...................................... 683,408 0.25403,000 2.800% Regeneron Pharmaceuticals 15/09/2050 ...................................... 390,867 0.14775,000 7.375% Regions Financial 10/12/2037.............................................................. 1,182,580 0.43636,000 2.150% Reliance Steel & Aluminum 15/08/2030 ........................................ 653,442 0.24269,000 2.125% Rexford Industrial Realty 01/12/2030............................................... 269,353 0.10746,000 1.875% Ross Stores 15/04/2031........................................................................... 748,961 0.27443,000 4.500% Sabine Pass Liquefaction 15/05/2030.............................................. 525,078 0.19330,000 3.244% Santander Holdings USA 05/10/2026............................................... 358,386 0.13568,000 4.000% Schlumberger Holdings 21/12/2025................................................. 645,426 0.23

1,231,000 3.200% Shire Acquisitions Investments Ireland 23/09/2026 ................ 1,377,100 0.50575,000 3.250% Siemens Financieringsmaatschappij 27/05/2025 ..................... 638,270 0.23495,000 3.250% Simon Property Group 13/09/2049 .................................................... 506,961 0.18200,000 3.750% SK Telecom 16/04/2023........................................................................... 213,507 0.08414,000 4.250% Smithfield Foods 01/02/2027................................................................ 459,899 0.17525,000 5.200% Smithfield Foods 01/04/2029................................................................ 625,053 0.23598,000 3.125% Sonoco Products 01/05/2030................................................................ 664,585 0.24

54,000 3.650% Southern California Edison 01/02/2050.......................................... 61,334 0.02426,000 3.400% Stanley Black & Decker 01/03/2026................................................. 482,383 0.17290,000 5.950% Suncor Energy 15/05/2035..................................................................... 375,517 0.14610,000 5.350% Sunoco Logistics Partners Operations 15/05/2045.................. 671,982 0.24696,000 3.750% Suzano Austria 15/01/2031.................................................................... 738,456 0.27

2,363,000 4.500% Synchrony Financial 23/07/2025......................................................... 2,658,297 0.96520,000 2.400% Sysco 15/02/2030 ........................................................................................ 541,095 0.20

73,000 5.950% Sysco 01/04/2030 ........................................................................................ 95,925 0.03732,000 6.600% Sysco 01/04/2040 ........................................................................................ 1,070,738 0.39250,000 6.600% Sysco 01/04/2050 ........................................................................................ 385,040 0.14200,000 3.175% Takeda Pharmaceutical 09/07/2050................................................. 213,255 0.08

1,094,000 6.250% Teck Resources 15/07/2041.................................................................. 1,398,655 0.51

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 208

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 76.77%)(continued)

738,000 4.665% Telefonica Emisiones 06/03/2038 ...................................................... 885,954 0.32699,000 6.550% Time Warner Cable 01/05/2037........................................................... 959,532 0.35958,000 2.250% T-Mobile USA 15/11/2031....................................................................... 983,234 0.36102,000 3.000% T-Mobile USA 15/02/2041....................................................................... 105,745 0.04402,000 3.600% T-Mobile USA 15/11/2060....................................................................... 426,699 0.15303,000 3.461% Total Capital International 12/07/2049............................................ 352,506 0.13

62,000 4.750% Trimble 01/12/2024.................................................................................... 70,864 0.03556,000 2.250% Truist Bank 11/03/2030 ........................................................................... 583,335 0.21

1,179,000 3.200% Truist Bank 01/04/2024 ........................................................................... 1,279,762 0.461,008,000 0.750% TSMC Global 28/09/2025......................................................................... 1,004,008 0.36

576,000 2.950% Union Electric 15/06/2027...................................................................... 636,173 0.23418,000 3.900% United Parcel Service 01/04/2025...................................................... 472,252 0.17763,000 1.250% UnitedHealth Group 15/01/2026 ......................................................... 786,562 0.29458,000 3.750% UnitedHealth Group 15/07/2025 ......................................................... 521,816 0.19258,000 4.500% Unum Group 15/03/2025......................................................................... 292,223 0.11

1,194,000 4.000% Upjohn 22/06/2050 ..................................................................................... 1,367,951 0.50411,000 2.150% Valero Energy 15/09/2027 ...................................................................... 419,945 0.15789,000 4.375% Valero Energy Partners 15/12/2026.................................................. 913,312 0.33314,000 2.850% VEREIT Operating Partnership 15/12/2032................................... 328,334 0.12

1,018,000 1.500% Verizon Communications 18/09/2030 .............................................. 1,002,847 0.361,106,000 2.987% Verizon Communications 30/10/2056 .............................................. 1,113,314 0.40

460,000 3.000% Verizon Communications 20/11/2060 .............................................. 464,620 0.17298,000 4.272% Verizon Communications 15/01/2036 .............................................. 369,604 0.13283,000 4.400% Verizon Communications 01/11/2034 .............................................. 353,164 0.13

2,235,000 4.375% Viacom 15/03/2043..................................................................................... 2,640,581 0.96248,000 0.750% Visa 15/08/2027............................................................................................ 247,289 0.09440,000 4.875% Vodafone Group ........................................................................................... 588,017 0.21366,000 5.250% Vodafone Group 30/05/2048 .................................................................. 509,819 0.18903,000 2.550% Walmart 11/04/2023.................................................................................. 946,004 0.34797,000 2.750% Walt Disney 01/09/2049 ........................................................................... 843,207 0.31

2,138,000 4.300% Wells Fargo & Co 22/07/2027............................................................... 2,505,257 0.91308,000 5.950% Wells Fargo & Co 15/12/2036............................................................... 412,928 0.15

1,007,000 3.375% Westlake Chemical 15/06/2030........................................................... 1,107,675 0.40769,000 5.750% Williams 24/06/2044.................................................................................. 996,660 0.36

87,000 3.875% Willis North America 15/09/2049 ....................................................... 106,080 0.04250,000 3.148% Yara International 04/06/2030.............................................................. 270,696 0.10873,000 3.250% Zions Bancorp 29/10/2029 ..................................................................... 919,759 0.33

UNITED STATES DOLLAR - TOTAL.................................................................... 213,227,606 77.30

FIXED INCOME SECURITIES - TOTAL.............................................................. 220,311,539 79.87

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 8.64%)CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 8.64%)

400,000 3.500% Allianz (perpetual) ...................................................................................... 407,500 0.15

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

209 Schedule of Investments

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 8.64%)(continued)

443,000 2.950% Australia & New Zealand Banking Group 22/07/2030............ 467,408 0.171,243,000 1.486% Bank of America 19/05/2024................................................................. 1,272,077 0.46

586,000 1.898% Bank of America 23/07/2031................................................................. 592,060 0.211,051,000 2.456% Bank of America 22/10/2025................................................................. 1,120,396 0.41

192,000 3.705% Bank of America 24/04/2028................................................................. 218,584 0.08169,000 4.083% Bank of America 20/03/2051................................................................. 213,425 0.08936,000 3.564% Barclays 23/09/2035.................................................................................. 1,014,193 0.37863,000 3.052% BNP Paribas 13/01/2031......................................................................... 941,730 0.34448,000 4.705% BNP Paribas 10/01/2025......................................................................... 497,920 0.18748,000 4.875% BP Capital Markets (perpetual) .......................................................... 834,544 0.30627,000 2.666% Citigroup 29/01/2031................................................................................. 672,644 0.24509,000 3.668% Citigroup 24/07/2028................................................................................. 577,056 0.21312,000 3.750% CMS Energy 01/12/2050 .......................................................................... 318,770 0.12429,000 4.750% CMS Energy 01/06/2050 .......................................................................... 483,287 0.18

1,487,000 1.004% Cooperatieve Rabobank 24/09/2026................................................. 1,497,622 0.54533,000 1.907% Credit Agricole 16/06/2026 .................................................................... 552,831 0.20713,000 2.193% Credit Suisse Group 05/06/2026 ......................................................... 745,122 0.27349,000 4.194% Credit Suisse Group 01/04/2031 ......................................................... 410,764 0.15323,000 3.244% Danske Bank 20/12/2025........................................................................ 345,640 0.13666,000 2.222% Deutsche Bank 18/09/2024.................................................................... 685,140 0.25242,000 5.750% Dominion Energy 01/10/2054 ............................................................... 269,655 0.10289,000 6.000% EnLink Midstream Partners (perpetual)........................................ 168,256 0.06339,000 5.250% Enterprise Products Operating 16/08/2077.................................. 343,701 0.12870,000 1.589% HSBC Holdings 24/05/2027 ................................................................... 884,718 0.32686,000 4.292% HSBC Holdings 12/09/2026 ................................................................... 781,821 0.28

1,354,000 1.400% ING Groep 01/07/2026 .............................................................................. 1,376,756 0.50842,000 0.653% JPMorgan Chase & Co 16/09/2024 ................................................... 846,459 0.31

1,801,000 2.005% JPMorgan Chase & Co 13/03/2026 ................................................... 1,891,756 0.692,535,000 2.525% JPMorgan Chase & Co 19/11/2041 ................................................... 2,601,699 0.94

484,000 2.956% JPMorgan Chase & Co 13/05/2031 ................................................... 530,750 0.19262,000 3.109% JPMorgan Chase & Co 22/04/2051 ................................................... 291,715 0.11121,000 3.509% JPMorgan Chase & Co 23/01/2029 ................................................... 137,612 0.05763,000 6.125% JPMorgan Chase & Co (perpetual) ................................................... 831,670 0.30591,000 4.061% Manulife Financial 24/02/2032............................................................. 646,203 0.23

1,503,000 2.555% Mizuho Financial Group 13/09/2025 ................................................. 1,587,648 0.58326,000 3.622% Morgan Stanley 01/04/2031................................................................... 379,171 0.14595,000 0.550% National Bank of Canada 15/11/2024 .............................................. 596,670 0.22686,000 4.750% National Rural Utilities Cooperative Finance 30/04/2043..... 722,015 0.26

1,443,000 2.359% Natwest Group 22/05/2024 .................................................................... 1,501,500 0.541,550,000 3.032% Natwest Group 28/11/2035 .................................................................... 1,603,026 0.58

886,000 4.519% Natwest Group 25/06/2024.................................................................... 967,344 0.35773,000 5.900% New York Community Bancorp 06/11/2028.................................. 802,383 0.29750,000 5.625% Prudential Financial 15/06/2043......................................................... 804,318 0.29179,000 5.700% Prudential Financial 15/09/2048......................................................... 206,658 0.07422,000 5.125% Scentre Group Trust 2 24/09/2080 .................................................... 445,059 0.16

1,207,000 4.000% Signature Bank 15/10/2030................................................................... 1,225,512 0.44

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 210

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 8.64%)(continued)

800,000 3.265% Standard Chartered 18/02/2036 ......................................................... 837,585 0.30958,000 4.000% Stanley Black & Decker 15/03/2060................................................. 1,020,014 0.37627,000 2.289% Synovus Bank 10/02/2023 ...................................................................... 634,969 0.23639,000 2.636% Truist Bank 17/09/2029 ........................................................................... 676,151 0.24885,000 2.569% UniCredit 22/09/2026 ................................................................................ 903,280 0.33

1,865,000 5.459% UniCredit 30/06/2035 ................................................................................ 2,052,130 0.74469,000 4.700% Voya Financial 23/01/2048...................................................................... 487,291 0.18384,000 2.393% Wells Fargo & Co 02/06/2028............................................................... 408,815 0.15

1,054,000 3.068% Wells Fargo & Co 30/04/2041............................................................... 1,146,540 0.42404,000 5.013% Wells Fargo & Co 04/04/2051............................................................... 574,172 0.21

UNITED STATES DOLLAR - TOTAL.................................................................... 45,053,735 16.33

VARIABLE RATE SECURITIES - TOTAL........................................................... 45,053,735 16.33

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 247,757,478) ............................................................. 265,365,274 96.20

TOTAL VALUE OF INVESTMENTS ...................................................................... 265,365,274 96.20

CASH................................................................................................................................... 7,796,178 2.83

OTHER NET ASSETS.................................................................................................. 2,686,026 0.97

TOTAL VALUE OF SUB-FUND .............................................................................. 275,847,478 100.00

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 70.32Transferable securities dealt in on another regulated market.................................................................................... 6.89Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 18.74Other current assets............................................................................................................................................................................ 4.05

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

211 Schedule of Investments

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND

HoldingFair Value

USD% of Value

of Sub-Fund

TRANSFERABLE SECURITIESEQUITIES (31 DECEMBER 2019: 47.72%)CANADA (31 DECEMBER 2019: 0.06%)

CHINA (31 DECEMBER 2019: 9.47%)13,700 China Tourism Group Duty Free.......................................................................... 592,320 0.9462,100 China Vanke.................................................................................................................... 214,290 0.34

358,000 CIFI Holdings Group................................................................................................... 303,413 0.4894,100 Estun Automation........................................................................................................ 429,528 0.68

126,400 Haier Smart Home...................................................................................................... 458,184 0.7332,000 Jonjee Hi-Tech Industrial And Commercial Holding ............................... 326,471 0.5236,000 Kingsoft ............................................................................................................................. 232,198 0.3774,618 Luxshare Precision Industry.................................................................................. 640,996 1.02

2,373 New Oriental Education & Technology Group ............................................. 426,111 0.683,165 Pinduoduo (ADR).......................................................................................................... 566,883 0.90

22,100 Ping An Healthcare and Technology ................................................................. 267,982 0.434,000 Silergy ................................................................................................................................ 343,085 0.55

23,524 Tencent Music Entertainment Group (ADR).................................................. 452,131 0.72399,000 Uni-President China Holdings.............................................................................. 406,103 0.65132,000 Weichai Power............................................................................................................... 264,954 0.42102,400 Xiaomi ................................................................................................................................ 438,555 0.70120,380 Zhejiang Sanhua Intelligent Controls............................................................... 454,219 0.72

CHINA - TOTAL ............................................................................................................. 6,817,423 10.85

HONG KONG (31 DECEMBER 2019: 8.96%)91,200 AIA Group......................................................................................................................... 1,117,647 1.78

7,780 Alibaba Group Holding.............................................................................................. 233,440 0.3743,000 China Mengniu Dairy.................................................................................................. 259,598 0.41

237,400 Chow Tai Fook Jewellery Group .......................................................................... 298,587 0.4864,000 CNOOC............................................................................................................................... 59,278 0.0911,328 JD.com............................................................................................................................... 499,765 0.80

336,000 Stella International Holdings ................................................................................ 390,526 0.62246,000 Sun Art Retail Group.................................................................................................. 250,062 0.40

13,000 Techtronic Industries ................................................................................................ 185,475 0.29

HONG KONG - TOTAL................................................................................................ 3,294,378 5.24

INDIA (31 DECEMBER 2019: 4.06%)7,280 Bajaj Finance ................................................................................................................. 527,699 0.845,999 Indiamart Intermesh.................................................................................................. 526,162 0.84

38,991 Infosys................................................................................................................................ 670,281 1.071,048 Reliance Industries..................................................................................................... 28,481 0.04

11,564 Route Mobile .................................................................................................................. 173,908 0.281,270 Shree Cement................................................................................................................ 417,471 0.66

43,461 Sun Pharmaceutical Industries ........................................................................... 352,412 0.56

INDIA - TOTAL............................................................................................................... 2,696,414 4.29

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 212

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

INDONESIA (31 DECEMBER 2019: 1.23%)673,900 Bank BTPN Syariah.................................................................................................... 179,867 0.29

3,911,200 Ramayana Lestari Sentosa .................................................................................... 215,742 0.34

INDONESIA - TOTAL .................................................................................................. 395,609 0.63

IRELAND (31 DECEMBER 2019: 0.04%)

ISRAEL (31 DECEMBER 2019: 0.03%)

ITALY (31 DECEMBER 2019: 0.39%)71,200 PRADA ............................................................................................................................... 470,258 0.75

ITALY - TOTAL............................................................................................................... 470,258 0.75

LUXEMBOURG (31 DECEMBER 2019: NIL)223,500 Samsonite International .......................................................................................... 396,142 0.63

LUXEMBOURG - TOTAL ........................................................................................... 396,142 0.63

NETHERLANDS (31 DECEMBER 2019: 0.07%)

PHILIPPINES (31 DECEMBER 2019: 0.43%)27,054 GT Capital Holdings.................................................................................................... 329,559 0.53

PHILIPPINES - TOTAL .............................................................................................. 329,559 0.53

SINGAPORE (31 DECEMBER 2019: NIL)2,638 Sea (ADR) ......................................................................................................................... 519,027 0.83

SINGAPORE - TOTAL................................................................................................. 519,027 0.83

SOUTH KOREA (31 DECEMBER 2019: 11.79%)42 Alteogen............................................................................................................................ 6,948 0.01

709 Amorepacific .................................................................................................................. 134,451 0.21204 Celltrion ............................................................................................................................ 67,418 0.11150 Celltrion Healthcare................................................................................................... 22,508 0.04757 CJ CheilJedang............................................................................................................. 265,504 0.42

76 Daelim Industrial ......................................................................................................... 5,807 0.01123 DB Insurance ................................................................................................................. 4,954 0.01

54 E-MART............................................................................................................................. 7,531 0.01193 GS Engineering & Construction........................................................................... 6,716 0.01682 Hana Financial Group................................................................................................ 21,660 0.04227 Hankook Tire & Technology................................................................................... 8,233 0.01

19 Hanmi Pharm ................................................................................................................ 6,410 0.01518 Hanon Systems............................................................................................................. 7,749 0.01244 Hanwha Solutions ....................................................................................................... 10,759 0.02

96 HLB ..................................................................................................................................... 8,175 0.0179 Hotel Shilla...................................................................................................................... 5,985 0.01

215 Hyundai Engineering & Construction............................................................... 7,412 0.01

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

213 Schedule of Investments

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SOUTH KOREA (31 DECEMBER 2019: 11.79%) (continued)51 Hyundai Glovis............................................................................................................... 8,638 0.0128 Hyundai Heavy Industries Holdings................................................................... 7,307 0.01

145 Hyundai Mobis............................................................................................................... 34,104 0.06340 Hyundai Motor ............................................................................................................... 60,094 0.10

87 Hyundai Motor (Preference)................................................................................... 7,176 0.01242 Hyundai Steel................................................................................................................. 8,822 0.01120 Kakao ................................................................................................................................. 43,027 0.07302 Kangwon Land............................................................................................................... 6,533 0.01868 KB Financial Group..................................................................................................... 34,678 0.06584 Kia Motors ....................................................................................................................... 33,547 0.05

59 KMW.................................................................................................................................... 4,383 0.01229 Korea Aerospace Industries .................................................................................. 5,439 0.01580 Korea Electric Power................................................................................................. 14,629 0.02118 Korea Investment Holdings.................................................................................... 8,581 0.01

94 Korea Shipbuilding & Offshore Engineering................................................. 9,389 0.0221 Korea Zinc........................................................................................................................ 7,762 0.01

268 KT&G .................................................................................................................................. 20,501 0.03231 LG......................................................................................................................................... 18,607 0.03

1,408 LG Chem........................................................................................................................... 1,068,022 1.70611 LG Display........................................................................................................................ 10,434 0.02

6,949 LG Electronics............................................................................................................... 863,587 1.3823 LG Household & Health Care................................................................................ 34,300 0.0635 LG Innotek ....................................................................................................................... 5,880 0.01

538 LG Uplus........................................................................................................................... 5,819 0.0142 Lotte Chemical.............................................................................................................. 10,671 0.02

1,745 LS ......................................................................................................................................... 114,695 0.18988 Mirae Asset Daewoo .................................................................................................. 8,586 0.01

3,368 Naver .................................................................................................................................. 906,877 1.4435 NCSoft................................................................................................................................ 29,996 0.0552 Netmarble ....................................................................................................................... 6,295 0.0157 Orion ................................................................................................................................... 6,506 0.01

164 POSCO ............................................................................................................................... 41,064 0.0736 Samsung Biologics ..................................................................................................... 27,374 0.04

187 Samsung C&T................................................................................................................ 23,756 0.04123 Samsung Electro-Mechanics................................................................................ 20,155 0.03

10,017 Samsung Electronics ................................................................................................ 746,918 1.191,722 Samsung Electronics (Preference).................................................................... 116,670 0.19

73 Samsung Fire & Marine Insurance.................................................................... 12,600 0.021,139 Samsung Heavy Industries..................................................................................... 7,382 0.01

200 Samsung Life Insurance.......................................................................................... 14,563 0.02117 Samsung SDI.................................................................................................................. 67,639 0.11

81 Samsung SDS................................................................................................................ 13,310 0.02208 Samsung Securities ................................................................................................... 7,745 0.01

37 Seegene ............................................................................................................................ 6,574 0.0172 Shin Poong Pharmaceutical .................................................................................. 8,219 0.01

1,012 Shinhan Financial Group ......................................................................................... 29,858 0.051,064 Shinsegae ........................................................................................................................ 234,583 0.37

78 SK Holdings .................................................................................................................... 17,269 0.03

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 214

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

SOUTH KOREA (31 DECEMBER 2019: 11.79%) (continued)6,759 SK Hynix............................................................................................................................ 737,311 1.17

126 SK Innovation ................................................................................................................. 22,038 0.0491 SK Telecom..................................................................................................................... 19,937 0.03

110 S-Oil .................................................................................................................................... 7,007 0.01123 Woongjin Coway............................................................................................................ 8,232 0.01

1,319 Woori Financial Group .............................................................................................. 11,814 0.02126 Yuhan.................................................................................................................................. 8,711 0.01

SOUTH KOREA - TOTAL........................................................................................... 6,213,834 9.89

SWITZERLAND (31 DECEMBER 2019: 0.06%)

TAIWAN (31 DECEMBER 2019: 6.25%)15,000 Airtac International Group...................................................................................... 480,461 0.7751,000 Delta Electronics ......................................................................................................... 477,365 0.7648,000 MediaTek.......................................................................................................................... 1,276,105 2.0312,000 Poya International ....................................................................................................... 245,996 0.39

7,000 Taiwan Semiconductor Manufacturing............................................................ 132,038 0.2190,000 Taiwan Union Technology ....................................................................................... 387,572 0.62

TAIWAN - TOTAL ......................................................................................................... 2,999,537 4.78

THAILAND (31 DECEMBER 2019: 2.12%)1,399,900 AP Thailand..................................................................................................................... 338,761 0.54

324,400 Sabina ................................................................................................................................ 220,886 0.35

THAILAND - TOTAL .................................................................................................... 559,647 0.89

UNITED STATES (31 DECEMBER 2019: 2.76%)11,623 Kingsoft Cloud Holdings (ADR) ............................................................................ 501,068 0.80

7,112 Yum China Holdings................................................................................................... 406,237 0.64

UNITED STATES - TOTAL ....................................................................................... 907,305 1.44

EQUITIES - TOTAL....................................................................................................... 25,599,133 40.75

FIXED INCOME SECURITIES (31 DECEMBER 2019: 37.24%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 2.45%)

200,000 8.875% Egypt 29/05/2050......................................................................................... 233,500 0.37200,000 3.875% Lembaga Pembiayaan Ekspor Indonesia 06/04/2024 ............. 214,000 0.34200,000 6.250% Sri Lanka 27/07/2021................................................................................ 171,950 0.27

UNITED STATES DOLLAR - TOTAL.................................................................... 619,450 0.98

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

215 Schedule of Investments

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDSINDONESIAN RUPIAH (31 DECEMBER 2019: 0.43%)

3,200,000,000 7.700% Wijaya Karya Persero 31/01/2021 ...................................................... 224,540 0.36

INDONESIAN RUPIAH - TOTAL ........................................................................... 224,540 0.36

UNITED STATES DOLLAR (31 DECEMBER 2019: 34.36%)193,000 4.250% Adani Transmission 21/05/2036.......................................................... 203,041 0.32385,000 2.250% Amipeace 22/10/2030 ............................................................................... 383,745 0.61200,000 4.750% Bank Mandiri Persero 13/05/2025..................................................... 223,285 0.36200,000 5.000% Bank of China 13/11/2024 ...................................................................... 223,966 0.36

200,0004.125% Beijing State-Owned Assets Management Hong Kong26/05/2025 ....................................................................................................................... 215,447 0.34

200,000 3.250% BOC Aviation 29/04/2025......................................................................... 211,611 0.34200,000 7.450% Bright Scholar Education Holdings 31/07/2022 ......................... 207,996 0.33250,000 3.625% Busan Bank 25/07/2026 .......................................................................... 271,632 0.43200,000 5.375% China Aoyuan Group 13/09/2022 ........................................................ 202,600 0.32600,000 7.950% China Aoyuan Group 07/09/2021 ........................................................ 612,300 0.97250,000 4.000% China Clean Energy Development 05/11/2025............................ 274,290 0.44300,000 9.500% China Evergrande Group 29/03/2024 ............................................... 262,618 0.42200,000 10.000% China Evergrande Group 11/04/2023............................................. 183,595 0.29200,000 7.375% China Hongqiao Group 02/05/2023.................................................... 189,083 0.30400,000 7.250% China SCE Group Holdings 19/04/2023........................................... 418,956 0.67200,000 4.875% CNAC HK Finbridge 14/03/2025.......................................................... 213,943 0.34400,000 3.875% Country Garden Holdings 22/10/2030.............................................. 410,800 0.65200,000 5.625% Country Garden Holdings 15/12/2026.............................................. 225,975 0.36200,000 8.125% Easy Tactic 11/07/2024 ............................................................................ 171,491 0.27200,000 5.875% eHi Car Services 14/08/2022................................................................. 180,997 0.29200,000 4.375% Empresas Publicas de Medellin 15/02/2031................................ 214,752 0.34700,000 7.500% ENN Clean Energy International Investment 27/02/2021..... 701,750 1.12400,000 5.950% Fortune Star 19/10/2025 ......................................................................... 417,995 0.67200,000 4.625% Golden Eagle Retail Group 21/05/2023 ........................................... 204,100 0.33200,000 3.000% Goodman HK Finance 22/07/2030 ..................................................... 208,232 0.33200,000 7.500% Hopson Development Holdings 27/06/2022 ................................. 204,600 0.33200,000 4.950% Huarong Finance 2017 07/11/2047.................................................... 224,020 0.36600,000 5.500% Huarong Finance II 16/01/2025 ........................................................... 677,279 1.08295,000 8.250% Indika Energy Capital IV 22/10/2025................................................. 319,043 0.51300,000 8.250% Indika Energy Capital IV 22/10/2025................................................. 324,450 0.52200,000 5.450% Indonesia Asahan Aluminium Persero 15/05/2030.................. 239,147 0.38200,000 2.125% JIC Zhixin 27/08/2030 ............................................................................... 196,110 0.31187,800 6.875% LLPL Capital 04/02/2039......................................................................... 221,435 0.35200,000 3.950% Longfor Group Holdings 16/09/2029 ................................................ 216,818 0.35200,000 5.875% MEGlobal Canada 18/05/2030.............................................................. 248,840 0.40200,000 4.625% Minejesa Capital 10/08/2030................................................................. 215,300 0.34500,000 5.625% Minejesa Capital 10/08/2037................................................................. 548,750 0.87200,000 2.625% Mirae Asset Daewoo 30/07/2025 ........................................................ 206,920 0.33250,000 5.125% Mong Duong Finance Holdings 07/05/2029.................................. 262,998 0.42250,000 4.400% Newcastle Coal Infrastructure Group 29/09/2027.................... 256,014 0.41250,000 4.000% Oil India International 21/04/2027...................................................... 267,636 0.43

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 216

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 34.36%)(continued)

250,000 4.625% ONGC Videsh 15/07/2024........................................................................ 273,065 0.43300,000 3.750% ONGC Videsh Vankorneft 27/07/2026............................................... 324,219 0.52200,000 4.250% Pelabuhan Indonesia II 05/05/2025................................................... 218,000 0.35250,000 6.500% Perenti Finance 07/10/2025 .................................................................. 265,939 0.42320,000 5.950% Periama Holdings 19/04/2026.............................................................. 340,160 0.54250,000 4.150% Pertamina Persero 25/02/2060........................................................... 264,846 0.42250,000 4.175% Pertamina Persero 21/01/2050........................................................... 269,213 0.43200,000 4.700% Pertamina Persero 30/07/2049........................................................... 227,500 0.36200,000 4.125% Perusahaan Listrik Negara 15/05/2027.......................................... 221,000 0.35200,000 6.500% Petroleos Mexicanos 13/03/2027 ....................................................... 211,000 0.34250,000 6.840% Petroleos Mexicanos 23/01/2030 ....................................................... 260,060 0.41200,000 4.550% Petronas Capital 21/04/2050 ................................................................ 265,691 0.42245,000 6.950% Powerlong Real Estate Holdings 23/07/2023 .............................. 257,372 0.41200,000 7.125% Powerlong Real Estate Holdings 08/11/2022 .............................. 209,100 0.33200,000 4.027% Prosus 03/08/2050 ..................................................................................... 208,833 0.33200,000 4.250% PTT Global Chemical 19/09/2022....................................................... 209,347 0.33200,000 3.700% PTT Treasury Center 16/07/2070........................................................ 206,052 0.33400,000 6.450% ReNew Power Pvt 27/09/2022.............................................................. 415,200 0.66200,000 6.000% RKPF Overseas 2019 04/09/2025 ....................................................... 209,995 0.33500,000 4.450% Saka Energi Indonesia 05/05/2024.................................................... 489,390 0.78350,000 5.250% Santos Finance 13/03/2029 ................................................................... 391,079 0.62200,000 4.375% Scentre Group Trust 28/05/2030 ........................................................ 230,206 0.37

200,0006.850% Shandong Iron And Steel Xinheng International25/09/2022 ....................................................................................................................... 202,995 0.32

500,000 5.950% Shriram Transport Finance 24/10/2022 ......................................... 511,214 0.81250,000 6.250% Times China Holdings 17/01/2021..................................................... 250,125 0.40200,000 6.000% Yuzhou Group Holdings 25/10/2023.................................................. 204,233 0.33500,000 8.300% Yuzhou Properties 27/05/2025............................................................. 542,485 0.86200,000 5.600% Zhenro Properties Group 28/02/2021 .............................................. 200,600 0.32200,000 7.350% Zhenro Properties Group 05/02/2025 .............................................. 207,083 0.33200,000 8.300% Zhenro Properties Group 15/09/2023 .............................................. 210,238 0.33

UNITED STATES DOLLAR - TOTAL.................................................................... 19,959,800 31.77

FIXED INCOME SECURITIES - TOTAL.............................................................. 20,803,790 33.11

VARIABLE RATE SECURITIES (31 DECEMBER 2019: 6.19%)GOVERNMENT BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: NIL)

200,000 2.400% Airport Authority 31/12/2099................................................................. 204,250 0.33

UNITED STATES DOLLAR - TOTAL.................................................................... 204,250 0.33

CORPORATE BONDSUNITED STATES DOLLAR (31 DECEMBER 2019: 6.19%)

200,000 6.750% Australia & New Zealand Banking Group (perpetual) ............ 233,430 0.37

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

217 Schedule of Investments

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND (continued)

HoldingFair Value

USD% of Value

of Sub-Fund

CORPORATE BONDS (CONTINUED)UNITED STATES DOLLAR (31 DECEMBER 2019: 6.19%)(continued)

430,000 3.650% CCCI Treasure (perpetual)..................................................................... 421,082 0.67200,000 5.000% Chalieco Hong Kong (perpetual) ........................................................ 203,591 0.32500,000 2.875% China Development Bank Financial Leasing 28/09/2030...... 511,160 0.81600,000 3.750% China Minmetals (perpetual)................................................................ 609,300 0.97220,000 4.100% Chinalco Capital Holdings (perpetual) ............................................ 226,134 0.36200,000 3.875% CMHI Finance (perpetual) ...................................................................... 202,000 0.32300,000 4.250% Dah Sing Bank 30/11/2026..................................................................... 305,121 0.49250,000 5.000% Dah Sing Bank 15/01/2029..................................................................... 267,073 0.43225,000 4.100% Elect Global Investments (perpetual) .............................................. 226,575 0.36240,000 3.343% Kasikornbank 02/10/2031....................................................................... 245,868 0.39200,000 3.375% Minmetals Bounteous Finance ........................................................... 202,560 0.32300,000 5.650% Network i2i (perpetual)............................................................................ 318,900 0.51240,000 4.750% Scentre Group Trust 2 24/09/2080 .................................................... 250,173 0.40240,000 5.125% Scentre Group Trust 2 24/09/2080 .................................................... 252,795 0.40

UNITED STATES DOLLAR - TOTAL.................................................................... 4,475,762 7.12

VARIABLE RATE SECURITIES - TOTAL........................................................... 4,680,012 7.45

TOTAL VALUE OF INVESTMENTS IN TRANSFERABLESECURITIES (Cost: USD 41,166,874)................................................................ 51,082,935 81.31

INVESTMENT FUNDS (31 DECEMBER 2019: 3.23%)IRELAND (31 DECEMBER 2019: 2.33%)

74,600 iShares Physical Gold ETC ..................................................................................... 2,760,583 4.39

IRELAND - TOTAL ....................................................................................................... 2,760,583 4.39

LUXEMBOURG (31 DECEMBER 2019: 0.90%)TOTAL INVESTMENT FUNDS (Cost: USD 2,421,870) .............................. 2,760,583 4.39

TOTAL VALUE OF INVESTMENTS EXCLUDING FINANCIALDERIVATIVE INSTRUMENTS ................................................................................. 53,843,518 85.70

FINANCIAL DERIVATIVE INSTRUMENTS

OPEN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS (31 DECEMBER 2019: 0.00%)

MaturityDate Counterparty

AmountBought

AmountSold

UnrealisedAppreciation

USD% of Value

of Sub-Fund

17/03/2021 Morgan Stanley KRW 661,900,000 USD 608,700 819 0.00

Unrealised gain on open forward foreign currency exchange contracts ....................................... 819 0.00Net unrealised gain on open forward foreign currency exchange contracts ........................... 819 0.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

Schedule of Investments 218

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND (continued)

FINANCIAL DERIVATIVE INSTRUMENTS

FUTURES CONTRACTS (31 DECEMBER 2019: 0.47%)*

MaturityDate Currency

No. ofcontracts

long/(short)

UnrealisedAppreciation/

(Depreciation)USD

% of Valueof Sub-Fund

HSCEI Index Futures 28/01/2021 HKD 19 36,525 0.06MSCI Emerging Markets Index Futures 19/03/2021 USD 250 480,838 0.77US 10-Year Note Futures 22/03/2021 USD (33) (3,419) (0.01)US 5-Year Note Futures 31/03/2021 USD (54) (12,308) (0.02)

Unrealised gain on futures contracts..................................................................................................... 517,363 0.83Unrealised loss on futures contracts ..................................................................................................... (15,727) (0.03)Net unrealised gain on futures contracts........................................................................................... 501,636 0.80

Fair ValueUSD

% of Valueof Sub-Fund

TOTAL VALUE OF INVESTMENTS ................................................................ 54,345,973 86.50

CASH............................................................................................................................. 8,473,885 13.49

OTHER NET ASSETS............................................................................................ 7,211 0.01

TOTAL VALUE OF SUB-FUND ........................................................................ 62,827,069 100.00

Abbreviations Used:

ADR American Depositary Receipt*The broker to the futures contracts is Morgan Stanley.

Analysis of gross assets (Unaudited)% of

gross assets

Transferable securities admitted to an official stock exchange listing ................................................................... 68.69Transferable securities dealt in on another regulated market.................................................................................... 6.73Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c)................................. 5.19UCITS Investment funds .................................................................................................................................................................... 4.36Over-the-counter financial derivative instruments............................................................................................................. 0.00Exchange traded financial derivative instruments.............................................................................................................. 0.82Other current assets............................................................................................................................................................................ 14.21

100.00

PineBridge Global Funds

Schedule of Investments as at 31 December 2020 (continued)

219 Schedule of Investments

PINEBRIDGEASIA EX JAPANEQUITY FUND

PINEBRIDGEASIA EX JAPAN SMALL CAP

EQUITY FUND

PINEBRIDGEASIA PACIFIC INVESTMENT GRADE BOND

FUND

PINEBRIDGECHINA A-SHARES

QUANTITATIVE FUND

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Operating IncomeDividend Income 3,374,761 4,226,266 30,145,409 18,934,850 - - 838,190 1,296,451Bond and Bank Loan Income - - - - 6,110,316 5,313,356 - -Other Income 14,001 52,826 262,562 498,803 - - 8,183 2,765Total Operating Income 3,388,762 4,279,092 30,407,971 19,433,653 6,110,316 5,313,356 846,373 1,299,216

Operating Expenses 9Management Fees* (2,204,221) (1,979,129) (13,543,933) (7,302,644) (518,528) (396,386) (33,169) (50,775)Unitholder Servicing Fees (46,238) (49,524) (431,165) (306,338) (6,477) - - -Trustee and Sub-Custodian Fees (169,160) (255,685) (965,007) (830,853) (63,078) (72,794) (84,040) (131,923)Administrative Expenses (129,006) (118,813) (597,823) (333,706) (73,356) (69,167) (31,163) (22,690)Auditors’ Remuneration (9,245) (8,760) (9,245) (8,760) (9,245) (8,760) (16,391) (14,664)Printing and Publishing Expenses (28,412) (35,432) (139,215) (92,748) (8,802) (4,616) (12,269) (23,215)Professional Fees (62,190) (78,469) (425,635) (317,402) (36,528) (44,993) (32,066) (32,698)Other Expenses (1,098) (1,094) (2,928) (2,921) (1,830) (1,826) (5,124) (3,430)Total Operating Expenses (2,649,570) (2,526,906) (16,114,951) (9,195,372) (717,844) (598,542) (214,222) (279,395)

Net Operating Income 739,192 1,752,186 14,293,020 10,238,281 5,392,472 4,714,814 632,151 1,019,821

Investment and Currency Gains/(Losses)Net Realised Gains/(Losses) on Investments 1d(iv) 22,241,379 4,721,995 (34,960,247) (24,973,939) 4,144,071 4,643,890 12,099,251 (390,652)Movement in Net Unrealised Gains onInvestments 1d(iv) 60,258,963 32,570,527 396,577,657 134,036,824 3,165,425 5,210,663 1,644,155 4,508,843Net Realised Currency (Losses)/Gains 1(g) (155,415) (164,723) 4,759,506 (1,367,759) 95,207 - 48,648 298,251Movement in Net Unrealised CurrencyGains/(Losses) 1(g) 879 (6,274) 1,524,853 301,642 7,729 - 147,151 (131,025)Total Investment and Currency Gains 82,345,806 37,121,525 367,901,769 107,996,768 7,412,432 9,854,553 13,939,205 4,285,417

Finance CostsDistributions to redeemable participatingunitholders 1(h) - - (1,115,158) (827,409) (3,551,340) (3,230,829) (12,681) (60,091)Profit for the financial year before tax 83,084,998 38,873,711 381,079,631 117,407,640 9,253,564 11,338,538 14,558,675 5,245,147

TaxationWithholding taxes on dividends and otherinvestment income 7 (256,690) (387,303) (2,165,454) (1,088,718) 6,804 2,250 (83,938) (129,337)Capital Gains Tax - - - - - - - -

Net movement in net assets attributable toredeemable participating unitholdersresulting from operations 82,828,308 38,486,408 378,914,177 116,318,922 9,260,368 11,340,788 14,474,737 5,115,810

* 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.

PineBridge Global Funds

Statement of Comprehensive Income

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Comprehensive Income 220

PINEBRIDGEEMERGING EUROPE

EQUITY FUND

PINEBRIDGEEUROPE RESEARCHENHANCED EQUITY

FUND

PINEBRIDGEEUROPE SMALL CAP

EQUITY FUND

PINEBRIDGEGLOBAL BOND

FUND

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Operating IncomeDividend Income 437,104 1,167,257 1,098,252 1,834,702 593,614 2,521,884 - -Bond and Bank Loan Income - - - - - - 889,647 887,657Other Income (2,098) 7,958 5,732 117 401 1,789 - -Total Operating Income 435,006 1,175,215 1,103,984 1,834,819 594,015 2,523,673 889,647 887,657

Operating Expenses 9Management Fees* (128,745) (244,665) (562,581) (593,575) (626,007) (922,251) (459,249) (418,578)Unitholder Servicing Fees (39,969) (60,284) (58,289) (63,816) (170,716) (209,720) (176,084) (170,966)Trustee and Sub-Custodian Fees (33,488) (43,436) (38,246) (41,881) (39,358) (60,992) (21,722) (24,578)Administrative Expenses (68,525) (73,002) (55,393) (60,700) (88,055) (97,221) (72,801) (59,020)Auditors’ Remuneration (9,245) (8,760) (9,245) (8,760) (9,245) (8,760) (9,245) (8,760)Printing and Publishing Expenses (15,360) (18,333) (5,983) (4,400) (14,246) (19,053) (6,692) (3,839)Professional Fees (10,180) (13,997) (10,711) (8,947) (30,507) (53,554) (20,643) (17,761)Other Expenses (732) (729) (2,928) (2,921) (1,830) (1,824) (732) (788)Total Operating Expenses (306,244) (463,206) (743,376) (785,000) (979,964) (1,373,375) (767,168) (704,290)

Net Operating Income/(Loss) 128,762 712,009 360,608 1,049,819 (385,949) 1,150,298 122,479 183,367

Investment and Currency Gains/(Losses)Net Realised (Losses)/Gains on Investments 1d(iv) (207,096) 1,550,828 (1,066,361) (2,640,418) 3,231,060 10,003,777 1,632,930 648,103Movement in Net Unrealised (Losses)/Gains onInvestments 1d(iv) (1,651,469) 3,059,063 3,222,542 10,482,621 1,528,720 7,126,232 1,592,211 2,019,664Net Realised Currency (Losses)/Gains 1(g) (4,821) (19,796) (4,672) (20,656) 147,329 377,554 (1,504,265) 1,054,235Movement in Net Unrealised CurrencyGains/(Losses) 1(g) 746 158 12,365 3,589 (4,215) 46,951 (153,827) (639,339)Total Investment and Currency (Losses)/Gains (1,862,640) 4,590,253 2,163,874 7,825,136 4,902,894 17,554,514 1,567,049 3,082,663

Finance CostsDistributions to redeemable participatingunitholders 1(h) - - - - - - - -Interest expense - - (1,136) (1,510) - - - -(Loss)/Profit for the financial year before tax (1,733,878) 5,302,262 2,523,346 8,873,445 4,516,945 18,704,812 1,689,528 3,266,030

TaxationWithholding taxes on dividends and otherinvestment income 7 (55,452) (150,136) (118,578) (112,914) (74,158) (249,506) (3,109) (4,622)Capital Gains Tax - - - - - - - -

Net movement in net assets attributable toredeemable participating unitholdersresulting from operations (1,789,330) 5,152,126 2,404,768 8,760,531 4,442,787 18,455,306 1,686,419 3,261,408

* 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.

PineBridge Global Funds

Statement of Comprehensive Income (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

221 Statement of Comprehensive Income

PINEBRIDGEGLOBAL DYNAMIC ASSET ALLOCATION

FUND

PINEBRIDGEGLOBAL DYNAMIC

PRESERVATIONPLUS FUND**

PINEBRIDGEGLOBAL EMERGING MARKETS

BOND FUND

PINEBRIDGEGLOBAL EMERGING

MARKETS CORPORATE BOND FUND

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD

Operating IncomeDividend Income 12,030,747 14,691,421 168,413 - - - -Bond and Bank Loan Income 7,478,568 10,916,605 593,466 923,479 1,115,915 2,230,699 1,747,324Other Income 252,252 101,967 - 18,825 18,118 - -Total Operating Income 19,761,567 25,709,993 761,879 942,304 1,134,033 2,230,699 1,747,324

Operating Expenses 9Management Fees* (8,351,315) (8,187,210) 10,729 (205,865) (235,030) (127,925) (175,932)Unitholder Servicing Fees (497,055) (659,348) - (66,346) (85,262) (20,478) (21,702)Trustee and Sub-Custodian Fees (488,124) (643,856) (24,926) (9,625) (10,486) (15,550) (21,161)Administrative Expenses (453,443) (400,416) (26,069) (50,322) (43,355) (20,417) (17,353)Auditors’ Remuneration (9,245) (8,760) (15,089) (9,245) (8,760) (9,245) (8,760)Printing and Publishing Expenses (95,938) (124,442) - (15,248) (18,749) (16,413) (16,326)Professional Fees (284,815) (412,389) (10,968) (13,649) (16,821) (12,909) (11,147)Other Expenses (20,389) (1,510) (3,056) (17,253) (266) (734) (729)Total Operating Expenses (10,200,324) (10,437,931) (69,379) (387,553) (418,729) (223,671) (273,110)

Net Operating Income 9,561,243 15,272,062 692,500 554,751 715,304 2,007,028 1,474,214

Investment and Currency Gains/(Losses)Net Realised Gains/(Losses) on Investments 1d(iv) 29,297,129 (10,969,194) 2,191,358 (403,400) 98,585 300,447 72,161Movement in Net Unrealised Gains onInvestments 1d(iv) 69,639,463 143,709,862 6,617,086 354,895 1,389,677 1,462,227 2,571,187Net Realised Currency Gains/(Losses) 1(g) 33,653,567 (7,038,615) 669,341 375,421 (708,382) 756,964 -Movement in Net Unrealised CurrencyGains/(Losses) 1(g) 10,406,035 4,974,401 174,001 38,954 569,453 572,909 (117)Total Investment and Currency Gains 142,996,194 130,676,454 9,651,786 365,870 1,349,333 3,092,547 2,643,231

Finance CostsDistributions to redeemable participatingunitholders 1(h) (3,478,654) (4,125,767) - (935,256) (1,068,827) - -Profit/(Loss) for the financial year before tax 149,078,783 141,822,749 10,344,286 (14,635) 995,810 5,099,575 4,117,445

TaxationWithholding taxes on dividends and otherinvestment income 7 (2,429,497) (2,242,598) (39,705) 1,587 (26,869) 911 (641)Capital Gains Tax 407,669 (770,329) - 9,473 (3,210) - -

Net movement in net assets attributable toredeemable participating unitholdersresulting from operations 147,056,955 138,809,822 10,304,581 (3,575) 965,731 5,100,486 4,116,804

* Management fees are shown net of fee caps, where applicable.** PineBridge Global Dynamic Preservation Plus Fund launched on 24 June 2020, therefore there are no comparatives.

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.

PineBridge Global Funds

Statement of Comprehensive Income (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Comprehensive Income 222

PINEBRIDGEGLOBAL EMERGING

MARKETS FOCUS EQUITY FUND

PINEBRIDGEGLOBAL EMERGING MARKETS LOCAL

CURRENCY BOND FUND

PINEBRIDGEGLOBAL FOCUSEQUITY FUND

PINEBRIDGEGLOBAL STRATEGIC

INCOME FUND

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Operating IncomeDividend Income 399,653 849,824 - - 4,033,097 4,805,006 428 411Bond and Bank Loan Income - - 1,507,710 2,887,706 - - 492,671 616,403Other Income 11,999 5,237 1,317 1,336 62,580 81,202 4,028 78Total Operating Income 411,652 855,061 1,509,027 2,889,042 4,095,677 4,886,208 497,127 616,892

Operating Expenses 9Management Fees* (352,105) (376,208) (207,254) (368,568) (2,848,424) (2,725,927) (119,277) (144,589)Unitholder Servicing Fees (128,328) (121,807) (43,050) (64,304) (304,717) (305,919) (25,978) (28,865)Trustee and Sub-Custodian Fees (37,465) (52,731) (12,555) (22,549) (118,992) (177,765) (3,305) (7,221)Administrative Expenses (56,619) (60,205) (31,341) (43,594) (162,501) (155,311) (16,427) (16,331)Auditors’ Remuneration (9,245) (8,760) (9,245) (8,760) (9,245) (8,760) (9,245) (8,760)Printing and Publishing Expenses (5,656) (2,217) (13,978) (13,879) (22,048) (22,109) (12,449) (8,175)Professional Fees (33,435) (26,787) (19,762) (23,332) (80,592) (106,660) (12,658) (8,337)Other Expenses (731) (7,177) (732) (729) (1,829) (1,826) (732) (730)Total Operating Expenses (623,584) (655,892) (337,917) (545,715) (3,548,348) (3,504,277) (200,071) (223,008)

Net Operating (Loss)/Income (211,932) 199,169 1,171,110 2,343,327 547,329 1,381,931 297,056 393,884

Investment and Currency Gains/(Losses)Net Realised Gains/(Losses) on Investments 1d(iv) 3,498,300 2,197,723 (2,156,441) (2,734,428) 23,329,270 575,066 343,863 126,493Movement in Net Unrealised Gains onInvestments 1d(iv) 5,885,517 2,995,213 210,545 5,152,539 40,356,069 62,048,271 253,223 859,240Net Realised Currency (Losses)/Gains 1(g) (113,628) (27,857) (24,680) (468,749) (31,526) (10,928) (20,617) 55,306Movement in Net Unrealised Currency(Losses)/Gains 1(g) (825) 1,342 14,348 363,391 4,413 7,490 (15,876) (5,090)Total Investment and Currency Gains/(Losses) 9,269,364 5,166,421 (1,956,228) 2,312,753 63,658,226 62,619,899 560,593 1,035,949

Finance CostsDistributions to redeemable participatingunitholders 1(h) - - (1,875,261) (2,154,655) (409,451) (403,228) (281,969) (300,811)Profit/(Loss) for the financial year before tax 9,057,432 5,365,590 (2,660,379) 2,501,425 63,796,104 63,598,602 575,680 1,129,022

TaxationWithholding taxes on dividends and otherinvestment income 7 (31,879) (97,840) (24,870) (203,616) (1,498,081) (690,918) (1,916) (4,021)Capital Gains Tax (136,350) (26,753) (25,881) (37,645) - - - -

Net movement in net assets attributable toredeemable participating unitholdersresulting from operations 8,889,203 5,240,997 (2,711,130) 2,260,164 62,298,023 62,907,684 573,764 1,125,001

* 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.

PineBridge Global Funds

Statement of Comprehensive Income (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

223 Statement of Comprehensive Income

PINEBRIDGEGREATER CHINA

EQUITY FUND

PINEBRIDGEINDIA EQUITY FUNDCONSOLIDATED**

PINEBRIDGEJAPAN EQUITY

FUND

PINEBRIDGEJAPAN NEW HORIZON

EQUITY FUND***

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Operating IncomeDividend Income 2,004,172 2,121,727 9,868,596 13,559,643 1,002,836 1,085,121 - 213,956Bond and Bank Loan Income - - - - - - - -Other Income 2,846 16,060 40,407 204,103 2 - - 27,210Total Operating Income 2,007,018 2,137,787 9,909,003 13,763,746 1,002,838 1,085,121 - 241,166

Operating Expenses 9Management Fees* (842,146) (862,281) (7,083,247) (10,566,959) (182,352) (236,801) - (113,957)Unitholder Servicing Fees (311,125) (314,690) (1,297,076) (1,493,539) (54,629) (69,960) - (39,984)Trustee and Sub-Custodian Fees (62,136) (101,729) (630,586) (1,150,551) (57,841) (41,909) - (16,198)Administrative Expenses (75,153) (64,964) (552,157) (580,983) (69,486) (73,752) - (37,831)Auditors’ Remuneration (9,245) (8,760) (20,258) (19,557) (9,273) (8,760) - (9,576)Printing and Publishing Expenses (16,938) (15,681) (77,071) (132,862) (40,926) (34,919) - 9,272Professional Fees (26,214) (28,145) (334,755) (495,734) (49,241) (39,861) - 83,367Other Expenses (731) (730) (8,324) (9,108) (65,849) (1,826) - (118,313)Total Operating Expenses (1,343,688) (1,396,980) (10,003,474) (14,449,293) (529,597) (507,788) - (243,220)

Net Operating Income/(Loss) 663,330 740,807 (94,471) (685,547) 473,241 577,333 - (2,054)

Investment and Currency Gains/(Losses)Net Realised Gains on Investments 1d(iv) 3,432,148 3,334,523 151,305,609 47,167,323 1,701,381 914,895 - 755,012Movement in Net Unrealised Gains/(Losses) onInvestments 1d(iv) 4,959,425 6,029,434 (13,270,456) (23,443,865) 3,043,669 7,557,289 - 2,335,112Net Realised Currency Gains/(Losses) 1(g) 44,345 (26,773) (4,183,219) 2,315,824 188,515 16,983 - 27,969Movement in Net Unrealised Currency(Losses)/Gains 1(g) (10,203) 27,834 171,004 (2,384,688) 2,715 2,468 - (18,545)Total Investment and Currency Gains 8,425,715 9,365,018 134,022,938 23,654,594 4,936,280 8,491,635 - 3,099,548

Finance CostsDistributions to redeemable participatingunitholders 1(h) - - (400,638) (1,208,643) - - - -Interest expense - - - - (4,675) (3,680) - (2,742)Profit for the financial year before tax 9,089,045 10,105,825 133,527,829 21,760,404 5,404,846 9,065,288 - 3,094,752

TaxationWithholding taxes on dividends and otherinvestment income 7 (188,378) (220,349) (1,230,669) (200,043) (150,425) (162,768) - (30,756)Capital Gains Tax - - (21,891,603) - - - - -

Net movement in net assets attributable toredeemable participating unitholdersresulting from operations 8,900,667 9,885,476 110,405,557 21,560,361 5,254,421 8,902,520 - 3,063,996

* Management fees are shown net of fee caps, where applicable.** Incorporating PineBridge Investments GF Mauritius Limited.*** PineBridge Japan New Horizon Equity Fund terminated on 11 July 2019, therefore data presented for the financial year ended 31 December 2019 is for comparative purposes only.

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.

PineBridge Global Funds

Statement of Comprehensive Income (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Comprehensive Income 224

PINEBRIDGEJAPAN SMALL CAP

EQUITY FUND

PINEBRIDGELATIN AMERICA

EQUITY FUND

PINEBRIDGELATIN AMERICA

SMALL & MID CAP EQUITY FUND**

PINEBRIDGEUS LARGE CAP

RESEARCH ENHANCED FUND

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Operating IncomeDividend Income 6,560,898 9,407,033 1,865,511 2,784,135 - 1,382,245 2,217,153 4,727,874Bond and Bank Loan Income - - - - - - 9,750 28,778Other Income - 1,533 92,039 918 - 136,600 8,361 71Total Operating Income 6,560,898 9,408,566 1,957,550 2,785,053 - 1,518,845 2,235,264 4,756,723

Operating Expenses 9Management Fees* (4,069,164) (5,365,794) (965,677) (891,865) - (601,336) (1,123,974) (1,282,506)Unitholder Servicing Fees (176,685) (224,678) (250,641) (149,243) - (231,075) (67,240) (39,500)Trustee and Sub-Custodian Fees (258,441) (324,670) (93,839) (140,820) - (91,328) (29,251) (130,577)Administrative Expenses (229,427) (264,029) (134,252) (117,865) - (80,202) (93,475) (132,862)Auditors’ Remuneration (9,273) (8,760) (9,273) (8,760) - (7,704) (9,245) (8,760)Printing and Publishing Expenses (97,625) (151,450) (24,489) (22,973) - (19,752) (28,302) (36,413)Professional Fees (263,391) (473,653) (34,031) (29,407) - (27,306) (45,676) (99,606)Other Expenses (1,834) (1,825) (734) (723) - (62) (3,660) (3,652)Total Operating Expenses (5,105,840) (6,814,859) (1,512,936) (1,361,656) - (1,058,765) (1,400,823) (1,733,876)

Net Operating Income 1,455,058 2,593,707 444,614 1,423,397 - 460,080 834,441 3,022,847

Investment and Currency Gains/(Losses)Net Realised (Losses)/Gains on Investments 1d(iv) (37,394,350) (29,422,733) (16,056,374) 3,548,595 - 7,039,700 6,413,681 23,126,465Movement in Net Unrealised Gains/(Losses) onInvestments 1d(iv) 53,230,617 141,391,616 (2,659,698) 11,091,533 - (3,812,521) 11,286,084 28,931,423Net Realised Currency Gains/(Losses) 1(g) 152,232 (2,226,456) (52,860) (116,819) - (289,953) (2,426) (3,782)Movement in Net Unrealised Currency(Losses)/Gains 1(g) (604,894) 1,236,942 (484) 921 - (1,353) 291 (13)Total Investment and Currency Gains/(Losses) 15,383,605 110,979,369 (18,769,416) 14,524,230 - 2,935,873 17,697,630 52,054,093

Finance CostsDistributions to redeemable participatingunitholders 1(h) (38,501) (19,897) - - - - (27,721) (2,926,978)Interest expense (43,165) (46,668) - - - - - -Profit/(Loss) for the financial year before tax 16,756,997 113,506,511 (18,324,802) 15,947,627 - 3,395,953 18,504,350 52,149,962

TaxationWithholding taxes on dividends and otherinvestment income 7 (984,135) (1,411,055) (190,333) (218,234) - (206,475) (638,993) (1,378,139)Capital Gains Tax - - 200,358 (1,308,450) - (473,427) - -

Net movement in net assets attributable toredeemable participating unitholdersresulting from operations 15,772,862 112,095,456 (18,314,777) 14,420,943 - 2,716,051 17,865,357 50,771,823

* Management fees are shown net of fee caps, where applicable.** PineBridge Latin America Small & Mid Cap Equity Fund terminated on 18 November 2019, and merged into PineBridge Latin America Equity Fund on the same date, therefore data presented for the financial year ended 31 December 2019 is for

comparative purposes only.

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.

PineBridge Global Funds

Statement of Comprehensive Income (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

225 Statement of Comprehensive Income

PINEBRIDGEUS RESEARCH

ENHANCED CORE EQUITYFUND

PINEBRIDGEUSD HIGH YIELD

BONDFUND**,

PINEBRIDGEUSD INVESTMENT GRADE

CREDIT FUND

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD

Operating IncomeDividend Income 1,872,813 2,143,462 - - -Bond and Bank Loan Income - - 177,351 7,780,328 7,452,456Other Income 720,183 3,977 10 - -Total Operating Income 2,592,996 2,147,439 177,361 7,780,328 7,452,456

Operating Expenses 9Management Fees* (1,311,892) (1,302,504) (7,236) (732,593) (445,675)Unitholder Servicing Fees (485,666) (482,615) - (1,558) -Trustee and Sub-Custodian Fees (33,070) (64,231) (2,454) (81,910) (81,254)Administrative Expenses (93,576) (87,543) (1,717) (103,523) (91,675)Auditors’ Remuneration (9,245) (8,760) (2,457) (9,245) (8,760)Printing and Publishing Expenses (14,894) (8,878) (1,001) (32,377) (28,059)Professional Fees (40,747) (33,971) (8,281) (78,143) (65,881)Other Expenses (732) (730) (728) (7,686) (7,666)Total Operating Expenses (1,989,822) (1,989,232) (23,874) (1,047,035) (728,970)

Net Operating Income 603,174 158,207 153,487 6,733,293 6,723,486

Investment and Currency Gains/(Losses)Net Realised Gains on Investments 1d(iv) 3,673,452 7,173,245 36,384 10,305,821 7,094,275Movement in Net Unrealised Gains onInvestments 1d(iv) 10,431,681 15,134,681 616,740 9,617,648 13,022,482Net Realised Currency Losses 1(g) - - (2,216) - -Movement in Net Unrealised Currency Gains 1(g) - - - - -Total Investment and Currency Gains 14,105,133 22,307,926 650,908 19,923,469 20,116,757

Finance CostsDistributions to redeemable participatingunitholders 1(h) - - - (4,500) (4,500)Profit for the financial year before tax 14,708,307 22,466,133 804,395 26,652,262 26,835,743

TaxationWithholding taxes on dividends and otherinvestment income 7 (567,496) (766,243) - (16,558) (15,493)Capital Gains Tax - - - - -

Net movement in net assets attributable toredeemable participating unitholdersresulting from operations 14,140,811 21,699,890 804,395 26,635,704 26,820,250

* Management fees are shown net of fee caps, where applicable.** PineBridge USD High Yield Bond Fund launched on 2 October 2020, therefore there are no comparatives.

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.

PineBridge Global Funds

Statement of Comprehensive Income (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Comprehensive Income 226

PINEBRIDGEASIA DYNAMIC

ASSET ALLOCATIONFUND

NoteFinancial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD

Operating IncomeDividend Income 383,974 520,090Bond and Bank Loan Income 1,375,657 1,221,479Other Income 297 381Total Operating Income 1,759,928 1,741,950

Operating Expenses 9Management Fees* (660,805) (624,201)Unitholder Servicing Fees - -Trustee and Sub-Custodian Fees (39,575) (41,748)Administrative Expenses (43,999) (51,055)Auditors’ Remuneration (9,245) (8,760)Printing and Publishing Expenses (5,079) (1,702)Professional Fees (24,900) (22,853)Other Expenses (731) (730)Total Operating Expenses (784,334) (751,049)

Net Operating Income 975,594 990,901

Investment and Currency Gains/(Losses)Net Realised Gains on Investments 1d(iv) 6,014,173 1,263,729Movement in Net Unrealised Gains onInvestments 1d(iv) 6,245,599 6,032,944Net Realised Currency Gains/(Losses) 1(g) 91,750 (7,728)Movement in Net Unrealised Currency (Losses) 1(g) (7,793) (721)Total Investment and Currency Gains 12,343,729 7,288,224

Finance CostsDistributions to redeemable participatingunitholders 1(h) - -Profit for the financial year before tax 13,319,323 8,279,125

TaxationWithholding taxes on dividends and otherinvestment income 7 (41,723) (50,475)Capital Gains Tax - -

Net movement in net assets resulting fromoperations 13,277,600 8,228,650

* 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.

PineBridge Global Funds

Statement of Comprehensive Income (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

227 Statement of Comprehensive Income

PINEBRIDGEASIA EX JAPANEQUITY FUND

PINEBRIDGEASIA EX JAPAN SMALL CAP

EQUITY FUND

PINEBRIDGEASIA PACIFIC INVESTMENT GRADE BOND

FUND

PINEBRIDGECHINA A-SHARES

QUANTITATIVE FUND

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

Note USD USD USD USD USD USD USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 259,110,649 192,667,124 1,863,320,174 815,385,003 187,860,082 135,883,152 49,270,087 73,384,703Investment Funds - - - - - - - -Unrealised Gain on Financial Derivative Instruments - - 1,059,028 111,302 128,687 - - -

259,110,649 192,667,124 1,864,379,202 815,496,305 187,988,769 135,883,152 49,270,087 73,384,703

Cash at Broker 4 - - - - 614,350 332,431 - -Cash and Bank Balances 4 5,145,708 7,293,945 112,170,736 124,156,028 7,700,855 5,096,380 4,175,775 991,594

Debtors:Sale of Investments Awaiting Settlement - - 6,679,908 696,350 - - - -Subscription of Units Awaiting Settlement 269,193 35,351 9,411,671 3,050,517 2,733,299 175,000 - -Dividend Income Receivable 12,279 61,881 1,862,737 489,529 - - - -Withholding Tax Reclaim Receivable - - - - - 5,530 - -Bond Income Receivable - - - - 1,596,660 1,135,370 - -Other Debtors - - 3,154 793 - - - -

Total CURRENT ASSETS 264,537,829 200,058,301 1,994,507,408 943,889,522 200,633,933 142,627,863 53,445,862 74,376,297

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments - - (449) (2,830) (21) - - -

Creditors (amounts falling due within one year):Amounts due to Broker - - - - - - - -Purchase of Investments Awaiting Settlement - (150,538) (5,377,285) (256,803) - - - (201,926)Redemption of Units Awaiting Settlement (610,975) (2,820,603) (25,709,721) (12,484,713) (3,248,348) (4,362) - -Management Fee and Unitholder Servicing Fee Payable* (226,702) (178,274) (1,616,329) (760,415) (55,916) (34,988) (2,785) (7,341)Other Expenses Payable 1(f) (40,434) (56,288) (255,833) (208,552) (16,351) (17,426) (9,131) (31,213)Capital Gains Tax Payable (1,307,906) - (7,474,571) (1,021,191) - - - -Withholding Tax Payable (2,578) (12,994) (21,904) - - (6,804) - -Bank Overdraft 4 - - (59) - - - - -

Total CURRENT LIABILITIES (2,188,595) (3,218,697) (40,456,151) (14,734,504) (3,320,636) (63,580) (11,916) (240,480)

Net Assets attributable to redeemable participatingunitholders

262,349,234 196,839,604 1,954,051,257 929,155,018 197,313,297 142,564,283 53,433,946 74,135,817

* Management fees are shown net of fee caps, where applicable.

PineBridge Global Funds

Statement of Financial Position

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 228

PINEBRIDGEEMERGING EUROPE

EQUITY FUND

PINEBRIDGEEUROPE RESEARCHENHANCED EQUITY

FUND

PINEBRIDGEEUROPE SMALL CAP

EQUITY FUND

PINEBRIDGEGLOBAL BOND

FUND

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

Note USD USD USD USD USD USD USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 10,450,177 14,042,072 54,636,144 48,806,074 56,753,863 61,707,588 51,783,807 43,518,322Investment Funds - - 1,106,393 343,915 - - - -Unrealised Gain on Financial Derivative Instruments - - - - - - 124,654 99,488

10,450,177 14,042,072 55,742,537 49,149,989 56,753,863 61,707,588 51,908,461 43,617,810

Cash at Broker 4 - - - - - - 441,442 -Cash and Bank Balances 4 303,193 294,007 321,553 247,338 2,671,313 3,512,534 1,144,115 619,928

Debtors:Sale of Investments Awaiting Settlement 203,077 85,681 3,975,462 105,512 - - - 467,996Subscription of Units Awaiting Settlement 18,171 19,845 68,854 22,872 78,546 123,766 65,243 16,231Dividend Income Receivable 29,311 88,286 45,832 25,768 48,527 47,247 - -Withholding Tax Reclaim Receivable 38,422 37,060 108,889 136,406 94,495 92,381 - 8,416Bond Income Receivable - - - - - - 581,051 412,067Other Debtors - - 5,986 98 - 3,172 - -

Total CURRENT ASSETS 11,042,351 14,566,951 60,269,113 49,687,983 59,646,744 65,486,688 54,140,312 45,142,448

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments - (662) - - (551) (258) (647,949) (444,735)

Creditors (amounts falling due within one year):Amounts due to Broker - - - - - - (241,653) -Purchase of Investments Awaiting Settlement (297,583) - (4,422,601) - - - - -Redemption of Units Awaiting Settlement (28,865) (159,315) (148,266) (256,638) (453,552) (1,180,046) (415,926) (851,545)Management Fee and Unitholder Servicing Fee Payable* (10,848) (14,907) (51,673) (47,229) (58,667) (62,971) (41,613) (37,201)Other Expenses Payable 1(f) (15,638) (19,476) (25,282) (22,151) (33,099) (49,361) (26,902) (27,138)Capital Gains Tax Payable - - (1,558) - - - - -Withholding Tax Payable (4,397) (13,243) (281) - - - (1,642) (3,176)Bank Overdraft 4 (14,141) - (177,671) - - - - -

Total CURRENT LIABILITIES (371,472) (207,603) (4,827,332) (326,018) (545,869) (1,292,636) (1,375,685) (1,363,795)

Net Assets attributable to redeemable participatingunitholders

10,670,879 14,359,348 55,441,781 49,361,965 59,100,875 64,194,052 52,764,627 43,778,653

* Management fees are shown net of fee caps, where applicable.

PineBridge Global Funds

Statement of Financial Position (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

229 Statement of Financial Position

PINEBRIDGEGLOBAL DYNAMIC ASSET ALLOCATION

FUND

PINEBRIDGEGLOBAL DYNAMIC

PRESERVATIONPLUS FUND**

PINEBRIDGEGLOBAL EMERGING MARKETS

BOND FUND

PINEBRIDGEGLOBAL EMERGING

MARKETS CORPORATE BOND FUND

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

Note USD USD USD USD USD USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 748,372,457 859,246,219 106,922,921 16,474,522 17,085,166 50,297,665 38,446,008Investment Funds 142,980,056 72,319,428 5,005,184 2,103,241 1,949,949 - -Unrealised Gain on Financial Derivative Instruments 22,208,929 9,222,952 776,276 310,036 280,912 572,949 -

913,561,442 940,788,599 112,704,381 18,887,799 19,316,027 50,870,614 38,446,008

Cash at Broker 4 32,569,535 20,942,870 2,789,382 - - - -Cash held with Broker as collateral 4 2,985,000 - 1,440,000 - - - -Cash and Bank Balances 4 81,841,109 134,988,619 11,900,501 546,056 592,757 2,749,745 2,014,601

Debtors:Sale of Investments Awaiting Settlement 20,620,067 281,289 915,520 - - - -Subscription of Units Awaiting Settlement 9,233,618 616,101 - 15,625 17,721 95,541 -Dividend Income Receivable 138,500 958,004 7,742 - - - -Withholding Tax Reclaim Receivable 251,946 225,034 1,267 11,166 10,303 - -Bond Income Receivable 1,720,321 1,136,196 464,924 273,096 327,898 752,924 497,956Other Debtors 77,570 284 - 98 153 - -

Total CURRENT ASSETS 1,062,999,108 1,099,936,996 130,223,717 19,733,840 20,264,859 54,468,824 40,958,565

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments (6,671,289) (1,760,669) (307,905) (902) (6,315) (1,521) -

Creditors (amounts falling due within one year):Amounts due to Broker (8,080,940) (4,516,563) (86,446) - - - -Purchase of Investments Awaiting Settlement - (235,862) - - - - -Redemption of Units Awaiting Settlement (1,549,295) (1,963,015) - (45,450) (103,922) - -Management Fee and Unitholder Servicing Fee Payable* (745,296) (731,123) (120) (18,077) (19,650) (23,802) (4,445)Other Expenses Payable 1(f) (153,778) (204,064) (18,869) (17,870) (22,075) (6,824) (10,282)Capital Gains Tax Payable (12,915) (669,483) - (3,078) (16,678) - -Withholding Tax Payable (32,126) (132,622) (1,785) (4,490) (9,422) (918) (1,983)Bank Overdraft 4 - - - - (2,067) - -

Total CURRENT LIABILITIES (17,245,639) (10,213,401) (415,125) (89,867) (180,129) (33,065) (16,710)

Net Assets attributable to redeemable participatingunitholders

1,045,753,469 1,089,723,595 129,808,592 19,643,973 20,084,730 54,435,759 40,941,855

* Management fees are shown net of fee caps, where applicable.** PineBridge Global Dynamic Preservation Plus Fund launched on 24 June 2020, therefore there are no comparatives.

PineBridge Global Funds

Statement of Financial Position (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 230

PINEBRIDGEGLOBAL EMERGING

MARKETS FOCUS EQUITY FUND

PINEBRIDGEGLOBAL EMERGING MARKETS LOCAL

CURRENCY BOND FUND

PINEBRIDGEGLOBAL FOCUSEQUITY FUND

PINEBRIDGEGLOBAL STRATEGIC

INCOME FUND

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

Note USD USD USD USD USD USD USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 109,617,333 29,250,989 19,483,533 28,928,740 293,195,296 275,696,381 12,472,992 12,179,262Investment Funds - - - - - - - -Unrealised Gain on Financial Derivative Instruments - 4,943 123,122 134,137 - - 2,080 5,661

109,617,333 29,255,932 19,606,655 29,062,877 293,195,296 275,696,381 12,475,072 12,184,923

Cash at Broker 4 - - - - - - - -Cash and Bank Balances 4 2,515,791 1,135,350 522,589 839,845 6,006,055 16,987,622 537,356 485,765

Debtors:Sale of Investments Awaiting Settlement - 380,198 - - - - 2,012 55,879Subscription of Units Awaiting Settlement 74,577 27,382 4,922 7,213 1,557,973 246,106 2,112 22,953Dividend Income Receivable 6,324 42,071 - - 237,966 104,830 - -Withholding Tax Reclaim Receivable 189 189 61,406 52,760 44,622 65,767 - -Bond Income Receivable - - 375,912 693,248 - - 139,133 149,304Other Debtors - 1,824 31 110 - - - -

Total CURRENT ASSETS 112,214,214 30,842,946 20,571,515 30,656,053 301,041,912 293,100,706 13,155,685 12,898,824

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments - - (1,247) (2,216) - - (20,142) (7,727)

Creditors (amounts falling due within one year):Amounts due to Broker - - - - - - - -Purchase of Investments Awaiting Settlement - (1,113,329) - - - - (194,089) (15,019)Redemption of Units Awaiting Settlement (30,909) (18,760) (43,997) (330,647) (228,065) (5,628,631) (17,668) (272)Management Fee and Unitholder Servicing Fee Payable* (37,353) (30,704) (16,246) (23,984) (273,083) (245,772) (11,603) (12,035)Other Expenses Payable 1(f) (22,515) (20,872) (13,794) (18,120) (62,484) (73,819) (6,828) (7,237)Capital Gains Tax Payable (137,744) (28,807) (11,469) (1,035) - - - -Withholding Tax Payable (1,581) (6,561) (7,209) (46,436) (59,920) (15,852) (332) (1,089)Bank Overdraft 4 - - - - - - - -

Total CURRENT LIABILITIES (230,102) (1,219,033) (93,962) (422,438) (623,552) (5,964,074) (250,662) (43,379)

Net Assets attributable to redeemable participatingunitholders

111,984,112 29,623,913 20,477,553 30,233,615 300,418,360 287,136,632 12,905,023 12,855,445

* Management fees are shown net of fee caps, where applicable.

PineBridge Global Funds

Statement of Financial Position (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

231 Statement of Financial Position

PINEBRIDGEGREATER CHINA

EQUITY FUND

PINEBRIDGEINDIA EQUITY FUNDCONSOLIDATED**

PINEBRIDGEJAPAN EQUITY

FUND

PINEBRIDGEJAPAN NEW HORIZON

EQUITY FUND***

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

Note USD USD USD USD USD USD USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 71,441,550 69,180,966 710,549,627 925,708,882 54,629,733 58,529,774 - -Investment Funds - - - - - - - -Unrealised Gain on Financial Derivative Instruments - - 312 168 - 240 - -

71,441,550 69,180,966 710,549,939 925,709,050 54,629,733 58,530,014 - -

Cash at Broker 4 - - - - - - - -Cash and Bank Balances 4 3,192,729 3,352,234 14,347,450 59,945,521 2,792,433 1,486,351 - 21,686

Debtors:Sale of Investments Awaiting Settlement 7,416 - 193,096 - 49,837 133,088 - -Subscription of Units Awaiting Settlement 111,632 14,851 1,585,353 781,280 21,097 36,706 - -Dividend Income Receivable 33,274 48,566 - - 36,698 43,284 - -Withholding Tax Reclaim Receivable - - - - - - - -Bond Income Receivable - - - - - - - -Other Debtors 56 - 2,255 44,384 - - - 5,255

Total CURRENT ASSETS 74,786,657 72,596,617 726,678,093 986,480,235 57,529,798 60,229,443 - 26,941

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments - - - - (125) (181) - -

Creditors (amounts falling due within one year):Amounts due to Broker - - - - - - - -Purchase of Investments Awaiting Settlement (220,931) (289,676) - (862,177) (24,284) - - -Redemption of Units Awaiting Settlement (90,281) (1,093,685) (4,362,513) (2,170,748) (101,044) (38,994) - -Management Fee and Unitholder Servicing Fee Payable* (78,063) (74,795) (624,423) (838,808) (15,762) (22,805) - -Other Expenses Payable 1(f) (51,022) (55,791) (251,728) (328,978) (23,485) (26,812) - (26,941)Capital Gains Tax Payable - - (21,724,544) (1,210,026) - - - -Withholding Tax Payable (6,987) (9,614) - - (5,505) (6,492) - -Bank Overdraft 4 - - - - - - - -

Total CURRENT LIABILITIES (447,284) (1,523,561) (26,963,208) (5,410,737) (170,205) (95,284) - (26,941)

Net Assets attributable to redeemable participatingunitholders

74,339,373 71,073,056 699,714,885 981,069,498 57,359,593 60,134,159 - -

* Management fees are shown net of fee caps, where applicable.** Incorporating PineBridge Investments GF Mauritius Limited.*** PineBridge Japan New Horizon Equity Fund terminated on 11 July 2019, therefore data presented for the financial year ended 31 December 2019 is for comparative purposes only.

PineBridge Global Funds

Statement of Financial Position (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 232

PINEBRIDGEJAPAN SMALL CAP

EQUITY FUND

PINEBRIDGELATIN AMERICA

EQUITY FUND

PINEBRIDGELATIN AMERICA

SMALL & MID CAP EQUITY FUND**

PINEBRIDGEUS LARGE CAP

RESEARCH ENHANCED FUND

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2019

Note USD USD USD USD USD USD USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 405,593,105 478,845,564 91,554,587 119,734,874 - - 127,553,442 117,415,787Investment Funds - - - - - - 3,668,415 318,058Unrealised Gain on Financial Derivative Instruments 57,176 610,855 - - - - 400 68

405,650,281 479,456,419 91,554,587 119,734,874 - - 131,222,257 117,733,913

Cash at Broker 4 - - - - - - - -Cash and Bank Balances 4 10,327,764 8,157,796 756,298 794,325 - - 147,262 361,474

Debtors:Sale of Investments Awaiting Settlement 285,262 9,334,207 - - - - - -Subscription of Units Awaiting Settlement 4,484,492 224,826 142,721 146,067 - - 2,319,114 17,724Dividend Income Receivable 854,433 1,429,601 205,794 714,188 - - 135,701 127,906Withholding Tax Reclaim Receivable - - - - - - - -Bond Income Receivable - - - - - - - -Other Debtors 352 1,430 - - - - 148 240

Total CURRENT ASSETS 421,602,584 498,604,279 92,659,400 121,389,454 - - 133,824,482 118,241,257

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments (4,608) (4,179) - - - - - -

Creditors (amounts falling due within one year):Amounts due to Broker - - - - - - - -Purchase of Investments Awaiting Settlement - (4,852,587) - - - - (2,129,078) -Redemption of Units Awaiting Settlement (256,196) (441,742) (282,631) (734,152) - - (71,773) (348,572)Management Fee and Unitholder Servicing Fee Payable* (365,687) (424,159) (94,086) (115,527) - - (108,344) (97,090)Other Expenses Payable 1(f) (83,262) (117,481) (53,994) (69,258) - - (26,653) (25,658)Capital Gains Tax Payable - - (793,053) (1,235,208) - - - -Withholding Tax Payable (128,165) (214,440) (8,286) (24,892) - - (40,711) (38,204)Bank Overdraft 4 - - - - - - - -

Total CURRENT LIABILITIES (837,918) (6,054,588) (1,232,050) (2,179,037) - - (2,376,559) (509,524)

Net Assets attributable to redeemable participatingunitholders

420,764,666 492,549,691 91,427,350 119,210,417 - - 131,447,923 117,731,733

* Management fees are shown net of fee caps, where applicable.** PineBridge Latin America Small & Mid Cap Equity Fund terminated on 18 November 2019, and merged into PineBridge Latin America Equity Fund on the same date, therefore data presented for the financial year ended 31 December 2019 is for

comparative purposes only.

PineBridge Global Funds

Statement of Financial Position (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

233 Statement of Financial Position

PINEBRIDGEUS RESEARCH

ENHANCED CORE EQUITYFUND

PINEBRIDGEUSD HIGH YIELD

BONDFUND**

PINEBRIDGEUSD INVESTMENT GRADE

CREDIT FUND

As at31 December 2020

As at31 December 2019

As at31 December 2020

As at31 December 2020

As at31 December 2019

Note USD USD USD USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 110,430,602 103,244,448 14,352,274 265,365,274 213,921,389Investment Funds 2,189,671 1,980,094 - - -Unrealised Gain on Financial Derivative Instruments - - - - -

112,620,273 105,224,542 14,352,274 265,365,274 213,921,389

Cash at Broker 4 - - - - -Cash and Bank Balances 4 346,607 3,695,856 1,109,466 7,796,178 6,122,192

Debtors:Sale of Investments Awaiting Settlement - - - 566,034 2,209,366Subscription of Units Awaiting Settlement 312,318 91,157 - 824,755 -Dividend Income Receivable 87,247 98,239 - - -Withholding Tax Reclaim Receivable - - - - 3,080Bond Income Receivable - - 214,105 1,996,087 1,855,288Other Debtors - - - 5,334 11,922

Total CURRENT ASSETS 113,366,445 109,109,794 15,675,845 276,553,662 224,123,237

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments - - - - -

Creditors (amounts falling due within one year):Amounts due to Broker - - - - -Purchase of Investments Awaiting Settlement - - (15,000) (566,034) (2,123,192)Redemption of Units Awaiting Settlement (291,780) (3,437,271) - - -Management Fee and Unitholder Servicing Fee Payable* (121,107) (117,022) (2,593) (75,888) (49,276)Other Expenses Payable 1(f) (63,593) (64,221) (6,165) (60,988) (59,069)Capital Gains Tax Payable - - - - -Withholding Tax Payable (24,972) (27,172) - (3,274) (4,026)Bank Overdraft 4 - - - - -

Total CURRENT LIABILITIES (501,452) (3,645,686) (23,758) (706,184) (2,235,563)

Net Assets attributable to redeemable participatingunitholders

112,864,993 105,464,108 15,652,087 275,847,478 221,887,674

* Management fees are shown net of fee caps, where applicable.** PineBridge USD High Yield Bond Fund launched on 2 October 2020, therefore there are no comparatives.

PineBridge Global Funds

Statement of Financial Position (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

Statement of Financial Position 234

PINEBRIDGEASIA DYNAMIC

ASSET ALLOCATIONFUND

As at31 December 2020

As at31 December 2019

Note USD USD

CURRENT ASSETSFinancial Assets at fair value through profit or loss: 1(d)Transferable Securities 51,082,935 48,010,172Investment Funds 2,760,583 1,702,116Unrealised Gain on Financial Derivative Instruments 518,182 265,440

54,361,700 49,977,728

Cash at Broker 4 1,877,858 577,090Cash and Bank Balances 4 6,756,568 1,921,144

Debtors:Sale of Investments Awaiting Settlement - -Subscription of Units Awaiting Settlement 19,164 11,503Dividend Income Receivable 674 9,065Withholding Tax Reclaim Receivable - 350Bond Income Receivable 352,033 347,502Other Debtors - -

Total CURRENT ASSETS 63,367,997 52,844,382

CURRENT LIABILITIESFinancial Liabilities at fair value through profit or loss: 1(d)Unrealised Loss on Financial Derivative Instruments (15,727) (20,287)

Creditors (amounts falling due within one year):Amounts due to Broker (160,541) -Purchase of Investments Awaiting Settlement - (16,867)Redemption of Units Awaiting Settlement (151,608) (69,188)Management Fee and Unitholder Servicing Fee Payable* (64,457) (54,790)Other Expenses Payable 1(f) (11,658) (11,497)Capital Gains Tax Payable (136,795) -Withholding Tax Payable (142) (2,079)Bank Overdraft 4 - -

Total CURRENT LIABILITIES (540,928) (174,708)

Net Assets 62,827,069 52,669,674

Unit Capital 62,827,069 52,669,674

* Management fees are shown net of fee caps, where applicable.

PineBridge Global Funds

Statement of Financial Position (continued)

ON BEHALF OF THE BOARD OF THE MANAGER

27 April 2021The accompanying notes are an integral part of these Financial Statements.

235 Statement of Financial Position

PINEBRIDGEASIA EX JAPANEQUITY FUND

PINEBRIDGEASIA EX JAPAN SMALL CAP

EQUITY FUND

PINEBRIDGEASIA PACIFIC INVESTMENT GRADE BOND

FUND

PINEBRIDGECHINA A-SHARES

QUANTITATIVE FUNDFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Net Assets attributable to redeemableparticipating unitholders at beginning offinancial year 196,839,604 163,057,148 929,155,018 529,873,095 142,564,283 129,790,460 74,135,817 -

Net movement in Net Assets attributableto redeemable participating unitholdersresulting from operations 82,828,308 38,486,408 378,914,177 116,318,922 9,260,368 11,340,788 14,474,737 5,115,810

Unit TransactionsRedeemable Participating Units Issued 73,824,928 75,272,990 1,738,356,929 676,166,454 77,219,409 14,189,674 17,665 77,427,514Reinvestment of distributions (Note 1(g)) - - 847 6,188 1,853 - - 54,000Redeemable Participating UnitsRedeemed (91,143,606) (79,976,942) (1,092,375,714) (393,209,641) (31,732,616) (12,756,639) (35,194,273) (8,461,507)

Movements in Net Assets resulting fromUnit Transactions (17,318,678) (4,703,952) 645,982,062 282,963,001 45,488,646 1,433,035 (35,176,608) 69,020,007

Total movement in Net Assets attributableto redeemable participating unitholders 65,509,630 33,782,456 1,024,896,239 399,281,923 54,749,014 12,773,823 (20,701,871) 74,135,817

Net Assets attributable to redeemableparticipating unitholders at end offinancial year 262,349,234 196,839,604 1,954,051,257 929,155,018 197,313,297 142,564,283 53,433,946 74,135,817

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

The accompanying notes are an integral part of these Financial Statements.

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 236

PINEBRIDGEEMERGING EUROPE

EQUITY FUND

PINEBRIDGEEUROPE RESEARCHENHANCED EQUITY

FUND

PINEBRIDGEEUROPE SMALL CAP

EQUITY FUND

PINEBRIDGEGLOBAL BOND

FUND

Financial Year ended31 December 2020

Financial Year ended31 December 2019

Financial Year ended31 December 2020

Financial Year ended31 December 2019

Financial Year ended31 December 2020

Financial Year ended31 December 2019

Financial Year ended31 December 2020

Financial Year ended31 December 2019

USD USD USD USD USD USD USD USD

Net Assets attributable to redeemableparticipating unitholders at beginning offinancial year 14,359,348 27,944,650 49,361,965 43,453,326 64,194,052 98,924,927 43,778,653 44,874,047

Net movement in Net Assets attributableto redeemable participating unitholdersresulting from operations (1,789,330) 5,152,126 2,404,768 8,760,531 4,442,787 18,455,306 1,686,419 3,261,408

Unit TransactionsRedeemable Participating Units Issued 1,786,603 1,954,203 9,102,451 4,491,031 6,852,862 14,078,233 22,701,571 15,175,687Reinvestment of distributions (Note 1(g)) - - - - - - - -Redeemable Participating UnitsRedeemed (3,685,742) (20,691,631) (5,427,403) (7,342,923) (16,388,826) (67,264,414) (15,402,016) (19,532,489)

Movements in Net Assets resulting fromUnit Transactions (1,899,139) (18,737,428) 3,675,048 (2,851,892) (9,535,964) (53,186,181) 7,299,555 (4,356,802)

Total movement in Net Assets attributableto redeemable participating unitholders (3,688,469) (13,585,302) 6,079,816 5,908,639 (5,093,177) (34,730,875) 8,985,974 (1,095,394)

Net Assets attributable to redeemableparticipating unitholders at end offinancial year 10,670,879 14,359,348 55,441,781 49,361,965 59,100,875 64,194,052 52,764,627 43,778,653

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued)

The accompanying notes are an integral part of these Financial Statements.

237 Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

PINEBRIDGEGLOBAL DYNAMIC ASSET ALLOCATION

FUND

PINEBRIDGEGLOBAL DYNAMIC

PRESERVATIONPLUS FUND*

PINEBRIDGEGLOBAL EMERGING MARKETS

BOND FUND

PINEBRIDGEGLOBAL EMERGING

MARKETS CORPORATE BOND FUND

Financial Year ended31 December 2020

Financial Year ended31 December 2019

Financial Year ended31 December 2020

Financial Year ended31 December 2020

Financial Year ended31 December 2019

Financial Year ended31 December 2020

Financial Year ended31 December 2019

USD USD USD USD USD USD USD

Net Assets attributable to redeemableparticipating unitholders at beginning offinancial year 1,089,723,595 934,865,743 - 20,084,730 19,030,785 40,941,855 27,027,371

Net movement in Net Assets attributableto redeemable participating unitholdersresulting from operations 147,056,955 138,809,822 10,304,581 (3,575) 965,731 5,100,486 4,116,804

Unit TransactionsRedeemable Participating Units Issued 226,681,509 323,896,028 119,504,011 3,474,383 3,087,582 20,578,632 34,053,292Reinvestment of distributions (Note 1(g)) 378,325 1,226,283 - 81,194 84,775 - -Redeemable Participating UnitsRedeemed (418,086,915) (309,074,281) - (3,992,759) (3,084,143) (12,185,214) (24,255,612)

Movements in Net Assets resulting fromUnit Transactions (191,027,081) 16,048,030 119,504,011 (437,182) 88,214 8,393,418 9,797,680

Total movement in Net Assets attributableto redeemable participating unitholders (43,970,126) 154,857,852 129,808,592 (440,757) 1,053,945 13,493,904 13,914,484

Net Assets attributable to redeemableparticipating unitholders at end offinancial year 1,045,753,469 1,089,723,595 129,808,592 19,643,973 20,084,730 54,435,759 40,941,855

* PineBridge Global Dynamic Preservation Plus Fund launched on 24 June 2020, therefore there are no comparatives.

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued)

The accompanying notes are an integral part of these Financial Statements.

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 238

PINEBRIDGEGLOBAL EMERGING

MARKETS FOCUS EQUITY FUND

PINEBRIDGEGLOBAL EMERGING MARKETS LOCAL

CURRENCY BOND FUND

PINEBRIDGEGLOBAL FOCUSEQUITY FUND

PINEBRIDGEGLOBAL STRATEGIC

INCOME FUNDFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Net Assets attributable to redeemableparticipating unitholders at beginning offinancial year 29,623,913 32,603,029 30,233,615 52,696,214 287,136,632 252,818,080 12,855,445 13,270,769

Net movement in Net Assets attributableto redeemable participating unitholdersresulting from operations 8,889,203 5,240,997 (2,711,130) 2,260,164 62,298,023 62,907,684 573,764 1,125,001

Unit TransactionsRedeemable Participating Units Issued 82,792,603 4,839,726 1,127,808 1,572,992 30,983,985 17,118,640 7,170,488 2,300,504Reinvestment of distributions (Note 1(g)) - - 1,313,022 1,413,318 409,451 403,228 225,708 219,603Redeemable Participating UnitsRedeemed (9,321,607) (13,059,839) (9,485,762) (27,709,073) (80,409,731) (46,111,000) (7,920,382) (4,060,432)

Movements in Net Assets resulting fromUnit Transactions 73,470,996 (8,220,113) (7,044,932) (24,722,763) (49,016,295) (28,589,132) (524,186) (1,540,325)

Total movement in Net Assets attributableto redeemable participating unitholders 82,360,199 (2,979,116) (9,756,062) (22,462,599) 13,281,728 34,318,552 49,578 (415,324)

Net Assets attributable to redeemableparticipating unitholders at end offinancial year 111,984,112 29,623,913 20,477,553 30,233,615 300,418,360 287,136,632 12,905,023 12,855,445

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued)

The accompanying notes are an integral part of these Financial Statements.

239 Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

PINEBRIDGEGREATER CHINA

EQUITY FUND

PINEBRIDGEINDIA EQUITY FUND

CONSOLIDATED*

PINEBRIDGEJAPAN EQUITY

FUND

PINEBRIDGEJAPAN NEW HORIZON

EQUITY FUND**Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Net Assets attributable to redeemableparticipating unitholders at beginning offinancial year 71,073,056 63,144,885 981,069,498 1,138,850,192 60,134,159 16,000,013 - 52,527,025

Net movement in Net Assets attributableto redeemable participating unitholdersresulting from operations 8,900,667 9,885,476 110,405,557 21,560,361 5,254,421 8,902,520 - 3,063,996

Unit TransactionsRedeemable Participating Units Issued 23,216,245 22,371,464 157,620,492 123,701,171 38,073,856 57,521,744 - 21,176,735Reinvestment of distributions (Note 1(g)) - - - 787,486 - - - -Redeemable Participating UnitsRedeemed (28,850,595) (24,328,769) (549,380,662) (303,829,712) (46,102,843) (22,290,118) - (76,767,756)

Movements in Net Assets resulting fromUnit Transactions (5,634,350) (1,957,305) (391,760,170) (179,341,055) (8,028,987) 35,231,626 - (55,591,021)

Total movement in Net Assets attributableto redeemable participating unitholders 3,266,317 7,928,171 (281,354,613) (157,780,694) (2,774,566) 44,134,146 - (52,527,025)

Net Assets attributable to redeemableparticipating unitholders at end offinancial year 74,339,373 71,073,056 699,714,885 981,069,498 57,359,593 60,134,159 - -

* Incorporating PineBridge Investments GF Mauritius Limited.** PineBridge Japan New Horizon Equity Fund terminated on 11 July 2019, therefore data presented for the financial year ended 31 December 2019 is for comparative purposes only.

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued)

The accompanying notes are an integral part of these Financial Statements.

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 240

PINEBRIDGEJAPAN SMALL CAP

EQUITY FUND

PINEBRIDGELATIN AMERICA

EQUITY FUND

PINEBRIDGELATIN AMERICA

SMALL & MID CAP EQUITY FUND*

PINEBRIDGEUS LARGE CAP

RESEARCH ENHANCED FUNDFinancial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019Financial Year ended

31 December 2020Financial Year ended

31 December 2019USD USD USD USD USD USD USD USD

Net Assets attributable to redeemableparticipating unitholders at beginning offinancial year 492,549,691 566,205,714 119,210,417 81,473,013 - 53,222,364 117,731,733 315,131,777

Net movement in Net Assets attributableto redeemable participating unitholdersresulting from operations 15,772,862 112,095,456 (18,314,777) 14,420,943 - 2,716,051 17,865,357 50,771,823

Unit TransactionsRedeemable Participating Units Issued 425,819,247 392,286,266 10,537,717 55,995,703 - 5,835,362 33,592,572 29,756,740Reinvestment of distributions (Note 1(g)) - 73 - - - - 1 -Redeemable Participating UnitsRedeemed (513,377,134) (578,037,818) (20,006,007) (32,679,242) - (61,773,777) (37,741,740) (277,928,607)

Movements in Net Assets resulting fromUnit Transactions (87,557,887) (185,751,479) (9,468,290) 23,316,461 - (55,938,415) (4,149,167) (248,171,867)

Total movement in Net Assets attributableto redeemable participating unitholders (71,785,025) (73,656,023) (27,783,067) 37,737,404 - (53,222,364) 13,716,190 (197,400,044)

Net Assets attributable to redeemableparticipating unitholders at end offinancial year 420,764,666 492,549,691 91,427,350 119,210,417 - - 131,447,923 117,731,733

* PineBridge Latin America Small & Mid Cap Equity Fund terminated on 18 November 2019, and merged into PineBridge Latin America Equity Fund on the same date, therefore data presented for the financial year ended 31 December 2019 is forcomparative purposes only.

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued)

The accompanying notes are an integral part of these Financial Statements.

241 Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders

PINEBRIDGEUS RESEARCH

ENHANCED CORE EQUITYFUND

PINEBRIDGEUSD HIGH YIELD

BONDFUND*

PINEBRIDGEUSD INVESTMENT GRADE

CREDIT FUND

Financial Year ended31 December 2020

Financial Year ended31 December 2019

Financial Year ended31 December 2020

Financial Year ended31 December 2020

Financial Year ended31 December 2019

USD USD USD USD USD

Net Assets attributable to redeemableparticipating unitholders at beginning offinancial year 105,464,108 90,653,166 - 221,887,674 187,885,042

Net movement in Net Assets attributableto redeemable participating unitholdersresulting from operations 14,140,811 21,699,890 804,395 26,635,704 26,820,250

Unit TransactionsRedeemable Participating Units Issued 10,858,881 10,156,941 14,974,632 121,066,606 31,390,753Reinvestment of distributions (Note 1(g)) - - - - -Redeemable Participating UnitsRedeemed (17,598,807) (17,045,889) (126,940) (93,742,506) (24,208,371)

Movements in Net Assets resulting fromUnit Transactions (6,739,926) (6,888,948) 14,847,692 27,324,100 7,182,382

Total movement in Net Assets attributableto redeemable participating unitholders 7,400,885 14,810,942 15,652,087 53,959,804 34,002,632

Net Assets attributable to redeemableparticipating unitholders at end offinancial year 112,864,993 105,464,108 15,652,087 275,847,478 221,887,674

* PineBridge USD High Yield Bond Fund launched on 2 October 2020, therefore there are no comparatives.

PineBridge Global Funds

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders (continued)

The accompanying notes are an integral part of these Financial Statements.

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 242

PINEBRIDGEASIA DYNAMIC

ASSET ALLOCATIONFUND

Financial Year ended31 December 2020

Financial Year ended31 December 2019

USD USD

Opening Equity 52,669,674 46,567,179

Net movement in Net Assets resultingfrom operations 13,277,600 8,228,650

Unit TransactionsCapital Contributions 2,960,615 2,668,873Distributions to redeemable participatingunitholders - -Capital Redemptions (6,080,820) (4,795,028)

Movement in Equity resulting from UnitTransactions (3,120,205) (2,126,155)

Total Movement in Equity 10,157,395 6,102,495

Total Equity at end of financial year 62,827,069 52,669,674

PineBridge Global Funds

Statement of Changes in Equity

The accompanying notes are an integral part of these Financial Statements.

243 Statement of Changes in Equity

1. ACCOUNTING POLICIES

The significant accounting policies and estimation techniques applied in the preparation of these FinancialStatements are set out below. The accounting policies applied are consistent with all the periods presented unlessotherwise stated.

BASIS OF PREPARATION AND PRESENTATIONa) Statement of complianceThe financial statements have been prepared on a going concern basis, in accordance with accounting standardsgenerally accepted in Ireland (“Irish GAAP”) including Financial Reporting Standard (“FRS”) 102, the financialreporting standard applicable in the UK and Republic of Ireland and the provisions of the European Communities(Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the �UCITS Regulations�). ThePineBridge Global Japan New Horizon Equity Fund which terminated on 11 July 2019 and PineBridge Latin AmericaSmall & Mid Cap Equity Fund which merged into PineBridge Latin America Equity Fund on 18 November 2019, arepresented within these financial statements for comparative purposes only, as the Sub-Funds were prepared on anon going concern basis for 31 December 2019.

The financial statements are prepared under the historical cost convention as modified by the revaluation of financialassets and financial liabilities at fair value through profit or loss.

The Fund has continued to avail of the exemption available to open-ended investment funds under FRS 102 and is notpresenting a cash flow statement.

All references to net assets throughout the document refer to Net Assets Attributable to Holders of RedeemableParticipating Units unless otherwise stated, with the exception of the PineBridge Asia Dynamic Asset AllocationFund which is prepared under Equity presentation and use the reference Net Assets.

b) ConsolidationFRS 102 sets out the conditions relating to parent undertakings and the preparation of consolidated financialstatements for subsidiaries. FRS 102 typically defines controlling interest as ownership, directly or indirectly of over50% of the outstanding voting shares of another entity. The results of the subsidiary undertakings are consolidatedinto the group Statement of Comprehensive Income from the date on which control over the operating and financialdecision making is obtained. PineBridge India Equity Fund holds 100% of the aggregated shares of PineBridgeInvestments GF Mauritius Limited. Accordingly, the Financial Statements of PineBridge Investments GF MauritiusLimited are consolidated in the PineBridge India Equity Fund, and therefore include the assets and liabilities and theprofit/loss of PineBridge Investments GF Mauritius Limited for the financial year ended 31 December 2020 andfinancial year ended 31 December 2019.

All significant inter-fund accounts and transactions have been eliminated in the Consolidated Financial Statementsof PineBridge India Equity Fund.

c) New accounting pronouncementsIn March 2020, the FASB issued an Accounting Standards Update (“ASU”) 2020-04 which provides guidance toaccount for certain contract modifications prospectively to ease the potential accounting burden associated withtransitioning away from the London Interbank Offered Rate (“LIBOR”) and other reference rates that are expected tobe discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 throughDecember 31, 2022. There is no impact of this ASU on the financial statements for the year ended December 31,2020 and management is currently assessing the impact of this ASU on the financial statements in future periods.

There are no other new standards, interpretations or amendments to existing standards that are effective that wouldbe expected to have a significant impact on the Fund.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020

Notes to the Financial Statements 244

1. ACCOUNTING POLICIES (continued)

d) Financial Assets and Financial Liabilities at fair value through profit or loss

i) ClassificationThis category has two sub-categories: financial assets and liabilities held for trading and those designated byDirectors at fair value through profit or loss at inception. Financial assets and financial liabilities are designatedby the Manager at fair value through profit or loss at inception with the exception of financial derivativeinstruments which are held for trading. Financial assets and financial liabilities designated at fair value throughprofit or loss at inception are those that are managed and their performance evaluated on a fair value basis inaccordance with the Sub-Funds’ investment strategy.

ii) Recognition and DerecognitionPurchases and sales of investments are recognised on trade receipt basis as disclosed on page 4. Investmentsare derecognised when the rights to receive cash flows from the investments have expired or the Sub-Fund hastransferred substantially all risks and rewards of ownership.

iii) MeasurementFinancial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value.Transaction costs are expensed in the Statement of Comprehensive Income. Subsequent to initial recognition,all financial assets or financial liabilities are measured at fair value through profit or loss. Gains and lossesarising from changes in the fair value of the financial assets or financial liabilities at fair value through profit orloss category are presented in the Statement of Comprehensive Income in the financial period in which theyarise.

iv) Fair Value

Transferable SecuritiesEquity securities listed on a recognised stock exchange or traded on any other regulated market are valued atthe last traded price as at the Statement of Financial Position date on the stock exchange or market whichconstitutes the principal market for such securities. If for specific assets the last traded price does not, in theopinion of the Directors of the Manager, reflect their fair value or are not available, the price of the most recenttransaction provides evidence of the current fair value as long as there has not been a significant change ineconomic circumstances since the time of the transaction. Fixed income securities listed on a recognised stockexchange or traded on any other regulated market are valued at evaluated bid price as at the Statement ofFinancial Position date on the stock exchange or market which constitutes the principal market for suchsecurities.

In the case of any security not listed, quoted or dealt in on a regulated market or for which no quotation or valueis available which would provide a fair valuation, or in respect of which the price is unrepresentative, the fairvalue of such security is determined on the basis of the probable realisation value and is determined by theDirectors of the Manager or other competent person appointed by the Directors of the Manager and approved forthe purpose by the Trustee, using valuation techniques.

Loan Participations and Assignments (“Bank Loans”)Certain Sub-Funds may invest in direct debt instruments which are interests in amounts owed by corporate,governmental, or other borrowers to lenders or lending syndicates. A Sub-Fund’s investments in loans may bein the form of participations in loans or assignments of all or a portion of loans from third parties (“Bank Loan”).A Bank Loan is often administered by a bank or other financial institution (the “Lender”) that acts as agent for allholders.

The Lender administers the terms of the Bank Loan, as specified in the Bank Loan agreement. When investing ina loan participation, a Sub-Fund has the right to receive payments of principal, interest and any fees to which itis entitled only from the Lender and only upon receipt by the Lender of payments from the borrower. A Sub-Fundgenerally has no right to enforce compliance with the terms of the Bank Loan agreement with the borrower. Asa result, a Sub-Fund may be subject to the credit risk of both the borrower and the Lender. However when a

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

245 Notes to the Financial Statements

1. ACCOUNTING POLICIES (continued)

d) Financial Assets and Financial Liabilities at fair value through profit or loss (continued)

iv) Fair Value (continued)

Loan Participations and Assignments (“Bank Loans”) (continued)Sub-Fund purchases assignments from Lenders it acquires direct rights against the borrower of the Bank Loan.PineBridge Global Dynamic Asset Allocation Fund was the only Sub-Fund which held Bank Loans as at31 December 2020 and 31 December 2019 and these can be identified within the Sub-Fund’s Schedule ofInvestments. The fair value of investments in bank loans are based on evaluated bid price from broker quotesreceived from IHS Markit Limited.

Collateralised Mortgage Obligations (�CMOs�)Some Sub-Funds may invest in securities with contractual cash flows, such as collateralised mortgageobligations. Collateralized mortgage obligations (CMOs), a type of mortgage-backed security, are bonds thatrepresent claims to specific cash flows from large pools of home mortgages. The streams of principal andinterest payments on the mortgages are distributed to the different classes of CMO interests, known astranches, according to a complicated deal structure. Each tranche may have different principal balances,coupon rates, prepayment risks, and maturity dates (ranging from a few months to twenty years).

CMOs are often highly sensitive to changes in interest rates and any resulting change in the rate at whichhomeowners sell their properties, refinance, or otherwise pre-pay their loans. Investors in these securities maynot only be subjected to this prepayment risk, but also exposed to significant market and liquidity risks.

Forward Foreign Currency Exchange Contracts and Non-Deliverable Forwards (“NDF’s”)The fair value of open forward foreign currency exchange contracts is calculated as the difference between thecontracted rate and the current forward rate that would close out the contract on the Statement of FinancialPosition date. Changes in the value of open forward foreign currency exchange contracts are recognised asunrealised gains or losses on forward foreign currency exchange contracts until the contracts are terminated, atwhich time realised gains and losses are recognised in the Statement of Comprehensive Income. For eachrelevant Sub-Fund, gains or losses on open forward foreign currency exchange contracts are included in theunrealised gain/(loss) on financial derivative instruments on the Statement of Financial Position and are shownin the Schedule of Investments of each relevant Sub-Fund.

Investment FundsInvestments in open-ended investment funds are estimated at fair value at the latest available unaudited netasset value for the shares or units obtained from the relevant administrator. The changes in the net asset valueof these units is recognised as net gain/(loss) on investment activities at fair value through profit or loss. The fairvalue of investments in exchange traded investment funds are based on quoted market prices and are valued atthe last traded price.

Futures ContractsThe fair value of futures contracts is based upon their current quoted daily settlement prices on the relevantexchange as at the Statement of Financial Position date. Changes in the value of open futures contracts arerecognised as unrealised gains or losses on futures contracts until the contracts are terminated, at which timerealised gains and losses are recognised in the Statement of Comprehensive Income. For each relevantSub-Fund, gains or losses on open futures contracts are included in the unrealised gain/(loss) on financialderivative instruments on the Statement of Financial Position and are shown in the Schedule of Investments ofeach relevant Sub-Fund. Initial margin deposits are made upon entering into futures contracts and are generallymade in cash or cash equivalents.

Total Return SwapsA swap is an agreement in which one party makes payments based on a set rate, either fixed or variable, whilethe other party makes payments based on the return of an underlying asset, which includes both the income itgenerates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset,

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 246

1. ACCOUNTING POLICIES (continued)

d) Financial Assets and Financial Liabilities at fair value through profit or loss (continued)

iv) Fair Value (continued)

Total Return Swaps (continued)

is usually an equity index, loan, or bond. The fair value of the swaps is determined based on the mark to marketvaluation, which makes assumptions that are based on market conditions existing on each Statement ofFinancial Position date. The difference between the stated terms of the swap contract and the prevailing marketconditions are recorded as movement in net unrealised gains or loss on investments in the Statement ofComprehensive Income. Unrealised gains and losses on total return swaps are included in the unrealised gainor loss on financial derivative instruments in the Statement of Financial Position.

Investment Gains/(Losses)Unrealised gains and losses arising from changes in the fair value of financial assets and financial liabilities atfair value through profit or loss are included in the Statement of Comprehensive Income in the financial period inwhich they arise.

Realised gains and losses on investment transactions, excluding debt instruments, are calculated using theaverage cost method. Realised gains and losses on investments transactions in debt instruments are calculatedas the difference between sales proceeds and the average cost of the instrument. Gains and losses realised onthe sale of all financial assets and financial liabilities carried at fair value through profit or loss are recognised inthe Statement of Comprehensive Income.

v) Critical Accounting Estimates and AssumptionsManagement makes estimates and assumptions concerning the future. The resulting accounting estimates will,by definition, seldom equal the related actual results. The estimates and assumptions that have a significant riskof causing a material adjustment to the carrying amounts of assets and liabilities predominantly relate to the fairvalue of financial instruments.

Fair-value of financial instrumentsThe Sub-Funds may, from time to time, hold financial instruments that are not quoted in active markets, such asover-the-counter derivatives. Fair values of such instruments may be determined by using valuation techniques.Valuation techniques used include the use of comparable recent arm’s length transactions, discounted cashflow analysis and other valuation techniques commonly used by market participants. Where valuationtechniques are used to determine fair values, they are validated and periodically reviewed by experiencedpersonnel at State Street Fund Services (Ireland) Limited (the �Administrator�), independent of the party thatdetermined them and validated with the Investment Manager.

vi) Cash at Broker/Amounts due to Broker/Cash held with Broker as CollateralCash at broker may comprise of margin cash held with brokers for futures contracts traded by the Sub- Funds,a portion of which may be restricted to cover initial margin requirements, and Cash held with broker ascollateral may comprise of cash held by counterparties for collateral purposes for open over the counterfinancial derivative instruments held by the Sub-Funds. Such cash remains in the ownership of the relevantSub-Fund and is recorded as an asset on the Statement of Financial Position.

Amounts due to broker may comprise of margin cash and cash collateral pledged by counterparties for over thecounter financial derivative instruments held by the Sub-Funds. Such cash remains in the ownership of therelevant counterparty and a related liability to repay the cash is recognised as “Amounts due to broker” on therelevant Sub-Fund’s Statement of Financial Position.

vii) Cash at bankCash at bank comprises of cash balances held at State Street Bank & Trust Company or by the relevantappointed Sub-Custodian. Cash held in the functional currency of the relevant Sub-Fund is valued at cost, which

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

247 Notes to the Financial Statements

1. ACCOUNTING POLICIES (continued)

d) Financial Assets and Financial Liabilities at fair value through profit or loss (continued)

vii) Cash at bank (continued)

approximates fair value. Cash held in currencies other than the functional currency of the Sub-Fund is initiallyrecognised at cost using the relevant currency exchange rates on date of purchase and subsequently recognisedat fair value using the relevant currency exchange rates as at the Statement of Financial Position date.

viii) Transaction CostsTransaction costs are defined as the incremental costs that are directly attributable to the acquisition, issue ordisposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred ifthe Sub-Fund had not acquired, issued or disposed of the financial instrument. When a financial asset orfinancial liability is recognised initially, the Sub-Fund shall measure it at its fair value through profit or loss plus,transaction costs that are directly attributable to the acquisition or issue of the financial asset or financialliability.

Transaction costs on the purchase and sale of bonds, loans, investment funds, forwards, futures contracts andswaps are included in the purchase and sale price of the investment. They cannot be practically or reliablygathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed.

Transaction costs on purchases and sales of equities are included in net gains/(losses) on investments in theStatement of Comprehensive Income for each Sub-Fund. Depositary transactions costs are included in trusteeand sub-custodian fees in the Statement of Comprehensive Income for each Sub-Fund. These costs areseparately identifiable transaction costs. The total costs incurred by each Sub-Fund during the financial year aredisclosed in Note 8.

e) Income from Investments

i) Bond and Bank Loan IncomeInterest income is recognised in the Statement of Comprehensive Income for all debt instruments using theeffective interest method. The effective interest method is a method of calculating the amortised cost of afinancial asset or financial liability and of allocating the interest income over the relevant period. The effectiveinterest rate is the rate that exactly discounts estimated future cash payments or receipts throughout theexpected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of thefinancial asset or financial liability.

ii) Dividend IncomeDividend income arising on the underlying investments of a Sub-Fund is recognised as income in the Statementof Comprehensive Income of the relevant Sub-Fund on the dates on which the relevant securities are listed as“ex-dividend”. In accordance with FRS 102, dividend income is reported gross of any irrecoverable withholdingtax, which is disclosed separately in the Statement of Comprehensive Income and net of any tax credits.

iii) Other IncomeOther income is recognised in the Statement of Comprehensive Income on an accruals basis. During thefinancial year ended 31 December 2020, other income of the PineBridge US Research Enhanced Core EquityFund includes receipt of class action settlements.

f) ExpensesEach Sub-Fund pays all of its expenses and such proportion of the Fund’s expenses as is allocated to thatSub-Fund, other than those expressly assumed by the Manager. The costs and gains/(losses) of any hedgingtransactions will be attributable to the relevant unit Class. To the extent that expenses are attributable to aspecific unit Class of a Sub-Fund, that unit Class bears such expenses. All expenses, as disclosed in theStatement of Comprehensive Income, are accrued on a daily basis.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 248

1. ACCOUNTING POLICIES (continued)

f) Expenses (continued)

The positive balance of PineBridge Japan New Horizon Equity Fund which terminated on 11 July 2019, is causedby the adjustment for 2018 over accrual.

Capital Gains TaxationThe Sub-Funds may be subject to taxes imposed by certain countries on capital gains on the sale of investments.Capital gains taxes are shown as a separate item under taxation in the Statement of Comprehensive Income.

g) Foreign ExchangeThe functional currency of the Sub-Funds is US Dollar, the currency of the primary economic environment inwhich each Sub-Fund operates. US Dollar is also the presentational currency of the Sub-Funds.

The cost of investments and other transactions in currencies other than the functional currency of eachSub-Fund have been translated at the rates of exchange ruling at the time of the transaction. The fair value of theinvestments, other assets and other liabilities in currencies other than the functional currency of each Sub-Fundhave been translated at the rates of exchange ruling as at financial year end. The resulting profits or losses areaccounted for in the Statement of Comprehensive Income.

h) Distribution PolicyThe Manager may declare a distribution once a 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 andunrealised profits less unrealised losses (capital). The Manager may also declare interim distributions on thesame basis. Distribution frequency varies between share classes and is outlined in the Prospectus. SomeSub-Funds may distribute on a more frequent basis, see details below.

Sub-Fund Name Frequency

PineBridge Asia ex Japan Small Cap Equity FundClass R2D Units GBP Last day of each monthClass R2HD Units GBP Last day of each monthClass SR2D Units GBP Last day of February, May, August and November each financial

yearClass SR2DH Units GBP Last day of February, May, August and November each financial

yearClass Y1D Units EUR Last day of February and August each financial yearClass Y2HD Units GBP Last day of February and August each financial yearClass YD Units USD Last day of February and August each financial year

PineBridge Asia Pacific Investment Grade Bond FundClass A5D Units SGD Last day of each monthClass X Units USD Last day of May each financial yearClass YD Units USD Last day of February and August each financial year

PineBridge China A-Shares Quantitative FundClass Y11D Units CNH Last day of February and August each financial year

PineBridge Global Dynamic Asset Allocation FundClass ADC Units USD Last day of each monthClass ADCT Units USD Last day of each monthClass Y2HD Units GBP Last day of February and August each financial yearClass YD Units USD Last day of February and August each financial year

Pinebridge Global Dynamic Preservation Plus FundClass XD Units USD Last day of February each financial year

PineBridge Global Emerging Markets Bond FundClass A6HD Units AUD Last day of each monthClass AD Units USD Last day of each month

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

249 Notes to the Financial Statements

1. ACCOUNTING POLICIES (continued)

h) Distribution Policy (continued)

Sub-Fund Name FrequencyPineBridge Global Emerging Markets Local Currency Bond FundClass A6HD Units AUD Last day of each monthClass A9HD Units ZAR Last day of each monthClass AD Units USD Last day of each monthClass JD Units USD Last day of February, May, August and November each financial

year

PineBridge Global Focus Equity FundClass ZD Units USD Last day of February and August each financial year

PineBridge Global Strategic Income FundClass A5HD Units SGD Last day of each monthClass AD Units USD Last day of each monthClass YD Units USD Last day of February and August each financial year

PineBridge India Equity FundClass R2D Units GBP Last day of February each financial yearClass RD Units USD Last day of February each financial yearClass YD Units USD Last day of February and August each financial year

PineBridge Japan Small Cap Equity FundClass R1D Units EUR Last day of August each financial yearClass R2D Units GBP Last day of each monthClass RD Units USD Last day of each month

PineBridge US Large Cap Research Enhanced FundClass YYD Units USD Last day of December each financial year

PineBridge USD High Yield Bond FundClass X2D Units GBP Last day of February and August each financial year

PineBridge USD Investment Grade Credit FundClass YD Units USD Last day of February, May, August and November each financial

year

Unitholders may elect in an application for units either to receive distributions in cash or to reinvest thedistribution amount in further units. For Sub-Funds whose units are classified as liability, the distributions toUnitholders are recognised as Finance Costs in the Statement of Comprehensive Income. Distributionsreinvested are disclosed in the Statement of Changes in Net Assets Attributable to Redeemable ParticipatingUnitholders.

i) Income EqualisationIncome equalisation arrangements are applied in the case of subscriptions to and redemptions from certainSub-Funds. The NAV per redeemable participating unit as calculated on each Dealing Day has an incomeelement and a capital element. In relation to any subscription or redemption, the monies received or paid areallocated proportionately to or from income and capital in a Sub-Fund. These arrangements are intended toensure that the income per redeemable participating unit, which is distributed in respect of any distributionperiod for which a distribution is made, is not affected by changes in the number of redeemable participatingunits in issue during that period. The calculation of equalisation is based on net income. Income equalisation isin operation in PineBridge Asia ex Japan Small Cap Equity Fund, PineBridge Global Emerging Markets BondFund, PineBridge Global Emerging Markets Corporate Bond Fund, PineBridge Global Emerging Markets LocalCurrency Bond Fund, PineBridge Global Strategic Income Fund and PineBridge USD High Yield Bond Fund.

j) Unit Classes

i) Redeemable Participating UnitsRedeemable participating units are redeemable at the unitholder’s option and are classified as financialliabilities. The redeemable units can be repurchased by the Fund at any time for cash equal to a proportionateshare of the Sub-Fund’s NAV. The redeemable unit is carried at the redemption amount that is payable at the

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 250

1. ACCOUNTING POLICIES (continued)

j) Unit Classes (continued)

i) Redeemable Participating Units (continued)

Statement of Financial Position date if a unitholder exercised his or her right to have the Fund repurchase his orher unit. In accordance with the Prospectus, for the relevant Sub-Funds, the Fund is contractually obliged toredeem units at dealing prices and the liability to redeemable participating unitholders reflects this. Monetaryvalue unit transactions during the financial year are recognised in the Statement of Changes in Net AssetsAttributable to Redeemable Participating Unitholders of the relevant Sub-Fund. The units of all Sub-Funds areclassified as financial liabilities with the exception of PineBridge Asia Dynamic Asset Allocation Fund at31 December 2020 and at 31 December 2019, which units are classified as equity. See details in (ii) below.

ii) Equity UnitsEquity units are also redeemable at the Unitholder’s option. Each equity unit can be repurchased by theSub-Fund at any time for cash equal to a proportionate share of the Sub-Fund’s NAV.

2. DEALING NET ASSET VALUE

The Net Asset Values and Net Asset Values per Unit disclosed in this note are in the currency of the relevant UnitClass and not the functional currency of the relevant Sub-Fund.

Net AssetValue

31 December2020

NAV per unit31 December

2020

Net AssetValue

31 December2019

NAV per unit31 December

2019

Net AssetValue

31 December2018

NAV per unit31 December

2018

PineBridge Asia ex Japan Equity FundClass A Units USD 14,347,060 53.6614 11,043,747 37.2040 8,585,637 30.2706

Class C Units USD* 368 15.3213 - - - -

Class L Units USD 85,565,070 814.9887 62,281,890 561.8914 52,815,861 454.6820

Class Y Units USD 162,436,736 852.9765 123,513,967 586.6167 101,655,650 473.5118

*Class C launched on 5 October 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

251 Notes to the Financial Statements

2. DEALING NET ASSET VALUE (continued)

Net AssetValue

31 December2020

NAV per unit31 December

2020

Net AssetValue

31 December2019

NAV per unit31 December

2019

Net AssetValue

31 December2018

NAV per unit31 December

2018PineBridge Asia ex Japan Small Cap Equity FundClass A Units USD 72,311,786 39.3982 44,566,610 31.9039 37,987,011 26.7812

Class A5 Units SGD 6,195,065 19.0119 4,547,037 15.6877 3,181,877 13.3334

Class A5CP Units SGD 56,877,004 20.6402 47,155,338 16.9805 17,714,920 14.3890

Class A12 Units SEK 5,401,988 151.2446 3,657,418 139.7244 18,237,335 112.2905

Class C Units USD* 344 14.3404 - - - -

Class R Units USD 78,210,256 20.6363 25,817,320 16.5609 22,407,645 13.7772

Class R1 Units EUR 12,326,969 18.0320 13,402,793 15.8802 7,236,173 12.9373

Class R1H Units EUR 12,124,765 18.0572 4,523,403 14.8052 1,643,230 12.6948

Class R2 Units GBP** 574,656 13.4429 - - - -

Class R2D Units GBP* 327 13.6123 - - - -

Class R2HD Units GBP 534,402 18.0137 616,317 14.9162 728,141 12.7777

Class SR Units USD* 20,501,069 14.3931 - - - -

Class SR1 Units EUR* 2,040,862 13.7225 - - - -

Class SR1H Units EUR* 344 14.3415 - - - -

Class SR2D Units GBP*** 30,865,838 14.6313 - - - -

Class SR2DH Units GBP*** 5,047,593 14.9288 - - - -

Class Y Units USD 1,504,951,459 882.3874 741,302,349 708.8389 387,904,827 590.2559

Class Y1D Units EUR**** 23,569,959 107.7089 - - - -

Class Y1H Units EUR 43,143,840 143.9760 6,417,771 118.1454 4,862,428 101.3872

Class Y2 Units GBP 6,841,990 154.3055 6,038,040 128.8389 13,859,854 110.6174

Class Y2HD Units GBP 123,483 147.1210 146,995 121.0574 396,678 103.1109

Class YD Units USD 55,018,069 149.3337 42,459,354 122.5251 29,394,236 104.2705

*Class C, R2D, SR, SR1, SR1H launched on 5 October 2020**Class R2 launched on 26 August 2020.***Class SR2D, SR2DH launched on 10 January 2020.****Class Y1D launched on 3 September 2020.

PineBridge Asia Pacific Investment Grade Bond FundClass A Units USD* 180,523 12.7374 - - - -

Class A5HD Units SGD** 882,538 13.7278 - - - -

Class R Units USD*** 1,487,788 12.6173 - - - -

Class X Units USD 126,886,407 118.2220 110,580,179 112.9477 102,278,791 104.4685

Class Y Units USD 60,754,868 123.2809 31,984,104 114.8638 27,511,669 103.5030

Class YD Units USD**** 7,335,653 109.2644 - - - -

*Class A launched on 17 November 2020.**Class A5HD launched on 14 April 2020.***Class R launched on 24 November 2020.****Class YD launched on 16 April 2020.

PineBridge China A-Shares Quantitative FundClass X Units USD 9,791,559 12.8267 33,372,536 9.6721 - -

Class Y11D Units CNH 8,309,070 1,311.3128 6,718,194 1,076.3939 - -

Class Z Units USD 42,365,178 1,438.2011 39,798,529 1,081.7715 - -

PineBridge Emerging Europe Equity FundClass A Units USD 7,602,451 9.5452 11,581,987 10.9649 12,071,528 8.7074

Class Y Units USD 3,068,428 390.2243 2,792,379 444.6737 15,751,770 350.2926

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 252

2. DEALING NET ASSET VALUE (continued)

Net AssetValue

31 December2020

NAV per unit31 December

2020

Net AssetValue

31 December2019

NAV per unit31 December

2019

Net AssetValue

31 December2018

NAV per unit31 December

2018PineBridge Europe Research Enhanced Equity FundClass A Units USD 13,919,891 24.0745 13,174,242 23.2867 11,777,038 19.3749

Class L Units USD 35,884,905 349.2923 36,136,544 336.0090 31,268,551 278.0349

Class Y Units USD 5,636,985 365.5115 51,179 350.7132 407,737 289.4754

PineBridge Europe Small Cap Equity FundClass A1 Units EUR 30,833,770 33.5619 37,014,403 33.1718 33,720,250 26.4300

Class Y Units USD 21,343,748 1,323.2006 22,567,545 1,190.2563 14,543,868 958.0685

Class Y1 Units EUR 24,904 1,074.9810 69,361 1,054.0758 40,094,526 833.4435

PineBridge Global Bond FundClass A Units USD 35,870,375 23.7430 34,128,725 23.2255 33,025,730 21.5650

Class X7H Units CHF 4,049,025 1,016.9514 4,840,164 998.7546 - -

Class Y Units USD 12,313,648 325.6252 4,651,566 315.3594 11,848,317 289.9051

PineBridge Global Dynamic Asset Allocation FundClass A Units USD 41,175,449 24.8847 40,732,415 22.1248 43,961,813 19.5291

Class AA Units USD 30,169,801 15.4032 28,040,060 13.6879 25,448,087 12.0758

Class ADC Units USD 45,103,205 11.6481 28,873,518 11.2223 25,998,439 10.6902

Class ADCT Units USD 2,775,240 11.9428 2,761,315 11.5056 5,342,347 11.0043

Class C Units USD* 333 13.8850 - - - -

Class Y Units USD 133,886,460 411.9597 130,823,720 362.4484 145,995,970 316.5813

Class Y1H Units EUR 230,436,396 110.0083 135,170,118 98.7270 117,395,257 88.8597

Class Y2H Units GBP 217,627,937 123.7884 327,750,447 111.1657 307,007,649 98.9262

Class Y2HD Units GBP 48,659,445 121.3051 76,152,157 109.9832 10,607,702 98.7723

Class Y5H Units SGD 152,448,377 129.3821 105,159,426 114.8633 92,387,845 101.0959

Class YD Units USD 31,344,175 122.9319 93,491,016 108.5744 81,624,056 95.2077

*Class C launched on 5 October 2020.

PineBridge Global Dynamic Preservation Plus Fund*Class XD Units USD 12,300,031 10.8850 - - - -

Class Z Units USD 117,508,561 1,088.6168 - - - -

*PineBridge Global Dynamic Preservation Plus Fund and Classes XD and Z launched on 24 June 2020.

PineBridge Global Emerging Markets Bond FundClass A Units USD 3,218,688 19.1065 4,579,434 18.5683 4,409,150 16.6315

Class A6HD Units AUD 10,716,530 6.8149 13,550,392 7.4885 14,868,683 7.4566

Class AD Units USD 1,407,634 7.7478 1,585,398 8.0934 1,761,981 7.7552

Class Y Units USD 6,748,238 266.7287 4,394,648 256.4993 2,392,104 227.3370

PineBridge Global Emerging Markets Corporate Bond FundClass A Units USD 3,095,894 17.6851 4,514,549 16.5267 4,029,312 14.6479

Class Y Units USD 3,452,569 153.3653 2,290,329 142.1875 22,998,059 125.0187

Class Y2H Units GBP* 16,171,317 105.5824 - - - -

Class Z Units USD 25,781,925 1,130.6453 34,136,977 1,036.9003 - -

*Class Y2H launched on 10 January 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

253 Notes to the Financial Statements

2. DEALING NET ASSET VALUE (continued)

Net AssetValue

31 December2020

NAV per unit31 December

2020

Net AssetValue

31 December2019

NAV per unit31 December

2019

Net AssetValue

31 December2018

NAV per unit31 December

2018PineBridge Global Emerging Markets Focus Equity FundClass A Units USD 30,489,443 25.9617 26,206,909 20.1172 22,541,232 17.0001

Class Y Units USD 9,412,887 573.5131 3,417,004 440.8694 10,061,797 369.5815

Class Z Units USD* 72,081,782 1,017.2422 - - - -

*Class Z launched on 16 December 2020.

PineBridge Global Emerging Markets Local Currency Bond FundClass A Units USD 556,034 12.8763 739,235 13.1010 928,880 11.8280

Class A6HD Units AUD 3,716,052 5.1717 5,046,397 6.0074 6,102,585 6.0652

Class A9HD Units ZAR 8,061,694 104.5462 9,808,564 110.6894 12,349,025 102.4617

Class AD Units USD 4,344,661 5.9515 6,028,472 6.5090 7,560,262 6.2764

Class JD Units USD 12,086,180 37.9763 14,714,758 41.8379 14,206,447 40.6057

Class Y Units USD 74,346 126.7101 4,502,339 127.6448 24,845,935 114.0926

PineBridge Global Focus Equity FundClass A Units USD 69,797,285 34.0942 61,490,222 27.8700 54,163,217 22.1261

Class C Units USD* 337 14.0379 - - - -

Class L Units USD 55,879,457 255.7040 48,473,188 207.8765 40,291,623 164.1296

Class Y Units USD 138,363,222 267.6603 147,966,588 217.0544 135,581,384 170.9493

Class ZD Units USD 36,378,059 1,494.5598 29,206,634 1,217.3898 22,781,856 964.1919

*Class C launched on 5 October 2020.

PineBridge Global Strategic Income FundClass A Units USD 3,896,088 21.6156 3,667,338 20.1630 3,248,158 18.1728

Class A5HD Units SGD 215,939 9.8703 337,474 9.7315 311,179 9.2857

Class AD Units USD 1,489,775 10.9543 1,867,580 10.6459 2,054,412 9.9982

Class M Units USD 2,751,941 15.6233 3,206,837 14.5333 3,621,550 13.0964

Class YD Units USD 4,603,833 91.0472 3,862,710 88.3225 4,118,339 82.8496

PineBridge Greater China Equity FundClass A Units USD 71,259,838 48.1054 67,037,673 42.3604 59,431,595 36.7876

Class Y Units USD 3,079,535 267.7627 4,035,383 233.9116 3,713,290 201.5229

PineBridge India Equity FundClass A Units USD 286,602,327 67.5038 268,301,903 53.2229 301,494,278 52.4301

Class A5 Units SGD 425,441 15.0475 87,856 12.0852 - -

Class A5CP Units SGD 14,959,168 33.4521 16,621,572 26.7631 20,846,348 26.6036

Class C Units USD* 348 14.5192 - - - -

Class R Units USD 44,919,804 22.3144 51,781,253 17.4060 92,881,844 16.9674

Class R1 Units EUR 1,872,448 17.8880 5,417,772 15.1380 5,774,987 14.4686

Class R2D Units GBP 1,816,642 21.3933 5,807,030 17.6560 5,881,887 17.8058

Class RD Units USD 8,752,890 18.8749 11,349,577 15.1303 20,183,157 15.1037

Class Y Units USD 330,791,639 610.3068 572,108,880 477.4358 597,688,048 466.5708

Class Y3 Units JPY 2,723,268 2,631.1665 2,499,580 2,164.1309 4,529,529 2,141.6174

Class YD Units USD 514,020 142.0453 710,268 114.0646 33,696,584 114.2232

Class Z Units USD** 11,687,275 118.1768 50,621,152 127.1628 63,432,527 123.0540

*Class C launched on 5 October 2020.**Class Z terminated on 9 April 2020 and relaunched on 19 October 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 254

2. DEALING NET ASSET VALUE (continued)

Net AssetValue

31 December2020

NAV per unit31 December

2020

Net AssetValue

31 December2019

NAV per unit31 December

2019

Net AssetValue

31 December2018

NAV per unit31 December

2018PineBridge Japan Equity FundClass A Units USD 13,994,363 21.0584 13,463,298 19.2083 13,081,662 16.1955

Class Y Units USD 2,339,987 189.9543 9,555,326 171.8779 2,725,113 143.7639

Class Y3 Units JPY* - - 22,646,426 2,562.1042 19,374,310 2,167.3924

Class Z Units USD 40,901,594 1,296.9011 36,637,705 1,161.7024 - -

*Class Y3 Units JPY terminated on 29 September 2020.

PineBridge Japan Small Cap Equity FundClass A Units USD 888,690 14.7940 1,645,208 13.3689 891,617 10.7700

Class A3 Units JPY 4,891,868,072 7,652.6810 3,864,292,160 7,304.3654 4,648,528,601 5,949.9514

Class A12 Units SEK 222,661 150.2135 3,567,946 154.5823 15,482,097 120.0144

Class C Units USD* 334 13.8975 - - - -

Class M Units USD 9,198,240 22.1662 10,970,285 20.0691 9,902,440 16.1977

Class R1D Units EUR 28,307 11.9239 162,706 11.8185 13,915,731 9.3124

Class R2D Units GBP 3,891,885 14.9663 1,410,049 13.9686 - -

Class RD Units USD** 1,037,852 14.1638 - - - -

Class Y Units USD 62,354,515 109.3085 191,344,236 97.9896 234,181,693 78.3135

Class Y1H Units EUR 10,909,190 86.0587 41,815,640 82.5758 28,412,124 67.2174

Class Y3 Units JPY 28,969,083,979 9,063.3433 22,045,185,221 8,581.7824 25,093,408,997 6,936.5023

*Class C launched on 5 October 2020.**Class RD launched on 12 February 2020.

PineBridge Latin America Equity FundClass A Units USD 59,328,247 13.6766 69,980,636 15.9803 27,956,504 14.1310

Class Y Units USD 32,764,403 560.3227 49,229,781 649.4861 53,516,509 569.7824

PineBridge US Large Cap Research Enhanced FundClass A Units USD 2,237,969 31.5073 2,844,595 27.9961 3,402,946 22.6754

Class A5CP Units SGD 21,642,763 20.1016 3,639,644 18.1683 10,426,439 14.9152

Class A5H Units SGD* 30,854 15.0203 - - - -

Class C Units USD** - - 1,663,813 22.1716 1,087,482 17.7935

Class Y Units USD 112,691,536 339.6851 108,182,621 300.2710 104,988,121 241.9371

Class YYD Units USD 119,510 170.7284 2,333,945 151.5482 198,003,602 122.8352

*Class A5H launched on 28 May 2020.**Class C terminated on 18 February 2020.

PineBridge US Research Enhanced Core Equity FundClass A Units USD 107,356,321 40.3991 100,251,992 35.3898 86,459,391 28.4833

Class Y Units USD 5,508,672 260.6712 5,212,116 226.5296 4,193,775 180.8652

PineBridge USD High Yield Bond Fund*Class X Units USD 3,126,640 1,056.6542 - - - -

Class X1 Units EUR 880,149 1,011.6652 - - - -

Class X2 Units GBP 6,048,988 999.8327 - - - -

Class X2D Units GBP 2,326,261 999.4236 - - - -

*PineBridge USD High Yield Bond Fund and Classes X, X1, X2 and X2D launched on 2 October 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

255 Notes to the Financial Statements

2. DEALING NET ASSET VALUE (continued)

Net AssetValue

31 December2020

NAV per unit31 December

2020

Net AssetValue

31 December2019

NAV per unit31 December

2019

Net AssetValue

31 December2018

NAV per unit31 December

2018PineBridge USD Investment Grade Credit FundClass A Units USD* 1,416,849 12.5362 - - - -

Class C Units USD** 1,230,290 12.7092 - - - -

Class X Units USD 100,656,963 130.7412 118,957,021 115.4579 125,212,444 100.0953

Class Y Units USD 172,543,376 128.7608 102,767,290 114.1119 62,526,362 99.2791

Class YD Units USD*** - - 163,363 108.9086 146,236 97.4907

*Class A launched on 11 August 2020.**Class C launched on 5 August 2020.***Class YD Units USD terminated on 21 December 2020.

PineBridge Asia Dynamic Asset Allocation FundClass L Units USD 62,827,069 683.6018 52,669,674 541.1763 46,567,179 458.7370

Reconciliation of Net Asset Value per Financial Statements to Net Asset Value per dealing NAVThe NAV at which unitholders may subscribe or redeem (i.e. the �dealing NAV�) may differ from the NAV disclosed inthe financial statements due to a difference in the Valuation Date as per the prospectus and the financial year enddate.

In line with the Prospectus, the final 2020 Valuation Date for PineBridge Japan Equity Fund, PineBridge Japan SmallCap Equity Fund and PineBridge Latin America Equity Fund was 30 December 2020. As these Financial Statementswere prepared to 31 December 2020, all transactions which occurred on these Sub-Funds between their respectivefinal 2020 Valuation Date and 31 December 2020 have been accounted for in these Financial Statements and theSub-Funds’ investments have been fair valued using the last traded market prices available as at 31 December 2020.All assets and liabilities not denominated in USD were converted to USD using the relevant exchange rates as at31 December 2020 as presented in Note 10. The dealing NAV and dealing NAV per unit as disclosed earlier in thisnote is that of the final 2020 Valuation Date for these Sub-Funds.

The following is the reconciliation between the NAV in the financial statements and the NAV as per dealing NAV forthese Sub-Funds as at 31 December 2020.

PineBridgeJapan Equity

FundUSD

PineBridgeJapan Small

Cap EquityFundUSD

PineBridgeLatin America

Equity FundUSD

Net Asset Value per Financial Statements 57,359,593 420,764,666 91,427,350Total transactions adjustment (123,649) (4,407,951) 665,300Net Asset Value per dealing NAV 57,235,944 416,356,715 92,092,650

In line with the Prospectus, the final 2019 Valuation Date for PineBridge Emerging Europe Equity Fund, PineBridgeJapan Equity Fund and PineBridge Japan Small Cap Equity Fund was 30 December 2019. As these FinancialStatements were prepared to 31 December 2019, all transactions which occurred on these Sub-Funds between theirrespective final 2019 Valuation Date and 31 December 2019 have been accounted for in these Financial Statementsand the Sub-Funds’ investments have been fair valued using the last traded market prices available as at30 December 2019. All assets and liabilities not denominated in USD were converted to USD using the relevantexchange rate as at 30 December 2019 as presented in Note 10. The dealing NAV and dealing NAV per unit asdisclosed earlier in this note is that of the final 2019 Valuation Date for these Sub-Funds.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 256

2. DEALING NET ASSET VALUE (continued)

Reconciliation of Net Asset Value per Financial Statements to Net Asset Value per dealing NAV (continued)

The following is the reconciliation between the NAV in the financial statements and the NAV as per dealing NAV forthese Sub-Funds as at 31 December 2019.

PineBridgeEmerging

Europe EquityFundUSD

PineBridgeJapan Equity

FundUSD

PineBridgeJapan Small

Cap EquityFundUSD

Net Asset Value per Financial Statements 14,359,348 60,134,159 492,549,691Total transactions adjustment 15,018 (270,359) (1,998,553)Net Asset Value per dealing NAV 14,374,366 59,863,800 490,551,138

3. UNITS IN ISSUE

31 December2020

31 December2019

PineBridge Asia ex Japan Equity FundClass A Units USD 267,363 296,843

Class C Units USD* 24 -

Class L Units USD 104,989 110,843

Class Y Units USD 190,435 210,554

*Class C launched on 5 October 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

257 Notes to the Financial Statements

3. UNITS IN ISSUE (continued)

31 December2020

31 December2019

PineBridge Asia ex Japan Small Cap Equity FundClass A Units USD 1,835,409 1,396,899

Class A5 Units SGD 325,851 289,847

Class A5CP Units SGD 2,755,643 2,777,025

Class A12 Units SEK 35,717 26,176

Class C Units USD* 24 -

Class R Units USD 3,789,943 1,558,933

Class R1 Units EUR 683,617 843,992

Class R1H Units EUR 671,465 305,529

Class R2 Units GBP** 42,748 -

Class R2D Units GBP* 24 -

Class R2HD Units GBP 29,666 41,319

Class SR Units USD* 1,424,370 -

Class SR1 Units EUR* 148,724 -

Class SR1H Units EUR* 24 -

Class SR2D Units GBP*** 2,109,571 -

Class SR2DH Units GBP*** 338,110 -

Class Y Units USD 1,705,545 1,045,798

Class Y1D Units EUR**** 218,830 -

Class Y1H Units EUR 299,660 54,321

Class Y2 Units GBP 44,341 46,865

Class Y2HD Units GBP 839 1,214

Class YD Units USD 368,424 346,536

*Class C, R2D, SR, SR1, SR1H launched on 5 October 2020**Class R2 launched on 26 August 2020.***Class SR2D, SR2DH launched on 10 January 2020.****Class Y1D launched on 3 September 2020.

PineBridge Asia Pacific Investment Grade Bond FundClass A Units USD* 14,173 -

Class A5HD Units SGD** 64,289 -

Class R Units USD*** 117,917 -

Class X Units USD 1,073,288 979,040

Class Y Units USD 492,816 278,452

Class YD Units USD**** 67,137 -

*Class A launched on 17 November 2020.**Class A5HD launched on 14 April 2020.***Class R launched on 24 November 2020.****Class YD launched on 16 April 2020.

PineBridge China A-Shares Quantitative FundClass X Units USD 763,376 3,450,407

Class Y11D Units CNH 6,336 6,242

Class Z Units USD 29,457 36,790

PineBridge Emerging Europe Equity FundClass A Units USD 796,467 1,055,149

Class Y Units USD 7,863 6,280

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 258

3. UNITS IN ISSUE (continued)

31 December2020

31 December2019

PineBridge Europe Research Enhanced Equity FundClass A Units USD 578,200 565,742

Class L Units USD 102,736 107,546

Class Y Units USD 15,423 146

PineBridge Europe Small Cap Equity FundClass A1 Units EUR 918,688 1,115,814

Class Y Units USD 16,130 18,960

Class Y1 Units EUR 23 66

PineBridge Global Bond FundClass A Units USD 1,510,780 1,469,454

Class X7H Units CHF 3,982 4,846

Class Y Units USD 37,815 14,750

PineBridge Global Dynamic Asset Allocation FundClass A Units USD 1,654,649 1,841,029

Class AA Units USD 1,958,673 2,048,522

Class ADC Units USD 3,872,145 2,572,867

Class ADCT Units USD 232,377 239,997

Class C Units USD* 24 -

Class Y Units USD 324,999 360,944

Class Y1H Units EUR 2,094,718 1,369,130

Class Y2H Units GBP 1,758,065 2,948,306

Class Y2HD Units GBP 401,133 692,398

Class Y5H Units SGD 1,178,280 915,518

Class YD Units USD 254,972 861,078

*Class C launched on 5 October 2020.

PineBridge Global Dynamic Preservation Plus Fund*Class XD Units USD 1,130,000 -

Class Z Units USD 107,943 -

*PineBridge Global Dynamic Preservation Plus Fund and Classes XD and Z launched on 24 June 2020.

PineBridge Global Emerging Markets Bond FundClass A Units USD 168,460 246,626

Class A6HD Units AUD 1,572,523 1,809,500

Class AD Units USD 181,682 195,887

Class Y Units USD 25,300 17,133

PineBridge Global Emerging Markets Corporate Bond FundClass A Units USD 175,056 273,166

Class Y Units USD 22,512 16,108

Class Y2H Units GBP* 153,163 -

Class Z Units USD 22,803 32,922

*Class Y2H launched on 10 January 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

259 Notes to the Financial Statements

3. UNITS IN ISSUE (continued)

31 December2020

31 December2019

PineBridge Global Emerging Markets Focus Equity FundClass A Units USD 1,174,399 1,302,712

Class Y Units USD 16,413 7,751

Class Z Units USD* 70,860 -

*Class Z launched on 16 December 2020.

PineBridge Global Emerging Markets Local Currency Bond FundClass A Units USD 43,183 56,426

Class A6HD Units AUD 718,535 840,031

Class A9HD Units ZAR 77,111 88,613

Class AD Units USD 730,015 926,171

Class JD Units USD 318,256 351,709

Class Y Units USD 587 35,272

PineBridge Global Focus Equity FundClass A Units USD 2,047,187 2,206,326

Class L Units USD 218,532 233,183

Class C Units USD* 24 -

Class Y Units USD 516,936 681,703

Class ZD Units USD 24,340 23,991

*Class C launched on 5 October 2020.

PineBridge Global Strategic Income FundClass A Units USD 180,245 181,885

Class A5HD Units SGD 21,878 34,678

Class AD Units USD 135,999 175,427

Class M Units USD 176,143 220,654

Class YD Units USD 50,565 43,734

PineBridge Greater China Equity FundClass A Units USD 1,481,326 1,582,555

Class Y Units USD 11,501 17,252

PineBridge India Equity FundClass A Units USD 4,245,719 5,041,097

Class A5 Units SGD 28,273 7,270

Class A5CP Units SGD 447,182 621,062

Class C Units USD* 24 -

Class R Units USD 2,013,042 2,974,915

Class R1 Units EUR 104,676 357,893

Class R2D Units GBP 84,916 328,898

Class RD Units USD 463,732 750,124

Class Y Units USD 542,009 1,198,295

Class Y3 Units JPY 1,035 1,155

Class YD Units USD 3,619 6,227

Class Z Units USD** 98,897 398,081

*Class C launched on 5 October 2020.**Class Z terminated on 9 April 2020 and relaunched on 19 October 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 260

3. UNITS IN ISSUE (continued)

31 December2020

31 December2019

PineBridge Japan Equity FundClass A Units USD 664,548 701,020

Class Y Units USD 12,319 55,594

Class Y3 Units JPY* - 8,839

Class Z Units USD 31,538 31,538

*Class Y3 Units JPY terminated on 29 September 2020.

PineBridge Japan Small Cap Equity FundClass A Units USD 60,071 123,063

Class A3 Units JPY 639,236 529,039

Class A12 Units SEK 1,482 23,081

Class C Units USD* 24 -

Class M Units USD 414,967 546,627

Class R1D Units EUR 2,374 13,767

Class R2D Units GBP 260,043 100,944

Class RD Units USD** 73,275 -

Class Y Units USD 570,445 1,952,699

Class Y1H Units EUR 126,765 506,391

Class Y3 Units JPY 3,196,291 2,568,835

*Class C launched on 5 October 2020.**Class RD launched on 12 February 2020.

PineBridge Latin America Equity FundClass A Units USD 4,337,941 4,379,173

Class Y Units USD 58,474 75,798

PineBridge US Large Cap Research Enhanced FundClass A Units USD 71,030 101,607

Class A5CP Units SGD 1,076,668 200,329

Class A5H Units SGD* 2,054 -

Class C Units USD** - 75,043

Class Y Units USD 331,753 360,283

Class YYD Units USD 700 15,401

*Class A5H launched on 28 May 2020.**Class C terminated on 18 February 2020.

PineBridge US Research Enhanced Core Equity FundClass A Units USD 2,657,392 2,832,793

Class Y Units USD 21,133 23,009

PineBridge USD High Yield Bond Fund*Class X Units USD 2,959 -

Class X1 Units EUR 870 -

Class X2 Units GBP 6,050 -

Class X2D Units GBP 2,328 -

*PineBridge USD High Yield Bond Fund and Classes X, X1, X2 and X2D launched on 2 October 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

261 Notes to the Financial Statements

3. UNITS IN ISSUE (continued)

31 December2020

31 December2019

PineBridge USD Investment Grade Credit FundClass A Units USD* 113,021 -

Class C Units USD** 96,803 -

Class X Units USD 769,895 1,030,306

Class Y Units USD 1,340,030 900,584

Class YD Units USD*** - 1,500

*Class A launched on 11 August 2020.**Class C launched on 5 August 2020.***Class YD Units USD terminated on 21 December 2020.

PineBridge Asia Dynamic Asset Allocation FundClass L Units USD 91,906 97,324

4. CASH AND COLLATERAL

(i) Cash at Bank

All cash holdings and bank overdrafts as at 31 December 2020 and 31 December 2019 are held at State Street Bank& Trust Company (�State Street�), the relevant appointed Sub-Custodian or Bank of America, with the exception ofcash at broker which is held with the relevant counterparty for the financial derivative instruments. See the notebelow for further details of cash at broker.

(ii) Cash at Broker, Amounts due to Broker and Cash held with Broker as collateral

As at 31 December 2020, PineBridge Global Dynamic Asset Allocation Fund had margin cash of USD 24,488,595 (asat 31 December 2019: USD 10,326,307) held with Morgan Stanley for Futures Contracts held on the Sub-Fund. As at31 December 2020, PineBridge Asia Pacific Investment Grade Bond Fund had margin cash of USD 614,350 (as at31 December 2019: USD 332,431) held with Goldman Sachs for Futures Contracts held on the Sub-Fund. As at31 December 2020, PineBridge Asia Dynamic Asset Allocation Fund had margin cash of USD 1,717,317 (as at31 December 2019: USD 577,090) held with Morgan Stanley for Futures Contracts held on the Sub-Fund. As at31 December 2020, PineBridge Global Bond Fund had margin cash of USD 199,789 (as at 31 December 2019: USDNil) held with Morgan Stanley for Futures Contracts held on the Sub-Fund . As at 31 December 2020, PineBridgeGlobal Dynamic Preservation Plus Fund had margin cash of USD 2,702,936 held with Morgan Stanley for FuturesContracts held on the Sub-Fund. As at 31 December 2020 and 31 December 2019, all of this margin cash is restricteddue to initial margin requirements by the relevant brokers. As at 31 December 2020, PineBridge Global DynamicAsset Allocation Fund held cash collateral for forward foreign currency exchange contracts of USD 1,955,000 with JPMorgan Chase Bank (as at 31 December 2019: USD 5,070,000) and 1,030,000 with Morgan Stanley (as at 31 December2019: USD 1,030,000). As at 31 December 2020, PineBridge Global Dynamic Preservation Plus Fund held cashcollateral for Total Return Swaps Contracts of USD 1,440,000 with UBS.

Cash may be set aside as collateral by the Trustee and held by the counterparties for over-the-counter (�OTC�)financial derivative instruments (�FDI�) in accordance with the terms of the relevant counterparty agreements, whichare based on the International Swaps and Derivatives Association (“ISDA”) Master Agreement.

(iii) Collateral

When entering into an OTC derivative instrument and during the term of that transaction, the Sub-Funds and/or thecounterparty may post or receive securities as collateral and/or margin related to changes in the market value of thederivative. Additionally, the counterparty may require additional collateral and/or margin that is unrelated tochanges in the market value of the derivative. If the counterparty enters into insolvency proceedings or otherwisedefaults on its obligations, the ability of the Sub-Funds to recover collateral posted to the counterparty may bedelayed or limited. Investments pledged by the Sub-Funds as collateral are recognised at fair value in the relevant

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 262

4. CASH AND COLLATERAL (continued)

(iii) Collateral (continued)

Sub-Fund’s Schedule of Investments. The nominal value and market value of the underlying securities pledged ascollateral and/or margin to the counterparties as at 31 December 2020 were: Pinebridge Global Bond Fund pledgedto Morgan Stanley 3.000% U.S. Treasury Bond 15/08/2048 with a market value of USD263,102 (nominal value of200,000). There were no underlying securities pledged as collateral to counterparties as at 31 December 2019.

5. EFFICIENT PORTFOLIO MANAGEMENT

A Sub-Fund may employ FDI for the purposes of hedging and efficient portfolio management purposes and shall beunderstood 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, reverserepurchase agreements and/or stock lending agreements, subject to the conditions and limits set out in the UCITSRegulations, to generate additional income for the Fund. During the financial year, the Sub Funds did not utilisethese efficient portfolio management techniques.

6. FINANCIAL RISK MANAGEMENT

(a) General Risk Management Process

Each Sub-Fund is exposed to market price risk, interest rate risk, credit risk, liquidity risk and currency risk arisingfrom the financial instruments it holds. The Sub-Funds’ overall risk management programme focuses on thevolatility of financial markets and seeks to minimise potential adverse effects on financial performance.

The risk management policies (which have not changed in 2020) employed to manage these risks for the financialyears ending 31 December 2020 and 31 December 2019 are outlined below.

PineBridge Investments (the �Firm�) is a group of international companies that provides investment advice andmarkets asset management products and services to clients around the world. The Firm’s approach to riskmanagement and controls is a bottom-up led process with top-down controls imposed by the boards of directors ofthe Firm and the Manager as appropriate, for the establishment of firm-wide risk management and controls.

The Manager has established and maintains its own permanent risk management function in discharge of itsobligations under the UCITS Regulations. The Manager has also established a risk committee which meets regularlyto focus specifically on risk attached to the activities of the Fund (the “Risk Committee”).

The board of directors of the Firm has risk management responsibilities as defined by best practices and guidelines,and applicable laws and regulations. In this regard the Firm has established the Risk Management Department, theGlobal Risk Committee (“GRC”) and Business Management to assist and report to the board of directors of the Firm.

The Risk Management Department is hierarchically and functionally independent from operating units of the Firmwhich allows for the independent performance of the risk management activities, having taken into account thenature, scale and complexity of its business and the funds it manages.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

263 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(a) General Risk Management Process (continued)

The GRC is tasked with assisting the board of directors of the Firm in evaluating and assessing the different types ofrisk to which the organization is exposed. The members of the GRC have direct access to, and receive regular reportsfrom management. The GRC is comprised of representatives from Executive Management, Compliance, InvestmentManagement, Risk Management, Operations, Finance and Legal. The GRC consists of a number of risksub-committees, with roles and responsibilities defined in the Committee Charters.

Business Management is responsible for executing the organisation’s risk management process.

The Firm has a comprehensive risk management process to monitor, evaluate and manage the principal risks itassumes in conducting its activities.

The Sub-Funds are also required to adhere to investment and borrowing restrictions laid down by the UCITSRegulations.

Among other restrictions, the Sub-Funds are restricted to holding a maximum of 10% of the total NAV of theSub-Fund in any one particular security, with certain exceptions allowed. Compliance with these restrictions ismonitored by the Manager’s Compliance Team as well as the relevant Investment Manager and the Trustee. Inaddition to the investment and borrowing restrictions, the investment objective and policy of each Sub-Fund containsspecific investment parameters and these are set out in detail in the Prospectus.

(b) Market Risk

This is the risk where the fair value or future cash flows of a financial instrument can fluctuate because of changesin market prices relating to: changes in actual market prices, interest rate and currency movements.

i) Global ExposurePer the UCITS Regulations, and as part of the risk management and reporting requirements, the Fund must bemonitored and measured in accordance with the regulatory requirements. In accordance with the regulatoryrequirements, global exposure can be calculated in two ways, either:(i) the Commitment Approach that calculates the incremental exposure generated by the instruments held

in the Sub-Funds.(ii) Value at Risk (“VaR”), where complex investment strategies are used. VaR measure estimates the potential

loss of the portfolio over a pre-defined period of time given a specified confidence level. VaR methodology isa statistical measurement that produces a single aggregate result for the overall portfolio, taking intoconsideration the market volatilities of all the markets and assets as well as their correlations allowing foroffsetting across different assets and markets.

The Commitment approach is used to calculate global exposure for all Sub-Funds, with the exception of thePineBridge Global Dynamic Preservation Plus Fund which uses the VaR analysis. The Commitment approachconverts any Sub-Fund’s derivative financial positions into an equivalent position of the underlying asset basedon the market value of the underlying asset. The unrealised appreciation/(depreciation) value of any derivativesheld is disclosed on the Statement of Financial Position for the applicable Sub-Funds.

In calculating the VaR, the following parameters are used:

• a confidence level of 99%;• a holding period of 21 days;• a historical observation period, where applicable, of at least 10 years.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 264

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

i) Global Exposure (continued)

The calculation of the VaR limit during the year for the PineBridge Global Dynamic Preservation Plus Fund are asfollows:

Sub-Fund Var limit at31 December 2020

Maximum Minimum Average

PineBridge GlobalDynamicPreservation PlusFund*

20.00% 6.96% 5.68% 6.33%

*The Sub-Fund launched on 24 June 2020.

ii) Market Price RiskMarket price risk arises from uncertainty about future prices of financial instruments held. It represents thepotential loss the portfolios might suffer through price movements.

The Investment Managers consider the asset allocation of the Sub-Funds in order to manage the risk associatedwith exposure to currencies which are not in the base (or functional) currency of the Sub-Fund, countries,industry sectors and individual securities, whilst continuing to follow the Sub-Funds’ investment objectives.

The Investment Managers are engaged in substantial research activity and engage in a wide variety of meetingsto identify, communicate, analyse and mitigate market risks. These range from daily economics and InvestmentManager conference calls to discuss macroeconomic trends and fixed income market risk, weekly andbi-weekly fixed income and equity market reviews, bi-weekly currency meetings and monthly global assetallocation meetings which cross investment teams, and ensure that Investment Managers have a current, wellvetted view of the global financial markets. Market price risk for the Sub Funds is managed relative to the statedbenchmark of the Sub-Fund. Summary statistics such as tracking error and beta may also be taken into accountin managing overall risk.

Management of risk relative to benchmarks as discussed above is ultimately the responsibility of the InvestmentManager of each Sub-Fund.

Senior Investment Managers provide oversight for the Sub-Funds and are accountable for ensuring applicationof the Firm’s investment process. This is achieved through monthly reviews of both performance and applicationof investment strategy. In addition, the Compliance Department in the Firm provides real time monitoring of theconsistency of application of the UCITS investment restrictions for all Sub-Funds.

Holdings in the equity and balanced Sub-Funds are constantly monitored to determine whether any of theevaluated factors have changed or if a stock has hit valuation targets. If valuation targets are achieved, theholdings are sold.

For fixed income Sub-Funds, the Investment Manager’s focus on a pro-active risk control process. Riskmeasurement and monitoring is focused on the ex-ante investment decision process resulting from themanager’s investment process as implemented in the Sub-Fund. Sub-Funds are well diversified without overlyreplicating the benchmark.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

265 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

ii) Market Price Risk (continued)

The table below sets out the beta for the Equity and Balanced Sub-Funds as at 31 December 2020 and31 December 2019. Beta is being used in the below analysis as a proxy for VaR analysis.

Sub-Fund Benchmark (BM) Beta31/12/20

Beta31/12/19

PineBridge Asia Dynamic AssetAllocation Fund

60% of the MSCI All Country Asiaex-Japan Daily Total Return Index and

40% of the J.P. Morgan Asia CreditIndex (JACI) Composite Total Return

Index

1.37 0.99

PineBridge Asia ex Japan Equity Fund MSCI All Country Asia ex Japan DailyTotal Return Net Index USD 1.22 0.95

PineBridge Asia ex Japan Small CapEquity Fund

MSCI All Country Asia Pacific ex JapanSmall Cap Daily Total Return Net Index 0.65 1.27

PineBridge China A-Shares QuantitativeFund

MSCI China A International TotalReturn Net Index 0.85 0.99

PineBridge Emerging Europe EquityFund

MSCI Emerging Markets Europe10/40 Equity Daily Total Return Net

Index USD0.98 0.96

PineBridge Europe Research EnhancedEquity Fund

MSCI Europe Daily Total Return NetIndex USD 1.06 0.99

PineBridge Europe Small Cap EquityFund

EMIX Smaller European CompaniesTotal Return Net Index EUR and USD 1.05 1.03

PineBridge Global Dynamic AssetAllocation Fund

60% of the MSCI All Country WorldIndex (ACWI) Daily Total Return Net and

40% of the FTSE World GovernmentBond Index (Total Return)

1.33 1.04

PineBridge Global Emerging MarketsFocus Equity Fund

MSCI Emerging Markets Daily TotalReturn Net Index EUR 1.23 1.05

PineBridge Global Focus Equity Fund MSCI All Country World Index (ACWI)Daily Total Return Net Index USD 1.03 1.04

PineBridge Greater China Equity Fund MSCI Golden Dragon 10/40 Index NetReturn USD Index 0.99 1.00

PineBridge India Equity Fundincorporating PineBridge InvestmentsGF Mauritius Limited

MSCI India Daily Total Return Net IndexSGD 0.81 0.94

PineBridge Japan Equity Fund TOPIX Total Return Net Index USD 1.06 1.00PineBridge Japan Small Cap EquityFund

MSCI Japan Small Cap Daily TotalReturn Net Index GBP 1.42 1.51

PineBridge Latin America Equity Fund MSCI Emerging Markets Latin AmericaDaily Total Return Net Index USD 0.97 0.96

PineBridge Latin America Small & MidCap Equity Fund*

MSCI Emerging Markets Latin AmericaSmall Cap Daily Total Return Net Index

USD- 1.00

PineBridge US Large Cap ResearchEnhanced Fund

Standard & Poor’s 500 Total Return NetIndex USD and SGD 1.00 1.00

PineBridge US Research EnhancedCore Equity Fund

Standard & Poor’s 500 Total Return NetIndex 1.00 1.04

* PineBridge Latin America Small & Mid Cap Equity Fund terminated on 18 November 2019, and merged intoPineBridge Latin America Equity Fund on the same date.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 266

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

ii) Market Price Risk (continued)

The Sub-Funds’ exposure to market price risk at 31 December 2020 and 31 December 2019 is equivalent to thefair values of investments held, as detailed on the Statement of Financial Position.

Some limitations of sensitivity analysis are:

• this methodology is based on historical data and cannot take account of the fact that, future market pricemovements, correlations between markets and levels of market liquidity in conditions of market stress, maybear no relation to historical patterns;

• this methodology provides a sensitivity snapshot based on data available as at 31 December 2020 and31 December 2019;

• the market price risk information is a relative estimate of risk rather than a precise number;• the market price information represents a hypothetical outcome and is not intended to be predictive; and• future market conditions could vary significantly from those experienced in the past.

iii) Interest Rate RiskThis risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuatebecause of changes in market interest rates.

Sub-Funds which hold fixed interest rate debt securities are exposed to fair value interest rate risk where thevalue of these securities may fluctuate as a result of a change in market interest rates. Sub-Funds which alsohold a number of floating/adjustable interest rate debt securities, which are re-priced periodically in line withmarket interest rate movements prior to maturity date are exposed to cash flow interest rate risks.

The leveraged loan and floating rate bonds are structured with a floating rate payment structure, whereby a fixedbasis point spread is paid over the prevailing reference rate, typically 3 month LIBOR or EURIBOR, and reset ona quarterly or semi-annual basis. However, the total interest earned on investments will vary from time to timewith changes in the underlying reference rate.

Certain securities and instruments in which the Sub-Fund may invest, rely in some fashion upon the LIBOR.LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge oneanother for the use of short-term money. The United Kingdom’s Financial Conduct Authority (“FCA”), whichregulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. There remainsuncertainty regarding the future utilisation of LIBOR and the nature of any replacement rate (e.g., the SecuredOvernight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnightborrowings through repurchase agreement transactions collateralised with U.S. Treasury securities). Anypotential effects of the transition away from LIBOR on a Sub-Fund or on certain securities and instruments inwhich a Sub- Fund invests can be difficult to ascertain, and they may vary depending on factors that include, butare not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, andwhen industry participants develop and adopt new reference rates and fallbacks for both legacy and newproducts and instruments. For example, certain of a Sub-Fund’s securities and investments may involveindividual contracts that have no existing fallback provision or language that contemplates the discontinuation ofLIBOR, and those investments could experience increased volatility or reduced liquidity as a result of thetransition process. In addition, interest rate provisions included in such contracts may need to be renegotiated incontemplation of the transition away from LIBOR. The transition may also result in a reduction in the value ofcertain investments held by a Sub-Fund or a reduction in the effectiveness of related Sub-Fund transactionssuch as hedges. Furthermore, the transition process may also require changes to be made to a Sub-Fund’sinvestment objectives and policies. Any such effects of the transition away from LIBOR, as well as otherunforeseen effects, could result in losses to a Sub-Fund or in additional costs being borne by the Sub-Fund.

The Sub-Funds’ exposure to interest rate risk is detailed in the relevant Schedule of Investments.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

267 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iii) Interest Rate Risk (continued)

All other financial assets and financial liabilities, with the exception of cash at bank balances and bankoverdrafts, held by the Sub-Funds are not directly exposed to interest rate risk. The Sub-Funds are exposed tointerest rate risk on the interest earned on its cash and bank balances and bank overdrafts. This exposure is notconsidered to be significant.

Interest rate (duration) risks are managed by the Investment Managers whose management of duration risk ismonitored through regular performance reviews with senior managers, as well as through monthly peerreviews of positioning held with senior managers. Individual managers are authorised to initiate fixed incometrades within pre-set limits.

Interest Rate Risk SensitivityDuration is a measure of the sensitivity of a bond price to interest rates. The percentage change in the price isequal to the change in interest rates multiplied by the modified duration. The monetary impact detailed in thefollowing table shows the possible change in NAV resulting from a 1% change in interest rates.

Sub-Fund Average Duration31/12/20

Monetary impact onNAV (100bps)

31/12/20

Average Duration31/12/19

Monetary impact onNAV (100bps)

31/12/19PineBridge Asia PacificInvestment Grade BondFund

4.26 8,405,546 - -

PineBridge Global BondFund 6.44 3,398,042 7.30 3,195,842

PineBridge GlobalEmerging Markets BondFund

6.90 1,355,434 5.90 1,184,999

PineBridge GlobalEmerging MarketsCorporate Bond Fund

4.85 2,640,134 4.68 1,916,079

PineBridge GlobalEmerging Markets LocalCurrency Bond Fund

6.39 1,308,516 5.43 1,641,685

PineBridge GlobalStrategic Income Fund 5.70 735,586 4.71 605,491

PineBridge USD High YieldBond Fund* 3.33 521,214 - -

PineBridge USDInvestment Grade CreditFund

8.70 23,998,731 7.55 16,752,519

*PineBridge USD High Yield Bond Fund launched on 2 October 2020.

Some limitations of sensitivity analysis are:• this methodology is based on historical data and cannot take account of the fact that, future market price

movements, correlations between markets and levels of market liquidity in conditions of market stress, maybear no relation to historical patterns; and

• this methodology provides a sensitivity snapshot based on data available as at 31 December 2020 and31 December 2019.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 268

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency RiskCurrency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because ofchanges in foreign exchange rates. This risk arises on financial instruments that are denominated in a currencyother than the functional currency in which they are measured.

Currency risks are managed by the individual Investment Managers. Their performance is monitored throughregular performance reviews with senior managers, as well as through monthly peer reviews of positioning andcompliance that are held with senior managers and the Compliance Department. Individual managers must beauthorised to initiate FX trades within pre-set trade limits for individual transactions.

PineBridge US Research Enhanced Core Equity Fund and PineBridge USD Investment Grade Credit Fund werenot exposed to any significant foreign currency risk at 31 December 2020 or at 31 December 2019, as all of theirassets and liabilities were denominated in their functional currency.

In certain cases, the Sub-Funds hold assets and liabilities denominated in currencies other than the functionalcurrency and are therefore exposed to currency risk as the value of securities denominated in other currencieswill fluctuate due to change in exchange rates. Certain Sub-Funds use derivatives to hedge currency risk.

All Sub-Funds have been authorised by the Central Bank to use certain FDI for hedging purposes. TheSub-Funds listed below have been authorised by the Central Bank to use FDI for investment purposes.

PineBridge Asia Dynamic Asset Allocation FundPineBridge Global Bond FundPineBridge Global Dynamic Asset Allocation FundPineBridge Global Emerging Markets Bond FundPineBridge Global Emerging Markets Corporate Bond FundPineBridge Global Emerging Markets Local Currency Bond FundPineBridge Global Strategic Income FundPineBridge Latin America Equity FundPineBridge Global Dynamic Preservation Plus Fund

As an authorised UCITS legal manager, the Manager is required to file a Risk Management Process documentwith the Central Bank. This document provides an overview of the Firm’s policy on derivatives risk managementincluding, but not limited to: an overview of FDI used, counterparty risk exposure, calculation of global exposure,leverage and cover requirements, expertise required and in place to invest in FDI, valuation rules, legal risk andreporting requirements. The Sub-Funds use only a limited number of simple FDI solely for non-complexinvestment, hedging and replication purposes.

The Sub-Funds hold both non-monetary assets, such as equities and investment funds and monetary assets andliabilities, such as debt instruments, futures contracts, forward foreign exchange contracts, swap contracts,cash at bank, cash at broker, debtors and creditors in currencies other than USD. FRS 102 considers the foreignexchange exposure relating to non-monetary assets and liabilities are a component of market price risk notforeign currency risk. However, management monitors the exposure on all foreign currency denominatedassets and liabilities.

The following tables detail Sub-Funds with material currency exposures as at 31 December 2020 and31 December 2019. Sub-Funds not listed below do not have material currency exposures as at the Statement ofFinancial Position date. Material currency exposure is where the total monetary amount is greater than 5% ofthe NAV of the Sub-Fund.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

269 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

As at 31 December 2020

PineBridge Asia ex Japan Small Cap Equity Fund

As at 31 December2020Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDAUD 26 183,092,796 183,092,822 1CNY - 33,486,907 33,486,907 -EUR 66,712,161 - 66,712,161 3,335,608GBP 8,371,739 - 8,371,739 418,587HKD 5,544,954 667,421,757 672,966,711 277,248IDR - 35,707,109 35,707,109 -INR (7,455,844) 213,205,358 205,749,514 (372,792)KRW (2,187,158) 143,073,070 140,885,912 (109,358)MYR - 28,546,871 28,546,871 -SEK (41) - (41) (2)SGD 102,291 43,464,764 43,567,055 5,115THB - 44,484,863 44,484,863 -TWD 39,393,415 366,909,188 406,302,603 1,969,671VND - 40,864,043 40,864,043 -

110,481,543 1,800,256,726 1,910,738,269 5,524,078

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge China A-Shares Quantitative Fund

As at 31 December2020Currency

Monetary NetAssets

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDCNH 18,446 - 18,446 922CNY 3,773,450 49,270,087 53,043,537 188,673

3,791,896 49,270,087 53,061,983 189,595

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Europe Small Cap Equity Fund

As at 31 December2020Currency

Monetary NetLiabilities

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDCHF - 65,639 65,639 -EUR 93,952 36,295,118 36,389,070 4,698GBP 197,349 20,393,106 20,590,455 9,867

291,301 56,753,863 57,045,164 14,565

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 270

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

PineBridge Europe Small Cap Equity Fund (continued)

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Global Bond Fund

As at 31 December2020Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets/(liabilities)

USD

Currency sensitivityanalysis*

USDAUD 30,848 - 30,848 1,542CAD 7,315 - 7,315 366CHF 4,551,996 - 4,551,996 227,600CNH 23,398 - 23,398 1,170CNY 64,291 - 64,291 3,215EUR (234,223) - (234,223) (11,711)GBP 68,556 - 68,556 3,428JPY (9,141) - (9,141) (457)NZD (23,943) - (23,943) (1,197)

4,479,097 - 4,479,097 223,956

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Global Dynamic Asset Allocation Fund

As at 31 December2020Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets/(liabilities)

USD

Currency sensitivityanalysis*

USDAUD 48,040,306 - 48,040,306 2,402,015BRL 2,892 4,212,807 4,215,699 145CAD 31,631,437 - 31,631,437 1,581,572CHF 11,994,530 12,576,004 24,570,534 599,727CNH (9,128,713) - (9,128,713) (456,436)CNY - 22,068,584 22,068,584 -CZK - 1,604,288 1,604,288 -DKK 30,559 8,511,528 8,542,087 1,528EUR 384,250,716 67,545,049 451,795,765 19,212,536GBP 402,831,063 82,405,882 485,236,945 20,141,553HKD 1,099 9,484,750 9,485,849 55HUF - 1,411,358 1,411,358 -IDR - 2,011,628 2,011,628 -INR 1 11,617,278 11,617,279 -JPY 82,925,973 8,622,721 91,548,694 4,146,299KRW 11,503,891 46,016,205 57,520,096 575,195MXN 21,102,132 - 21,102,132 1,055,107MYR 1 - 1 -NOK 45,236 3,514,126 3,559,362 2,262

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

271 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

PineBridge Global Dynamic Asset Allocation Fund (continued)

As at 31 December2020Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets/(liabilities)

USD

Currency sensitivityanalysis*

USDPLN - 668,509 668,509 -SEK (1,164,397) 14,647,688 13,483,291 (58,220)SGD 115,320,199 - 115,320,199 5,766,010TWD 948,502 8,089,010 9,037,512 47,425

1,100,335,427 305,007,415 1,405,342,842 55,016,773

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Global Dynamic Preservation Plus Fund

As at 31 December2020Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets/(liabilities)

USD

Currency sensitivityanalysis*

USDAUD 2,300,870 - 2,300,870 115,044CAD 1,562,321 - 1,562,321 78,116CHF 532,838 898,090 1,430,928 26,642CNH 1,469,112 - 1,469,112 73,456DKK (373,733) 597,996 224,263 (18,687)EUR 4,361,138 4,444,091 8,805,229 218,057GBP 3,165,840 6,743,839 9,909,679 158,292JPY 5,756,176 1,048,270 6,804,446 287,809KRW (515,130) - (515,130) (25,757)MXN 989,063 - 989,063 49,453NOK (198,298) 305,196 106,898 (9,915)SEK (694,600) 1,121,211 426,611 (34,730)

18,355,597 15,158,693 33,514,290 917,780

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Global Emerging Markets Bond Fund

As at 31 December2020Currency

Monetary NetAssets

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDARS 107 - 107 5AUD 8,158,567 - 8,158,567 407,928BRL 426,617 - 426,617 21,331CLP 17,327 - 17,327 866CNH 409,560 - 409,560 20,478CNY 2,754 - 2,754 138

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 272

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

PineBridge Global Emerging Markets Bond Fund (continued)

As at 31 December2020Currency

Monetary NetAssets

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDCOP 317,163 - 317,163 15,858CZK 142,637 - 142,637 7,132EGP 157,278 - 157,278 7,864GHS 95,991 - 95,991 4,800HUF 167,867 - 167,867 8,393IDR 313,455 - 313,455 15,673MXN 504,249 - 504,249 25,212MYR 82,182 - 82,182 4,109PEN 69,686 - 69,686 3,484PLN 374,311 - 374,311 18,716RON 70,654 - 70,654 3,533RUB 649,438 - 649,438 32,472THB 119,499 - 119,499 5,975TRY 54,029 - 54,029 2,701UAH 61,947 - 61,947 3,097ZAR 330,045 - 330,045 16,502

12,525,363 - 12,525,363 626,267

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Global Emerging Markets Corporate Bond Fund

As at 31 December2020Currency

Monetary NetAssets

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDBRL 610 5,753 6,363 31GBP 21,779,170 - 21,779,170 1,088,959

21,779,780 5,753 21,785,533 1,088,990

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Global Emerging Markets Local Currency Bond Fund

As at 31 December2020Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets/(liabilities)

USD

Currency sensitivityanalysis*

USDARS 56 - 56 3AUD 2,892,217 - 2,892,217 144,611BRL 1,739,186 - 1,739,186 86,959CLP 225,238 - 225,238 11,262

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

273 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

PineBridge Global Emerging Markets Local Currency Bond Fund (continued)

As at 31 December2020Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets/(liabilities)

USD

Currency sensitivityanalysis*

USDCNH 1,588,777 - 1,588,777 79,439CNY (2,490) - (2,490) (125)COP 1,532,413 - 1,532,413 76,621CZK 1,056,000 - 1,056,000 52,800EGP 992,407 - 992,407 49,620EUR 252 - 252 13GHS 472,430 - 472,430 23,622HUF 686,565 - 686,565 34,328IDR 1,705,411 - 1,705,411 85,271ILS 125 - 125 6KES 142 - 142 7LKR 54 - 54 3MXN 2,484,054 - 2,484,054 124,203MYR 564,621 - 564,621 28,231PEN 316,350 - 316,350 15,818PLN 1,705,304 - 1,705,304 85,265RON 358,355 - 358,355 17,918RUB 1,921,478 - 1,921,478 96,074THB 954,337 - 954,337 47,717TRY 295,232 - 295,232 14,762UAH 35 - 35 2ZAR 1,947,708 - 1,947,708 97,385

23,436,257 - 23,436,257 1,171,815

*As At 31 December 2020, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

31 December 2019

Pinebridge Europe Small Cap Equity Fund

As at 31 December2019Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDCHF - 121,539 121,539 -EUR 47,392 39,005,951 39,053,343 2,370GBP 3,520,363 22,580,098 26,100,461 176,018

3,567,755 61,707,588 65,275,343 178,388

*As At 31 December 2019, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

PineBridge Global Funds

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6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

Pinebridge Global Bond Fund

As at 31 December2019Currency

Monetary Net(Liabilities)/assets

USD

Non – Monetary Netassets

USD

Net Financial(Liabilities)/assets

USD

Currency sensitivityanalysis*

USDAUD (12,793) - (12,793) (640)CAD 71,341 - 71,341 3,567CHF 4,942,041 - 4,942,041 247,102EUR 24,833 - 24,833 1,242GBP (10,523) - (10,523) (526)JPY (52,534) - (52,534) (2,627)

4,962,365 - 4,962,365 248,118

*As At 31 December 2019, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

Pinebridge Global Dynamic Asset Allocation Fund

As at 31 December2019Currency

Monetary NetAssets/(liabilities)

USD

Non – Monetary Netassets

USD

Net FinancialAssets/(liabilities)

USD

Currency sensitivityanalysis*

USDAUD 3,893,850 4,537,216 8,431,066 194,693BRL (592,468) 15,712,834 15,120,366 (29,623)CAD 35,290,774 2,392,281 37,683,055 1,764,514CHF 10,971,243 15,313,432 26,284,675 548,562CLP - 396,928 396,928 -CNH (4,764,365) - (4,764,365) (238,218)COP - 62,451 62,451 -DKK 35,204 4,662,750 4,697,954 1,760EUR 259,014,140 66,251,111 325,265,251 12,950,707GBP 541,846,207 64,173,674 606,019,880 27,092,310HKD 8,752 4,361,866 4,370,618 438INR (1,889,421) 34,180,450 32,291,029 (94,471)JPY 104,312,055 22,581,969 126,894,024 5,350,612KRW (26,544,383) 52,938,819 26,394,436 (1,327,219)MXN 1,140,563 - 1,140,563 57,028MYR 1 - 1 -NOK 27,455 4,708,390 4,735,845 1,373PHP - 404,171 404,171 -SEK (127) 18,134,690 18,134,563 (6)SGD 77,582,764 - 77,582,764 3,879,138TWD 225 1,713,660 1,713,885 11ZAR - 365,695 365,695 -

1,000,332,469 312,892,387 1,313,224,855 50,151,609

*As At 31 December 2019, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

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Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

275 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

Pinebridge Global Emerging Markets Bond Fund

As at 31 December2019Currency

Monetary NetAssets

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDARS 150 - 150 8AUD 9,543,123 - 9,543,123 477,156BRL 922,258 - 922,258 46,113CLP 275,726 - 275,726 13,786COP 535,270 - 535,270 26,764CZK 4 - 4 -EGP 226,518 - 226,518 11,326GHS 54,270 - 54,270 2,714HUF 183,778 - 183,778 9,189IDR 591,435 - 591,435 29,572KZT 129,382 - 129,382 6,469MXN 903,708 - 903,708 45,185MYR 180,506 - 180,506 9,025PEN 178,406 - 178,406 8,920PLN 454,594 - 454,594 22,730RON 141 - 141 7RUB 617,538 - 617,538 30,877THB 356,739 - 356,739 17,837TRY 299,729 - 299,729 14,986UAH 180,060 - 180,060 9,003UGX 4,060 - 4,060 203UYU 55,011 - 55,011 2,751ZAR 639,346 - 639,346 31,967

16,331,752 - 16,331,752 816,588

*As At 31 December 2019, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

Pinebridge Global Emerging Markets Local Currency Bond Fund

As at 31 December2019Currency

Monetary NetAssets

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDARS 78 - 78 4AUD 3,519,490 - 3,519,490 175,737BRL 4,502,663 - 4,502,663 225,133CLP 1,180,437 - 1,180,437 59,022COP 2,247,085 - 2,247,085 112,354CZK 286,358 - 286,358 14,318EGP 983,238 - 983,238 49,162EUR 222 - 222 11GHS 289,227 - 289,227 14,461HUF 775,252 - 775,252 38,763IDR 2,916,464 - 2,916,464 145,823

PineBridge Global Funds

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6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

Pinebridge Global Emerging Markets Local Currency Bond Fund (continued)

As at 31 December2019Currency

Monetary NetAssets

USD

Non – Monetary Netassets

USD

Net FinancialAssets

USD

Currency sensitivityanalysis*

USDILS 116 - 116 6KES 153 - 153 8KZT 928,958 - 928,958 46,448LKR 12,129 - 12,129 606MXN 3,867,402 - 3,867,402 193,370MYR 850,928 - 850,928 42,546PEN 383,254 - 383,254 19,163PLN 1,867,427 - 1,867,427 93,371RON 188 - 188 9RUB 1,583,205 - 1,583,205 79,160THB 1,588,739 - 1,588,739 79,437TRY 1,386,753 - 1,386,753 69,338UAH 923,355 - 923,355 46,168UGX 28,420 - 28,420 1,421UYU 373,649 - 373,649 18,682ZAR 3,519,489 - 3,519,489 175,974

34,014,679 - 34,014,679 1,700,495

*As At 31 December 2019, had the exchange rate increased or decreased by 5% with all other variables heldconstant, the increase or decrease respectively in the value of the Sub-Fund’s monetary assets and liabilities,denominated in currencies other than the base currency of the Sub-Fund.

Forward Foreign Exchange Contracts

The Sub-Funds listed on page 269 may engage in forward foreign exchange contracts, including non deliverableforwards (NDFs), for investment purposes or for hedging purposes, to alter the currency exposure of theunderlying assets, in accordance with the limits set out by the Central Bank. Forward foreign exchangecontracts have the risk of currency exposure in the same way as a regular currency spot transaction. Forwardforeign exchange contracts are OTC traded and therefore have counterparty risk. Forward foreign exchangecontracts also carry roll risk, which is the risk that when a forward contract expires and a new forward to replacethe expired one cannot be put into place at the same cost or on the same hedge basis. This may occur due tochanges in market liquidity or interest rates, resulting in a potential slippage or loss in the hedge position due tothe contract expiration and roll.

In relation to hedged classes listed below, it is the intention of the Manager or its delegate to hedge the currencyexposure between the denominated currency of the hedged class and the base currency of the Sub-Fund. TheManager or its delegate will seek to achieve this hedging by using FDI, including but not limited to forwardforeign exchange contracts as set out, and within the conditions and limits imposed, by the Central Bank. Thedetails of hedged classes used by Sub-Funds as at 31 December 2020 and 31 December 2019 are outlined below:

31 December 2020Sub-Fund

Class Currency Counterparty Unrealised Gains/Losseson Forwards

PineBridge Asia ex JapanSmall Cap Equity Fund Class R1H EUR State Street Bank &

Trust Co. USD 185,906

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277 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

31 December 2020Sub-Fund

Class Currency Counterparty Unrealised Gains/Losseson Forwards

PineBridge Asia ex JapanSmall Cap Equity Fund Class R2HD EUR State Street Bank &

Trust Co. USD 17,971

PineBridge Asia ex JapanSmall Cap Equity Fund Class SR1H GBP State Street Bank &

Trust Co. USD 4,153

PineBridge Asia ex JapanSmall Cap Equity Fund Class SR2HD EUR State Street Bank &

Trust Co. USD 682,978

PineBridge Asia ex JapanSmall Cap Equity Fund Class Y1H GBP State Street Bank &

Trust Co. USD 5

PineBridge Asia ex JapanSmall Cap Equity Fund Class Y2HD GBP State Street Bank &

Trust Co. USD 166,515

PineBridge Asia PacificInvestment Grade BondFund

Class A5HD SGD State Street Bank &Trust Co. USD 7,729

PineBridge Global BondFund Class X7H CHF State Street Bank &

Trust Co. USD 25,535

PineBridge GlobalDynamic Asset AllocationFund

Class Y2H GBP State Street Bank &Trust Co. USD 2,290,688

PineBridge GlobalDynamic Asset AllocationFund

Class Y1H EUR State Street Bank &Trust Co. USD 8,323,420

PineBridge GlobalDynamic Asset AllocationFund

Class Y2HD GBP State Street Bank &Trust Co. USD 1,719,207

PineBridge GlobalDynamic Asset AllocationFund

Class Y5H SGD State Street Bank &Trust Co. USD 1,343,161

PineBridge GlobalEmerging Markets BondFund

Class A6H GBP State Street Bank &Trust Co. USD 308,989

PineBridge GlobalEmerging MarketsCorporate Bond Fund

Class Y2H AUD State Street Bank &Trust Co. USD 572,318

PineBridge GlobalEmerging Markets LocalCurrency Bond Fund

Class A6HD AUD State Street Bank &Trust Co. USD 14,157

PineBridge GlobalEmerging Markets LocalCurrency Bond Fund

Class A9HD ZAR State Street Bank &Trust Co. USD 107,625

PineBridge GlobalStrategic income Fund Class A5H SGD State Street Bank &

Trust Co. USD 1,891

PineBridge Japan SmallCap Equity Fund Class Y1H EUR State Street Bank &

Trust Co. USD 52,774

PineBridge US Large CapResearch Enhanced Fund Class A5H SGD State Street Bank &

Trust Co. USD 270

31 December 2019Sub-Fund

Class Currency Counterparty Unrealised Gains/Losseson Forwards

PineBridge Asia ex JapanSmall Cap Equity Fund Class R2HD GBP State Street Bank &

Trust Co. USD (2,247)

PineBridge Global Funds

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Notes to the Financial Statements 278

6. FINANCIAL RISK MANAGEMENT (continued)

(b) Market Risk (continued)

iv) Currency Risk (continued)

31 December 2019Sub-Fund

Class Currency Counterparty Unrealised Gains/Losseson Forwards

PineBridge Asia ex JapanSmall Cap Equity Fund Class Y1H EUR State Street Bank &

Trust Co. USD 68,005

PineBridge Asia ex JapanSmall Cap Equity Fund Class Y2HD GBP State Street Bank &

Trust Co. USD (534)

PineBridge Asia ex JapanSmall Cap Equity Fund Class R1H EUR State Street Bank &

Trust Co. USD 42,304

PineBridge Global BondFund Class X7H CHF State Street Bank &

Trust Co. USD 97,006

PineBridge GlobalDynamic Asset AllocationFund

Class Y1H EUR State Street Bank &Trust Co. USD 1,749,906

PineBridge GlobalDynamic Asset AllocationFund

Class Y2HD GBP State Street Bank &Trust Co. USD 729,678

PineBridge GlobalDynamic Asset AllocationFund

Class Y5H SGD State Street Bank &Trust Co. USD 818,963

PineBridge GlobalDynamic Asset AllocationFund

Class Y2H GBP State Street Bank &Trust Co. USD 2,778,818

PineBridge GlobalEmerging Markets BondFund

Class A6H AUD State Street Bank &Trust Co. USD 273,328

PineBridge GlobalEmerging Markets LocalCurrency Bond Fund

Class A9HD ZAR State Street Bank &Trust Co. USD 31,630

PineBridge GlobalEmerging Markets LocalCurrency Bond Fund

Class A6HD AUD State Street Bank &Trust Co. USD 100,218

PineBridge GlobalStrategic Income Fund AH5 SGD State Street Bank &

Trust Co. USD 2,629

PineBridge Japan SmallCap Equity Fund Class Y1H JPY State Street Bank &

Trust Co. USD 607,464

c) Credit Risk

This is the risk that one party to a financial instrument or transaction will cause a financial loss for the other party byfailing to discharge an obligation when it falls due. This includes counterparty risk and issuer (or investment) risk. Inrelation to the Sub-Funds, it can arise from receivables from another party, placing deposits with other entities,transacting in debt securities and entering into OTC FDI. For Sub-Funds investing in debt securities, the investmentobjectives and investment policies detailed in the supplements to the Prospectus provide details of the credit ratingrestrictions imposed on that Sub-Fund.

Leveraged loan obligations are subject to unique risks, including the possible invalidation of an investment as afraudulent conveyance under relevant creditors’ rights laws. In analysing each leveraged loan, the Manager willcompare the relative significance of the risks against the expected benefits of the investment.

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279 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

c) Credit Risk (continued)

Substantial research tools are available to the Investment Managers for use in the management of credit risk. Theseinclude extensive internally produced company and industry research, issue or industry specific ‘brainpools’, ratingagency reports, purchased research databases, the firm’s online research library, internal R&D reports and otheradvanced credit risk management tools.

The Firm has a robust counterparty approval process. There are Regional Approval Committees (RACs) that aretasked with adding and removing counterparties as appropriate. The RACs approve and maintain lists of approvedbrokers. No transaction can take place with a broker until it has been approved and formally added to the ApprovedBroker List for the particular region. The lists are updated on a regular basis. The majority of the trades are executedon a Delivery Versus Payment basis. This ensures that the buyer’s payment for securities is due at the time ofdelivery.

For OTC FDI such as total return swap contracts, the Investment Managers generally follow the standards set by theInternational Securities Dealers Association (ISDA) in its derivatives master agreements. ISDA swap confirmationsare tracked and checked manually to confirm the terms of the trades are fully and correctly documented.

Collateral may be received from counterparties, as per the agreement with the counterparty to reduce counterpartyrisk.

Where the Sub-Fund provides collateral as a result of entering into total return swaps, it is exposed to the risk thatthe counterparty will be unable or unwilling to honour its obligations to return the collateral provided. The Sub-Fundmay provide certain assets as collateral to counterparties in connection with total return swaps. If the Sub-Fund hasover-collateralised (i.e., provided excess collateral to the counterparty) in respect of such transactions, it may be anunsecured creditor in respect of such excess collateral in the event of the counterparty’s insolvency. If the Trustee orits subcustodian or a third party holds collateral on behalf of the Sub-Fund, the Sub-Fund may be an unsecuredcreditor in the event of the insolvency of such entity.

Listed below are the counterparties and banks used by the Sub-Funds and their respective long term credit ratings,as issued by Moody’s rating agency, as at 31 December 2020 and 31 December 2019:

Counterparty 31 December 2020 31 December 2019JPMorgan Chase A2 A2State Street Bank & Trust Co. Aa2 Aa2Morgan Stanley A2 A3Nomura - Baa1UBS Aa2 Aa2

Listed below are the agent banks used by the PineBridge Global Dynamic Asset Allocation Fund for the bank loansand their respective long term credit ratings, as issued by Moody’s rating agency, as at 31 December 2020 and31 December 2019:

Agent Bank Moody’s Rating31 December 2020*

Moody’s Rating31 December 2019

Bank of America - Aa2Barclays - A2Cortland Capital Market Services NR NR

The percentage of loan portfolio held with Agent Banks are as follows:

Agent Bank 31 December 2020* 31 December 2019Bank of America - 15.38%

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 280

6. FINANCIAL RISK MANAGEMENT (continued)

c) Credit Risk (continued)

Agent Bank 31 December 2020* 31 December 2019Barclays - 48.25%Cortland Capital Market Services 100.00% 36.37%

100.00% 100.00%

*The PineBridge Global Dynamic Asset Allocation Fund held one bank loan as at 31 December 2020.

Trustee and Depositary

The Fund’s trustee is State Street Custodial Services (Ireland) Limited (the “Trustee” and �Depositary�). Alltransferable securities (with the exception of bank loans and investment fund investments), cash and bank balancesand bank overdrafts are held by the Trustee and Depositary through its affiliate, State Street Bank and TrustCompany (�State Street�) or through a sub-custodian within the State Street custodial network.

All OTC FDI, investment funds, margin or other similar investments/monies deposited by or entered into on behalf ofthe Fund with a counterparty, clearing broker or other parties are not held within the State Street custodial network.The Trustee and Depositary is therefore not liable in any way for the default of any counterparty.

In accordance with the requirements of the Prospectus and the UCITS Regulations, the Sub-Funds’ securities aremaintained within the Trustee and Depositary’s custodial network in segregated accounts. The Trustee andDepositary will ensure that any agents and sub-custodians it appoints to assist in safekeeping the assets of the SubFunds will segregate the assets of the Sub-Funds. Bankruptcy or insolvency of the Trustee and Depositary, a StateStreet affiliate company or sub-custodian may cause rights with respect to cash and securities held by State Streetto be delayed or limited and the Sub-Funds will be treated as a general creditor of that entity in respect of its cashbalances. Periodic monitoring and an annual credit review are performed on the Trustee and Depositary by theManager. This review may include as appropriate an assessment of the Trustee and Depositary’s liquidity position,income streams, asset quality and credit ratings. The long term credit rating of State Street as at 31 December2020 was Aa2 (31 December 2019: Aa2), as rated by Moody’s rating agency.

The Fund has granted a continuing security interest by way of a charge over its assets to the Trustee and Depositaryand its affiliates, pursuant to the Trustee Agreement between the Fund, the Trustee, Depositary and State Street, ascontinuing security for the payment, discharge and performance of its obligations.

Credit risk can arise from receivables such as subscription and investment sale transactions awaiting settlement.Risk relating to these unsettled receivables is considered small due to the short settlement period involved and inrelation to subscription transactions, the due diligence performed on the portfolio clients. All transactions insecurities are settled and paid for on delivery using approved brokers. The maximum exposure related to unsettledtransactions equals the receivable amounts shown on the Statement of Financial Position.

There were no past due or impaired assets as at 31 December 2020 or at 31 December 2019.

Credit risk relating to fixed income securities has been analysed for the below listed Sub-Funds with the industryacceptable classification basis:

Pinebridge Asia Pacific Investment Grade Bond Fund 31 December 2020 31 December 2019Investment Grade 100.00% 100.00%Total 100.00% 100.00%

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Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

281 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

c) Credit Risk (continued)

Pinebridge Global Bond Fund 31 December 2020 31 December 2019Investment Grade 94.98% 98.39%Non-Investment Grade 5.02% 2.63%Not Rated - (1.02)%Total 100.00% 100.00%

Pinebridge Global Dynamic Asset Allocation Fund 31 December 2020 31 December 2019Investment Grade 68.11% 91.16%Non-Investment Grade 30.51% 8.34%Not Rated 1.38% 0.50%Total 100.00% 100.00%

Pinebridge Global Dynamic Preservation Plus Fund 31 December 2020 31 December 2019Investment Grade 100.00% -Total 100.00% -

Pinebridge Global Emerging Markets Bond Fund 31 December 2020 31 December 2019Investment Grade 47.59% 50.13%Non-Investment Grade 48.04% 47.61%Not Rated 4.37% 2.26%Total 100.00% 100.00%

Pinebridge Global Emerging Markets Corporate Bond Fund 31 December 2020 31 December 2019Investment Grade 35.84% 49.82%Non-Investment Grade 64.16% 48.66%Not Rated - 1.52%Total 100.00% 100.00%

Pinebridge Global Emerging Markets Local Currency Bond Fund 31 December 2020 31 December 2019Investment Grade 72.15% 61.72%Non-Investment Grade 27.85% 36.73%Not Rated - 1.55%Total 100.00% 100.00%

Pinebridge Global Strategic Income Fund 31 December 2020 31 December 2019Investment Grade 49.33% 65.77%Non-Investment Grade 50.31% 34.22%Not Rated 0.36% 0.01%Total 100.00% 100.00%

Pinebridge USD High Yield Bond Fund 31 December 2020 31 December 2019Investment Grade 2.78% -Non-Investment Grade 96.18% -Not Rated 1.04% -Total 100.00% -

Pinebridge USD Investment Grade Credit Fund 31 December 2020 31 December 2019Investment Grade 97.49% 98.69%Non-Investment Grade 2.51% 1.31%Total 100.00% 100.00%

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

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6. FINANCIAL RISK MANAGEMENT (continued)

c) Credit Risk (continued)

Pinebridge Asia Dynamic Asset Allocation Fund 31 December 2020 31 December 2019Investment Grade 55.75% -Non-Investment Grade 42.66% -Not Rated 1.59% -Total 100.00% -

d) Liquidity Risk

Liquidity risk is the risk that a Sub-Fund may not be able to generate sufficient cash resources to settle itsobligations in full as they fall due or can only do so on terms that are materially disadvantageous.

For the financial year ended 31 December 2020 and 31 December 2019, each Sub-Fund’s assets comprise mainlyreadily realisable securities, including PineBridge Global Dynamic Asset Allocation Fund for the financial year ended31 December 2020, where 0.02% (31 December 2019: 0.06%) of the Sub-Fund’s portfolio comprised of bank loans.However, not all securities purchased by a Sub-Fund will be listed or rated and consequently liquidity may be lower.Liquidity risk is a factor that the Investment Managers must consider when investing in any financial instrument inorder to remain compliant with the portfolio liquidity requirement to the extent required by Regulation 104 (1) of theUCITS Regulations. Moreover, the accumulation and disposal of holdings in some investments may be timeconsuming and may need to be conducted at unfavourable prices. Each Sub-Fund may also encounter difficulties indisposing of assets at their ‘fair’ market price due to adverse market conditions leading to limited liquidity.

Sub-Funds may invest in investments such as sovereign or corporate bond issues of fixed and/or floating rate whichmay be below investment grade, which as a result carry greater liquidity risk than investment grade sovereign orcorporate bonds.

Some Sub-Funds may invest in securities with contractual cash flows, such as CMOs. The value, liquidity and relatedincome of these securities are sensitive to changes in economic conditions, including real estate values,delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers andchanges in interest rates. Investors in these securities may not only be subjected to this prepayment risk, but alsoexposed to significant market and liquidity risks.

Due to the unique and customised nature of loan agreements evidencing private debt assets and the privatesyndication thereof, these assets are not as easily purchased or sold as publicly traded securities. Although therange of investors in private debt has broadened, there can be no assurance that future levels of supply and demandin loan trading will provide the degree of liquidity in loan trading which currently exists in the market. In addition, theterms of these assets may restrict their transferability without borrower consent. The Manager will consider anyrestriction, along with all other factors, in determining whether or not to advise the Sub-Fund to acquire participationin each asset.

The main financial liabilities of each Sub-Fund are the redemption of units awaiting settlement, purchases ofinvestments awaiting settlement, withholding tax, capital gains tax, amounts due to broker, bank overdraft andexpenses payable. As an open-ended Fund, each Sub-Fund is required to sell units back to unitholders at a priceequivalent to the NAV per unit, subject to settlement and dealing restrictions laid down in the Fund’s Trust Deed andProspectus.

In certain situations the Manager, may with the consent of the Trustee, temporarily suspend the determination of theNet Asset Value of any Sub-Fund. Any such suspension would result in the suspension of the issuing and redemptionof the relevant Sub-Fund’s Units to and from its Unitholders during such period of suspension.

The Investment Managers manage each Sub-Fund’s liquidity position on a daily basis. Also the Manager is able,through the provisions in the Prospectus, to defer the processing of redemptions of significant size to facilitate an

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Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

283 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

d) Liquidity Risk (continued)

orderly disposition of securities in order to protect the interests of the remaining unitholders. The maximum value ofredeemable participating units available for redemption on any given day can be restricted by the Fund to 10% of thetotal net asset value of that Sub-Fund in issue.

There are no financial liabilities as at 31 December 2020 and 31 December 2019 that fall due over 1 month except forthe following Sub-Funds:

PineBridge Asia Dynamic Asset Allocation Fund USD 15,727 (1-3 months) (31 December 2019: USD5,489 (1-3 months)).

PineBridge Global Dynamic Asset Allocation Fund USD 3,212,013 (1-3 months) (31 December 2019: USD1,485,387 (1-3 months)). For open loan positions liabilities settle in a period greater than 3 months.

PineBridge Global Bond Fund USD 645,704 (1-3 months) (31 December 2019: USD 442,252 (1-3 months)).

PineBridge Global Strategic Income Fund USD 13,605 (1-3 months) (31 December 2019: USD 7,703 (1-3 months)).

PineBridge Global Dynamic Preservation Plus Fund USD 304,202 (1-3 months) (31 December 2019: Nil(1-3 months)).

The Sub-Funds’ financial liabilities due for payment within 1 month relate, in the most part, to security purchasesawaiting settlement, redemptions of redeemable participating units, payment of expenses, withholding tax, bankoverdraft interest and other open forward foreign currency exchange contracts that were not mentioned above.Details of these amounts, where relevant, can be found in the Statement of Financial Position.

The financial liabilities due for payment over 1 month relate to forward foreign exchange contracts on the PineBridgeAsia Dynamic Asset Allocation Fund, PineBridge Global Dynamic Asset Allocation Fund, PineBridge Global BondFund and PineBridge Global Strategic Income Fund, futures contracts held on the PineBridge Global Dynamic AssetAllocation Fund, cash at broker and capital gains tax payable which is considered an open ended liability.

e) Fair Value Hierarchy

The Fund is required to classify fair value measurements using a fair value hierarchy that reflects the significance ofthe inputs used in making the measurements. The Fund is required to provide a quantitative and qualitative analysisof those instruments recognised at fair value based on a three-level measurement hierarchy. The fair valuehierarchy 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 isdetermined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. Forthis purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair valuemeasurement uses observable inputs that require significant adjustment based on unobservable inputs, thatmeasurement is a Level 3 measurement. Assessing the significance of a particular input to the fair valuemeasurement 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 considersobservable data to be that market data that is readily available, regularly distributed or updated, reliable andverifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. TheGlobal Valuation Committee meets quarterly, and additionally on an as needed basis to confirm and vote on all

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6. FINANCIAL RISK MANAGEMENT (continued)

e) Fair Value Hierarchy (continued)

current fair valuations held within the portfolios at PineBridge. Valuation procedures, controls, and documentationare also presented and verified, and any changes to methodologies are presented to the committee for discussionand approval.

All of the Sub-Funds’ holdings are classified as Level 1 except for the Sub-Funds’ holdings to the values noted in thetable below:

Sub-Fund Level 31 December2020USD

31 December2019USD

PineBridge Asia ex Japan Small Cap Equity Fund 2 1,058,579 108,472PineBridge Asia Pacific Investment Grade Bond Fund 2 187,867,811 135,883,152PineBridge Emerging Europe Equity Fund 2 - (662)PineBridge Europe Small Cap Equity Fund 2 (551) (258)PineBridge Global Bond Fund 2 51,311,147 43,173,075PineBridge Global Dynamic Asset Allocation Fund 2 316,221,075 179,430,114PineBridge Global Dynamic Asset Allocation Fund 3 792,331 848,585PineBridge Global Dynamic Preservation Plus Fund 2 84,646,583 -PineBridge Global Emerging Markets Bond Fund 2 18,886,897 17,359,763PineBridge Global Emerging Markets Corporate Bond Fund 2 50,868,937 38,446,008PineBridge Global Emerging Markets Corporate Bond Fund 3 156 -PineBridge Global Emerging Markets Focus Equity Fund 2 - 4,943PineBridge Global Emerging Markets Local Currency Bond Fund 2 19,605,408 29,060,661PineBridge Global Strategic Income Fund 2 12,454,070 12,164,323PineBridge Global Strategic Income Fund 3 860 3,283PineBridge Greater China Equity Fund 3 - -PineBridge India Equity Fund 2 312 168PineBridge Japan Equity Fund 2 (125) 59PineBridge Japan Small Cap Equity Fund 2 52,568 606,676PineBridge US Large Cap Research Enhanced Fund 2 400 68PineBridge USD High Yield Bond Fund 2 14,352,274 -PineBridge USD Investment Grade Credit Fund 2 265,365,274 213,921,389PineBridge Asia Dynamic Asset Allocation Fund 2 25,490,428 22,876,607PineBridge Asia Dynamic Asset Allocation Fund 3 - 95

Investments whose values are based on quoted market prices in active markets, and therefore classified withinLevel 1, include active listed equities, futures contracts and investment funds, which are daily trading in an activemarket. 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 quotedmarket prices, dealer quotations or alternative pricing sources supported by observable inputs are classified withinLevel 2. These include, investment-grade corporate bonds, bank loans, US and non-US sovereign obligations andOTC FDI.

Fixed Income securities held in the Sub-Funds listed on the previous table are classified under Level 2 as they werevalued based on evaluated prices.

As Level 2 investments include positions that are not traded in active markets and/or are subject to transferrestrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based onavailable market information.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. Level 3instruments include suspended or liquidated equity investments, corporate bonds and bank loans. As at31 December 2020 all Level 3 securities were carried at zero value except for 10 securities; OAS Restructuring, heldon PineBridge Global Emerging Markets Corporate Bond Fund, two Api Heat Transfer Thermasys, MasmovilIbercom and one bank loan: Api Heat Transfer Thermasys, held on PineBridge Global Dynamic Asset AllocationFund, Waterford Gaming and four Lehman Brothers Holdings, held on PineBridge Global Strategic Income Fund. Asat 31 December 2019 all Level 3 securities were carried at zero value except for thirteen securities; Waterford

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

285 Notes to the Financial Statements

6. FINANCIAL RISK MANAGEMENT (continued)

e) Fair Value Hierarchy (continued)

Gaming and three Lehman Brothers Holdings, held on PineBridge Global Strategic Income Fund, A Schulman, ApiHeat Transfer Thermasys, Api Heat Transfer Thermasys (Preference), Ameriforge Group and four bank loans: APIHeat Transfer, EG Finco, Osum Production and Travelport Finance Luxemburg, held on PineBridge Global DynamicAsset Allocation Fund and A Schulman, held on PineBridge Asia Dynamic Asset Allocation Fund.

During the financial year ended 31 December 2020, Daelim Industrial, LPL Holdings held on PineBridge GlobalDynamic Asset Allocation Fund and PineBridge Asia Dynamic Asset Allocation Fund transferred from Level 1 toLevel 2. Masmovil Ibercom held on PineBridge Global Dynamic Asset Allocation Fund transferred from Level 1 toLevel 3. One of the Lehman Brothers Holdings held on PineBridge Global Strategic Income Fund transferred fromLevel 2 to Level 3. During the financial year ended 31 December 2019, there were no transfers between levels of thefair value hierarchy for financial assets which are recorded at fair value. No Level 3 reconciliation and no sensitivityanalysis of assumptions used in determining the fair value have been included for these positions as they have beenseparately identified on the Schedule of Investments and are immaterial to the Fund at the financial year ended31 December 2020 and the financial year ended 31 December 2019.

7. TAXATION

Under current law and practice the Fund qualifies as an investment undertaking as defined in Section 739B of theTaxes Consolidation Act, 1997, as amended. On this basis, it is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distributionpayments to unitholder or any encashment, redemption, cancellation or transfer of units and the holding of units atend of each eight year period beginning with the acquisition of such units.

No Irish tax will arise on the Fund in respect of chargeable events in respect of:

(i) a unitholder who is neither Irish resident nor ordinary resident in Ireland for tax purposes, at the time of thechargeable event, provided appropriate valid declarations in accordance with the provisions of the TaxesConsolidation Act, 1997, as amended, are held by the Fund or the Fund has been authorised by the IrishRevenue to make gross payments in the absence of appropriate declarations; and

(ii) certain exempted Irish tax resident unitholders who have provided the Fund with the necessary signedstatutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Fund may be subject to withholdingtaxes imposed by the country from which the investment income/gains are received and such taxes may not berecoverable by the Fund or its unitholders.

8. SOFT COMMISSION ARRANGEMENTS

a) Direct brokerageThere was no direct brokerage services utilised for the financial year ended 31 December 2020 (2019: USD Nil).

b) Soft Commission ArrangementsThe Manager and the Investment Managers may utilise brokers with whom soft commission arrangements are inplace. Any such arrangements will provide for best execution and any goods or services received will be of a typewhich assists in the provision of investment services to the Fund. Neither the Manager, the Investment Managers norany of their connected persons retain cash rebates.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 286

8. SOFT COMMISSION ARRANGEMENTS (continued)

b) Soft Commission Arrangements (continued)

During the financial years ended 31 December 2020 and 31 December 2019, PineBridge Investments Asia Limitedand PineBridge Investments LLC have entered into soft commission arrangements with brokers and details aregiven below. PineBridge Investments Japan Co., Limited and PineBridge Investments Europe Limited did not engagein soft commission arrangements during the period.

PineBridge Investments Asia Limited (the “Investment Manager”)

The Investment Manager has entered into soft commission arrangements with selected brokers where it obtainsservices from third parties. These services relate essentially to research and price information, performancemeasurement and portfolio valuation, and analysis all of which are believed to be helpful in the overall discharge ofthe Investment Manager’s duties to clients. As such services generally benefit all of the Investment Manager’sclients in terms of input into the investment decision making process, the soft credits utilised are not allocated on aspecific client basis. Under such arrangements, no direct payment is made for these services or benefits. The tradeswere executed by the Investment Manager on the best available terms and there was no churning of trades. Duringthe period, the Investment Manager used soft commissions for the following Sub-Funds:

PineBridge Asia Dynamic Asset Allocation FundPineBridge Asia ex Japan Equity FundPineBridge Asia ex Japan Small Cap Equity FundPineBridge Greater China Equity FundPineBridge Global Dynamic Asset Allocation Fund (Asian Sleeve)PineBridge India Equity FundPineBridge China A-Shares Quantitative Fund

PineBridge Investments LLC (the “Investment Manager”)

The Investment Manager has entered into soft dollar commission arrangements with selected brokers where itobtains services from third parties. These services relate to research and are eligible under the safe harbor ofSection 28(e) of the Securities and Exchange Act of 1934. These services generally benefit all of InvestmentManager’s clients in terms of input into the investment decision making process. The soft dollar credits utilised arenot allocated on a specific client basis. Under these arrangements direct payments can be made for these servicesand benefits. The Investment Manager seeks to obtain best execution on all transactions. During the period, theInvestment Manager used soft commissions for the following Funds:

PineBridge US Research Enhanced Core Equity FundPineBridge Europe Research Enhanced Equity FundPineBridge Emerging Europe Equities FundPineBridge Global Dynamic Asset Allocation FundPineBridge Global Emerging Markets Equity FundPineBridge Global Focus Equity FundPineBridge Latin America Equity FundPineBridge US Large Cap Research Enhanced Fund

c) Transaction CostsFor the financial year ended 31 December 2020 and 31 December 2019, the Sub-Funds incurred transaction costs,as defined in Note 1 (d)(viii) as follows:

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

287 Notes to the Financial Statements

8. SOFT COMMISSION ARRANGEMENTS (continued)

c) Transaction Costs (continued)

Financial year ended31 December 2020

TotalUSD

Financial year ended31 December 2019

TotalUSD

Sub-FundPineBridge Asia ex Japan Equity Fund 646,975 514,980PineBridge Asia ex Japan Small Cap Equity Fund 2,201,670 369,622PineBridge Asia Pacific Investment Grade Bond Fund 6,370 2,152PineBridge China A-Shares Quantitative Fund 362,485 331,461PineBridge Emerging Europe Equity Fund 41,563 82,775PineBridge Europe Research Enhanced Equity Fund 208,086 219,849PineBridge Europe Small Cap Equity Fund 24,237 64,608PineBridge Global Bond Fund 6,245 2,051PineBridge Global Dynamic Asset Allocation Fund 2,680,476 1,965,086PineBridge Global Dynamic Preservation Plus Fund* 54,527 -PineBridge Global Emerging Markets Bond Fund 2,999 6PineBridge Global Emerging Markets Corporate Bond Fund 3,205 2,720PineBridge Global Emerging Markets Focus Equity Fund 222,718 203,400PineBridge Global Emerging Markets Local Currency Bond Fund 2,973 3,270PineBridge Global Focus Equity Fund 252,224 395,992PineBridge Global Strategic Income Fund 1 4PineBridge Greater China Equity Fund 126,266 99,538PineBridge India Equity Fund 2,439,631 2,001,618PineBridge Japan Equity Fund 87,901 25,114PineBridge Japan New Horizon Equity Fund** - 13,522PineBridge Japan Small Cap Equity Fund 339,570 373,297PineBridge Latin America Equity Fund 315,610 253,216PineBridge Latin America Small & Mid Cap Equity Fund*** - 178,305PineBridge US Large Cap Research Enhanced Fund 134,447 329,143PineBridge US Research Enhanced Core Equity Fund 82,221 96,094PineBridge USD High Yield Bond Fund**** 1,940 -PineBridge USD Investment Grade Credit Fund 23,370 -PineBridge Asia Dynamic Asset Allocation Fund 59,484 72,195

*PineBridge Global Dynamic Preservation Plus Fund launched on 24 June 2020.**PineBridge Japan New Horizon Equity Fund terminated on 11 July 2019, therefore data is presented for the financial year ended31 December 2019 is for comparative purposes only.***PineBridge Latin America Small & Mid Cap Equity Fund terminated on 18 November 2019, and merged into PineBridge Latin AmericaEquity Fund on the same date, therefore data is presented for the financial year ended 31 December 2019 is for comparative purposesonly.****PineBridge USD High Yield Bond Fund launched on 2 October 2020.

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES

(a) Significant Agreements

The Manager is entitled to receive an annual management fee and unitholder servicing and maintenance fee (asappropriate) accrued at each dealing day and payable monthly in arrears based on the average daily NAV of theSub-Funds, as detailed in tables in the next pages. Certain unit classes have fee caps in place whereby the totalexpenses charged to the unit class may not exceed certain annual thresholds. Where these thresholds are exceededthe management fee is reduced accordingly. The fee cap thresholds are noted in tables in the next pages whereapplicable.

ManagementFees

UnitholderServicing &

MaintenanceFees

Units for PineBridge Asia ex Japan Equity FundClass A 1.30% 0.50%

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 288

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(a) Significant Agreements (continued)

ManagementFees

UnitholderServicing &

MaintenanceFees

Class C 2.25% -Class L 1.25% -Class Y 1.00% -

Units for PineBridge Asia ex Japan Small Cap Equity FundClass A 1.30% 0.50%Class A5 1.30% 0.50%Class A5CP (Total fee cap: 1.75%) 1.00% 0.50%Class A12 1.30% 0.50%Class C 2.25% -Class R 0.90% -Class R1 0.90% -Class R1H 0.90% -Class R2 0.90% -Class R2D 0.90% -Class R2HD 0.90% -Class SR 0.75% -Class SR1 0.75% -Class SR1H 0.75% -Class SR2D 0.75% -Class SR2DH 0.75% -Class Y (Total fee cap: 1.75%) 1.00% -Class Y1D 1.00% -Class Y1H 1.00% -Class Y2 1.00% -Class Y2HD 1.00% -Class YD 1.00% -

Units for PineBridge Asia Pacific Investment Grade Bond FundClass A 0.75% 0.50%Class A5HD 0.75% 0.50%Class R 0.60% -Class X (Total fee cap: 0.40%) 0.20% -Class Y 0.60% -Class YD 0.60% -

Units for PineBridge China A-Shares Quantitative FundClass X 0.25% -Class Y11D 0.75% -Class Z - -

Units for PineBridge Emerging Europe Equity FundClass A 1.30% 0.50%Class Y 1.00% -

Units for PineBridge Europe Research Enhanced Equity FundClass A 1.30% 0.50%Class L 1.25% -Class Y 1.00% -

Units for PineBridge Europe Small Cap Equity FundClass A1 1.30% 0.50%Class Y 1.00% -Class Y1 1.00% -

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

289 Notes to the Financial Statements

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(a) Significant Agreements (continued)

ManagementFees

UnitholderServicing &

MaintenanceFees

Units for PineBridge Global Bond FundClass A 1.10% 0.50%Class X7H 0.15% -Class Y 0.60% -

Units for PineBridge Global Dynamic Asset Allocation FundClass A 1.30% 0.50%Class AA 1.75% -Class ADC 1.30% 0.50%Class ADCT 1.30% 0.50%Class C 2.25% -Class Y 0.75% -Class Y1H 0.75% -Class Y2H (Total fee cap: 0.90%) 0.75% -Class Y2HD (Total fee cap: 0.90%) 0.75% -Class Y5H 0.75% -Class YD 0.75% -

Units for PineBridge Global Dynamic Preservation Plus Fund*Class XD (Total fee cap: 0.15%) 0.10% -Class Z (Total fee cap: 0.15%) - -*PineBridge Global Dynamic Preservation Plus Fund launched on 24 June 2020.

Units for PineBridge Global Emerging Markets Bond FundClass A 1.30% 0.50%Class A6HD 1.30% 0.50%Class AD 1.30% 0.50%Class Y 0.75% -

Units for PineBridge Global Emerging Markets Corporate Bond FundClass A 1.30% 0.50%Class Y 1.00% -Class Y2H 1.00% -Class Z (Total fee cap: 0.15%) - -

Units for PineBridge Global Emerging Markets Focus Equity FundClass A 1.30% 0.50%Class Y 1.00% -Class Z - -

Units for PineBridge Global Emerging Markets Local Currency Bond FundClass A 1.50% 0.50%Class A6HD 1.50% 0.50%Class A9HD 1.50% 0.50%Class AD 1.50% 0.50%Class JD 0.50% -Class Y 1.00% -

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 290

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(a) Significant Agreements (continued)

ManagementFees

UnitholderServicing &

MaintenanceFees

Units for PineBridge Global Focus Equity FundClass A 1.30% 0.50%Class C 2.25% -Class L 1.25% -Class Y 1.00% -Class ZD - -

Units for PineBridge Global Strategic Income FundClass A 1.00% 0.50%Class A5HD 1.00% 0.50%Class AD 1.00% 0.50%Class M (Total fee cap: 1.85%) 1.65% -Class YD 0.90% -

Units for PineBridge Greater China Equity FundClass A 1.30% 0.50%Class Y 1.00% -

Units for PineBridge India Equity FundClass A 1.30% 0.50%Class A5 1.30% 0.50%Class A5CP (Total fee cap: 1.75%) 1.00% 0.50%Class C 2.25% -Class R 0.75% -Class R1 0.75% -Class R2D 0.75% -Class RD 0.75% -Class Y 1.00% -Class Y3 1.00% -Class YD 1.00% -Class Z - -

Units for PineBridge Japan Equity FundClass A 1.30% 0.50%Class Y 1.00% -Class Z - -

Units for PineBridge Japan Small Cap Equity FundClass A 1.30% 0.50%Class A3 1.30% 0.50%Class A12 1.30% 0.50%Class C 2.25% -Class M (Total fee cap: 2.25%) 2.00% -Class R1D (Total fee cap: 1.07%) 0.90% -Class R2D 0.90% -Class RD 0.90% -Class Y 1.00% -Class Y1H 1.00% -Class Y3 1.00% -

Units for PineBridge Latin America Equity FundClass A 1.30% 0.50%Class Y 1.00% -

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

291 Notes to the Financial Statements

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(a) Significant Agreements (continued)

ManagementFees

UnitholderServicing &

MaintenanceFees

Units for PineBridge US Large Cap Research Enhanced FundClass A 1.00% 0.50%Class A5H 1.00% 0.50%Class A5CP (Total fee cap: 1.75%) 1.00% 0.50%Class C (Total fee cap: 0.80%) 2.25% -Class Y (Total fee cap: 1.23%) 1.00% -Class YYD (Total fee cap: 0.35%) 0.20% -

Units for PineBridge US Research Enhanced Core Equity FundClass A 1.30% 0.50%Class Y 1.00% -

Units for PineBridge USD High Yield Bond Fund*Class X 0.20% -Class X1 0.20% -Class X2 0.20% -Class X2D 0.20% -Class X7 0.20% -*PineBridge USD High Yield Bond Fund launched on 2 October 2020.

Units for PineBridge USD Investment Grade Credit FundClass A 0.45% -Class C 0.45% -Class X (Total fee cap: 0.25%) 0.10% -Class Y (Total fee cap: 0.65%) 0.45% -Class YD (Total fee cap: 0.65%) 0.45% -

Units for PineBridge Asia Dynamic Asset Allocation FundClass L 1.25% -

(b) Administration and Transfer Agent Fees

The Administrative Agent receives a fee from each Sub-Fund based on the relevant Sub-Fund’s NAV subject to amaximum fee of 0.3% per annum and subject to an annual minimum fee to be agreed between the Manager and theAdministrative Agent (plus value added tax, if any, in each case). The fee is accrued on each Dealing Day and is paidmonthly in arrears.

All such fees, disbursements and out-of-pocket expenses will be paid by the Manager on behalf of the Fund or therelevant Sub-Fund. The Administrative Agent is also entitled to be reimbursed for all its disbursements andout-of-pocket expenses.

Transfer agent fees are disclosed within administration fees on the face of the Statement of Comprehensive Incomefor each Sub-Fund. Transfer agent fees amount to USD 10 per transaction.

(c) Trustee Fees

The annual remuneration of the Trustee, which is payable out of each Sub-Fund is based on the NAV of the relevantSub-Fund and shall be subject to a maximum fee of 0.3% per annum, and an annual minimum fee to be agreedbetween the Manager and the Trustee (plus value added tax, if any), and will be retained by the Trustee out of theassets of the Sub-Fund. The fee is accrued on each Dealing Day and payable monthly in arrears.

In addition to such remuneration, the Trustee is entitled to be repaid all of its disbursements, including the fees andexpenses of any sub-custodian (which shall be at normal commercial rates) and which will be retained by the

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 292

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(c) Trustee Fees (continued)

Trustee out of the relevant Sub-Fund and transaction charges (which shall also be at normal commercial rates)levied by the Trustee. The amounts charged are shown in the Statement of Comprehensive Income.

(d) Related Party Transactions

A related party transaction is a transfer of resources, services or obligations between a reporting entity and a relatedparty, regardless of whether a price is charged.

Transactions with parties who have significant influenceThe Manager is a related party under FRS 102 “Related Party Disclosures”. Please refer to the Statement ofComprehensive Income for details of management fees (net of fee cap as applicable) and unitholder servicing feesearned by the Manager during the financial year under review and prior financial year and to the Statement ofFinancial Position for the amounts payable to the Manager as at the respective financial year end dates in respect ofthese fees.

The Directors of the Manager are not aware of any transactions with other connected persons during the year, otherthan those disclosed in these Financial Statements. All transactions were entered into in the normal course ofbusiness.

Transactions with key management personnelRoman Hackelsberger, Michael Karpik, Michael Sweeney (appointed 10 July 2020) and Kamala Anantharam(resigned 29 May 2020) are also Directors of PineBridge Investments GF Mauritius Limited.

During the financial year ended 31 December 2020, in respect of Directors fees for PineBridge Investments GFMauritius Limited, there was USD 2,746 (financial year ended 31 December 2019: USD 2,555) expensed to theDirectors of the Company, of which USD 248 (31 December 2019: USD 217) was payable at financial year end.

Transactions with other related partiesUnitholdings held by and transactions with related entities of the Manager as at 31 December 2020 were as follows:

Name of the Sub-Fund Name of the entity RelationshipType oftransaction

Transactionduring 2020†

OutstandingBalance at

31 December 2020PineBridge Asia DynamicAsset Allocation Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 2 units of Class LPineBridge Asia ex JapanSmall Cap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment EUR 300 24 units of Class SR1HPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 24 units of Class R2DPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 300 24 units of Class CPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 1,000 80 units of Class R2PineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 8 68 units of Class REPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 78 units of Class RHPineBridge Asia ex JapanSmall Cap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment EUR 300 24 units of Class S2

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

293 Notes to the Financial Statements

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(d) Related Party Transactions (continued)

Transactions with other related parties (continued)

Name of the Sub-Fund Name of the entity RelationshipType oftransaction

Transactionduring 2020†

OutstandingBalance at

31 December 2020PineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 1,007 81 units of Class SEPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 1,006 80 units of Class SRPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 300 24 units of Class SR2DPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 1 8 units of Class YEPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 10 units of Class YHPineBridge China A-SharesQuantitative Fund

PineBridge GlobalDynamic AssetAllocation Fund

CommonManager/InvestmentManager/Directors Investment - 15,208 units of Class Z

PineBridge Global DynamicAsset Allocation Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 300 24 units of Class CPineBridge Global EmergingMarkets Corporate BondFund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 11,970 units of Class APineBridge Global EmergingMarkets Corporate BondFund

PineBridgeInvestments AsiaLimited

Investment Managerto the Fund

Investment USD (1,600,000) 122,404 units of Class APineBridge Global EmergingMarkets Corporate BondFund

PineBridge GlobalEmerging MarketsBond Fund

CommonManager/InvestmentManager/Directors Investment - 13,714 units of Class Y

PineBridge Global EmergingMarkets Corporate BondFund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 1,000 10 units of Class YGPineBridge Global FocusEquity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 300 24 units of Class CPineBridge Global FocusEquity Fund

PineBridge GlobalDynamic AssetAllocation Fund

CommonManager/InvestmentManager/Directors Investment - 14,250 units of Class ZD

PineBridge India EquityFund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 300 24 units of Class CPineBridge India EquityFund

PineBridgeInvestments GFMauritius Limited

Common Directorsand Sub-Fundexercises 100%ownership of the entity Investment USD (374,887,411)

Holds 100% -5,726,451 shares

PineBridge Japan EquityFund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 57 units of Class APineBridge Japan EquityFund

PineBridge GlobalDynamic AssetAllocation Fund

Investment Managerto the Fund

Investment - 31,538 units of Class AZPineBridge Japan SmallCap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 1,003 units of Class APineBridge Japan SmallCap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 300 24 units of Class C

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 294

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(d) Related Party Transactions (continued)

Transactions with other related parties (continued)

Name of the Sub-Fund Name of the entity RelationshipType oftransaction

Transactionduring 2020†

OutstandingBalance at

31 December 2020PineBridge Latin AmericaEquity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 78 units of Class APineBridge Asia PacificInvestment Grade BondFund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 10 units of Class YPineBridge Asia PacificInvestment Grade BondFund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 10 units of Class YDPineBridge Asia ex JapanEquity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 300 24 units of Class CPineBridge USD InvestmentGrade Credit Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 1,000 82 units of Class AAll Funds PineBridge

Investments IrelandLimited

Manager to thePineBridge GlobalFunds

ExpenseRecharge* USD 76,217 USD 300,322

†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 andcompliance resources to each Sub-Fund.

Unitholdings held by and transactions with related entities of the Manager as at 31 December 2019 were as follows:

Name of the Sub-Fund Name of the entity RelationshipType ofTransaction

Transactionsduring 2019†

OutstandingBalance at

31 December 2019PineBridge India EquityFund

PineBridge AsiaDynamic AssetAllocation Fund

CommonManager/InvestmentManager/Directors Investment USD (1,506,899) Nil units of Class AZ

PineBridge Asia DynamicAsset Allocation Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 2 units of Class LPineBridge Asia ex JapanSmall Cap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 8 68 units of Class REPineBridge Asia ex JapanSmall Cap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 78 units of Class RHPineBridge Asia ex JapanSmall Cap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment GBP 1 8 units of Class YEPineBridge Asia ex JapanSmall Cap Equity Fund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 10 units of Class YHPineBridge China A-SharesQuantitative Fund

PineBridge GlobalDynamic AssetAllocation Fund

Investment Managerto the Fund

Investment USD 15,000,000 15,208 units of Class ZPineBridge Global EmergingMarkets Corporate BondFund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 11,970 units of Class APineBridge Global EmergingMarkets Corporate BondFund

PineBridgeInvestments AsiaLimited

Investment Managerto the Fund

Investment - 217,730 units of Class A

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

295 Notes to the Financial Statements

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(d) Related Party Transactions (continued)

Transactions with other related parties (continued)

Name of the Sub-Fund Name of the entity RelationshipType ofTransaction

Transactionsduring 2019†

OutstandingBalance at

31 December 2019PineBridge Global EmergingMarkets Corporate BondFund

PineBridge GlobalEmerging MarketsBond Fund

CommonManager/InvestmentManager/Directors Investment - 13,714 units of Class Y

PineBridge Global FocusEquity Fund

PineBridge GlobalDynamic AssetAllocation Fund

Investment Managerto the Fund

Investment USD 236,035 14,046 units of Class ZDPineBridge Japan NewHorizon Equity Fund

PineBridge GlobalDynamic AssetAllocation Fund

CommonManager/Directors

Investment USD (31,537,939) Nil units of Class AZPineBridge India EquityFund

PineBridgeInvestments GFMauritius Limited

Common Directorsand Sub-Fundexercises 100%ownership of the entity Investment USD (124,623,353)

Holds 100% -21,596,453 shares

PineBridge Japan EquityFund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 57 units of Class APineBridge Japan EquityFund

PineBridge GlobalDynamic AssetAllocation Fund

Investment Managerto the Fund

Investment USD 31,537,939 31,538 units of Class AZPineBridge Japan SmallCap Equity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 1,003 units of Class APineBridge Latin AmericaSmall & Mid Cap EquityFund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD (1,154) Nil units of Class YPineBridge Latin AmericaSmall & Mid Cap EquityFund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 21 Nil units of Class APineBridge Latin AmericaEquity Fund

PineBridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment USD 1,133 78 units of Class APineBridge Asia PacificInvestment Grade BondFund

PinebridgeInvestments EuropeLimited

Investment Managerto the Fund

Investment - 10 units of Class YAll Funds PineBridge

Investments IrelandLimited

Manager to thePineBridge GlobalFunds

ExpenseRecharge* 55,327 190,325

†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 andcompliance resources to each Sub-Fund.

Concentration of principal shareholdersThe following tables detail the number of shareholders with significant holdings of at least 20% of the relevantSub-Fund and the percentage of that holding of the respective Fund as at 31 December 2020 and 31 December 2019.

31 December 2020

Name of the Sub-FundNo. of Significant

shareholdersTotal Value of

holding USD

Aggregateshareholding as %

of Sub-FundPineBridge Asia ex Japan Equity 3 230,806,450 87.98PineBridge Asia Pacific Investment Grade Bond Fund 1 115,743,971 58.66PineBridge China A-Shares Quantitative Fund 1 21,871,591 40.93PineBridge Emerging Europe Equity Fund 2 5,366,082 50.28PineBridge Europe Research Enhanced Equity Fund 2 46,080,854 83.11

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 296

9. SIGNIFICANT AGREEMENTS AND TRANSACTIONS WITH RELATED PARTIES (continued)

(d) Related Party Transactions (continued)

Concentration of principal shareholders (continued)

Name of the Sub-FundNo. of Significant

shareholdersTotal Value of

holding USD

Aggregateshareholding as %

of Sub-FundPineBridge Europe Small Cap Equity Fund 2 28,298,447 47.90PineBridge Global Bond Fund 1 22,670,780 42.95PineBridge Global Dynamic Asset Allocation Fund 1 270,376,067 25.87PineBridge Global Dynamic Preservation Plus Fund 2 95,127,690 73.28PineBridge Global Emerging Markets Bond Fund 1 4,595,422 23.37PineBridge Global Emerging Markets Corporate Bond Fund 1 22,257,953 40.77PineBridge Global Emerging Markets Focus Equity Fund 1 29,154,161 26.04PineBridge Global Emerging Markets Local Currency Bond Fund 1 12,086,185 59.02PineBridge Global Focus Equity Fund 1 96,918,389 32.25PineBridge Global Strategic income Fund 2 7,355,771 57.01PineBridge Greater China Equity Fund 2 44,316,842 59.71PineBridge India Equity Fund 1 156,659,463 22.41PineBridge Japan Equity Fund 1 40,901,588 71.51PineBridge Latin American Equity Fund 1 29,430,630 31.98PineBridge US Large Cap Research Enhanced Fund 2 100,540,766 76.51PineBridge US Research Enhanced Core Equity Fund 3 93,245,718 82.56PineBridge USD High Yield Bond Fund 1 6,942,941 44.36PineBridge USD Investment Grade Credit Fund 2 262,771,046 95.26PineBridge Asia Dynamic Asset Allocation Fund 1 53,552,748 85.27

31 December 2019

Name of the Sub-FundNo. of Significant

shareholdersTotal Value of

holding USD

Aggregateshareholding as %

of Sub-FundPineBridge Asia ex Japan Equity 3 172,861,268 87.89PineBridge Asia Pacific Investment Grade Bond Fund 1 110,580,224 77.57PineBridge China A-Shares Quantitative Fund 2 33,518,566 45.21PineBridge Europe Research Enhanced Equity Fund 2 45,491,229 92.17PineBridge Europe Small Cap Equity Fund 1 14,179,824 22.11PineBridge Global Bond Fund 1 21,187,364 48.38PineBridge Global Emerging Markets Corporate Bond Fund 1 15,520,958 37.91PineBridge Global Emerging Markets Focus Equity Fund 2 20,081,448 67.88PineBridge Global Emerging Markets Local Currency Bond Fund 1 14,714,762 48.71PineBridge Global Focus Equity Fund 1 69,365,579 24.15PineBridge Global Strategic income Fund 2 7,078,630 54.84PineBridge Greater China Equity Fund 2 41,656,045 58.63PineBridge India Equity Fund 1 203,857,387 20.78PineBridge Japan Equity Fund 1 36,637,699 61.20PineBridge Latin American Equity Fund 1 36,893,855 30.96PineBridge US Large Cap Research Enhanced Fund 2 95,225,539 80.89PineBridge US Research Enhanced Core Equity Fund 3 87,444,034 82.90PineBridge USD Investment Grade Credit Fund 2 217,590,605 98.06PineBridge Asia Dynamic Asset Allocation Fund 1 45,042,988 85.54

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

297 Notes to the Financial Statements

10. EXCHANGE RATES

The rates of exchange ruling as at 31 December 2020 and as at 31 December 2019 were as follows:

31 December 2020 31 December 2019USD 1 = 4.00pm GMT 8.00am GMT USD 1 = 4.00pm GMT 8.00am GMTARS 84.0702 84.1473 ARS 59.8729 59.8821AUD 1.2959 1.2974 AUD 1.4226 1.4266BRL 5.1942 5.1942 BRL 4.0227 4.0227CAD 1.2740 1.2750 CAD 1.2968 1.3044CHF 0.8840 0.8810 CHF 0.9684 0.9693CLP 710.5000 710.5000 CLP 751.9500 751.6500CNH 6.4967 6.5057 CNH 6.9652 6.9637CNY 6.5398 6.5329 CNY 6.9657 6.9657COP 3,420.5000 3,422.0000 COP 3,281.5000 3,284.7600CZK 21.4638 21.3402 CZK 22.6406 22.6777DKK 6.0835 6.0507 DKK 6.6570 6.6663EGP 15.7300 15.7575 EGP 16.0500 16.0750EUR 0.8173 0.8132 EUR 0.8909 0.8924GBP 0.7316 0.7326 GBP 0.7549 0.7614GHS 5.8650 5.8750 GHS 5.7000 5.7200HKD 7.7539 7.7520 HKD 7.7918 7.7872HUF 296.4203 296.7959 HUF 294.6192 295.4532IDR 14,050.0000 14,050.0000 IDR 13,882.5000 13,862.5000ILS 3.2108 3.2110 ILS 3.4540 3.4582INR 73.0675 73.0513 INR 71.3782 71.3025JPY 103.2450 103.1100 JPY 108.6750 108.6650KES 109.2000 109.2000 KES 101.3500 101.3500KRW 1,086.3000 1,086.3000 KRW 1,156.4500 1,156.4500KZT 421.1400 421.5400 KZT 382.9250 382.9250LKR 185.2500 186.0000 LKR 181.3750 181.3000MXN 19.9255 19.8820 MXN 18.8840 18.9085MYR 4.0225 4.0180 MYR 4.0905 4.0930NOK 8.5620 8.5396 NOK 8.7873 8.8113NZD 1.3889 1.3838 NZD 1.4823 1.4852PEN 3.6173 3.6200 PEN 3.3111 3.3165PHP 48.0235 48.0235 PHP 50.6450 50.6450PLN 3.7260 3.7266 PLN 3.7873 3.7977RON 3.9782 3.9601 RON 4.2639 4.2698RUB 73.9644 74.7900 RUB 62.1113 62.0000SEK 8.2126 8.1999 SEK 9.3611 9.3550SGD 1.3217 1.3211 SGD 1.3447 1.3462SKK 24.6218 24.4997 SKK 26.8383 26.8850THB 29.9600 29.9600 THB 29.9538 29.9538TRY 7.4325 7.3800 TRY 5.9510 5.9498TWD 28.0980 28.0980 TWD 29.9770 29.9770UAH 28.3350 28.3350 UAH 23.8080 23.8080UGX 3,652.9850 3,645.0000 UGX 3,670.0000 3,665.0000UYU 42.4750 42.4750 UYU 37.4250 37.4250VND 23,082.5000 23,082.5000 VND 23,172.5000 23,172.5000ZAR 14.6888 14.6100 ZAR 13.9835 14.0815

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, including PineBridge Asia ex Japan Equity Fund (marked with *** on page 4),Sub-Funds marked with * have rates at 4.00pm GMT). PineBridge India Equity Fund (marked with *** on page 4) hasrates of USD 1= EUR 0.8148, GBP 0.7327, INR 73.0675, JPY 103.0650, SGD 1.3214, (31 December 2019 USD 1= EUR0.8907, GBP 0.7571, INR 71.3782, JPY 108.565, SGD 1.3454) at 12.00 noon GMT. PineBridge Japan Equity Fund andPineBridge Japan Small Cap Equity Fund have rates of USD 1= EUR 0.8152, GBP 0.7389, JPY 103.3350, SEK 8.1912 at30 December 2020 8.00am GMT (30 December 2019 USD 1= EUR 0.8933, GBP 0.7622, JPY 109.1550, SEK 9.3241).

11. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

Beginning in January 2020, global financial markets have experienced and may continue to experience significantvolatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 hasresulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 298

11. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (continued)

general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy,the economies of certain nations and individual issuers, all of which may negatively impact the PineBridge GlobalFunds’ performance. The Board continues to monitor and receive regular updates on the situation. As at31 December 2020, to our knowledge, the impact of COVID-19 has not affected the Investment Managers ability toexecute the investment strategy of the Sub-Funds, nor has there been interruption to key service providers engagedby the Fund.

The UK officially withdrew from the EU on 31 January 2020 with the EU and the UK agreeing a Trade andCo-operation Agreement (excluding financial services) in December 2020. The departure of the UK from the EU hasled to political and economic instability and volatility in the financial markets of the UK and Europe. It has also led toa weakening in consumer, corporate and financial confidence. There remains a number of uncertainties inconnection with the future of the UK and its relationship with the EU and both are likely to continue to negotiatetrading or other agreements for a number of years.

While the Brexit Deal has now been agreed, there may still be continuing uncertainty and periods of exacerbatedvolatility in both the UK and in wider European markets. Currency volatility resulting from this uncertainty may meanthat the returns of the Funds and their investments are adversely affected by market movements, potential declinein the value of the British Pound and/or Euro, and any downgrading of UK sovereign credit rating.

PineBridge Asia ex Japan Small Cap Equity Fund Class SR2D GBP launched on 10 January 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class SR2DH GBP launched on 10 January 2020.

PineBridge Global Emerging Markets Corporate Bond Fund Class Y2H GBP launched on 10 January 2020.

PineBridge Japan Small Cap Equity Fund Class RD USD launched on 12 February 2020.

PineBridge US Large Cap Research Enhanced Fund Class C USD terminated on 18 February 2020.

Linda O’Leary resigned as a Director on 1 March 2020.

PineBridge Asia Pacific Investment Grade Bond Fund Class A5HD SGD launched on 14 April 2020.

PineBridge Asia Pacific Investment Grade Bond Fund Class YD USD launched on 16 April 2020.

PineBridge India Equity Fund Class Z USD terminated on 9 April 2020 and relaunched on 19 October 2020.

PineBridge US Large Cap Research Enhanced Fund Class A5H SGD launched on 28 May 2020.

Kamala Anantharam resigned as a Director on 29 May 2020.

PineBridge Global Dynamic Preservation Plus Fund launched on 24 June 2020.

PineBridge Global Dynamic Preservation Plus Fund Class XD USD launched on 24 June 2020.

PineBridge Global Dynamic Preservation Plus Fund Class Z USD launched on 24 June 2020.

PineBridge USD Investment Grade Credit Fund Class C Units USD launched on 5 August 2020.

PineBridge USD Investment Grade Credit Fund Class A Units USD launched on 11 August 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class R2 Units launched on 26 August 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class Y1D Units EUR launched on 3 September 2020.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

299 Notes to the Financial Statements

11. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (continued)

PineBridge Japan Equity Fund Class Y3 Units JPY terminated on 29 September 2020.

Adrian Waters resigned as a Director and Chairman on 30 September 2020.

PineBridge USD High Yield Bond Fund launched on 2 October 2020.

PineBridge USD High Yield Bond Fund Class X Units USD launched on 2 October 2020.

PineBridge USD High Yield Bond Fund Class X1 Units EUR launched on 2 October 2020.

PineBridge USD High Yield Bond Fund Class X2 Units GBP launched on 2 October 2020.

PineBridge USD High Yield Bond Fund Class X2D Units GBP launched on 2 October 2020.

PineBridge USD High Yield Bond Fund Class X7 Units CHF launched on 2 October 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class C Units USD launched on 5 October 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class R2D Units GBP launched on 5 October 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class SR Units USD launched on 5 October 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class SR1 Units EUR launched on 5 October 2020.

PineBridge Asia ex Japan Small Cap Equity Fund Class SR1H Units EUR launched on 5 October 2020.

PineBridge Asia ex Japan Equity Fund Class C Units USD launched on 5 October 2020.

PineBridge Global Dynamic Asset Allocation Class Fund C Units USD launched on 5 October 2020.

PineBridge Global Focus Equity Fund Class C Units USD launched on 5 October 2020.

PineBridge India Equity Fund Class C Units USD launched on 5 October 2020.

PineBridge Japan Small Cap Equity Fund Class C Units USD launched on 5 October 2020.

Éilish Finan was appointed as a Director and Chairperson on 30 October 2020.

PineBridge Asia Pacific Investment Grade Bond Fund A Units USD launched on 17 November 2020.

PineBridge Asia Pacific Investment Grade Bond Fund Class R Units USD launched on 24 November 2020.

PineBridge Global Emerging Markets Focus Equity Fund Class Z Units USD launched on 16 December 2020.

PineBridge USD High Yield Bond Fund Class X7 Units CHF terminated on 16 December 2020.

PineBridge USD Investment Grade Credit Fund Class YD Units USD terminated on 21 December 2020.

There have been no other significant events affecting the Fund during the financial year.

12. SIGNIFICANT EVENTS SINCE THE FINANCIAL YEAR END

The most recent Prospectus of the Fund was issued on 4 March 2021.

There have been no other significant events affecting the Fund since the financial year end.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

Notes to the Financial Statements 300

13. APPROVAL OF THE FINANCIAL STATEMENTS

The Financial Statements were approved by the Board of Directors of the Manager on 27 April 2021.

PineBridge Global Funds

Notes to the Financial Statements for the financial year ended 31 December 2020 (continued)

301 Notes to the Financial Statements

Listed below and overleaf are cumulative investment purchases and cumulative investment sales in excess of 1% of the totalinvestment purchases or sales respectively during the financial year ended 31 December 2020. If there were fewer than20 purchases that exceeded 1%, the Sub-Funds shall disclose those purchases and such number of the next largest purchasesso that at least 20 purchases are disclosed. If there are fewer than 20 sales that met the material changes definition, theSub-Funds shall disclose those sales and such number of the next largest sales so that at least 20 sales are disclosed.

PINEBRIDGE ASIA EX JAPAN EQUITY FUND

Security Name

LargestPurchases

USD

Delta Electronics 4,943,659Bajaj Finance 4,509,915Tencent Music Entertainment Group (ADR) 4,485,303Sea (ADR) 4,245,476Xiaomi 3,935,722Estun Automation 3,929,304JD.com 3,929,286New Oriental Education & Technology Group 3,899,502Samsonite International 3,729,478Weichai Power 3,723,614Silergy 3,629,967Ping An Healthcare and Technology 3,313,788CIFI Holdings Group 3,082,001China Mengniu Dairy 3,041,088China Mobile 2,903,106CJ CheilJedang 2,835,046Indiamart Intermesh 2,734,019Kingsoft Cloud Holdings (ADR) 2,727,079Shinsegae 2,506,393Kingsoft 2,398,455Ramayana Lestari Sentosa 2,340,959Jonjee Hi-Tech Industrial And CommercialHolding

2,309,770

Luxshare Precision Industry 2,291,350Uni-President China Holdings 2,084,894LS 2,030,139GT Capital Holdings 1,958,663PRADA 1,843,404SK Hynix 1,589,101Infosys 1,529,610Stella International Holdings 1,486,483Route Mobile 1,419,260Bank Tabungan Pensiunan Nasional Syariah 1,400,844Matahari Department Store 1,396,052Alibaba Group Holding 1,381,214LG Chem 1,324,950Chunbo 1,189,012Chongqing Fuling Zhacai Group 1,185,819International Container Terminal Services 1,132,768

Security Name

LargestSales

USD

China Tourism Group Duty Free 7,243,686Ping An Insurance Group Co of China 6,925,822Taiwan Semiconductor Manufacturing 6,730,685Pinduoduo (ADR) 6,535,172SITC International Holdings 5,901,952Samsung Biologics 5,896,719Alibaba Group Holding 5,169,077HDFC Bank 4,053,953Douzone Bizon 3,534,572Samsung Electronics 3,211,103Kweichow Moutai 2,860,057Times China Holdings 2,816,033Luxshare Precision Industry 2,674,621AIA Group 2,650,165China Gas Holdings 2,539,710China Vanke 2,535,168China Mobile 2,470,434Koh Young Technology 2,462,318Chunbo 2,322,155Hongkong Land Holdings 2,311,376Sun Pharmaceutical Industries 2,162,369Airtac International Group 2,144,422Infosys 2,119,075Largan Precision 2,101,608Ace Hardware Indonesia 2,038,087Zhejiang Expressway 2,036,555NongShim 2,024,128CNOOC 1,994,748JD.com 1,847,057Techtronic Industries 1,800,365Colgate-Palmolive India 1,707,687Hysan Development 1,700,149Amorepacific 1,624,154Thai Oil 1,519,115Bank Tabungan Pensiunan Nasional Syariah 1,489,474Chongqing Fuling Zhacai Group 1,359,129Bharat Heavy Electricals 1,352,897

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited)

Schedule of Portfolio Changes 302

PINEBRIDGE ASIA EX JAPAN SMALL CAP EQUITY FUND

Security Name

LargestPurchases

USD

Tongcheng-Elong Holdings 28,690,101Beijing Sinnet Technology 27,722,007Alchip Technologies 26,325,156Comba Telecom Systems Holdings 26,194,531Kingsoft Cloud Holdings (ADR) 25,410,072VTech Holdings 25,148,919Hotel Shilla 24,062,786Hansol Chemical 24,014,067Voltronic Power Technology 22,936,309SF Holding 22,703,614Cafe de Coral Holdings 21,250,664Sun Art Retail Group 20,046,242IPH 19,599,326SATS 19,534,894Beijing Thunisoft 18,884,590Innodisk 18,032,272Shenzhou International Group Holdings 17,939,866Shree Cement 16,568,562Taiwan Union Technology 16,527,894Chindata Group Holdings (ADR) 16,425,975Appen 16,378,808ASM Pacific Technology 15,698,740Bumrungrad Hospital 15,195,290Bandhan Bank 13,158,264Eugene Technology 12,913,379Domino’s Pizza Enterprises 12,864,318Altium 12,264,020Li Ning 11,980,055Techtronic Industries 11,767,810Chow Tai Fook Jewellery Group 11,595,944Lee & Man Paper Manufacturing 11,499,372Nexteer Automotive Group 11,483,202Hoa Phat Group 10,957,201Catcher Technology 10,943,493Qube Holdings 10,845,853Route Mobile 10,693,571UOL Group 10,479,100Pakuwon Jati 10,305,821Nestle India 9,642,022Win Semiconductors 9,285,766

Security Name

LargestSales

USD

Beijing Thunisoft 29,710,632Beijing Sinnet Technology 22,477,903Appen 15,323,631Altium 13,709,796Douzone Bizon 13,152,749Bravura Solutions 12,417,153Partron Co 10,261,811Koh Young Technology 8,956,413Orora 8,345,852Tong Hsing Electronic Industries 7,870,732KWG Living Group Holdings 7,556,286Shenzhen Sunway Communication 5,964,180Korea Zinc 5,961,357Semen Indonesia Persero 5,662,805Techtronic Industries 5,232,990Bharat Heavy Electricals 4,621,045Haitong Securities 4,118,503PRADA 4,086,396Total Access Communication 3,928,622Sinotrans 3,911,339PetroVietnam Power 3,874,423Weimob 3,124,826TOA Paint Thailand 2,805,992Catcher Technology 2,614,030Voltronic Power Technology 2,457,920

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

303 Schedule of Portfolio Changes

PINEBRIDGE ASIA PACIFIC INVESTMENT GRADE BOND FUND

Security Name

LargestPurchases

USD

1.375% United States TreasuryNote 15/08/2050

5,206,680

3.300% DBS Group Holdings (perpetual) 5,197,0001.250% United States Treasury Bond15/05/2050

5,194,902

2.375% United States Treasury Bond15/11/2049

5,158,008

2.250% Amipeace 22/10/2030 4,803,8216.750% BHP Billiton Finance USA 19/10/2075 4,595,2004.400% Newcastle Coal Infrastructure Group29/09/2027

4,500,390

5.250% Tongyang Life Insurance (perpetual) 4,478,1503.500% CMHI Finance (perpetual) 4,137,2633.650% CCCI Treasure (perpetual) 3,754,4922.875% China Development Bank FinancialLeasing 28/09/2030

3,694,964

3.970% CRCC Chengan (perpetual) 3,602,5003.975% Vanke Real Estate Hong Kong09/11/2027

3,212,183

3.500% CNAC HK Finbridge 19/07/2022 3,072,5000.500% United States TreasuryNote 31/05/2027

2,971,172

4.250% Chalco Hong Kong Investment31/12/2099

2,925,470

3.375% Minmetals Bounteous Finance31/12/2099

2,810,750

3.625% Nan Fung Treasury 27/08/2030 2,783,0324.375% Scentre Group Trust 28/05/2030 2,732,7203.400% Nippon Life Insurance 23/01/2050 2,725,5002.850% China Huaneng Group Hong KongTreasury Management Holding (perpetual)

2,710,000

4.000% China Huadian OverseasDevelopment Management (perpetual)

2,555,097

3.950% Longfor Group Holdings 16/09/2029 2,547,7033.550% CLP Power HK Finance (perpetual) 2,546,6284.000% Huarong Finance 2017 (perpetual) 2,544,0503.000% BOC Aviation 11/09/2029 2,425,8056.750% Australia & New Zealand BankingGroup (perpetual)

2,362,800

4.750% Bank Mandiri Persero 13/05/2025 2,338,9042.625% BOC Aviation Ltd 17/09/2030 2,265,0515.125% CNAC HK Finbridge 14/03/2028 2,230,3003.064% Axiata Spv5 Labuan 19/08/2050 2,150,000

Security Name

LargestSales

USD

1.375% United States TreasuryNote 15/08/2050

5,258,477

1.250% United States Treasury Bond15/05/2050

5,122,734

2.375% United States Treasury Bond15/11/2049

5,072,656

3.600% DBS Group Holdings (perpetual) 3,874,6790.000% United States Treasury Bill13/02/2020

3,498,716

4.650% SPIC Luxembourg Latin AmericaRenewable Energy Investment 30/10/2023

3,071,960

0.500% United States TreasuryNote 31/05/2027

3,012,539

4.750% CNAC HK Finbridge 19/06/2049 2,977,9983.625% Nan Fung Treasury 27/08/2030 2,825,7043.733% Bangkok Bank 25/09/2034 2,634,5004.250% Oversea-Chinese Banking19/06/2024

2,523,488

5.125% CNAC HK Finbridge 14/03/2028 2,356,6604.750% Indonesia Asahan AluminiumPersero 15/05/2025

2,296,095

1.413% Huarong Finance 2017 03/07/2021 2,246,6255.000% Westpac Banking Ap//N Ap 2,175,1254.500% Xingsheng 20/09/2021 2,172,9793.375% Weibo 08/07/2030 2,097,6984.000% Oil India International 21/04/2027 2,079,0004.325% Perusahaan Penerbit SBSNIndonesia III 28/05/2025

2,066,350

3.250% Export-Import Bank of India15/01/2030

2,055,880

4.400% Perusahaan Penerbit SBSNIndonesia III 01/03/2028

2,025,000

1.089% Inventive Global Investments19/09/2021

1,990,000

3.625% Thaioil Treasury Center Co Ltd23/01/2023

1,979,076

4.100% Elect Global Investments (perpetual) 1,971,0755.375% China Overseas Finance Cayman III29/10/2023

1,849,254

3.000% China Cinda 2020 I Management18/03/2027

1,803,871

5.250% Santos Finance 13/03/2029 1,785,4654.250% Chalco Hong Kong Investment31/12/2099

1,769,291

3.625% ICBCIL Finance 15/11/2027 1,709,4402.875% Shenzhen Expressway 18/07/2021 1,700,0003.064% Axiata Spv5 Labuan 19/08/2050 1,651,4584.250% CDBL Funding 1 02/12/2024 1,631,7003.500% CDBL Funding 1 24/10/2027 1,588,9951.990% CCBL Cayman 1 21/07/2025 1,577,5362.750% Sun Hung Kai Properties CapitalMarket 13/05/2030

1,572,825

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 304

PINEBRIDGE CHINA A-SHARES QUANTITATIVE FUND

Security Name

LargestPurchases

USD

Gansu Shangfeng Cement 1,408,961East Money Information 1,296,335Kweichow Moutai 1,004,664Ningbo Orient Wires & Cables 976,280Suzhou TFC Optical Communication 949,118Sanquan Food 939,858Wingtech Technology 936,043Yango Group 851,382CNHTC Jinan Truck 848,335Wuliangye Yibin 815,560Guangzhou Wondfo Biotech 782,762Hunan Valin Steel 782,420Wuhu Sanqi Interactive EntertainmentNetwork Technology Group

771,389

Shandong Chenming Paper Holdings 770,018SAIC Motor 765,638Wuhan Guide Infrared 761,088Will Semiconductor Shanghai 747,820Guotai Junan Securities 730,110China Minsheng Banking 721,324Shenzhen Mindray Bio-Medical Electronics 719,328

Security Name

LargestSales

USD

Bank of Jiangsu 1,898,271Wuliangye Yibin 1,865,387Yealink Network Technology 1,836,588Kweichow Moutai 1,722,559Gansu Shangfeng Cement 1,548,742XCMG Construction Machinery 1,540,974Huatai Securities 1,508,885China Everbright Bank 1,483,883Skyworth Digital 1,438,108Addsino 1,411,717Sieyuan Electric 1,398,261East Money Information 1,348,539Shenzhen Goodix Technology 1,346,741Xinjiang Tianshan Cement 1,327,906New China Life Insurance 1,322,009Bank of Guiyang 1,293,253Jiangsu Hengrui Medicine 1,291,975Ningbo Huaxiang Electronic 1,280,818China CITIC Bank 1,208,505China Merchants Securities 1,169,791

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

305 Schedule of Portfolio Changes

PINEBRIDGE EMERGING EUROPE EQUITY FUND

Security Name

LargestPurchases

USD

Yandex 548,235Surgutneftegas 498,491Aeroflot 381,376Alrosa 371,882Richter Gedeon Nyrt 305,858Gazprom 276,328Piraeus Financial Holdings 274,620Magnit 257,010OTP Bank Nyrt 248,906Komercni Banka 244,446Dino Polska 241,171Gazprom Neft 236,105Turkiye Garanti Bankasi 224,831Hellenic Telecom Organization 221,249Sberbank of Russia 183,299Mail.ru Group 168,467MMC Norilsk Nickel 161,410Polyus Public Joint Stock Company 145,915KGHM Polska Miedz 145,573Polski Koncern Naftowy Orlen 142,276Rosneft Oil 137,827LUKOIL 133,154BIM Birlesik Magazalar 127,404Mobile Telesystems (ADR) 125,754Veon 124,332Eregli Demir ve Celik Fabrikalari 112,104OPAP 108,840Turk Hava Yollari 103,345Polymetal International 102,928Tatneft 101,296Ozon Holdings (ADR) 101,010Alpha Bank 89,080Turkcell Iletisim Hizmetleri 87,635Tofas Turk Otomobil Fabrikasi 85,674Novatek (GDR) 78,374

Security Name

LargestSales

USD

Surgutneftegas (Preference) 460,286Sberbank of Russia 441,621X5 Retail Group (GDR) 392,059Alpha Bank 375,605CD Projekt 361,157OTP Bank Nyrt 323,909TCS Group Holding (GDR) 318,029Mobile Telesystems (ADR) 314,435Gazprom Neft 302,263Gazprom 291,072Turkcell Iletisim Hizmetleri 284,587Polymetal International 275,236Hellenic Telecom Organization 251,934Richter Gedeon Nyrt 240,538LPP 234,623LUKOIL (ADR) 207,724Dino Polska 207,408Rosneft Oil 199,905MMC Norilsk Nickel 197,174Moscow Exchange MICEX-RTS 187,683Aselsan Elektronik Sanayi Ve Ticaret 181,806Eurocash 177,875Inter RAO UES 176,237Jumbo 174,224Aeroflot 172,725Piraeus Financial Holdings 154,225Qiwi 153,014Komercni Banka 151,535Mail.ru Group 146,105Polski Koncern Naftowy Orlen 143,446KOC Holding 135,608Tupras Turkiye Petrol Rafinerileri 134,213Veon 115,563Polyus Public Joint Stock Company 113,602Transneft (Preference) 113,340KGHM Polska Miedz 108,824Ford Otomotiv Sanayi 105,568Powszechny Zaklad Ubezpieczen 98,227Turkiye Garanti Bankasi 98,084

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 306

PINEBRIDGE EUROPE RESEARCH ENHANCED EQUITY FUND

Security Name

LargestPurchases

USD

iShares Core MSCI Europe (ETF) (UCITS) 3,722,236Air Liquide 1,625,411Alcon 1,301,408Nestle 1,084,981Roche Holding 1,066,232Bayerische Motoren Werke 1,005,318ASML Holding 995,574Fresenius Medical Care AG & Co 957,825Essity 857,990Adecco Group 838,766Banque Cantonale Vaudoise 821,385BASF 820,992Electricite de France 781,703Anheuser-Busch InBev 747,580Industria de Diseno Textil 743,013Eni Spa 731,396Schneider Electric 725,153BP 682,044British American Tobacco 659,872EssilorLuxottica 637,981Aena 633,443

Security Name

LargestSales

USD

iShares Core MSCI Europe (ETF) (UCITS) 3,168,637Air Liquide 1,634,913Essity 1,156,583Nestle 1,056,359GlaxoSmithKline 1,054,123ASML Holding 1,031,948Fresenius Medical Care AG & Co 1,028,427Uber Technologies 935,050Royal Dutch Shell 772,814ABB 731,023Banco Santander 710,227Logitech International 708,588Associated British Foods 703,694EDP - Energias de Portugal 679,256Schneider Electric 678,667Deutsche Boerse 664,544BP 632,281Engie 630,077Bayerische Motoren Werke 623,506Pandora 620,455Ems-Chemie Hldg Ag 599,808Sonova Holding 580,306Alcon 570,164

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

307 Schedule of Portfolio Changes

PINEBRIDGE EUROPE SMALL CAP EQUITY FUND

Security Name

LargestPurchases

USD*

ASTM SPA 676,294SSP Group 584,508MARR SpA 438,754Bodycote 253,690Santander Holdings 248,453Coats Group 242,069Virbac 138,525

Security Name

LargestSalesUSD*

Gerresheimer 1,679,757Jungheinrich (Preference) 1,450,086Ubisoft Entertainment 1,123,864VGP 1,040,158Interpump Group SpA 830,042Keywords Studios 821,743CVS Group 806,659Recordati Industria Chimica e FarmaceuticaSpA

716,109

Stroeer SE & 627,700Spirax-Sarco Engineering 479,429Aubay 174,592Santander Holdings 92,763Virbac 64,498

*Above are all purchases and sales during the financialyear.

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 308

PINEBRIDGE GLOBAL BOND FUND

Security Name

LargestPurchases

USD

0.500% Canada 01/09/2025 2,087,2762.250% Canada 01/03/2024 2,077,4191.250% Canada 01/03/2025 2,077,2214.250% United Kingdom 07/12/2046 2,074,9572.000% Canada 01/09/2023 2,070,5942.000% United States TreasuryNote 30/04/2024

2,059,329

2.500% Canada 01/06/2024 2,057,6591.000% Canada 01/09/2022 2,049,6571.500% Canada 01/09/2024 2,008,5751.000% United Kingdom 22/04/2024 1,996,3654.250% United Kingdom 07/09/2039 1,973,2371.750% United Kingdom Gilt 07/09/2037 1,960,8202.250% Australia 21/05/2028 1,862,3053.750% United States TreasuryNote 15/11/2043

1,774,081

4.750% United Kingdom Gilt 07/12/2038 1,645,1660.125% United States TreasuryNote 15/07/2023

1,120,000

4.250% United Kingdom 07/12/2049 1,104,9510.375% United States TreasuryNote 30/04/2025

1,104,125

0.500% United States TreasuryNote 31/03/2025

1,100,772

0.500% United States TreasuryNote 30/04/2027

1,099,957

Security Name

LargestSales

USD

4.250% United Kingdom 07/12/2046 3,472,4612.250% Canada 01/03/2024 2,143,9112.000% Canada 01/09/2023 2,142,1600.500% Canada 01/09/2025 2,133,8591.250% Canada 01/03/2025 2,129,3571.000% Canada 01/09/2022 2,100,6012.500% Canada 01/06/2024 2,084,1361.500% Canada 01/09/2024 2,079,8082.000% United States TreasuryNote 30/04/2024

2,057,904

1.000% United Kingdom 22/04/2024 1,934,7271.625% United States TreasuryNote 15/02/2026

1,873,918

2.250% Australia 21/05/2028 1,854,3930.100% Japan 01/06/2021 1,280,1180.100% Japan 20/12/2023 1,265,1160.100% Japan 01/04/2021 1,253,0020.100% Japan 01/02/2021 1,251,8140.100% Japan 01/05/2021 1,250,9964.500% Italy 01/03/2024 1,243,0172.125% United States TreasuryNote 31/07/2024

1,231,668

0.800% Japan 20/09/2022 1,211,220

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

309 Schedule of Portfolio Changes

PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION FUND

Security Name

LargestPurchases

USD

iShares Physical Gold ETC 87,279,8250.000% United States Treasury Bill28/05/2020

62,969,856

0.000% United States Treasury Bill30/07/2020

62,941,236

Invesco Physical Gold ETC 50,108,0092.125% United States TreasuryNote 31/12/2022

46,819,336

1.750% United States TreasuryNote 31/01/2023

46,536,328

0.000% United States Treasury Bill17/06/2021

44,984,040

0.125% United States TreasuryNote 30/11/2022

44,975,391

0.000% United States Treasury Bill29/04/2021

43,983,274

0.000% United States Treasury Bill20/05/2021

43,980,091

0.000% United States Treasury Bill27/08/2020

39,927,706

2.375% United States Treasury Bonds15/11/2049

33,772,140

0.000% United States Treasury Bill28/01/2021

29,978,100

0.000% United States Treasury Bill25/02/2021

29,973,162

Samsung Electronics 26,745,599JPMorgan Chase & Co 22,475,0030.000% United States Treasury Bill15/07/2021

20,141,503

0.000% United States Treasury Bill17/12/2020

19,992,708

0.000% United States Treasury Bill21/01/2021

19,990,222

1.500% United States TreasuryNote 28/02/2023

16,474,375

Security Name

LargestSales

USD

0.000% United States Treasury Bill28/05/2020

62,959,622

0.000% United States Treasury Bill30/07/2020

62,923,467

iShares Physical Gold ETC 57,401,1992.125% United States TreasuryNote 31/12/2022

46,818,320

0.125% United States TreasuryNote 30/11/2022

45,000,469

0.000% United States Treasury Bill29/04/2021

43,985,798

0.000% United States Treasury Bill20/05/2021

43,983,471

0.000% United States Treasury Bill 27/08/202 39,926,173Samsung Electronics 37,374,3542.375% United States Treasury Bonds15/11/2049

34,086,730

Invesco Physical Gold ETC 33,821,9771.750% United States TreasuryNote 31/01/2023

30,509,453

0.000% United States Treasury Bill25/02/2021

29,979,112

0.000% United States Treasury Bill28/01/2021

29,977,350

JPMorgan Chase & Co 24,245,1870.000% United States Treasury Bill17/12/2020

19,999,743

0.000% United States Treasury Bill21/01/2021

19,998,542

Apple 17,839,321Bank of America 17,417,340Microsoft 16,508,622

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 310

PINEBRIDGE GLOBAL DYNAMIC PRESERVATION PLUS FUND*

Security Name

LargestPurchases

USD

0.000% United States Treasury Bill25/03/2021

14,986,363

0.000% United States Treasury Bill03/09/2020

10,937,264

0.000% United States Treasury Bill09/09/2021

10,932,606

0.000% United States Treasury Bill03/12/2020

10,932,415

0.000% United States Treasury Bill17/06/2021

4,995,271

1.375% United States TreasuryNote 15/08/2050

4,646,195

iShares Physical Gold (ETF) (UCITS) -Accumulating Class

3,752,261

iShares MSCI Korea (ETF) (UCITS) -Distributing Class

2,873,882

0.875% United States TreasuryNote 15/11/2030

1,297,531

0.625% United States TreasuryNote 15/05/2030

1,193,812

3.800% AbbVie 15/03/2025 1,100,6826.020% Dell International 15/06/2026 1,089,9774.900% Dell International 01/10/2026 1,085,1083.750% Wells Fargo & Co 24/01/2024 1,081,5552.000% United States Treasury Bond15/02/2050

1,080,888

2.900% Bristol Myers Squibb 26/07/2024 1,079,2604.200% Bank of America 26/08/2024 1,075,7693.875% Natwest Group 12/09/2023 1,048,5604.400% Citigroup 10/06/2025 1,032,3783.700% Comcast 15/04/2024 1,004,340

Security Name

LargestSales

USD

0.000% United States Treasury Bill03/09/2020

10,939,719

1.375% United States TreasuryNote 15/08/2050

3,292,885

iShares MSCI Korea (ETF) (UCITS) -Distributing Class

2,011,735

0.625% United States TreasuryNote 15/05/2030

1,201,016

6.020% Dell International 15/06/2026 1,128,9682.000% United States Treasury Bond15/02/2050

1,093,172

iShares Physical Gold (ETF) (UCITS) -Accumulating Class

1,028,571

2.900% Bristol-Myers Squibb Co 26/07/2024 849,0143.750% Vodafone Group 16/01/2024 798,6423.750% Cigna 15/07/2023 746,0974.610% Barclays 15/02/2023 691,2844.250% HSBC Holdings 18/08/2025 594,8962.633% HSBC Holdings 07/11/2025 502,0373.700% Comcast 15/04/2024 497,6864.550% Petronas Capital 21/04/2050 463,2704.750% China Overseas Finance Cayman VII26/04/2028

460,384

JPMorgan Chase & Co 431,1352.500% CLP Power Hong Kong Financing30/06/2035

417,080

3.550% CLP Power HK Finance (perpetual) 412,4504.700% Marathon Petroleum 01/05/2025 406,548

*PineBridge Global Dynamic Preservation Plus Fundlaunched on 24 June 2020.

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

311 Schedule of Portfolio Changes

PINEBRIDGE GLOBAL EMERGING MARKETS BOND FUND

Security Name

LargestPurchases

USD

6.875% Belarus 28/02/2023 415,9007.050% Russia 19/01/2028 323,8202.750% Saudi 03/02/2032 246,8224.375% Russia 21/03/2029 233,9003.750% Qatar 16/04/2030 233,2504.500% Colombia 15/03/2029 227,6005.625% Brazil 07/01/2041 226,2505.625% Minejesa Capital 10/08/2037 220,5006.250% Honduras 19/01/2027 220,0002.450% Chile 31/01/2031 216,7804.625% ONGC Videsh 15/07/2024 216,5205.750% Petrobras Global Finance 01/02/2029 215,5006.375% Nigeria 12/07/2023 215,4008.000% Angola 26/11/2029 214,0005.625% Bahrain 30/09/2031 213,7007.375% Unifin Financiera 12/02/2026 210,7503.250% Saudi 22/10/2030 208,8002.500% Abu Dhabi 16/04/2025 208,6004.817% Qatar 14/03/2049 208,0005.750% Grupo KUO 07/07/2027 207,900

Security Name

LargestSales

USD

5.625% Bahrain 30/09/2031 488,3358.000% Angola 26/11/2029 389,4007.750% Ukraine 01/09/2027 320,3559.000% Indonesia 15/03/2029 255,9802.750% Saudi 03/02/2032 245,0005.750% Ivory Coast 31/12/2032 244,5985.103% Qatar 23/04/2048 244,0004.500% Panama 15/05/2047 237,2004.817% Qatar 14/03/2049 233,4004.500% Colombia 15/03/2029 231,5209.248% Nigeria 21/01/2049 229,3004.500% Panama 01/04/2056 227,3005.750% Petrobras Global Finance 01/02/2029 226,0007.375% Bahrain 14/05/2030 225,5007.000% Bahrain 26/01/2026 221,0005.125% CNAC HK Finbridge 14/03/2028 217,6806.875% Kenya 24/06/2024 216,5009.500% Cameroon 19/11/2025 214,4006.250% Honduras 19/01/2027 214,0008.250% Pakistan 15/04/2024 213,200

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 312

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND

Security Name

LargestPurchases

USD

5.750% Grupo KUO 07/07/2027 951,0754.375% Grupo Aval 04/02/2030 829,2378.500% Yuzhou Properties 26/02/2024 785,5005.625% Minejesa Capital 10/08/2037 756,0004.950% Colombia Telecomunicaciones17/07/2030

738,700

4.500% Braskem Netherlands Finance31/01/2030

698,138

5.450% Indonesia Asahan AluminiumPersero 15/05/2030

683,000

5.125% Mong Duong Finance Holdings07/05/2029

680,275

3.125% Banco de Credito e Inversiones01/07/2030

677,750

4.250% Adaro Indonesia 31/10/2024 652,3502.125% Metropolitan Bank & Trust15/01/2026

634,214

4.750% Infraestructura Energetica Nova15/01/2051

627,142

5.500% Geopark 17/01/2027 620,1419.250% Vedanta Resources Finance II23/04/2026

619,925

6.625% Petroleos Mexicanos 15/06/2035 616,5502.875% CNOOC Finance 2013 30/09/2029 610,4123.100% Pertamina Persero 27/08/2030 609,0005.875% MEGlobal Canada 18/05/2030 589,0007.000% Gol Finance 31/01/2025 540,3887.375% Medco Oak Tree 14/05/2026 536,5123.875% Lukoil Securities 06/05/2030 534,0005.250% Rumo Luxembourg 10/01/2028 515,0004.875% Globo Comunicacao e Participacoes22/01/2030

504,500

6.950% Ulker Biskuvi Sanayi 30/10/2025 499,6106.250% Cydsa 04/10/2027 489,9757.500% Total Play Telecomunicaciones12/11/2025

489,388

6.500% Minerva Luxembourg 20/09/2026 485,5003.700% MDGH 07/11/2049 478,2755.950% Periama Holdings 19/04/2026 470,0004.500% LS Finance 2025 26/06/2025 469,1755.625% Orazul Energy Egenor 28/04/2027 468,5623.750% Suzano Austria 15/01/2031 448,3905.600% Petrobras Global Finance 03/01/2031 438,3167.375% Unifin Financiera 12/02/2026 432,0385.750% Petrobras Global Finance 01/02/2029 431,0006.875% LLPL Capital 04/02/2039 430,6623.958% Lamar Funding 07/05/2025 427,3125.950% Greenko Solar Mauritius 29/07/2026 421,6854.750% Industrias Penoles 06/08/2050 418,2207.125% China Hongqiao Group 22/07/2022 417,3754.500% Rede D’Or Finance S.a. r.l.22/01/2030

413,214

Security Name

LargestPurchases

USD

3.875% Southern Copper 23/04/2025 412,4254.125% Perusahaan Perseroan Persero PTPerusahaan Listrik Negara 15/05/2027

412,425

8.000% IHS Netherlands Holdco 18/09/2027 411,7006.250% JBS Investments 05/02/2023 405,8003.900% Jollibee Worldwide (perpetual) 400,0005.875% Hyundai Capital America 07/04/2025 399,6769.500% China Evergrande Group 29/03/2024 392,1507.875% Termocandelaria Power 30/01/2029 387,6256.000% Turkiye Sinai Kalkinma Bankasi23/01/2025

384,938

9.500% China Evergrande Group 11/04/2022 382,0007.750% Cemex 16/04/2026 376,6886.250% Yingde Gases Investment 19/01/2023 374,6253.375% CNAC HK Finbridge 19/06/2024 370,8996.500% Sasol Financing USA 27/09/2028 367,7507.125% Kosmos Energy 04/04/2026 366,2704.625% ONGC Videsh 15/07/2024 357,258

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

313 Schedule of Portfolio Changes

Security Name

LargestSales

USD

3.875% China Construction Bank 13/05/2025 841,5005.625% Orazul Energy Egenor 28/04/2027 712,3004.250% Chinalco Capital Holdings21/04/2022

622,962

7.250% GTL Trade Finance 16/04/2044 604,4403.150% Steel Capital 16/09/2024 603,2754.700% Novolipetsk Steel Via Steel Funding30/05/2026

584,375

6.500% Geopark 21/09/2024 530,6255.750% Grupo KUO 07/07/2027 528,7504.250% Saudi Arabian Oil 16/04/2039 522,0003.625% Thai Oil 23/01/2023 494,3043.500% Banco de Credito e Inversiones12/10/2027

474,750

5.875% Hyundai Capital America 07/04/2025 468,8605.875% Usiminas International 18/07/2026 464,8508.500% Yuzhou Properties 26/02/2024 463,7257.000% Gol Finance 31/01/2025 454,4005.750% Petrobras Global Finance 01/02/2029 452,0004.875% Grupo Bimbo 27/06/2044 446,0006.750% Petrobras Global Finance 27/01/2041 438,4806.375% ICL Group 31/05/2038 430,5004.625% Banco do Brasil 15/01/2025 422,0003.875% El Puerto de Liverpool 06/10/2026 419,2004.125% Perusahaan Perseroan Persero PTPerusahaan Listrik Negara 15/05/2027

414,375

3.875% Southern Copper 23/04/2025 413,8883.250% CBQ Finance 13/06/2021 404,2509.500% China Evergrande Group 11/04/2022 392,5003.375% CNAC HK Finbridge 19/06/2024 385,4815.875% Southern Copper 23/04/2045 381,3754.500% Power Finance 18/06/2029 381,1003.900% Jollibee Worldwide (perpetual) 380,0004.700% RKI Overseas Finance 2016 (B)06/09/2021

376,000

6.500% Sasol Financing USA 27/09/2028 366,0004.375% Bharti Airtel 10/06/2025 351,4504.375% Inversiones CMPC 04/04/2027 340,4005.550% Transportadora de Gas Internacional01/11/2028

339,760

10.500% Fidelity Bank 16/10/2022 336,7505.250% Evraz 02/04/2024 325,6504.250% Mexico City Airport Trust 31/10/2026 322,0807.750% Cemex 16/04/2026 321,1254.375% SURA Asset Management 11/04/2027 316,8003.250% Ooredoo International Finance21/02/2023

312,750

3.000% First Abu Dhabi Bank 30/03/2022 309,0005.500% Azure Power Energy 03/11/2022 308,2503.625% Busan Bank 25/07/2026 306,3933.600% DBS Group Holdings (perpetual)31/12/2099

301,875

Security Name

LargestSales

USD

2.625% Woori Bank 20/07/2021 300,8103.150% Teva Pharmaceutical FinanceNetherlands 01/10/2026

299,501

5.700% Cemex 11/01/2025 267,1505.950% Hidrovias International Finance24/01/2025

261,000

7.000% Tullow Oil 01/03/2025 256,0009.250% Vedanta Resources Finance II23/04/2026

248,500

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

PINEBRIDGE GLOBAL EMERGING MARKETS CORPORATE BOND FUND (continued)

Schedule of Portfolio Changes 314

PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY FUND

Security Name

LargestPurchases

USD

Alibaba Group Holding (ADR) 6,473,044Localiza Rent a Car 4,449,431Yum China Holdings 4,331,509Reliance Industries 4,312,350MediaTek 4,218,910SK Hynix 4,208,165Hindustan Unilever 4,103,159Tencent Music Entertainment Group (ADR) 3,909,040LG Chem 3,782,741Chailease Holding 3,627,846Han’s Laser Technology Industry Group 3,520,472America Movil (ADR) 2,976,996Meituan 2,914,766BP Capital Markets (perpetual) 2,847,271Komercni Banka 2,647,971Indiamart Intermesh 2,590,237ASM Pacific Technology 2,527,071OTP Bank Nyrt 2,372,677Jumbo 2,368,732Airtac International Group 2,360,403Divi’s Laboratories 2,344,612Silergy 2,319,580Cemex (ADR) 2,319,363KWG Group Holdings 2,278,943Bank Central Asia 2,120,813Shenzhou International Group Holdings 1,958,433Bajaj Finance 1,878,634Magazine Luiza 1,852,321Hangzhou Robam Appliances 1,830,241Shenzhen Inovance Technology 1,721,549Delta Electronics 1,640,861Copa Holdings 1,590,757Dino Polska 1,503,763Wuxi Biologics Cayman 1,383,685Pinduoduo (ADR) 1,371,968Bank BTPN Syariah 1,317,049

Security Name

LargestSales

USD

Alibaba Group Holding (ADR) 2,692,017Pinduoduo (ADR) 2,360,923China Tourism Group Duty Free 1,293,717Copa Holdings 1,290,701Shenzhen Inovance Technology 1,182,443Magazine Luiza 1,177,907Ping An Insurance Group of China 1,094,258Airtac International Group 1,026,663Wuxi Biologics 1,010,784Jumbo 940,306Shenzhou International Group Holdings 849,803Impala Platinum 836,915Zhuzhou CRRC Times Electric 827,882Taiwan Semiconductor Manufacturing 811,990Hangzhou Robam Appliances 777,092MediaTek 673,885Marico 652,042Merida Industry 630,115Dino Polska 621,731LG Chem 619,065LUKOIL (ADR) 617,909GT Capital Holdings 595,004Grupo Mexico 568,745Zhengzhou Yutong Bus 550,074Ase Technology Holding 546,540Bancolombia (ADR) 545,204SK Hynix 541,830Southern Copper 539,997CNOOC 520,909TCS Group Holding (GDR) 499,433Sun Hung Kai Properties 498,562OTP Bank Nyrt 464,009BP Capital Markets (perpetual) 442,995Lojas Renner 409,950Erste Group Bank 408,703Largan Precision 405,821Trip.com Group 376,870

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

315 Schedule of Portfolio Changes

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND

Security Name

LargestPurchases

USD

8.000% South Africa 31/01/2030 870,3590.450% Czech Republic 25/10/2023 680,7103.250% China 06/06/2026 611,9492.750% Poland 25/10/2029 609,8405.750% Poland 23/09/2022 605,6952.500% Poland 25/07/2026 574,8532.750% Poland 25/04/2028 557,64010.500% Turkey 11/08/2027 527,7703.290% China 23/05/2029 445,1537.050% Russian 19/01/2028 418,1037.000% Indonesia 15/09/2030 380,1683.250% Poland 25/07/2025 366,2353.000% Hungary 21/08/2030 347,2972.500% Hungary 24/10/2024 344,1758.500% Mexican Bonos 31/05/2029 331,8223.650% Thailand 20/06/2031 331,1634.750% Romania 24/02/2025 322,91412.400% Turkey 08/03/2028 318,85514.406% Egypt 07/07/2027 315,2686.900% Peru 12/08/2037 311,5759.875% Uruguay 20/06/2022 303,1958.500% South Africa 31/01/2037 300,4222.500% Czech Republic 25/08/2028 299,3257.500% Mexico 03/06/2027 296,2643.899% Malaysia 16/11/2027 295,2128.500% Brazil 05/01/2024 293,7322.750% Czech Republic 23/07/2029 290,87313.771% Egypt 07/01/2027 290,4866.500% Mexico 10/06/2021 290,3321.875% Thailand 17/06/2049 269,38610.000% Mexico 05/12/2024 264,8687.750% Russia 16/09/2026 250,70610.000% Brazil 01/01/2031 243,52010.500% South Africa 21/12/2027 235,9464.500% Chile 01/03/2026 224,24110.000% Brazil 01/01/2027 222,6944.762% Malaysia07/04/2037 214,7907.750% Colombia 18/09/2030 214,0653.230% China 10/01/2025 213,8837.000% Russia 16/08/2023 212,6870.950% Czech Republic 15/05/2030 212,6844.700% Chile 01/09/2030 212,4727.150% Russia 12/11/2025 212,2703.090% China 18/06/2030 211,2673.250% Hungary 22/10/2031 210,8245.000% Chile 01/03/2035 210,58216.500% Egypt 02/04/2026 202,8347.100% Russia 16/10/2024 199,9073.885% Malaysia 15/08/2029 198,1072.000% Czech Republic 13/10/2033 197,2761.600% Thailand 17/12/2029 197,0323.650% Romania 24/09/2031 192,273

Security Name

LargestPurchases

USD

1.585% Thailand 17/12/2035 190,612

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 316

Security Name

LargestSales

USD

5.750% Poland 23/09/2022 1,194,5117.190% Petroleos Mexicanos 12/09/2024 921,5119.500% Development Bank of Kazakhstan14/12/2020

855,030

4.500% Chile 01/03/2026 813,3607.500% Mexico 03/06/2027 773,9690.450% Czech Republic 25/10/2023 677,7658.000% South Africa 31/01/2030 673,61810.000% Brazil 01/01/2021 672,1105.500% Hungary 24/06/2025 647,41910.000% Indonesia 15/02/2028 645,7473.885% Malaysia 15/08/2029 627,6153.775% Thailand 25/06/2032 607,1872.500% Poland 25/07/2026 575,03110.000% Mexico 05/12/2024 533,66910.500% Indonesia 15/08/2030 531,85918.750% Egypt 23/05/2022 531,4118.250% South Africa 31/03/2032 525,66610.500% Turkey 11/08/2027 500,75110.000% Brazil 01/01/2025 476,7439.500% Transnet SOC 13/05/2021 466,4854.875% Thailand 22/06/2029 457,91110.700% Turkey 10/02/2021 457,75512.500% Brazil 05/01/2022 445,0309.875% Uruguay 20/06/2022 438,7168.500% Russia 17/09/2031 435,60710.700% Turkey 18/08/2022 421,0634.000% Chile 01/03/2023 414,8087.000% Indonesia 15/09/2030 414,00617.000% Ukraine 11/05/2022 399,8367.000% Colombia 30/06/2032 384,1613.250% Poland 25/07/2025 378,4986.000% Colombia 28/04/2028 376,9583.955% Malaysia 15/09/2025 374,92916.000% Ukraine 11/08/2021 372,1452.500% Hungary 24/10/2024 351,4725.400% Peru 12/08/2034 347,70810.000% Brazil 01/01/2023 324,7606.500% Mexico 10/06/2021 324,64510.000% Mexico 20/11/2036 309,5892.250% Poland 25/04/2022 308,2362.750% Czech Republic 23/07/2029 298,2922.750% Poland 25/10/2029 296,6542.875% Thailand 17/12/2028 287,4408.500% Brazil 05/01/2024 276,5772.500% Poland 25/07/2027 271,79213.771% Egypt 07/01/2027 271,12312.400% Turkey 08/03/2028 265,924

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

PINEBRIDGE GLOBAL EMERGING MARKETS LOCAL CURRENCY BOND FUND (continued)

317 Schedule of Portfolio Changes

PINEBRIDGE GLOBAL FOCUS EQUITY FUND

Security Name

LargestPurchases

USD

JPMorgan Chase & Co 9,080,176Huntington Bancshares 7,700,768Sanofi 7,360,994Otis Worldwide 6,995,160Weir Group 6,841,031salesforce.com 6,538,255LPL Financial Holdings 5,676,277Charles River Laboratories International 4,787,848Lowe’s Cos 3,857,363Hubbell 3,450,925PTC 3,245,132TE Connectivity 3,038,588Motorola Solutions 2,989,675Aramark 2,820,113Shenzhou International Group Holdings 2,804,262Reliance Industries 2,483,366Yum China Holdings 2,459,342Centene 2,399,297Elanco Animal Health 2,320,959Honeywell International 2,117,760HDFC Bank (ADR) 2,091,498AstraZeneca 1,902,888Trelleborg 1,761,548Copa Holdings 1,663,841Kinaxis 1,653,086Boeing 1,057,792

Security Name

LargestSales

USD

Alibaba Group Holding (ADR) 11,583,122NVIDIA 8,389,424Rockwell Automation 7,524,084Lowe’s Cos 6,298,870Alphabet 6,107,434Telefonaktiebolaget LM Ericsson (ADR) 5,783,955Prudential 5,153,612Facebook 4,972,279Royal Dutch Shell (Class A) 4,677,623PTC 4,559,493Boeing 4,502,335Microsoft 4,454,146AstraZeneca 4,036,023Adobe 3,842,009Weir Group 3,459,911Medtronic 3,336,267Goldman Sachs Group 3,034,858Hanon Systems 2,833,403salesforce.com 2,724,004EOG Resources 2,591,731Danone 2,580,233Synopsys 2,547,388Discover Financial Services 2,255,811Union Pacific 2,190,903Kellogg 2,135,921Kinaxis 2,087,145Honeywell International 1,813,459Roper Technologies 1,806,193HDFC Bank (ADR) 1,752,444TE Connectivity 1,748,996Aramark 1,683,365Huntington Bancshares 1,643,081JPMorgan Chase & Co 1,621,141Comcast 1,514,777Broadridge Financial Solutions 1,486,117

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 318

PINEBRIDGE GLOBAL STRATEGIC INCOME FUND

Security Name

LargestPurchases

USD

0.000% United States Treasury Bill08/09/2020

999,949

4.500% Saudi 22/04/2060 264,2000.000% United States Treasury Bill11/02/2021

254,850

3.750% Qatar 16/04/2030 235,0005.625% Bahrain 30/09/2031 214,8603.125% Abu Dhabi 30/09/2049 213,5006.875% Kenya 24/06/2024 206,5005.000% Altice Financing 15/01/2028 201,7506.875% Republic of Belarus InternationalBond 28/02/2023

200,500

7.375% Bahrain 14/05/2030 200,0004.400% Qatar 16/04/2050 200,0005.850% Jordan 07/07/2030 200,0008.875% Egypt 29/05/2050 200,0003.875% Israel 03/07/2050 200,0006.750% Oman 28/10/2027 200,0002.650% Philippine 10/12/2045 200,0005.875% Dominican 30/01/2060 197,7204.125% Colombia 15/05/2051 197,3525.750% Ivory Coast 31/12/2032 166,7846.250% Honduras 19/01/2027 166,125

Security Name

LargestSales

USD

0.000% United States Treasury Bill08/09/2020

729,976

1.750% United States TreasuryNote 15/11/2029

276,783

0.000% United States Treasury Bill11/02/2021

254,879

4.400% Qatar 16/04/2050 250,6005.750% Ivory Coast 31/12/2032 244,5983.500% Fannie Mae Pool 01/12/2047 230,0277.375% Bahrain 14/05/2030 225,5005.625% Bahrain 30/09/2031 211,0026.875% Kenya 24/06/2024 210,4403.875% Israel 03/07/2050 210,2503.250% Qatar 02/06/2026 209,7504.125% Colombia 15/05/2051 206,2005.850% Jordan 07/07/2030 204,0005.000% Altice Financing 15/01/2028 202,0223.500% Fannie Mae Pool 01/12/2047 200,3210.500% Ecuador 31/07/2040 196,0006.750% Sri Lanka 18/04/2028 194,0005.875% Dominican 30/01/2060 189,5006.375% Ghana 11/02/2027 187,8006.875% Egypt 30/04/2040 179,000

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

319 Schedule of Portfolio Changes

PINEBRIDGE GREATER CHINA EQUITY FUND

Security Name

LargestPurchases

USD

CK Hutchison Holdings 1,676,860China Minsheng Banking 1,042,316Nanya Technology 974,793Sino Biopharmaceutical 922,377Gree Electric Appliances 915,548Zhuzhou CRRC Times Electric 901,476Xiaomi 856,317China Pacific Insurance Group 827,503Alibaba Group Holding 826,968Largan Precision 824,406Taiwan Union Technology 800,903CNOOC 798,339China Southern Airlines 769,073BOC Hong Kong Holdings 754,286WH Group 735,775China Everbright Greentech 699,072BYD Company 683,327China Railway Construction 667,430BOC Aviation Ltd 568,275VTech Holdings 502,133ASM Pacific Technology 497,986Meituan 452,579Industrial & Commercial Bank of China 412,069Lee & Man Paper Manufacturing 410,532Nexteer Automotive Group 345,779China Zhengtong Auto 329,097Genetron Holdings 320,000ASE Technology Holding 286,469China Shenhua Energy 250,079Yum China Holdings 222,838

Security Name

LargestSales

USD

Taiwan Semiconductor Manufacturing 2,549,899Tencent Holdings 1,938,897Alibaba Group Holding (ADR) 1,538,144Alibaba Group Holding 1,449,229China Life Insurance 1,149,303BYD Company 1,117,301Bank of China 954,250AIA Group 832,473Lao Feng Xiang 811,125Shandong Gold Mining 788,556Huaneng Power International 759,786Formosa Chemicals & Fibre 720,123Zhengzhou Yutong Bus 719,349Sercomm 648,197China Overseas Land & Investment 639,203ASM Pacific Technology 578,581Inventec 550,042PetroChina 528,422Scholar Education Group 493,527China Machinery Engineering 487,706Midea Group 427,165Futu Holdings (ADR) 412,543China Railway Construction 394,764China Petroleum & Chemical 378,678China Southern Airlines 377,799CNOOC 325,279AAC Technologies Holdings 319,508Genetron Holdings 312,097Formosa Plastics 306,138ASE Technology Holding 302,498Xiaomi 286,721

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 320

PINEBRIDGE INDIA EQUITY FUND INCORPORATING PINEBRIDGE INVESTMENT GF MAURITIUSLIMITED

Security Name

LargestPurchases

USD

HDFC Bank 42,717,237Infosys (ADR) 35,457,838Sanofi India 32,865,119Shree Cement 32,014,412Sun Pharmaceutical Industries 26,592,5550.00% United States Treasury Bill 26/03/2020 24,992,326Reliance Industries 22,701,212Bandhan Bank 19,323,180Bajaj Finance 18,359,595Divi’s Laboratories 15,531,431Bharat Heavy Electricals 14,257,203Bajaj Auto 13,853,616InterGlobe Aviation 12,433,817AIA Engineering 10,331,124Orient Refractories 9,529,074Indian Railway Catering 9,234,766KSB 8,640,546eClerx Services 8,016,874Route Mobile 7,529,814Elantas Beck India 7,244,288Can Fin Homes 7,230,082SBI Life Insurance 6,873,985Dabur India 6,292,334Sharda Cropchem 6,281,793Hero MotoCorp 5,966,371FDC 5,249,504HeidelbergCement India 5,223,533Avanti Feeds 5,032,456Titan 4,880,054

Security Name

LargestSales

USD

Kotak Mahindra Bank 48,960,570Divi’s Laboratories 36,676,729Shree Cement 28,767,167Sun Pharmaceutical Industries 26,560,005HDFC Bank 23,719,922Bajaj Finance 20,927,566Tata Consultancy Services 20,923,980Sanofi India 19,033,433Infosys (ADR) 18,043,823Infosys 16,886,133Bharat Heavy Electricals 16,681,727Hindustan Unilever 15,758,910Indian Railway Catering 13,932,474Bajaj Auto 12,863,144Bandhan Bank 12,717,148InterGlobe Aviation 10,323,198Avenue Supermarts 9,543,638Hero MotoCorp 9,109,756Asian Paints 8,228,525Sbi Life Insurance 7,985,673

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

321 Schedule of Portfolio Changes

PINEBRIDGE JAPAN EQUITY FUND

Security Name

LargestPurchases

USD

Central Japan Railway 2,133,123Sony 1,958,971KDDI 1,763,548Tokyu 1,640,571Nippon Telegraph & Telephone 1,583,355Morinaga Milk Industry 1,322,853Nitori Holdings 1,172,144NET One Systems 1,159,046Toyota Motor 1,157,585Daifuku 1,093,761H2O Retailing 1,044,372Hitachi 951,481Itochu 914,889Nidec 852,424Koito Manufacturing 830,476Murata Manufacturing 817,027Sumitomo Electric Industries 814,907Pan Pacific International Holdings 808,225Shimano 790,961JCR Pharmaceuticals 790,401Casio Computer 739,242Megmilk Snow Brand 725,097Inpex 709,023Sumitomo Mitsui Financial Group 705,276Eguarantee 691,256Minebea Mitsumi 687,778SoftBank Group 674,017Mitsubishi UFJ Financial Group 667,571Telus 665,267Mitsui Fudosan 652,002Daiichi Sankyo 630,765Nittoku 616,868Seven & i Holdings 608,221Advantest 603,806Shin-Etsu Chemical 594,801Daikin Industries 592,292Fuji Oil 589,102Dai-ichi Life Holdings 575,128Anicom Holdings 573,121Rengo 570,466Open House 552,200Wacoal Holdings 551,317Prored Partners 520,912Kubota 517,667Hikari Tsushin 515,337

Security Name

LargestSales

USD

Nippon Telegraph & Telephone 1,617,751Murata Manufacturing 1,565,123Daikin Industries 1,447,156Mitsubishi 1,386,911Nitori Holdings 1,367,541Sony 1,318,693Shimano 1,232,969Sumitomo Mitsui Financial Group 1,163,955SoftBank Group 1,144,317Pan Pacific International Holdings 1,127,987Nidec 1,113,657Komatsu 1,106,093Toyota Motor 1,095,890Minebea Mitsumi 1,080,954Itochu Techno-Solutions 1,030,142Yokogawa Electric 1,010,494Mitsui Fudosan 1,008,976Mitsubishi UFJ Financial Group 976,390SCSK 963,441Daiichi Sankyo 953,231Disco 940,415Capcom 924,167Kubota 893,412West Japan Railway 881,839Sankyu 874,574Koito Manufacturing 860,518Sumitomo Metal Mining 858,084Shimadzu 856,207Hoya 844,008Comsys Holdings 842,509Tokyu 831,461Keyence 779,258Hitachi 767,548Morinaga Milk Industry 745,668Eguarantee 737,331Nihon Unisys 732,786Fuji Oil Holdings 709,376Suzuki Motor 708,228NET One Systems 703,427Omron 688,641MS&AD Insurance Group Holdings 686,524Lacto Japan 680,353Shin-Etsu Chemical 675,137Megmilk Snow Brand 672,426Fuji Electric 659,561Penta-Ocean Construction 637,500Fancl 635,207PeptiDream 630,111Central Japan Railway 627,676W-Scope 613,367

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 322

PINEBRIDGE JAPAN SMALL CAP EQUITY FUND

Security Name

LargestPurchases

USD

M&A Capital Partners 10,667,948Raito Kogyo 9,480,392BayCurrent Consulting 7,327,510Dip 6,942,615Zenkoku Hosho 6,854,641PeptiDream 6,405,985Daiwabo Holdings 5,907,242Orix JREIT (REIT) 5,901,704Takeuchi Manufacturing 5,078,235Fukuoka (REIT) 4,890,394Septeni Holdings 4,810,141Meiko Electronics 4,782,949Carna Biosciences 4,719,938KH Neochem 4,661,221Kumagai Gumi 4,471,532TeamSpirit 4,456,408Mirait Holdings 4,377,369Nippon Gas 4,365,008Ain Holdings 4,301,703Tosho 4,251,118Prored Partners 4,055,040HIS 3,928,433Tokyo Tatemono 3,667,583Ulvac 3,651,553FULLCAST Holdings 3,650,899Megachips 3,468,018Sankyu 3,319,817W-Scope 3,242,764Casio Computer 3,206,751Toyobo 3,177,630RS Technologies 3,151,326Lacto Japan 3,002,636Outsourcing 2,878,530Syuppin 2,862,166Vector 2,830,407SAMTY 2,819,444Yamaichi Electronics 2,617,774Topcon 2,531,237HPC Systems 2,523,232Seria 2,455,143Kokopelli 2,252,566I-NE 2,154,942

Security Name

LargestSales

USD

BayCurrent Consulting 28,468,002M&A Capital Partners 16,552,390Daiwabo Holdings 16,413,974Toyobo 9,530,720Zenkoku Hosho 8,287,368Mirait Holdings 8,180,187Nippon Gas 8,064,328HIS 7,301,601Sankyu 6,885,501Sun 6,796,458Takeuchi Manufacturing 6,494,053Ain Holdings 6,278,050Kumagai Gumi 6,201,528PeptiDream 6,180,844Casio Computer 6,139,770Dip 5,405,585Septeni Holdings 5,069,153Yamaha Motor 5,066,748RS Technologies 5,052,990Casa 4,949,994FULLCAST Holdings 4,730,609Megachips 4,713,756Ulvac 4,634,586Nachi-Fujikoshi 4,500,039Meiko Electronics 4,466,095Tokyo Tatemono 4,366,878Tri Chemical Laboratories 4,305,684Shoei Foods 4,119,071Fuji Oil 4,085,398Miroku Jyoho Service 3,987,258Lacto Japan 3,847,705Seria 3,506,238W-Scope 3,481,295Furuya Metal 3,456,849SAMTY 3,381,401Shima Seiki Manufacturing 3,261,588Vector 3,242,009Yamaichi Electronics 3,216,405Outsourcing 3,162,991

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

323 Schedule of Portfolio Changes

PINEBRIDGE LATIN AMERICA EQUITY FUND

Security Name

LargestPurchases

USD

Petroleo Brasileiro (ADR) 5,878,747Gerdau (ADR) 3,088,741Localiza Rent a Car 2,677,138MercadoLibre 2,600,959Itau Unibanco Holding (ADR) 2,583,749Grupo Financiero Banorte 2,534,420Banco Bradesco (ADR) 2,391,759Azul (ADR) 2,328,706Cia Brasileira de Distribuicao 2,305,722Natura & Co Holding (ADR) 2,262,035America Movil 2,203,916Lojas Americanas 2,150,903WEG 2,102,188Banco do Brasil 2,023,846XP 1,908,981Fomento Economico Mexicano 1,763,469Notre Dame Intermedica Participacoes 1,680,738Kimberly-Clark de Mexico 1,669,652Magazine Luiza 1,649,315BRF 1,490,986Grupo Mateus 1,395,566Engie Brasil Energia 1,296,594Grupo Mexico 1,281,967IRB Brasil Resseguros 1,279,932Vale (ADR) 1,251,003Lojas Quero Quero 1,250,232Credicorp 1,238,667Fibra Uno Administracion (REIT) 1,228,394Arca Continental 1,199,247Cemex (ADR) 1,163,737Gruma 1,147,402B3 - Brasil Bolsa Balcao 1,134,115Ecopetrol (ADR) 1,120,922Gentera SAB 1,118,020Sul America 1,099,496JBS 1,084,708Ultrapar Participacoes (ADR) 1,044,350Pet Center Comercio e Participacoes 1,037,478Enel Chile 1,023,923Klabin 987,712Wal-Mart de Mexico 978,944TIM Participacoes 976,496Banco Santander Chile (ADR) 958,429

Security Name

LargestSales

USD

Banco Bradesco (ADR) 4,299,500Petroleo Brasileiro 3,809,774Fomento Economico Mexicano 3,255,830Lojas Renner 3,133,881America Movil 2,917,218Sul America 2,535,392Grupo Financiero Banorte 2,527,862Petroleo Brasileiro (ADR) 2,522,903Bancolombia 2,503,361Itau Unibanco Holding (ADR) 2,486,616Cia Brasileira de Distribuicao 2,478,615XP 2,409,496Vale (ADR) 2,407,927Fibra Uno Administracion (REIT) 2,342,542Raia Drogasil 2,218,164Azul (ADR) 2,088,620BRF 1,996,748Magazine Luiza 1,967,449Ecopetrol (ADR) 1,883,823B3 - Brasil Bolsa Balcao 1,804,598Banco do Brasil 1,795,926MercadoLibre 1,779,144Lojas Americanas 1,733,336Ultrapar Participacoes (ADR) 1,723,578Gentera SAB 1,711,736Kimberly-Clark de Mexico 1,585,746Southern Copper 1,438,329Credicorp 1,415,448Pet Center Comercio e Participacoes 1,406,806Wal-Mart de Mexico 1,404,809Cyrela Brazil Realty Empreendimentos eParticipacoes

1,369,025

Gerdau (ADR) 1,343,158Vivara Participacoes 1,319,599Grupo Aeroportuario del Sureste 1,303,073Banco BTG Pactual 1,274,400Grupo Mateus 1,261,649Natura & Co Holding (ADR) 1,232,865BB Seguridade Participacoes 1,157,380Localiza Rent a Car 1,118,779Neoenergia 1,090,556Grupo Televisa 1,083,678

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 324

PINEBRIDGE US LARGE CAP RESEARCH ENHANCED FUND

Security Name

LargestPurchases

USD

iShares Core S&P 500 (ETF) (UCITS) 18,042,437JPMorgan Chase & Co 2,240,619Home Depot 2,130,674Amgen 2,128,652Facebook 2,086,466Pfizer 2,081,692Accenture 1,924,858Amazon.com 1,864,157Allstate 1,663,917Tesla 1,632,328Target 1,593,760Progressive 1,500,302Edwards Lifesciences 1,496,7693M 1,485,072Procter & Gamble 1,480,614US Bancorp 1,393,378Cisco Systems 1,390,448Cintas 1,356,837Adobe 1,319,962Walmart 1,285,768

Security Name

LargestSales

USD

iShares Core S&P 500 (ETF) (UCITS) 15,138,313Pfizer 4,369,160Visa 2,763,451Mastercard 2,451,527Philip Morris International 2,333,285Allstate 2,311,792Apple 2,271,715Exxon Mobil 2,131,627AT&T 2,119,138Booking Holdings 2,104,128Merck & Co 2,076,453T Rowe Price Group 1,949,275Oracle 1,845,145Bank of America 1,777,548Intuit 1,764,778Public Storage (REIT) 1,745,909Colgate-Palmolive 1,724,451Cisco Systems 1,651,203Target 1,604,351Veeva Systems 1,581,447

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

325 Schedule of Portfolio Changes

PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY FUND

Security Name

LargestPurchases

USD

iShares Core S&P 500 (ETF) (UCITS) 6,431,784Tesla 1,605,065Thermo Fisher Scientific 1,059,303Public Storage (REIT) 1,022,212Transcontinental Gas Pipe Line 989,754Chevron 876,705JPMorgan Chase & Co 865,370Amazon.com 815,631Adobe 805,498Microsoft 794,617Union Pacific 700,244Dominion Energy 647,088Lockheed Martin 623,450Northern Trust 620,662BlackRock 613,669McDonald’s 606,222TJX Cos 605,341United Parcel Service 592,838NVIDIA 587,647VICI Properties 577,405

Security Name

LargestSales

USD

iShares Core S&P 500 (ETF) (UCITS) 6,342,406Apple 1,522,323Bank of America 1,463,421Thermo Fisher Scientific 1,313,668Nintendo 1,183,697Tempo Acquisition 1,139,030Pfizer 1,089,359Johnson & Johnson 1,080,727Berkshire Hathaway 1,010,414Coca-Cola 993,426Union Pacific 980,119American Tower (REIT) 958,299Visa 916,249Allstate 887,510Public Storage (REIT) 861,588Honeywell International 838,459Chevron 833,491T Rowe Price Group 822,851Microsoft 762,666Booking Holdings 759,388

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 326

PINEBRIDGE USD HIGH YIELD BOND FUND*

Security Name

LargestPurchases

USD

5.375% HCA 01/02/2025 520,5255.500% CSC Holdings 15/04/2027 211,0407.375% Altice France 01/05/2026 211,0004.375% Freeport-McMoRan 01/08/2028 208,0387.375% Sotheby’s 15/10/2027 206,0006.750% Connect Finco 01/10/2026 204,5006.625% Kinder Morgan 01/10/2028 196,4217.875% Sprint 15/09/2023 195,9255.000% Altice Financing 15/01/2028 195,0006.625% Hughes Satellite Systems 01/08/2026 180,4757.000% Delta Air Lines 01/05/2025 165,6884.750% Clearwater Paper 15/08/2028 153,5754.750% Cargo Aircraft Management01/02/2028

152,625

5.000% MPT Operating Partnership15/10/2027

149,800

5.625% Genesis Energy 15/06/2024 146,9366.500% MEG Energy 15/01/2025 143,6884.750% Alliance Data Systems 15/12/2024 143,6255.000% Covanta Holding 01/09/2030 143,5905.125% EW Scripps 15/05/2025 142,8388.500% Enova International 01/09/2024 141,500

Security Name

LargestSales

USD

5.375% HCA 01/02/2025 525,9927.375% Altice France 01/05/2026 210,6657.875% Sprint 15/09/2023 195,9259.500% Olin 01/06/2025 122,0008.250% Presidio Holdings 01/02/2028 98,6405.125% Avolon Holdings Funding 01/10/2023 62,6727.250% WESCO Distribution 15/06/2028 56,1396.750% Golden Nugget 15/10/2024 49,0659.500% Garda World Security 01/11/2027 43,5264.250% Ladder Capital Finance Holdings01/02/2027

32,835

4.500% Sunoco LP 15/05/2029 21,7196.250% LBM Acquisition 15/01/2029 20,5817.625% Blue Racer Midstream 15/12/2025 17,7385.875% ModivCare 15/11/2025 16,9005.375% Rackspace Technology Global01/12/2028

16,338

3.625% Syneos Health 15/01/2029 15,2254.875% Targa Reouscers Partners01/02/2031

12,570

6.375% CCM Merger 01/05/2026 12,2546.500% Coty 15/04/2026 9,8027.000% Kronos Acquisition Holdings31/12/2027

5,150

*PineBridge USD High Yield Bond Fund launched on2 October 2020.

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

327 Schedule of Portfolio Changes

PINEBRIDGE USD INVESTMENT GRADE CREDIT FUND

Security Name

LargestPurchases

USD

0.125% United States TreasuryNote 15/05/2023

5,985,703

2.375% United States Treasury Bond15/11/2049

5,818,783

0.250% United States TreasuryNote 31/05/2025

3,487,832

4.418% GE Capital International Funding15/11/2035

3,209,366

1.500% United States TreasuryNote 15/02/2030

3,159,846

4.500% Synchrony Financial 23/07/2025 3,030,4313.150% Amgen 21/02/2040 3,002,1732.525% JPMorgan Chase & Co 19/11/2041 2,721,5321.750% United States TreasuryNote 15/11/2029

2,714,518

0.500% United States TreasuryNote 31/05/2027

2,497,070

0.625% United States TreasuryNote 15/05/2030

2,486,426

4.300% Wells Fargo & Co 22/07/2027 2,357,5912.250% United States Treasury Bond15/08/2049

2,169,216

2.005% JPMorgan Chase & Co 13/03/2026 2,021,7511.500% Prudential Financial 10/03/2026 1,957,4003.543% BP Capital Markets America06/04/2027

1,898,134

1.250% United States Treasury Bond15/05/2050

1,897,835

5.459% UniCredit 30/06/2035 1,895,3375.125% BankUnited 11/06/2030 1,779,6871.040% Industrial Bank of Korea 22/06/2025 1,775,000

Security Name

LargestSales

USD

2.250% United States Treasury Bond15/08/2049

7,843,909

2.375% United States Treasury Bond15/11/2049

6,529,908

0.125% United States TreasuryNote 15/05/2023

5,984,883

1.750% United States TreasuryNote 15/11/2029

5,427,386

1.375% United States TreasuryNote 30/04/2020

4,355,198

0.250% United States TreasuryNote 31/05/2025

3,486,787

1.500% United States TreasuryNote 31/05/2020

3,444,573

1.500% United States TreasuryNote 15/02/2030

3,255,191

0.500% United States TreasuryNote 31/05/2027

2,485,352

3.207% JPMorgan Chase & Co 01/04/2023 2,475,5870.625% United States TreasuryNote 15/05/2030

2,456,367

4.875% BankUnited 17/11/2025 2,350,4303.506% BP Capital Markets 17/03/2025 2,302,8122.375% UnitedHealth Group 15/10/2022 2,296,8962.895% Chevron 03/03/2024 2,032,9143.407% Mitsubishi UFJ Financial Group07/03/2024

1,962,709

2.200% Cisco Systems 28/02/2021 1,913,4921.250% United States Treasury Bond15/05/2050

1,878,687

3.373% GE Capital International Funding15/11/2025

1,848,269

4.875% Humana 01/04/2030 1,670,663

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

Schedule of Portfolio Changes 328

PINEBRIDGE ASIA DYNAMIC ASSET ALLOCATION FUND

Security Name

LargestPurchases

USD

8.125% Theta Capital 22/01/2025 3,728,0002.625% United States TreasuryNote 31/08/2020

3,521,738

iShares Physical Gold ETC 2,421,8704.750% Huarong Finance 27/04/2027 1,117,3006.000% Car 11/02/2021 1,110,0003.750% ONGC Videsh Vankorneft 27/07/2026 1,026,0007.750% RKPF Overseas 2019 E (perpetual) 987,5005.625% Country Garden Holdings 14/01/2030 955,0006.200% China Aoyuan Group 24/03/2026 920,0003.750% Bank Mandiri Persero 11/04/2024 897,5002.875% Swire Pacific 30/01/2020 891,444Samsung Electronics 871,6314.250% Adaro Indonesia 31/10/2024 832,5005.625% Minejesa Capital 10/08/2037 829,0755.900% RKPF Overseas 2019 A 05/03/2025 800,0005.625% Country Garden Holdings 15/12/2026 633,4005.250% Santos Finance 13/03/2029 604,4165.950% Shriram Transport Finance24/10/2022

510,650

2.875% China Development Bank FinancialLeasing 28/09/2030

507,623

5.650% Network I2I (perpetual) 503,250

Security Name

LargestSales

USD

8.125% Theta Capital 22/01/2025 3,746,0002.625% United States TreasuryNote 31/08/2020

3,535,410

Samsung Electronics 1,486,842iShares MSCI Korea (ETF) (UCITS) -Distributing Class

1,216,109

6.000% Car 11/02/2021 1,131,2504.750% Huarong Finance 27/04/2027 1,120,8703.750% ONGC Videsh Vankorneft 27/07/2026 1,031,410Taiwan Semiconductor Manufacturing 1,027,8017.750% RKPF Overseas 2019 E (perpetual) 990,0005.625% Country Garden Holdings 14/01/2030 958,0006.200% China Aoyuan Group 24/03/2026 930,0003.750% Bank Mandiri Persero 11/04/2024 920,0002.875% Swire Pacific 30/01/2020 893,9854.250% Adaro Indonesia 31/10/2024 835,000China Tourism Group Duty Free 825,3985.900% RKPF Overseas 2019 A 05/03/2025 810,000Ping An Insurance Group of China 804,5159.500% China Evergrande Group 11/04/2022 710,450SITC International Holdings 698,125Pinduoduo (ADR) 694,327Samsung Biologics 670,634Alibaba Group Holding 616,596

PineBridge Global Funds

Schedule of Portfolio Changes for the financial year ended 31 December 2020 (Unaudited) (continued)

329 Schedule of Portfolio Changes

The Directors of PineBridge Investments Ireland Limited (the �Company�) have put in place a remuneration policy anda remuneration committee. The Directors introduced and approved the remuneration policy on 28 December 2016 andthe remuneration policy became effective as of 30 December 2016.

The remuneration policy is designed to be consistent with the requirements of regulation 5 of the European Union(Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 and the ESMARemuneration Guidelines ESMA/2016/411 (the �Remuneration Rules�). The remuneration policy is reviewed by theDirectors at least once per year. In reviewing the remuneration policy, the Directors will consider whether the overallremuneration system:

• Operates as intended (in particular, that all agreed plans/programmes are being covered),

• That the remuneration pay-outs are appropriate relative to the complexities of the operation of the Company, and

• That the risk profile, long-term objectives and goals of the Company are adequately reflected.

Details of the up-to-date remuneration policy, including, but not limited to, a description of how remuneration andbenefits are calculated and the identity of persons responsible for awarding the remuneration and benefits, areavailable at www.pinebridge.com.

The remuneration committee applies the remuneration policy with the aim of protecting the interests of Fundinvestors by ensuring that the remuneration of risk takers working for the Fund are subject to appropriateremuneration structures and the interests of these risk takers are aligned with those of the Company and the Fund.

Identified Staff of Delegated Investment Managers

The Company has delegated certain investment management activities to group companies. These group companiesare also subject to the requirements on remuneration under the Remuneration Rules. The aggregate fixedremuneration of identified staff of the delegates, this being the investment managers and risk takers during 2020 wasUSD 2,712,875 and the variable component of their remuneration was USD 3,577,250. This remuneration disclosure isprovided on a prorated basis for the part of the Funds’ assets which were managed by the identified staff within thedelegates and covers 27 recipients of remuneration.

Identified Staff of the Company

In accordance with the Company’s Remuneration Policy, the following persons are considered to be the “IdentifiedStaff” of the Company for remuneration committee review purposes: (a) any member of the Board and (b) theDesignated Persons (PCF 39). The board of directors of the Company includes 2 Independent, Non-ExecutiveDirectors.

These two Non-Executive Directors, each of whom is independent, receive a fixed fee only and do not receive variableremuneration.

Where applicable, these fees are considered to be consistent with the powers, tasks, expertise and responsibility ofeach Director. The remuneration figures for the 13 Designated Persons disclosed here are prorated to the time theyspent working on Company activities. The fixed remuneration for the Designated Persons was USD 900,438 and thevariable remuneration component was USD 308,269.

PineBridge Global Funds

Remuneration Disclosure (Unaudited)

Remuneration Disclosure (Unaudited) 330

Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency ofsecurities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (“SFTR”) introduces reportingrequirements for securities financing transactions (“SFTs”) and total return swaps.

A SFT is defined as per Article 3(11) of the SFTR as:• a repurchase/reverse repurchase agreement;• securities or commodities lending and securities or commodities borrowing;• a buy-sell back transaction or sell-buy back transaction; or• a margin lending transaction.

As at 31 December 2020, the following Funds held total return swaps, as types of instruments under the scope of SFTR:

PineBridge Global Dynamic Preservation Plus Fund

PineBridge Global Dynamic Preservation Plus Fund

Global data

The amount of assets across total return swaps, if any, as at 31 December 2020 was as follows:

Type of AssetNotionalAmount % of NAV

Total Return Swap 10,000 0.23

No securities of PineBridge Global Dynamic Preservation Plus Fund were on loan during the twelve-month financial yearended 31 December 2020.

Data on reuse of collateral

There was no reuse of collateral during the twelve-month financial year ended 31 December 2020.

Concentration data

PineBridge Global Dynamic Preservation Plus Fund’s portfolio did not receive any securities as collateral for the totalreturn swaps as at 31 December 2020.

The counterparty across all total return swaps, if any, as at 31 December 2020 was as follows:

Counterparty Type of Asset Notional Amount

UBS TotalReturn

Swap

10,000

Safekeeping of collateral received or granted

As at 31 December 2020 there was no collateral received or held with the Depositary.

Aggregate transaction data

As at 31 December 2020, PineBridge Global Dynamic Preservation Plus Fund held cash collateral for Total Return SwapsContracts of USD 1,440,000 with UBS.

The settlement mechanism for all total return swaps positions, if any, as at 31 December 2020 was bilateral.

The maturity tenor of all total return swaps, if any, positions as at 31 December 2020 was as follows:

PineBridge Global Funds

Appendix I - Securities Financing Transactions Regulation Disclosure

331 Appendix I - Securities Financing Transactions Regulation Disclosure

Aggregate transaction data

Maturity Amount US$

Total Return SwapsLess than 3 months 293,882

Returns and costs for total return swaps, if any, for the twelve-month financial year ended 31 December 2020 were asfollows:

Amount US$

Income received -Gains/Losses 293,882Cost incurred -

PineBridge Global Funds

Appendix I - Securities Financing Transactions Regulation Disclosure

Appendix I - Securities Financing Transactions Regulation Disclosure 332

Connected Persons of the Manager, the Investment Managers and/or Sub-Investment Managers, the Depositary and theDirectors of the Fund are those as defined in the SFC Code. All transactions entered into during the financial year betweenthe Funds authorised by the SFC and the Manager, the Investment Managers and/or Sub-Investment Managers, theDepositary and the Directors of the Fund and their respective Connected Persons were carried out in the normal courseof business and on normal commercial terms.

Transactions executed through a broker who is a Connected Person of the Manager, the Investment Manager and/orSub-Investment Manager, the Depositary and the Directors of the Fund were as follows for the financial year ended31 December 2020:

Fund

TotalPurchases andSales through

broker who is aConnected

Person US$

% of TotalPurchasesand Sales Commissions

Average Rateof

Commissions

PineBridge Asia Dynamic Asset Allocation Fund 7,119,080 4.73 - -PineBridge Asia ex Japan Equity Fund 150,330,073 32.76 - -PineBridge Asia ex Japan Small Cap Equity Fund 1,956,007,608 55.47 - -PineBridge Asia Pacific Investment Grade BondFund 41,380,094 9.58 - -PineBridge Europe Research Enhanced Equity Fund 101,278 0.09 - -PineBridge Europe Small Cap Equity Fund 135,927 0.71 - -PineBridge Global Dynamic Asset Allocation Fund 275,637,523 3.21 - -PineBridge Global Emerging Markets Bond Fund 1,045,838 2.11 - -PineBridge Global Emerging Markets Focus EquityFund 65,353,035 31.46 - -PineBridge Global Emerging Markets LocalCurrency Bond Fund 2,220,043 3.54 - -PineBridge Global Focus Equity Fund 5,648,062 2.10 - -PineBridge Global Strategic income Fund 4,340,720 8.74 - -PineBridge Greater China Equity Fund 4,250,696 7.05 - -PineBridge India Equity Fund 409,500,000 23.67 - -PineBridge Japan Equity Fund 31,715 0.03 - -PineBridge Latin America Equity Fund 69,651,725 24.21 - -PineBridge US Large Cap Research Enhanced Fund 24,958,941 7.37 - -PineBridge USD Investment Grade Credit Fund 100,061 0.01 - -

There was no commission charged on the transactions in the above table for the financial year ended 31 December2020.

The Directors of the Fund did not hold shares in SFC-authorised Funds for the financial year ended 31 December 2020 asdisclosed in Note 9. Details of fees paid to Directors of the Fund for the financial year ended 31 December 2020 aredisclosed in Note 9.

Details of the value of the outstanding shares owned by Connected Persons of the Manager, the Investment Managersand/or Sub-Investment Managers over 20% of Net Assets of SFC-authorised Funds as at 31 December 2020 are disclosedin Note 9. Details of fees paid to the Manager, the Investment Managers and/or Sub-Investment Managers are disclosedin Note 9 and in the Statement of Comprehensive Income.

Directors and Officers of the Depositary did not hold shares in any of the SFC-authorised Funds for the financial yearended 31 December 2020. The fees of the Depositary are disclosed in Note 9. Depositary transaction costs are disclosedin Note 8 (c). As disclosed in Note 1 (d) vii), all cash at bank balances of the SFC-authorised Funds are held either by StateStreet Bank and Trust Co., as agent for the Depositary, or directly with a sub-depositary. Interest may be earned orcharged to the SFC-authorised Funds by the Depositary on these cash balances.

PineBridge Global Funds

Appendix II - Transactions with Connected Persons for the Funds distributed in Hong Kong

333 Appendix II - Transactions with Connected Persons for the Funds distributed in Hong Kong

Details of soft commission arrangements are disclosed in Note 8. Further details of transactions related to softcommissions are provided in the table below:

Connected PersonTotal Transactions related

to soft commissionsTotal

Commissions

PineBridge Investments Asia Limited USD 798,545,968 USD 915,256PineBridge Investments LLC USD 928,246,512 USD 689,524

PineBridge Global Funds

Appendix II - Transactions with Connected Persons for the Funds distributed in Hong Kong

Appendix II - Transactions with Connected Persons for the Funds distributed in Hong Kong 334

MULTI-ASSET | FIXED INCOME | EQUITIES | ALTERNATIVES

About PineBridge

Investments

pinebridge.com

PineBridge Investments is a private, global asset manager focused on active, high-conviction

investing. We draw on the collective power of our experts in each discipline, market, and region

of the world through an open culture of collaboration designed to identify the best ideas. Our

mission is to exceed clients’ expectations on every level, every day.


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