The Fund files its complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Fund’s Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to Fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-877-225-4164; and (ii) on the SEC’s website at http://www.sec.gov.

We are pleased to offer you the 2020 report for the PineBridge Dynamic Asset Allocation Fund (the “Fund”) for the year-to-date period ending October 31, 2020. Enclosed we provide a discussion as to how the Fund was managed and our market outlook going forward during the period.

As of October 2020, on a rolling 1 year basis, the Fund returned 4.24% on a gross basis underperforming the Consumer Price Index (CPI+5%), which measured at 6.68%. We note however that the Fund seeks a total return objective of CPI+5% over rolling five-year periods, while dynamically managing risk to the 60/40 MSCI ACWI/Bloomberg Barclays Global Treasury over full market cycles.

In November 2019 Risk assets benefitted from a reduction of trade tensions and signs of green shoots in global economic activity so far in the fourth quarter. Global equities rose 2.7% as the US and China reported that trade negotiators were inching closer to a phase one trade deal. Yields on 10-year US Treasuries increased for the fourth month in a row. Global equities continued to rally during November, bolstered by growing optimism around a US-China trade deal. For November 2019, on a total return basis, the top contributors to fund performance were the productivity basket, US cyclicals, and US financial equity, while the bottom contributors were the Japanese yen, the euro, and the Brazilian real.

During December, global equities continued to rally, up by 2.6%. US equities outperformed their peers with an increase of 2.9% in 2019. Emerging markets had a stellar December increase. Chinese equities, supported by a reduction in trade tensions and a more stable growth trajectory, rose nearly 8% in December alone. The fund outperformed (gross and net of fees) both 60/40 MSCI ACWI/Bloomberg Barclays Global Treasury risk objective, and the CPI+5% objective during December 2019. On a total return basis, the top contributors to fund performance were the euro, US cyclicals, and South Korean equity, while the key detractor was global government bonds. The euro outperformed the US dollar during the month and contributed to performance as year-end flows pressured the dollar.

The Fund’s performance during the January to March 2020 was negatively impacted by the exogenous shock caused by the West’s shutting down. Unlike the natural ending of the cycle in 2008, here we were not in a position to predict the policy reaction to the virus which was most consequential to the economy and asset prices. While we did reverse course over the quarter, we were coming from a risked-up position. The exogenous shock hit markets very quickly and it was difficult to side step the selloff in time; given our fundamental process and our intermediate time horizon, we do tend to be more meaningful and deliberate in our moves while the market was moving faster than it had ever. As a result, performance was clearly hurt at the initial stages of the sell off. Primary detractors were our allocations to

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US Cyclicals, US Financial Equity, and European Small Cap Equity. The spread of the coronavirus and the subsequent sharp downgrade of growth expectations hurt risk assets in Q1 2020, with many equity indices suffering their worst quarter since the global financial crisis. Through the end of the quarter we cut our equity exposure and added to cash and gold.

The Fund’s performance during March to June 2020 included a sharp bounce back ending the quarter positive, primarily driven by its allocations to US Cyclicals, Productivity basket, and US Investment grade Credit and CLOs. Improving economic data, continued policy support, and more signs of economies easing lockdown measures supported risk assets in Q2. Both developed market and emerging market equities rallied. US Cyclicals were a top contributor in Q2 whereas most over-valuation continues to be centered on defensives where markets were pricing in a recession heading into 2020. We shifted gears in May as the policy response surprised on the upside and anticipated a recovery in asset prices. While the initial market rally we believe was led by central bank liquidity, we see a movement towards less expensive securities with more recovery potential to their earnings as prospects for growth improve. US equity markets had a good run year through Q2, yet there were some pockets within US equities that still offer good value like US Cyclicals and US Industrials. Within fixed income, we continued to favor Credit assets as a high risk-adjusted return beneficiary of the recovery ahead. While credit spreads have tightened as the Federal Reserve followed through on its promised purchases of credit assets, we saw opportunity within EM for further spread narrowing. Valuations looked attractive for some as market participants are pricing in a worse than expected outcome. We think there is value in select countries where the market is pricing in a downgrade which we believe is stretched. Within liquid alternatives, while we continued to see it as the asset of last resort, we took profits from gold along with our RDS move towards a more bullish stance this month.

The Fund’s performance during July to September 2020 was strong once again as we leaned into risk. The fund’s performance was driven by its allocations to US Cyclicals, EUR, and European Small Cap Equity. Risk assets continued to rally in Q3, supported by accommodative policy and improving macroeconomic data. Markets surged forward in July and August as businesses globally started to re-open, albeit spikes in cases in some pockets, largely in Europe and the United States. The increased focus on the election had somewhat changed the dynamics in September as a blue wave became more likely. Over the intermediate term we saw a fiscal package as either a now or larger later question rather than a whether question. The first two months of the quarter US Cyclicals performed exceptionally well. We continued to see their forward-looking fundamentals improving the most over the next 9-18 months. The Euro rose 4.3% against the US dollar to the 1.17 level But in September a resurgence of Covid cases in Europe and fears of a lockdown led to a

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partial reversal. In August, we decided that after a phenomenal retracing of spreads US IG there was little room in the space for further tightening. In credit, ‘non-backstopped’ markets like Asia USD IG and EM Sovereign HC looked more attractive. We started Q3 at a modestly bullish RDS of 2.75, but we raised our risk Dial score again in August from 2.75 to 2.5 as we saw we were in the early stages of a multi-year expansion that will be rewarding for most risk assets, at the expense of most safety assets. We recognized that the recovery will be a bumpy road ahead, but that is normal in the early stages of a recovery. Our view was that cash flow growth will be upward sloping, even if the level of steepness is debatable. The likelihood for monetary excess to at least sustain if not improve capitalization rates is beyond debate. This provides a firm foundation for the recovery. In addition, policy support would remain firmly in place.

In early cycles growth broadening within our existing asset classes tends to be a hallmark characteristic. We are positioned in both secular growth winners and cyclical allocations that we believe will benefit from a broadening of the equity rally especially when the global economy becomes less policy-dependent come spring. In this vein, we began pivoting our exposures towards the laggards in Europe such as Spain and France and Smaller companies which stand to benefit most from a firming global growth. Credit continued to be a high conviction for us for most of Q3 although most of credit is now trading closer to fair value in our view.

In October, the Fund’s performance pulled back some primarily driven by uncertainty around the election. Equities sold-off in October as the new daily cases of COVID-19 increased in the US and Europe. Developed market equities decreased in October, led by a 7.4% loss in the Euro Stoxx 50 index. Yields on 10-year US government bonds increased by nearly 19 basis points (bps) in October to 0.87% - the highest level since June, as the supply of government bonds from the Treasury outstrips buying from the Federal Reserve. Yields on the shorter-dated two-year government bond increased at a much more muted pace. The US dollar DXY currency index rose 0.2% amidst the broader risk-asset sell-off in the developed world. The fund outperformed (gross and net of fees) the 60/40 risk budget: 60/40 MSCI ACWI/Bloomberg Barclays Global Treasury during October and underperformed (gross and net of fees) the CPI+5% over rolling 5 year periods and during October. On a total return basis, the top contributors to fund performance were the JPY, the energy evolution basket, and the KRW, while the largest detractors were European small cap equity, US cyclicals, and the productivity basket.

The KRW strengthened quite significantly in October. The strength of the CNY and better data out of the Asia region has helped propel the moves. Our energy evolution basket, now with the sole focus on new energy, continues to have attractive structural drivers, particularly in the face of normalizing traditional energy prices. It

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also has a heavy tilt towards Europe. The team sees promising prospects due to furlough schemes that have been less damaging to employment, a central bank balance sheet that from here will outgrow the Federal Reserve’s, and the recent approval of the €750 billion “Next Generation EU” recovery fund, which sets a crucial precedent toward fiscal union. The JPY strengthened due to uncertainty from the US election, rising COVID-19 cases worldwide, and the changing rhetoric on additional US stimulus.

Overall, our Capital Market Line remains constructively sloped, reminding us that we are paid to take risk. The improvement in fundamentals that we expect from the second quarter of 2021 onward should act as a catalyst to support risk asset outperformance relative to capital conservation. We have therefore shifted our Risk Dial Score (RDS) to 2.30 from 2.50 and look to take advantage of market jitters heading into the dark winter to add risk.

Equities remain the most attractive asset class on our CML and our highest conviction over the intermediate term, owing to ongoing improvement in fundamentals. Within equities, we continue to favor cyclical exposures with the potential to experience the biggest delta in cash flows. This includes markets such as US industrials and financials as well as European equity markets, such as France and Spain, that have lagged the rally until recently and will be significant beneficiaries of the re-openings ahead. This is not to say that secular growth, like productivity-enhancing technology and new energy, isn’t attractive as well. Instead of getting caught up in the growth-versus-value debate, we are avoiding defensive equities in both. True secular growth and recovery cyclicals are both attractive.

We are also evaluating a range of emerging market (EM) exposures that fit our criteria for attractive valuations and high economic sensitivity.

Credit markets remain well-behaved due to central bank interventions and stable credit fundamentals. Spreads are fair to tight in investment grade, making high yield more attractive and more likely to benefit from the recovery ahead. EM credit is most attractive, as it offers both wide spreads and positive real yields, a combination that is no longer available in developed markets.

We appreciate your investment into the PineBridge Dynamic Asset Allocation Fund and look forward to continuing to servicing your investment needs in the year ahead.

Warm Regards,

Michael Kelly

* Productivity Basket is constituted from a blended allocation to stocks of companies that provide productivity-enhancing technologies towards growing capital expenditure intentions globally.

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This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

You cannot invest directly in an index.

Definition of Comparative Index And Other Investment Terms

Financial Times Stock Exchange (FTSE) World Government Bond Index (WGBI) is a market capitalization weighted index that is designed to measure the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI comprises sovereign debt from over 20 countries.

Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) includes large, mid-, small-, and micro-cap segments for all developed markets countries in the index together with large-, mid-, and small-cap segments for the emerging markets countries. The Bloomberg Barclays Global Treasury Total Return Index tracks fixed-rate local currency government debt of investment grade countries, including both developed and emerging markets you cannot invest directly in an index.

Bloomberg Barclays Global Treasury Total Return Index includes investment-grade, local-currency denominated sovereign debt. All issues in the index are also part of the Global Aggregate Index and must be fixed-rate, non-convertible debt, and have at least a year-to maturity.

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Comparison of Change in the Value of a $1,000,000 Investment in the PineBridge Dynamic Asset Allocation Fund, Institutional Shares, versus a blended benchmark of 60% MSCI ACWI and 40% Bloomberg Barclays Global Treasury Total Return Index Hybrid, and a blended benchmark of 60% MSCI ACWI and 40% FTSE World Government Bond Index Hybrid.