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PIMCO Funds: Global Investors Series plc

SemiannualReport30 June 2018

An open-ended investment company with variable capital and segregatedliability between Funds incorporated with limited liability under theCompanies Act 2014 with registered number 276928 and authorised bythe Central Bank of Ireland as an undertaking for collective investment intransferable securities pursuant to the European Communities(Undertakings for Collective Investment in Transferable Securities[“UCITS”]) Regulations, 2011 (as amended).

PIMCO Funds: Global Investors Series plc Semiannual Report 30 June 2018

GENERAL CHARACTERISTICS

Fund Type:UCITS

Number of Funds offered in the Company:54 Funds

Classes of Shares offered in the Company*:Institutional ClassInstitutional AUD (Hedged) ClassInstitutional BRL (Hedged) ClassInstitutional CAD (Hedged) ClassInstitutional CHF (Hedged) ClassInstitutional CHF (Partially Hedged) ClassInstitutional CHF (Unhedged) ClassInstitutional CZK (Hedged) ClassInstitutional DKK (Partially Hedged) ClassInstitutional EUR (Currency Exposure) ClassInstitutional EUR (Hedged) ClassInstitutional EUR (Partially Hedged) ClassInstitutional EUR (Unhedged) ClassInstitutional GBP (Currency Exposure) ClassInstitutional GBP (Hedged) ClassInstitutional GBP (Partially Hedged) ClassInstitutional GBP (Unhedged) ClassInstitutional HKD (Unhedged) ClassInstitutional HUF (Hedged) ClassInstitutional ILS (Hedged) ClassInstitutional JPY (Hedged) ClassInstitutional NOK (Hedged) ClassInstitutional NOK (Partially Hedged) ClassInstitutional NZD (Hedged) ClassInstitutional PLN (Hedged) ClassInstitutional SEK (Hedged) ClassInstitutional SGD (Hedged) ClassInstitutional USD (Currency Exposure) ClassInstitutional USD (Hedged) ClassInstitutional USD (Unhedged) ClassInvestor ClassInvestor AUD (Hedged) ClassInvestor CAD (Hedged) ClassInvestor CHF (Hedged) ClassInvestor CHF (Unhedged) ClassInvestor CNH (Hedged) ClassInvestor EUR (Hedged) ClassInvestor EUR (Unhedged) ClassInvestor GBP (Hedged) ClassInvestor NOK (Hedged) ClassInvestor RMB (Hedged) ClassInvestor SEK (Hedged) ClassInvestor SGD (Hedged) ClassInvestor USD (Currency Exposure) ClassAdministrative ClassAdministrative AUD (Hedged) ClassAdministrative CHF (Hedged) ClassAdministrative EUR (Hedged) ClassAdministrative GBP (Hedged) ClassAdministrative HKD (Unhedged) ClassAdministrative SEK (Hedged) ClassAdministrative SGD (Hedged) ClassClass EClass E AUD (Hedged)Class E CHF (Hedged)Class E CNH (Hedged)Class E EUR (Hedged)Class E EUR (Partially Hedged)Class E EUR (Unhedged)Class E GBP (Hedged)Class E HKD (Unhedged)Class E JPY (Hedged)Class E SGD (Hedged)Class E USD (Currency Exposure)Class E USD (Hedged)Class E USD (Unhedged)Class G InstitutionalClass G Institutional EUR (Hedged)

Class G Institutional EUR (Partially Hedged)Class G Institutional EUR (Unhedged)Class G Retail EUR (Currency Exposure)Class G Retail EUR (Hedged)Class G Retail EUR (Unhedged)Class H InstitutionalClass H Institutional EUR (Hedged)Class H Institutional USD (Hedged)Class M RetailClass M Retail AUD (Hedged)Class M Retail HKD (Unhedged)Class M Retail SGD (Hedged)Class RClass R EUR (Hedged)Class R GBP (Hedged)Class R GBP (Unhedged)Class R USD (Currency Exposure)Class TClass T EUR (Hedged)Class T EUR (Unhedged)Class T USD (Unhedged)Class ZClass Z AUD (Hedged)Class Z EUR (Hedged)Class Z EUR (Unhedged)Class Z GBP (Hedged)

Types of Shares:Within each Class, subject to the relevant Supplement, the Companymay issue either or all Income Shares (Shares which distribute income),Accumulation Shares (Shares which accumulate income) and Income IIShares (Shares which seek to provide an enhanced yield). Within theInvestor Classes, the Income Fund and the Low Duration Income Fundmay also issue Income A Shares (shares which distribute income on anannual basis).

Net Assets (Amounts in thousands):USD 159,406,724

Minimum Holding:The Institutional, Investor, Administrative, Class G Institutional andClass H Institutional Classes require a minimum holding of USD500,000or its equivalent in the relevant Share Class currency. Class E, Class GRetail, Class M Retail, Class R and Class T Shares require a minimumholding of USD1,000 or its equivalent in the relevant Share Classcurrency as appropriate. Class Z Shares require a minimum holding ofUSD20 million or its equivalent in the relevant Share Class currency.Pacific Investment Management Company LLC, at sole discretion, isauthorised to waive the minimum initial subscription, and minimumholding requirements as set forth in the current Prospectus.

Dealing Day:In relation to a Fund such day or days as shall be specified in the relevantSupplement for that Fund provided that in any event there will be oneDealing Day per fortnight. The Directors have delegated to PIMCO theauthority to change the frequency of Dealing Days per Fund. Any change inthe frequency of Dealing Days must receive the prior approval of theDepositary and will be notified to Shareholders of the affected Fund(s)in advance.

Notwithstanding the foregoing, it will not be a Dealing Day for any Fundwhere either as a result of public holidays or market/stock exchangeclosures in any jurisdiction, it makes it difficult (i) to administer a Fundor (ii) value a portion of a Fund’s assets. For further details on proposedFund closures throughout the year, Shareholders and prospectiveinvestors should contact the Administrator or consult the Funds HolidayCalendar (a copy of which is also available from the Administrator).

Funds’ Functional Currency:USD ($), except the UK Corporate Bond Fund and UK Long TermCorporate Bond Fund which are denominated in British Pound Sterling(£), and the Dynamic Multi-Asset Fund, Euro Bond Fund, Euro CreditFund, Euro Income Bond Fund, Euro Long Average Duration Fund, EuroLow Duration Fund, Euro Short-Term Fund and PIMCO RAEFundamental Europe Fund which are denominated in Euro (€).

* Each Fund does not offer all of the Classes of Shares listed.

PIMCO Funds: Global Investors Series plc Semiannual Report 30 June 2018

GENERAL CHARACTERISTICS (Cont.)

Hong Kong Authorisation:The following Funds are not authorised in Hong Kong, and arenot available to Hong Kong residents:

PIMCO Capital Securities FundPIMCO Credit Absolute Return FundDynamic Multi-Asset FundDiversified Income Duration Hedged FundEmerging Markets 2018 FundEmerging Markets Corporate Bond FundEuro Bond FundEuro Credit FundEuro Income Bond FundEuro Long Average Duration FundEuro Low Duration FundEuro Short-Term FundGlobal Advantage FundGlobal Advantage Real Return FundGlobal Bond ESG FundGlobal Bond Ex-US FundGlobal Libor Plus Bond FundGlobal Low Duration Real Return FundGlobal Multi-Asset FundInflation Strategy FundLow Duration Global Investment Grade Credit FundPIMCO MLP & Energy Infrastructure FundMortgage Opportunities FundPIMCO RAE Fundamental Emerging Markets FundPIMCO RAE Fundamental Europe FundPIMCO RAE Fundamental Global Developed FundPIMCO RAE Fundamental PLUS Emerging Markets FundPIMCO RAE Fundamental PLUS Global Developed FundPIMCO RAE Fundamental PLUS US FundPIMCO RAE Fundamental US FundSocially Responsible Emerging Markets Bond FundStocksPLUS™ FundStrategic Income FundPIMCO TRENDS Managed Futures Strategy FundUK Corporate Bond FundUK Long Term Corporate Bond FundUK Low Duration FundUnconstrained Bond FundUS Investment Grade Corporate Bond FundUS Short-Term Fund

Singapore AuthorisationThe following Funds are not recognised by the Monetary Authorityof Singapore under the Securities and Futures Act, Chapter 289 ofSingapore, and hence are not available to the retail publicin Singapore:

PIMCO Capital Securities FundPIMCO Credit Absolute Return FundDynamic Multi-Asset FundEmerging Markets 2018 FundEuro Credit FundEuro Income Bond FundEuro Long Average Duration FundEuro Low Duration FundEuro Short-Term FundGlobal Bond ESG FundGlobal Libor Plus Bond FundGlobal Low Duration Real Return FundInflation Strategy FundPIMCO MLP & Energy Infrastructure FundMortgage Opportunities FundPIMCO RAE Fundamental Emerging Markets FundPIMCO RAE Fundamental Europe FundPIMCO RAE Fundamental Global Developed FundPIMCO RAE Fundamental PLUS Emerging Markets FundPIMCO RAE Fundamental PLUS Global Developed FundPIMCO RAE Fundamental PLUS US FundPIMCO RAE Fundamental US FundPIMCO TRENDS Managed Futures Strategy FundSocially Responsible Emerging Markets Bond FundUK Corporate Bond FundUK Long Term Corporate Bond FundUK Low Duration FundUS Short-Term Fund

Reuters Page:PAFPPLC

™ Registered trademark or trademark of Pacific Investment Management Company LLC in the United States and/or other countries.

Table of Contents

Page

Chairman’s Letter 4

Important Information About the Funds 6

Benchmark Descriptions 67

Statement of Assets and Liabilities 72

Statement of Operations 92

Statement of Changes in Net Assets 112

Schedule of Investments & Significant Changes in Portfolio Composition 118

Notes to Financial Statements 715

Glossary 765

General Information 767

FUND FundSummarySchedule ofInvestments

PIMCO Capital Securities Fund 7 118

Commodity Real Return Fund 9 127

PIMCO Credit Absolute Return Fund 10 139

Diversified Income Fund 11 149

Diversified Income Duration Hedged Fund 13 165

Dynamic Multi-Asset Fund 14 177

Emerging Asia Bond Fund 15 185

Emerging Local Bond Fund 16 190

Emerging Markets 2018 Fund 17 202

Emerging Markets Bond Fund 18 206

Emerging Markets Corporate Bond Fund 19 218

Emerging Markets Short-Term Local Currency Fund 20 225

Euro Bond Fund 21 233

Euro Credit Fund 22 243

Euro Income Bond Fund 23 251

Euro Long Average Duration Fund 24 261

Euro Low Duration Fund 25 268

Euro Short-Term Fund 26 274

Global Advantage Fund 27 280

Global Advantage Real Return Fund 28 298

Global Bond ESG Fund 29 310

Global Bond Fund 30 322

Global Bond Ex-US Fund 32 344

Global High Yield Bond Fund 33 360

Global Investment Grade Credit Fund 34 371

Global Libor Plus Bond Fund 36 399

Global Low Duration Real Return Fund 37 409

Global Multi-Asset Fund 38 421

Global Real Return Fund 39 435

Income Fund 40 448

Inflation Strategy Fund 42 488

Low Average Duration Fund 43 500

Low Duration Global Investment Grade Credit Fund 44 511

Low Duration Income Fund 45 523

PIMCO MLP & Energy Infrastructure Fund 46 529

Mortgage Opportunities Fund 47 534

PIMCO RAE Fundamental Emerging Markets Fund 48 545

PIMCO RAE Fundamental Europe Fund 49 552

PIMCO RAE Fundamental Global Developed Fund 50 557

PIMCO RAE Fundamental PLUS Emerging Markets Fund 51 565

PIMCO RAE Fundamental PLUS Global Developed Fund 52 574

PIMCO RAE Fundamental PLUS US Fund 53 583

PIMCO RAE Fundamental US Fund 54 590

FUND FundSummarySchedule ofInvestments

Socially Responsible Emerging Markets Bond Fund 55 594

StocksPLUS™ Fund 56 603

Strategic Income Fund 57 614

Total Return Bond Fund 58 630

PIMCO TRENDS Managed Futures Strategy Fund 60 645

UK Corporate Bond Fund 61 654

UK Long Term Corporate Bond Fund 62 662

Unconstrained Bond Fund 63 670

US High Yield Bond Fund 64 684

US Investment Grade Corporate Bond Fund 65 694

US Short-Term Fund 66 705

Chairman’s Letter

Dear Shareholder,

Following is the PIMCO Funds: Global Investors Series plc Semiannual Report, which covers the six-month reporting period ended30 June 2018. On the subsequent pages you will find specific details regarding investment results and a discussion of factors thatmost affected performance over the reporting period.

For the six-month reporting period ended 30 June 2018

The US economy continued to expand during the reporting period. Looking back, US gross domestic product (GDP) expanded at arevised annual pace of 2.3% and 2.2% during the fourth quarter of 2017 and first quarter of 2018, respectively. The CommerceDepartment’s initial reading — released after the reporting period had ended – showed that second-quarter 2018 GDP grew atan annual pace of 4.1%.

The Federal Reserve (Fed) continued to normalise monetary policy during the reporting period. After raising interest rates threetimes in 2017, the Fed again raised rates at its March 2018 meeting, pushing the federal funds rate to a range between 1.50%and 1.75%. Finally, at its meeting that concluded on 13 June 2018, the Fed raised rates to a range between 1.75% and 2.00%.

Economic activity outside the US moderated somewhat during the reporting period. Against this backdrop, the European CentralBank (ECB), the Bank of Japan and the Bank of England largely maintained their highly accommodative monetary policies. Othercentral banks took a more hawkish stance, including the Bank of Canada, as it raised rates in January 2018. Meanwhile, in June2018, the ECB indicated that it plans to end its quantitative easing program by the end of the year, but it did not expect to raiseinterest rates “at least through the summer of 2019.”

The US Treasury yield curve flattened during the reporting period, as short-term rates moved up more than their longer-termcounterparts. The increase in rates at the short end of the yield curve was mostly due to Fed interest rate hikes. The yield on thebenchmark 10-year US Treasury note was 2.85% at the end of the reporting period, up from 2.40% on 30 June 2017. USTreasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned -1.08% over the six months ended 30 June2018. Meanwhile the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of US investment grade bonds,returned -1.62% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging marketdebt, generated mixed results versus the broad US market. The ICE BofAML U.S. High Yield Index gained 0.08% over thereporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI)Global, returned -5.23% over the reporting period. Emerging market local bonds, as represented by the JPMorgan GovernmentBond Index-Emerging Markets Global Diversified Index (Unhedged), returned -6.44% over the period.

Global equities generated mixed results during the reporting period. The US market rallied sharply during the first month of theperiod. Supporting the market were improving global growth, overall solid corporate profits and the passage of a tax reform billlate in 2017. Those gains were then erased in February and March 2018. This was partially driven by fears that the Fed may takea more aggressive approach in terms of raising interest rates. In addition, there were concerns over a possible trade war.However, US equities moved modestly higher over the last three months of the period. All told, US equities, as represented by theS&P 500 Index, returned 2.65% during the reporting period. Emerging market equities, as measured by the MSCI EmergingMarkets Index, returned -6.66% over the period, whereas global equities, as represented by the MSCI World Index, gained0.43%. Elsewhere, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -1.05% over the reporting periodand European equities, as represented by the MSCI Europe Index (in EUR), returned -0.48%.

Commodity prices fluctuated and produced mixed results during the six months ended 30 June 2018. When the reporting periodbegan, crude oil was approximately $60 a barrel. By the end of the period it was roughly $74 a barrel. This ascent was driven inpart by planned and observed production cuts by OPEC and the collapse in Venezuelan oil production, as well as global growthmaintaining demand. Elsewhere, gold and copper prices moved lower over the reporting period.

Finally, during the reporting period, there were periods of volatility in the foreign exchange markets, due in part to signs ofimproving global growth, decoupling central bank policies and a number of geopolitical events. All told, the US Dollar returned2.73%, 2.26% and -1.71% versus the Euro, British Pound and Japanese Yen, respectively, during the six months ended30 June 2018.

Thank you for the trust you have placed in PIMCO. We deeply value your trust, and will continue to work diligently to meet yourbroad investment needs. If you have questions regarding the PIMCO Funds: Global Investors Series plc, please contact theAdministrator at +353 (1) 776 9990.

4 PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC

Sincerely,

Craig A. DawsonChairman23 August 2018

Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of incomedistributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is notpossible to invest directly in an unmanaged index.

Semiannual Report 30 June 2018 5

Important Information About the Funds

This material is authorised for use only when preceded or accompanied by the current PIMCO Funds: Global Investors Series plcProspectus. Investors should consider the investment objectives, risks, charges and expenses of these Funds carefully before investing. Thisand other information is contained in the Prospectus. Please read the Prospectus carefully before you invest or send money.

We believe that bond funds have an important role to play in a well diversified investment portfolio. It is important to note, however, that in anenvironment where interest rates may trend upward, rising rates will negatively impact the performance of most bond funds, and fixed-incomesecurities held by a Fund are likely to decrease in value. The price volatility of fixed-income securities can also increase during periods of risinginterest rates, resulting in increased losses to a Fund. Bond funds and individual bonds with a longer duration (a measure of the expected lifeof a security) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorterdurations. The longer-term performance of most bond funds has benefited from capital gains in part resulting from an extended period ofdeclining interest rates. In the event interest rates increase, these capital gains should not be expected to recur.

The Funds may be subject to various risks in addition to those described above. Some of these risks may include, but are not limited to, thefollowing: real rate risk, derivative risk, small company risk, foreign security risk, high-yield security risk and specific sector investment risks. TheFunds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certaincosts and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk and the risk that a Fund could not close out aposition when it would be most advantageous to do so. Funds investing in derivatives could lose more than the principal amount invested inthese instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhancedwhen investing in emerging markets. High-yield bonds typically have a lower credit rating than other bonds. Lower rated bonds generallyinvolve a greater risk to principal than higher rated bonds. Smaller companies may be more volatile than larger companies and may entail morerisk. Concentrating investments in individual sectors may add additional risk and volatility compared to a diversified fund.

Past performance is no guarantee of future results. On each individual Fund summary page in this Report, the Total Return InvestmentPerformance table measures performance assuming that all dividend and capital gain distributions were reinvested. Investment return andprincipal value will fluctuate so that Fund shares, when redeemed, may be worth more or less than their original cost. Returns do not reflectthe deduction of taxes that a shareholder would pay (i) on Fund distributions or (ii) the redemption of Fund shares. Current performance maybe lower or higher than the performance data quoted. All Fund returns are net of fees and expenses.

An investment in a Fund is not a deposit in a bank and is not guaranteed or insured by any government agency. The value of and income fromShares in the Fund may go up or down and you may not get back the amount you have invested in the Funds.

PIMCO Funds: Global Investors Series plc is distributed by PIMCO Europe Ltd., 11 Baker Street, London W1U 3AH, England; PIMCO Asia PteLtd., 8 Marina View #30-01, Asian Square Tower 1, Singapore 018960, PIMCO Asia Limited, Suite 2201, 22nd Floor, Two InternationalFinance Centre, 8 Finance Street, Central Hong Kong and PIMCO Australia Pty Ltd., Level 19, 5 Martin Place, Sydney, New South Wales 2000,Australia; www.pimco.com.


PIMCO Capital Securities Fund

Total Return Net of Fees and Expenses for the Period Ended 30 June 20181

6 Months ClassInception

Classes denominated in USD

Institutional Class Accumulation Shares (Inception 31-Jul-2013) (2.95%) 6.32%

Institutional Class Income Shares (Inception 23-Sep-2014) (3.00%) 4.71%

Investor Class Accumulation Shares (Inception 19-May-2014) (3.19%) 4.15%

Investor Class Income Shares (Inception 19-May-2014) (3.10%) 4.17%

Administrative Class Accumulation Shares (Inception 09-Aug-2013) (3.20%) 5.64%

Administrative Class Income Shares (Inception 09-Aug-2013) (3.21%) 5.63%

Class E Accumulation Shares (Inception 28-Oct-2013) (3.41%) 4.80%

Class E Income Shares (Inception 19-May-2014) (3.37%) 3.62%

Class M Retail Income II Shares (Inception 23-Dec-2013) (3.39%) 4.38%

Class R Income Shares (Inception 18-Mar-2014) (3.04%) 4.63%

Class T Income Shares (Inception 16-Oct-2014) (3.61%) 4.09%

Class Z Income Shares (Inception 31-Oct-2013) (2.52%) 6.51%

3 Month USD LIBOR Index 1.00% 0.71%2

Classes denominated in AUD

Investor AUD (Hedged) Class Income Shares (Inception 23-May-2018) — (1.60%)

Class Z AUD (Hedged) Income Shares (Inception 11-Aug-2015) (2.69%) 6.19%

Bloomberg AusBond Bank Bills Index 0.92% 1.94%2

Classes denominated in BRL

Institutional BRL (Hedged) Class Accumulation Shares (Inception 02-Jan-2018) — (16.30%)

ICE BofAML 3 Month USD Libor Index Hedged BRL Denominated in USD — (12.86%)

Classes denominated in CAD

Investor CAD (Hedged) Income (Inception 25-Jun-2018) — (0.40%)

3 Month USD LIBOR (CAD Hedged) Index — 0.02%

Classes denominated in CHF

Institutional CHF (Hedged) Class Accumulation Shares (Inception 09-Aug-2013) (4.47%) 4.55%

Class E CHF (Hedged) Accumulation Shares (Inception 18-Jun-2014) (4.86%) 1.41%

3 Month USD LIBOR (Hedged to CHF) (0.47%) (0.85%)2

Classes denominated in CNH

Investor CNH (Hedged) Income (Inception 25-Jun-2018) — (0.29%)

3 Month USD LIBOR (CNH Hedged) Index — 0.06%

Classes denominated in EUR

Institutional EUR (Hedged) Class Accumulation Shares (Inception 09-Aug-2013) (4.31%) 5.02%

Institutional EUR (Hedged) Class Income Shares (Inception 09-Aug-2013) (4.28%) 5.03%

Institutional EUR (Hedged) Class Income II Shares (Inception 29-Jul-2014) (4.19%) 3.11%

Investor EUR (Hedged) Class Accumulation Shares (Inception 26-Feb-2016) (4.46%) 6.38%

Administrative EUR (Hedged) Class Accumulation Shares (Inception 09-Aug-2013) (4.50%) 4.49%

Class E EUR (Hedged) Accumulation Shares (Inception 28-Oct-2013) (4.68%) 3.64%

Class E EUR (Hedged) Income Shares (Inception 30-Oct-2015) (4.67%) 2.20%

Class G Institutional EUR (Hedged) Income Shares (Inception 22-Apr-2016) (4.25%) 4.72%

Class R EUR (Hedged) Income Shares (Inception 18-Jun-2014) (4.35%) 2.67%

Class T EUR (Hedged) Accumulation Shares (Inception 30-Sep-2014) (4.89%) 2.30%

3 Month Euribor (0.16%) (0.08%)2

Classes denominated in GBP

Institutional GBP (Hedged) Class Accumulation Shares (Inception 09-Aug-2013) (3.82%) 5.66%

Institutional GBP (Hedged) Class Income Shares (Inception 31-Jul-2013) (3.82%) 5.81%

Class R GBP (Hedged) Income Shares (Inception 18-Jun-2014) (3.93%) 3.35%

3 Month GBP LIBOR Index 0.31% 0.51%2

Investment Objective and Strategy Overview

PIMCO Capital Securities Fund seeks to providefocused exposure to attractively priced CapitalSecurities (as defined in the Prospectus) togetherwith maximum total return, consistent withpreservation of capital and prudent investmentmanagement, by investing in an activelymanaged portfolio of Fixed Income Instruments(as defined in the Prospectus) and othersecurities of which at least 80% will be investedin Capital Securities in accordance with thepolicies set out in the Fund’s Prospectus.

Fund Insights

The following affected performance during thereporting period:

» Buy protection in single-name and indexCDSs contributed to performance, asspreads widened.

» Long exposure to Additional Tier 1 bondsdetracted from performance, amid widerspreads and a risk-off market sentiment.

» Long exposure to banks’ senior debtdetracted from performance, as rates movedhigher and spreads widened.

» Tactical exposure to banks’ equities, whichreturned negatively, given the risk-off marketsentiment, detracted from performance.


PIMCO Capital Securities Fund (Cont.)

Total Return Net of Fees and Expenses for the Period Ended 30 June 20181 (Cont.)


Classes denominated in HKD

Class M Retail HKD (Unhedged) Income Shares (Inception 28-Jul-2017) (3.10%) (0.09%)

3 Month HIBOR Index 0.63% 0.96%

Classes denominated in SEK

Administrative SEK (Hedged) Class Accumulation Shares (Inception 13-Feb-2015) (4.64%) 2.44%

3 Month STIBOR Index (0.22%) (0.41%)

Classes denominated in SGD

Institutional SGD (Hedged) Class Income II Shares (Inception 30-Oct-2015) (3.32%) 5.02%

Investor SGD (Hedged) Class Income Shares (Inception 23-May-2018) — (1.60%)

Class M Retail SGD (Hedged) Income II Shares (Inception 23-Dec-2013) (3.83%) 4.48%

3 Month SGD LIBOR Index 0.72% 0.98%2

1 Annualised performance for periods of at least one year, otherwise cumulative.2 Benchmark inception performance is calculated from the inception date of the oldest share class.


Commodity Real Return Fund




Institutional Class Accumulation Shares (Inception 31-Aug-2006) (0.30%) (3.29%)

Investor Class Accumulation Shares (Inception 11-Aug-2011) (0.51%) (7.40%)

Class E Accumulation Shares (Inception 21-Sep-2007) (0.88%) (5.03%)

Class E Income Shares (Inception 31-Oct-2006) (1.02%) (4.09%)

Bloomberg Commodity Index Total Return 0.00% (4.67%)2


Institutional EUR (Hedged) Class Accumulation Shares (Inception 08-Jun-2010) (1.63%) (3.93%)

Class E EUR (Hedged) Accumulation Shares (Inception 07-Mar-2012) (2.20%) (8.34%)

Class G Institutional EUR (Hedged) Income (Inception 20-Mar-2018) — 0.50%

Bloomberg Commodity Index Total Return (EUR Hedged) (2.13%) (5.47%)2


Institutional GBP (Hedged) Class Accumulation Shares (Inception 01-Mar-2017) (1.20%) (0.75%)

Bloomberg Commodity Index Total Return (GBP Hedged) (0.85%) (0.81%)



Commodity Real Return Fund seeks to maximisetotal return consistent with prudent investmentmanagement by investing in derivativeinstruments (which may be listed or OTC),including swap agreements, futures, options onfutures and structured notes and commodityindex-linked notes, which enable it to gainexposures to any of the indices and sub-indicesreferencing commodities (including but notlimited to any index within the BloombergCommodity family of indices) which meet withthe requirements of and have, where necessary,been cleared by the Central Bank of Ireland.Details of any indices utilised by the Fund andthe types of commodities they reference will beavailable from the Investment Advisors uponrequest. These instruments will provide exposureto the investment returns of the commoditiesmarkets without investing directly in physicalcommodities, and will be backed by an activelymanaged portfolio of global Fixed IncomeInstruments (as defined in the Prospectus). TheFund may also invest in common and preferredstocks as well as convertible securities of issuersin commodity-related industries.

Fund Insights


» Exposure to Commodities detracted fromabsolute performance; as Commodities, asmeasured by the Bloomberg CommodityIndex, posted negative returns over thereporting period.

» Exposure to US and Italian real durationdetracted from absolute performance, as realyields in these countries moved higher.

» An underweight to US nominal durationbenefited relative performance, as USnominal yields moved higher.

» Increased exposure to external EmergingMarket debt in the latter half of the reportingperiod detracted from relative performance,as these securities posted negative returnsduring that time period.

» Exposure to residential mortgage-backedsecurities (RMBS) detracted from relativeperformance, as these securities postednegative returns.

» Overweight exposure to the Argentine Pesodetracted from relative performance, as thecurrency depreciated.


PIMCO Credit Absolute Return Fund




Institutional Class Accumulation Shares (Inception 14-Oct-2011) (0.55%) 3.49%

Investor Class Accumulation Shares (Inception 01-Mar-2017) (0.86%) 3.06%

Investor Class Income Shares (Inception 01-Mar-2017) (0.80%) 3.09%

Class E Accumulation Shares (Inception 21-Dec-2012) (1.10%) 1.44%



Institutional CHF (Hedged) Class Accumulation Shares (Inception 17-Dec-2012) (2.13%) 0.99%

3 Month USD LIBOR (Hedged to CHF) (0.47%) (0.77%)


Institutional EUR (Hedged) Class Accumulation Shares (Inception 14-Oct-2011) (1.97%) 2.68%

Institutional EUR (Hedged) Class Income II Shares (Inception 01-Oct-2013) (1.90%) 1.71%

Class E EUR (Hedged) Accumulation Shares (Inception 21-Dec-2012) (2.37%) 0.52%

Class G Institutional EUR (Hedged) Income Shares (Inception 28-Feb-2014) (1.90%) 1.30%


3 Month Euribor (0.16%) 0.12%2



PIMCO Credit Absolute Return Fund seeks toprovide a positive total return across a variety ofmarket environments, consistent withpreservation of capital and prudent investmentmanagement, by investing at least 80% of itsnet assets in a diversified portfolio of FixedIncome Instruments (as defined in theProspectus). The Fund seeks a positive totalreturn rather than a return which is greater thana particular benchmark and aims to generateabsolute returns irrespective of whether marketsare trending up or down.

Fund Insights


» Exposure to US non-agency mortgagescontributed to performance, as thesector rallied.

» Exposure to HY finance companiescontributed to performance, as the sectorposted positive excess returns.

» Exposure to HY Healthcare contributed toperformance, as the sector posted positiveexcess returns.

» Exposure to US duration detracted fromperformance, as rates increased.

» Long exposure to EM external andlocal debt, which sold off, detractedfrom performance.

» Long exposure to the ARS detracted fromperformance, as it depreciated versusthe USD.


Diversified Income Fund




Institutional Class Accumulation Shares (Inception 30-Jun-2005) (2.12%) 6.48%

Institutional Class Income Shares (Inception 08-Sep-2008) (2.09%) 6.92%

Investor Class Accumulation Shares (Inception 30-Apr-2013) (2.27%) 3.00%

Investor Class Income Shares (Inception 30-Apr-2013) (2.25%) 2.98%

Administrative Class Income Shares (Inception 21-Jul-2011) (2.34%) 4.57%

Class E Accumulation Shares (Inception 11-Sep-2006) (2.55%) 5.58%

Class E Income Shares (Inception 31-Jul-2006) (2.50%) 5.68%

Class H Institutional Accumulation Shares (Inception 08-Jun-2011) (2.22%) 4.88%

Class M Retail Income Shares (Inception 30-Nov-2010) (2.48%) 4.49%


Class R Income Shares (Inception 30-Nov-2012) (2.21%) 3.61%

Class T Accumulation Shares (Inception 16-Oct-2014) (2.79%) 2.96%

Class T Income Shares (Inception 16-Oct-2014) (2.75%) 2.97%

1/3 each-Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, USD Hedged;ICE BofA Merrill Lynch BB-B Rated Developed Markets High Yield Constrained Index, USDHedged; and JPMorgan EMBI Global, USD Hedged3 (2.38%) 6.08%2


Class M Retail AUD (Hedged) Income Shares (Inception 19-Dec-2012) (2.62%) 4.34%

1/3 each-Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, AUD Hedged;ICE BofA Merrill Lynch BB-B Rated Developed Markets High Yield Constrained Index, AUDHedged; and JPMorgan EMBI Global, AUD Hedged3 (2.47%) 5.09%


Institutional CHF (Hedged) Class Accumulation Shares (Inception 24-Jun-2011) (3.58%) 3.74%

Institutional CHF (Hedged) Class Income Shares (Inception 31-Aug-2012) (3.49%) 2.75%

1/3 each-Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, CHF Hedged;ICE BofA Merrill Lynch BB-B Rated Developed Markets High Yield Constrained Index, CHFHedged; and JPMorgan EMBI Global, CHF Hedged3 (3.88%) 3.66%2


Institutional EUR (Hedged) Class Accumulation Shares (Inception 14-Feb-2007) (3.34%) 5.81%

Institutional EUR (Hedged) Class Income Shares (Inception 17-Oct-2007) (3.37%) 5.94%

Investor EUR (Hedged) Class Accumulation Shares (Inception 05-Jul-2007) (3.58%) 5.73%

Investor EUR (Hedged) Class Income Shares (Inception 15-Feb-2013) (3.55%) 2.29%

Administrative EUR (Hedged) Class Accumulation Shares (Inception 20-Jul-2007) (3.64%) 5.58%

Class E EUR (Hedged) Accumulation Shares (Inception 03-Jul-2007) (3.84%) 5.19%

Class E EUR (Hedged) Income Shares (Inception 16-Oct-2009) (3.84%) 4.77%

Class G Institutional EUR (Hedged) Income Shares (Inception 28-Feb-2014) (3.41%) 3.02%

Class G Retail EUR (Hedged) Income Shares (Inception 30-Mar-2012) (3.76%) 2.97%


Class T EUR (Hedged) Income Shares (Inception 30-Sep-2014) (3.94%) 1.42%

1/3 each-Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, EUR Hedged;ICE BofA Merrill Lynch BB-B Rated Developed Markets High Yield Constrained Index, EURHedged; and JPMorgan EMBI Global, EUR Hedged3 (3.69%) 5.09%2


Institutional GBP (Hedged) Class Accumulation Shares (Inception 16-May-2006) (2.93%) 6.63%

Institutional GBP (Hedged) Class Income Shares (Inception 14-Feb-2006) (2.86%) 6.51%

Administrative GBP (Hedged) Class Income Shares (Inception 21-Jul-2011) (3.13%) 4.30%

1/3 each-Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, GBP Hedged;ICE BofA Merrill Lynch BB-B Rated Developed Markets High Yield Constrained Index, GBPHedged; and JPMorgan EMBI Global, GBP Hedged3 (3.22%) 5.90%2


Diversified Income Fund seeks to maximise totalreturn, consistent with prudent investmentmanagement by investing at least two-thirds ofits assets in a diversified portfolio of FixedIncome Instruments (as defined in theProspectus) of varying maturities.

Fund Insights


» An underweight to EM external debt, whichsold off, contributed to performance.


» Curve positioning in the US contributed toperformance, particularly an underweight tothe long end, as rates increased.

» Long exposure to EM currencies detractedfrom performance, as they sold off versus theUS Dollar.

» Long exposure to Additional Tier 1 bonds,which underperformed the broader market,detracted from performance.


Diversified Income Fund (Cont.)

Total Return Net of Fees and Expenses for the Period Ended 30 June 20181 (Cont.)


Classes denominated in SEK

Institutional SEK (Hedged) Class Accumulation Shares (Inception 31-Mar-2006) (3.45%) 6.10%

1/3 each-Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, SEK Hedged;ICE BofA Merrill Lynch BB-B Rated Developed Markets High Yield Constrained Index, SEKHedged; and JPMorgan EMBI Global, SEK Hedged3 (3.77%) 5.41%

1 Annualised performance for periods of at least one year, otherwise cumulative.2 Benchmark inception performance is calculated from the inception date of the oldest share class.3 Benchmark Performance represents: Inception to November 9, 2015 1/3 each — Bloomberg Barclays Global Aggregate Credit

Component USD Hdgd; ICE BofAML Global High Yield BB-B Rated Constrained USD Hdgd; JPMorgan EMBI Global. November 10,2015 onwards 1/3 each — Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofAML BB-BRated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged.


Diversified Income Duration Hedged Fund




Institutional Class Accumulation Shares (Inception 31-May-2011) (0.53%) 4.00%

Institutional Class Income Shares (Inception 30-Oct-2015) (0.56%) 5.88%

Investor Class Accumulation Shares (Inception 18-Feb-2014) (0.71%) 2.57%

Investor Class Income Shares (Inception 18-Feb-2014) (0.78%) 2.56%

Class E Accumulation Shares (Inception 16-Aug-2013) (0.97%) 2.33%

Class E Income Shares (Inception 31-May-2011) (0.94%) 3.11%

Class R Income Shares (Inception 30-Nov-2012) (0.67%) 2.95%


Equally weighted blend of three indices, at constant 0.25 year duration, as calculated byPIMCO: Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, USD Hedged;ICE BofA Merrill Lynch BB-B Rated Developed Markets High Yield Constrained Index, USDHedged; and JPMorgan EMBI Global, USD Hedged3 (0.43%) 3.46%2


Institutional EUR (Hedged) Class Accumulation Shares (Inception 16-Aug-2011) (1.84%) 3.67%

Institutional EUR (Hedged) Class Income II Shares (Inception 01-Oct-2013) (1.82%) 2.12%

Class E EUR (Hedged) Accumulation Shares (Inception 11-Aug-2011) (2.24%) 2.94%

Class E EUR (Hedged) Income Shares (Inception 07-May-2013) (2.28%) 0.66%

Blend of the following three indices at constant .25 year duration: 1/3 each-BloombergBarclays Global Aggregate Credit ex Emerging Markets, EUR Hedged; ICE BofA MerrillLynch BB-B Rated Developed Markets High Yield Constrained Index, EUR Hedged; andJPMorgan EMBI Global, EUR Hedged3 (1.80%) 3.41%2


Institutional GBP (Hedged) Class Accumulation Shares (Inception 23-Aug-2011) (1.39%) 4.46%

Institutional GBP (Hedged) Class Income Shares (Inception 22-Jan-2013) (1.39%) 2.44%

Blend of the following three indices at constant .25 year duration: 1/3 each-BloombergBarclays Global Aggregate Credit ex Emerging Markets, GBP Hedged; ICE BofA MerrillLynch BB-B Rated Developed Markets High Yield Constrained Index, GBP Hedged; andJPMorgan EMBI Global, GBP Hedged3 (1.33%) 3.99%2

1 Annualised performance for periods of at least one year, otherwise cumulative.2 Benchmark inception performance is calculated from the inception date of the oldest share class.3 Benchmark performance for the Diversified Income Duration Hedged Fund represents the following: Inception to 9 November

2015 — Bogey 4309 (Blend of the following three indices at constant. 25 year duration: 1/3 each — Bloomberg BarclaysGlobal Aggregate Credit USD Hdgd; ICE BofAML High Yield BB-B Rated Developed Markets Constrained USD Hdgd;JPMorgan EMBI Global. 10 November 2015 onwards: blend of the following three indices at constant. 25 year duration:1/3 each — Bloomberg Barclays Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofAML BB-B RatedDeveloped Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged).


Diversified Income Duration Hedged Fund seeksto maximise current yield, consistent withprudent investment management by investing atleast 80% of its net assets in a diversifiedportfolio of variable and floating-rate FixedIncome Instruments (as defined in theProspectus), Fixed Income Instruments with aduration of less than or equal to one year, andfixed rate Fixed Income Instruments.

Fund Insights


» An underweight to EM external debt, whichsold off, contributed to performance.


» Overweight exposure to high yieldHealthcare contributed to performance, asthe sector outperformed.

» Long exposure to EM currencies detractedfrom performance, as they sold off versusthe US Dollar.

» Long exposure to Additional Tier 1 bonds,which underperformed the broader market,detracted from performance.


Dynamic Multi-Asset Fund




Institutional Class Accumulation Shares (Inception 25-Feb-2016) (1.40%) 5.27%

Institutional Class Income II Shares (Inception 25-Feb-2016) (1.27%) 5.31%

Class E Accumulation Shares (Inception 25-Feb-2016) (1.87%) 4.15%

Class E Income Shares (Inception 08-Dec-2017) (1.81%) (2.40%)

Class G Institutional Income Shares (Inception 26-Apr-2017) (1.26%) 1.44%


1 Month Euribor Rate Index (0.19%) (0.36%)2


Institutional CHF (Hedged) Class Accumulation Shares (Inception 14-Mar-2018) — (1.00%)

1 Month CHF LIBOR Index — (0.23%)


Institutional GBP (Hedged) Class Accumulation Shares (Inception 25-Feb-2016) (0.86%) 6.22%

1 Month GBP LIBOR Index 0.25% 0.38%


Institutional USD (Hedged) Class Accumulation Shares (Inception 25-Feb-2016) 0.00% 7.39%

Class E USD (Hedged) Accumulation Shares (Inception 15-Mar-2017) (0.57%) 3.39%

Class E USD (Hedged) Income Shares (Inception 15-Mar-2017) (0.48%) 3.46%




Dynamic Multi-Asset Fund seeks to maximisetotal return, consistent with preservation ofcapital and prudent investment management, bytaking exposure to a wide range of asset classes,such as Equity Securities (as defined in theProspectus) and equity-related securities, FixedIncome Instruments (as defined in theProspectus) and currencies as well ascommodity-related instruments and propertyrelated instruments (though not directcommodity and property investments) which areprovided for under the investment policy of theFund as outlined in the Prospectus.

Fund Insights


» Long exposure to select emerging marketcurrencies, particularly the Argentine Peso,Russian Ruble and Brazilian Real, detractedfrom performance, as these depreciatedagainst the Euro.

» Exposure to US duration detracted fromperformance, as US Treasury yields increased.

» Long exposure to Japanese banks detractedfrom performance, as these lost in value.

» Short European equity options exposureadded to returns, as prices declined throughthe period.

» Long German duration added to returns, asyields fell.


Emerging Asia Bond Fund





Class E Income Shares (Inception 01-Jun-2010) (2.99%) 3.15%

JPMorgan Asia Credit Index3 (2.55%) 4.11%2


Institutional EUR (Unhedged) Class Accumulation Shares (Inception 01-Oct-2010) 0.15% 4.14%

Class E EUR (Unhedged) Accumulation Shares (Inception 03-Jun-2011) (0.32%) 3.19%

JPMorgan Asia Credit Index (EUR Unhedged)3 0.23% 4.68%2

Classes denominated in HKD

Class M Retail HKD (Unhedged) Income Shares (Inception 01-Mar-2011) (2.76%) 0.94%

JPMorgan Asia Credit Index (HKD Unhedged)3 (2.15%) 2.43%

1 Annualised performance for periods of at least one year, otherwise cumulative.2 Benchmark inception performance is calculated from the inception date of the oldest share class.3 Benchmark performance for the Emerging Asia Bond Fund represents: Inception to 31 May 2016 [90% JPMorgan Asia credit

Index (JACI) + 10% 1 month USD Libor] * [JPMorgan Emerging Local Markets Index (ELMI+)] / [3 month USD Libor]. 1 June2016 and onwards JPMorgan Asia Credit Index.


Emerging Asia Bond Fund seeks to maximisetotal return, consistent with prudent investmentmanagement. The Fund invests in a combinationof Fixed Income Instruments (as defined in theProspectus) of issuers that are economically tiedto Asia ex- Japan countries with emergingsecurities markets, related derivatives (as furtherset out in the Prospectus) on such securities andemerging market currencies. Fixed IncomeSecurities (as defined in the Prospectus)purchased by the Fund will be rated at least Caaby Moody’s or CCC by S&P or equivalently ratedby Fitch (or if unrated, determined by theInvestment Advisors to be of comparable quality)with the exception of mortgage-backedsecurities for which there is no minimum creditrating requirement.

Fund Insights


» Positioning in Chinese external corporatedebt contributed to performance.

» An underweight to Hong Kong externalcorporate debt contributed to performance.

» An overweight to Indian external corporatedebt and Indian external quasi-sovereigndebt detracted from performance.

» An overweight to Chinese external quasi-sovereign debt detracted from performance.


Emerging Local Bond Fund




Institutional Class Accumulation Shares (Inception 11-Dec-2007) (6.85%) 2.04%

Institutional Class Income Shares (Inception 18-Apr-2008) (6.82%) 1.73%

Investor Class Accumulation Shares (Inception 18-Aug-2010) (7.07%) (0.69%)

Class E Accumulation Shares (Inception 19-Nov-2008) (7.33%) 3.69%

Class E Income Shares (Inception 08-Jul-2010) (7.31%) (0.75%)

Class Z Income Shares (Inception 18-Nov-2008) (6.37%) 5.52%

JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged) (6.44%) 2.60%2


Institutional CHF (Unhedged) Class Accumulation Shares (Inception 19-Oct-2012) (5.14%) (1.76%)

Investor CHF (Unhedged) Class Accumulation Shares (Inception 02-Mar-2011) (5.17%) (0.12%)

JPMorgan Government Bond Index-Emerging Markets Global Diversified Index(CHF Unhedged) (4.67%) 0.87%2


Institutional EUR (Unhedged) Class Accumulation Shares (Inception 16-Apr-2010) (4.18%) 1.92%

Institutional EUR (Unhedged) Class Income Shares (Inception 23-Jun-2010) (4.18%) 1.01%

Investor EUR (Unhedged) Class Accumulation Shares (Inception 02-Mar-2011) (4.37%) 1.23%

Class E EUR (Unhedged) Accumulation Shares (Inception 02-Jul-2009) (4.66%) 3.21%

Class G Institutional EUR (Unhedged) Income Shares (Inception 28-Feb-2014) (4.23%) 2.27%

Class G Retail EUR (Unhedged) Income Shares (Inception 14-Dec-2010) (4.66%) 0.17%

Class T EUR (Unhedged) Accumulation Shares (Inception 03-Jan-2017) (4.88%) (4.35%)

JPMorgan Government Bond Index-Emerging Markets Global Diversified Index(EUR Unhedged) (3.78%) 4.86%2


Institutional GBP (Unhedged) Class Accumulation Shares (Inception 27-Jun-2008) (4.59%) 6.34%

JPMorgan Government Bond Index-Emerging Markets Global Diversified Index(GBP Unhedged) (4.14%) 6.92%



Emerging Local Bond Fund seeks to maximisetotal return, consistent with prudent investmentmanagement. The Fund will normally invest atleast 80% of its assets in Fixed IncomeInstruments (as defined in the Prospectus)denominated in currencies of countries withemerging securities markets, which may berepresented by forwards or derivatives such asoptions, futures contracts, or swap agreements.

Fund Insights


» An underweight to Hungarian local durationand the Hungarian Forint contributed torelative performance, as local yields rose,and the currency depreciated against theUS Dollar.

» Off-benchmark exposure to short-termEgyptian Pound–denominated Treasury billsdelivered positive total return, driven by highcarry in H1 2018.

» An overweight to the Argentine Pesodetracted from relative performance as thecurrency depreciated against the US Dollar.

» An overweight to Indonesian local durationdetracted from relative performance, as localyields rose in H1 2018.

» An overweight to the Turkish Lira detractedfrom relative performance, as the currencydepreciated against the US Dollar.


Emerging Markets 2018 Fund




Institutional Class Accumulation Shares (Inception 31-Oct-2014) 0.87% 4.14%

Institutional Class Income Shares (Inception 09-Dec-2014) 0.98% 4.79%

Class E Accumulation Shares (Inception 31-Oct-2014) 0.54% 3.29%


Institutional EUR (Hedged) Class Accumulation Shares (Inception 31-Oct-2014) (0.54%) 2.66%

Administrative EUR (Hedged) Class Accumulation Shares (Inception 31-Oct-2014) (0.73%) 2.15%

Class E EUR (Hedged) Accumulation Shares (Inception 31-Oct-2014) (0.83%) 1.84%

Class G Retail EUR (Hedged) Income Shares (Inception 31-Oct-2014) (0.82%) 1.84%


Class R GBP (Hedged) Accumulation Shares (Inception 31-Oct-2014) 0.09% 3.29%

1 Annualised performance for periods of at least one year, otherwise cumulative.


Emerging Markets 2018 Fund seeks maximumtotal return, consistent with prudent investmentmanagement and the Fund Maturity Date (asdefined in the Fund’s Prospectus as in or around30 November 2018), by investing under normalcircumstances at least 80% of its net assets inFixed Income Instruments (as defined in theProspectus) with varying maturities and ofissuers that are economically tied to emergingmarket countries issued by governments, theiragencies or instrumentalities and corporations.Such instruments may be denominated innon-US currencies, including currencies ofemerging markets. The Investment Advisors mayachieve the desired exposure by directinvestment in Fixed Income Securities (as definedin the Prospectus) and/or by investing inderivatives as further outlined in the Prospectus.The Fund may also invest in securities not tied toemerging market countries. During the twelvemonth period prior to the Fund Maturity Date,the Investment Advisors may determine at itsdiscretion that it is not in the best interests ofthe Fund to acquire Fixed Income Instrumentstied to emerging market countries (e.g. wheremarket conditions are unfavourable). In suchcircumstances and during the final twelve monthperiod only, the Investment Advisors may seek toinvest in Fixed Income Instruments not tied toemerging market countries and shall not besubject to the abovementioned 80% limit.However, any Fixed Income Instrumentspurchased during this period shall not have amaturity beyond that of the Fund Maturity Date.

Fund Insights


» Allocation to short-term Brazilian quasi-sovereign and corporate bonds contributedto performance, as they recorded positiveabsolute performance in H1 2018 driven bytheir high carry.

» Allocation to short-term Russian quasi-sovereign bonds contributed to performance,as they recorded positive absoluteperformance in H1 2018 driven by theirhigh carry.

» Allocation to short-term Turkish quasi-sovereign and corporate bonds contributedto performance, as they recorded positiveabsolute performance in H1 2018 driven bytheir high carry.

» An upward move of the US yield curvedetracted from absolute performance, as thepick-up in short-term US yields had anegative effect on EM external bonds withsimilar maturity.


Emerging Markets Bond Fund





Institutional Class Income Shares (Inception 13-Dec-2001) (4.63%) 8.50%

Investor Class Accumulation Shares (Inception 25-Apr-2002) (4.79%) 7.68%

Investor Class Income Shares (Inception 18-Apr-2002) (4.81%) 7.64%

Administrative Class Accumulation Shares (Inception 29-May-2003) (4.84%) 6.43%

Class E Accumulation Shares (Inception 31-Mar-2006) (5.05%) 5.10%

Class E Income Shares (Inception 28-Oct-2005) (5.12%) 5.26%

Class H Institutional Accumulation Shares (Inception 17-Oct-2002) (4.70%) 8.85%

Class M Retail Income Shares (Inception 30-Nov-2010) (5.09%) 3.73%


Class Z Income Shares (Inception 18-Nov-2008) (4.24%) 9.58%

JPMorgan Emerging Markets Bond Index (EMBI) Global (5.23%) 8.36%2


Class M Retail AUD (Hedged) Income Shares (Inception 19-Dec-2012) (5.11%) 2.65%

JPMorgan EMBI Global (AUD Hedged) (5.38%) 3.76%


Institutional CHF (Hedged) Class Income Shares (Inception 16-Dec-2005) (6.05%) 4.36%

JPMorgan EMBI Global (CHF Hedged) (6.72%) 4.66%


Institutional EUR (Hedged) Class Accumulation Shares (Inception 17-Dec-2002) (5.91%) 7.50%

Institutional EUR (Hedged) Class Income Shares (Inception 20-Dec-2010) (5.93%) 3.99%

Investor EUR (Hedged) Class Accumulation Shares (Inception 04-Aug-2009) (6.08%) 5.15%

Class E EUR (Hedged) Accumulation Shares (Inception 31-Mar-2006) (6.35%) 4.19%

Class G Institutional EUR (Hedged) Income Shares (Inception 26-Apr-2017) (5.91%) (2.77%)

Class T EUR (Hedged) Accumulation Shares (Inception 03-Jan-2017) (6.57%) (0.34%)

JPMorgan EMBI Global (EUR Hedged) (6.55%) 7.40%2

Classes denominated in EUR (Unhedged)

Institutional EUR (Unhedged) Class Accumulation Shares (Inception 9-Feb-2018) — 2.10%

JPMorgan EMBI Global (EUR Unhedged) — 2.15%2


Institutional GBP (Hedged) Class Accumulation Shares (Inception 05- Feb-2004) (5.46%) 6.89%

Institutional GBP (Hedged) Class Income Shares (Inception 30-Dec-2005) (5.48%) 5.76%

JPMorgan EMBI Global (GBP Hedged) (6.12%) 7.25%2

Classes denominated in SGD

Class E SGD (Hedged) Accumulation Shares (Inception 15-Feb-2007) (5.49%) 4.14%

JPMorgan EMBI Global (SGD Hedged) (5.61%) 5.67%



Emerging Markets Bond Fund seeks to maximisetotal return, consistent with prudent investmentmanagement by investing at least 80% of itsassets in Fixed Income Instruments (as defined inthe Prospectus) of issuers that economically aretied to countries with emerging securitiesmarkets. The Fund is actively managed tomaximise total return potential.

Fund Insights


» Underweight to US duration contributed torelative performance, as US Treasuryyields rose.

» Underweight to Lebanese sovereign debt,which recorded negative total return in H12018, was a positive contributor torelative performance.

» Underweight to Philippine sovereign debt,which recorded negative total return in H12018, was a positive contributor torelative performance.

» Overweight to Argentine sovereign debt,which recorded negative total return in H12018, was a detractor fromrelative performance.

» Overweight to Venezuelan sovereign debt,which recorded negative total return in H12018, was a detractor fromrelative performance.


Emerging Markets Corporate Bond Fund




Institutional Class Accumulation Shares (Inception 12-Nov-2009) (2.67%) 4.79%

Administrative Class Income Shares (Inception 16-Aug-2012) (3.00%) 2.38%


Class Z Income Shares (Inception 03-Dec-2009) (2.14%) 5.91%

JPMorgan Corporate Emerging Markets Bond Index Diversified (CEMBI) (3.06%) 6.14%2


Class E CHF (Hedged) Accumulation Shares (Inception 25-May-2012) (4.59%) 1.30%

JPMorgan Corporate Emerging Markets Bond Diversified Index (CHF Hedged) (4.55%) 3.51%


Institutional EUR (Hedged) Class Accumulation Shares (Inception 19-Feb-2010) (3.98%) 3.88%

Class E EUR (Hedged) Accumulation Shares (Inception 02-Mar-2010) (4.41%) 2.77%

JPMorgan Corporate Emerging Markets Bond Diversified Index (EUR Hedged) (4.36%) 5.16%2


Institutional GBP (Hedged) Class Income Shares (Inception 16-Jun-2011) (3.44%) 3.16%

JPMorgan Corporate Emerging Markets Bond Diversified Index (GBP Hedged) (3.90%) 4.68%



Emerging Markets Corporate Bond Fund seeksmaximum total return, consistent withpreservation of capital and prudent investmentmanagement, by investing under normalcircumstances at least 80% of its assets in anactively managed diversified portfolio consistingof Fixed Income Instruments (as defined in theProspectus) that are economically tied toemerging market countries including FixedIncome Instruments that are issued by corporateissuers that are economically tied to emergingmarket countries.

Fund Insights


» Underweight to US duration contributed torelative performance, as US Treasuryyields rose.

» Overweight to selected Brazilian corporatedebt, which recorded positive total return inH1 2018, was a positive contributor torelative performance.

» Underweight to Russian quasi-sovereigndebt, which recorded negative total return inH1 2018, was a positive contributor torelative performance.

» Overweight to Nigerian corporate debt,which recorded negative total return in H12018, was a detractor fromrelative performance.

» Overweight to Argentine corporate debt andexposure to Argentine sovereign debt, bothof which recorded negative total return in H12018, were detractors fromrelative performance.


Emerging Markets Short-Term Local Currency Fund




Institutional Class Accumulation Shares (Inception 29-Sep-2006) (3.82%) 2.48%

Class E Accumulation Shares (Inception 19-Nov-2008) (4.23%) 1.87%

Class E Income Shares (Inception 31-Oct-2006) (4.24%) 1.40%

JPMorgan Emerging Local Markets Index Plus (Unhedged) (3.41%) 2.54%2


Institutional EUR (Unhedged) Class Accumulation Shares (Inception 20-Jan-2010) (1.08%) 2.95%

Class E EUR (Unhedged) Accumulation Shares (Inception 02-Jul-2009) (1.56%) 2.62%

JPMorgan Emerging Local Markets Index Plus (EUR Unhedged) (0.65%) 3.62%2



Emerging Markets Short-Term Local CurrencyFund seeks maximum total return, consistentwith preservation of capital and prudentinvestment management, by investing at least80% of its assets in currencies of, or in FixedIncome Instruments (as defined in theProspectus) denominated in currencies of,emerging markets. The Investment Advisors havebroad discretion to identify countries that theyconsiders to qualify as emerging markets. TheInvestment Advisors will select the Fund’scountry and currency composition based on theirevaluation of relative interest rates, inflationrates, exchange rates, monetary and fiscalpolicies, trade and current account balances, andother specific factors the Investment Advisorsbelieve to be relevant. The Fund is likely toconcentrate its investments in Asia, Africa, theMiddle East, Latin America and the emergingcountries of Europe. The Fund may invest ininstruments whose return is based on the returnof an emerging market security such as aderivative instrument, rather than investingdirectly in emerging market securities. Theaverage portfolio duration of this Fund variesbased on the Investment Advisors’ forecast forinterest rates and, under normal marketconditions, is not expected to exceed two years.The Fund may invest all of its assets in high yieldsecurities, subject to a maximum of 15% of itsassets in securities rated lower than B byMoody’s or S&P or equivalently rated by Fitch(or, if unrated, determined by the InvestmentAdvisors to be of comparable quality).

Fund Insights


» An underweight to the Hungarian Forintcontributed to relative performance, as thecurrency depreciated against the US Dollar.

» Off-benchmark exposure to the EgyptianPound, though short-term Treasury billsdelivered positive total return, driven by highcarry in H1 2018.

» An overweight to the Argentine Pesodetracted from relative performance, as thecurrency depreciated against the US Dollar.

» An overweight to the Turkish Lira detractedfrom relative performance, as the currencydepreciated against the US Dollar.

» An overweight to the Polish Zloty detractedfrom relative performance, as the currencydepreciated against the US Dollar.


Euro Bond Fund




Institutional Class Accumulation Shares (Inception 31-Dec-1998) 0.58% 4.65%

Institutional Class Income Shares (Inception 07-Jan-2003) 0.62% 4.53%

Investor Class Accumulation Shares (Inception 08-May-2002) 0.44% 4.50%

Investor Class Income Shares (Inception 29-Apr-2002) 0.39% 4.47%

Administrative Class Accumulation Shares (Inception 07-Jun-2001) 0.36% 4.33%

Class E Accumulation Shares (Inception 31-Mar-2006) 0.14% 3.38%

Class E Income Shares (Inception 10-Oct-2005) 0.09% 3.03%

Class G Institutional Income Shares (Inception 28-Feb-2014) 0.63% 3.88%

Class T Accumulation Shares (Inception 30-Sep-2014) 0.00% 1.41%

FTSE Euro Broad Investment-Grade Index 0.30% 4.41%2


Institutional CHF (Hedged) Class Accumulation Shares (Inception 30-Jun-2006) 0.42% 3.47%

FTSE Euro Broad Investment-Grade (CHF Hedged) Index 0.14% 3.50%



Euro Bond Fund seeks to maximise total return,consistent with preservation of capital andprudent investment management. The Fundseeks to achieve its investment objective byinvesting at least two-thirds of its assets in adiversified portfolio of Euro-denominated FixedIncome Instruments (as defined in theProspectus) of varying maturities.

Fund Insights


» An overweight to German durationcontributed to relative performance, asyields fell.

» An underweight to Italian durationcontributed to relative performance, asyields rose.

» Exposure to non-agency mortgage-backedsecurities contributed to relativeperformance, as total returns on thesesecurities were positive.

» An underweight to investment grade creditspread risk contributed to relativeperformance, as spreads widened.

» Exposure to US duration detracted fromrelative performance, as yields rose.

» Short exposure to the US Dollar detractedfrom relative performance, as the currencyappreciated versus the Euro.


Euro Credit Fund




Institutional Class Accumulation Shares (Inception 31-Jan-2008) 0.19% 4.60%

Institutional Class Income II Shares (Inception 01-Oct-2013) 0.15% 3.93%

Class E Accumulation Shares (Inception 25-May-2010) (0.38%) 3.38%

Bloomberg Barclays Euro-Aggregate Credit Index (0.53%) 4.30%2



Euro Credit Fund seeks to maximise total return,consistent with preservation of capital andprudent investment management. The Fundinvests at least two-thirds of its assets in adiversified portfolio of Euro-denominated FixedIncome Instruments (as defined in theProspectus) of varying maturities, which may berepresented by direct or indirect holdings incredit-related Fixed Income Securities (as definedin the Prospectus) or derivative instruments suchas options, futures swaps or creditdefault swaps.

Fund Insights


» Overweight exposure to core Europeanduration contributed to performance, asGerman rates fell over the period.

» An underweight exposure to Insurancecontributed to performance, as the sectorunderperformed the broader market.

» Underweight exposure to External EM debt,which underperformed, contributedto performance.

» Exposure to USD duration detracted fromperformance, as rates increased overthe period.

» Short dollar bias detracted fromperformance, as the USD appreciated versusthe EUR.


Euro Income Bond Fund




Institutional Class Accumulation Shares (Inception 28-Feb-2011) (0.82%) 5.25%

Institutional Class Income Shares (Inception 28-Feb-2011) (0.79%) 5.25%

Investor Class Income Shares (Inception 29-May-2012) (0.99%) 5.24%


Class E Income Shares (Inception 28-Feb-2011) (1.32%) 4.29%

Class T Accumulation Shares (Inception 30-Sep-2014) (1.48%) 1.75%

Class T Income Shares (Inception 30-Sep-2014) (1.50%) 1.75%

Bloomberg Barclays Euro Aggregate 1-10 Year Bond Index (0.11%) 3.60%2


Institutional USD (Hedged) Class Accumulation Shares (Inception 16-Feb-2018) — 0.40%

Bloomberg Barclays Euro Aggregate 1-10 Year Bond Index (USD Hedged) — 1.47%



Euro Income Bond Fund seeks to maximisecurrent income, consistent with prudentinvestment management. Long-term capitalappreciation is a secondary objective. The Fundinvests at least two-thirds of its assets in adiversified portfolio of Euro-denominated bondsand other Fixed Income Instruments (as definedin the Prospectus) of varying maturities. TheFund will seek to maintain a high level ofdividend income by investing in a broad array offixed income sectors which in the InvestmentAdvisor’s view typically generate elevated levelsof income.

Fund Insights


» Exposure to European duration contributedto positive performance, as yields fell.

» Exposure to non-agency mortgage-backedsecurities (MBS) contributed to absoluteperformance, as total returns on thesesecurities were positive.

» Short exposure to UK duration contributed toabsolute performance, as yields rose.

» Exposure to investment grade financialsdetracted from absolute performance, asthese securities posted negativeexcess returns.

» Exposure to high yield corporates detractedfrom absolute performance, as thesesecurities posted negative excess returns.

» Exposure to hard currency EM sovereign debtdetracted from absolute performance, asspreads widened.


Euro Long Average Duration Fund




Institutional Class Accumulation Shares (Inception 21-Apr-2006) 3.79% 7.87%

Bloomberg Barclays Euro Government (Germany, France, Netherlands) over 15 years Index2 4.46% 6.54%

1 Annualised performance for periods of at least one year, otherwise cumulative.2 Benchmark Performance for the Euro Long Average Duration Fund represents the following: 21 April 2006 to 31 March

2011 — (FTSE Citigroup Euro Broad Investment-Grade (EuroBIG) Bond > 15 Years Index); 31 March 2011 to 31 January2012 — (FTSE Citigroup Euro Broad Investment-Grade (EuroBIG) Bond AAA rated > 15 Years Index); 31 January 2012onwards — (Bloomberg Barclays Euro Government (Germany, France, Netherlands) over 15 years Index).


Euro Long Average Duration Fund seeks tomaximise total return, consistent withpreservation of capital and prudent investmentmanagement. The Fund seeks to achieve itsinvestment objective by investing at leasttwo-thirds of its assets in a diversified portfolioof Euro-denominated Fixed Income Instruments(as defined in the Prospectus). Under normalmarket conditions, at least two-thirds of theduration of the Fund will derive from exposure toEuro-denominated government and/orgovernment-related Fixed Income Instruments.

Fund Insights


» Overweight exposure to US durationdetracted from relative performance, asyields rose over all maturities.

» Allocations to select corporate bonds,particularly in the Industrials sector,detracted from performance, as spreads forthis sector widened over the first half ofthe year.

» Short exposure to the US dollar versus abasket of EM currencies detracted fromperformance, as the US dollar appreciated.

» An underweight to Italian durationcontributed to relative performance, asyields fell.


Euro Low Duration Fund






Bloomberg Barclays Euro Aggregate ex Treasury 1-3 Year Index2 (0.04%) 1.71%3

1 Annualised performance for periods of at least one year, otherwise cumulative.2 Benchmark Performance for the Euro Low Duration Fund represents the following: June 30 2011 to September 30 2012 —

(PIMCO European Advantage Government 1-3 Year Bond Index); September 30 2012 onwards — (Bloomberg Barclays EuroAggregate ex Treasury 1-3 Year Index). Since inception benchmark return calculated since June 30 2011.

3 Benchmark inception performance is calculated from the inception date of the oldest share class.


Euro Low Duration Fund seeks to maximise totalreturn, consistent with preservation of capitaland prudent investment management. The Fundseeks to achieve its investment objective byinvesting at least two-thirds of its assets in adiversified portfolio of Euro-denominated FixedIncome Instruments (as defined in theProspectus) of varying maturities. The averageportfolio duration of the Fund will normally varywithin two years (plus or minus) of the durationof the Bloomberg Barclays Euro Aggregateex-Treasury 1-3 Year Index.

Fund Insights


» Long exposure to select Swedish coveredbonds was positive for relative performance,as these securities generated positivetotal returns.

» Long exposure to select government-relatedsecurities was positive for relativeperformance, as these securities generatedpositive total returns.

» Long exposure to MXN was positive forrelative performance, thanks to the positivecarry and appreciation relative to EUR.

» Exposure to short-maturity Italiangovernment bonds was negative for relativeperformance, as yields sold off.

» Underweight to the long end of the Japaneseyield curve detracted from relativeperformance, as yields rallied.

» Long exposure to select EM currencies,including RUB and TRY, detracted fromrelative performance, as these currenciesdepreciated relative to EUR.


Euro Short-Term Fund




Institutional Class Accumulation Shares (Inception 31-Jan-2006) (0.82%) 1.56%

Institutional Class Income II Shares (Inception 06-May-2016) (0.87%) (0.51%)


1 Month Euribor Rate Index (0.19%) 1.09%2



Euro Short-Term Fund seeks maximum currentincome consistent with the preservation ofcapital and daily liquidity. The Fund seeks toachieve its investment objective by investing atleast two-thirds of its assets in a diversifiedportfolio of Euro-denominated Fixed IncomeInstruments (as defined in the Prospectus) withvarying maturities although the average portfolioduration is not expected to exceed one and ahalf years.

Fund Insights


» Long exposure to select Swedish coveredbonds was positive for absoluteperformance, as these securities generatedpositive total returns.

» Long exposure to MXN was positive forabsolute performance, thanks to thepositive carry.

» Long exposure to NOK was positive forabsolute performance, as the currencyappreciated relative to EUR.

» Long exposure to Italian duration detractedfrom absolute performance, as yieldssold off.

» Long exposure to European durationdetracted from absolute performance due tonegative short-dated yields in the Eurozone.

» Long exposure to select EM currencies,including RUB and TRY, detracted fromabsolute performance as these currenciesdepreciated relative to EUR.


Global Advantage Fund





Class E Accumulation Shares (Inception 10-Dec-2010) (2.61%) 1.07%

Class E Income Shares (Inception 10-Dec-2010) (2.54%) 1.07%

PIMCO Global Advantage Bond Index (GLADI) (London Close) (2.44%) 2.82%2


Institutional CHF (Partially Hedged) Class Income Shares (Inception 02-Aug-2011) (1.41%) 2.59%

PIMCO Global Advantage Bond Index (GLADI) (CHF, Partially Hedged) (London Close) (1.86%) 1.97%

Classes denominated in DKK

Institutional DKK (Partially Hedged) Class Accumulation Shares (Inception 22-Mar-2013) (1.18%) 1.59%

PIMCO Global Advantage Bond Index (GLADI) (DKK, Partially Hedged) (London Close) (1.53%) 0.88%


Institutional EUR (Partially Hedged) Class Accumulation Shares (Inception 24-May-2010) (1.16%) 3.12%

Class E EUR (Partially Hedged) Accumulation Shares (Inception 06-May-2010) (1.66%) 2.10%

PIMCO Global Advantage Bond Index (GLADI) (EUR, Partially Hedged) (London Close) (1.51%) 2.63%2


Institutional GBP (Partially Hedged) Class Accumulation Shares (Inception 11-Jul-2012) (0.83%) 2.97%

PIMCO Global Advantage Bond Index (GLADI) (GBP, Partially Hedged) (London Close) (1.20%) 2.44%

Classes denominated in NOK

Institutional NOK (Partially Hedged) Class Accumulation Shares (Inception 05-Mar-2012) (1.31%) 4.46%

PIMCO Global Advantage Bond Index (GLADI) (NOK, Partially Hedged) (London Close) (1.63%) 3.90%



Global Advantage Fund seeks to achievemaximum long-term return, consistent with thepreservation of capital and prudent investmentmanagement, by investing 80% of its assets in adiversified portfolio of Fixed Income Instruments(as defined in the Prospectus) that areeconomically tied to at least three countries (oneof which may be the United States).

Fund Insights


» US interest rate strategies contributed torelative performance, primarily due to carryand instrument selection.

» An underweight to Italian durationcontributed to relative performance, asyields rose.


» Exposure to non-agency mortgage-backedsecurities (MBS) contributed to relativeperformance, as total returns on thesesecurities were positive.

» Long exposure to a basket of high carryemerging market currencies (ARS, TRY, RUB)detracted from relative performance, asthese currencies depreciated versus theUS Dollar.

» Exposure to hard currency EM sovereign debtdetracted from relative performance, asspreads widened.

» An underweight to Japanese durationdetracted from relative performance, asyields fell.


Global Advantage Real Return Fund




Institutional Class Accumulation Shares (Inception 29-Jul-2011) (4.30%) (1.31%)

Class E Accumulation Shares (Inception 21-Dec-2012) (4.67%) (3.61%)

Class Z Income Shares (Inception 08-Nov-2012) (3.92%) (1.74%)

PIMCO Global Advantage Inflation-Linked Bond Index (USD Unhedged) (3.61%) (0.72%)2


Institutional CHF (Partially Hedged) Class Accumulation Shares (Inception 27-Mar-2012) (3.14%) (0.22%)

PIMCO Global Advantage Inflation-Linked Bond Index (CHF Partial Hedged) (2.56%) 0.30%


Institutional EUR (Partially Hedged) Class Accumulation Shares (Inception 29-Jul-2011) (2.75%) 0.85%

Institutional EUR (Partially Hedged) Class Income Shares (Inception 05-Mar-2013) (2.72%) (1.42%)

Class E EUR (Partially Hedged) Accumulation Shares (Inception 21-Dec-2012) (3.13%) (1.93%)

Class G Institutional EUR (Partially Hedged) Income Shares (Inception 28-Feb-2014) (2.70%) 0.77%

PIMCO Global Advantage Inflation-Linked Bond Index (EUR Partial Hedged) (2.09%) 1.47%2


Institutional GBP (Partially Hedged) Class Income Shares (Inception 15-Feb-2012) (2.53%) 0.90%

PIMCO Global Advantage Inflation-Linked Bond Index (GBP Partial Hedged) (1.97%) 1.49%



Global Advantage Real Return Fund seeks tomaximise real return, consistent withpreservation of real capital and prudentinvestment management, by investing at least70% of its net assets in global, developed andemerging market, local currency inflation-indexed Fixed Income Instruments (as defined inthe Prospectus).

Fund Insights


» An underweight to the long-end of theBrazilian real yield curve benefited relativeperformance, as respective real yieldsmoved higher.

» An underweight to US nominal durationbenefited relative performance, as yieldsmoved higher.

» Positioning within the UK nominal yieldcurve, notably underweight to the 10-yearportion in January, benefited relativeperformance, as the UK 10-year nominalyield rose.

» An overweight to Brazilian nominal durationdetracted from relative performance, asBrazilian nominal yields broadlymoved higher.

» An overweight to US real duration detractedfrom relative performance, as US real yieldsmoved higher.

» An overweight to Italian ILBs detracted fromrelative performance, as Italian real yields,broadly, moved higher.


Global Bond ESG Fund




Institutional Class Accumulation Shares (Inception 12-Jan-2017) 0.00% 2.58%

Class E Income Shares (Inception 12-Jan-2017) (0.46%) 1.70%

Bloomberg Barclays Global Aggregate (USD Hedged) Index 0.07% 2.01%


Class Z AUD (Hedged) Income Shares (Inception 12-Jan-2017) 0.26% 3.53%

Bloomberg Barclays Global Aggregate Index (AUD Hedged) 0.06% 2.42%


Institutional CHF (Hedged) Class Accumulation Shares (Inception 12-Jan-2017) (1.48%) 0.00%

Bloomberg Barclays Global Aggregate (CHF Hedged) Index (1.42%) (0.63%)


Institutional EUR (Hedged) Class Accumulation Shares (Inception 12-Jan-2017) (1.18%) 0.48%

Institutional EUR (Hedged) Class Income Shares (Inception 12-Jan-2017) (1.22%) 0.41%

Class E EUR (Hedged) Accumulation Shares (Inception 09-Feb-2017) (1.68%) (0.29%)

Bloomberg Barclays Global Aggregate (EUR Hedged) Index (1.21%) (0.16%)2


Institutional GBP (Hedged) Class Income Shares (Inception 12-Jan-2017) (0.71%) 1.33%

Bloomberg Barclays Global Aggregate (GBP Hedged) Index (0.71%) 0.75%

Classes denominated in NOK

Institutional NOK (Hedged) Class Accumulation Shares (Inception 12-Jan-2017) (0.58%) 1.77%

Bloomberg Barclays Global Aggregate (NOK Hedged) Index (0.51%) 1.15%

Classes denominated in NZD

Institutional NZD (Hedged) Class Income Shares (Inception 05-Apr-2017) 0.09% 2.86%

Bloomberg Barclays Global Aggregate (NZD Hedged) Index 0.21% 2.57%



Global Bond ESG Fund seeks to maximise totalreturn, consistent with preservation of capitaland prudent investment management byinvesting at least two-thirds of its assets in adiversified portfolio of Fixed Income Instruments(as defined in the Prospectus) denominated inmajor world currencies.

Fund Insights


» An underweight to Italian duration waspositive for relative performance, asyields rose.

» An underweight to UK duration was positivefor relative performance, as yields sold off.

» Exposure to non-agency mortgage-backedsecurities (MBS) contributed to relativeperformance, as total returns on thesesecurities were positive.


» Long exposure to a basket of EmergingMarket currencies (ARS, CNH, TRY, RUB)detracted from relative performance, asthese currencies depreciated versus the USD.

» An underweight to the long end of theJapanese yield curve detracted from relativeperformance, as yields rallied.

» Exposure to high-yie

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