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Pinebridge Asian Bond Fund Reports and Financial Statements for the Six PINEBRIDGE ASIAN BOND FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2021 (UNAUDITED) PineBridge Asian Bond Fund Reports and Financial Statements For the six months ended 30 June 2021 (Unaudited) Contents Pages Management and professional service details 1 Manager’s report 2 Investment report 3-11 Statement of net assets 12 Statement of comprehensive income 13 Statement of changes in equity 14-15 Statement of cash flows 16 Notes to the financial statements 17 PineBridge Asian Bond Fund Management and Professional Service Details Manager Trustee PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower Hong Kong 734 King’s Road, Quarry Bay Hong Kong Administrator and Custodian Application and Redemption Agents Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited 50th Floor, Champion Tower Citi Tower, One Bay East Three Garden Road, Central 83 Hoi Bun Road Hong Kong Kwun Tong, Kowloon Hong Kong Auditor Legal Advisers Ernst & Young Deacons 27/F, One Taikoo Place 5th Floor, Alexandra House 979 King’s Road 18 Chater Road Quarry Bay, Hong Kong Central, Hong Kong 1 PineBridge Asian Bond Fund Manager’s Report For the six months ended 30 June 2021 Manager’s Market Perspective 2021 H1 Market Overview Total return of the Asian investment grade bond market was weighed by the sell-off in US rates with the J.P. Morgan Asia Credit Investment Grade Index delivering -0.54% total return. Asia IG credit spread tightened 14bps during the period amid the upward movement in US rates (e.g. 10-year US treasury yield moved up 56bps). The spread and rate movement largely reflected better economic prospects, a smaller than expected economic impact of lockdowns and the vaccine deployment promising some return to normalcy in 2021. Within Asia, macro data points have been broadly healthy though renewed outbreaks from variants have delivered setbacks in selective countries. Despite selective idiosyncratic credit events (e.g. Chinese SOEs), overall corporate fundamentals continue to hold up better than what was initially expected, undoubtedly boosted by a relatively better track record in containing the pandemic. With risk appetite remaining healthy, Asia USD credit market printed a record supply of USD195bn in 1H21, up 18% yoy. 2021 H2 Market Outlook and Strategy We remain constructive on the macro recovery trajectory. Vaccination progress remains encouraging and will continue to support the expected global growth recovery. Meanwhile, Asia macro data points have been broadly healthy though renewed outbreaks from variants have delivered setbacks in selective countries (e.g. Indonesia), which we continue to monitor closely. In India, the second wave has now eased considerably, which should help reduce pressure on sovereign ratings in the near term. In China, the development of a major state-owned AMC issuer will continue to be watched closely. Regardless of the outcome, we are mindful that government support will be less forthcoming for less strategic entities and continue to maintain a more cautious stance towards local SOEs & LGFVs in China, particularly those with weak standalone profiles. On a corporate level, so far this year earnings/results have been trending better than expectations, while rating actions have been significantly more balanced compared to the previous year. While average Asia credit spread has further compressed, we continue to believe Asia credits offer better spread buffer against rate volatilities when compared to the developed market. The fund delivered -0.14% total return in 1H21, outperforming the benchmark by 37bps. The outperformance was primarily driven by positive credit selection and asset allocation, while duration and curve positioning moderately detracted. In terms of countries, positions in Indonesia, Korea and Australia were major contributors to outperformance, offsetting the drag in China. Looking ahead, we continue to focus on security selection as a major source of alpha. We continue to favor sectors which can benefit from the macro recovery and supportive government policies and are cautious on SOE credits with weak standalone profiles. 2 PineBridge Asian Bond Fund Investment Report As at 30 June 2021 (Unaudited) INVESTMENT PORTFOLIO Nominal Market % of net value value assets US$ US$ LISTED/QUOTED INVESTMENTS BONDS UNITED STATES DOLLAR AIRPORT AUTHORITY 2.1% 31DEC2049 590,000 594,221 0.59% AIRPORT AUTHORITY 2.4% 31DEC2049 570,000 570,125 0.56% ASAHI MUTUAL LIFE INSURANCE CO 4.1% 31DEC2049 730,000 745,878 0.74% AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/UNITED KINGDOM 6.75% 29DEC2049 1,000,000 1,176,465 1.16% AZURE ORBIT IV INTERNATIONAL FINANCE LTD 3.75% 25JAN2023 1,000,000 1,037,090 1.03% BANK MANDIRI PERSERO TBK PT 4.75% 13MAY2025 730,000 813,809 0.80% BANK OF CHINA LTD 5% 13NOV2024 2,550,000 2,848,447 2.81% BOC AVIATION LTD 2.625% 17SEP2030 250,000 248,150 0.25% BOC AVIATION LTD 3.25% 29APR2025 515,000 542,682 0.54% BOC AVIATION LTD 3.5% 18SEP2027 400,000 426,766 0.42% BOCOM LEASING MANAGEMENT HONG KONG CO LTD 4% 22JAN2022 410,000 416,220 0.41% BP CAPITAL MARKETS PLC 4.875% 31DEC2049 960,000 1,054,138 1.04% CDBL FUNDING 1 1.40588% 15NOV2021 645,000 645,887 0.64% CDBL FUNDING 1 3.5% 24OCT2027 2,200,000 2,330,140 2.30% CHALCO HONG KONG INVESTMENT CO LTD 4.25% 29DEC2049 1,500,000 1,509,666 1.49% CHALCO HONG KONG INVESTMENT CO LTD 4.875% 7SEP2021 900,000 905,517 0.90% CHINA CINDA 2020 I MANAGEMENT LTD 3% 18MAR2027 1,005,000 986,696 0.98% CHINA CINDA FINANCE 2017 I LTD 4.4% 9MAR2027 500,000 531,252 0.53% CHINA CONSTRUCTION BANK CORP 4.25% 27FEB2029 330,000 354,091 0.35% CHINA DEVELOPMENT BANK FINANCIAL LEASING CO LTD 2.875% 28SEP2030 2,890,000 2,938,220 2.90% CHINA HUANENG GROUP HONG KONG TREASURY MANAGEMENT HOLDING LTD 2.85% 31DEC2049 200,000 204,038 0.20% CHINA HUANENG GROUP HONG KONG TREASURY MANAGEMENT HOLDING LTD 3.08% 31DEC2049 200,000 204,872 0.20% CHINA LIFE INSURANCE OVERSEAS CO LTD/HONG KONG 3.35% 27JUL2027 330,000 335,003 0.33% CHINA MENGNIU DAIRY CO LTD 4.25% 7AUG2023 375,000 399,438 0.39% CHINA MINMETALS CORP 3.75% 31DEC2049 1,950,000 1,991,953 1.97% CHINA RESOURCES GAS GROUP LTD 4.5% 5APR2022 1,220,000 1,251,226 1.24% CHINA RESOURCES LAND LTD 4.125% 26FEB2029 1,122,000 1,230,461 1.22% CHINALCO CAPITAL HOLDINGS LTD 4.1% 29DEC2049 1,230,000 1,280,863 1.27% CMB INTERNATIONAL LEASING MANAGEMENT LTD 2% 4FEB2026 810,000 802,333 0.79% CMB INTERNATIONAL LEASING MANAGEMENT LTD 2.875% 4FEB2031 1,670,000 1,664,152 1.64% CMB WING LUNG BANK LTD 3.75% 22NOV2027 1,000,000 1,023,096 1.01% CMHI FINANCE BVI CO LTD 3.5% 31DEC2049 700,000 718,433 0.71% CMHI FINANCE BVI CO LTD 3.875% 31DEC2049 200,000 207,700 0.21% CONTEMPORARY RUIDING DEVELOPMENT LTD 1.875% 17SEP2025 200,000 200,991 0.20% COUNTRY GARDEN HOLDINGS CO LTD 3.875% 22OCT2030 655,000 646,943 0.64% COUNTRY GARDEN HOLDINGS CO LTD 7.25% 8APR2026 250,000 278,375 0.28% DAH SING BANK LTD 4.25% 30NOV2026 1,400,000 1,411,277 1.39% ELECT GLOBAL INVESTMENTS LTD 4.1% 31DEC2049 340,000 346,423 0.34% GOODMAN HK FINANCE 3% 22JUL2030 200,000 204,962 0.20% 3 PineBridge Asian Bond Fund Investment Report As at 30 June 2021 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Nominal Market % of net value value assets US$ US$ LISTED/QUOTED INVESTMENTS (CONTINUED) BONDS (CONTINUED) UNITED STATES DOLLAR (CONTINUED) GOODMAN HK FINANCE 4.375% 19JUN2024 400,000 434,020 0.43% HARVEST OPERATIONS CORP 1% 26APR2024 2,500,000 2,502,066 2.47% HORSE GALLOP FINANCE LTD 3.25% 30MAY2022 610,000 621,072 0.61% HUARONG FINANCE 2017 CO LTD 3.75% 27APR2022 350,000 293,165 0.29% HUARONG FINANCE 2017 CO LTD 4.25% 7NOV2027 455,000 319,069 0.32% HUARONG FINANCE 2017 CO LTD 4.75% 27APR2027 900,000 631,125 0.62% HUARONG FINANCE II CO LTD 4.875% 22NOV2026 300,000 211,500 0.21% HUARONG FINANCE II CO LTD 5.5% 16JAN2025 1,000,000 742,570 0.73% HYUNDAI CAPITAL AMERICA 2.375% 15OCT2027 1,000,000 1,024,312 1.01% HYUNDAI CAPITAL AMERICA 3.1% 5APR2022 846,000 862,222 0.85% HYUNDAI CAPITAL AMERICA 5.875% 7APR2025 800,000 925,094 0.91% HYUNDAI CAPITAL SERVICES INC 3.625% 29AUG2027 1,200,000 1,323,156 1.31% ICBCIL FINANCE CO LTD 1.25588% 15MAY2023 500,000 497,687 0.49% INDONESIA ASAHAN ALUMINIUM PERSERO PT 5.45% 15MAY2030 500,000 581,940 0.58% INDONESIA ASAHAN ALUMINIUM PERSERO PT 6.53% 15NOV2028 800,000 982,524 0.97% JIC ZHIXIN LTD 3.5% 24NOV2027 300,000 324,422 0.32% LEMBAGA PEMBIAYAAN EKSPOR INDONESIA 3.875% 6APR2024 700,000 750,925 0.74% LG CHEM LTD 1.375% 7JUL2026 1,500,000 1,489,243 1.47% LG CHEM LTD 2.375% 7JUL2031 480,000 480,163 0.47% LLPL CAPITAL PTE LTD 6.875% 4FEB2039 638,400 745,820 0.74% LONGFOR GROUP HOLDINGS LTD 3.375% 13APR2027 1,000,000 1,053,104 1.04% MEGLOBAL CANADA ULC 5.875% 18MAY2030 735,000 908,670 0.90% MINEJESA CAPITAL BV 5.625% 10AUG2037 2,850,000 3,094,729 3.06% MINMETALS BOUNTEOUS FINANCE BVI LTD 3.375% 31DEC2049 500,000 513,512 0.51% MINMETALS BOUNTEOUS FINANCE BVI LTD 4.75% 30JUL2025 900,000 998,370 0.99% NAVER CORP 1.5% 29MAR2026 920,000 918,865 0.91% NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4% 29SEP2027 1,550,000 1,615,455 1.60% NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.7% 12MAY2031 670,000 690,248 0.68% NIPPON LIFE INSURANCE CO 2.75% 21JAN2051 600,000 588,750 0.58% OIL INDIA INTERNATIONAL PTE LTD 4% 21APR2027 500,000 529,784 0.52% OIL INDIA LTD 5.125% 4FEB2029 600,000 674,395 0.67% OVERSEA-CHINESE BANKING CORP LTD 1.832% 10SEP2030 200,000 200,626 0.20% PERUSAHAAN LISTRIK NEGARA PT 4.125% 15MAY2027 800,000 868,600 0.86% PERUSAHAAN LISTRIK NEGARA
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