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

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.

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%

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 PT 5.5% 22NOV2021 300,000 305,460 0.30% PERUSAHAAN LISTRIK NEGARA PT 6.15% 21MAY2048 2,300,000 2,912,168 2.88% PERUSAHAAN LISTRIK NEGARA PT 6.25% 25JAN2049 750,000 951,847 0.94% PROSUS NV 4.027% 3AUG2050 1,845,000 1,782,500 1.76% PTT GLOBAL CHEMICAL PCL 4.25% 19SEP2022 650,000 675,300 0.67% PTTEP TREASURY CENTER CO LTD 3.903% 6DEC2059 730,000 787,351 0.78%

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) QATAR PETROLEUM 2.25% 12JUL2031 625,000 618,356 0.61% QATAR PETROLEUM 3.3% 12JUL2051 570,000 570,000 0.56% RELIANCE INDUSTRIES LTD 5.4% 14FEB2022 450,000 462,706 0.46% SANTOS FINANCE LTD 3.649% 29APR2031 775,000 795,070 0.79% SANTOS FINANCE LTD 4.125% 14SEP2027 750,000 810,212 0.80% SANTOS FINANCE LTD 5.25% 13MAR2029 1,800,000 2,050,252 2.03% SCENTRE GROUP TRUST 2 4.75% 24SEP2080 1,910,000 2,041,312 2.02% SCENTRE GROUP TRUST 2 5.125% 24SEP2080 3,310,000 3,533,425 3.49% SHINHAN BANK CO LTD 3.875% 24MAR2026 700,000 770,600 0.76% SINOPEC CAPITAL 2013 LTD 3.125% 24APR2023 700,000 727,362 0.72% SINOPEC GROUP OVERSEAS DEVELOPMENT 2015 LTD 3.25% 28APR2025 500,000 533,341 0.53% SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 2.75% 29SEP2026 500,000 530,786 0.52% SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 3.5% 3MAY2026 300,000 328,294 0.32% SINOPEC GROUP OVERSEAS DEVELOPMENT 2017 LTD 3.25% 13SEP2027 500,000 542,132 0.54% SINOPEC GROUP OVERSEAS DEVELOPMENT 2018 LTD 2.95% 12NOV2029 1,250,000 1,316,932 1.30% SINOPEC GROUP OVERSEAS DEVELOPMENT 2018 LTD 3.1% 8JAN2051 1,000,000 968,892 0.96% SPIC LUXEMBOURG LATIN AMERICA RENEWABLE ENERGY INVESTMENT CO SARL 4.65% 30OCT2023 1,030,000 1,101,473 1.09% STATE GRID OVERSEAS INVESTMENT 2016 LTD 3.5% 4MAY2027 256,000 282,481 0.28% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.75% 25FEB2029 290,000 320,352 0.32% TALENT YIELD INTERNATIONAL LTD 3.125% 6MAY2031 960,000 998,789 0.99% TENCENT HOLDINGS LTD 3.68% 22APR2041 1,520,000 1,634,063 1.62% THAIOIL TREASURY CENTER CO LTD 3.625% 23JAN2023 490,000 507,285 0.50% UNITED OVERSEAS BANK LTD 3.5% 16SEP2026 1,200,000 1,209,000 1.20% UNITED OVERSEAS BANK LTD 3.75% 15APR2029 200,000 213,054 0.21% VANKE REAL ESTATE HONG KONG CO LTD 3.975% 9NOV2027 908,000 977,007 0.97% WEICHAI INTERNATIONAL HONG KONG ENERGY GROUP CO LTD 3.75% 14SEP2049 500,000 509,378 0.50% WESTPAC BANKING CORP 4.11% 24JUL2034 750,000 824,032 0.81% WESTPAC BANKING CORP/NEW ZEALAND 5% 31DEC2049 500,000 537,280 0.53% WOORI BANK 5.125% 6AUG2028 900,000 1,059,596 1.05% TOTAL UNITED STATES DOLLAR 97,663,290 96.54%

TOTAL INVESTMENTS* 97,663,290 96.54%

TOTAL INVESTMENTS, AT COST* 95,253,406

* Investments are accounted for on a trade date basis. 5

PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Nominal value

Additions Deductions 1 January 2021 30 June 2021 US$ US$ US$ US$

LISTED/QUOTED INVESTMENTS

BONDS

UNITED STATES DOLLAR ADANI TRANSMISSION LTD 4.25% 21MAY2036 256,690 – (256,690) – AIRPORT AUTHORITY 2.1% 31DEC2049 590,000 – – 590,000 AIRPORT AUTHORITY 2.4% 31DEC2049 570,000 – – 570,000 AMIPEACE LTD 2.25% 22OCT2030 2,895,000 – (2,895,000) – ASAHI MUTUAL LIFE INSURANCE CO 4.1% 31DEC2049 – 730,000 – 730,000 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/UNITED KINGDOM 6.75% 29DEC2049 1,800,000 – (800,000) 1,000,000 AXIATA SPV5 LABUAN LTD 3.064% 19AUG2050 300,000 – (300,000) – AZURE NOVA INTERNATIONAL FINANCE LTD 4.25% 21MAR2027 400,000 – (400,000) – AZURE ORBIT IV INTERNATIONAL FINANCE LTD 3.5% 25JAN2021 500,000 – (500,000) – AZURE ORBIT IV INTERNATIONAL FINANCE LTD 3.75% 25JAN2023 1,000,000 – – 1,000,000 BANK MANDIRI PERSERO TBK PT 4.75% 13MAY2025 730,000 – – 730,000 BANK OF CHINA LTD 5% 13NOV2024 2,550,000 – – 2,550,000 BLUESTAR FINANCE HOLDINGS LTD 3.5% 30SEP2021 1,000,000 – (1,000,000) – BOC AVIATION LTD 2.625% 17SEP2030 750,000 – (500,000) 250,000 BOC AVIATION LTD 3.25% 29APR2025 515,000 – – 515,000 BOC AVIATION LTD 3.5% 18SEP2027 400,000 – – 400,000 BOCOM LEASING MANAGEMENT HONG KONG CO LTD 4% 22JAN2022 410,000 – – 410,000 BP CAPITAL MARKETS PLC 4.375% 31DEC2049 335,000 – (335,000) – BP CAPITAL MARKETS PLC 4.875% 31DEC2049 960,000 – – 960,000 CDBL FUNDING 1 1.40588% 15NOV2021 645,000 – – 645,000 CDBL FUNDING 1 3.5% 24OCT2027 2,200,000 – – 2,200,000 CHALCO HONG KONG INVESTMENT CO LTD 4.25% 29DEC2049 1,500,000 – – 1,500,000 CHALCO HONG KONG INVESTMENT CO LTD 4.875% 7SEP2021 900,000 – – 900,000 CHINA CINDA 2020 I MANAGEMENT LTD 3% 18MAR2027 1,005,000 – – 1,005,000 CHINA CINDA FINANCE 2017 I LTD 4.4% 9MAR2027 500,000 – – 500,000 CHINA CLEAN ENERGY DEVELOPMENT LTD 4% 5NOV2025 800,000 – (800,000) – CHINA CONSTRUCTION BANK CORP 4.25% 27FEB2029 330,000 – – 330,000 CHINA DEVELOPMENT BANK FINANCIAL LEASING CO LTD 2.875% 28SEP2030 2,890,000 – – 2,890,000 CHINA HUANENG GROUP HONG KONG TREASURY MANAGEMENT HOLDING LTD 2.85% 31DEC2049 200,000 – – 200,000 CHINA HUANENG GROUP HONG KONG TREASURY MANAGEMENT HOLDING LTD 3.08% 31DEC2049 200,000 – – 200,000 CHINA LIFE INSURANCE OVERSEAS CO LTD/HONG KONG 3.35% 27JUL2027 330,000 – – 330,000 CHINA MENGNIU DAIRY CO LTD 4.25% 7AUG2023 375,000 – – 375,000 CHINA MINMETALS CORP 3.75% 31DEC2049 1,950,000 – – 1,950,000 CHINA OVERSEAS FINANCE CAYMAN V LTD 3.95% 15NOV2022 500,000 – (500,000) – CHINA RESOURCES GAS GROUP LTD 4.5% 5APR2022 450,000 770,000 – 1,220,000 CHINA RESOURCES LAND LTD 4.125% 26FEB2029 – 1,122,000 – 1,122,000 CHINA SOUTHERN POWER GRID INTERNATIONAL FINANCE BVI CO LTD 3.5% 8MAY2027 690,000 – (690,000) – CHINALCO CAPITAL HOLDINGS LTD 4.1% 29DEC2049 1,230,000 – – 1,230,000 CMB INTERNATIONAL LEASING MANAGEMENT LTD 2% 4FEB2026 – 810,000 – 810,000 CMB INTERNATIONAL LEASING MANAGEMENT LTD 2.875% 4FEB2031 – 2,170,000 (500,000) 1,670,000 CMB WING LUNG BANK LTD 3.75% 22NOV2027 1,000,000 – – 1,000,000

PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 US$ US$ US$ US$

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

UNITED STATES DOLLAR (CONTINUED) CMHI FINANCE BVI CO LTD 3.5% 31DEC2049 700,000 – – 700,000 CMHI FINANCE BVI CO LTD 3.875% 31DEC2049 200,000 – – 200,000 CNAC HK FINBRIDGE CO LTD 3.35% 31DEC2049 1,000,000 – (1,000,000) – CNAC HK FINBRIDGE CO LTD 4.125% 19JUL2027 300,000 – (300,000) – CONTEMPORARY RUIDING DEVELOPMENT LTD 1.875% 17SEP2025 200,000 – – 200,000 COUNTRY GARDEN HOLDINGS CO LTD 3.875% 22OCT2030 655,000 – – 655,000 COUNTRY GARDEN HOLDINGS CO LTD 7.25% 8APR2026 250,000 – – 250,000 CRCC CHENGAN LTD 3.97% 31DEC2049 250,000 – (250,000) – DAH SING BANK LTD 4.25% 30NOV2026 1,400,000 – – 1,400,000 ELECT GLOBAL INVESTMENTS LTD 4.1% 31DEC2049 340,000 – – 340,000 GC TREASURY CENTER CO LTD 2.98% 18MAR2031 – 315,000 (315,000) – GOODMAN HK FINANCE 3% 22JUL2030 200,000 – – 200,000 GOODMAN HK FINANCE 4.375% 19JUN2024 400,000 – – 400,000 HAIDILAO INTERNATIONAL HOLDING LTD 2.15% 14JAN2026 – 290,000 (290,000) – HARVEST OPERATIONS CORP 1% 26APR2024 – 2,500,000 – 2,500,000 HONGKONG LAND FINANCE CAYMAN ISLANDS CO LTD 2.875% 27MAY2030 200,000 – (200,000) – HORSE GALLOP FINANCE LTD 3.25% 30MAY2022 610,000 – – 610,000 HUARONG FINANCE 2017 CO LTD 3.75% 27APR2022 – 350,000 – 350,000 HUARONG FINANCE 2017 CO LTD 4.25% 7NOV2027 300,000 405,000 (250,000) 455,000 HUARONG FINANCE 2017 CO LTD 4.75% 27APR2027 2,900,000 – (2,000,000) 900,000 HUARONG FINANCE 2019 CO LTD 3.375% 24FEB2030 805,000 – (805,000) – HUARONG FINANCE 2019 CO LTD 3.625% 30SEP2030 480,000 – (480,000) – HUARONG FINANCE 2019 CO LTD 3.875% 13NOV2029 275,000 500,000 (775,000) – HUARONG FINANCE II CO LTD 3.625% 22NOV2021 – 350,000 (350,000) – HUARONG FINANCE II CO LTD 4.875% 22NOV2026 – 300,000 – 300,000 HUARONG FINANCE II CO LTD 5.5% 16JAN2025 – 1,000,000 – 1,000,000 HYUNDAI CAPITAL AMERICA 2.375% 15OCT2027 1,000,000 – – 1,000,000 HYUNDAI CAPITAL AMERICA 3.1% 5APR2022 346,000 500,000 – 846,000 HYUNDAI CAPITAL AMERICA 5.875% 7APR2025 800,000 – – 800,000 HYUNDAI CAPITAL SERVICES INC 3.625% 29AUG2027 1,200,000 – – 1,200,000 ICBCIL FINANCE CO LTD 1.25588% 15MAY2023 500,000 – – 500,000 INDONESIA ASAHAN ALUMINIUM PERSERO PT 5.45% 15MAY2030 500,000 – – 500,000 INDONESIA ASAHAN ALUMINIUM PERSERO PT 6.53% 15NOV2028 800,000 – – 800,000 INDONESIA GOVERNMENT INTERNATIONAL BOND 4.75% 18JUL2047 – 500,000 (500,000) – JIC ZHIXIN LTD 3.5% 24NOV2027 500,000 – (200,000) 300,000 KOOKMIN BANK 2.5% 4NOV2030 200,000 – (200,000) – KOREA GAS CORP 3.125% 20JUL2027 491,000 – (491,000) – KOREA HYDRO & NUCLEAR POWER CO LTD 3.125% 25JUL2027 230,000 – (230,000) – LEMBAGA PEMBIAYAAN EKSPOR INDONESIA 3.875% 6APR2024 700,000 – – 700,000 LG CHEM LTD 1.375% 7JUL2026 – 1,500,000 – 1,500,000 LG CHEM LTD 2.375% 7JUL2031 – 480,000 – 480,000 LLPL CAPITAL PTE LTD 6.875% 4FEB2039 1,596,300 – (957,900) 638,400 LONGFOR GROUP HOLDINGS LTD 3.375% 13APR2027 1,000,000 – – 1,000,000 LONGFOR GROUP HOLDINGS LTD 3.95% 16SEP2029 733,000 – (733,000) –

PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 US$ US$ US$ US$

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

UNITED STATES DOLLAR (CONTINUED) MALAYAN BANKING BHD 3.905% 29OCT2026 800,000 – (800,000) – MEGLOBAL CANADA ULC 5.875% 18MAY2030 735,000 – – 735,000 MEITUAN 3.05% 28OCT2030 320,000 – (320,000) – MINEJESA CAPITAL BV 5.625% 10AUG2037 2,850,000 – – 2,850,000 MINMETALS BOUNTEOUS FINANCE BVI LTD 3.375% 31DEC2049 500,000 – – 500,000 MINMETALS BOUNTEOUS FINANCE BVI LTD 4.75% 30JUL2025 900,000 – – 900,000 MTR CORP LTD 1.625% 19AUG2030 1,000,000 – (1,000,000) – NAVER CORP 1.5% 29MAR2026 – 920,000 – 920,000 NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4% 29SEP2027 1,550,000 – – 1,550,000 NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.7% 12MAY2031 – 670,000 – 670,000 NIPPON LIFE INSURANCE CO 2.75% 21JAN2051 – 1,100,000 (500,000) 600,000 NIPPON LIFE INSURANCE CO 3.4% 23JAN2050 750,000 – (750,000) – NTPC LTD 4.5% 19MAR2028 – 1,250,000 (1,250,000) – OIL INDIA INTERNATIONAL PTE LTD 4% 21APR2027 500,000 – – 500,000 OIL INDIA LTD 5.125% 4FEB2029 600,000 – – 600,000 OVERSEA-CHINESE BANKING CORP LTD 1.832% 10SEP2030 200,000 – – 200,000 PERTAMINA PERSERO PT 5.625% 20MAY2043 500,000 – (500,000) – PERTAMINA PERSERO PT 6% 3MAY2042 500,000 – (500,000) – PERUSAHAAN LISTRIK NEGARA PT 4.125% 15MAY2027 – 800,000 – 800,000 PERUSAHAAN LISTRIK NEGARA PT 5.5% 22NOV2021 300,000 – – 300,000 PERUSAHAAN LISTRIK NEGARA PT 6.15% 21MAY2048 1,800,000 500,000 – 2,300,000 PERUSAHAAN LISTRIK NEGARA PT 6.25% 25JAN2049 500,000 750,000 (500,000) 750,000 PETRONAS CAPITAL LTD 4.55% 21APR2050 300,000 – (300,000) – PHILIPPINE NATIONAL BANK 3.28% 27SEP2024 310,000 – (310,000) – POWER FINANCE CORP LTD 3.95% 23APR2030 900,000 – (900,000) – POWER FINANCE CORP LTD 5.25% 10AUG2028 400,000 – (400,000) – PROSUS NV 4.027% 3AUG2050 345,000 1,500,000 – 1,845,000 PTT GLOBAL CHEMICAL PCL 4.25% 19SEP2022 650,000 – – 650,000 PTT TREASURY CENTER CO LTD 3.7% 16JUL2070 290,000 – (290,000) – PTTEP TREASURY CENTER CO LTD 3.903% 6DEC2059 730,000 – – 730,000 QATAR PETROLEUM 2.25% 12JUL2031 – 625,000 – 625,000 QATAR PETROLEUM 3.3% 12JUL2051 – 570,000 – 570,000 RELIANCE INDUSTRIES LTD 5.4% 14FEB2022 450,000 – – 450,000 SANTOS FINANCE LTD 3.649% 29APR2031 – 775,000 – 775,000 SANTOS FINANCE LTD 4.125% 14SEP2027 750,000 – – 750,000 SANTOS FINANCE LTD 5.25% 13MAR2029 750,000 1,050,000 – 1,800,000 SCENTRE GROUP TRUST 2 4.75% 24SEP2080 1,610,000 300,000 – 1,910,000 SCENTRE GROUP TRUST 2 5.125% 24SEP2080 3,310,000 – – 3,310,000 SHINHAN BANK CO LTD 3.75% 20SEP2027 500,000 – (500,000) – SHINHAN BANK CO LTD 3.875% 24MAR2026 700,000 – – 700,000 SHINHAN BANK CO LTD 4% 23APR2029 775,000 – (775,000) – SINOPEC CAPITAL 2013 LTD 3.125% 24APR2023 700,000 – – 700,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2015 LTD 3.25% 28APR2025 1,000,000 – (500,000) 500,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 2.75% 29SEP2026 500,000 – – 500,000

PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 US$ US$ US$ US$

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

UNITED STATES DOLLAR (CONTINUED) SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 3.5% 3MAY2026 300,000 – – 300,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2017 LTD 3.25% 13SEP2027 500,000 – – 500,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2018 LTD 2.95% 12NOV2029 – 1,250,000 – 1,250,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2018 LTD 3.1% 8JAN2051 – 1,000,000 – 1,000,000 SK HYNIX INC 2.375% 19JAN2031 – 790,000 (790,000) – SPIC LUXEMBOURG LATIN AMERICA RENEWABLE ENERGY INVESTMENT CO SARL 4.65% 30OCT2023 1,030,000 – – 1,030,000 STATE GRID OVERSEAS INVESTMENT 2016 LTD 3.5% 4MAY2027 256,000 – – 256,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.75% 25FEB2029 290,000 – – 290,000 TALENT YIELD INTERNATIONAL LTD 3.125% 6MAY2031 – 960,000 – 960,000 TENCENT HOLDINGS LTD 3.24% 3JUN2050 – 1,000,000 (1,000,000) – TENCENT HOLDINGS LTD 3.68% 22APR2041 – 1,520,000 – 1,520,000 TENCENT HOLDINGS LTD 3.94% 22APR2061 – 1,120,000 (1,120,000) – THAIOIL TREASURY CENTER CO LTD 3.625% 23JAN2023 490,000 – – 490,000 TINGYI CAYMAN ISLANDS HOLDING CORP 1.625% 24SEP2025 750,000 – (750,000) – UNITED OVERSEAS BANK LTD 3.5% 16SEP2026 1,200,000 – – 1,200,000 UNITED OVERSEAS BANK LTD 3.75% 15APR2029 200,000 – – 200,000 UNITED STATES TREASURY NOTE/BOND 0.625% 15AUG2030 1,500,000 – (1,500,000) – VANKE REAL ESTATE HONG KONG CO LTD 3.975% 9NOV2027 908,000 – – 908,000 WEICHAI INTERNATIONAL HONG KONG ENERGY GROUP CO LTD 3.75% 14SEP2049 – 500,000 – 500,000 WESTPAC BANKING CORP 4.11% 24JUL2034 – 750,000 – 750,000 WESTPAC BANKING CORP/NEW ZEALAND 5% 31DEC2049 500,000 – – 500,000 WOORI BANK 5.125% 6AUG2028 900,000 – – 900,000

PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Asian Bond Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to provide a stable return and long term capital growth through investing in a wide range of debt securities within the Asian region. The Fund shall predominantly (i.e. at least 70% of the total net assets) be invested in fixed or floating rate fixed income securities issued by sovereigns in the Asian region, or issued by corporations and banks in the Asian region.

30 June 2021 30 June 2020 30 June 2019 US$ US$ US$ Investments and investment income

Total value of investments 97,663,290 84,218,058 78,764,057

Interest on bank deposits 2,743 8,490 13,952 Interest on investments (net of withholding tax) 1,851,650 1,354,463 1,454,918

Net income excluding capital (depreciation)/appreciation 1,796,948 1,311,243 1,419,924

Net (depreciation)/appreciation of financial assets and financial liabilities at fair value through profit or loss – realized and unrealized (2,034,986) 4,122,991 4,299,813

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue US$ US$ Units Provident Fund units 30 June 2021 101,167,704 16.89 5,989,309 31 December 2020 104,080,560 16.92 6,152,262 31 December 2019 71,588,690 15.07 4,750,746

PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued) Performance record since inception Highest Lowest Investment issue price redemption price return per unit per unit (Note 2) US$ US$ % Provident Fund units 30 June 2021 17.05 16.59 (0.18) 31 December 2020 16.92 14.72 12.28 31 December 2019 15.07 13.44 12.30 31 December 2018 13.43 13.01 0.45 31 December 2017 13.41 12.61 6.12 31 December 2016 13.10 12.07 4.66 31 December 2015 12.10 11.61 3.62 31 December 2014 11.66 10.88 6.71 31 December 2013 11.21 10.53 (1.10) 31 December 2012 (Note 1) 11.01 9.99 9.96

Note 1: The Fund started to issue Provident Fund units on 10 February 2012.

Note 2: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period except for the first period where the initial subscription price per unit is used. The Fund was launched on 10 February 2012.

Note 3: No Standard units were issued by the Fund since inception. The “Standard units” have been renamed to “Standard units – Accumulation” with effect from 27 June 2013.

Note 4: No Standard units – Monthly Distribution were issued by the Fund since its launch.

PineBridge Asian Bond Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 US$ US$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 97,663,290 101,059,236 Interest receivable on investments 898,119 902,969 Bank interest receivable 20 8 Amounts receivable on subscription 13,322 12,410 Cash and cash equivalents 5,948,181 2,317,967 Total assets 104,522,932 104,292,590

Liabilities Current liabilities Amounts payable on redemption 154,691 180,337 Amounts payable to brokers 3,160,585 – Accounts payable and accrued expenses 39,952 31,693 Total liabilities 3,355,228 212,030

Net Asset 101,167,704 104,080,560

Equity Net assets attributable to unitholders 101,167,704 104,080,560

The accompanying notes form an integral part of these financial statements. 12

PineBridge Asian Bond Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Income Interest on bank deposits 2,743 8,490 Interest on investments 1,851,650 1,354,463 Net (losses)/gains on financial assets and financial liabilities at fair value through profit or loss (2,034,986) 4,122,991 Total investment (loss)/income (180,593) 5,485,944

Expenses Trustee's fee 25,446 18,579 Custodian and administration fees 22,219 21,708 Audit fee 6,357 5,524 Bank charges 207 207 Legal and professional fees 91 2,538 Other expenses 3,125 3,154 Total operating expenses 57,445 51,710

Total comprehensive (loss)/income (238,038) 5,434,234

The accompanying notes form an integral part of these financial statements. 13

PineBridge Asian Bond Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Balance at the beginning of the period 104,080,560 71,588,690

Issue of units 10,345,013 28,031,030

Redemption of units (13,019,831) (18,895,707)

Net (decrease)/increase from unit transactions (2,674,818) 9,135,323

Total comprehensive (loss)/income (238,038) 5,434,234

Balance at the end of the period 101,167,704 86,158,247

PineBridge Asian Bond Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2021 30 June 2021 Standard Units – Standard Monthly Units – Distribution Accumulation Provident (Note 1) (Note 2) Fund Units Units Units

Number of units in issue at the beginning of the period – – 6,152,262

Issue of units – – 614,825

Redemption of units – – (777,778)

Net decrease from unit transactions – – (162,953)

Number of units in issue at the end of the period – – 5,989,309

30 June 2020 30 June 2020 30 June 2020 Standard Units – Standard Monthly Units – Distribution Accumulation Provident (Note 1) (Note 2) Fund Units Units Units

Number of units in issue at the beginning of the period – – 4,750,746

Issue of units – – 1,833,870

Redemption of units – – (1,223,101)

Net increase from unit transactions – – 610,769

Number of units in issue at the end of the period – – 5,361,515

Note 1: No Standard units – Monthly Distribution were issued by the Fund since its launch.

Note 2: No Standard units were issued by the Fund since inception. The “Standard units” have been renamed to “Standard units – Accumulation” with effect from 27 June 2013.

The accompanying notes form an integral part of these financial statements. 15

PineBridge Asian Bond Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Cash flows from operating activities

Total comprehensive (loss)/income (238,038) 5,434,234

Adjustment for: Interest on bank deposits (2,743) (8,490) Interest on investments (1,851,650) (1,354,463) Operating (loss)/profit before working capital changes (2,092,431) 4,071,281

Net decrease/(increase) in investments 3,395,946 (15,805,183) Net increase in amounts payable to brokers 3,160,585 1,383,040 Net increase/(decrease) in accounts payable and accrued expenses 8,259 (1,760) Cash generated from/(used in) operations 4,472,359 (10,352,622)

Interest on bank deposits received 2,731 8,605 Interest on investments received 1,856,500 1,303,624 Net cash generated from/(used in) operating activities 6,331,590 (9,040,393)

Cash flows from financing activities

Proceeds from issue of units 10,344,101 28,016,367 Payments on redemption of units (13,045,477) (18,926,782) Net cash (used in)/generated from financing activities (2,701,376) 9,089,585

Net increase in cash and cash equivalents 3,630,214 49,192

Cash and cash equivalents at the beginning of the period 2,317,967 2,626,362 Cash and cash equivalents at the end of the period 5,948,181 2,675,554

Analysis of balance of cash and cash equivalents

Cash at banks 10,081 10,054 Short-term deposits 5,938,100 2,665,500 5,948,181 2,675,554

The accompanying notes form an integral part of these financial statements. 16

PineBridge Asian Bond Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Asian Bond Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2020, as described in the Notes to the Financial Statements of the annual financial statements.

PINEBRIDGE ASIAN FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED)

PineBridge Asian 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 3-8

Statement of net assets 9

Statement of comprehensive income 10

Statement of changes in equity 11

Statement of cash flows 12

Notes to the financial statements 13

PineBridge Asian Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Asian Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

1H 2021 had been a long roller coaster ride for the Asian equities, Macro and policy factors ranging from inflation expectations, China growth as well as policy dynamics continued to drive the market volatility. Taiwan had been the best performing markets while China and ASEAN continued to lag. While the market was cheering the ongoing signs of global economy recovery, some parts of Asia was seeing the resurgence of Covid-19 cases to new high prompting tighter mobility control.

2021 H2 Market Outlook and Strategy

Sitting at the halfway mark of 2021, sentiment remain shaky; macro and policy forced will continue to be driving forces for market volatility. After a sharp recovery from pandemic- driven collapse in economy activity, growth globally and in Asian region is likely to moderate in 2H 2021 and 2022. We maintain our positive stance in Korea, Hong Kong and Philippines as valuations remain compelling and a lot of concerns are priced in. We remain cautious on Malaysia as political risk lingers and valuations are not attractive.

PineBridge Asian Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Holding Market % of net shares value assets US$ LISTED EQUITIES

CHINA ESTUN AUTOMATION CO LTD 1,033,906 6,249,011 2.62% JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO LTD 195,515 1,271,585 0.53% LUXSHARE PRECISION INDUSTRY CO LTD 935,785 6,662,591 2.79% PING AN BANK CO LTD 142,613 499,299 0.21% SHANDONG SINOCERA FUNCTIONAL MATERIAL CO LTD 382,207 2,883,915 1.21% ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD 1,482,114 5,500,979 2.30% TOTAL CHINA 23,067,380 9.66%

HONG KONG BAIDU INC A SHS 208,260 5,347,396 2.24% BILIBILI INC 33,100 4,074,715 1.71% CHINA MENGNIU DAIRY CO LTD 1,285,000 7,768,730 3.25% GEELY AUTOMOBILE HOLDINGS LTD 1,874,000 5,900,105 2.47% HAIER SMART HOME CO LTD 1,416,600 4,943,424 2.07% JIUMAOJIU INTERNATIONAL HOLDINGS LTD 1,783,000 7,289,645 3.05% KINGBOARD LAMINATES HOLDINGS LTD 471,500 1,057,648 0.44% KINGSOFT CORP LTD 685,000 4,106,025 1.72% MEITUAN 119,300 4,922,030 2.06% NETJOY HOLDINGS LTD 2,539,000 2,167,642 0.91% PING AN INSURANCE GROUP CO OF CHINA LTD 247,000 2,418,842 1.01% PRADA SPA 372,900 2,830,659 1.19% SAMSONITE INTERNATIONAL SA 3,199,200 6,541,890 2.74% STELLA INTERNATIONAL HOLDINGS LTD 3,622,500 5,597,588 2.35% VITASOY INTERNATIONAL HOLDINGS LTD 455,000 1,690,318 0.71% WEICHAI POWER CO LTD 2,814,000 6,254,264 2.62% ZHOU HEI YA INTERNATIONAL HOLDINGS CO LTD 3,439,000 4,122,809 1.73% TOTAL HONG KONG 77,033,730 32.27%

INDONESIA BANK JAGO TBK PT 4,239,900 3,984,303 1.67% TOTAL INDONESIA 3,984,303 1.67%

PHILIPPINES GT CAPITAL HOLDINGS INC 376,910 4,686,877 1.96% MEGAWORLD CORP 18,850,000 1,247,300 0.52% TOTAL PHILIPPINES 5,934,177 2.48%

SOUTH KOREA AMOREPACIFIC CORP 14,181 3,173,296 1.33% CJ CHEILJEDANG CORP 19,254 7,881,794 3.30% HYUNDAI MOTOR CO 28,408 6,041,564 2.53% LG ELECTRONICS INC 38,646 5,610,809 2.35% LS CORP 64,252 4,039,458 1.69% NAVER CORP 28,814 10,682,262 4.48% SAMSUNG ELECTRONICS CO LTD 26,630 1,908,305 0.80%

PineBridge Asian Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets US$ LISTED EQUITIES (CONTINUED)

SOUTH KOREA (CONTINUED) SK HYNIX INC 25,360 2,871,194 1.20% SK INNOVATION CO LTD 30,932 8,116,498 3.40% STUDIO DRAGON CORP 51,236 4,358,569 1.83% TOTAL SOUTH KOREA 54,683,749 22.91%

TAIWAN AIRTAC INTERNATIONAL GROUP 133,000 5,131,516 2.15% ASMEDIA TECHNOLOGY INC 78,000 3,765,325 1.58% DELTA ELECTRONICS INC 754,000 8,199,730 3.44% MEDIATEK INC 464,000 16,020,594 6.71% REALTEK SEMICONDUCTOR CORP 65,000 1,178,122 0.49% SILERGY CORP 22,000 2,992,592 1.25% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 321,833 6,872,790 2.88% TOTAL TAIWAN 44,160,669 18.50%

THAILAND NGERN TID LOR PCL 1,553,900 2,012,054 0.84% SABINA PCL 4,406,300 2,804,612 1.18% TOTAL THAILAND 4,816,666 2.02%

UNITED STATES OF AMERICA FUTU HOLDINGS LTD 21,082 3,775,575 1.58% HOLLYSYS AUTOMATION TECHNOLOGIES LTD 143,704 2,141,190 0.90% KINGSOFT CLOUD HOLDINGS LTD 80,396 2,727,836 1.14% LUFAX HOLDING LTD 328,890 3,716,457 1.56% PINDUODUO INC 13,933 1,769,770 0.74% SEA LTD 16,656 4,573,738 1.92% TENCENT MUSIC ENTERTAINMENT GROUP 274,717 4,252,619 1.78% TOTAL UNITED STATES OF AMERICA 22,957,185 9.62%

TOTAL INVESTMENTS* 236,637,859 99.13%

TOTAL INVESTMENTS, AT COST* 184,638,069

* Investments are accounted for on a trade date basis. 4

PineBridge Asian Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES

CHINA CHINA TOURISM GROUP DUTY FREE CORP LTD 116,589 – (116,589) – ESTUN AUTOMATION CO LTD 1,428,506 253,900 (648,500) 1,033,906 JONJEE HI-TECH INDUSTRIAL AND COMMERCIAL HOLDING CO LTD – 305,715 (110,200) 195,515 LUXSHARE PRECISION INDUSTRY CO LTD 505,785 430,000 – 935,785 PING AN BANK CO LTD – 559,613 (417,000) 142,613 SHANDONG SINOCERA FUNCTIONAL MATERIAL CO LTD – 382,207 – 382,207 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD 1,199,414 351,700 (69,000) 1,482,114

HONG KONG AIA GROUP LTD 299,600 – (299,600) – ALIBABA GROUP HOLDING LTD 131,244 – (131,244) – BAIDU INC A SHS – 374,560 (166,300) 208,260 BILIBILI INC – 33,100 – 33,100 CHINA MENGNIU DAIRY CO LTD 621,000 664,000 – 1,285,000 CHINA TOWER CORP LTD 19,850,000 – (19,850,000) – CHINA VANKE CO LTD 580,000 – (580,000) – CHOW TAI FOOK JEWELLERY GROUP LTD 2,056,800 – (2,056,800) – CIFI HOLDINGS GROUP CO LTD 5,344,000 – (5,344,000) – CNOOC LTD 1,117,000 – (1,117,000) – GEELY AUTOMOBILE HOLDINGS LTD – 1,874,000 – 1,874,000 HAIER SMART HOME CO LTD 1,992,000 – (575,400) 1,416,600 JD.COM INC 132,550 – (132,550) – JIUMAOJIU INTERNATIONAL HOLDINGS LTD – 1,783,000 – 1,783,000 KINGBOARD LAMINATES HOLDINGS LTD – 1,174,000 (702,500) 471,500 KINGSOFT CORP LTD 884,000 194,000 (393,000) 685,000 KUAISHOU TECHNOLOGY – 114,300 (114,300) – MEITUAN – 119,300 – 119,300 NETJOY HOLDINGS LTD – 2,539,000 – 2,539,000 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 22,461 202,149 (224,610) – NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC – 224,610 (224,610) – PING AN HEALTHCARE AND TECHNOLOGY CO LTD 390,700 – (390,700) – PING AN INSURANCE GROUP CO OF CHINA LTD 607,500 – (360,500) 247,000 PRADA SPA 802,000 – (429,100) 372,900 SAMSONITE INTERNATIONAL SA 3,310,500 916,200 (1,027,500) 3,199,200 STELLA INTERNATIONAL HOLDINGS LTD 4,321,500 324,500 (1,023,500) 3,622,500 SUN ART RETAIL GROUP LTD 3,655,500 – (3,655,500) – TENCENT HOLDINGS LTD 43,500 – (43,500) – UNI-PRESIDENT CHINA HOLDINGS LTD 5,705,000 659,000 (6,364,000) – VITASOY INTERNATIONAL HOLDINGS LTD 627,000 – (172,000) 455,000 WEICHAI POWER CO LTD 2,617,000 197,000 – 2,814,000 XIAOMI CORP 1,906,000 – (1,906,000) – ZHOU HEI YA INTERNATIONAL HOLDINGS CO LTD – 3,439,000 – 3,439,000

PineBridge Asian Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

INDONESIA BANK JAGO TBK PT – 4,239,900 – 4,239,900

PHILIPPINES GT CAPITAL HOLDINGS INC 376,910 – – 376,910 MEGAWORLD CORP – 18,850,000 – 18,850,000

SOUTH KOREA AMOREPACIFIC CORP 13,070 9,647 (8,536) 14,181 CJ CHEILJEDANG CORP 15,542 3,712 – 19,254 HANSOL CHEMICAL CO LTD 4,963 13,878 (18,841) – HYUNDAI MOTOR CO – 28,408 – 28,408 LG CHEM LTD 14,779 – (14,779) – LG ELECTRONICS INC 84,789 – (46,143) 38,646 LS CORP 32,189 32,063 – 64,252 LS ELECTRIC CO LTD 55,726 – (55,726) – NAVER CORP 45,452 – (16,638) 28,814 SAMSUNG ELECTRONICS CO LTD 42,554 – (15,924) 26,630 SHINSEGAE INC 18,332 – (18,332) – SK HYNIX INC 99,465 – (74,105) 25,360 SK INNOVATION CO LTD – 30,932 – 30,932 STUDIO DRAGON CORP – 51,236 – 51,236

TAIWAN AIRTAC INTERNATIONAL GROUP 143,000 27,000 (37,000) 133,000 ASMEDIA TECHNOLOGY INC – 78,000 – 78,000 DELTA ELECTRONICS INC 1,247,000 70,000 (563,000) 754,000 MEDIATEK INC 600,000 34,000 (170,000) 464,000 REALTEK SEMICONDUCTOR CORP – 65,000 – 65,000 SILERGY CORP 77,000 23,000 (78,000) 22,000 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 496,833 – (175,000) 321,833

THAILAND AP THAILAND PCL 13,808,900 – (13,808,900) – NGERN TID LOR PCL – 1,553,900 – 1,553,900 SABINA PCL 4,231,700 174,600 – 4,406,300

UNITED STATES OF AMERICA BAIDU INC ADR – 34,029 (34,029) – FUTU HOLDINGS LTD – 21,082 – 21,082 HOLLYSYS AUTOMATION TECHNOLOGIES LTD – 143,704 – 143,704 KINGSOFT CLOUD HOLDINGS LTD 75,843 18,127 (13,574) 80,396 LUFAX HOLDING LTD – 366,139 (37,249) 328,890 PINDUODUO INC 20,849 25,703 (32,619) 13,933 SEA LTD 35,278 2,606 (21,228) 16,656 TENCENT MUSIC ENTERTAINMENT GROUP – 274,717 – 274,717 YUM CHINA HOLDINGS INC 70,328 – (70,328) – ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD RTS 1JUN2021 – 12,412 (12,412) –

PineBridge Asian Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Asian Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks long-term capital appreciation by investing in the equity securities of companies which are expected to benefit from the development and growth of the Asian economies outside of Japan.

The equity securities in which the Fund may invest will include common stock, preferred stock and securities convertible into or exchangeable for such equity securities, or which carry warrants to purchase such equity securities, depository receipts, other securities that are approved, or are of a kind approved by the Mandatory Provident Fund Schemes Authority and such other equity securities permissible under the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485A of the Laws of Hong Kong).

30 June 2021 30 June 2020 30 June 2019 US$ US$ US$ Investments and investment income

Total value of investments 236,637,859 191,474,529 161,078,114

Interest on bank deposits 2,334 26,456 79,081 Dividend income (net of withholding tax) 1,017,198 2,079,520 1,988,912

Net foreign currency gains/(losses) 145,025 (22,153) (69,685) Net income excluding capital appreciation 341,097 1,728,610 1,661,446

Net appreciation of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized 19,950,319 12,782,502 17,802,439

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue US$ US$ Units Provident Fund units 30 June 2021 238,725,174 93.19 2,561,798 31 December 2020 272,214,707 86.46 3,148,602 31 December 2019 181,637,222 58.51 3,104,641

PineBridge Asian Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest Investment issue price redemption price return per unit per unit (Note 1) US$ US$ % Standard units - Accumulation (Note 2) 31 December 2011 36.25 35.59 –

Provident Fund units 30 June 2021 101.70 84.91 7.78 31 December 2020 86.46 43.18 47.77 31 December 2019 58.62 45.85 24.04 31 December 2018 64.64 46.27 (20.28) 31 December 2017 60.61 43.81 35.93 31 December 2016 47.54 38.21 0.51 31 December 2015 53.75 41.12 (3.30) 31 December 2014 47.37 40.32 2.97 31 December 2013 43.59 36.10 14.27 31 December 2012 38.16 30.51 21.34 31 December 2011 41.21 28.28 (20.29)

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013. No Standard units were issued by the Fund since the year ended 31 December 2011.

PineBridge Asian Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 US$ US$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 236,637,859 267,939,932 Interest receivable 8 12 Dividends receivable 114,310 34,923 Amounts receivable on subscription 28,505 31,037 Amounts receivable from brokers 439,870 1,945,099 Cash and cash equivalents 2,603,998 3,467,994 Total assets 239,824,550 273,418,997

Liabilities Current liabilities Amounts payable on redemption 201,927 182,035 Amounts payable to brokers 834,981 972,636 Accounts payable and accrued expenses 62,468 49,619 Total liabilities 1,099,376 1,204,290

Net Asset 238,725,174 272,214,707

Equity Net assets attributable to unitholders 238,725,174 272,214,707

The accompanying notes form an integral part of these financial statements. 9

PineBridge Asian Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Income Interest on bank deposits 2,334 26,456 Dividend income 1,211,452 2,282,003 Net gains on financial assets and financial liabilities at fair value through profit or loss 19,950,319 12,782,502 Net foreign currency gains/(losses) 145,025 (22,153) Total investment income 21,309,130 15,068,808

Expenses Trustee's fee 66,669 41,469 Custodian and administration fees 38,920 32,462 Audit fee 7,968 5,968 Bank charges 124 124 Legal and professional fees 3,964 4,028 Other expenses 7,735 3,164 Transaction costs 698,080 267,998 Total operating expenses 823,460 355,213

Net profit before tax 20,485,670 14,713,595

Withholding tax (194,254) (202,483) Total comprehensive income 20,291,416 14,551,112

The accompanying notes form an integral part of these financial statements. 10

PineBridge Asian Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Balance at the beginning of the period 272,214,707 181,637,222

Issue of units 38,385,304 56,459,330

Redemption of units (92,166,253) (51,231,908)

Net (decrease)/increase from unit transactions (53,780,949) 5,227,422

Total comprehensive income 20,291,416 14,511,112

Balance at the end of the period 238,725,174 201,375,756

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period – 3,148,602 – 3,104,641

Issue of units – 426,867 – 1,054,523

Redemption of units – (1,013,671) – (941,353)

Net (decrease)/increase from unit transactions – (586,804) – 113,170 Number of units in issue at the end of the period – 2,561,798 – 3,217,811

Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013. No Standard units were issued by the Fund since the year ended 31 December 2011.

The accompanying notes form an integral part of these financial statements. 11

PineBridge Asian Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Cash flows from operating activities

Total comprehensive income 20,291,416 14,511,112

Adjustment for: Dividend income (1,211,452) (2,282,003) Interest on bank deposits (2,334) (26,456) Withholding tax 194,254 202,483 Operating profit before working capital changes 19,271,884 12,405,136

Net decrease/(increase) in investments 31,302,073 (21,122,380) Net change in derivative financial instruments – 184 Net decrease/(increase) in amounts receivable from brokers 1,505,229 (398,441) Net (decrease)/increase in amounts payable to brokers (137,655) 263,489 Net increase/(decrease) in accounts payable and accrued expenses 12,849 (2,520) Cash generated from/(used in) operations 51,954,380 (8,854,532)

Dividend income received 937,811 1,723,979 Interest on bank deposits received 2,338 26,965 Net cash generated from/(used in) operating activities 52,894,529 (7,103,588)

Cash flows from financing activities

Proceeds from issue of units 38,387,836 56,461,090 Payments on redemption of units (92,146,361) (51,204,036) Net cash (used in)/generated from financing activities (53,758,525) 5,257,054

Net (decrease) in cash and cash equivalents (863,996) (1,846,534)

Cash and cash equivalents at the beginning of the period 3,467,994 11,394,846 Cash and cash equivalents at the end of the period 2,603,998 9,548,312

Analysis of balance of cash and cash equivalents

Cash at banks 84,898 1,976,112 Short-term deposits 2,519,100 7,572,200 2,603,998 9,548,312

The accompanying notes form an integral part of these financial statements. 12

PineBridge Asian Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Asian Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE EUROPE EQUITY FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED) PineBridge Europe Equity 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 3-14

Statement of net assets 15

Statement of comprehensive income 16

Statement of changes in equity 17

Statement of cash flows 18

Notes to the financial statements 19

PineBridge Europe Equity Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Europe Equity Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

European equities had a mixed start to the year, generally underperforming as the pandemic took center stage across various European countries. While vaccine rollouts and approvals have continued to roll on, lockdowns continued in a number of countries as new variants of the Covid-19 virus raised concerns that current vaccine efficacies would be lowered. European equities had a mixed start to the year, generally underperforming as the pandemic took center stage across various European countries. While vaccine rollouts and approvals have continued to roll on, lockdowns continued in a number of countries as new variants of the Covid-19 virus raised concerns that current vaccine efficacies would be lowered. European equities continued their upwards trend in April as Europe looked to turn the corner both on vaccine rollout and stimulus, though concerns about AstraZenaca’s vaccine remained. Europe underperformed in June but there was some hope on the horizon with continued improvement in macro data, increasing vaccination rates, and the opening of borders.

2021 H2 Market Outlook and Strategy

European equities have continued to outperform US equities which was a change in trend given that the situation with the pandemic has generally been worse over the last few months in the Eurozone vs. the US. With the improvement in the pandemic situation as well as steadily improving macro numbers like PMI and retail sales, we could see this trend continue as the US cools off with inflation concerns rising.

PineBridge Europe Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Holding Market % of net shares value assets HK$ LISTED EQUITIES

AUSTRIA ERSTE GROUP BANK AG 55,105 15,701,751 0.99% TOTAL AUSTRIA 15,701,751 0.99%

BELGIUM ANHEUSER-BUSCH INBEV SA/NV 40,738 22,814,527 1.43% KBC GROUP NV 14,029 8,307,578 0.52% PROXIMUS SADP 25,068 3,760,777 0.24% TOTAL BELGIUM 34,882,882 2.19%

DENMARK AP MOLLER - MAERSK A/S A SHS 558 12,038,335 0.76% AP MOLLER - MAERSK A/S B SHS 324 7,232,765 0.45% CARLSBERG A/S 12,860 18,618,280 1.17% DANSKE BANK A/S 115,707 15,813,065 0.99% DSV PANALPINA A/S 5,250 9,509,097 0.60% GENMAB A/S 5,913 18,790,945 1.18% GN STORE NORD AS 13,818 9,374,569 0.59% NOVO NORDISK A/S 7,141 4,646,578 0.29% PANDORA A/S 7,813 8,156,982 0.51% TRYG A/S 29,349 5,595,734 0.35% TOTAL DENMARK 109,776,350 6.89%

FINLAND FORTUM OYJ 80,402 17,223,179 1.08% TOTAL FINLAND 17,223,179 1.08%

FRANCE AIR LIQUIDE SA 18,352 24,956,462 1.57% ARKEMA SA 4,278 4,168,341 0.26% AXA SA 61,778 12,166,898 0.76% BNP PARIBAS SA 50,042 24,365,803 1.53% BOLLORE SA 334,666 13,931,144 0.87% BUREAU VERITAS SA 2,224 546,459 0.04% CAPGEMINI SE 13,800 20,588,792 1.29% CIE DE SAINT-GOBAIN 12,325 6,304,194 0.40% ELECTRICITE DE FRANCE SA 155,061 16,450,982 1.03% EUROFINS SCIENTIFIC SE 20,382 18,095,083 1.14% IPSEN SA 17,102 13,815,999 0.87% L'OREAL SA 2,326 8,050,137 0.51% LVMH MOET HENNESSY LOUIS VUITTON SE 2,601 15,840,746 0.99% SANOFI 2,086 1,697,488 0.11% TOTALENERGIES SE (formerly known as TOTAL SE) 12,450 4,374,794 0.27% TOTAL FRANCE 185,353,322 11.64%

PineBridge Europe Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

GERMANY ALLIANZ SE 15,430 29,884,222 1.88% BASF SE 42,837 26,211,111 1.65% BAYER AG 42,127 19,867,905 1.25% BAYERISCHE MOTOREN WERKE AG 15,730 12,937,953 0.81% BECHTLE AG 2,327 3,357,094 0.21% BRENNTAG SE (formerly known as BRENNTAG AG) 12,891 9,310,011 0.58% DAIMLER AG 27,518 19,083,086 1.20% DEUTSCHE BANK AG 33,010 3,339,811 0.21% DEUTSCHE POST AG 48,002 25,357,430 1.59% DEUTSCHE TELEKOM AG 156,984 25,751,637 1.62% DEUTSCHE WOHNEN SE 39,301 18,669,028 1.17% EVONIK INDUSTRIES AG 39,312 10,238,617 0.64% FRESENIUS SE & CO KGAA 16,973 6,876,995 0.43% HANNOVER RUECK SE 9,744 12,661,963 0.80% HEIDELBERGCEMENT AG 1,951 1,299,788 0.08% HENKEL AG & CO KGAA PREFERENCE SHS 20,929 17,162,098 1.08% MERCK KGAA 13,471 20,060,725 1.26% MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN 2,005 4,264,510 0.27% SAP SE 4,782 5,233,702 0.33% SIEMENS AG 1,596 1,963,998 0.12% TOTAL GERMANY 273,531,684 17.18%

ITALY ASSICURAZIONI GENERALI SPA 117,837 18,345,672 1.15% MONCLER SPA 32,822 17,247,794 1.08% POSTE ITALIANE SPA 7,967 818,100 0.05% TOTAL ITALY 36,411,566 2.28%

NETHERLANDS ABN AMRO BANK NV 34,836 3,269,825 0.21% ADYEN NV 1,253 23,777,186 1.49% AKZO NOBEL NV 5,031 4,827,906 0.30% ARCELORMITTAL SA 9,616 2,289,242 0.14% ASML HOLDING NV 10,716 57,180,501 3.59% ING GROEP NV 83,380 8,554,288 0.54% KONINKLIJKE AHOLD DELHAIZE NV 77,407 17,871,925 1.12% TOTAL NETHERLANDS 117,770,873 7.39%

NORWAY GJENSIDIGE FORSIKRING ASA 78,562 13,456,657 0.85% TOTAL NORWAY 13,456,657 0.85%

PORTUGAL JERONIMO MARTINS SGPS SA 112,743 15,969,182 1.00% TOTAL PORTUGAL 15,969,182 1.00%

PineBridge Europe Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

SPAIN ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 55,018 11,446,107 0.72% BANCO BILBAO VIZCAYA ARGENTARIA SA 101,831 4,902,892 0.31% BANCO SANTANDER SA 548,929 16,275,763 1.02% IBERDROLA SA 263,395 24,936,609 1.57% INDUSTRIA DE DISENO TEXTIL SA 1,236 338,188 0.02% TELEFONICA SA 500,043 18,148,910 1.14% TOTAL SPAIN 76,048,469 4.78%

SWEDEN ALFA LAVAL AB 16,556 4,544,731 0.29% ASSA ABLOY AB 84,127 19,693,955 1.24% ATLAS COPCO AB B SHS 45,375 18,541,454 1.16% ELECTROLUX AB 33,619 7,244,312 0.45% EPIROC AB - A 35,405 6,269,225 0.39% EPIROC AB - B 114,720 17,495,799 1.10% ESSITY AB 36,933 9,517,910 0.60% HEXAGON AB B SHS 174,587 20,102,302 1.26% HUSQVARNA AB 17,542 1,811,149 0.12% ICA GRUPPEN AB 3,563 1,288,667 0.08% LUNDIN ENERGY AB 28,468 7,827,579 0.49% NORDEA BANK ABP 136,195 11,781,114 0.74% TELEFONAKTIEBOLAGET LM ERICSSON 213,574 20,859,976 1.31% TOTAL SWEDEN 146,978,173 9.23%

SWITZERLAND ABB LTD 92,396 24,366,694 1.53% ADECCO GROUP AG 31,066 16,406,345 1.03% BANQUE CANTONALE VAUDOISE 17,607 12,292,452 0.77% CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG 223 17,245,698 1.08% CREDIT SUISSE GROUP AG 177,962 14,490,815 0.91% JULIUS BAER GROUP LTD 4,333 2,198,032 0.14% KUEHNE + NAGEL INTERNATIONAL AG 1,984 5,277,214 0.33% NESTLE SA 36,969 35,786,374 2.25% NOVARTIS AG 24,794 17,564,238 1.10% ROCHE HOLDING AG 7,588 22,220,025 1.40% STRAUMANN HOLDING AG 1,498 18,563,333 1.17% TEMENOS AG 243 303,373 0.02% VIFOR PHARMA AG 7,957 8,005,289 0.50% TOTAL SWITZERLAND 194,719,882 12.23%

PineBridge Europe Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

UNITED KINGDOM ADMIRAL GROUP PLC 7,634 2,574,889 0.16% ANGLO AMERICAN PLC 58,022 17,880,374 1.12% ANTOFAGASTA PLC 80,861 12,452,776 0.78% ASHTEAD GROUP PLC 36,749 21,147,458 1.33% ASSOCIATED BRITISH FOODS PLC 70,829 16,838,552 1.06% ASTRAZENECA PLC 22,205 20,684,472 1.30% AUTO TRADER GROUP PLC 214,218 14,556,531 0.91% BAE SYSTEMS PLC 74,930 4,196,141 0.26% BARCLAYS PLC 277,637 5,096,851 0.32% BERKELEY GROUP HOLDINGS PLC 33,435 16,482,030 1.04% BRITISH AMERICAN TOBACCO PLC 91,984 27,630,846 1.74% BRITISH LAND CO PLC 32,988 1,751,448 0.11% BT GROUP PLC 452,675 9,421,328 0.59% BUNZL PLC 55,959 14,342,008 0.90% BURBERRY GROUP PLC 73,140 16,210,975 1.02% COCA-COLA HBC AG 26,503 7,432,321 0.47% DIAGEO PLC 1,190 441,848 0.03% HSBC HOLDINGS PLC 32,622 1,460,437 0.09% JD SPORTS FASHION PLC 8,016 790,309 0.05% KINGFISHER PLC 269,491 10,538,181 0.66% LLOYDS BANKING GROUP PLC 2,521,364 12,629,417 0.79% LONDON STOCK EXCHANGE GROUP PLC 759 648,969 0.04% M&G PLC 135,274 3,321,880 0.21% NEXT PLC 21,196 17,864,022 1.12% PERSIMMON PLC 42,047 13,343,110 0.84% RIO TINTO PLC 13,016 8,307,022 0.52% ROYAL DUTCH SHELL PLC A SHS 114,593 17,786,498 1.12% ROYAL DUTCH SHELL PLC B SHS 66,708 10,011,969 0.63% SCHRODERS PLC 8,848 3,334,626 0.21% TESCO PLC 341,723 8,173,453 0.51% UNILEVER PLC 14,464 6,564,535 0.41% TOTAL UNITED KINGDOM 323,915,276 20.34%

PineBridge Europe Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED INVESTMENT FUNDS

UNITED STATES OF AMERICA ISHARES EUROPE ETF 67,313 27,862,163 1.75% TOTAL UNITED STATES OF AMERICA 27,862,163 1.75%

LISTED RIGHTS ISSUE

SPAIN ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA RTS 6JUL21 54,356 590,699 0.04% TOTAL SPAIN 590,699 0.04%

TOTAL INVESTMENTS* 1,590,192,108 99.86%

TOTAL INVESTMENTS, AT COST* 1,396,839,897

* Investments are accounted for on a trade date basis. 7

PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES

AUSTRIA ERSTE GROUP BANK AG – 68,654 (13,549) 55,105

BELGIUM ANHEUSER-BUSCH INBEV SA/NV 43,327 12,235 (14,824) 40,738 ETABLISSEMENTS FRANZ COLRUYT NV – 1,129 (1,129) – KBC GROUP NV – 15,574 (1,545) 14,029 PROXIMUS SADP 26,940 5,768 (7,640) 25,068 UCB SA – 14,907 (14,907) –

DENMARK AP MOLLER - MAERSK A/S A SHS 600 127 (169) 558 AP MOLLER - MAERSK A/S B SHS 517 99 (292) 324 CARLSBERG A/S 14,663 2,726 (4,529) 12,860 DANSKE BANK A/S 128,279 27,293 (39,865) 115,707 DSV PANALPINA A/S – 5,250 – 5,250 GENMAB A/S 5,814 2,583 (2,484) 5,913 GN STORE NORD AS 15,089 3,006 (4,277) 13,818 NOVO NORDISK A/S 6,722 30,955 (30,536) 7,141 PANDORA A/S – 8,058 (245) 7,813 TRYG A/S – 29,349 – 29,349

FINLAND FORTUM OYJ – 92,604 (12,202) 80,402 NOKIA OYJ 139,160 15,816 (154,976) – UPM-KYMMENE OYJ – 38,712 (38,712) –

FRANCE AIR LIQUIDE SA 21,542 10,379 (13,569) 18,352 ALSTOM SA – 12,825 (12,825) – ARKEMA SA – 5,301 (1,023) 4,278 AXA SA 51,868 27,368 (17,458) 61,778 BIOMERIEUX 9,236 3,680 (12,916) – BNP PARIBAS SA 54,336 11,372 (15,666) 50,042 BOLLORE SA – 371,297 (36,631) 334,666 BOUYGUES SA 22,449 2,550 (24,999) – BUREAU VERITAS SA – 2,224 – 2,224 CAPGEMINI SE 16,084 2,940 (5,224) 13,800 CARREFOUR SA – 26,295 (26,295) – CIE DE SAINT-GOBAIN 13,291 2,803 (3,769) 12,325 CIE GENERALE DES ETABLISSEMENTS MICHELIN SCA – 15,566 (15,566) – CREDIT AGRICOLE SA 54,452 6,188 (60,640) – DASSAULT AVIATION SA 934 106 (1,040) – EIFFAGE SA 17,317 3,228 (20,545) – ELECTRICITE DE FRANCE SA 70,635 104,462 (20,036) 155,061 ESSILORLUXOTTICA SA 18,463 4,239 (22,702) – EUROFINS SCIENTIFIC SE – 20,979 (597) 20,382 IPSEN SA – 17,102 – 17,102 L'OREAL SA 3,460 705 (1,839) 2,326 LVMH MOET HENNESSY LOUIS VUITTON SE 2,381 963 (743) 2,601 NATIXIS SA 51,402 5,841 (57,243) –

PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES (CONTINUED)

FRANCE (CONTINUED) ORANGE SA 89,823 83,489 (173,312) – ORPEA SA – 13,184 (13,184) – PEUGEOT SA 83,861 8,261 (92,122) – RENAULT SA – 15,861 (15,861) – SANOFI 2,181 891 (986) 2,086 SARTORIUS STEDIM BIOTECH 4,047 459 (4,506) – SCHNEIDER ELECTRIC SE 6,895 783 (7,678) – SES SA 89,505 14,109 (103,614) – TOTALENERGIES SE (formerly known as TOTAL SE) 10,423 12,762 (10,735) 12,450

GERMANY ADIDAS AG 9,090 9,480 (18,570) – ALLIANZ SE 15,944 4,043 (4,557) 15,430 BASF SE – 42,837 – 42,837 BAYER AG 34,980 20,003 (12,856) 42,127 BAYERISCHE MOTOREN WERKE AG 12,776 7,717 (4,763) 15,730 BECHTLE AG – 3,036 (709) 2,327 BRENNTAG SE (formerly known as BRENNTAG AG) 14,047 3,164 (4,320) 12,891 COMMERZBANK AG – 88,576 (88,576) – CONTINENTAL AG – 6,130 (6,130) – DAIMLER AG – 33,205 (5,687) 27,518 DEUTSCHE BANK AG 6,507 36,580 (10,077) 33,010 DEUTSCHE POST AG 53,218 13,220 (18,436) 48,002 DEUTSCHE TELEKOM AG 157,835 60,268 (61,119) 156,984 DEUTSCHE WOHNEN SE 39,874 17,124 (17,697) 39,301 EVONIK INDUSTRIES AG 47,942 39,312 (47,942) 39,312 FRESENIUS MEDICAL CARE AG & CO KGAA – 16,801 (16,801) – FRESENIUS SE & CO KGAA – 18,661 (1,688) 16,973 HANNOVER RUECK SE 10,503 2,314 (3,073) 9,744 HEIDELBERGCEMENT AG 2,160 401 (610) 1,951 HENKEL AG & CO KGAA COMMON SHS 3,349 23,714 (27,063) – HENKEL AG & CO KGAA PREFERENCE SHS 19,801 23,856 (22,728) 20,929 KION GROUP AG 496 – (496) – MERCK KGAA – 15,678 (2,207) 13,471 MUENCHENER RUECKVERSICHERUNGS- GESELLSCHAFT AG IN MUENCHEN 3,018 2,347 (3,360) 2,005 QIAGEN NV – 19,862 (19,862) – SAP SE 7,281 2,533 (5,032) 4,782 SIEMENS AG 1,233 2,686 (2,323) 1,596 UNIPER SE 40,150 32,141 (72,291) –

ITALY ASSICURAZIONI GENERALI SPA 112,215 38,035 (32,413) 117,837 ATLANTIA SPA 30,533 3,469 (34,002) – CNH INDUSTRIAL NV – 39,879 (39,879) – DAVIDE CAMPARI-MILANO NV 59,224 6,730 (65,954) – DIASORIN SPA 4,209 477 (4,686) – ENEL SPA 17,192 3,205 (20,397) – EXOR NV 9,582 1,785 (11,367) – FAURECIA SE – 1,454 (1,454) – FERRARI NV 11,267 3,539 (14,806) – FIAT CHRYSLER AUTOMOBILES NV 39,432 164,361 (203,793) – 9

PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES (CONTINUED)

ITALY (CONTINUED)

INTESA SANPAOLO SPA 314,780 35,777 (350,557) – MONCLER SPA 36,711 7,500 (11,389) 32,822 POSTE ITALIANE SPA – 7,967 – 7,967 TELECOM ITALIA – 51,599 (51,599) – TELECOM ITALIA SPA/MILANO 290,600 33,029 (323,629) –

NETHERLANDS ABN AMRO BANK NV 37,627 7,881 (10,672) 34,836 ADYEN NV 379 1,056 (182) 1,253 AKZO NOBEL NV – 6,072 (1,041) 5,031 ALTICE EUROPE NV 136,943 15,564 (152,507) – ARCELORMITTAL SA – 11,647 (2,031) 9,616 ASML HOLDING NV 12,723 2,612 (4,619) 10,716 ING GROEP NV 114,628 21,376 (52,624) 83,380 JDE PEET'S NV – 24,045 (24,045) – KONINKLIJKE AHOLD DELHAIZE NV 77,306 23,702 (23,601) 77,407

NORWAY EQUINOR ASA 11,446 1,300 (12,746) – GJENSIDIGE FORSIKRING ASA – 79,844 (1,282) 78,562

PORTUGAL EDP - ENERGIAS DE PORTUGAL SA 367,566 117,370 (484,936) – JERONIMO MARTINS SGPS SA – 145,269 (32,526) 112,743

SPAIN ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 59,476 12,809 (17,267) 55,018 AENA SME SA 8,050 1,500 (9,550) – AMADEUS IT GROUP SA 36,166 4,109 (40,275) – BANCO BILBAO VIZCAYA ARGENTARIA SA 109,985 23,044 (31,198) 101,831 BANCO SANTANDER SA – 555,710 (6,781) 548,929 ENDESA SA 74,452 8,461 (82,913) – IBERDROLA SA 61,606 266,995 (65,206) 263,395 INDUSTRIA DE DISENO TEXTIL SA 84,031 12,061 (94,856) 1,236 TELEFONICA SA 259,276 548,757 (307,990) 500,043

SWEDEN ALFA LAVAL AB – 16,556 – 16,556 ASSA ABLOY AB 93,519 19,416 (28,808) 84,127 ATLAS COPCO AB A SHS 9,036 1,026 (10,062) – ATLAS COPCO AB B SHS 49,681 12,000 (16,306) 45,375 ELECTROLUX AB – 37,372 (3,753) 33,619 EPIROC AB - A – 35,405 – 35,405 EPIROC AB - B 57,735 74,016 (17,031) 114,720 EPIROC AB - B RED SHS – 55,893 (55,893) – ESSITY AB 39,299 8,830 (11,196) 36,933 EVOLUTION AB (formerly known as EVOLUTION GAMING GROUP AB) 12,250 2,283 (14,533) –

PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

SWEDEN (CONTINUED) HEXAGON AB 15,590 154,916 (170,506) – HEXAGON AB B SHS – 313,349 (138,762) 174,587 HUSQVARNA AB – 17,542 – 17,542 ICA GRUPPEN AB 3,946 734 (1,117) 3,563 INDUSTRIVARDEN AB 24,298 2,760 (27,058) – INVESTOR AB 13,320 1,513 (14,833) – LUNDIN ENERGY AB – 37,162 (8,694) 28,468 NORDEA BANK ABP 9,304 137,251 (10,360) 136,195 TELEFONAKTIEBOLAGET LM ERICSSON – 232,160 (18,586) 213,574

SWITZERLAND ABB LTD – 116,891 (24,495) 92,396 ADECCO GROUP AG 32,116 9,837 (10,887) 31,066 ALCON INC 40,229 4,572 (44,801) – BALOISE HOLDING AG 11,549 3,465 (15,014) – BANQUE CANTONALE VAUDOISE 12,527 10,456 (5,376) 17,607 CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG 231 70 (78) 223 CIE FINANCIERE RICHEMONT SA – 32,546 (32,546) – CLARIANT AG 37,950 4,312 (42,262) – CREDIT SUISSE GROUP AG 124,270 101,630 (47,938) 177,962 GEBERIT AG 1,596 181 (1,777) – HOLCIM LTD (formerly known as LAFARGEHOLCIM LTD) 46,959 9,667 (56,626) – JULIUS BAER GROUP LTD 9,773 2,056 (7,496) 4,333 KUEHNE + NAGEL INTERNATIONAL AG – 2,201 (217) 1,984 NESTLE SA 41,171 9,320 (13,522) 36,969 NOVARTIS AG 66,839 10,337 (52,382) 24,794 ROCHE HOLDING AG 17,596 3,179 (13,187) 7,588 STRAUMANN HOLDING AG 1,932 351 (785) 1,498 TEMENOS AG – 11,739 (11,496) 243 VIFOR PHARMA AG – 18,537 (10,580) 7,957

UNITED KINGDOM ADMIRAL GROUP PLC 29,855 11,077 (33,298) 7,634 ANGLO AMERICAN PLC 32,152 43,690 (17,820) 58,022 ANTOFAGASTA PLC 110,832 21,486 (51,457) 80,861 ASHTEAD GROUP PLC 49,919 8,898 (22,068) 36,749 ASSOCIATED BRITISH FOODS PLC 10,018 73,529 (12,718) 70,829 ASTRAZENECA PLC 6,025 18,418 (2,238) 22,205 AUTO TRADER GROUP PLC – 222,263 (8,045) 214,218 AVEVA GROUP PLC – 28,807 (28,807) – AVIVA PLC 53,274 9,934 (63,208) – BAE SYSTEMS PLC 298,914 130,674 (354,658) 74,930 BARCLAYS PLC – 362,482 (84,845) 277,637 BERKELEY GROUP HOLDINGS PLC 33,956 9,517 (10,038) 33,435 BHP GROUP PLC 118,156 21,676 (139,832) – BRITISH AMERICAN TOBACCO PLC 95,098 25,566 (28,680) 91,984 BRITISH LAND CO PLC 36,538 6,813 (10,363) 32,988 BT GROUP PLC 450,288 130,746 (128,359) 452,675

PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED KINGDOM (CONTINUED) BUNZL PLC 62,226 12,682 (18,949) 55,959 BURBERRY GROUP PLC – 73,140 – 73,140 COCA-COLA HBC AG – 29,461 (2,958) 26,503 CRH PLC 24,131 5,000 (29,131) – DIAGEO PLC – 1,190 – 1,190 DIRECT LINE INSURANCE GROUP PLC – 49,976 (49,976) – FRESNILLO PLC – 64,029 (64,029) – HIKMA PHARMACEUTICALS PLC 23,558 4,922 (28,480) – HSBC HOLDINGS PLC 291,329 72,565 (331,272) 32,622 INTERTEK GROUP PLC 3,622 410 (4,032) – JD SPORTS FASHION PLC – 8,910 (894) 8,016 KINGFISHER PLC – 269,491 – 269,491 KINGSPAN GROUP PLC 16,992 1,930 (18,922) – LEGAL & GENERAL GROUP PLC – 128,131 (128,131) – LLOYDS BANKING GROUP PLC 539,184 2,750,497 (768,317) 2,521,364 LONDON STOCK EXCHANGE GROUP PLC 22,507 4,130 (25,878) 759 M&G PLC 146,083 30,630 (41,439) 135,274 MONDI PLC 91,353 16,936 (108,289) – NEXT PLC – 21,196 – 21,196 PERSIMMON PLC 1,864 48,159 (7,976) 42,047 RIO TINTO PLC 26,567 17,468 (31,019) 13,016 ROYAL DUTCH SHELL PLC A SHS 118,906 29,947 (34,260) 114,593 ROYAL DUTCH SHELL PLC B SHS 116,603 20,833 (70,728) 66,708 RSA INSURANCE GROUP LTD (formerly known as RSA INSURANCE GROUP PLC) 39,127 22,778 (61,905) – SCHRODERS PLC – 8,848 – 8,848 STANDARD CHARTERED PLC 190,558 21,658 (212,216) – TESCO PLC – 378,927 (37,204) 341,723 THUNGELA RESOURCES LTD – 5,735 (5,735) – UNILEVER PLC 18,796 4,479 (8,811) 14,464

UNITED STATES OF AMERICA COCA-COLA EUROPACIFIC PARTNERS PLC (formerly known as COCA-COLA EUROPEAN PARTNERS PLC) 16,652 1,892 (18,544) – CRODA INTERNATIONAL PLC – 8,090 (8,090) – STELLANTIS NV – 257,752 (257,752) –

LISTED INVESTMENT FUNDS

UNITED STATES OF AMERICA ISHARES EUROPE ETF 84,248 95,108 (112,043) 67,313

LISTED RIGHTS ISSUE

SPAIN ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA RTS 6JUL21 – 54,356 – 54,356

UNITED STATES OF AMERICA CREDIT SUISSE GROUP AG RTS 6MAY2021 – 191,402 (191,402) –

PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Europe Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to provide capital appreciation through a managed portfolio of shares in European Companies.

30 June 2021 30 June 2020 30 June 2019 HK$ HK$ HK$ Investments and investment income

Total value of investments 1,590,192,108 1,511,172,430 1,502,746,157

Interest on bank deposits 440 14,845 27,794 Dividend income (net of withholding tax) 25,492,414 16,119,560 38,657,606

Net foreign currency (losses)/gains (1,129,455) 2,759,711 1,968,552 Net income excluding capital appreciation/ (depreciation) 18,590,231 14,037,627 34,834,693

Net appreciation/(depreciation) of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized 163,326,765 (204,599,579) 185,420,185

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue HK$ HK$ Units Provident Fund units 30 June 2021 1,592,368,666 30.31 52,529,298 31 December 2020 1,586,418,500 27.12 58,504,278 31 December 2019 1,449,344,575 26.01 55,718,287

PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued) Performance record for the past 10 years Highest Lowest Investment issue price redemption price return per unit per unit (Note 1) HK$ HK$ % Provident Fund units 30 June 2021 31.45 26.49 11.76 31 December 2020 27.35 16.40 4.27 31 December 2019 26.08 21.19 21.32 31 December 2018 27.60 20.89 (16.71) 31 December 2017 25.75 20.69 25.01 31 December 2016 20.59 16.89 3.31 31 December 2015 22.45 18.62 (1.09) 31 December 2014 22.66 18.88 (4.46) 31 December 2013 21.10 16.59 27.06 31 December 2012 16.76 13.03 20.71 31 December 2011 17.97 12.57 (11.41)

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

Note 2: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

PineBridge Europe Equity Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 HK$ HK$ (Audited) Assets Current assets Financial assets at fair value through profit or loss Investments 1,590,192,108 1,610,101,344 Interest receivable 1 1 Dividends receivable 565,313 925,228 Amounts receivable on subscription 112,005 172,492 Amounts receivable from brokers – 327,493,067 Cash and cash equivalents 3,468,627 927,751 Total assets 1,594,338,054 1,939,619,883

Liabilities Current liabilities Amounts payable on redemption 1,478,506 1,093,751 Amounts payable to brokers – 351,761,298 Accounts payable and accrued expenses 490,882 346,334 Total liabilities 1,969,388 353,201,383

Net Asset 1,592,368,666 1,586,418,500

Equity Net assets attributable to unitholders 1,592,368,666 1,586,418,500

The accompanying notes form an integral part of these financial statements. 15

PineBridge Europe Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Income Interest on bank deposits 440 14,845 Dividend income 32,634,872 20,600,365 Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss 163,326,765 (204,599,579) Net foreign currency (losses)/gains (1,129,455) 2,759,711 Other income 1,474 2,011 Total investment income/(loss) 194,834,096 (181,222,647)

Expenses Trustee's fee 411,288 322,312 Custodian and administration fees 313,402 283,858 Audit fee 53,041 48,373 Bank charges 950 950 Legal and professional fees 707 19,596 Other expenses 24,257 24,529 Transaction costs 4,970,997 4,158,882 Total operating expenses 5,774,642 4,858,500

Net profit/(loss) before tax 189,059,454 (186,081,147)

Withholding tax (7,142,458) (4,480,805) Total comprehensive income/(loss) 181,916,996 (190,561,952)

The accompanying notes form an integral part of these financial statements. 16

PineBridge Europe Equity Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Balance at the beginning of the period 1,586,418,500 1,449,344,575

Issue of units 349,744,673 628,477,430

Redemption of units (525,711,503) (372,132,997)

Net (decrease)/increase from unit transactions (175,966,830) 256,344,433

Total comprehensive income/(loss) 181,916,996 (190,561,952)

Balance at the end of the period 1,592,368,666 1,515,127,056

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period – 58,504,278 – 55,718,287

Issue of units – 12,217,093 – 29,438,644

Redemption of units – (18,192,073) – (17,463,934)

Net (decrease)/increase from unit transactions – (5,974,980) – 11,974,710 Number of units in issue at the end of the period – 52,529,298 – 67,692,997

Note 1: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

The accompanying notes form an integral part of these financial statements. 17

PineBridge Europe Equity Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Cash flows from operating activities

Total comprehensive income/(loss) 181,916,996 (190,561,952)

Adjustment for: Dividend income (32,634,872) (20,600,365) Interest on bank deposits (440) (14,845) Withholding tax 7,142,458 4,480,805 Operating profit/(loss) before working capital changes 156,424,142 (206,696,357)

Net decrease/(increase) in investments 19,909,236 (66,777,330) Net decrease in amounts receivable from brokers 327,493,067 – Net decrease in amounts payable to brokers (351,761,298) – Net increase/(decrease) in accounts payable and accrued expenses 144,548 (42,668) Cash generated from/(used in) operations 152,209,695 (273,516,355)

Dividend income received 25,852,329 16,187,409 Interest on bank deposits received 440 15,033 Net cash generated from/(used in) operating activities 178,062,464 (257,313,913)

Cash flows from financing activities

Proceeds from issue of units 349,805,160 628,444,283 Payments on redemption of units (525,326,748) (371,928,285) Net cash (used in)/generated from financing activities (175,521,588) 256,515,998

Net increase/(decrease) in cash and cash equivalents 2,540,876 (797,915)

Cash and cash equivalents at the beginning of the period 927,751 4,488,460 Cash and cash equivalents at the end of the period 3,468,627 3,690,545

Analysis of balance of cash and cash equivalents

Cash at banks 198,627 97,145 Short-term deposits 3,270,000 3,593,400 3,468,627 3,690,545

The accompanying notes form an integral part of these financial statements. 18

PineBridge Europe Equity Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Europe Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE HONG KONG DOLLAR FIXED INCOME FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED) PineBridge Hong Kong Dollar Fixed Income 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 3-12

Statement of net assets 13

Statement of comprehensive income 14

Statement of changes in net assets attributable to unitholders 15-16

Statement of cash flows 17

Notes to the financial statements 18

PineBridge Hong Kong Dollar Fixed Income Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Hong Kong Dollar Fixed Income Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

A general theme for the first half of 2021 was market’s anticipation of potential inflation and FED’s possible hawkish tilt to its policy stance amidst COVID recovery. We saw HKD and USD rates increase in parallel, especially in the long end, with HKD outperforming at the belly of the curve. Hong Kong Dollar 3-year swap rates increased from 0.35% at end-2020 to 0.5% by the end of Jun-2021, while 5-year’s increased from 0.5% to 0.86%. During the same period, the increase in USD 3y and 5y are slightly larger, from 0.25% to 0.57% and from 0.44% to 0.96%. In the 10-year segment, HKD rates went up from 0.87% to 1.33%, whereas USD rates shot up more from 0.94% to 1.44%. The short end of the curve behaved differently, we saw one year or below HKD or USD stayed below 0.2% as liquidity remained abundant.

We are not surprised that HKD continues to outperform USD during 1H21 given abundant liquidity. The Hong Kong IPO market remained active and continued to attract fund flows and HKD demand. HKD aggregate balance, a measure of interbank liquidity in Hong Kong, stayed at its all-time high at HK$457bn during the interim. Thus, we believe that the HKD bonds may continue to outperform the USD bonds in the foreseeable future.

Hong Kong’s economy rebounded strongly at 7.9% GDP for 1Q21 due to a low base effect last year. The full year GDP is estimated to be around 5-6% to reflect a gradually re-opening economy, as pent-up demand and government’s stimulus program should help retail and general consumption.

2021 H2 Market Outlook and Strategy

As the global economy continue to reopen in 2H 2021, we expect interest rates to move up in 2H. Hong Kong is expected to reach herd immunity later this year. However, we expect the rise in interest rates to be bumpy, due to virus variants and slower vaccination campaign in EM countries. We expect Hong Kong Dollar interest rates to follow the trajectory of US Dollar interest rates. But Hong Kong Dollar interest rates will likely remain lower than US Dollar interest rates due to the high level of liquidity in Hong Kong in our view. We do not expect the rate differential between the US and Hong Kong to move far from the recent range, because we do not expect an interest rate hike by the Federal Reserve in the year.

The fund will continue to seek for opportunities to invest in quality instruments in 2H 2021. The fund will seek for higher yields by exploring HKD issuers from other geographical regions such as Middle East, Europe and Australia.

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Nominal Market % of net value value assets HK$ HK$ LISTED/QUOTED INVESTMENTS

BONDS

HONG KONG DOLLAR ADCB FINANCE CAYMAN LTD 2.84% 21NOV2023 2,000,000 2,084,040 0.44% ADCB FINANCE CAYMAN LTD 3.2% 3FEB2022 1,000,000 1,015,435 0.22% AIA GROUP LTD 3.68% 16JAN2031 16,000,000 17,979,987 3.83% AROUNDTOWN SA 3.69% 11MAR2024 4,000,000 4,223,518 0.90% ASB FINANCE LTD 2.457% 25SEP2024 2,000,000 2,084,558 0.44% ASB FINANCE LTD 2.63% 14DEC2021 2,000,000 2,020,248 0.43% BANK OF NOVA SCOTIA 2.74% 13FEB2023 2,000,000 2,079,140 0.44% BANK OF NOVA SCOTIA 3.34% 20SEP2023 2,000,000 2,125,324 0.45% CBQ FINANCE LTD 2.06% 25AUG2025 2,000,000 2,060,629 0.44% CDBL FUNDING 2 1.2% 3FEB2023 5,000,000 5,014,920 1.07% CDBL FUNDING 2 3% 2AUG2021 9,000,000 9,015,649 1.92% CDBL FUNDING 2 3.6% 16NOV2021 10,000,000 10,109,065 2.15% CENTRICA PLC 3.68% 22FEB2022 3,000,000 3,052,246 0.65% CITIGROUP GLOBAL MARKETS HOLDINGS INC/UNITED STATES 3.79% 28SEP2028 1,000,000 1,115,748 0.24% CITIGROUP INC 2.67% 6OCT2025 1,000,000 1,054,335 0.22% CK PROPERTY FINANCE MTN LTD 2.25% 25AUG2022 1,500,000 1,533,944 0.33% CLP POWER HONG KONG FINANCING LTD 2.83% 20SEP2022 3,000,000 3,085,901 0.66% CLP POWER HONG KONG FINANCING LTD 3.25% 4DEC2026 5,500,000 5,990,073 1.28% CLP POWER HONG KONG FINANCING LTD 3.5% 28NOV2029 4,000,000 4,419,087 0.94% CLP POWER HONG KONG FINANCING LTD 3.93% 20SEP2021 1,000,000 1,007,415 0.21% COMMONWEALTH BANK OF AUSTRALIA 2.505% 21SEP2026 4,000,000 4,222,843 0.90% COMMONWEALTH BANK OF AUSTRALIA 2.77% 27JAN2026 2,000,000 2,124,400 0.45% CORP ANDINA DE FOMENTO 2.89% 18MAR2026 2,000,000 2,098,296 0.45% CORP ANDINA DE FOMENTO 3.265% 24MAR2027 2,000,000 2,140,441 0.46% EASTERN CREATION II INVESTMENT HOLDINGS LTD 3.85% 20DEC2021 3,000,000 3,041,921 0.65% EMIRATES NBD BANK PJSC 3.4% 13MAY2022 2,000,000 2,048,268 0.44% ENGIE SA 2.65% 26SEP2032 2,000,000 2,099,101 0.45% EXPORT-IMPORT BANK OF KOREA 3.45% 23SEP2021 1,000,000 1,007,225 0.21% FIRST ABU DHABI BANK PJSC 1.435% 19JAN2026 3,000,000 3,007,961 0.64% FIRST ABU DHABI BANK PJSC 2.17% 11JUN2025 1,000,000 1,035,764 0.22% GENERAL ELECTRIC CO 5.05% 27JUN2023 3,000,000 3,263,974 0.70% HKCG FINANCE LTD 1.98% 21AUG2030 5,000,000 4,929,585 1.05% HKCG FINANCE LTD 2.25% 22JUL2026 5,000,000 5,194,044 1.11% HKCG FINANCE LTD 2.65% 3JUL2027 2,000,000 2,108,448 0.45% HKCG FINANCE LTD 2.69% 10FEB2030 14,000,000 14,698,020 3.13% HKCG FINANCE LTD 3.25% 11MAY2030 5,000,000 5,481,788 1.17% HKCG FINANCE LTD 3.3% 16MAY2022 5,000,000 5,121,931 1.09% HONG KONG GOVERNMENT BOND 1.49% 22FEB2028 1,000,000 1,035,502 0.22%

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Nominal Market % of net value value assets HK$ HK$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

HONG KONG DOLLAR (CONTINUED) HONG KONG GOVERNMENT BOND 2.24% 27AUG2029 6,000,000 6,532,800 1.39% HONG KONG GOVERNMENT BOND 2.48% 28FEB2029 5,000,000 5,525,938 1.18% HONG KONG GOVERNMENT BOND PROGRAMME 2.02% 7MAR2034 11,000,000 11,783,311 2.51% HONG KONG GOVERNMENT BOND PROGRAMME 2.13% 16JUL2030 16,000,000 17,314,227 3.69% HONGKONG ELECTRIC FINANCE LTD 2.55% 1AUG2028 2,500,000 2,604,133 0.55% HONGKONG LAND NOTES CO LTD 2.83% 8JUN2032 4,000,000 4,177,064 0.89% HONGKONG LAND NOTES CO LTD 3.15% 10MAY2028 2,000,000 2,169,885 0.46% HONGKONG LAND NOTES CO LTD 3.83% 5NOV2028 3,000,000 3,402,836 0.72% HONGKONG LAND NOTES CO LTD 3.95% 29NOV2023 12,000,000 12,945,805 2.76% HONGKONG LAND NOTES CO LTD 4.1% 28JUL2025 6,000,000 6,666,612 1.42% HYSAN MTN LTD 3.05% 10JUN2029 2,000,000 2,136,463 0.46% HYSAN MTN LTD 3.1% 4APR2029 4,000,000 4,283,594 0.91% KOREA DEVELOPMENT BANK 3.6% 16SEP2021 1,000,000 1,006,857 0.22% KOREA HYDRO & NUCLEAR POWER CO LTD 3.35% 13MAR2028 11,000,000 11,983,513 2.55% KOREA LAND & HOUSING CORP 2.43% 28SEP2024 2,000,000 2,100,680 0.45% KOREA LAND & HOUSING CORP 4.2% 18JAN2022 2,000,000 2,041,197 0.43% KOREA RAILROAD CORP 3.375% 7JUN2023 1,000,000 1,054,956 0.22% KOWLOON-CANTON RAILWAY CORP 4.13% 15MAY2024 500,000 549,701 0.12% LINK FINANCE CAYMAN 2009 LTD 2.67% 4JUL2022 1,000,000 1,024,443 0.22% LINK FINANCE CAYMAN 2009 LTD 3% 2MAR2026 2,000,000 2,151,375 0.46% LINK FINANCE CAYMAN 2009 LTD 3.15% 2FEB2026 2,000,000 2,163,467 0.46% MALAYAN BANKING BHD 2.295% 25MAY2022 4,000,000 4,063,352 0.87% MALAYAN BANKING BHD 2.9% 18JAN2023 2,000,000 2,070,082 0.44% MALAYAN BANKING BHD 3.25% 20JUL2022 5,000,000 5,134,556 1.09% MALAYAN BANKING BHD 3.66% 10OCT2023 1,000,000 1,062,492 0.23% MIZUHO BANK LTD 2.65% 22NOV2021 2,000,000 2,018,196 0.43% MORGAN STANLEY FINANCE LLC 3.2% 7APR2025 2,000,000 2,041,050 0.43% MTR CORP CI LTD 3% 24FEB2037 3,000,000 3,219,265 0.69% NATIONAL AUSTRALIA BANK LTD 3.29% 21JUN2023 8,000,000 8,456,044 1.80% NATIONAL GRID NORTH AMERICA INC 2.62% 9JUN2025 2,000,000 2,103,894 0.45% ORIX CORP 2.3% 23AUG2022 1,500,000 1,532,722 0.33% PLACES FOR PEOPLE TREASURY PLC 3.25% 30AUG2023 2,000,000 2,085,988 0.44% SGSP AUSTRALIA ASSETS PTY LTD 3.33% 21MAY2027 1,000,000 1,085,564 0.23% SHINHAN BANK CO LTD 3.14% 26JUL2021 3,000,000 3,005,697 0.64% SHINHAN BANK CO LTD 3.2% 24AUG2021 4,000,000 4,016,859 0.86% STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.7% 17APR2024 4,000,000 4,180,930 0.89% STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.85% 17APR2029 17,000,000 18,048,353 3.84% SUMITOMO MITSUI BANKING CORP 2.92% 30APR2025 2,000,000 2,133,357 0.45% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 1.89% 17JAN2028 10,000,000 10,043,665 2.14% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.32% 26JUL2026 2,000,000 2,075,550 0.44%

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Nominal Market % of net value value assets HK$ HK$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

HONG KONG DOLLAR (CONTINUED) SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.59% 15APR2026 1,000,000 1,052,219 0.23% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.68% 27FEB2030 4,000,000 4,169,812 0.89% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7% 26JUN2027 2,000,000 2,108,959 0.45% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7% 24AUG2027 2,000,000 2,111,686 0.45% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.95% 8MAY2023 3,000,000 3,121,616 0.66% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21% 1MAR2029 2,000,000 2,174,501 0.46% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21% 27MAR2029 1,000,000 1,091,714 0.23% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.38% 18JAN2029 1,000,000 1,097,883 0.24% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.39% 24JAN2029 13,000,000 14,284,225 3.04% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.88% 22NOV2028 2,000,000 2,263,483 0.48% SWIRE PACIFIC MTN FINANCING LTD 2.85% 18JUL2022 1,000,000 1,025,254 0.22% SWIRE PACIFIC MTN FINANCING LTD 2.9% 24JAN2023 7,000,000 7,236,183 1.54% SWIRE PROPERTIES MTN FINANCING LTD 2.6% 5JUL2025 2,000,000 2,093,798 0.45% SWIRE PROPERTIES MTN FINANCING LTD 2.65% 7JUN2027 5,000,000 5,271,194 1.12% SWIRE PROPERTIES MTN FINANCING LTD 2.8% 26MAR2025 1,000,000 1,053,411 0.22% SWIRE PROPERTIES MTN FINANCING LTD 2.8% 31MAY2027 2,000,000 2,125,042 0.45% SWIRE PROPERTIES MTN FINANCING LTD 2.9% 23JAN2025 1,000,000 1,056,857 0.23% SWIRE PROPERTIES MTN FINANCING LTD 3% 19MAR2025 3,000,000 3,181,534 0.68% UNITED OVERSEAS BANK LTD 3.19% 26AUG2028 4,000,000 4,085,134 0.87% UNITED UTILITIES WATER FINANCE PLC 2.37% 4OCT2027 2,000,000 2,088,931 0.44% VICTORIA POWER NETWORKS FINANCE PTY LTD 3.16% 26MAR2025 2,000,000 2,140,867 0.46% VODAFONE GROUP PLC 2.85% 28JUN2027 2,000,000 2,142,901 0.46% WELLS FARGO & CO 3% 5JUN2025 3,000,000 3,200,994 0.68% WESTPAC BANKING CORP 2.84% 20FEB2024 6,000,000 6,337,238 1.35% WHARF REIC FINANCE BVI LTD 1.7% 12MAR2026 2,000,000 2,010,000 0.43% WHARF REIC FINANCE BVI LTD 1.7% 30MAR2026 1,000,000 1,003,310 0.22% WHARF REIC FINANCE BVI LTD 2.1% 16MAR2027 2,000,000 2,020,426 0.43% WHARF REIC FINANCE BVI LTD 2.69% 20FEB2030 5,000,000 5,130,221 1.09% WHARF REIC FINANCE BVI LTD 2.8% 23JAN2030 1,000,000 1,039,900 0.22% WHARF REIC FINANCE BVI LTD 3.07% 22JAN2028 1,500,000 1,597,487 0.34% WHARF REIC FINANCE BVI LTD 3.1% 26JAN2028 3,000,000 3,200,483 0.68% TOTAL HONG KONG DOLLAR 420,244,510 89.52%

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Nominal Market % of net value value assets HK$ HK$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

UNITED STATES DOLLAR AROUNDTOWN SA 5.375% 21MAR2029 380,000 3,534,213 0.75% ASAHI MUTUAL LIFE INSURANCE CO 4.1% 31DEC2049 200,000 1,586,950 0.34% CNAC HK FINBRIDGE CO LTD 5.125% 14MAR2028 300,000 2,665,058 0.57% HANWHA LIFE INSURANCE CO LTD 4.7% 23APR2048 700,000 5,694,741 1.21% KOOKMIN BANK 4.35% 31DEC2049 400,000 3,282,980 0.70% MIRAE ASSET SECURITIES CO LTD 2.625% 30JUL2025 (formerly known as MIRAE ASSET DAEWOO CO LTD 2.625% 30JUL2025) 600,000 4,797,962 1.02% NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4% 29SEP2027 200,000 1,618,758 0.34% SANTOS FINANCE LTD 5.25% 13MAR2029 240,000 2,122,925 0.45% SHINHAN FINANCIAL GROUP CO LTD 2.875% 31DEC2049 1,300,000 10,049,965 2.14% SHINHAN FINANCIAL GROUP CO LTD 5.875% 31DEC2049 280,000 2,341,564 0.50% WOODSIDE FINANCE LTD 3.7% 15MAR2028 200,000 1,670,031 0.36% WOODSIDE FINANCE LTD 4.5% 4MAR2029 300,000 2,614,318 0.56% TOTAL UNITED STATES DOLLAR 41,979,465 8.94%

TOTAL INVESTMENTS* 462,223,975 98.46%

TOTAL INVESTMENTS, AT COST* 450,722,798

* Investments are accounted for on a trade date basis. 6

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Nominal value 1 January 2021 Additions Deductions 30 June 2021 HK$ HK$ HK$ HK$ LISTED/QUOTED INVESTMENTS

BONDS

HONG KONG DOLLAR ADCB FINANCE CAYMAN LTD 2.84% 21NOV2023 2,000,000 – – 2,000,000 ADCB FINANCE CAYMAN LTD 2.86% 4MAY2021 2,000,000 – (2,000,000) – ADCB FINANCE CAYMAN LTD 3.2% 3FEB2022 1,000,000 – – 1,000,000 AIA GROUP LTD 3.68% 16JAN2031 16,000,000 – – 16,000,000 AROUNDTOWN SA 3.69% 11MAR2024 4,000,000 – – 4,000,000 ASB FINANCE LTD 2.457% 25SEP2024 2,000,000 – – 2,000,000 ASB FINANCE LTD 2.63% 14DEC2021 2,000,000 – – 2,000,000 BANK OF NOVA SCOTIA 2.74% 13FEB2023 2,000,000 – – 2,000,000 BANK OF NOVA SCOTIA 3.34% 20SEP2023 2,000,000 – – 2,000,000 CBQ FINANCE LTD 2.06% 25AUG2025 2,000,000 – – 2,000,000 CDBL FUNDING 2 1.2% 3FEB2023 – 5,000,000 – 5,000,000 CDBL FUNDING 2 3% 2AUG2021 9,000,000 – – 9,000,000 CDBL FUNDING 2 3.2% 22JAN2021 2,000,000 – (2,000,000) – CDBL FUNDING 2 3.6% 16NOV2021 10,000,000 – – 10,000,000 CENTRICA PLC 3.68% 22FEB2022 3,000,000 – – 3,000,000 CHINA OVERSEAS FINANCE CAYMAN VIII LTD 2.9% 15JAN2025 16,200,000 – (16,200,000) – CITIGROUP GLOBAL MARKETS HOLDINGS INC/UNITED STATES 3.79% 28SEP2028 – 1,000,000 – 1,000,000 CITIGROUP INC 2.67% 6OCT2025 1,000,000 – – 1,000,000 CK PROPERTY FINANCE MTN LTD 2.25% 25AUG2022 1,500,000 – – 1,500,000 CLP POWER HONG KONG FINANCING LTD 2.83% 20SEP2022 3,000,000 – – 3,000,000 CLP POWER HONG KONG FINANCING LTD 3.25% 4DEC2026 2,000,000 3,500,000 – 5,500,000 CLP POWER HONG KONG FINANCING LTD 3.5% 28NOV2029 4,000,000 – – 4,000,000 CLP POWER HONG KONG FINANCING LTD 3.93% 20SEP2021 1,000,000 – – 1,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.505% 21SEP2026 4,000,000 – – 4,000,000 COMMONWEALTH BANK OF AUSTRALIA 2.77% 27JAN2026 2,000,000 – – 2,000,000 CORP ANDINA DE FOMENTO 2.89% 18MAR2026 2,000,000 – – 2,000,000 CORP ANDINA DE FOMENTO 3.265% 24MAR2027 2,000,000 – – 2,000,000 DBS GROUP HOLDINGS LTD 3.24% 19APR2026 5,000,000 – (5,000,000) – EASTERN CREATION II INVESTMENT HOLDINGS LTD 3.85% 20DEC2021 3,000,000 – – 3,000,000 EMIRATES NBD BANK PJSC 3.4% 13MAY2022 2,000,000 – – 2,000,000 ENGIE SA 2.65% 26SEP2032 2,000,000 – – 2,000,000 EXPORT-IMPORT BANK OF KOREA 3.45% 23SEP2021 1,000,000 – – 1,000,000 FIRST ABU DHABI BANK PJSC 1.435% 19JAN2026 – 3,000,000 – 3,000,000 FIRST ABU DHABI BANK PJSC 2.17% 11JUN2025 – 1,000,000 – 1,000,000 GENERAL ELECTRIC CO 5.05% 27JUN2023 3,000,000 – – 3,000,000 HKCG FINANCE LTD 1.98% 21AUG2030 5,000,000 – – 5,000,000 HKCG FINANCE LTD 2.25% 22JUL2026 5,000,000 – – 5,000,000 HKCG FINANCE LTD 2.65% 3JUL2027 2,000,000 – – 2,000,000 HKCG FINANCE LTD 2.69% 10FEB2030 14,000,000 1,000,000 (1,000,000) 14,000,000 HKCG FINANCE LTD 3.25% 11MAY2030 5,000,000 – – 5,000,000 HKCG FINANCE LTD 3.3% 16MAY2022 5,000,000 – – 5,000,000 HONG KONG GOVERNMENT BOND 0.8% 27AUG2027 4,500,000 – (4,500,000) – HONG KONG GOVERNMENT BOND 1.49% 22FEB2028 1,000,000 – – 1,000,000

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value 1 January 2021 Additions Deductions 30 June 2021 HK$ HK$ HK$ HK$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

HONG KONG DOLLAR (CONTINUED) HONG KONG GOVERNMENT BOND 2.24% 27AUG2029 6,000,000 – – 6,000,000 HONG KONG GOVERNMENT BOND 2.48% 28FEB2029 5,000,000 – – 5,000,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.02% 7MAR2034 11,000,000 – – 11,000,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.13% 16JUL2030 16,000,000 – – 16,000,000 HONGKONG ELECTRIC FINANCE LTD 2.55% 1AUG2028 – 2,500,000 – 2,500,000 HONGKONG LAND NOTES CO LTD 2.83% 8JUN2032 4,000,000 – – 4,000,000 HONGKONG LAND NOTES CO LTD 3.15% 10MAY2028 2,000,000 – – 2,000,000 HONGKONG LAND NOTES CO LTD 3.83% 5NOV2028 3,000,000 – – 3,000,000 HONGKONG LAND NOTES CO LTD 3.95% 29NOV2023 12,000,000 – – 12,000,000 HONGKONG LAND NOTES CO LTD 4.1% 28JUL2025 6,000,000 – – 6,000,000 HYSAN MTN LTD 3.05% 10JUN2029 2,000,000 – – 2,000,000 HYSAN MTN LTD 3.1% 4APR2029 4,000,000 – – 4,000,000 KOREA DEVELOPMENT BANK 3.6% 16SEP2021 1,000,000 – – 1,000,000 KOREA HYDRO & NUCLEAR POWER CO LTD 3.35% 13MAR2028 11,000,000 – – 11,000,000 KOREA LAND & HOUSING CORP 2.43% 28SEP2024 2,000,000 – – 2,000,000 KOREA LAND & HOUSING CORP 4.2% 18JAN2022 2,000,000 – – 2,000,000 KOREA RAILROAD CORP 3.375% 7JUN2023 1,000,000 – – 1,000,000 KOWLOON-CANTON RAILWAY CORP 4.13% 15MAY2024 500,000 – – 500,000 LINK FINANCE CAYMAN 2009 LTD 2.67% 4JUL2022 1,000,000 – – 1,000,000 LINK FINANCE CAYMAN 2009 LTD 3% 2MAR2026 2,000,000 – – 2,000,000 LINK FINANCE CAYMAN 2009 LTD 3.15% 2FEB2026 2,000,000 – – 2,000,000 MALAYAN BANKING BHD 2.295% 25MAY2022 4,000,000 – – 4,000,000 MALAYAN BANKING BHD 2.9% 18JAN2023 2,000,000 – – 2,000,000 MALAYAN BANKING BHD 3.25% 20JUL2022 5,000,000 – – 5,000,000 MALAYAN BANKING BHD 3.66% 10OCT2023 1,000,000 – – 1,000,000 MIZUHO BANK LTD 2.65% 22NOV2021 2,000,000 – – 2,000,000 MORGAN STANLEY FINANCE LLC 3.2% 7APR2025 2,000,000 – – 2,000,000 MTR CORP CI LTD 3% 24FEB2037 3,000,000 – – 3,000,000 NATIONAL AUSTRALIA BANK LTD 3.29% 21JUN2023 8,000,000 – – 8,000,000 NATIONAL AUSTRALIA BANK LTD 3.73% 17MAY2026 5,000,000 – (5,000,000) – NATIONAL GRID NORTH AMERICA INC 2.62% 9JUN2025 2,000,000 – – 2,000,000 ORIX CORP 2.3% 23AUG2022 1,500,000 – – 1,500,000 PLACES FOR PEOPLE TREASURY PLC 3.25% 30AUG2023 2,000,000 – – 2,000,000 SGSP AUSTRALIA ASSETS PTY LTD 3.33% 21MAY2027 1,000,000 – – 1,000,000 SHINHAN BANK CO LTD 3.14% 26JUL2021 3,000,000 – – 3,000,000 SHINHAN BANK CO LTD 3.2% 24AUG2021 4,000,000 – – 4,000,000 STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.7% 17APR2024 4,000,000 – – 4,000,000 STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.85% 17APR2029 15,000,000 2,000,000 – 17,000,000 SUMITOMO MITSUI BANKING CORP 2.92% 30APR2025 2,000,000 – – 2,000,000

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value 1 January 2021 Additions Deductions 30 June 2021 HK$ HK$ HK$ HK$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

HONG KONG DOLLAR (CONTINUED) SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 1.89% 17JAN2028 – 10,000,000 – 10,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.32% 26JUL2026 2,000,000 – – 2,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.59% 15APR2026 1,000,000 – – 1,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.68% 27FEB2030 4,000,000 – – 4,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7% 26JUN2027 2,000,000 – – 2,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7% 24AUG2027 2,000,000 – – 2,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.95% 8MAY2023 3,000,000 – – 3,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21% 1MAR2029 2,000,000 – – 2,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21% 27MAR2029 1,000,000 – – 1,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.38% 18JAN2029 1,000,000 – – 1,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.39% 24JAN2029 13,000,000 – – 13,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.88% 22NOV2028 2,000,000 – – 2,000,000 SWIRE PACIFIC MTN FINANCING LTD 2.85% 18JUL2022 1,000,000 – – 1,000,000 SWIRE PACIFIC MTN FINANCING LTD 2.9% 24JAN2023 7,000,000 – – 7,000,000 SWIRE PROPERTIES MTN FINANCING LTD 2.6% 5JUL2025 2,000,000 – – 2,000,000 SWIRE PROPERTIES MTN FINANCING LTD 2.65% 7JUN2027 5,000,000 – – 5,000,000 SWIRE PROPERTIES MTN FINANCING LTD 2.8% 26MAR2025 1,000,000 – – 1,000,000 SWIRE PROPERTIES MTN FINANCING LTD 2.8% 31MAY2027 2,000,000 – – 2,000,000 SWIRE PROPERTIES MTN FINANCING LTD 2.9% 23JAN2025 1,000,000 – – 1,000,000 SWIRE PROPERTIES MTN FINANCING LTD 3% 19MAR2025 3,000,000 – – 3,000,000 UNITED OVERSEAS BANK LTD 3.19% 26AUG2028 4,000,000 – – 4,000,000 UNITED UTILITIES WATER FINANCE PLC 2.37% 4OCT2027 2,000,000 – – 2,000,000 VICTORIA POWER NETWORKS FINANCE PTY LTD 3.16% 26MAR2025 2,000,000 – – 2,000,000 VODAFONE GROUP PLC 2.85% 28JUN2027 2,000,000 – – 2,000,000 WELLS FARGO & CO 3% 5JUN2025 3,000,000 – – 3,000,000 WESTPAC BANKING CORP 2.84% 20FEB2024 6,000,000 – – 6,000,000 WHARF REIC FINANCE BVI LTD 1.7% 12MAR2026 – 2,000,000 – 2,000,000 WHARF REIC FINANCE BVI LTD 1.7% 30MAR2026 – 1,000,000 – 1,000,000 WHARF REIC FINANCE BVI LTD 2.1% 16MAR2027 2,000,000 – – 2,000,000 WHARF REIC FINANCE BVI LTD 2.69% 20FEB2030 5,000,000 – – 5,000,000 WHARF REIC FINANCE BVI LTD 2.8% 23JAN2030 1,000,000 – – 1,000,000 WHARF REIC FINANCE BVI LTD 3.07% 22JAN2028 1,500,000 – – 1,500,000 WHARF REIC FINANCE BVI LTD 3.1% 26JAN2028 3,000,000 – – 3,000,000

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value 1 January 2021 Additions Deductions 30 June 2021 HK$ HK$ HK$ HK$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

UNITED STATES DOLLAR AROUNDTOWN SA 5.375% 21MAR2029 580,000 – (200,000) 380,000 ASAHI MUTUAL LIFE INSURANCE CO 4.1% 31DEC2049 – 200,000 – 200,000 CNAC HK FINBRIDGE CO LTD 5.125% 14MAR2028 – 300,000 – 300,000 HANWHA LIFE INSURANCE CO LTD 4.7% 23APR2048 700,000 – – 700,000 HYUNDAI CAPITAL AMERICA 6.375% 8APR2030 800,000 – (800,000) – KOOKMIN BANK 4.35% 31DEC2049 400,000 – – 400,000 KOOKMIN BANK 4.5% 1FEB2029 873,000 – (873,000) – MIRAE ASSET SECURITIES CO LTD 2.625% 30JUL2025 (formerly known as MIRAE ASSET DAEWOO CO LTD 2.625% 30JUL2025) 200,000 400,000 – 600,000 NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4% 29SEP2027 200,000 – – 200,000 NIPPON LIFE INSURANCE CO 2.75% 21JAN2051 – 200,000 (200,000) – SANTOS FINANCE LTD 5.25% 13MAR2029 240,000 – – 240,000 SCENTRE GROUP TRUST 2 4.375% 28MAY2030 230,000 – (230,000) – SHINHAN FINANCIAL GROUP CO LTD 2.875% 31DEC2049 – 1,300,000 – 1,300,000 SHINHAN FINANCIAL GROUP CO LTD 5.875% 31DEC2049 280,000 – – 280,000 SK HYNIX INC 2.375% 19JAN2031 – 790,000 (790,000) – WOODSIDE FINANCE LTD 3.7% 15MAR2028 200,000 – – 200,000 WOODSIDE FINANCE LTD 4.5% 4MAR2029 500,000 – (200,000) 300,000

CERTIFICATES OF DEPOSIT

HONG KONG DOLLAR FIRST ABU DHABI BANK PJSC/HONG KONG CD 4.6% 29JAN2021 1,000,000 – (1,000,000) –

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Hong Kong Dollar Fixed Income Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund is a fixed income fund that seeks to provide investors with a stable source of high recurring income through a managed portfolio of bonds and other income yielding securities. The Fund’s objective is to provide security of capital as well as a comparatively high level of income by investing at least 70% of its total net assets in a range of fixed and floating rate instruments, either denominated in Hong Kong dollars or, if they are not denominated in Hong Kong dollars, the currency exposure shall be hedged back into Hong Kong dollars in order to ensure that the Fund has an effective exposure of at least 30% to the Hong Kong dollars.

30 June 2021 30 June 2020 30 June 2019 HK$ HK$ HK$

Investments and investment income

Total value of investments 462,223,975 453,750,491 464,458,527

Interest on bank deposits 1,183 13,495 17,704 Interest on investments 5,984,933 6,380,399 6,887,932

Net foreign currency losses (1,548) (10,257) (1,474) Net income excluding capital (depreciation)/appreciation 4,573,889 4,876,746 5,353,787

Net (depreciation)/appreciation of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized (4,881,321) 16,891,336 13,961,132

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue HK$ HK$ Units Standard units - Accumulation (Note 2) 30 June 2021 279,688,655 20.68 13,522,954 31 December 2020 302,290,940 20.71 14,595,531 31 December 2019 299,354,893 19.34 15,480,987

Provident Fund units 30 June 2021 189,777,713 24.02 7,900,310 31 December 2020 189,728,011 23.97 7,916,265 31 December 2019 154,135,487 22.21 6,940,182

PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest Investment issue price redemption price return

per unit per unit (Note 1) HK$ HK$ % Standard units - Accumulation (Note 2) 30 June 2021 20.77 20.22 (0.14) 31 December 2020 20.72 19.30 7.08 31 December 2019 19.70 18.59 3.87 31 December 2018 18.63 18.04 1.14 31 December 2017 18.77 17.98 2.39 31 December 2016 18.77 17.82 (0.77) 31 December 2015 18.20 17.61 2.72 31 December 2014 17.78 16.94 3.76 31 December 2013 17.73 16.70 (3.52) 31 December 2012 17.64 16.98 3.46 31 December 2011 17.28 16.17 4.67

Provident Fund units 30 June 2021 24.11 23.44 0.21 31 December 2020 23.97 22.17 7.92 31 December 2019 22.57 21.20 4.62 31 December 2018 21.24 20.47 1.92 31 December 2017 21.18 20.19 3.12 31 December 2016 21.03 19.91 0.00 31 December 2015 20.26 19.49 3.43 31 December 2014 19.67 18.63 4.49 31 December 2013 19.10 18.01 (2.85) 31 December 2012 18.95 18.12 4.30 31 December 2011 18.40 17.14 5.34

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

Note 3: No Standard units - Monthly Distribution were issued by the Fund since the year ended 31 December 2013.

PineBridge Hong Kong Dollar Fixed Income Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 HK$ HK$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 462,223,975 476,339,196 Interest receivable on investments 2,927,982 3,965,119 Bank interest receivable 2 10 Amounts receivable on subscription 64,435 1,287,980 Cash and cash equivalents 6,459,035 12,384,175 Total assets 471,675,429 493,976,480

Liabilities Current liabilities Amounts payable on redemption 1,761,815 1,544,276 Accounts payable and accrued expenses 447,246 413,253 Liabilities (excluding net assets attributable to unitholders) 2,209,061 1,957,529

Net assets attributable to unitholders 469,466,368 492,018,951

The accompanying notes form an integral part of these financial statements. 13

PineBridge Hong Kong Dollar Fixed Income Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Income Interest on bank deposits 1,183 13,495 Interest on investments 5,984,933 6,380,399 Net (losses)/gains on financial assets and financial liabilities at fair value through profit or loss (4,881,321) 16,891,336 Net foreign currency losses (1,548) (10,257) Total investment income 1,103,247 23,274,973

Expenses Management fee 1,073,507 1,157,950 Trustee's fee 118,431 113,158 Custodian and administration fees 149,199 148,038 Audit fee 43,261 42,338 Bank charges 1,350 1,350 Legal and professional fees 707 19,596 Other expenses 24,224 24,461 Total operating expenses 1,410,679 1,506,891

(Decrease)/increase in net assets attributable to unitholders from operations (307,432) 21,768,082

The accompanying notes form an integral part of these financial statements. 14

PineBridge Hong Kong Dollar Fixed Income Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Net assets attributable to unitholders at 1 January 492,018,951 453,490,380

Issue of units 41,502,350 67,134,410

Redemption of units (63,747,501) (81,869,214)

Net decrease from unit transactions (22,245,151) (14,734,804)

(Decrease)/increase in net assets attributable to unitholders from operations (307,432) 21,768,082

Net assets attributable to unitholders at 30 June 469,466,368 460,523,658

PineBridge Hong Kong Dollar Fixed Income Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2021 30 June 2021 Standard Units – Standard Monthly Units – Distribution Accumulation Provident (Note 1) (Note 2) Fund Units Units Units

Number of units in issue at the beginning of the period – 14,595,531 7,916,265

Issue of units – 1,557,675 398,563

Redemption of units – (2,630,252) (414,518)

Net decrease from unit transactions – (1,072,577) (15,955) Number of units in issue at the end of the period – 13,522,954 7,900,310

30 June 2020 30 June 2020 30 June 2020 Standard Units – Standard Monthly Units – Distribution Accumulation Provident (Note 1) (Note 2) Fund Units Units Units

Number of units in issue at the beginning of the period – 15,480,987 6,940,182

Issue of units – 2,578,546 689,468

Redemption of units – (2,440,536) (1,451,336)

Net increase/(decrease) from unit transactions – 138,010 (761,868) Number of units in issue at the end of the period – 15,618,997 6,178,314

Note 1: No Standard units - Monthly Distribution were issued by the Fund since the year ended 31 December 2013.

Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

The accompanying notes form an integral part of these financial statements. 16

PineBridge Hong Kong Dollar Fixed Income Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Cash flows from operating activities

(Decrease)/increase in net assets attributable to unitholders from operations (307,432) 21,768,082

Adjustment for: Interest on bank deposits (1,183) (13,495) Interest on investments (5,984,933) (6,380,399) Operating (loss)/profit before working capital changes (6,293,548) 15,374,188

Net decrease/(increase) in investments 14,115,221 (5,352,076) Net increase/(decrease) in accounts payable and accrued expenses 33,993 (20,039) Cash generated from operations 7,855,666 10,002,073

Interest on bank deposits received 7,022,070 13,676 Interest on investments received 1,191 7,345,684 Net cash generated from operating activities 14,878,927 17,361,433

Cash flows from financing activities

Proceeds from issue of units 42,725,895 66,962,698 Payments on redemption of units (63,529,962) (83,246,184) Net cash used in financing activities (20,804,067) (16,283,486)

Net (decrease)/increase in cash and cash equivalents (5,925,140) 1,077,947

Cash and cash equivalents at the beginning of the period 12,384,175 3,880,470 Cash and cash equivalents at the end of the period 6,459,035 4,958,417

Analysis of balance of cash and cash equivalents

Cash at banks 80,035 80,017 Short-term deposits 6,379,000 4,878,400 6,459,035 4,958,417

The accompanying notes form an integral part of these financial statements. 17

PineBridge Hong Kong Dollar Fixed Income Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Hong Kong Dollar Fixed Income Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE GLOBAL BOND FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED) PineBridge Global 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 3-14

Statement of net assets 15

Statement of comprehensive income 16

Statement of changes in equity 17

Statement of cash flows 18

Notes to the financial statements 19

PineBridge Global Bond Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Global Bond Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

The first half of 2021 could be described as a volatile period for the rates market but a very stable period for the credit markets. The US Treasuries saw a massive selloff during Q1 as the market started to price an additional fiscal stimulus in the US when the Democrats won the control of both houses in Congress, as well as higher inflation and a more hawkish Fed, which could signal the start of tapering. However, the selloff in sovereign bonds was not confined to the US, with their European counterparts also losing ground as investors increasingly bet on a stronger economic recovery once the vaccine is rolled out. Q2 however saw a partial reversal of the move higher in rates as new Covid cases started to rise due to the new Delta variant reminding the market that new restrictions were possible and the Fed’s dot-plot shift also took some life out of the reflation trade. In credit markets however it was a very stable environment in which we saw credit spreads to slowly tighten during the period and reaching levels not seen in several years. The move tighter was supported by better than expected results from companies as well as a very strong technical support in the form of inflows, lower than expected supply and continuous buying from the ECB.

2021 H2 Market Outlook and Strategy

The coronavirus pandemic and resulting lockdowns in several developed countries had a tremendous impact into the global economic growth and debt levels from governments. Central banks and fiscal policies, however, have given the necessary support for economies to have a strong recovery and get back to pre-pandemic levels. The market is solely focused on fast rising inflation, but we expect the high prints to be transitory, and as the developed markets moved back to a low growth environment, the low for longer theme in rates will prevail and central banks will struggle to remove their current accommodative policies.

In this environment, the team expects risk assets to do well in the coming months. The team still likes credit spreads at current levels, mainly from the cyclical sectors, while it is more cautious on duration. Valuations, however, are somewhat stretched, so while the team is positive, it is also aware that the upside will not be across sectors/issuers. Therefore, we expect security selection to be a key driver of performance in the second half of this year.

PineBridge Global Bond Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Nominal Market % of net value value assets Local currency US$ LISTED/QUOTED INVESTMENTS

BONDS

AUSTRALIAN DOLLAR AUSTRALIA GOVERNMENT BOND 4.25% 21APR2026 10,000,000 8,757,099 0.92% TOTAL AUSTRALIAN DOLLAR 8,757,099 0.92%

CANADIAN DOLLAR CANADIAN GOVERNMENT BOND 5% 1JUN2037 800,000 952,655 0.10% CANADIAN GOVERNMENT BOND 8% 1JUN2023 5,000,000 4,617,328 0.49% TOTAL CANADIAN DOLLAR 5,569,983 0.59%

EURO ABBVIE INC 2.625% 15NOV2028 2,400,000 3,287,577 0.35% ANHEUSER-BUSCH INBEV SA/NV 1.5% 18APR2030 3,000,000 3,871,368 0.41% APPLE INC 1.375% 24MAY2029 3,525,000 4,573,145 0.48% AROUNDTOWN SA 0.625% 9JUL2025 2,500,000 3,011,574 0.32% AROUNDTOWN SA 1.45% 9JUL2028 3,900,000 4,832,299 0.51% ASTRAZENECA PLC 0.375% 3JUN2029 2,910,000 3,456,318 0.36% ATHENE GLOBAL FUNDING 0.625% 12JAN2028 3,000,000 3,536,653 0.37% AXA SA 3.941% 29NOV2049 3,550,000 4,673,965 0.49% BANCO DE SABADELL SA 1.125% 11MAR2027 4,000,000 4,878,702 0.51% BANK OF AMERICA CORP 3.648% 31MAR2029 7,500,000 10,754,026 1.13% BARCLAYS PLC 0.75% 9JUN2025 4,500,000 5,432,234 0.57% BARCLAYS PLC 1.106% 12MAY2032 5,455,000 6,530,091 0.69% BAYER AG 1% 12JAN2036 4,600,000 5,139,206 0.54% BAYER AG 3.75% 1JUL2074 3,000,000 3,766,270 0.40% BNP PARIBAS SA 0.5% 1SEP2028 5,000,000 5,920,197 0.62% BOOKING HOLDINGS INC 1.8% 3MAR2027 3,475,000 4,472,471 0.47% BORGWARNER INC 1% 19MAY2031 5,651,000 6,752,700 0.71% BP CAPITAL MARKETS PLC 0.831% 8NOV2027 4,000,000 4,896,225 0.52% CAIXABANK SA 1.375% 19JUN2026 3,000,000 3,720,205 0.39% CARREFOUR BANQUE SA 0.107% 14JUN2025 2,400,000 2,851,778 0.30% CHUBB INA HOLDINGS INC 1.55% 15MAR2028 3,120,000 3,986,984 0.42% COCA-COLA CO 0.95% 6MAY2036 2,033,000 2,430,080 0.26% COCA-COLA CO 1% 9MAR2041 3,000,000 3,482,124 0.37% CREDIT AGRICOLE SA 0.125% 9DEC2027 5,000,000 5,828,408 0.61% DANSKE BANK A/S 1.375% 12FEB2030 5,000,000 6,047,349 0.64% DEUTSCHE BANK AG 1% 19NOV2025 3,000,000 3,633,502 0.38% DEUTSCHE BANK AG 1.75% 17JAN2028 3,000,000 3,769,266 0.40% DEUTSCHE BANK AG 1.75% 19NOV2030 3,700,000 4,641,679 0.49% EEW ENERGY FROM WASTE GMBH 0.361% 30JUN2026 1,200,000 1,427,018 0.15% ELECTRICITE DE FRANCE SA 2.625% 31DEC2049 3,400,000 4,060,284 0.43% ELO SACA 3.25% 23JUL2027 (formerly known as AUCHAN HOLDINGS SA 3.25% 23JUL2027) 5,000,000 6,884,529 0.73% EMIRATES TELECOMMUNICATIONS GROUP CO PJSC 0.375% 17MAY2028 2,400,000 2,864,489 0.30%

ED 3

PineBridge Global Bond Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Nominal Market % of net value value assets Local currency US$ LISTED/QUOT ED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

EURO (CONTINUED) ENEL FINANCE INTERNATIONAL NV 0.5% 17JUN2030 3,000,000 3,559,353 0.38% ENEL FINANCE INTERNATIONAL NV 0.875% 17JUN2036 3,000,000 3,536,101 0.37% FAIRFAX FINANCIAL HOLDINGS LTD 2.75% 29MAR2028 3,000,000 3,914,473 0.41% FEDEX CORP 0.95% 4MAY2033 4,455,000 5,251,386 0.55% FORTUM OYJ 2.125% 27FEB2029 4,300,000 5,709,316 0.60% GE CAPITAL EUROPEAN FUNDING UNLIMITED CO 6.025% 1MAR2038 3,168,000 6,193,888 0.65% GENERAL MOTORS FINANCIAL CO INC 0.85% 26FEB2026 4,000,000 4,831,765 0.51% GENERAL MOTORS FINANCIAL CO INC 2.2% 1APR2024 2,500,000 3,133,542 0.33% GLENCORE CAPITAL FINANCE DAC 1.25% 1MAR2033 3,250,000 3,765,768 0.40% GOLDMAN SACHS GROUP INC 1.625% 27JUL2026 4,000,000 5,065,814 0.53% HEATHROW FUNDING LTD 1.5% 12OCT2027 4,000,000 4,951,346 0.52% HEIMSTADEN BOSTAD AB 1.125% 21JAN2026 3,500,000 4,269,628 0.45% ITALY BUONI POLIENNALI DEL TESORO 1.65% 1MAR2032 5,000,000 6,401,808 0.67% ITALY BUONI POLIENNALI DEL TESORO 3.85% 1SEP2049 15,500,000 26,788,850 2.82% JAB HOLDINGS BV 2.25% 19DEC2039 3,000,000 3,748,081 0.39% JAB HOLDINGS BV 2.5% 25JUN2029 5,300,000 7,095,177 0.75% MERCK KGAA 1.625% 9SEP2080 3,000,000 3,671,287 0.39% METROPOLITAN LIFE GLOBAL FUNDING I 0.5% 25MAY2029 10,000,000 11,991,833 1.26% MORGAN STANLEY 0.406% 29OCT2027 2,200,000 2,619,306 0.28% NATIONAL GRID PLC 0.163% 20JAN2028 3,000,000 3,504,095 0.37% NATWEST GROUP PLC 0.78% 26FEB2030 4,000,000 4,749,106 0.50% NATWEST GROUP PLC 1.75% 2MAR2026 5,000,000 6,252,951 0.66% PUBLIC STORAGE 0.875% 24JAN2032 3,000,000 3,563,065 0.38% SAMHALLSBYGGNADSBOLAGET I NORDEN AB 1.75% 14JAN2025 3,225,000 4,008,935 0.42% SIMON INTERNATIONAL FINANCE SCA 1.125% 19MAR2033 2,603,000 3,105,280 0.33% STRYKER CORP 0.75% 1MAR2029 5,000,000 6,069,365 0.64% SYNGENTA FINANCE NV 3.375% 16APR2026 3,000,000 3,967,120 0.42% TAKEDA PHARMACEUTICAL CO LTD 1.375% 9JUL2032 5,000,000 6,186,295 0.65% TOTALENERGIES SE 1.625% 31DEC2049 4,000,000 4,754,605 0.50% TRATON FINANCE LUXEMBOURG SA 0% 14JUN2024 4,400,000 5,223,089 0.55% TRATON FINANCE LUXEMBOURG SA 1.25% 24MAR2033 2,900,000 3,492,007 0.37% UBS GROUP AG 0.25% 5NOV2028 3,020,000 3,546,764 0.37% UNIBAIL-RODAMCO-WESTFIELD SE 1% 27FEB2027 3,400,000 4,198,201 0.44% UNICREDIT SPA 1.25% 16JUN2026 5,000,000 6,135,611 0.65% UPJOHN FINANCE BV 1.908% 23JUN2032 5,000,000 6,320,711 0.67% VERIZON COMMUNICATIONS INC 1.125% 19SEP2035 2,832,000 3,322,473 0.35% VOLKSWAGEN LEASING GMBH 0.375% 20JUL2026 4,408,000 5,246,820 0.55% VONOVIA SE 0.375% 16JUN2027 3,300,000 3,920,070 0.41% WABTEC TRANSPORTATION NETHERLANDS BV 1.25% 3DEC2027 3,000,000 3,590,025 0.38% WESTLAKE CHEMICAL CORP 1.625% 17JUL2029 4,250,000 5,277,049 0.56% TOTAL EURO 358,345,075 37.75%

ED 4

PineBridge Global Bond Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Nominal Market % of net value value assets Local currency US$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

JAPANESE YEN EUROPEAN INVESTMENT BANK 1.9% 26JAN2026 500,000,000 4,935,705 0.52% JAPAN GOVERNMENT TEN YEAR BOND 0.1% 20DEC2027 1,000,000,000 9,116,645 0.96% JAPAN GOVERNMENT TWENTY YEAR BOND 0.5% 20MAR2038 2,500,000,000 23,146,998 2.44% JAPAN GOVERNMENT TWENTY YEAR BOND 0.6% 20DEC2036 1,000,000,000 9,447,477 1.00% JAPAN GOVERNMENT TWENTY YEAR BOND 0.6% 20SEP2037 2,500,000,000 23,563,367 2.48% JAPAN GOVERNMENT TWENTY YEAR BOND 1.2% 20SEP2035 1,500,000,000 15,347,307 1.62% TOTAL JAPANESE YEN 85,557,499 9.02%

POUND STERLING ATHENE GLOBAL FUNDING 1.75% 24NOV2027 4,750,000 6,624,792 0.70% DANSKE BANK A/S 2.25% 14JAN2028 8,000,000 11,356,843 1.20% E.ON INTERNATIONAL FINANCE BV 6.25% 3JUN2030 5,000,000 9,375,480 0.99% HEATHROW FUNDING LTD 6.75% 3DEC2028 3,975,000 6,946,289 0.73% HSBC HOLDINGS PLC 3% 22JUL2028 4,430,000 6,604,520 0.70% M&G PLC 5.56% 20JUL2055 2,400,000 4,003,215 0.42% METROPOLITAN LIFE GLOBAL FUNDING I 0.625% 8DEC2027 3,600,000 4,802,468 0.51% ORSTED AS 2.5% 16MAY2033 3,500,000 5,261,097 0.55% TESCO CORPORATE TREASURY SERVICES PLC 2.75% 27APR2030 2,100,000 3,105,096 0.33% TOTAL POUND STERLING 58,079,800 6.13%

UNITED STATES DOLLAR ABBVIE INC 4.05% 21NOV2039 2,000,000 2,322,103 0.24% ABU DHABI NATIONAL ENERGY CO PJSC 3.4% 29APR2051 7,000,000 7,355,985 0.78% ALLIANZ SE 3.875% 8MAR2027 7,000,000 7,061,460 0.74% BAE SYSTEMS PLC 3.4% 15APR2030 5,000,000 5,445,167 0.57% COMCAST CORP 3.75% 1APR2040 3,000,000 3,391,426 0.36% CREDIT AGRICOLE SA/LONDON 3.375% 10JAN2022 1,500,000 1,524,292 0.16% CREDIT SUISSE AG/NEW YORK NY 2.95% 9APR2025 5,000,000 5,358,933 0.56% CVS HEALTH CORP 4.78% 25MAR2038 4,000,000 4,920,821 0.52% DELL INTERNATIONAL LLC / EMC CORP 8.35% 15JUL2046 3,000,000 4,915,165 0.52% DEUTSCHE BANK AG/NEW YORK NY 2.222% 18SEP2024 5,000,000 5,136,331 0.54% EMERSON ELECTRIC CO 0.875% 15OCT2026 5,000,000 4,928,015 0.52% GEORGIA-PACIFIC LLC 3.6% 1MAR2025 4,000,000 4,352,896 0.46% GLENCORE FINANCE CANADA LTD 4.25% 25OCT2022 5,000,000 5,231,198 0.55% MASCO CORP 2% 1OCT2030 3,000,000 2,931,240 0.31% NATWEST GROUP PLC 3.875% 12SEP2023 5,000,000 5,342,061 0.56% NXP USA INC 3.4% 1MAY2030 3,000,000 3,281,044 0.35% PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 3.35% 1NOV2029 7,000,000 7,487,210 0.79% QATAR PETROLEUM 3.125% 12JUL2041 5,000,000 4,981,550 0.52%

ED 5

PineBridge Global Bond Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Nominal Market % of net value value assets Local currency US$ LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

UNITED STATES DOLLAR (CONTINUED) REXFORD INDUSTRIAL REALTY LP 2.125% 1DEC2030 5,000,000 4,822,291 0.51% SCENTRE GROUP TRUST 2 5.125% 24SEP2080 7,500,000 8,006,250 0.84% SONOCO PRODUCTS CO 3.125% 1MAY2030 7,000,000 7,484,030 0.79% TECK RESOURCES LTD 3.9% 15JUL2030 3,000,000 3,240,139 0.34% TENCENT HOLDINGS LTD 3.68% 22APR2041 5,000,000 5,375,207 0.57% UNITED STATES TREASURY NOTE/BOND 0.875% 15NOV2030 10,000,000 9,518,750 1.00% UNITED STATES TREASURY NOTE/BOND 2% 15NOV2026 9,000,000 9,504,491 1.00% UNITED STATES TREASURY NOTE/BOND 2.25% 31DEC2024 50,000,000 52,927,730 5.58% UNITED STATES TREASURY NOTE/BOND 2.5% 15MAY2024 30,000,000 31,785,351 3.35% UNITED STATES TREASURY NOTE/BOND 2.875% 30APR2025 50,000,000 54,251,950 5.72% UNITED STATES TREASURY NOTE/BOND 3% 15FEB2048 20,000,000 23,857,030 2.51% UNITED STATES TREASURY NOTE/BOND 3.625% 15FEB2044 15,000,000 19,405,077 2.04% UNITED STATES TREASURY NOTE/BOND 3.75% 15NOV2043 20,000,000 26,275,000 2.77% UNITED STATES TREASURY NOTE/BOND 6.5% 15NOV2026 38,000,000 49,119,450 5.18% VERIZON COMMUNICATIONS INC 3.4% 22MAR2041 2,000,000 2,120,245 0.22% VERIZON COMMUNICATIONS INC 3.55% 22MAR2051 5,000,000 5,353,590 0.56% TOTAL UNITED STATES DOLLAR 399,013,478 42.03%

TOTAL INVESTMENTS* 915,322,934 96.44%

TOTAL INVESTMENTS, AT COST* 906,923,975

* Investments are accounted for on a trade date basis.

ED 6

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Nominal value

Additions Deductions 1 January 2021 30 June 2021 Local currency Local currency Local currency Local currency

LISTED/QUOTED INVESTMENTS

BONDS

AUSTRALIAN DOLLAR AUSTRALIA GOVERNMENT BOND 4.25% 21APR2026 10,000,000 – – 10,000,000

CANADIAN DOLLAR CANADIAN GOVERNMENT BOND 5% 1JUN2037 800,000 – – 800,000 CANADIAN GOVERNMENT BOND 8% 1JUN2023 5,000,000 – – 5,000,000

EURO ABB FINANCE BV 0% 19JAN2030 – 3,680,000 (3,680,000) – ABBVIE INC 2.625% 15NOV2028 2,400,000 – – 2,400,000 AEGON NV 4% 25APR2044 – 4,135,000 (4,135,000) – ALIMENTATION COUCHE-TARD INC 1.875% 6MAY2026 – 3,500,000 (3,500,000) – ALLIANZ SE 2.625% 31DEC2049 4,600,000 – (4,600,000) – AMERICAN TOWER CORP 1.375% 4APR2025 – 3,520,000 (3,520,000) – ANHEUSER-BUSCH INBEV SA/NV 1.5% 18APR2030 – 3,000,000 – 3,000,000 APPLE INC 1.375% 24MAY2029 – 3,525,000 – 3,525,000 AROUNDTOWN SA 0.625% 9JUL2025 6,500,000 – (4,000,000) 2,500,000 AROUNDTOWN SA 1.45% 9JUL2028 3,900,000 – – 3,900,000 ASTRAZENECA PLC 0.375% 3JUN2029 – 2,910,000 – 2,910,000 ATHENE GLOBAL FUNDING 0.625% 12JAN2028 – 10,000,000 (7,000,000) 3,000,000 ATHENE GLOBAL FUNDING 1.125% 2SEP2025 12,000,000 – (12,000,000) – AUSNET SERVICES HOLDINGS PTY LTD 1.625% 11MAR2081 – 1,200,000 (1,200,000) – AXA SA 3.941% 29NOV2049 – 3,550,000 – 3,550,000 BANCO DE SABADELL SA 1.125% 11MAR2027 2,800,000 2,200,000 (1,000,000) 4,000,000 BANCO DE SABADELL SA 1.75% 10MAY2024 – 3,200,000 (3,200,000) – BANK OF AMERICA CORP 3.648% 31MAR2029 4,450,000 8,000,000 (4,950,000) 7,500,000 BARCLAYS PLC 0.75% 9JUN2025 4,500,000 – – 4,500,000 BARCLAYS PLC 1.106% 12MAY2032 – 5,455,000 – 5,455,000 BAYER AG 0.625% 12JUL2031 – 5,900,000 (5,900,000) – BAYER AG 1% 12JAN2036 – 4,600,000 – 4,600,000 BAYER AG 3.75% 1JUL2074 – 3,800,000 (800,000) 3,000,000 BECTON DICKINSON AND CO 1.9% 15DEC2026 – 3,000,000 (3,000,000) – BNP PARIBAS SA 0.5% 1SEP2028 – 5,000,000 – 5,000,000 BNP PARIBAS SA 2.875% 20MAR2026 3,000,000 – (3,000,000) – BOOKING HOLDINGS INC 0.5% 8MAR2028 – 875,000 (875,000) – BOOKING HOLDINGS INC 1.8% 3MAR2027 – 3,475,000 – 3,475,000 BORGWARNER INC 1% 19MAY2031 – 5,651,000 – 5,651,000 BP CAPITAL MARKETS BV 0.933% 4DEC2040 – 5,000,000 (5,000,000) – BP CAPITAL MARKETS PLC 0.831% 8NOV2027 – 4,000,000 – 4,000,000 BP CAPITAL MARKETS PLC 3.25% 31DEC2049 5,000,000 – (5,000,000) – BP CAPITAL MARKETS PLC 3.625% 31DEC2049 5,000,000 – (5,000,000) –

ED 7

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 Local currency Local currency Local currency Local currency

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

EURO (CONTINUED) BPCE SA 0.75% 3MAR2031 – 3,300,000 (3,300,000) – CAIXABANK SA 1.375% 19JUN2026 – 5,000,000 (2,000,000) 3,000,000 CARREFOUR BANQUE SA 0.107% 14JUN2025 – 2,400,000 – 2,400,000 CELLNEX FINANCE CO SA 2% 15FEB2033 – 7,000,000 (7,000,000) – CHUBB INA HOLDINGS INC 1.55% 15MAR2028 – 3,120,000 – 3,120,000 CNH INDUSTRIAL FINANCE EUROPE SA 1.75% 25MAR2027 8,000,000 – (8,000,000) – COCA-COLA CO 0.95% 6MAY2036 – 2,033,000 – 2,033,000 COCA-COLA CO 1% 9MAR2041 – 4,375,000 (1,375,000) 3,000,000 COVESTRO AG 1.375% 12JUN2030 – 1,922,000 (1,922,000) – CPI PROPERTY GROUP SA 1.5% 27JAN2031 – 5,818,000 (5,818,000) – CREDIT AGRICOLE SA 0.125% 9DEC2027 – 5,000,000 – 5,000,000 CREDIT SUISSE AG/LONDON 0.25% 5JAN2026 – 3,808,000 (3,808,000) – CREDIT SUISSE GROUP AG 0.625% 18JAN2033 – 7,410,000 (7,410,000) – CREDIT SUISSE GROUP AG 1% 24JUN2027 5,000,000 – (5,000,000) – CRH FUNDING BV 1.625% 5MAY2030 6,000,000 – (6,000,000) – DANSKE BANK A/S 1.375% 12FEB2030 8,000,000 – (3,000,000) 5,000,000 DEUTSCHE BANK AG 1% 19NOV2025 4,700,000 – (1,700,000) 3,000,000 DEUTSCHE BANK AG 1.75% 17JAN2028 5,000,000 – (2,000,000) 3,000,000 DEUTSCHE BANK AG 1.75% 19NOV2030 3,700,000 – – 3,700,000 DIGITAL DUTCH FINCO BV 1% 15JAN2032 8,065,000 – (8,065,000) – DIGITAL DUTCH FINCO BV 1.25% 1FEB2031 5,000,000 – (5,000,000) – DNB BANK ASA 0.25% 23FEB2029 – 9,256,000 (9,256,000) – EATON CAPITAL UNLIMITED CO 0.577% 8MAR2030 – 2,860,000 (2,860,000) – EEW ENERGY FROM WASTE GMBH 0.361% 30JUN2026 – 1,200,000 – 1,200,000 ELECTRICITE DE FRANCE SA 2.625% 31DEC2049 – 3,400,000 – 3,400,000 ELECTRICITE DE FRANCE SA 4% 31DEC2049 5,000,000 500,000 (5,500,000) – ELO SACA 3.25% 23JUL2027 (formerly known as AUCHAN HOLDINGS SA 3.25% 23JUL2027) 7,000,000 – (2,000,000) 5,000,000 EMIRATES TELECOMMUNICATIONS GROUP CO PJSC 0.375% 17MAY2028 – 2,400,000 – 2,400,000 ENEL FINANCE INTERNATIONAL NV 0.5% 17JUN2030 – 5,268,000 (2,268,000) 3,000,000 ENEL FINANCE INTERNATIONAL NV 0.875% 17JUN2036 – 4,042,000 (1,042,000) 3,000,000 EXXON MOBIL CORP 1.408% 26JUN2039 – 3,500,000 (3,500,000) – FAIRFAX FINANCIAL HOLDINGS LTD 2.75% 29MAR2028 5,000,000 – (2,000,000) 3,000,000 FEDEX CORP 0.45% 4 MAY 2029 – 4,084,000 (4,084,000) – FEDEX CORP 0.95% 4MAY2033 – 4,455,000 – 4,455,000 FORTUM OYJ 2.125% 27FEB2029 – 4,300,000 – 4,300,000 FRENCH REPUBLIC GOVERNMENT BOND OAT 0.75% 25MAY2052 – 7,000,000 (7,000,000) – GE CAPITAL EUROPEAN FUNDING UNLIMITED CO 6.025% 1MAR2038 – 3,168,000 – 3,168,000 GENERAL ELECTRIC CO 1.875% 28MAY2027 – 3,500,000 (3,500,000) – GENERAL MOTORS FINANCIAL CO INC 0.2% 2SEP2022 3,925,000 – (3,925,000) – GENERAL MOTORS FINANCIAL CO INC 0.85% 26FEB2026 – 4,000,000 – 4,000,000

ED 8

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 Local currency Local currency Local currency Local currency

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

EURO (CONTINUED) GENERAL MOTORS FINANCIAL CO INC 2.2% 1APR2024 5,500,000 – (3,000,000) 2,500,000 GLENCORE CAPITAL FINANCE DAC 1.125% 10MAR2028 7,000,000 – (7,000,000) – GLENCORE CAPITAL FINANCE DAC 1.25% 1MAR2033 – 7,000,000 (3,750,000) 3,250,000 GOLDMAN SACHS GROUP INC 1.625% 27JUL2026 – 4,000,000 – 4,000,000 HEATHROW FUNDING LTD 1.5% 12OCT2027 4,000,000 – – 4,000,000 HEIMSTADEN BOSTAD AB 1.125% 21JAN2026 – 3,500,000 – 3,500,000 HOLCIM FINANCE LUXEMBOURG SA 0.625% 19JAN2033 – 6,891,000 (6,891,000) – INTESA SANPAOLO SPA 1.75% 4JUL2029 5,000,000 – (5,000,000) – ITALY BUONI POLIENNALI DEL TESORO 1.5% 30APR2045 – 13,000,000 (13,000,000) – ITALY BUONI POLIENNALI DEL TESORO 1.65% 1MAR2032 – 5,000,000 – 5,000,000 ITALY BUONI POLIENNALI DEL TESORO 2.05% 1AUG2027 – 7,500,000 (7,500,000) – ITALY BUONI POLIENNALI DEL TESORO 3.85% 1SEP2049 6,000,000 20,500,000 (11,000,000) 15,500,000 JAB HOLDINGS BV 2.25% 19DEC2039 – 3,000,000 – 3,000,000 JAB HOLDINGS BV 2.5% 25JUN2029 5,300,000 – – 5,300,000 LOGICOR FINANCING SARL 0.875% 14JAN2031 – 4,000,000 (4,000,000) – LOGICOR FINANCING SARL 1.5% 13JUL2026 7,000,000 – (7,000,000) – MERCK KGAA 1.625% 9SEP2080 – 3,000,000 – 3,000,000 METROPOLITAN LIFE GLOBAL FUNDING I 0.5% 25MAY2029 – 11,852,000 (1,852,000) 10,000,000 MORGAN STANLEY 0.406% 29OCT2027 – 2,200,000 – 2,200,000 NATIONAL GRID PLC 0.163% 20JAN2028 – 3,860,000 (860,000) 3,000,000 NATIONAL WESTMINSTER BANK PLC 1.612% 29OCT2049 4,100,000 – (4,100,000) – NATWEST GROUP PLC 0.78% 26FEB2030 – 4,000,000 – 4,000,000 NATWEST GROUP PLC 1.75% 2MAR2026 – 5,000,000 – 5,000,000 NATWEST MARKETS PLC 2.75% 2APR2025 10,300,000 – (10,300,000) – NTT FINANCE CORP 0.342% 3MAR2030 – 1,330,000 (1,330,000) – PUBLIC STORAGE 0.875% 24JAN2032 – 5,000,000 (2,000,000) 3,000,000 RTE RESEAU DE TRANSPORT D'ELECTRICITE SADIR 1.125% 8JUL2040 9,000,000 – (9,000,000) – RYANAIR DAC 0.875% 25MAY2026 – 1,410,000 (1,410,000) – SAMHALLSBYGGNADSBOLAGET I NORDEN AB 1.75% 14JAN2025 – 3,225,000 – 3,225,000 SIMON INTERNATIONAL FINANCE SCA 1.125% 19MAR2033 – 2,603,000 – 2,603,000 STELLANTIS NV 4.5% 7JUL2028 – 5,105,000 (5,105,000) – STRYKER CORP 0.75% 1MAR2029 – 6,135,000 (1,135,000) 5,000,000 STRYKER CORP 1% 3DEC2031 8,000,000 – (8,000,000) – SYNGENTA FINANCE NV 3.375% 16APR2026 – 3,000,000 – 3,000,000 TAKEDA PHARMACEUTICAL CO LTD 1.375% 9JUL2032 6,400,000 – (1,400,000) 5,000,000

ED 9

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 Local currency Local currency Local currency Local currency

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

EURO (CONTINUED) TESCO CORPORATE TREASURY SERVICES PLC 0.375% 27JUL2029 – 2,744,000 (2,744,000) – TOTALENERGIES SE 1.625% 31DEC2049 – 4,575,000 (575,000) 4,000,000 TOTALENERGIES SE 1.75% 31DEC2049 (formerly known as TOTAL SE 1.75% 31DEC2049) – 1,425,000 (1,425,000) – TRATON FINANCE LUXEMBOURG SA 0% 14JUN2024 – 4,400,000 – 4,400,000 TRATON FINANCE LUXEMBOURG SA 1.25% 24MAR2033 – 2,900,000 – 2,900,000 UBS AG 4.75% 12FEB2026 5,750,000 – (5,750,000) – UBS GROUP AG 0.25% 5NOV2028 – 3,020,000 – 3,020,000 UNIBAIL-RODAMCO-WESTFIELD SE 1% 27FEB2027 – 3,400,000 – 3,400,000 UNIBAIL-RODAMCO-WESTFIELD SE 1.375% 4DEC2031 6,000,000 – (6,000,000) – UNICREDIT SPA 1.25% 16JUN2026 5,000,000 – – 5,000,000 UNICREDIT SPA 2.2% 22JUL2027 5,350,000 – (5,350,000) – UPJOHN FINANCE BV 1.908% 23JUN2032 10,000,000 – (5,000,000) 5,000,000 VERIZON COMMUNICATIONS INC 0.375% 22MAR2029 – 5,700,000 (5,700,000) – VERIZON COMMUNICATIONS INC 0.875% 8APR2027 – 3,425,000 (3,425,000) – VERIZON COMMUNICATIONS INC 1.125% 19SEP2035 – 2,832,000 – 2,832,000 VERIZON COMMUNICATIONS INC 1.85% 18MAY2040 5,000,000 – (5,000,000) – VOLKSWAGEN INTERNATIONAL FINANCE NV 3.5% 31DEC2049 5,000,000 – (5,000,000) – VOLKSWAGEN INTERNATIONAL FINANCE NV 3.75% 24MAR2049 11,000,000 – (11,000,000) – VOLKSWAGEN INTERNATIONAL FINANCE NV 4.125% 16NOV2038 6,000,000 – (6,000,000) – VOLKSWAGEN LEASING GMBH 0.375% 20JUL2026 – 4,408,000 – 4,408,000 VONOVIA SE 0.375% 16JUN2027 – 3,300,000 – 3,300,000 VONOVIA SE 1.5% 14JUN2041 – 1,400,000 (1,400,000) – WABTEC TRANSPORTATION NETHERLANDS BV 1.25% 3DEC2027 – 4,000,000 (1,000,000) 3,000,000 WESTLAKE CHEMICAL CORP 1.625% 17JUL2029 9,000,000 – (4,750,000) 4,250,000 WINTERSHALL DEA FINANCE BV 1.332% 25SEP2028 9,500,000 – (9,500,000) –

JAPANESE YEN EUROPEAN INVESTMENT BANK 1.9% 26JAN2026 500,000,000 – – 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND 0.1% 20DEC2027 500,000,000 500,000,000 – 1,000,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND 0.5% 20MAR2038 2,500,000,000 – – 2,500,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND 0.6% 20DEC2036 1,000,000,000 – – 1,000,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND 0.6% 20SEP2037 2,500,000,000 – – 2,500,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND 1.2% 20SEP2035 1,500,000,000 – – 1,500,000,000

POUND STERLING ATHENE GLOBAL FUNDING 1.75% 24NOV2027 4,750,000 – – 4,750,000 CENTRICA PLC 4.375% 13MAR2029 5,000,000 – (5,000,000) – CREDIT SUISSE GROUP AG 2.25% 9JUN2028 6,900,000 – (6,900,000) – DANSKE BANK A/S 2.25% 14JAN2028 8,000,000 – – 8,000,000 E.ON INTERNATIONAL FINANCE BV 6.25% 3JUN2030 – 5,000,000 – 5,000,000 ELECTRICITE DE FRANCE SA 6.125% 2JUN2034 3,450,000 – (3,450,000) –

ED 10

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 Local currency Local currency Local currency Local currency

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

POUND STERLING (CONTINUED) HEATHROW FUNDING LTD 6.75% 3DEC2028 – 3,975,000 – 3,975,000 HSBC HOLDINGS PLC 3% 22JUL2028 4,430,000 – – 4,430,000 M&G PLC 5.56% 20JUL2055 – 2,400,000 – 2,400,000 METROPOLITAN LIFE GLOBAL FUNDING I 0.625% 8DEC2027 – 3,600,000 – 3,600,000 NATIONAL GRID GAS PLC 1.125% 14JAN2033 – 3,742,000 (3,742,000) – ORSTED AS 2.5% 16MAY2033 – 3,500,000 – 3,500,000 TESCO CORPORATE TREASURY SERVICES PLC 2.75% 27APR2030 2,100,000 – – 2,100,000 UNITED KINGDOM GILT 1.5% 22JUL2047 4,250,000 – (4,250,000) –

UNITED STATES DOLLAR 7-ELEVEN INC 1.3% 10FEB2028 – 3,000,000 (3,000,000) – ABBVIE INC 4.05% 21NOV2039 2,000,000 – – 2,000,000 ABU DHABI NATIONAL ENERGY CO PJSC 3.4% 29APR2051 – 8,110,000 (1,110,000) 7,000,000 ALLIANZ SE 3.5% 31DEC2049 5,000,000 – (5,000,000) – ALLIANZ SE 3.875% 8MAR2027 5,000,000 5,000,000 (3,000,000) 7,000,000 BAE SYSTEMS PLC 3.4% 15APR2030 5,000,000 – – 5,000,000 COMCAST CORP 3.75% 1APR2040 3,000,000 – – 3,000,000 CREDIT AGRICOLE SA/LONDON 3.375% 10JAN2022 1,500,000 – – 1,500,000 CREDIT SUISSE AG/NEW YORK NY 2.95% 9APR2025 5,000,000 – – 5,000,000 CVS HEALTH CORP 4.78% 25MAR2038 4,000,000 – – 4,000,000 DELL INTERNATIONAL LLC / EMC CORP 8.35% 15JUL2046 – 3,000,000 – 3,000,000 DEUTSCHE BANK AG/NEW YORK NY 2.222% 18SEP2024 5,000,000 – – 5,000,000 EMERSON ELECTRIC CO 0.875% 15OCT2026 5,000,000 – – 5,000,000 GEORGIA-PACIFIC LLC 3.6% 1MAR2025 4,000,000 – – 4,000,000 GLENCORE FINANCE CANADA LTD 4.25% 25OCT2022 5,000,000 – – 5,000,000 LIBERTY MUTUAL GROUP INC 4.3% 1FEB2061 – 7,000,000 (7,000,000) – MACQUARIE GROUP LTD 6.25% 14JAN2021 4,000,000 – (4,000,000) – MASCO CORP 2% 1OCT2030 3,000,000 – – 3,000,000 MEXICO GOVERNMENT INTERNATIONAL BOND 4.75% 27APR2032 2,000,000 – (2,000,000) – NATWEST GROUP PLC 3.875% 12SEP2023 5,000,000 – – 5,000,000 NXP USA INC 3.4% 1MAY2030 3,000,000 – – 3,000,000 PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 3.35% 1NOV2029 7,000,000 – – 7,000,000 QATAR PETROLEUM 3.125% 12JUL2041 – 5,000,000 – 5,000,000 REXFORD INDUSTRIAL REALTY LP 2.125% 1DEC2030 – 5,000,000 – 5,000,000 SCENTRE GROUP TRUST 2 5.125% 24SEP2080 7,500,000 – – 7,500,000 SONOCO PRODUCTS CO 3.125% 1MAY2030 7,000,000 – – 7,000,000 SYSCO CORP 6.6% 1APR2040 – 8,500,000 (8,500,000) – TECK RESOURCES LTD 3.9% 15JUL2030 3,000,000 – – 3,000,000 TENCENT HOLDINGS LTD 3.68% 22APR2041 – 6,445,000 (1,445,000) 5,000,000

ED 11

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value

Additions Deductions 1 January 2021 30 June 2021 Local currency Local currency Local currency Local currency

LISTED/QUOTED INVESTMENTS (CONTINUED)

BONDS (CONTINUED)

UNITED STATES DOLLAR (CONTINUED) UNITED STATES TREASURY NOTE/BOND 0.875% 15NOV2030 10,000,000 – – 10,000,000 UNITED STATES TREASURY NOTE/BOND 2% 15NOV2026 9,000,000 – – 9,000,000 UNITED STATES TREASURY NOTE/BOND 2.25% 31DEC2024 50,000,000 – – 50,000,000 UNITED STATES TREASURY NOTE/BOND 2.5% 15MAY2024 25,000,000 5,000,000 – 30,000,000 UNITED STATES TREASURY NOTE/BOND 2.875% 30APR2025 50,000,000 – – 50,000,000 UNITED STATES TREASURY NOTE/BOND 3% 15FEB2048 28,000,000 12,000,000 (20,000,000) 20,000,000 UNITED STATES TREASURY NOTE/BOND 3.625% 15FEB2044 15,000,000 – – 15,000,000 UNITED STATES TREASURY NOTE/BOND 3.75% 15NOV2043 10,000,000 10,000,000 – 20,000,000 UNITED STATES TREASURY NOTE/BOND 6.5% 15NOV2026 38,000,000 – – 38,000,000 VERIZON COMMUNICATIONS INC 2.55% 21MAR2031 – 2,000,000 (2,000,000) – VERIZON COMMUNICATIONS INC 2.65% 20NOV2040 7,000,000 – (7,000,000) – VERIZON COMMUNICATIONS INC 3.4% 22MAR2041 – 2,000,000 – 2,000,000 VERIZON COMMUNICATIONS INC 3.55% 22MAR2051 – 5,000,000 – 5,000,000

ED 12

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Global Bond Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks a high level of return from a combination of current income and capital appreciation by investing in a portfolio of debt securities denominated in US dollars and a variety of foreign currencies. The assets of the Fund shall predominantly (i.e. at least 70% of the total net assets) be invested in fixed or floating rate fixed income securities in the international markets, issued by governments, supranational organizations and corporates.

30 June 2021 30 June 2020 30 June 2019 US$ US$ US$

Investments and investment income

Total value of investments 915,322,934 840,263,361 923,829,489

Interest on bank deposits 8,083 42,054 182,901 Interest on investments (net of withholding tax) 6,841,355 7,042,928 7,945,963

Net foreign currency gains/(losses) 1,236,770 (1,758,541) 34,877 Net income excluding capital (depreciation)/appreciation 8,190,324 5,024,639 7,845,113

Net (depreciation)/appreciation of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized (35,258,404) 34,546,176 52,582,377

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue US$ US$ Units Provident Fund units 30 June 2021 949,103,153 24.89 38,134,021 31 December 2020 936,309,151 25.63 36,527,938 31 December 2019 896,557,568 22.71 39,484,123

ED 13

PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest Investment issue price redemption price return

per unit per unit (Note 1) US$ US$ % Standard units - Accumulation (Note 2) 31 December 2016 18.02 17.81 – 31 December 2015 18.82 17.66 (5.17) 31 December 2014 19.70 18.67 (0.69) 31 December 2013 19.35 18.20 (2.83) 31 December 2012 19.56 18.56 3.85 31 December 2011 19.43 17.61 4.47

Provident Fund units 30 June 2021 25.69 24.44 (2.89) 31 December 2020 25.66 21.40 12.86 31 December 2019 22.95 21.01 7.94 31 December 2018 21.82 20.54 (2.00) 31 December 2017 21.54 19.85 7.35 31 December 2016 21.13 19.44 3.04 31 December 2015 20.42 19.23 (4.62) 31 December 2014 21.27 20.22 0.20 31 December 2013 20.69 19.52 (2.26) 31 December 2012 20.90 19.74 4.48 31 December 2011 20.61 18.60 5.13

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013. The “Standard units - Accumulation” were fully redeemed as of 29 January 2016.

D 14

PineBridge Global Bond Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 US$ US$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 915,322,934 924,736,641 Derivative financial instruments 102,462 – Interest receivable on investments 5,172,771 7,089,626 Bank interest receivable 81 14 Amounts receivable on subscription 8,594,253 446,329 Cash and cash equivalents 26,657,970 4,848,729 Total assets 955,850,471 937,121,339

Liabilities Current liabilities Amounts payable on redemption 1,636,565 711,233 Amounts payable to brokers 4,981,550 – Accounts payable and accrued expenses 129,203 100,955 Total liabilities 6,747,318 812,188

Net Asset 949,103,153 936,309,151

Equity Net assets attributable to unitholders 949,103,153 936,309,151

The accompanying notes form an integral part of these financial statements.

PineBridge Global Bond Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Income Interest on bank deposits 8,083 42,054 Interest on investments 6,841,355 7,062,660 Net (losses)/gains on financial assets and financial liabilities at fair value through profit or loss (35,258,404) 34,546,176 Net foreign currency gains/(losses) 1,236,770 (1,758,541) Other income 425,000 – Total investment (loss)/income (26,747,196) 39,892,349

Expenses Trustee's fee 228,913 217,463 Custodian and administration fees 72,387 68,339 Audit fee 13,792 10,167 Bank charges 123 123 Legal and professional fees 91 2,538 Other expenses 5,578 3,172 Total operating expenses 320,884 301,802

Net (loss)/profit before tax (27,068,080) 39,590,547

Withholding tax – (19,732) Total comprehensive (loss)/income (27,068,080) 39,570,815

The accompanying notes form an integral part of these financial statements.

PineBridge Global Bond Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Balance at the beginning of the period 936,309,151 896,557,568

Issue of units 110,580,012 244,573,961

Redemption of units (70,717,930) (322,903,012)

Net increase/(decrease) from unit transactions 39,862,082 (78,329,051)

Total comprehensive (loss)/income (27,068,080) 39,570,815

Balance at the end of the period 949,103,153 857,799,332

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period – 36,527,938 – 39,484,123

Issue of units – 4,427,294 – 10,770,251

Redemption of units – (2,821,211) – (13,985,119)

Net increase/(decrease) from unit transactions – 1,606,083 – (3,214,868) Number of units in issue at the end of the period – 38,134,021 – 36,269,255

Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013. The “Standard units - Accumulation” were fully redeemed as of 29 January 2016.

The accompanying notes form an integral part of these financial statements.

PineBridge Global Bond Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Cash flows from operating activities

Total comprehensive (loss)/income (27,068,080) 39,570,815

Adjustment for: Interest on bank deposits (8,083) (42,054) Interest on investments (6,841,355) (7,062,660) Withholding tax – 19,732 Operating (loss)/profit before working capital changes (33,917,518) 32,485,833

Net decrease in investments 9,413,707 40,640,527 Net change in derivative financial instruments (102,462) – Net increase in amounts receivable from brokers – (25,980,012) Net increase in amounts payable to brokers 4,981,550 19,288,175 Net increase/(decrease) in accounts payable and accrued expenses 28,248 (11,027) Cash (used in)/generated from operations (19,596,475) 66,423,496

Interest on bank deposits received 8,758,210 42,445 Interest on investments received 8,016 8,687,150 Net cash (used in)/generated from operating activities (10,830,249) 75,153,091

Cash flows from financing activities

Proceeds from issue of units 102,432,088 244,379,087 Payments on redemption of units (69,792,598) (322,583,328) Net cash generated from/(used in) financing activities 32,639,490 (78,204,241)

Net increase/(decrease) in cash and cash equivalents 21,809,241 (3,051,150)

Cash and cash equivalents at the beginning of the period 4,848,729 10,087,624 Cash and cash equivalents at the end of the period 26,657,970 7,036,474

Analysis of balance of cash and cash equivalents

Cash at banks 2,427,070 661,574 Short-term deposits 24,230,900 6,374,900 26,657,970 7,036,474

The accompanying notes form an integral part of these financial statements.

PineBridge Global Bond Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Global Bond Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

3. Derivative financial instruments

Derivative financial instruments represent outstanding foreign exchange contracts and are summarized below:

At 30 June 2021

Counterparty Contract to deliver In exchange for Settlement date Fair value US$ Open contracts: State Street Bank EUR12,000,000 US$14,337,854 15 July 2021 102,462 102,462

As at 31 December 2020, the Fund did not hold any derivative financial instruments.

PINEBRIDGE GREATER CHINA EQUITY FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED) PineBridge Greater China Equity 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 3-9

Statement of net assets 10

Statement of comprehensive income 11

Statement of changes in equity 12

Statement of cash flows 13

Notes to the financial statements 14

PineBridge Greater China Equity Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Greater China Equity Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

Greater China equity market started the year of 2021 with remarkable rally, driven by continued economic recovery in China, buoyant sentiment especially towards mega internet companies, as well as southbound liquidity inflow. Following the Chinese New Year holiday, however, market entered into risk-off mode, partly driven by Hong Kong’s stock trading stamp duty hike and US bond yield spike which undermined risk appetite. The correction sustained into the month of March, driven primarily by the weakness in large-cap growth stocks as market expected normalization of monetary policies in China. In April and May, the market regained strength on solid 1Q2021 corporate earnings and the run in commodity prices which supported the material and energy sectors. In the last month of 1H2021, the market edged down as FOMC meeting held in the middle of the month sent out messages that were more hawkish than expected.

In 1H2021, Taiwan equities saw even stronger rally than their Hong Kong/China counterparts, driven by solid fundamental outlook on tech names, strong sentiment towards certain non-tech segments such as shipping, as well as strong local currency. Despite rising COVID-19 cases which weighed on market sentiment in the month of May, Taiwan equities kept refreshing market highs and hit all-time in June.

2021 H2 Market Outlook and Strategy

Domestic demand, including retail sales and FAI, came in weaker-than-expected in the latest readings, while the export sector continued to benefit from solid global demand. June PMI came in below expectation, reflecting supply-side concerns, deceleration in credit, and easing service activities due to local virus clusters. With the valuation of China equities still staying at high-end of the historical range, and liquidity support weakening following the centennial, market may see notable volatility in second half of the year.

PineBridge Greater China Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Holding Market % of net shares value assets HK$ LISTED EQUITIES

CHINA BAOSHAN IRON & STEEL CO LTD 4,921,801 45,197,600 1.07% GREE ELECTRIC APPLIANCES INC OF ZHUHAI 967,538 60,590,386 1.44% TOTAL CHINA 105,787,986 2.51%

HONG KONG AIA GROUP LTD 1,241,400 119,795,100 2.85% ALIBABA GROUP HOLDING LTD 1,823,900 401,258,000 9.53% ALIBABA HEALTH INFORMATION TECHNOLOGY LTD 900,000 15,498,000 0.37% ANHUI CONCH CEMENT CO LTD 1,271,500 52,385,800 1.24% BAIDU INC A SHS 701,700 139,918,980 3.32% BOC HONG KONG HOLDINGS LTD 2,566,000 67,614,100 1.61% CHINA CONSTRUCTION BANK CORP 20,096,000 122,786,560 2.92% CHINA LIFE INSURANCE CO LTD 5,720,000 88,088,000 2.09% CHINA MENGNIU DAIRY CO LTD 1,327,000 62,302,650 1.48% CHINA MERCHANTS BANK CO LTD 898,000 59,492,500 1.41% CHINA RAILWAY GROUP LTD 11,428,000 46,283,400 1.10% CHINA RAILWAY SIGNAL & COMMUNICATION CORP LTD 15,076,000 43,268,120 1.03% CHINA RESOURCES LAND LTD 2,342,000 73,655,900 1.75% CHINA RESOURCES POWER HOLDINGS CO LTD 5,866,000 62,179,600 1.48% CHINA SHENHUA ENERGY CO LTD 6,255,000 95,201,100 2.26% CHOW TAI FOOK JEWELLERY GROUP LTD 3,451,600 61,231,384 1.45% CIFI HOLDINGS GROUP CO LTD 3,534,000 21,416,040 0.51% CK ASSET HOLDINGS LTD 33,171 1,777,965 0.04% CK HUTCHISON HOLDINGS LTD 1,902,304 115,089,392 2.73% DONGFENG MOTOR GROUP CO LTD 11,002,000 76,793,960 1.82% GALAXY ENTERTAINMENT GROUP LTD 617,000 38,346,550 0.91% HAIER SMART HOME CO LTD 983,000 26,639,300 0.63% HAITIAN INTERNATIONAL HOLDINGS LTD 872,000 22,715,600 0.54% HAITONG SECURITIES CO LTD 3,058,800 20,799,840 0.49% HONG KONG EXCHANGES & CLEARING LTD 51,797 23,971,652 0.57% INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 36,082,685 164,537,044 3.91% INNOVENT BIOLOGICS INC 277,000 25,082,350 0.60% MEITUAN 215,100 68,918,040 1.64% NETEASE INC 585,600 103,007,040 2.45% PHARMARON BEIJING CO LTD 230,900 47,796,300 1.14% PING AN INSURANCE GROUP CO OF CHINA LTD 1,147,000 87,229,350 2.07% SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 614,900 120,581,890 2.86% SINO BIOPHARMACEUTICAL LTD 6,142,500 46,805,850 1.11% SUN ART RETAIL GROUP LTD 5,701,000 32,951,780 0.78% SUN HUNG KAI PROPERTIES LTD 933,500 108,005,950 2.57% TECHTRONIC INDUSTRIES CO LTD 160,500 21,763,800 0.52% TENCENT HOLDINGS LTD 466,200 272,260,800 6.47% WH GROUP LTD 6,366,500 44,438,170 1.06% ZHUZHOU CRRC TIMES ELECTRIC CO LTD 798,800 36,664,920 0.87% TOTAL HONG KONG 3,038,552,777 72.18%

PineBridge Greater China Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

TAIWAN ASE TECHNOLOGY HOLDING CO LTD 1,647,084 51,417,151 1.22% CATHAY FINANCIAL HOLDING CO LTD 3,371,571 50,651,850 1.20% DELTA ELECTRONICS INC 676,000 57,090,462 1.36% FORMOSA PLASTICS CORP 1,107,000 31,780,380 0.75% HON HAI PRECISION INDUSTRY CO LTD 2,259,720 70,541,857 1.68% LARGAN PRECISION CO LTD 42,000 36,289,854 0.86% MEDIATEK INC 392,000 105,107,904 2.49% NANYA TECHNOLOGY CORP 2,386,000 53,003,311 1.26% QUANTA COMPUTER INC 1,218,000 29,705,001 0.71% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2,173,447 360,446,038 8.56% TAIWAN UNION TECHNOLOGY CORP 1,467,000 47,635,450 1.13% TOTAL TAIWAN 893,669,258 21.22%

UNITED STATES OF AMERICA LUFAX HOLDING LTD 260,236 22,836,760 0.54% TENCENT MUSIC ENTERTAINMENT GROUP 210,254 25,275,741 0.60% TOTAL UNITED STATES OF AMERICA 48,112,501 1.14%

UNLISTED EQUITIES

BRITISH VIRGIN ISLANDS CHINA COMMON RICH RENEWABLE ENERGY INVESTMENT LTD1 4,746,000 – 0.00% TOTAL BRITISH VIRGIN ISLANDS – 0.00%

TOTAL INVESTMENTS* 4,086,122,522 97.05%

TOTAL INVESTMENTS, AT COST* 3,358,589,912

* Investments are accounted for on a trade date basis. 1 On 11 June 2019, one of the Fund’s listed equity investment in Hanergy Thin Film Power Group Ltd, which was suspended from trading on the Hong Kong Stock Exchange since 21 May 2015, was acquired by Hanergy Mobile Energy Group Ltd and delisted from the Hong Kong Stock Exchange. As part of the acquisition, the Fund’s shares in Hanergy Thin Film Power Group Ltd was exchanged to the shares in China Common Rich Renewable Energy Investments Ltd, an unlisted private company incorporated in the British Virgin Islands. 4

PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES

CHINA BAOSHAN IRON & STEEL CO LTD – 5,117,601 (195,800) 4,921,801 GREE ELECTRIC APPLIANCES INC OF ZHUHAI 187,517 780,021 – 967,538 KWEICHOW MOUTAI CO LTD 22,000 – (22,000) – YUTONG BUS CO LTD (formerly known as ZHENGZHOU YUTONG BUS CO LTD) 1,050,417 – (1,050,417) – ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD 436,700 – (436,700) –

HONG KONG AAC TECHNOLOGIES HOLDINGS INC 91,500 – (91,500) – AIA GROUP LTD 1,732,600 – (491,200) 1,241,400 ALIBABA GROUP HOLDING LTD 1,050,900 842,300 (69,300) 1,823,900 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD 1,286,000 – (386,000) 900,000 ANHUI CONCH CEMENT CO LTD 767,500 553,000 (49,000) 1,271,500 ANTA SPORTS PRODUCTS LTD 69,000 – (69,000) – BAIDU INC A SHS – 701,700 – 701,700 BANK OF CHINA LTD 4,405,000 – (4,405,000) – BLUE MOON GROUP HOLDINGS LTD 837,500 – (837,500) – BOC HONG KONG HOLDINGS LTD 1,134,000 1,495,500 (63,500) 2,566,000 BYD CO LTD 67,000 – (67,000) – CHINA CONSTRUCTION BANK CORP 16,565,000 3,531,000 – 20,096,000 CHINA LIFE INSURANCE CO LTD 1,615,000 4,105,000 – 5,720,000 CHINA MENGNIU DAIRY CO LTD 579,000 773,000 (25,000) 1,327,000 CHINA MERCHANTS BANK CO LTD 939,000 – (41,000) 898,000 CHINA MOBILE LTD 858,500 – (858,500) – CHINA PACIFIC INSURANCE GROUP CO LTD 300,000 – (300,000) – CHINA RAILWAY GROUP LTD – 11,428,000 – 11,428,000 CHINA RAILWAY SIGNAL & COMMUNICATION CORP LTD – 15,689,000 (613,000) 15,076,000 CHINA RESOURCES BEER HOLDINGS CO LTD 294,000 – (294,000) – CHINA RESOURCES LAND LTD 960,000 1,382,000 – 2,342,000 CHINA RESOURCES POWER HOLDINGS CO LTD – 5,866,000 – 5,866,000 CHINA SHENHUA ENERGY CO LTD 1,103,500 5,440,500 (289,000) 6,255,000 CHOW TAI FOOK JEWELLERY GROUP LTD 1,074,600 2,377,000 – 3,451,600 CIFI HOLDINGS GROUP CO LTD 3,534,000 – – 3,534,000 CK ASSET HOLDINGS LTD 439,304 – (406,133) 33,171 CK HUTCHISON HOLDINGS LTD 572,304 1,417,500 (87,500) 1,902,304 CNOOC LTD 3,516,000 – (3,516,000) – COMBA TELECOM SYSTEMS HOLDINGS LTD 3,318,000 – (3,318,000) – DONGFENG MOTOR GROUP CO LTD 4,622,000 6,692,000 (312,000) 11,002,000 ENN ENERGY HOLDINGS LTD 177,500 – (177,500) – FOSUN INTERNATIONAL LTD 1,324,000 – (1,324,000) – GALAXY ENTERTAINMENT GROUP LTD 289,000 356,000 (28,000) 617,000 GEELY AUTOMOBILE HOLDINGS LTD 1,034,000 – (1,034,000) – GUANGDONG INVESTMENT LTD 832,000 – (832,000) –

PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES (CONTINUED)

HONG KONG (CONTINUED) HAIER SMART HOME CO LTD 702,400 311,600 (31,000) 983,000 HAITIAN INTERNATIONAL HOLDINGS LTD 872,000 – – 872,000 HAITONG SECURITIES CO LTD 3,200,000 – (141,200) 3,058,800 HENGAN INTERNATIONAL GROUP CO LTD 164,500 – (164,500) – HONG KONG EXCHANGES & CLEARING LTD 183,897 – (132,100) 51,797 HSBC HOLDINGS PLC 2,570,800 – (2,570,800) – INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 13,202,685 24,085,000 (1,205,000) 36,082,685 INNOVENT BIOLOGICS INC 149,500 127,500 – 277,000 JD.COM INC 81,650 32,200 (113,850) – JOHNSON ELECTRIC HOLDINGS LTD 190,317 – (190,317) – JOINN LABORATORIES CHINA CO LTD – 23,900 (23,900) – KINGSOFT CORP LTD 217,000 – (217,000) – KUAISHOU TECHNOLOGY – 16,700 (16,700) – LI NING CO LTD 460,500 – (460,500) – LIFESTYLE INTERNATIONAL HOLDINGS LTD 1,098,000 – (1,098,000) – LINK REIT 260,600 – (260,600) – LONGFOR GROUP HOLDINGS LTD 449,500 – (449,500) – MEITUAN 514,900 – (299,800) 215,100 NETEASE INC – 585,600 – 585,600 NINE DRAGONS PAPER HOLDINGS LTD 1,509,000 1,361,000 (2,870,000) – PHARMARON BEIJING CO LTD 241,500 – (10,600) 230,900 PING AN INSURANCE GROUP CO OF CHINA LTD 1,200,000 – (53,000) 1,147,000 SANDS CHINA LTD 433,600 – (433,600) – SHANGHAI KINDLY MEDICAL INSTRUMENTS CO LTD 215,400 – (215,400) – SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 181,300 462,000 (28,400) 614,900 SHIMAO GROUP HOLDINGS LTD 360,500 – (360,500) – SINO BIOPHARMACEUTICAL LTD 3,176,500 3,106,000 (140,000) 6,142,500 SMOORE INTERNATIONAL HOLDINGS LTD 755,000 – (755,000) – SUN ART RETAIL GROUP LTD – 5,701,000 – 5,701,000 SUN HUNG KAI PROPERTIES LTD 411,500 522,000 – 933,500 SUNAC CHINA HOLDINGS LTD 562,000 – (562,000) – SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 70,900 – (70,900) – TECHTRONIC INDUSTRIES CO LTD 160,500 – – 160,500 TENCENT HOLDINGS LTD 517,400 52,100 (103,300) 466,200 TIMES NEIGHBORHOOD HOLDINGS LTD 1,382,000 – (1,382,000) – TINGYI CAYMAN ISLANDS HOLDING CORP 1,148,000 – (1,148,000) – TONGCHENG-ELONG HOLDINGS LTD 1,515,200 – (1,515,200) – WEICHAI POWER CO LTD 297,000 – (297,000) – WH GROUP LTD – 6,366,500 – 6,366,500 WHARF REAL ESTATE INVESTMENT CO LTD 221,000 – (221,000) – WUXI BIOLOGICS CAYMAN INC 838,500 – (838,500) – XIAOMI CORP 1,968,000 – (1,968,000) – ZHUZHOU CRRC TIMES ELECTRIC CO LTD 1,156,000 798,800 (1,156,000) 798,800

PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES (CONTINUED)

TAIWAN ASE TECHNOLOGY HOLDING CO LTD 1,723,084 – (76,000) 1,647,084 CATHAY FINANCIAL HOLDING CO LTD 3,526,571 – (155,000) 3,371,571 DELTA ELECTRONICS INC 707,000 – (31,000) 676,000 E.SUN FINANCIAL HOLDING CO LTD 2,470,338 – (2,470,338) – FORMOSA PLASTICS CORP 1,158,000 – (51,000) 1,107,000 HON HAI PRECISION INDUSTRY CO LTD 2,363,720 – (104,000) 2,259,720 LARGAN PRECISION CO LTD 43,000 – (1,000) 42,000 MEDIATEK INC 410,000 – (18,000) 392,000 NANYA TECHNOLOGY CORP – 2,496,000 (110,000) 2,386,000 QUANTA COMPUTER INC 1,641,000 – (423,000) 1,218,000 SERCOMM CORP 875,000 – (875,000) – SILERGY CORP 30,000 – (30,000) – TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2,427,447 – (254,000) 2,173,447 TAIWAN UNION TECHNOLOGY CORP 766,000 768,000 (67,000) 1,467,000 YAGEO CORP 149,000 – (149,000) –

UNITED STATES OF AMERICA LUFAX HOLDING LTD – 260,236 – 260,236 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 13,581 122,229 (135,810) – TENCENT MUSIC ENTERTAINMENT GROUP 44,194 166,060 – 210,254

UNLISTED EQUITIES

BRITISH VIRGIN ISLANDS CHINA COMMON RICH RENEWABLE ENERGY INVESTMENT LTD** 4,746,000 – – 4,746,000

** Please refer to footnote 1 on page 4 7

PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Greater China Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to provide long-term capital appreciation by investing in the equity securities of companies with exposure to the economies of countries within the Greater China region, i.e. the People’s Republic of China, Hong Kong and Taiwan.

30 June 2021 30 June 2020 30 June 2019 HK$ HK$ HK$ Investments and investment income

Total value of investments 4,086,122,522 2,576,734,968 3,065,541,311

Interest on bank deposits 5,039 118,520 238,653 Dividend income (net of withholding tax) 56,788,567 31,539,499 62,230,205

Net foreign currency gains/(losses) 1,375,527 461,884 (1,495,968) Net income excluding capital appreciation/(depreciation) 51,037,242 27,677,718 53,615,023

Net appreciation/(depreciation) of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized 128,843,940 (173,657,956) 340,846,618

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue HK$ HK$ Units Provident Fund units 30 June 2021 4,210,374,136 36.45 115,514,887 31 December 2020 3,697,727,103 34.65 106,702,211 31 December 2019 2,649,818,276 29.08 91,133,656

PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest Investment issue price redemption price return per unit per unit (Note 1) HK$ HK$ % Provident Fund units 30 June 2021 40.17 35.02 5.19 31 December 2020 34.66 22.30 19.15 31 December 2019 29.21 24.31 16.27 31 December 2018 31.56 24.15 (12.64) 31 December 2017 28.97 20.87 37.64 31 December 2016 22.56 17.59 (0.43) 31 December 2015 27.40 19.51 (9.65) 31 December 2014 24.83 20.84 2.66 31 December 2013 21.53 18.17 14.80 31 December 2012 19.75 15.96 19.68 31 December 2011 21.87 14.47 (22.16)

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

PineBridge Greater China Equity Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 HK$ HK$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 4,086,122,522 3,603,500,368 Dividends receivable 34,151,590 1,640,806 Interest receivable 4 63 Amounts receivable on subscription 6,625,839 7,349,186 Amounts receivable from brokers – 18,750,530 Other receivables – 378,759 Cash and cash equivalents 101,486,833 103,049,510 Total assets 4,228,386,788 3,734,669,222

Liabilities Current liabilities Amounts payable on redemption 545,008 561,691 Amounts payable to brokers 16,743,870 35,818,390 Accounts payable and accrued expenses 723,774 562,038 Total liabilities 18,012,652 36,942,119

Net Asset 4,210,374,136 3,697,727,103

Equity Net assets attributable to unitholders 4,210,374,136 3,697,727,103

The accompanying notes form an integral part of these financial statements. 10

PineBridge Greater China Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Income Interest on bank deposits 5,039 118,520 Dividend income 61,282,389 33,339,366 Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss 128,843,940 (173,657,956) Net foreign currency gains 1,375,527 461,884 Total investment income/(loss) 191,506,895 (139,738,186)

Expenses Trustee's fee 1,045,675 629,946 Custodian and administration fees 398,976 329,899 Audit fee 62,826 58,680 Bank charges 958 958 Legal and professional fees 22,335 23,148 Other expenses 24,143 24,443 Transaction costs 5,576,978 3,375,111 Total operating expenses 7,131,891 4,442,185

Net profit/(loss) before tax 184,375,004 (144,180,371)

Withholding tax (4,493,822) (1,799,867) Total comprehensive income/(loss) 179,881,182 (145,980,238)

The accompanying notes form an integral part of these financial statements. 11

PineBridge Greater China Equity Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Balance at the beginning of the period 3,697,727,103 2,649,818,276

Issue of units 634,460,657 368,363,985

Redemption of units (301,694,806) (222,403,660)

Net increase from unit transactions 332,765,851 145,960,325

Total comprehensive income/(loss) 179,881,182 (145,980,238)

Balance at the end of the period 4,210,374,136 2,649,798,363

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period – 106,702,211 – 91,133,656

Issue of units – 16,883,093 – 13,844,598

Redemption of units – (8,070,417) – (8,517,727)

Net increase from unit transactions – 8,812,676 – 5,326,871 Number of units in issue at the end of the period – 115,514,887 – 96,460,527

The accompanying notes form an integral part of these financial statements. 12

PineBridge Greater China Equity Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Cash flows from operating activities

Total comprehensive income/(loss) 179,881,182 (145,980,238)

Adjustment for: Dividend income (61,282,389) (33,339,366) Interest on bank deposits (5,039) (118,520) Withholding tax 4,493,822 1,799,867 Operating profit/(loss) before working capital changes 123,087,576 (177,638,257)

Net (increase)/decrease in investments (482,622,154) 18,793,663 Net decrease/(increase) in amounts receivable from brokers 18,750,530 (18,115,731) Net decrease in other receivables 378,759 10,149 Net (decrease)/increase in amounts payable to brokers (19,074,520) 18,994,097 Net increase/(decrease) in accounts payable and accrued expenses 161,736 (86,825) Cash used in operations (359,318,073) (158,042,904)

Dividend income received 24,277,783 18,507,145 Interest on bank deposits received 5,098 118,669 Net cash used in operating activities (335,035,192) (139,417,090)

Cash flows from financing activities

Proceeds from issue of units 635,184,004 369,218,488 Payments on redemption of units (301,711,489) (220,057,919) Net cash generated from financing activities 333,472,515 149,160,569

Net (decrease)/increase in cash and cash equivalents (1,562,677) 9,743,479

Cash and cash equivalents at the beginning of the period 103,049,510 52,327,749 Cash and cash equivalents at the end of the period 101,486,833 62,071,228

Analysis of balance of cash and cash equivalents

Cash at banks 87,507,433 46,170,428 Short-term deposits 13,979,400 15,900,800 101,486,833 62,071,228

The accompanying notes form an integral part of these financial statements. 13

PineBridge Greater China Equity Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Greater China Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE HONG KONG EQUITY FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED)

PineBridge Hong Kong Equity 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 3-9

Statement of net assets 10

Statement of comprehensive income 11

Statement of changes in net assets attributable to unitholders 12

Statement of cash flows 13

Notes to the financial statements 14

PineBridge Hong Kong Equity Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Hong Kong Equity Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

Hong Kong equity market started the year of 2021 with remarkable rally, driven by continued economic recovery in China, buoyant sentiment especially towards mega internet companies, as well as southbound liquidity inflow. Following the Chinese New Year holiday, however, market entered into risk-off mode, partly driven by Hong Kong’s stock trading stamp duty hike and US bond yield spike which undermined risk appetite. The correction sustained into the month of March, driven primarily by the weakness in large-cap growth stocks as market expected normalization of monetary policies in China. In April and May, the market regained strength on solid 1Q2021 corporate earnings and the run in commodity prices which supported the material and energy sectors. In the last month of 1H2021, the market edged down as FOMC meeting held in the middle of the month sent out messages that were more hawkish than expected.

2021 H2 Market Outlook and Strategy

PineBridge Hong Kong Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Holding Market % of net shares value assets HK$ LISTED EQUITIES

CHINA BAOSHAN IRON & STEEL CO LTD 6,142,793 56,410,143 0.95% GREE ELECTRIC APPLIANCES INC OF ZHUHAI 1,270,522 79,564,232 1.34% WEIFU HIGH-TECHNOLOGY GROUP CO LTD 2,734,111 68,454,716 1.16% TOTAL CHINA 204,429,091 3.45%

HONG KONG AIA GROUP LTD 3,065,400 295,811,100 5.00% ALIBABA GROUP HOLDING LTD 2,570,000 565,400,000 9.56% ALIBABA HEALTH INFORMATION TECHNOLOGY LTD 1,480,000 25,485,600 0.43% ANHUI CONCH CEMENT CO LTD 1,819,000 74,942,800 1.27% ASM PACIFIC TECHNOLOGY LTD 741,000 77,953,200 1.32% BAIDU INC A SHS 1,024,700 204,325,180 3.45% BOC AVIATION LTD 831,000 54,430,500 0.92% BOC HONG KONG HOLDINGS LTD 2,243,000 59,103,050 1.00% CHINA CONSTRUCTION BANK CORP 44,354,500 271,005,995 4.58% CHINA EVERBRIGHT ENVIRONMENT GROUP LTD 12,390,000 54,516,000 0.92% CHINA LIFE INSURANCE CO LTD 7,451,000 114,745,400 1.94% CHINA MENGNIU DAIRY CO LTD 1,549,000 72,725,550 1.23% CHINA MERCHANTS BANK CO LTD 1,945,500 128,889,375 2.18% CHINA PACIFIC INSURANCE GROUP CO LTD 1,483,200 36,264,240 0.61% CHINA PETROLEUM & CHEMICAL CORP 10,024,000 39,394,320 0.67% CHINA RAILWAY GROUP LTD 15,572,000 63,066,600 1.07% CHINA RESOURCES BEER HOLDINGS CO LTD 1,048,000 73,098,000 1.24% CHINA RESOURCES LAND LTD 3,920,000 123,284,000 2.08% CHINA RESOURCES POWER HOLDINGS CO LTD 8,324,000 88,234,400 1.49% CHINA SHENHUA ENERGY CO LTD 8,482,500 129,103,650 2.18% CHINA VANKE CO LTD 2,271,400 55,195,020 0.93% CIFI HOLDINGS GROUP CO LTD 8,874,000 53,776,440 0.91% CK ASSET HOLDINGS LTD 108,421 5,811,366 0.10% CK HUTCHISON HOLDINGS LTD 3,042,361 184,062,841 3.11% DONGFENG MOTOR GROUP CO LTD 16,500,000 115,170,000 1.95% GALAXY ENTERTAINMENT GROUP LTD 1,221,000 75,885,150 1.28% HAIER SMART HOME CO LTD 1,931,800 52,351,780 0.88% HAITIAN INTERNATIONAL HOLDINGS LTD 1,688,000 43,972,400 0.74% HAITONG SECURITIES CO LTD 7,234,400 49,193,920 0.83% HONG KONG EXCHANGES & CLEARING LTD 182,664 84,536,899 1.43% HSBC HOLDINGS PLC 2,018,221 90,517,212 1.53% INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 47,826,545 218,089,045 3.69% INNOVENT BIOLOGICS INC 592,000 53,605,600 0.91% KINGSOFT CORP LTD 469,000 21,831,950 0.37% MEITUAN 639,600 204,927,840 3.46% NETEASE INC 1,178,800 207,350,920 3.50% NINE DRAGONS PAPER HOLDINGS LTD 3,107,000 30,945,720 0.52% PHARMARON BEIJING CO LTD 388,900 80,502,300 1.36% PING AN INSURANCE GROUP CO OF CHINA LTD 2,003,500 152,366,175 2.57%

PineBridge Hong Kong Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

HONG KONG (CONTINUED) SHENZHEN EXPRESSWAY CO LTD 6,294,000 47,205,000 0.80% SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 968,100 189,844,410 3.21% SINO BIOPHARMACEUTICAL LTD 7,006,500 53,389,530 0.90% SUN HUNG KAI PROPERTIES LTD 1,502,500 173,839,250 2.94% TECHTRONIC INDUSTRIES CO LTD 425,000 57,630,000 0.97% TENCENT HOLDINGS LTD 713,400 416,625,600 7.04% WH GROUP LTD 13,112,000 91,521,760 1.55% WUXI BIOLOGICS CAYMAN INC 557,000 79,261,100 1.34% ZHUZHOU CRRC TIMES ELECTRIC CO LTD 879,000 40,346,100 0.68% TOTAL HONG KONG 5,481,534,288 92.64%

UNITED STATES OF AMERICA LUFAX HOLDING LTD 436,035 38,263,833 0.65% TENCENT MUSIC ENTERTAINMENT GROUP 426,391 51,258,709 0.87% TOTAL UNITED STATES OF AMERICA 89,522,542 1.52%

UNLISTED EQUITIES

BRITISH VIRGIN ISLANDS CHINA COMMON RICH RENEWABLE ENERGY INVESTMENT LTD1 5,510,000 – 0.00% TOTAL BRITISH VIRGIN ISLANDS – 0.00%

TOTAL INVESTMENTS* 5,775,485,921 97.61%

TOTAL INVESTMENTS, AT COST* 4,904,146,593

PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES

CHINA BAOSHAN IRON & STEEL CO LTD – 6,681,893 (539,100) 6,142,793 GREE ELECTRIC APPLIANCES INC OF ZHUHAI 395,500 875,022 – 1,270,522 KWEICHOW MOUTAI CO LTD 40,153 – (40,153) – WEIFU HIGH-TECHNOLOGY GROUP CO LTD 913,733 2,154,778 (334,400) 2,734,111 YUTONG BUS CO LTD (formerly known as ZHENGZHOU YUTONG BUS CO LTD) 1,973,895 – (1,973,895) – ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD 780,802 – (780,802) –

HONG KONG AAC TECHNOLOGIES HOLDINGS INC 231,500 – (231,500) – AIA GROUP LTD 4,686,600 – (1,621,200) 3,065,400 ALIBABA GROUP HOLDING LTD 2,008,600 929,900 (368,500) 2,570,000 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD 2,890,000 – (1,410,000) 1,480,000 ANHUI CONCH CEMENT CO LTD 1,197,000 844,500 (222,500) 1,819,000 ANTA SPORTS PRODUCTS LTD 139,000 – (139,000) – ASM PACIFIC TECHNOLOGY LTD 418,400 368,200 (45,600) 741,000 BAIDU INC A SHS – 1,024,700 – 1,024,700 BANK OF CHINA LTD 14,867,000 – (14,867,000) – BLUE MOON GROUP HOLDINGS LTD 1,566,000 – (1,566,000) – BOC AVIATION LTD 300,400 632,200 (101,600) 831,000 BOC HONG KONG HOLDINGS LTD 2,080,000 437,000 (274,000) 2,243,000 BYD CO LTD 225,500 – (225,500) – CHINA CONSTRUCTION BANK CORP 44,354,500 – – 44,354,500 CHINA EVERBRIGHT ENVIRONMENT GROUP LTD – 12,390,000 – 12,390,000 CHINA GAS HOLDINGS LTD 734,600 – (734,600) – CHINA LIFE INSURANCE CO LTD 4,117,000 3,782,000 (448,000) 7,451,000 CHINA MENGNIU DAIRY CO LTD 1,477,000 232,000 (160,000) 1,549,000 CHINA MERCHANTS BANK CO LTD 2,183,000 – (237,500) 1,945,500 CHINA MOBILE LTD 2,389,500 – (2,389,500) – CHINA PACIFIC INSURANCE GROUP CO LTD 1,664,600 – (181,400) 1,483,200 CHINA PETROLEUM & CHEMICAL CORP 8,166,000 3,084,000 (1,226,000) 10,024,000 CHINA RAILWAY GROUP LTD – 17,131,000 (1,559,000) 15,572,000 CHINA RESOURCES BEER HOLDINGS CO LTD 1,702,000 – (654,000) 1,048,000 CHINA RESOURCES LAND LTD 1,676,000 2,514,000 (270,000) 3,920,000 CHINA RESOURCES POWER HOLDINGS CO LTD – 8,324,000 – 8,324,000 CHINA SHENHUA ENERGY CO LTD 2,920,500 6,599,500 (1,037,500) 8,482,500 CHINA VANKE CO LTD 1,365,600 1,105,000 (199,200) 2,271,400 CIFI HOLDINGS GROUP CO LTD 7,360,000 2,316,000 (802,000) 8,874,000 CK ASSET HOLDINGS LTD 1,611,361 – (1,502,940) 108,421 CK HUTCHISON HOLDINGS LTD 1,567,361 1,847,000 (372,000) 3,042,361 CNOOC LTD 6,715,000 – (6,715,000) – COMBA TELECOM SYSTEMS HOLDINGS LTD 7,518,000 – (7,518,000) – DONGFENG MOTOR GROUP CO LTD 8,042,000 9,334,000 (876,000) 16,500,000 ENN ENERGY HOLDINGS LTD 314,000 – (314,000) – GALAXY ENTERTAINMENT GROUP LTD 1,047,000 323,000 (149,000) 1,221,000 GEELY AUTOMOBILE HOLDINGS LTD 3,702,000 – (3,702,000) –

PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

HONG KONG (CONTINUED) GUANGDONG INVESTMENT LTD 1,250,000 – (1,250,000) – HAIER SMART HOME CO LTD 2,168,000 – (236,200) 1,931,800 HAITIAN INTERNATIONAL HOLDINGS LTD 1,894,000 – (206,000) 1,688,000 HAITONG SECURITIES CO LTD 8,119,200 – (884,800) 7,234,400 HANG SENG BANK LTD 150,000 – (150,000) – HONG KONG EXCHANGES & CLEARING LTD 502,264 – (319,600) 182,664 HSBC HOLDINGS PLC 7,085,021 – (5,066,800) 2,018,221 INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 34,670,545 17,170,000 (4,014,000) 47,826,545 INNOVENT BIOLOGICS INC 315,000 277,000 – 592,000 JD.COM INC 134,400 199,650 (334,050) – JOHNSON ELECTRIC HOLDINGS LTD 219,098 – (219,098) – JOINN LABORATORIES CHINA CO LTD – 40,000 (40,000) – KINGSOFT CORP LTD 469,000 – – 469,000 KUAISHOU TECHNOLOGY – 29,000 (29,000) – LI NING CO LTD 1,317,500 – (1,317,500) – LIFESTYLE INTERNATIONAL HOLDINGS LTD 1,851,000 – (1,851,000) – LINK REIT 902,900 – (902,900) – LONGFOR GROUP HOLDINGS LTD 1,244,000 – (1,244,000) – MEITUAN 1,374,100 – (734,500) 639,600 NETEASE INC – 1,322,900 (144,100) 1,178,800 NINE DRAGONS PAPER HOLDINGS LTD 2,841,000 1,206,000 (940,000) 3,107,000 PHARMARON BEIJING CO LTD 436,400 – (47,500) 388,900 PING AN INSURANCE GROUP CO OF CHINA LTD 2,647,500 – (644,000) 2,003,500 SANDS CHINA LTD 920,000 – (920,000) – SHANGHAI KINDLY MEDICAL INSTRUMENTS CO LTD 437,200 – (437,200) – SHENZHEN EXPRESSWAY CO LTD 3,022,000 3,272,000 – 6,294,000 SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 627,200 449,900 (109,000) 968,100 SHIMAO GROUP HOLDINGS LTD 1,163,500 – (1,163,500) – SINO BIOPHARMACEUTICAL LTD 7,863,500 – (857,000) 7,006,500 SMOORE INTERNATIONAL HOLDINGS LTD 1,694,000 – (1,694,000) – SUN HUNG KAI PROPERTIES LTD 1,023,000 479,500 – 1,502,500 SUNAC CHINA HOLDINGS LTD 1,394,000 – (1,394,000) – SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 240,900 – (240,900) – TECHTRONIC INDUSTRIES CO LTD 476,500 – (51,500) 425,000 TENCENT HOLDINGS LTD 978,500 – (265,100) 713,400 TIMES NEIGHBORHOOD HOLDINGS LTD 2,959,000 – (2,959,000) – TINGYI CAYMAN ISLANDS HOLDING CORP 1,658,000 – (1,658,000) – TONGCHENG-ELONG HOLDINGS LTD 1,666,400 – (1,666,400) – WH GROUP LTD 1,715,000 11,397,000 – 13,112,000 WHARF REAL ESTATE INVESTMENT CO LTD 778,000 – (778,000) – WUXI BIOLOGICS CAYMAN INC 2,109,000 – (1,552,000) 557,000 XIAOMI CORP 5,394,400 – (5,394,400) – ZHUZHOU CRRC TIMES ELECTRIC CO LTD 2,335,900 879,000 (2,335,900) 879,000

SINGAPORE JARDINE MATHESON HOLDINGS LTD 30,400 – (30,400) –

PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA LUFAX HOLDING LTD – 436,035 – 436,035 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 22,892 – (22,892) – TENCENT MUSIC ENTERTAINMENT GROUP 98,214 328,177 – 426,391

UNLISTED EQUITIES

BRIISH VIRGIN ISLANDS CHINA COMMON RICH RENEWABLE ENERGY INVESTMENT LTD** 5,510,000 – – 5,510,000

** Please refer to footnote 1 on page 4 7

PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Hong Kong Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to provide capital appreciation through a managed portfolio of shares in companies primarily listed on The Stock Exchange of Hong Kong Limited. Hong Kong is in the Manager’s view well placed to prosper directly from economic activity in Asia and the economic emergence of the People’s Republic of China.

30 June 2021 30 June 2020 30 June 2019 HK$ HK$ HK$

Investments and investment income

Total value of investments 5,775,485,921 5,701,654,669 6,298,651,932

Interest on bank deposits 11,141 432,871 598,740 Dividend income (net of withholding tax) 96,339,697 87,717,066 127,326,645

Net foreign currency (losses)/gains (126,976) 85,460 (120,748) Net income excluding capital appreciation/(depreciation) 82,952,934 77,034,531 118,726,653

Net appreciation/(depreciation) of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized 46,456,035 (568,280,355) 491,081,615

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue HK$ HK$ Units Standard units - Accumulation (Note 2) 30 June 2021 331,209,209 41.62 7,957,729 31 December 2020 344,254,380 41.38 8,319,627 31 December 2019 332,057,933 37.03 8,967,582

Provident Fund units 30 June 2021 5,585,585,852 50.98 109,566,255 31 December 2020 6,568,040,070 50.37 130,400,683 31 December 2019 6,133,076,122 44.51 137,790,373

PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest Investment issue price redemption price return per unit per unit (Note 1) HK$ HK$ % Standard units - Accumulation (Note 2) 30 June 2021 47.50 40.79 0.58 31 December 2020 41.38 28.51 11.75 31 December 2019 38.83 32.35 11.27 31 December 2018 42.28 31.90 (12.79) 31 December 2017 38.32 28.14 36.19 31 December 2016 30.57 23.72 (4.17) 31 December 2015 38.73 27.57 (10.17) 31 December 2014 34.54 29.29 1.02 31 December 2013 32.46 26.15 11.95 31 December 2012 28.87 23.53 19.32 31 December 2011 33.10 21.09 (23.50)

Provident Fund units 30 June 2021 57.91 49.88 1.21 31 December 2020 50.37 34.36 13.17 31 December 2019 46.25 38.40 12.66 31 December 2018 49.60 37.79 (11.67) 31 December 2017 44.85 32.58 37.89 31 December 2016 35.26 27.16 (2.99) 31 December 2015 43.88 31.40 (9.01) 31 December 2014 38.95 32.90 2.00 31 December 2013 36.14 28.96 13.38 31 December 2012 31.76 25.72 20.82 31 December 2011 35.56 22.86 (22.54)

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

PineBridge Hong Kong Equity Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 HK$ HK$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 5,775,485,921 6,717,265,765 Dividends receivable 45,974,715 710,327 Interest receivable 36 192 Amounts receivable on subscription 435,425 1,206,057 Amounts receivable from brokers – 36,033,678 Other receivables – 713,091 Cash and cash equivalents 134,784,299 233,778,355 Total assets 5,956,680,396 6,989,707,465

Liabilities Current liabilities Amounts payable on redemption 38,644,248 9,192,173 Amounts payable to brokers – 67,089,696 Accounts payable and accrued expenses 1,241,087 1,131,146 Liabilities (excluding net assets attributable to unitholders) 39,885,335 77,413,015

Net assets attributable to unitholders 5,916,795,061 6,912,294,450

The accompanying notes form an integral part of these financial statements. 10

PineBridge Hong Kong Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Income Interest on bank deposits 11,141 432,871 Dividend income 101,881,481 90,759,491 Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss 46,456,035 (568,280,355) Net foreign currency (losses)/gains (126,976) 85,460 Total investment income/(loss) 148,221,681 (477,002,533)

Expenses Management fee 2,165,954 1,853,494 Trustee's fee 1,636,383 1,456,007 Custodian and administration fees 485,056 542,248 Audit fee 56,442 73,541 Bank charges 950 950 Legal and professional fees 707 19,596 Other expenses 24,355 24,687 Transaction costs 8,901,081 7,230,343 Total operating expenses 13,270,928 11,200,866

Net profit/(loss) before tax 134,950,753 (488,203,399)

Withholding tax (5,541,784) (3,042,425) Increase/(decrease) in net assets attributable to unitholders from operations 129,408,969 (491,245,824)

The accompanying notes form an integral part of these financial statements. 11

PineBridge Hong Kong Equity Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2021

(Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Net assets attributable to unitholders at 1 January 6,912,294,450 6,465,134,055

Issue of units 450,113,895 1,249,058,029

Redemption of units (1,575,022,253) (1,348,999,141)

Net decrease from unit transactions (1,124,908,358) (99,941,112)

Increase/(decrease) in net assets attributable to unitholders from operations 129,408,969 (491,245,824)

Net assets attributable to unitholders at 30 June 5,916,795,061 5,873,947,119

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period 8,319,627 130,400,683 8,967,582 137,790,373

Issue of units 296,952 8,260,558 295,282 31,628,970

Redemption of units (658,850) (29,094,986) (506,959) (32,835,823)

Net decrease from unit transactions (361,898) (20,834,428) (211,677) (1,206,853) Number of units in issue at the end of the period 7,957,729 109,566,255 8,755,905 136,583,520

Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

The accompanying notes form an integral part of these financial statements. 12

PineBridge Hong Kong Equity Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 129,408,969 (491,245,824)

Adjustment for: Dividend income (101,881,481) (90,759,491) Interest on bank deposits (11,141) (432,871) Withholding tax 5,541,784 3,042,425 Operating profit/(loss) before working capital changes 33,058,131 (579,395,761)

Net decrease in investments 941,779,844 629,324,402 Net decrease/(increase) in amounts receivable from brokers 36,033,678 (7,999,683) Net decrease in other receivables 713,091 – Net (decrease)/increase in amounts payable to brokers (67,089,696) 12,298,388 Net increase/(decrease) in accounts payable and accrued expenses 109,941 (84,188) Cash generated from operations 944,604,989 54,143,158

Dividend income received 51,075,309 47,131,841 Interest on bank deposits received 11,297 439,629 Net cash generated from operating activities 995,691,595 101,714,628

Cash flows from financing activities

Proceeds from issue of units 450,884,527 1,250,266,490 Payments on redemption of units (1,545,570,178) (1,348,211,458) Net cash used in financing activities (1,094,685,651) (97,944,968)

Net (decrease)/increase in cash and cash equivalents (98,994,056) 3,769,660

Cash and cash equivalents at the beginning of the period 233,778,355 137,479,584 Cash and cash equivalents at the end of the period 134,784,299 141,249,244

Analysis of balance of cash and cash equivalents

Cash at banks 2,304,599 581,444 Short-term deposits 132,479,700 140,667,800 134,784,299 141,249,244

The accompanying notes form an integral part of these financial statements. 13

PineBridge Hong Kong Equity Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Hong Kong Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE INDIA EQUITY FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED) PineBridge India Equity 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 3-6

Statement of net assets 7

Statement of comprehensive income 8

Statement of changes in equity 9

Statement of cash flows 10

Notes to the financial statements 11

PineBridge India Equity Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge India Equity Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

Due to the raging pandemic in April and May, India went through a unique period in her history in terms of humanitarian loss and sufferings, the impact of which should be felt on its governance for years to come. The pandemic, however, did not have any severe impact on the markets probably because market participants felt that while the humanitarian loss and suffering will be a lot, the economic impact may not be as severe. Some market experts also attributed the resilience of Indian equity markets to the increased retail participation, the stock accounts in India have risen from nearly 40m pre-pandemic to 60m now. It is indeed helping keep the cost of equity for Indian companies lower which they are using to raise capital. Also the reset in the form of increased ESG focus on investing will be significant and the fund hope to capitalize on it.

The fund outperformed the benchmark in the first half of the year. From sector perspective, underweight in Communication Services and Financials contributed to the performance while overweight in Materials dragged the performance. At stock level, Central Depository Services (India) Limited contributed positively while Kotak Mahindra Bank detracted the performance.

2021 H2 Market Outlook and Strategy

We believe sustainability factors will increasingly play a significant role in investment returns. We are also witnessing regulations regarding ESG (environmental, social and governance) factors are getting tightened across geographies. The fund’s intentions are not just to follow the regulation but become a change agent for our investee companies. It is commonly understood that ESG reporting for companies can become overwhelming and they need a helping hand. The team has already started engaging with companies and helping them navigate this new regime. The initial feedback from our companies about us engaging with them on this front is extremely positive and we hope we can make a meaningful impact on them becoming more ESG-conscious. It is hard to see how some businesses and some practices of companies will survive in the future as they are not in tune to the changing sentiments of investors. This opens up opportunities to deploy capital from a long-term perspective.

We have always believed that investments have to be sustainable, if the underlying business are not sustainable then it is not investing but speculating. We would like our companies to work in harmony with ecology and humanity – both within the company and all lives the company touches.

In the meantime, the fund continues to be invested in long term structural names which will benefit from rising digitization, outsourcing to India and rising health and home related product demand.

PineBridge India Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Holding Market % of net shares value assets US$ LISTED EQUITIES

INDIA AVANTI FEEDS LTD 231,039 1,696,719 2.78% BAJAJ AUTO LTD 28,135 1,564,779 2.56% BAJAJ FINANCE LTD 61,322 4,963,234 8.13% CENTRAL DEPOSITORY SERVICES INDIA LTD 211,847 2,789,053 4.57% DABUR INDIA LTD 94,000 719,285 1.18% DIVI'S LABORATORIES LTD 68,943 4,088,913 6.70% ELANTAS BECK INDIA LTD 19,645 983,171 1.61% GARWARE TECHNICAL FIBRES LTD 42,235 1,922,435 3.15% GRINDWELL NORTON LTD 110,000 1,838,011 3.01% HDFC BANK LTD 32,400 652,949 1.07% HERO MOTOCORP LTD 23,000 898,186 1.47% HINDUSTAN UNILEVER LTD 68,000 2,260,923 3.70% HOUSING DEVELOPMENT FINANCE CORP LTD 127,000 4,229,356 6.93% INDIAMART INTERMESH LTD 7,400 696,136 1.14% INDIAN ENERGY EXCHANGE LTD 142,000 716,712 1.17% INFOSYS LTD 192,021 4,083,919 6.69% IOL CHEMICALS AND PHARMACEUTICALS LTD 117,932 964,529 1.58% KAJARIA CERAMICS LTD 21,700 286,098 0.47% KOTAK MAHINDRA BANK LTD 59,200 1,358,670 2.23% MPS LTD 114,034 908,561 1.49% MRF LTD 1,175 1,265,933 2.07% MRS BECTORS FOOD SPECIALITIES LTD 257,980 1,394,940 2.29% NILKAMAL LTD 18,402 550,693 0.90% RELIANCE INDUSTRIES LTD 200,000 5,679,337 9.30% ROUTE MOBILE LTD 57,142 1,324,776 2.17% SHREE CEMENT LTD 10,775 3,987,255 6.53% SUN PHARMACEUTICAL INDUSTRIES LTD 218,767 1,988,046 3.26% TATA CONSULTANCY SERVICES LTD 70,200 3,159,963 5.18% TOTAL INDIA 56,972,582 93.33%

UNITED STATES OF AMERICA HDFC BANK LTD ADR 16,000 1,169,920 1.92% INFOSYS LTD ADR 88,000 1,864,720 3.05% TOTAL UNITED STATES OF AMERICA 3,034,640 4.97%

TOTAL INVESTMENTS* 60,007,222 98.30%

TOTAL INVESTMENTS, AT COST* 43,849,693

* Investments are accounted for on a trade date basis. 3

PineBridge India Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES

INDIA ASIAN PAINTS LTD 13,500 – (13,500) – AVANTI FEEDS LTD 189,039 42,000 – 231,039 BAJAJ AUTO LTD 28,135 – – 28,135 BAJAJ CONSUMER CARE LTD 115,000 – (115,000) – BAJAJ FINANCE LTD 42,500 18,822 – 61,322 BANDHAN BANK LTD 126,207 – (126,207) – BRITANNIA INDUSTRIES LTD 3,100 – (3,100) – CAN FIN HOMES LTD 112,798 – (112,798) – CARE RATINGS LTD 79,000 – (79,000) – CENTRAL DEPOSITORY SERVICES INDIA LTD 48,500 163,347 – 211,847 CROMPTON GREAVES CONSUMER ELECTRICALS LTD 18,185 – (18,185) – DABUR INDIA LTD 68,000 26,000 – 94,000 DIVI'S LABORATORIES LTD 62,183 12,860 (6,100) 68,943 ELANTAS BECK INDIA LTD 19,645 – – 19,645 FINE ORGANIC INDUSTRIES LTD 5,898 – (5,898) – GABRIEL INDIA LTD 288,009 – (288,009) – GANDHI SPECIAL TUBES LTD 162,116 – (162,116) – GARWARE TECHNICAL FIBRES LTD 42,235 – – 42,235 GRINDWELL NORTON LTD 38,063 110,000 (38,063) 110,000 HDFC BANK LTD 32,400 – – 32,400 HEIDELBERGCEMENT INDIA LTD 223,488 – (223,488) – HERO MOTOCORP LTD 23,000 – – 23,000 HINDUSTAN UNILEVER LTD 23,000 45,000 – 68,000 HOUSING DEVELOPMENT FINANCE CORP LTD – 127,000 – 127,000 ICICI SECURITIES LTD 64,257 – (64,257) – INDIAMART INTERMESH LTD – 7,400 – 7,400 INDIAN ENERGY EXCHANGE LTD – 142,000 – 142,000 INFOSYS LTD 185,521 11,000 (4,500) 192,021 INTERGLOBE AVIATION LTD 5,000 – (5,000) – IOL CHEMICALS AND PHARMACEUTICALS LTD 58,829 59,103 – 117,932 KAJARIA CERAMICS LTD 21,700 – – 21,700 KOTAK MAHINDRA BANK LTD 66,200 – (7,000) 59,200 KSB LTD 45,494 – (45,494) – MPS LTD 114,034 – – 114,034 MRF LTD – 1,175 – 1,175 MRS BECTORS FOOD SPECIALITIES LTD – 258,080 (100) 257,980 NILKAMAL LTD 18,402 – – 18,402 ORIENT REFRACTORIES LTD 84,813 – (84,813) – RELIANCE INDUSTRIES LTD – 206,000 (6,000) 200,000 ROUTE MOBILE LTD 57,142 – – 57,142 SBI LIFE INSURANCE CO LTD 22,000 – (22,000) – SHREE CEMENT LTD 9,504 1,925 (654) 10,775 SUN PHARMACEUTICAL INDUSTRIES LTD 41,767 177,000 – 218,767 TATA CONSULTANCY SERVICES LTD 36,400 33,800 – 70,200 TTK PRESTIGE LTD 873 – (873) – VOLTAMP TRANSFORMERS LTD 34,540 – (34,540) – WHIRLPOOL OF INDIA LTD 1,959 – (1,959) –

UNITED STATES OF AMERICA HDFC BANK LTD ADR 16,000 – – 16,000 INFOSYS LTD ADR – 88,000 – 88,000

PineBridge India Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge India Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to provide long-term capital appreciation by investing principally in equity and equity-related securities of Indian companies.

30 June 2021 30 June 2020 30 June 2019 US$ US$ US$ Investments and investment income

Total value of investments 60,007,222 25,071,924 28,200,791

Interest on bank deposits 367 2,239 2,065 Dividend income (net of withholding tax) 142,815 228,042 144,648

Net foreign currency losses (51,350) (122,503) (2,304) Net (loss)/income excluding capital appreciation/(depreciation) (869,170) 85,278 (216,628)

Net appreciation/(depreciation) of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized 6,380,754 (2,702,869) 2,483,776

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue US$ US$ Units Provident Fund units 30 June 2021 61,046,633 21.17 2,883,639 31 December 2020 34,645,472 18.64 1,859,062 31 December 2019 28,665,723 15.06 1,903,775

PineBridge India Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record since inception Highest Lowest Investment issue price redemption price return per unit per unit (Note 1) US$ US$ % Provident Fund units 30 June 2021 21.54 18.00 13.57 31 December 2020 18.64 10.00 23.77 31 December 2019 15.24 12.92 8.35 31 December 2018 15.92 12.47 (9.74) 31 December 2017 15.41 10.60 44.33 31 December 2016 11.66 8.60 7.13 31 December 2015 10.70 9.28 (0.40)

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period except for the first period where the initial subscription price per unit is used. The Fund commenced operations on 15 January 2015.

Note 2: No Standard units - Accumulation were issued by the Fund since its inception.

PineBridge India Equity Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 US$ US$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 60,007,222 35,561,554 Interest receivable 2 – Dividends receivable 33,706 – Cash and cash equivalents 4,318,689 656,828 Total assets 64,359,619 36,218,382

Liabilities Current liabilities Amounts payable to brokers 1,120,731 – Accounts payable and accrued expenses 58,649 34,837 Total current liabilities 1,179,380 34,837

Non-current liabilities Deferred tax liabilities 2,133,606 1,538,073 Total non-current liabilities 2,133,606 1,538,073

Total liabilities 3,312,986 1,572,910

Net Asset 61,046,633 34,645,472

Equity Net assets attributable to unitholders 61,046,633 34,645,472

The accompanying notes form an integral part of these financial statements. 7

PineBridge India Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Income Interest on bank deposits 367 2,239 Dividend income 177,913 231,109 Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss 6,380,754 (2,702,869) Net foreign currency losses (51,350) (122,503) Other income – 42,634 Total investment income/(loss) 6,507,684 (2,549,390)

Expenses Trustee's fee 10,626 6,288 Custodian and administration fees 26,303 21,844 Audit fee 5,665 5,283 Bank charges 123 123 Legal and professional fees 23,816 7,898 Other expenses 3,121 3,146 Transaction costs 109,544 59,584 Total operating expenses 179,198 104,166

Net profit/(loss) before tax 6,328,486 (2,653,556)

Withholding tax (35,098) (3,067) Capital gains tax (781,804) 39,032 Total comprehensive income/(loss) 5,511,584 (2,617,591)

The accompanying notes form an integral part of these financial statements. 8

PineBridge India Equity Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Balance at the beginning of the period 34,645,472 28,665,723

Issue of units 20,889,577 88,551

Redemption of units – (860,011)

Net increase/(decrease) from unit transactions 20,889,577 (771,460)

Total comprehensive income/(loss) 5,511,584 (2,617,591)

Balance at the end of the period 61,046,633 25,276,672

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period – 1,859,062 – 1,903,775

Issue of units – 1,024,577 – 7,485

Redemption of units – – – (66,629)

Net increase/(decrease) from unit transactions – 1,024,577 – (59,144) Number of units in issue at the end of the period – 2,883,639 – 1,844,631

Note 1: No Standard units - Accumulation were issued by the Fund since its inception.

The accompanying notes form an integral part of these financial statements. 9

PineBridge India Equity Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 US$ US$

Cash flows from operating activities

Total comprehensive income/(loss) 5,511,584 (2,617,591)

Adjustment for: Dividend income (177,913) (231,109) Capital gains tax 781,804 (39,032) Withholding tax 35,098 3,067 Interest on bank deposits (367) (2,239) Operating profit/(loss) before working capital changes 6,150,206 (2,886,904)

Net (increase)/decrease in investments (24,445,668) 2,116,134 Net increase in amounts receivable from brokers – (61,105) Net increase in amounts payable to brokers 1,120,731 – Net increase/(decrease) in accounts payable and accrued expenses 23,812 (2,544) Cash used in operations (17,150,919) (834,419)

Dividend income received 109,109 195,804 Interest on bank deposits received 365 2,244 Capital gains tax paid (186,271) (18,362) Net cash used in operating activities (17,227,716) (654,733)

Cash flows from financing activities

Proceeds from issue of units 20,889,577 88,551 Payments on redemption of units – (860,011) Net cash generated from/(used in) financing activities 20,889,577 (771,460)

Net increase/(decrease) in cash and cash equivalents 3,661,861 (1,426,193)

Cash and cash equivalents at the beginning of the period 656,828 1,896,449 Cash and cash equivalents at the end of the period 4,318,689 470,256

Analysis of balance of cash and cash equivalents

Cash at banks 3,812,589 470,256 Short-term deposits 506,100 – 4,318,689 470,256

The accompanying notes form an integral part of these financial statements. 10

PineBridge India Equity Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge India Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE JAPAN EQUITY FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED)

PineBridge Japan Equity 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 3-8

Statement of net assets 9

Statement of comprehensive income 10

Statement of changes in equity 11

Statement of cash flows 12

Notes to the financial statements 13

PineBridge Japan Equity Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Japan Equity Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

The Japanese equity market, the broad market index of Topix, rose 8.90% in the local currency. US stocks performed well on “triple-blue” administration, expectations for economic recovery. Japanese stocks followed suit till March. However, after April, the equity market weighed down by increased domestic infections and comments made by Fed to shift to hawkish tone in Jun. As for corporate fundamentals, earning revisions have become positive since Nov 2020, driving the stock performance. However, the momentum of the revision got weaker since May 2021, which is one of the reasons for the equity market’s lost momentum. As for the supply/demand situation of equities, there were no major buy/sell by either domestic or foreign investors in 1st half. By style, value outperformed till the middle of May driven by rising commodity price and interest rates but growth have started to outperform since then. The fund outperformed the fund’s benchmark. Sector allocation was negative as the negative impact of an under-weighted commodity and commercial services was larger than the positive impact of an under- weighted consumer services. Stock selection was beneficial since positive contribution from the stocks in retail and food sectors was larger than the negative contribution from the stocks in automobiles and other financials.

2021 H2 Market Outlook and Strategy

It will take a while for the coronavirus situation to be settled even after vaccines have been distributed. However, we have seen vaccinations proceeding well in more and more countries, which needs careful monitoring in terms of the impact on equity markets globally. Investors’ risk appetite has been already resuming over the past year, and it seems that stock prices have already incorporated an earnings recovery for fiscal year 2021. In the post-coronavirus era, it should be noted that US-China friction, Middle East tension, and North Korea relations, etc., will be the concerns. The estimated P/E for fiscal year Mar/22 is 17-18x, which has become more reasonable over the past month but has not yet become cheap. The team believes the market has already incorporated an earnings recovery. The team has maintained the fund’s overweight position in global cyclicals to take advantage of the market and cyclical recovery. Technology-related sectors, which benefit from EV/5G/IoT/automation, etc., are priced at relatively high valuations amid the recent recovery of the equity market. It will be important to judge which companies will be able to actually generate profits from the technology-themed related businesses.

PineBridge Japan Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Holding Market % of net shares value assets HK$ LISTED EQUITIES

JAPAN ADVANTEST CORP 31,600 22,132,270 1.31% ASAHI GROUP HOLDINGS LTD 73,200 26,586,851 1.58% CASIO COMPUTER CO LTD 177,700 23,088,947 1.37% CENTRAL JAPAN RAILWAY CO 33,700 39,731,467 2.36% CONCORDIA FINANCIAL GROUP LTD 623,100 17,744,222 1.05% DAI-ICHI LIFE HOLDINGS INC 187,600 26,698,605 1.59% DAIICHI SANKYO CO LTD 164,200 27,510,139 1.63% DAIKIN INDUSTRIES LTD 12,400 17,950,931 1.07% FANCL CORP 60,100 15,138,462 0.90% FUJI ELECTRIC CO LTD 81,200 29,486,836 1.75% FUJI OIL HOLDINGS INC 87,700 16,218,159 0.96% H2O RETAILING CORP 610,500 38,487,106 2.29% HIKARI TSUSHIN INC 19,000 25,936,756 1.54% HITACHI LTD 139,400 62,043,025 3.68% HOYA CORP 22,900 23,601,686 1.40% INPEX CORP 209,000 12,122,874 0.72% ITOCHU CORP 187,000 41,869,365 2.49% JCR PHARMACEUTICALS CO LTD 101,300 26,508,542 1.57% KDDI CORP 108,400 26,280,723 1.56% KEYENCE CORP 14,400 56,493,416 3.36% KOITO MANUFACTURING CO LTD 42,000 20,306,362 1.21% KUBOTA CORP 105,200 16,539,547 0.98% MEIKO ELECTRONICS CO LTD 33,800 7,709,729 0.46% MENICON CO LTD 52,200 28,488,521 1.69% MINEBEA MITSUMI INC 138,100 28,398,674 1.69% MITSUBISHI UFJ FINANCIAL GROUP INC 1,228,800 51,595,238 3.06% MITSUI FUDOSAN CO LTD 189,100 34,043,649 2.02% MORINAGA MILK INDUSTRY CO LTD 58,800 23,821,038 1.41% MS&AD INSURANCE GROUP HOLDINGS INC 100,600 22,580,686 1.34% MURATA MANUFACTURING CO LTD 33,000 19,584,703 1.16% NET ONE SYSTEMS CO LTD 93,200 23,899,823 1.42% NIDEC CORP 35,300 31,799,972 1.89% NIHON UNISYS LTD 73,400 17,153,286 1.02% NIPPON SUISAN KAISHA LTD 313,900 11,618,546 0.69% NIPPON TELEGRAPH & TELEPHONE CORP 233,000 47,188,293 2.80% NITORI HOLDINGS CO LTD 10,200 14,030,995 0.83% NITTOKU CO LTD 103,100 28,494,468 1.69% OMRON CORP 28,900 17,814,701 1.06%

PineBridge Japan Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

JAPAN (CONTINUED) OPEN HOUSE CO LTD 34,400 12,564,168 0.75% PAN PACIFIC INTERNATIONAL HOLDINGS CORP 195,800 31,591,975 1.88% PENTA-OCEAN CONSTRUCTION CO LTD 235,500 12,737,236 0.76% PRORED PARTNERS CO LTD 39,000 7,700,633 0.46% RAITO KOGYO CO LTD 79,300 10,020,646 0.60% RECRUIT HOLDINGS CO LTD 28,300 10,831,249 0.64% RENGO CO LTD 551,200 35,674,322 2.12% ROUND ONE CORP 11,200 1,077,520 0.06% SANTEN PHARMACEUTICAL CO LTD 238,400 25,521,281 1.52% SBI HOLDINGS INC/JAPAN 72,000 13,239,228 0.79% SEVEN & I HOLDINGS CO LTD 106,900 39,619,817 2.35% SHIMANO INC 8,300 15,302,539 0.91% SHIN-ETSU CHEMICAL CO LTD 23,300 30,290,499 1.80% SOFTBANK GROUP CORP 42,200 22,957,132 1.36% SONY GROUP CORP (formerly known as SONY CORP) 75,600 57,207,519 3.40% SUMITOMO ELECTRIC INDUSTRIES LTD 329,000 37,729,378 2.24% SUMITOMO METAL MINING CO LTD 27,300 8,261,398 0.49% SUMITOMO MITSUI FINANCIAL GROUP INC 115,900 31,058,967 1.84% SUZUKI MOTOR CORP 75,700 24,899,517 1.48% TAIYO HOLDINGS CO LTD 29,400 10,799,693 0.64% TOKYO CENTURY CORP 34,900 14,578,222 0.87% TOKYU CORP 339,200 35,861,223 2.13% TOYOTA MOTOR CORP 108,800 73,918,461 4.39% USHIO INC 176,300 25,041,085 1.49% TOTAL JAPAN 1,609,182,321 95.57%

TOTAL INVESTMENTS* 1,609,182,321 95.57%

TOTAL INVESTMENTS, AT COST* 1,420,059,807

* Investments are accounted for on a trade date basis. 4

PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES

JAPAN ADVANTEST CORP 23,100 17,900 (9,400) 31,600 ANICOM HOLDINGS INC 144,800 7,200 (152,000) – ASAHI GROUP HOLDINGS LTD 69,300 19,500 (15,600) 73,200 CAPCOM CO LTD 24,100 – (24,100) – CASIO COMPUTER CO LTD 154,500 52,700 (29,500) 177,700 CENTRAL JAPAN RAILWAY CO 32,100 9,600 (8,000) 33,700 CONCORDIA FINANCIAL GROUP LTD 396,400 355,700 (129,000) 623,100 DAIFUKU CO LTD 21,300 14,300 (35,600) – DAI-ICHI LIFE HOLDINGS INC 171,300 84,200 (67,900) 187,600 DAIICHI SANKYO CO LTD 152,300 29,900 (18,000) 164,200 DAIKIN INDUSTRIES LTD 10,700 5,000 (3,300) 12,400 DISCO CORP 5,000 100 (5,100) – FANCL CORP 61,400 13,900 (15,200) 60,100 FUJI ELECTRIC CO LTD 71,100 21,800 (11,700) 81,200 FUJI OIL HOLDINGS INC 100,000 33,600 (45,900) 87,700 H2O RETAILING CORP 562,300 236,100 (187,900) 610,500 HIKARI TSUSHIN INC 8,100 17,800 (6,900) 19,000 HITACHI LTD 114,100 51,200 (25,900) 139,400 HOYA CORP 23,900 5,500 (6,500) 22,900 INPEX CORP 445,000 135,900 (371,900) 209,000 ITOCHU CORP 222,700 48,200 (83,900) 187,000 JCR PHARMACEUTICALS CO LTD 118,000 39,900 (56,600) 101,300 KDDI CORP 175,000 25,000 (91,600) 108,400 KEYENCE CORP 12,000 4,200 (1,800) 14,400 KOITO MANUFACTURING CO LTD 57,200 23,400 (38,600) 42,000 KUBOTA CORP 127,600 22,700 (45,100) 105,200 MEIKO ELECTRONICS CO LTD 70,300 24,700 (61,200) 33,800 MENICON CO LTD – 71,800 (19,600) 52,200 MINEBEA MITSUMI INC 113,100 82,000 (57,000) 138,100 MITSUBISHI UFJ FINANCIAL GROUP INC 748,800 774,700 (294,700) 1,228,800 MITSUI FUDOSAN CO LTD 166,000 85,500 (62,400) 189,100 MORINAGA MILK INDUSTRY CO LTD 59,600 55,800 (56,600) 58,800 MS&AD INSURANCE GROUP HOLDINGS INC 74,200 44,300 (17,900) 100,600 MURATA MANUFACTURING CO LTD 36,100 6,300 (9,400) 33,000 NET ONE SYSTEMS CO LTD 98,300 56,600 (61,700) 93,200 NIDEC CORP 58,900 6,500 (30,100) 35,300 NIHON UNISYS LTD 58,900 30,000 (15,500) 73,400 NIPPON SUISAN KAISHA LTD – 313,900 – 313,900 NIPPON TELEGRAPH & TELEPHONE CORP 224,000 53,300 (44,300) 233,000 NITORI HOLDINGS CO LTD 11,600 2,300 (3,700) 10,200 NITTOKU CO LTD 62,200 54,200 (13,300) 103,100 OMRON CORP 29,300 11,200 (11,600) 28,900 OPEN HOUSE CO LTD 34,000 18,900 (18,500) 34,400 PAN PACIFIC INTERNATIONAL HOLDINGS CORP 177,800 52,700 (34,700) 195,800 PENTA-OCEAN CONSTRUCTION CO LTD 185,500 101,400 (51,400) 235,500

PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings 1 January 2021 Additions Deductions 30 June 2021 Shares Shares Shares Shares LISTED EQUITIES (CONTINUED)

JAPAN (CONTINUED) PRORED PARTNERS CO LTD 30,600 17,500 (9,100) 39,000 RAITO KOGYO CO LTD – 79,300 – 79,300 RECRUIT HOLDINGS CO LTD 54,500 6,900 (33,100) 28,300 RENGO CO LTD 363,000 257,900 (69,700) 551,200 ROUND ONE CORP – 60,800 (49,600) 11,200 SANTEN PHARMACEUTICAL CO LTD 250,100 164,400 (176,100) 238,400 SBI HOLDINGS INC/JAPAN – 79,900 (7,900) 72,000 SEVEN & I HOLDINGS CO LTD 105,700 30,300 (29,100) 106,900 SHIMADZU CORP 64,200 1,400 (65,600) – SHIMANO INC 6,800 2,400 (900) 8,300 SHIN-ETSU CHEMICAL CO LTD 30,100 5,500 (12,300) 23,300 SOFTBANK GROUP CORP 46,600 11,000 (15,400) 42,200 SONY GROUP CORP (formerly known as SONY CORP) 63,200 30,300 (17,900) 75,600 SUMITOMO ELECTRIC INDUSTRIES LTD 270,300 135,400 (76,700) 329,000 SUMITOMO METAL MINING CO LTD 35,900 18,100 (26,700) 27,300 SUMITOMO MITSUI FINANCIAL GROUP INC 110,100 49,900 (44,100) 115,900 SUZUKI MOTOR CORP 56,300 31,700 (12,300) 75,700 TAIYO HOLDINGS CO LTD 22,900 15,600 (9,100) 29,400 TERUMO CORP 50,200 1,300 (51,500) – TOKYO CENTURY CORP 23,800 20,000 (8,900) 34,900 TOKYU CORP 331,800 85,200 (77,800) 339,200 TOYOTA MOTOR CORP 103,200 30,300 (24,700) 108,800 ULVAC INC – 53,300 (53,300) – UNION TOOL CO 15,600 – (15,600) – USHIO INC – 195,200 (18,900) 176,300 YAMAHA CORP 29,300 – (29,300) –

PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Japan Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to provide capital appreciation through a managed portfolio of shares in Japanese Companies.

30 June 2021 30 June 2020 30 June 2019 HK$ HK$ HK$ Investments and investment income

Total value of investments 1,609,182,321 1,412,726,922 1,443,020,776

Interest on bank deposits 1,100 64,481 62,250 Dividend income (net of withholding tax) 14,444,356 12,507,772 13,576,094

Net foreign currency (losses)/gains (2,906,339) 1,928,965 149,280 Net income excluding capital appreciation/(depreciation) 10,283,208 13,139,663 12,795,338

Net appreciation/(depreciation) of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized 25,884,276 (175,656,543) 115,848,688

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue HK$ HK$ Units Provident Fund units 30 June 2021 1,683,782,954 25.38 66,341,904 31 December 2020 1,608,767,685 24.72 65,086,178 31 December 2019 1,980,899,777 21.69 91,348,694

PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest Investment issue price redemption price return per unit per unit (Note 1) HK$ HK$ % Provident Fund units 30 June 2021 26.45 24.20 2.67 31 December 2020 24.84 15.21 13.97 31 December 2019 21.78 17.86 20.57 31 December 2018 23.06 17.69 (15.18) 31 December 2017 21.27 15.71 33.73 31 December 2016 17.94 14.29 (13.85) 31 December 2015 19.65 16.17 9.52 31 December 2014 18.38 15.71 (8.39) 31 December 2013 18.48 14.16 27.69 31 December 2012 14.67 12.61 8.90 31 December 2011 16.38 12.92 (13.86)

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

PineBridge Japan Equity Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 HK$ HK$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 1,609,182,321 1,542,003,682 Interest receivable 20 10 Dividends receivable 806,857 944,685 Amounts receivable on subscription 239,850 228,469 Amounts receivable from brokers 3,801,036 1,873,773 Cash and cash equivalents 75,471,457 65,636,807 Total assets 1,689,501,541 1,610,687,426

Liabilities Current liabilities Amounts payable on redemption 1,435,373 1,090,582 Amounts payable to brokers 3,787,865 471,010 Accounts payable and accrued expenses 495,349 358,149 Total liabilities 5,718,587 1,919,741

Net Asset 1,683,782,954 1,608,767,685

Equity Net assets attributable to unitholders 1,683,782,954 1,608,767,685

The accompanying notes form an integral part of these financial statements. 9

PineBridge Japan Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Income Interest on bank deposits 1,100 64,481 Dividend income 16,049,284 13,897,525 Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss 25,884,276 (175,656,543) Net foreign currency (losses)/gains (2,906,339) 1,928,965 Total investment income/(loss) 39,028,321 (159,765,572)

Expenses Trustee's fee 420,398 354,588 Custodian and administration fees 312,660 313,753 Audit fee 56,201 47,870 Bank charges 950 950 Legal and professional fees 707 19,596 Other expenses 27,321 24,529 Transaction costs 437,672 600,269 Total operating expenses 1,255,909 1,361,555

Net profit/(loss) before tax 37,772,412 (161,127,127)

Withholding tax (1,604,928) (1,389,753) Total comprehensive income/(loss) 36,167,484 (162,516,880)

The accompanying notes form an integral part of these financial statements. 10

PineBridge Japan Equity Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Balance at the beginning of the period 1,608,767,685 1,980,899,777

Issue of units 348,450,941 375,278,188

Redemption of units (309,603,156) (715,103,359)

Net increase/(decrease) from unit transactions 38,847,785 (339,825,171)

Total comprehensive income/(loss) 36,167,484 (162,516,880)

Balance at the end of the period 1,683,782,954 1,478,557,726

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period – 65,086,178 – 91,348,694

Issue of units – 13,685,206 – 19,468,045

Redemption of units – (12,429,480) – (36,974,276)

Net increase/(decrease) from unit transactions – 1,255,726 – (17,506,231) Number of units in issue at the end of the period – 66,341,904 – 73,842,463

The accompanying notes form an integral part of these financial statements. 11

PineBridge Japan Equity Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Cash flows from operating activities

Total comprehensive income/(loss) 36,167,484 (162,516,880)

Adjustment for: Dividend income (16,049,284) (13,897,525) Interest on bank deposits (1,100) (64,481) Withholding tax 1,604,928 1,389,753 Operating profit/(loss) before working capital changes 21,722,028 (175,089,133)

Net (increase)/decrease in investments (67,178,639) 522,346,559 Net (increase)/decrease in amounts receivable from brokers (1,927,263) 2,385,828 Net increase in amounts payable to brokers 3,316,855 – Net increase/(decrease) in accounts payable and accrued expenses 137,200 (69,506) Cash (used in)/generated from operations (43,929,819) 349,573,748

Dividend income received 14,582,184 13,129,026 Interest on bank deposits received 1,090 65,678 Net cash (used in)/generated from operating activities (29,346,545) 362,768,452

Cash flows from financing activities

Proceeds from issue of units 348,439,560 375,171,498 Payments on redemption of units (309,258,365) (715,233,681) Net cash generated from/(used in) financing activities 39,181,195 (340,062,183)

Net increase in cash and cash equivalents 9,834,650 22,706,269

Cash and cash equivalents at the beginning of the period 65,636,807 40,257,364 Cash and cash equivalents at the end of the period 75,471,457 62,963,633

Analysis of balance of cash and cash equivalents

Cash at banks 3,867,957 53,403,533 Short-term deposits 71,603,500 9,560,100 75,471,457 62,963,633

The accompanying notes form an integral part of these financial statements. 12

PineBridge Japan Equity Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Japan Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE HONG KONG DOLLAR MONEY MARKET FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED)

PineBridge Hong Kong Dollar Money Market 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 3-7

Statement of net assets 8

Statement of comprehensive income 9

Statement of changes in net assets attributable to unitholders 10

Statement of cash flows 11

Notes to the financial statements 12

PineBridge Hong Kong Dollar Money Market Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge Hong Kong Dollar Money Market Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

1 month HIBOR started the year 0.17% and declined to 0.10% at the end of 1H, while 1 month LIBOR fell from 0.14% to 0.10% in the same period. Chinese companies continued to come to Hong Kong to raise equity amid the elevated tension between the US and China. However, Hong Kong stock market was relatively weaker in 1H 2021 and we did not see strong inflow to Hong Kong like 2H last year. HKD aggregate balance, a measure of interbank liquidity in Hong Kong, did not increase in the period but stayed at a historically high level at 457 bn.

2021 H2 Market Outlook and Strategy

As the global economy continue to reopen in 2H 2021, we expect interest rates to move up in 2H. We expect Hong Kong Dollar interest rates to follow the trajectory of US Dollar interest rates but we expect Hong Kong Dollar interest rates to remain lower than US Dollar interest rates due to the high level of liquidity in Hong Kong.

However, we expect HIBORs to remain low, because we do not expect an interest rate hike by the Federal Reserve in the year. Our base case expectation is that HIBOR interest rates will likely stay low for now. But HIBOR will likely fluctuate due to temporary factors such as seasonality and IPOs. Majority of the fund continues to be placed in banks' short-term time deposits given the availability of money market instruments. Maturing time deposits were rolled over primarily to local banks as well as regional banks with Hong Kong presence. The fund will monitor for opportunities to invest into quality instruments at higher yields.

PineBridge Hong Kong Dollar Money Market Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Nominal Market % of net value value assets HK$ HK$ LISTED/QUOTED INVESTMENTS

CERTIFICATE S OF DEPOSIT

H ONG KONG DOLLAR KDB ASIA LTD CD 0% 19OCT2021 100,000,000 99,948,800 1.42% KDB ASIA LTD CD 0% 30NOV2021 300,000,000 299,862,630 4.26% KDB ASIA LTD CD 0% 9DEC2021 150,000,000 149,947,095 2.13% TOTAL HONG KONG DOLLAR 549,758,525 7.81%

TOTAL INVESTMENTS* 549,758,525 7.81%

TOTAL INVESTMENTS, AT COST* 549,689,308

* Investments are accounted for on a trade date basis. 3

PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Nominal value

Additions Deductions 1 January 2021 30 June 2021 HK$ HK$ HK$ HK$

LISTED/QUOTED INVESTMENTS

CERTIFICATES OF DEPOSIT

HONG KONG DOLLAR CHINA DEVELOPMENT BANK/HONG KONG CD 0% 25MAY2021 200,000,000 – (200,000,000) – INDUSTRIAL & COMMERCIAL BANK OF CHINA MACAU LTD CD 0% 18FEB2021 160,000,000 – (160,000,000) – KDB ASIA LTD CD 0% 21MAY2021 – 300,000,000 (300,000,000) – KDB ASIA LTD CD 0% 2JUN2021 140,000,000 – (140,000,000) – KDB ASIA LTD CD 0% 19OCT2021 – 100,000,000 – 100,000,000 KDB ASIA LTD CD 0% 30NOV2021 – 300,000,000 – 300,000,000 KDB ASIA LTD CD 0% 9DEC2021 – 150,000,000 – 150,000,000

PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge Hong Kong Dollar Money Market Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to preserve principal value and maintain a high degree of liquidity while providing current income by investing in short-term, high quality Hong Kong dollar denominated instruments in Hong Kong.

30 June 2021 30 June 2020 30 June 2019 HK$ HK$ HK$

Investments and investment income

Total value of investments 549,758,525 828,556,978 1,799,004,972

Interest on bank deposits 7,499,541 43,565,851 50,996,698 Interest on investments (net of withholding tax) 811,332 11,294,639 11,388,828

Net income excluding capital appreciation/(depreciation) 7,241,785 53,706,073 61,193,015

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue HK$ HK$ Units Standard units - Accumulation (Note 2) 30 June 2021 524,312,488 14.37 36,492,782 31 December 2020 601,387,419 14.37 41,845,557 31 December 2019 556,234,579 14.25 39,025,643

Provident Fund units 30 June 2021 6,512,712,228 15.30 425,756,866 31 December 2020 6,425,961,173 15.28 420,563,593 31 December 2019 5,750,935,763 15.11 380,676,456

PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest issue price redemption price Investment per unit per unit return (Note 3) (Note 3) (Note 1) HK$ HK$ % Standard units - Accumulation (Note 2) 30 June 2021 14.37 14.36 0.00 31 December 2020 14.37 14.25 0.84 31 December 2019 14.25 14.00 1.79 31 December 2018 13.99 13.81 1.38 31 December 2017 13.80 13.70 0.73 31 December 2016 13.70 13.64 0.44 31 December 2015 13.64 13.59 0.44 31 December 2014 13.65 13.55 0.22 31 December 2013 13.55 13.50 0.44 31 December 2012 13.50 13.40 0.75 31 December 2011 13.39 13.34 0.37

Provident Fund units 30 June 2021 15.29 15.27 0.13 31 December 2020 15.27 15.10 1.13 31 December 2019 15.10 14.79 2.16 31 December 2018 14.79 14.55 1.65 31 December 2017 14.55 14.40 1.04 31 December 2016 14.40 14.29 0.70 31 December 2015 14.29 14.19 0.78 31 December 2014 14.19 14.04 1.07 31 December 2013 14.03 13.93 0.72 31 December 2012 13.93 13.78 1.02 31 December 2011 13.78 13.68 0.73

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

Note 3: Issue and redemption prices of the Fund are rounded down to the nearest cent.

PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Weighted average maturity and weighted average life

As at 30 June 2021, the Fund’s portfolio weighted average maturity is 54 days (31 December 2020: 52 days) and weighted average life is 54 days (31 December 2020: 52 days).

Daily and weekly liquid assets

30 June 2021 30 June 2021 31 December 2020 31 December 2020 HK$ % of net assets HK$ % of net assets

Daily liquid asset 1,329,531,515 18.89% 722,446,843 10.28% Weekly liquid asset 1,329,531,515 18.89% 1,355,046,843 19.28%

PineBridge Hong Kong Dollar Money Market Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 HK$ HK$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 549,758,525 499,395,904 Bank interest receivable 845,440 2,121,049 Other bank deposits 4,746,000,000 1,936,000,000 Cash and cash equivalents 1,749,531,515 4,593,146,843 Total assets 7,046,135,480 7,030,663,796

Liabilities Current liabilities Amounts payable on redemption 8,721,574 2,911,648 Accounts payable and accrued expenses 389,190 403,556 Total liabilities (excluding net assets attributable to unitholders) 9,110,764 3,315,204

Net assets attributable to unitholders 7,037,024,716 7,027,348,592

The accompanying notes form an integral part of these financial statements. 8

PineBridge Hong Kong Dollar Money Market Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Income Interest on bank deposits 7,499,541 43,565,851 Interest on investments 811,332 11,294,639 Total investment income 8,310,873 54,860,490

Expenses Management fee 709,251 704,518 Trustee's fee 141,850 140,904 Custodian and administration fees 121,331 185,814 Audit fee 65,840 73,595 Bank charges 5,950 5,650 Legal and professional fees 707 19,596 Other expenses 24,159 24,340 Total operating expenses 1,069,088 1,154,417

Increase in net assets attributable to unitholders from operations 7,241,785 53,706,073

The accompanying notes form an integral part of these financial statements. 9

PineBridge Hong Kong Dollar Money Market Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Net assets attributable to unitholders at 1 January 7,027,348,592 6,307,170,342

Issue of units 725,796,725 979,137,441

Redemption of units (723,362,386) (622,611,099)

Net increase from unit transactions 2,434,339 356,526,342

Increase in net assets attributable to unitholders from operations 7,241,785 53,706,073

Net assets attributable to unitholders at 30 June 7,037,024,716 6,717,402,757

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period 41,845,557 420,563,593 39,025,643 380,676,456

Issue of units 11,688,918 36,503,352 15,186,737 50,200,391

Redemption of units (17,041,693) (31,310,079) (14,607,746) (27,262,691)

Net (decrease)/increase from unit transactions (5,352,775) 5,193,273 578,991 22,937,700 Number of units in issue at the end of the period 36,492,782 425,756,866 39,604,634 403,614,156

Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.

The accompanying notes form an integral part of these financial statements. 10

PineBridge Hong Kong Dollar Money Market Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Cash flows from operating activities

Increase in net assets attributable to unitholders from operations 7,241,785 53,706,073

Adjustment for: Interest on bank deposits (7,499,541) (43,565,851) Interest on investments (811,332) (11,294,639) Operating loss before working capital changes (1,069,088) (1,154,417)

Net (increase)/decrease in investments (50,362,621) 1,220,171,736 Net increase in other bank deposits (2,810,000,000) (947,700,000) Net decrease in accounts payable and accrued expenses (14,366) (41,808) Cash (used in)/generated from operations (2,861,446,075) 271,275,511

Interest on bank deposits received 8,775,150 60,346,488 Interest on investments received 811,332 11,294,639 Net cash (used in)/generated from operating activities (2,851,859,593) 342,916,638

Cash flows from financing activities

Proceeds from issue of units 725,796,725 979,137,441 Payments on redemption of units (717,552,460) (628,841,446) Net cash generated from financing activities 8,244,265 350,295,995

Net (decrease)/increase in cash and cash equivalents (2,843,615,328) 693,212,633

Cash and cash equivalents at the beginning of the period 4,593,146,843 1,493,325,251 Cash and cash equivalents at the end of the period 1,749,531,515 2,186,537,884

Analysis of balance of cash and cash equivalents

Cash at banks 4,531,515 142,037,884 Short-term deposits 1,745,000,000 2,044,500,000 1,749,531,515 2,186,537,884

The accompanying notes form an integral part of these financial statements. 11

PineBridge Hong Kong Dollar Money Market Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge Hong Kong Dollar Money Market Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies

PINEBRIDGE US EQUITY FUND

REPORTS AND FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

30 JUNE 2021

(UNAUDITED) PineBridge US Equity 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 3-17

Statement of net assets 18

Statement of comprehensive income 19

Statement of changes in equity 20

Statement of cash flows 21

Notes to the financial statements 22

PineBridge US Equity Fund

Management and Professional Service Details

Manager Trustee

Administrator and Custodian Application and Redemption Agents

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

PineBridge US Equity Fund Manager’s Report For the six months ended 30 June 2021

Manager’s Market Perspective

2021 H1 Market Overview

For the month of January, US equities underperformed overall with underlying volatility whipsawing markets more than the month end number would suggest. Political turmoil and vaccine rollouts contributed to the intra-month market volatility. Prior to the inauguration of President-Elect Biden, rioters infiltrated the US Capitol building, lending to a chaotic scene in Washington DC. US equities were generally positive for the month of February as positive sentiment around vaccine rollout and the corresponding economic recovery helped to drive markets to all- time highs intra-month. The hopes of economic recovery in the US spurred equity markets forward to further outperformance in April, with the S&P 500 making new highs numerous times throughout the month. Despite the CDC recommendation of pausing administration of the Johnson & Johnson vaccine, markets remained strong through the beginning of the month. Overall macro data in April trended positive, continuing to lend support to the US reopening trade, and further helped by the announcement that New York would be ready to fully reopen in about a month's time. With the US economy having operated in a low inflation, low interest rate environment for so long, there may be an adjustment period should both begin to rise at a steadier rate. Equity markets continued to perform well in June despite hawkish signals from the Federal Reserve and the potential impact of the new delta variant of Coronavirus.

2021 H2 Market Outlook and Strategy

The threat of a resurgence of Coronavirus spread remains an inherent risk to markets as countries around the world continue to try to increase vaccination rates in the face of new variants of the Covid-19 virus. As vaccinations rates in the US climbs and growth continues to normalize, inflation remains a risk, particularly as spending shifts from goods to services with economies across the nation re-opening to full capacity. On the political front, the Biden administration continues to undo many Trump administration policies as the new administration continues to take hold. Over the course of the quarter, Biden has been tested with a number of geopolitical tensions abroad. As the reopening trade picks up, the expectation would be for the more cyclical sectors that have suffered during the pandemic to pick up. The focus on inflation remains if this trend continues to take hold, with supply chain and labor market uncertainty contributing to the already muddled outlook.

PineBridge US Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO

Holding Market % of net

shares value assets

HK$ LISTED EQUITIES

UNITED STATES OF AMERICA 3M CO 28,788 44,406,343 0.68% A O SMITH CORP 30,313 16,963,359 0.26% ABBOTT LABORATORIES 63,461 57,133,578 0.87% ABBVIE INC 26,709 23,363,556 0.36% ABIOMED INC 3,727 9,033,494 0.14% ACADIA HEALTHCARE CO INC 13,075 6,371,535 0.10% ACCENTURE PLC 40,795 93,391,717 1.42% ACTIVISION BLIZZARD INC 40,047 29,681,722 0.45% ADOBE INC 17,163 78,057,136 1.19% ADVANCE AUTO PARTS INC 4,342 6,917,176 0.11% ADVANCED MICRO DEVICES INC 21,302 15,538,653 0.24% AFFILIATED MANAGERS GROUP INC 9,211 11,030,825 0.17% AFLAC INC 93,389 38,916,616 0.59% AGCO CORP 9,148 9,262,449 0.14% AGILENT TECHNOLOGIES INC 23,111 26,528,411 0.40% ALEXION PHARMACEUTICALS INC 13,389 19,101,594 0.29% ALLIANCE DATA SYSTEMS CORP 11,515 9,317,055 0.14% ALLSTATE CORP 14,461 14,648,656 0.22% ALLY FINANCIAL INC 38,445 14,880,125 0.23% ALPHABET INC-A 7,299 138,407,732 2.11% ALPHABET INC-C 9,174 178,559,899 2.72% ALTICE USA INC 15,220 4,035,217 0.06% ALTRIA GROUP INC 78,306 28,994,790 0.44% AMAZON.COM INC 9,608 256,684,895 3.91% AMGEN INC 9,228 17,467,908 0.27% ANNALY CAPITAL MANAGEMENT INC 98,933 6,822,489 0.10% ANTHEM INC 7,492 22,213,775 0.34% AON PLC 3,631 6,732,502 0.10% APPLE INC 395,974 421,161,918 6.42% APPLIED MATERIALS INC 25,122 27,781,320 0.42% ARTHUR J GALLAGHER & CO 13,147 14,301,825 0.22% ASSOCIATED BANC-CORP 26,850 4,270,345 0.07% AT&T INC 225,776 50,461,161 0.77% AUTONATION INC 9,093 6,694,991 0.10% AUTOZONE INC 521 6,037,529 0.09% AVNET INC 19,981 6,219,187 0.09% AXIS CAPITAL HOLDINGS LTD 14,744 5,611,626 0.09% BANK OF AMERICA CORP 69,753 22,333,917 0.34% BECTON DICKINSON AND CO 9,678 18,277,635 0.28% BERKSHIRE HATHAWAY INC 34,066 73,524,084 1.12% BEST BUY CO INC 11,592 10,350,691 0.16% BOOZ ALLEN HAMILTON HOLDING CORP 18,103 11,975,037 0.18% BRISTOL-MYERS SQUIBB CO 39,795 20,650,171 0.31% BROADCOM INC 18,526 68,602,986 1.05% BRUNSWICK CORP/DE 10,386 8,034,957 0.12% CABOT CORP 41,976 18,557,989 0.28%

PineBridge US Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) CABOT OIL & GAS CORP 150,774 20,443,694 0.31% CACI INTERNATIONAL INC 5,092 10,088,383 0.15% CAMPBELL SOUP CO 25,842 9,149,227 0.14% CAPITAL ONE FINANCIAL CORP 14,035 16,860,224 0.26% CAPRI HOLDINGS LTD 26,497 11,768,076 0.18% CARDINAL HEALTH INC 15,869 7,035,554 0.11% CARTER'S INC 6,911 5,537,108 0.08% CATERPILLAR INC 6,426 10,860,459 0.17% CBOE GLOBAL MARKETS INC 11,113 10,274,233 0.16% CDW CORP/DE 6,203 8,413,158 0.13% CHARTER COMMUNICATIONS INC 7,808 43,745,634 0.67% CHEMED CORP 13,285 48,953,805 0.75% CHEVRON CORP 57,675 46,912,529 0.72% CIGNA CORP 13,889 25,570,325 0.39% CINCINNATI FINANCIAL CORP 17,524 15,870,659 0.24% CISCO SYSTEMS INC 138,870 57,157,468 0.87% CITIGROUP INC 54,267 29,816,107 0.45% CITRIX SYSTEMS INC 8,085 7,363,014 0.11% CLOROX CO 12,525 17,499,342 0.27% COGNIZANT TECHNOLOGY SOLUTIONS CORP 25,585 13,761,209 0.21% COLGATE-PALMOLIVE CO 48,198 30,449,155 0.46% COMCAST CORP 145,140 64,269,217 0.98% CONAGRA BRANDS INC 45,748 12,924,790 0.20% CONCENTRIX CORP 13,369 16,694,509 0.25% CONSTELLATION BRANDS INC 8,619 15,655,149 0.24% COSTCO WHOLESALE CORP 8,607 26,446,829 0.40% DANAHER CORP 18,348 38,238,002 0.58% DAVITA INC 11,058 10,341,891 0.16% DEERE & CO 18,353 50,270,536 0.77% DELL TECHNOLOGIES INC 9,138 7,073,010 0.11% DISCOVER FINANCIAL SERVICES 14,872 13,661,742 0.21% DISCOVERY INC 25,771 5,799,871 0.09% DISH NETWORK CORP 14,067 4,566,321 0.07% DOLBY LABORATORIES INC 11,587 8,844,413 0.13% DOLLAR GENERAL CORP 5,798 9,743,255 0.15% DOLLAR TREE INC 12,163 9,398,368 0.14% DOMINION ENERGY INC 88,631 50,637,830 0.77% DOW INC 45,023 22,125,321 0.34% DROPBOX INC 30,712 7,229,075 0.11% DXC TECHNOLOGY CO 27,259 8,243,175 0.13% EBAY INC 41,976 22,886,991 0.35% ECHOSTAR CORP 33,566 6,331,634 0.10% ELECTRONIC ARTS INC 18,385 20,535,335 0.31%

PineBridge US Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) ELI LILLY AND CO 6,876 12,255,896 0.19% ENCOMPASS HEALTH CORP 10,640 6,447,508 0.10% EVERGY INC 21,873 10,264,779 0.16% FACEBOOK INC 60,858 164,332,527 2.51% FASTENAL CO 33,426 13,498,218 0.21% FEDEX CORP 5,785 13,402,597 0.20% FIFTH THIRD BANCORP 21,371 6,344,798 0.10% FIRST AMERICAN FINANCIAL CORP 13,950 6,754,595 0.10% FLEETCOR TECHNOLOGIES INC 4,179 8,310,034 0.13% FORD MOTOR CO 87,054 10,046,070 0.15% FOX CORP B SHS 81,104 22,170,404 0.34% FTI CONSULTING INC 8,913 9,455,730 0.14% GARMIN LTD 9,199 10,332,793 0.16% GARTNER INC 10,176 19,139,911 0.29% GENERAL MILLS INC 29,917 14,155,913 0.22% GENERAL MOTORS CO 23,408 10,756,093 0.16% GENPACT LTD 41,957 14,802,526 0.23% GILEAD SCIENCES INC 40,243 21,520,187 0.33% HALLIBURTON CO 100,347 18,016,935 0.27% HARTFORD FINANCIAL SERVICES GROUP INC 18,145 8,732,270 0.13% HCA HEALTHCARE INC 11,304 18,148,692 0.28% HERBALIFE NUTRITION LTD 20,506 8,397,063 0.13% HERSHEY CO 16,518 22,343,151 0.34% HOLOGIC INC 19,576 10,143,052 0.15% HOME DEPOT INC 37,026 91,693,041 1.40% HP INC 57,695 13,526,641 0.21% HUMANA INC 4,908 16,874,168 0.26% HUNTINGTON INGALLS INDUSTRIES INC 9,001 14,731,502 0.22% ILLINOIS TOOL WORKS INC 13,929 24,182,585 0.37% ILLUMINA INC 585 2,149,802 0.03% INTEL CORP 91,990 40,105,294 0.61% INTERNATIONAL BUSINESS MACHINES CORP 18,721 21,311,895 0.33% INTERNATIONAL PAPER CO 37,260 17,740,377 0.27% INTUIT INC 6,872 26,158,844 0.40% JEFFERIES FINANCIAL GROUP INC 48,931 12,995,676 0.20% JOHNSON & JOHNSON 58,487 74,825,062 1.14% JONES LANG LASALLE INC 6,439 9,773,835 0.15% JPMORGAN CHASE & CO 107,474 129,817,782 1.98% KELLOGG CO 10,977 5,483,854 0.08% KEYCORP 46,839 7,511,321 0.11% KIMBERLY-CLARK CORP 38,567 40,067,821 0.61% KLA CORP 6,047 15,224,921 0.23% KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC 17,077 6,028,783 0.09% KROGER CO 20,733 6,168,264 0.09%

PineBridge US Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) L BRANDS INC 14,660 8,203,835 0.13% LABORATORY CORP OF AMERICA HOLDINGS 11,725 25,117,390 0.38% LENNAR CORP 17,975 13,868,371 0.21% LOCKHEED MARTIN CORP 20,467 60,136,286 0.92% LOWE'S COS INC 31,415 47,321,697 0.72% LPL FINANCIAL HOLDINGS INC 12,325 12,919,480 0.20% MARATHON OIL CORP 182,204 19,271,863 0.29% MARKEL CORP 2,509 23,122,455 0.35% MARSH & MCLENNAN COS INC 13,382 14,619,821 0.22% MASCO CORP 34,278 15,681,701 0.24% MASTERCARD INC 9,502 26,940,375 0.41% MERCK & CO INC 32,320 19,519,655 0.30% METTLER-TOLEDO INTERNATIONAL INC 896 9,639,468 0.15% MICROCHIP TECHNOLOGY INC 12,977 15,090,402 0.23% MICRON TECHNOLOGY INC 16,150 10,658,054 0.16% MICROSOFT CORP 200,759 422,350,202 6.44% MOHAWK INDUSTRIES INC 10,078 15,041,592 0.23% NETFLIX INC 3,081 12,638,252 0.19% NEWELL BRANDS INC 56,751 12,106,563 0.18% NEWMARKET CORP 4,462 11,156,992 0.17% NEWMONT CORP 33,505 16,491,135 0.25% NRG ENERGY INC 22,902 7,167,491 0.11% NUCOR CORP 33,533 24,981,329 0.38% NVIDIA CORP 14,093 87,566,179 1.34% OLD DOMINION FREIGHT LINE INC 9,329 18,387,191 0.28% ON SEMICONDUCTOR CORP 32,083 9,537,523 0.15% ORACLE CORP 19,128 11,562,748 0.18% O'REILLY AUTOMOTIVE INC 3,318 14,589,573 0.22% OWENS CORNING 16,852 12,812,174 0.20% PACCAR INC 26,674 18,487,792 0.28% PACWEST BANCORP 50,412 16,113,800 0.25% PAYPAL HOLDINGS INC 18,089 40,946,049 0.62% PEPSICO INC 2,270 2,612,010 0.04% PERKINELMER INC 14,463 17,342,931 0.27% PFIZER INC 80,958 24,620,175 0.38% PHILIP MORRIS INTERNATIONAL INC 31,458 24,212,368 0.37% POLARIS INC 7,724 8,215,324 0.13% POOL CORP 4,980 17,738,173 0.27% PRA HEALTH SCIENCES INC 16,948 21,744,201 0.33% PROCTER & GAMBLE CO 82,959 86,928,204 1.33% PROGRESSIVE CORP 33,581 25,611,677 0.39% PRUDENTIAL FINANCIAL INC 15,437 12,284,241 0.19% PUBLIC STORAGE 21,293 49,721,534 0.76% PULTEGROUP INC 33,352 14,133,981 0.22% QORVO INC 10,743 16,322,779 0.25% QUALCOMM INC 36,663 40,694,908 0.62% QUEST DIAGNOSTICS INC 9,659 9,899,108 0.15% QUIDEL CORP 3,161 3,145,068 0.05%

PineBridge US Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) RAYMOND JAMES FINANCIAL INC 30,057 30,320,996 0.46% REGIONS FINANCIAL CORP 41,845 6,557,728 0.10% RELIANCE STEEL & ALUMINUM CO 34,297 40,191,485 0.61% ROBERT HALF INTERNATIONAL INC 11,379 7,862,060 0.12% ROSS STORES INC 7,507 7,228,976 0.11% RPM INTERNATIONAL INC 12,202 8,403,213 0.13% S&P GLOBAL INC 12,277 39,132,824 0.60% SALESFORCE.COM INC 12,411 23,543,205 0.36% SEAGEN INC 7,229 8,863,271 0.14% SEALED AIR CORP 30,170 13,882,010 0.21% SERVICE CORP INTERNATIONAL/US 13,484 5,611,658 0.09% SHERWIN-WILLIAMS CO 16,452 34,809,212 0.53% SKYWORKS SOLUTIONS INC 10,944 16,296,717 0.25% STEEL DYNAMICS INC 17,144 7,935,003 0.12% TARGA RESOURCES CORP 34,477 11,901,177 0.18% TARGET CORP 7,381 13,856,463 0.21% TESLA INC 16,053 84,734,867 1.29% TEXAS INSTRUMENTS INC 36,672 54,764,933 0.84% THERMO FISHER SCIENTIFIC INC 11,369 44,539,598 0.68% TJX COS INC 49,208 25,763,991 0.39% TRACTOR SUPPLY CO 5,646 8,157,979 0.12% TRAVEL + LEISURE CO 39,497 18,234,953 0.28% TRAVELERS COS INC 5,405 6,283,986 0.10% TYSON FOODS INC 24,607 14,095,103 0.21% UBIQUITI INC 2,396 5,808,908 0.09% UNION PACIFIC CORP 23,211 39,643,045 0.60% UNITED PARCEL SERVICE INC 19,110 30,863,847 0.47% UNITED RENTALS INC 4,150 10,281,135 0.16% UNITEDHEALTH GROUP INC 11,667 36,281,508 0.55% US BANCORP 100,583 44,499,946 0.68% VEREIT INC 43,219 15,415,579 0.24% VERIZON COMMUNICATIONS INC 143,913 62,619,461 0.95% VERTEX PHARMACEUTICALS INC 15,106 23,653,385 0.36% VIRTU FINANCIAL INC 35,303 7,574,975 0.12% VISA INC 19,869 36,078,323 0.55% W R BERKLEY CORP 34,304 19,828,116 0.30% WALMART INC 47,337 51,840,612 0.79% WELLS FARGO & CO 59,614 20,967,143 0.32% WESTERN UNION CO 34,755 6,199,647 0.09% WESTLAKE CHEMICAL CORP 34,915 24,427,404 0.37% WEYERHAEUSER CO 152,711 40,819,705 0.62% WHIRLPOOL CORP 628 1,063,273 0.02%

PineBridge US Equity Fund Investment Report As at 30 June 2021 (Unaudited)

INVESTMENT PORTFOLIO (CONTINUED)

Holding Market % of net shares value assets HK$ LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) WILLIAMS-SONOMA INC 5,557 6,889,663 0.11% YUM! BRANDS INC 18,629 16,641,380 0.25% TOTAL UNITED STATES OF AMERICA 6,378,542,996 97.28%

LISTED INVESTMENT FUNDS

UNITED STATES OF AMERICA SPDR S&P 500 ETF TRUST 46,642 155,049,542 2.36% TOTAL UNITED STATES OF AMERICA 155,049,542 2.36%

TOTAL INVESTMENT* 6,533,592,538 99.64%

TOTAL INVESTMENT AT COST* 4,807,073,810

* Investments are accounted for on a trade date basis. 8

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES

UNITED STATES OF AMERICA 3M CO 29,386 5,861 (6,459) 28,788 A O SMITH CORP 25,515 4,798 – 30,313 ABBOTT LABORATORIES 60,645 2,816 – 63,461 ABBVIE INC 15,520 11,189 – 26,709 ABIOMED INC – 3,727 – 3,727 ACADIA HEALTHCARE CO INC 11,539 1,536 – 13,075 ACCENTURE PLC 30,408 10,387 – 40,795 ACTIVISION BLIZZARD INC 43,286 1,777 (5,016) 40,047 ADOBE INC 16,403 760 – 17,163 ADVANCE AUTO PARTS INC – 4,342 – 4,342 ADVANCED MICRO DEVICES INC 24,904 1,156 (4,758) 21,302 AES CORP/VA 31,908 1,481 (33,389) – AFFILIATED MANAGERS GROUP INC – 9,211 – 9,211 AFLAC INC 89,245 4,144 – 93,389 AGCO CORP 8,255 893 – 9,148 AGILENT TECHNOLOGIES INC 22,086 1,025 – 23,111 AGNC INVESTMENT CORP 147,382 – (147,382) – ALEXION PHARMACEUTICALS INC 12,372 1,017 – 13,389 ALLIANCE DATA SYSTEMS CORP 13,558 510 (2,553) 11,515 ALLSTATE CORP 13,820 641 – 14,461 ALLY FINANCIAL INC 36,740 1,705 – 38,445 ALPHABET INC-A 4,526 2,773 – 7,299 ALPHABET INC-C 10,124 406 (1,356) 9,174 ALTICE USA INC – 15,220 – 15,220 ALTRIA GROUP INC 74,831 3,475 – 78,306 AMAZON.COM INC 9,353 620 (365) 9,608 AMERIPRISE FINANCIAL INC – 6,926 (6,926) – AMGEN INC 17,823 409 (9,004) 9,228 ANNALY CAPITAL MANAGEMENT INC – 98,933 – 98,933 ANTHEM INC 6,033 1,459 – 7,492 AON PLC – 3,631 – 3,631 APPLE INC 371,689 24,285 – 395,974 APPLIED MATERIALS INC 27,575 1,114 (3,567) 25,122 ARTHUR J GALLAGHER & CO 9,266 3,881 – 13,147 ASSOCIATED BANC-CORP – 26,850 – 26,850 AT&T INC 138,759 87,017 – 225,776 AUTODESK INC 3,523 163 (3,686) – AUTONATION INC 8,690 403 – 9,093 AUTOZONE INC 499 22 – 521 AVNET INC 19,095 886 – 19,981 AXIS CAPITAL HOLDINGS LTD – 14,744 – 14,744 BANK OF AMERICA CORP – 163,491 (93,738) 69,753 BECTON DICKINSON AND CO – 9,678 – 9,678 BERKSHIRE HATHAWAY INC 52,787 1,511 (20,232) 34,066 BEST BUY CO INC – 11,592 – 11,592 BIOGEN INC 3,560 – (3,560) – BLACKROCK INC 4,694 – (4,694) –

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) BOEING CO 4,306 199 (4,505) – BOK FINANCIAL CORP 18,972 – (18,972) – BOOZ ALLEN HAMILTON HOLDING CORP 17,300 803 – 18,103 BOSTON BEER CO INC 563 – (563) – BRISTOL-MYERS SQUIBB CO 54,677 5,756 (20,638) 39,795 BROADCOM INC 4,690 13,836 – 18,526 BRUNSWICK CORP/DE – 10,386 – 10,386 CABOT CORP – 41,976 – 41,976 CABOT OIL & GAS CORP – 150,774 – 150,774 CACI INTERNATIONAL INC – 5,092 – 5,092 CAMPBELL SOUP CO 24,695 1,147 – 25,842 CAPITAL ONE FINANCIAL CORP 13,413 622 – 14,035 CAPRI HOLDINGS LTD 30,969 1,175 (5,647) 26,497 CARDINAL HEALTH INC 17,408 703 (2,242) 15,869 CARTER'S INC 13,024 306 (6,419) 6,911 CATERPILLAR INC 6,141 285 – 6,426 CBOE GLOBAL MARKETS INC – 11,113 – 11,113 CDW CORP/DE – 6,203 – 6,203 CENTERPOINT ENERGY INC – 39,556 (39,556) – CHARTER COMMUNICATIONS INC 7,351 457 – 7,808 CHEMED CORP 2,139 11,146 – 13,285 CHEVRON CORP 55,116 2,559 – 57,675 CIGNA CORP – 13,889 – 13,889 CINCINNATI FINANCIAL CORP 15,497 2,027 – 17,524 CISCO SYSTEMS INC 130,949 16,776 (8,855) 138,870 CITIGROUP INC – 54,267 – 54,267 CITRIX SYSTEMS INC 9,266 430 (1,611) 8,085 CLOROX CO 11,970 555 – 12,525 COGNIZANT TECHNOLOGY SOLUTIONS CORP 24,450 1,135 – 25,585 COLGATE-PALMOLIVE CO 22,175 26,023 – 48,198 COMCAST CORP 132,481 12,659 – 145,140 CONAGRA BRANDS INC 29,589 16,159 – 45,748 CONCENTRIX CORP – 13,369 – 13,369 CONOCOPHILLIPS 28,277 – (28,277) – CONSTELLATION BRANDS INC – 8,619 – 8,619 COSTCO WHOLESALE CORP – 8,607 – 8,607 CSX CORP 20,533 26,858 (47,391) – CUMMINS INC 12,561 – (12,561) – CURTISS-WRIGHT CORP 15,803 – (15,803) – CVS HEALTH CORP 50,801 2,229 (53,030) – DANAHER CORP – 18,348 – 18,348 DAVITA INC 10,989 489 (420) 11,058 DEERE & CO – 18,353 – 18,353 DELL TECHNOLOGIES INC – 9,138 – 9,138 DISCOVER FINANCIAL SERVICES – 14,872 – 14,872 DISCOVERY INC 60,917 1,143 (36,289) 25,771 DISH NETWORK CORP 19,337 897 (6,167) 14,067

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) DOLBY LABORATORIES INC – 11,587 – 11,587 DOLLAR GENERAL CORP 14,951 511 (9,664) 5,798 DOLLAR TREE INC 11,624 539 – 12,163 DOMINION ENERGY INC 25,749 62,882 – 88,631 DOW INC 44,940 1,998 (1,915) 45,023 DROPBOX INC – 30,712 – 30,712 DXC TECHNOLOGY CO – 27,259 – 27,259 EBAY INC 40,114 1,862 – 41,976 ECHOSTAR CORP 35,787 1,489 (3,710) 33,566 ELECTRONIC ARTS INC 17,570 815 – 18,385 ELI LILLY AND CO 13,449 304 (6,877) 6,876 ENCOMPASS HEALTH CORP – 10,640 – 10,640 EURONET WORLDWIDE INC 4,261 – (4,261) – EVEREST RE GROUP LTD 3,279 – (3,279) – EVERGY INC 59,080 2,744 (39,951) 21,873 EXPEDITORS INTERNATIONAL OF WASHINGTON INC 14,287 – (14,287) – EXXON MOBIL CORP 23,386 – (23,386) – FACEBOOK INC 60,693 2,701 (2,536) 60,858 FACTSET RESEARCH SYSTEMS INC 3,765 – (3,765) – FASTENAL CO – 33,426 – 33,426 FEDEX CORP 5,529 256 – 5,785 FIDELITY NATIONAL FINANCIAL INC 38,093 – (38,093) – FIFTH THIRD BANCORP 20,423 948 – 21,371 FIRST AMERICAN FINANCIAL CORP 17,101 618 (3,769) 13,950 FISERV INC 6,612 – (6,612) – FLEETCOR TECHNOLOGIES INC 2,067 2,112 – 4,179 FORD MOTOR CO 204,475 3,863 (121,284) 87,054 FOX CORP B SHS 33,878 47,226 – 81,104 FTI CONSULTING INC 9,532 395 (1,014) 8,913 GAMING AND LEISURE PROPERTIES INC 327 – (327) – GARMIN LTD 8,792 407 – 9,199 GARTNER INC 9,725 451 – 10,176 GENERAC HOLDINGS INC 4,658 – (4,658) – GENERAL ELECTRIC CO 157,870 27,901 (185,771) – GENERAL MILLS INC 17,948 11,969 – 29,917 GENERAL MOTORS CO 50,991 1,039 (28,622) 23,408 GENPACT LTD – 41,957 – 41,957 GILEAD SCIENCES INC 38,458 1,785 – 40,243 HAIN CELESTIAL GROUP INC 19,650 912 (20,562) – HALLIBURTON CO 51,274 49,073 – 100,347 HARTFORD FINANCIAL SERVICES GROUP INC 31,144 805 (13,804) 18,145 HAWAIIAN ELECTRIC INDUSTRIES INC 81,526 – (81,526) –

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) HCA HEALTHCARE INC 5,845 5,459 – 11,304 HERBALIFE NUTRITION LTD – 20,506 – 20,506 HERSHEY CO 11,567 8,491 (3,540) 16,518 HOLOGIC INC 18,708 868 – 19,576 HOME DEPOT INC 35,384 1,642 – 37,026 HP INC 36,328 21,367 – 57,695 HUMANA INC 5,448 216 (756) 4,908 HUNTINGTON INGALLS INDUSTRIES INC 8,668 1,171 (838) 9,001 ILLINOIS TOOL WORKS INC 11,002 2,927 – 13,929 ILLUMINA INC 3,873 694 (3,982) 585 INTEL CORP 101,914 24,207 (34,131) 91,990 INTERNATIONAL BUSINESS MACHINES CORP 17,891 830 – 18,721 INTERNATIONAL PAPER CO 35,607 1,653 – 37,260 INTUIT INC – 6,872 – 6,872 INTUITIVE SURGICAL INC 3,059 – (3,059) – INVITATION HOMES INC 34,372 – (34,372) – JACK HENRY & ASSOCIATES INC 10,101 5,682 (15,783) – JEFFERIES FINANCIAL GROUP INC – 48,931 – 48,931 JOHNSON & JOHNSON 43,855 16,916 (2,284) 58,487 JONES LANG LASALLE INC – 6,439 – 6,439 JPMORGAN CHASE & CO 102,704 4,770 – 107,474 KELLOGG CO 10,490 487 – 10,977 KEYCORP – 46,839 – 46,839 KIMBERLY-CLARK CORP 36,856 1,711 – 38,567 KLA CORP 5,780 267 – 6,047 KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC 16,320 757 – 17,077 KROGER CO 19,814 919 – 20,733 L BRANDS INC 16,838 650 (2,828) 14,660 LABORATORY CORP OF AMERICA HOLDINGS – 11,725 – 11,725 LANDSTAR SYSTEM INC 6,869 – (6,869) – LENNAR CORP 16,165 1,810 – 17,975 LIONS GATE ENTERTAINMENT CORP 75,446 3,504 (78,950) – LOCKHEED MARTIN CORP 19,111 1,356 – 20,467 LOWE'S COS INC 32,192 1,394 (2,171) 31,415 LPL FINANCIAL HOLDINGS INC 11,779 546 – 12,325 MARATHON OIL CORP 137,638 44,566 – 182,204 MARKEL CORP 2,409 100 – 2,509 MARSH & MCLENNAN COS INC – 13,382 – 13,382 MASCO CORP 14,104 20,174 – 34,278 MASTERCARD INC 14,128 421 (5,047) 9,502 MATCH GROUP INC 5,800 – (5,800) – MCDONALD'S CORP 11,009 301 (11,310) – MCKESSON CORP 3,452 – (3,452) – MDU RESOURCES GROUP INC 69,023 – (69,023) – MEDTRONIC PLC 28,526 – (28,526) – MERCK & CO INC 13,711 18,609 – 32,320

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) METTLER-TOLEDO INTERNATIONAL INC 857 39 – 896 MICROCHIP TECHNOLOGY INC 12,402 575 – 12,977 MICRON TECHNOLOGY INC 20,330 716 (4,896) 16,150 MICROSOFT CORP 188,189 14,187 (1,617) 200,759 MOHAWK INDUSTRIES INC 10,045 446 (413) 10,078 MONOLITHIC POWER SYSTEMS INC 3,338 128 (3,466) – MONSTER BEVERAGE CORP 9,452 – (9,452) – MOODY'S CORP 5,438 – (5,438) – NATIONAL OILWELL VARCO INC 89,037 – (89,037) – NETFLIX INC 6,253 4,212 (7,384) 3,081 NEWELL BRANDS INC 54,233 2,518 – 56,751 NEWMARKET CORP 4,265 197 – 4,462 NEWMONT CORP 26,854 6,651 – 33,505 NORTHROP GRUMMAN CORP 3,404 – (3,404) – NOV INC – 93,172 (93,172) – NRG ENERGY INC 21,886 1,016 – 22,902 NUCOR CORP 32,046 1,487 – 33,533 NVIDIA CORP 14,518 625 (1,050) 14,093 OGE ENERGY CORP 62,377 – (62,377) – OLD DOMINION FREIGHT LINE INC 8,916 413 – 9,329 ON SEMICONDUCTOR CORP – 32,083 – 32,083 ORACLE CORP 18,280 848 – 19,128 O'REILLY AUTOMOTIVE INC 2,420 898 – 3,318 ORGANON & CO – 3,232 (3,232) – OWENS CORNING – 16,852 – 16,852 PACCAR INC 25,491 1,183 – 26,674 PACWEST BANCORP – 52,894 (2,482) 50,412 PAYPAL HOLDINGS INC 17,287 802 – 18,089 PEPSICO INC 23,508 7,697 (28,935) 2,270 PERKINELMER INC 13,138 1,325 – 14,463 PFIZER INC 69,971 10,987 – 80,958 PHILIP MORRIS INTERNATIONAL INC 30,062 1,396 – 31,458 PIONEER NATURAL RESOURCES CO 22,003 – (22,003) – PNC FINANCIAL SERVICES GROUP INC 12,809 – (12,809) – POLARIS INC 7,382 342 – 7,724 POOL CORP 4,760 220 – 4,980 PPG INDUSTRIES INC 12,006 15,137 (27,143) – PRA HEALTH SCIENCES INC 6,720 10,228 – 16,948 PROCTER & GAMBLE CO 71,087 11,872 – 82,959 PROGRESSIVE CORP 37,726 1,752 (5,897) 33,581 PROSPERITY BANCSHARES INC 23,724 – (23,724) – PRUDENTIAL FINANCIAL INC 13,132 2,305 – 15,437 PUBLIC STORAGE 7,066 14,227 – 21,293 PULTEGROUP INC 31,873 1,479 – 33,352 QORVO INC 6,657 4,086 – 10,743 QUALCOMM INC 30,897 5,766 – 36,663 QUEST DIAGNOSTICS INC 9,231 428 – 9,659

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) QUIDEL CORP – 3,161 – 3,161 RAYMOND JAMES FINANCIAL INC 33,793 1,333 (5,069) 30,057 REGIONS FINANCIAL CORP – 41,845 – 41,845 RELIANCE STEEL & ALUMINUM CO 20,025 14,272 – 34,297 RESMED INC 8,202 379 (8,581) – ROBERT HALF INTERNATIONAL INC – 11,379 – 11,379 ROSS STORES INC – 7,507 – 7,507 RPM INTERNATIONAL INC 11,662 540 – 12,202 S&P GLOBAL INC 11,733 544 – 12,277 SALESFORCE.COM INC 13,242 550 (1,381) 12,411 SBA COMMUNICATIONS CORP 9,095 271 (9,366) – SCHLUMBERGER NV – 74,581 (74,581) – SEAGEN INC 5,287 1,942 – 7,229 SEALED AIR CORP – 30,170 – 30,170 SEI INVESTMENTS CO 27,522 – (27,522) – SERVICE CORP INTERNATIONAL/US 12,887 597 – 13,484 SERVICENOW INC 6,851 – (6,851) – SHERWIN-WILLIAMS CO 5,175 11,277 – 16,452 SIMON PROPERTY GROUP INC 10,856 – (10,856) – SKYWORKS SOLUTIONS INC – 10,944 – 10,944 STARWOOD PROPERTY TRUST INC 56,197 – (56,197) – STATE STREET CORP 28,421 1,320 (29,741) – STEEL DYNAMICS INC 16,384 760 – 17,144 TAKE-TWO INTERACTIVE SOFTWARE INC 9,717 – (9,717) – TARGA RESOURCES CORP 32,947 1,530 – 34,477 TARGET CORP 13,879 326 (6,824) 7,381 TECHNIP ENERGIES NV ADR – 27,223 (27,223) – TECHNIPFMC PLC 136,117 – (136,117) – TESLA INC 15,305 1,146 (398) 16,053 TEXAS INSTRUMENTS INC 45,759 1,627 (10,714) 36,672 THERMO FISHER SCIENTIFIC INC 10,866 503 – 11,369 TJX COS INC 37,278 11,930 – 49,208 TRACTOR SUPPLY CO 5,396 250 – 5,646 TRAVEL + LEISURE CO – 39,497 – 39,497 TRAVELERS COS INC – 5,405 – 5,405 TYLER TECHNOLOGIES INC 2,995 138 (3,133) – TYSON FOODS INC 16,204 8,403 – 24,607 UBIQUITI INC – 2,396 – 2,396 UGI CORP 21,743 – (21,743) – UNION PACIFIC CORP 13,128 12,265 (2,182) 23,211 UNITED PARCEL SERVICE INC 19,778 8,864 (9,532) 19,110 UNITED RENTALS INC – 4,150 – 4,150 UNITEDHEALTH GROUP INC 27,119 1,054 (16,506) 11,667 UNIVAR SOLUTIONS INC 26,569 – (26,569) – US BANCORP 96,119 4,464 – 100,583

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Holdings

Additions Deductions 30 June 2021 1 January 2021 Shares Shares Shares Shares

LISTED EQUITIES (CONTINUED)

UNITED STATES OF AMERICA (CONTINUED) VALVOLINE INC 41,223 1,094 (42,317) – VEREIT INC 48,725 1,917 (7,423) 43,219 VERISIGN INC 3,097 – (3,097) – VERIZON COMMUNICATIONS INC 92,910 51,003 – 143,913 VERTEX PHARMACEUTICALS INC 10,341 4,765 – 15,106 VIRTU FINANCIAL INC – 35,303 – 35,303 VISA INC 23,040 881 (4,052) 19,869 VISTRA CORP 88,015 – (88,015) – W R BERKLEY CORP – 40,160 (5,856) 34,304 WALMART INC 44,233 3,104 – 47,337 WALT DISNEY CO – 16,113 (16,113) – WASTE MANAGEMENT INC – 18,167 (18,167) – WELLS FARGO & CO 56,969 2,645 – 59,614 WESTERN UNION CO – 34,755 – 34,755 WESTLAKE CHEMICAL CORP – 34,915 – 34,915 WEYERHAEUSER CO 33,160 119,551 – 152,711 WHIRLPOOL CORP – 628 – 628 WILLIAMS-SONOMA INC 5,311 246 – 5,557 WILLIS TOWERS WATSON PLC 2,752 – (2,752) – WORLD WRESTLING ENTERTAINMENT INC 22,612 – (22,612) – WP CAREY INC 25,161 – (25,161) – YUM! BRANDS INC – 18,629 – 18,629 ZOETIS INC 8,478 393 (8,871) –

LISTED INVESTMENT FUNDS

UNITED STATES OF AMERICA SPDR S&P 500 ETF TRUST 39,247 111,852 (104,457) 46,642

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

PineBridge US Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been no changes to the investment policy during the period.

Investment objectives and policies

The Fund seeks to provide capital appreciation through a managed portfolio of shares in US Companies.

30 June 2021 30 June 2020 30 June 201 HK$ HK$ HK$ Investments and investment income

Total value of investments 6,533,592,538 4,793,049,998 4,362,933,412

Interest on bank deposits 967 37,312 39,970 Dividend income (net of withholding tax) 31,531,891 30,719,044 35,672,523

Net foreign currency gains/(losses) 50,102 141,362 (16,566)

Net income excluding capital appreciation/(depreciation) 28,408,387 27,756,729 32,393,984

Net appreciation/(depreciation) of financial assets and financial liabilities at fair value through profit or loss - realized and unrealized 828,167,782 (216,736,846) 542,873,789

Performance table

Net asset value Total net Net asset Number of asset value value per unit units in issue HK$ HK$ Units Provident Fund units 30 June 2021 6,557,054,260 46.08 142,284,127 31 December 2020 5,415,125,052 39.86 135,837,149 31 December 2019 4,752,021,100 34.32 138,447,433

PineBridge US Equity Fund Investment Report For the six months ended 30 June 2021 (Unaudited)

Performance table (Continued)

Performance record for the past 10 years Highest Lowest Investment issue price redemption price return per unit per unit (Note 1) HK$ HK$ % Provident Fund units 30 June 2021 46.09 39.34 15.60 31 December 2020 39.87 23.69 16.14 31 December 2019 34.37 26.93 24.44 31 December 2018 32.60 25.85 (6.09) 31 December 2017 29.52 23.93 23.87 31 December 2016 24.09 19.19 11.00 31 December 2015 22.46 19.41 (0.47) 31 December 2014 21.82 18.06 13.31 31 December 2013 18.94 14.41 34.02 31 December 2012 14.34 12.11 18.39 31 December 2011 12.62 10.27 4.33

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period.

PineBridge US Equity Fund Statement of Net Assets As at 30 June 2021 (Unaudited)

30 June 2021 31 December 2020 HK$ HK$ (Audited)

Assets Current assets Financial assets at fair value through profit or loss Investments 6,533,592,538 5,397,767,605 Interest receivable 5 5 Dividends receivable 2,692,630 3,954,811 Amounts receivable on subscription 20,529,328 8,754,687 Amounts receivable from brokers 16,585,583 201,739 Cash and cash equivalents 17,762,951 6,168,222 Total assets 6,591,163,035 5,416,847,069

Liabilities Current liabilities Amounts payable on redemption 1,040,529 922,832 Amounts payable to brokers 32,246,595 201,825 Accounts payable and accrued expenses 821,651 597,360 Total liabilities 34,108,775 1,722,017

Net Asset 6,557,054,260 5,415,125,052

Equity Net assets attributable to unitholders 6,557,054,260 5,415,125,052

The accompanying notes form an integral part of these financial statements. 18

PineBridge US Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Income Interest on bank deposits 967 37,312 Dividend income 44,737,144 46,248,586 Net gains/(losses) on financial assets and financial liabilities at fair value through profit or loss 828,167,782 (216,736,846) Net foreign currency gains 50,102 141,362 Other income 67,297 406,720 Total investment income/(loss) 873,023,292 (169,902,866)

Expenses Trustee's fee 1,479,528 1,107,371 Custodian and administration fees 416,228 404,296 Audit fee 92,557 63,447 Bank charges 950 950 Legal and professional fees 707 19,596 Other expenses 24,289 24,592 Transaction costs 1,227,611 1,927,457 Total operating expenses 3,241,870 3,547,709

Net profit/(loss) before tax 869,781,422 (173,450,575)

Withholding tax (13,205,253) (15,529,542) Total comprehensive income/(loss) 856,576,169 (188,980,117)

The accompanying notes form an integral part of these financial statements. 19

PineBridge US Equity Fund Statement of Changes in Equity For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Balance at the beginning of the period 5,415,125,052 4,752,021,100

Issue of units 636,154,964 741,088,437

Redemption of units (350,801,925) (503,745,891)

Net increase from unit transactions 285,353,039 237,342,546

Total comprehensive income/(loss) 856,576,169 (188,980,117)

Balance at the end of the period 6,557,054,260 4,800,383,529

30 June 2021 30 June 2021 30 June 2020 30 June 2020 Standard Standard Units – Units – Accumulation Provident Accumulation Provident (Note 1) Fund (Note 1) Fund Units Units Units Units

Number of units in issue at the beginning of the period – 135,837,149 – 138,447,433

Issue of units – 14,570,226 – 23,088,647

Redemption of units – (8,123,248) – (16,375,991)

Net increase from unit transactions – 6,446,978 – 6,712,656 Number of units in issue at the end of the period – 142,284,127 – 145,160,089

The accompanying notes form an integral part of these financial statements. 20

PineBridge US Equity Fund Statement of Cash Flows For the six months ended 30 June 2021 (Unaudited)

30 June 2021 30 June 2020 HK$ HK$

Cash flows from operating activities

Total comprehensive income/(loss) 856,576,169 (188,980,117)

Adjustment for: Dividend income (44,737,144) (46,248,586) Interest on bank deposits (967) (37,312) Withholding tax 13,205,253 15,529,542 Operating profit/(loss) before working capital changes 825,043,311 (219,736,473)

Net increase in investments (1,135,824,933) (49,381,441) Net change in derivative financial instruments – 320 Net decrease in amounts receivable from brokers (16,383,844) – Net increase/(decrease) in amounts payable to brokers 32,044,770 (928,287) Net increase/(decrease) in accounts payable and accrued expenses 224,291 (10,054) Cash used in operations (294,896,405) (270,055,935)

Dividend income received 32,794,072 30,514,530 Interest on bank deposits received 967 38,164 Net cash used in operating activities (262,101,366) (239,503,241)

Cash flows from financing activities

Proceeds from issue of units 624,380,323 738,442,020 Payments on redemption of units (350,684,228) (503,603,557) Net cash generated from financing activities 273,696,095 234,838,463

Net increase/(decrease) in cash and cash equivalents 11,594,729 (4,664,778)

Cash and cash equivalents at the beginning of the period 6,168,222 16,651,168 Cash and cash equivalents at the end of the period 17,762,951 11,986,390

Analysis of balance of cash and cash equivalents

Cash at banks 1,158,651 6,643,990 Short-term deposits 16,604,300 5,342,400 17,762,951 11,986,390

The accompanying notes form an integral part of these financial statements. 21

PineBridge US Equity Fund Notes to the Financial Statements For the six months ended 30 June 2021 (Unaudited)

1. The Fund

PineBridge US Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.

2. Accounting policies