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PineBridge International FundsSemi-Annual Report & Unaudited Financial Statements

(For the six-month period ended 30 June 2020)

1

PINEBRIDGE INTERNATIONAL FUNDS

DIRECTORY

ManagerPineBridge Investments Singapore Limited(Company Registration No. 199602054E)

1 George Street, #21-06 One George Street, Singapore 049145

Directors of the ManagerAnasuya D/O Dhoraisingam

Anthony Gerard FassoOmar Slim

TrusteeCiticorp Trustee (Singapore) Limited

5 Changi Business Park Crescent, Level 5, Singapore 486027

RegistrarRBC Investor Services Trust Singapore Limited

8 Marina View, #26-01, Asia Square Tower 1, Singapore 018960

AuditorsErnst & Young LLP

One Raffles Quay, North Tower, Level 18, Singapore 048583

Administrator and CustodianCitibank N.A., Singapore Branch

5 Changi Business Park Crescent, Level 5, Singapore 486027

Solicitors to the ManagersTan Peng Chin LLC

50 Raffles Place, #27-01 Singapore Land Tower, Singapore 048623

Solicitors to the TrusteeDrew & Napier LLC

10 Collyer Quay, #10-01 Ocean Financial Centre, Singapore 049315

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PART ICONTENTS

PAGE

BOND FUNDS

PineBridge International Funds – Singapore Bond Fund 3

BALANCED FUNDS

PineBridge International Funds – Acorns of Asia Balanced Fund 6

*Please note that all figures shown in this report are as of 30 June 2020 unless otherwise stated.

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PineBridge International Funds – Singapore Bond Fund

Fund Manager’s Review for the period from 01 January 2020 to 30 June 2020

Market Overview

First Quarter

The first quarter was one of the most volatile period for the fixed income and credit markets in financial history. The US-China trade relationship took a backseat as the novel coronavirus (COVID-19) pandemic dominated headlines throughout the quarter. Market sentiment was extremely weak as investors rushed to sell risky assets and chased safe haven assets. Oil prices constituted another market shock as a breakdown in negotiations between Russia and Saudi Arabia led to an increase in output production and an oil price crash.

The Federal Reserve quickly brought down policy rates to zero and announced a myriad of measures to mitigate the likely severe slowdown COVID-19 will cause. The yield on 10-year US Treasury tumbled close to 125 basis points as concerns on global growth escalated. A slew of other measures were announced by other major central banks to pump liquidity. In Singapore, the economy contracted the most in a decade in the first quarter as GDP fell 10.6% from a quarter ago. The Singapore government is also expecting a full-year contraction of 1% to 4%.

The Monetary Authority of Singapore (“MAS”) brought forward its Monetary Policy Committee to the end of March. As expected, the MAS reduced in the slope of the FX policy band to zero and also re-centered the mid-point lower.

Second Quarter

After a weak and exceptionally volatile first quarter, the second quarter saw a spectacular recovery. This recovery was primarily policy induced, with central banks responded with unprecedented monetary policy support, and governments announced major fiscal packages. Economic data out of the US also saw an improving trend as job numbers seem to

signal a strong labor market recovery. Investors continue to keep their eyes on the COVID-19 pandemic as large economies like the US, continue to register rising daily infections. Overall, it was a strong quarter for risk assets and corporate credit spreads tightened across the board.

The Ministry of Trade and Industry of Singapore downgraded its GDP forecast again this quarter, expecting the Singapore economy to shrink by 4% to 7% this year. The government also unveiled its fourth round of budget measures to help the country through the COVID-19 situation, taking the overall response package to almost S$100 billion, a record 19.2% of GDP.

Fund Performance

The fund underperformed its benchmark, made up of Singapore government securities only, as they benefited from a major rally in line with other safe haven bond markets in the first half of the year. The fund however did produce positive returns. Our corporate credit exposure was the main driver of underperformance. The sovereign and industrial issuers were the biggest contributors to performance. Main detractors were from the energy and communications sectors.

Market Outlook

As we enter the second half of the year, we expect monetary and, to a lesser extent, fiscal policy to continue to play a critical role in anchoring the performance of high credit quality corporate markets. We expect however greater differentiation between countries with different fiscal spaces and ability to control the virus outbreaks.

The economic recovery should accelerate in Asia, although economies will operate at sub-par levels for the foreseeable future. With that, the labor markets will remain challenged, although they are likely to hold up better than those of the developed economies’ counterparts for the most part. We also are cognizant of increasing geopolitical risks, but our view is that markets will largely ignore them unless they materialize or substantially escalate, which is possible but unlikely.

Unless otherwise stated, all data and information are as of 30 June 2020 and sourced from PineBridge Investments (internal) and Bloomberg Finance LLP, which are subject to change. Past performance, or any prediction, projection or forecast, is not indicative of future performance.

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In Singapore, the second half will witness a substantial recovery and the country’s abundant fiscal reserves and strong institutional framework will allow it to withstand this shock better than peers. As Singapore heads to the polls in July, we expect the outcome of the election to be a market-neutral event, with the incumbent ruling party retaining the majority. The MAS should remain on hold for now.

We are highly constructive on investment grade corporate credit but remain highly selective. We also are more cautious on duration risk here.

Asset Allocation

By Country

Refer to “Statements of Portfolio – By Geography (Primary)”

By Industry

Refer to “Statements of Portfolio – By Industry (Secondary)”

By Asset Class


By Credit Rating

Credit Rating* Fair Value (S$’000)

% of NAV

Aaa 104,092 22.52Aa1 2,768 0.60Aa2 3,560 0.77Aa3 1,729 0.37A1 21,547 4.65A2 51,265 11.08A3 61,043 13.20Baa1 83,848 18.12Baa2 35,764 7.73Baa3 26,036 5.62Ba1 5,517 1.19NR 53,307 11.50

Source: PineBridge Investments Singapore Limited.

*Moody’s ratings or their equivalent, S&P or Fitch rating where security is not rated by Moody’s but rated by S&P or Fitch.

Top 10 Holdings (as at 30 June 2020)Fair Value (S$’000) % of NAV

Singapore Government Bond 2.25% 01 Aug 2036 24,188 5.24

Singapore Government Bond 2.875% 01 Sep 2030 17,895 3.87

Singapore Government Bond 2.75% 01 Apr 2042 15,996 3.46

Singapore Government Bond 2.75% 01 Mar 2046 10,580 2.29

Fukoku Mutual Life Insurance Co 5% Perpetual 8,828 1.91

Housing & Development Board 2.315% 18 Sep 2034 8,564 1.85

Housing & Development Board 2.545% 04 Jul 2031 7,916 1.71

DBS Group Holdings Ltd 3.3% Perpetual 7,782 1.68

RCS Trust 2.6% 05 Jun 2023 7,567 1.64Scentre Group Trust 1 / Scentre

Group Trust 2 4.375% 28 May 2030 7,487 1.62Source: PineBridge Investments Singapore Limited.

Top 10 Holdings (as at 30 June 2019)Fair Value (S$’000) % of NAV

Singapore Government Bond 2.75% 01 Mar 2046 25,558 5.44

Singapore Government Bond 2.75% 01 Apr 2042 21,500 4.57

Singapore Government Bond 2.25% 01 Aug 2036 20,763 4.42

Singapore Government Bond 2.875% 01 Jul 2029 16,858 3.59

Horse Gallop Finance Ltd 3.516% 28 Jun 2021 12,095 2.57

Singapore Government Bond 3.375% 01 Sep 2033 11,995 2.55

Singapore Government Bond 2.625% 01 May 2028 11,535 2.45

CDBL Funding 1 3.768% 15 Nov 2021 10,417 2.22

United States Treasury Bill 0% 09 Jul 2019 10,142 2.16

Housing & Development Board 2.598% 30 Oct 2029 7,912 1.68

Source: PineBridge Investments Singapore Limited.Unless otherwise stated, all data and information are as of 30 June 2020 and sourced from PineBridge Investments (internal) and Bloomberg Finance LLP, which are subject to change. Past performance, or any prediction, projection or forecast, is not indicative of future performance.

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Exposure to derivatives

S$ % of NAV

Fair value of derivative contracts 4,635,524 1.00Net gain/(loss) on derivative contracts realised for the period from 01 January to 30 June 2020 (6,813,382) NANet gain/(loss) on outstanding contracts marked to market 4,635,524 NA

The global exposure of the Sub-funds to financial derivatives is calculated based on the Commitment Approach as appropriate and is the sum of: a) the absolute value of the exposure of each

individual financial derivative not involved in netting or hedging arrangements;

b) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

c) the sum of the values of cash collateral received pursuant to:

i) the reduction of exposure to counterparties of OTC financial derivatives; and

ii) EPM techniques relating to securities lending and repurchase transactions, and that are reinvested.

Amount and percentage of NAV invested in other schemes

NIL.

Amount and percentage of borrowings to NAV

NIL.

Amount of subscriptions and redemptions for the period from 01 January 2020 to 30 June 2020

Please refer to the Statements of Movements of Unitholders’ Fund.

Amount of related-party transactions

Please refer to the Notes to the Financial Statements.

Performance of sub-fund and benchmark

Period Sub-Fund Performance1

Sub-Fund Performance2

Benchmark Performance3

3-month 0.79% 3.81% 2.95%6-month 0.84% 3.87% 6.73%1-year 4.29% 7.42% 10.44%3-year4 2.76% 3.78% 4.78%5-year4 3.63% 4.24% 4.47%10-year4 3.29% 3.60% 3.12%Since Inception (26 March 2002)4 3.76% 3.99% 3.60%

Notes:1. Performance calculations of the sub-fund are in SGD,

based on a bid-to-bid basis (taking into account Preliminary Charge of 4% up to 30 June 2007 and 3% from 01 July 2007, and Realisation Charge of 0%) with net dividends, if any, reinvested (taking into account all charges which would have been payable upon such reinvestment).

2. Performance calculations of the sub-fund are in SGD, based on a bid-to-bid basis with net dividends, if any, reinvested (taking into account all charges which would have been payable upon such reinvestment).

3. The benchmark against which the sub-fund is measured is the JP Morgan Singapore Government Bond Index. Performance calculations of the benchmark are in SGD.

4. For periods exceeding one year, performance calculations are on an average annual compounded basis.

5. Source: PineBridge Investments Singapore Limited & Bloomberg.

6. Past performance of the sub-fund is not necessarily a guide to its future performance.

Expense Ratio


Turnover Ratio


Soft Dollars

Not applicable.

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PineBridge International Funds – Acorns of Asia Balanced Fund

Fund Manager’s Review for the period from 01 January 2020 to 30 June 2020

Market overview – Equities

First Quarter

Regional markets fell sharply in the first quarter as the novel coronavirus (COVID-19) pandemic disrupted supply chains and led to the stalling of demand globally. An oil price war further exacerbated recession fears. Concerted efforts by governments and policy makers to issue monetary support and fiscal stimuli of unprecedented size led to some optimism late in the quarter. By country, Indonesia underperformed the region due to large outflows of capital. Thailand also underperformed given its dependencies on tourism and exports. Hong Kong and China outperformed as the spread of the COVID-19 officially slowed in the second half of the quarter, lock-down eased and economic activity gradually recovered.

Second Quarter

After a weak and exceptionally volatile first quarter, regional markets rose in the quarter as policy support, coupled with slowdown in new cases of COVID-19 in most parts of the world during the quarter drove positive market sentiment. We saw the strongest rebounds in markets which underperformed in the first quarter, namely ASEAN, while Hong Kong China markets rose less than the region. Towards the end of the quarter, we saw strong positive sentiment in the technology sector, helping to lift the performance of Korea and Taiwan.

Market Overview – Fixed Income

First Quarter

The first quarter was one of the most volatile period for the fixed income and credit markets in financial history. The US-China trade relationship took a backseat as the COVID-19 pandemic dominated headlines throughout the quarter. Market sentiment was extremely weak as investors rushed

to sell risky assets and chased safe haven assets. Oil prices constituted another market shock as a breakdown in negotiations between Russia and Saudi Arabia led to an increase in output production and an oil price crash.

The Federal Reserve quickly brought down policy rates to zero and announced a myriad of measures to mitigate the likely severe slowdown COVID-19 will cause. The yield on 10-year US Treasury tumbled close to 125 basis points as concerns on global growth escalated. A slew of other measures were announced by other major central banks to pump liquidity. In Singapore, the economy contracted the most in a decade in the first quarter as GDP fell 10.6% from a quarter ago. The Singapore government is also expecting a full-year contraction of 1% to 4%.

The Monetary Authority of Singapore (“MAS”) brought forward its Monetary Policy Committee to the end of March. As expected, the MAS reduced in the slope of the FX policy band to zero and also re-centered the mid-point lower.

Second Quarter

After a weak and exceptionally volatile first quarter, the second quarter saw a spectacular recovery. This recovery was primarily policy induced, with central banks responded with unprecedented monetary policy support, and governments announced major fiscal packages. Economic data out of the US also saw an improving trend as job numbers seem to signal a strong labour market recovery. Investors continue to keep their eyes on the COVID-19 pandemic as large economies like the US, continue to register rising daily infections. Overall, it was a strong quarter for risk assets and corporate credit spreads tightened across the board.

The Ministry of Trade and Industry of Singapore downgraded its GDP forecast again this quarter, expecting the Singapore economy to shrink by 4% to 7% this year. The government also unveiled its fourth round of budget measures to help the


7

country through the Covid-19 situation, taking the overall response package to almost S$100 billion, a record 19.2% of GDP.

Fund Performance

The fund underperformed its benchmark in the first half of the year. The equities portion underperformed, with its exposures in the information technology sector, and underweight in the healthcare sector detracting from performance, while the fund’s selection in the industrials sector and underweight in the financials sector helped performance. The fixed income portion also underperformed its benchmark, made up of Singapore government securities only, as they benefited from a major rally in line with other safe haven bond markets in the first half of the year. Our corporate credit exposure was the main driver of underperformance. Main contributors to performance include sovereign issuers with detractors coming from the utilities and consumer sectors.

Market Outlook – Equities

The economic recovery should accelerate in Asia, although economies will operate at sub-par levels for the foreseeable future. With that, the labour markets will remain challenged, although they are likely to hold up better than those of the developed economies’ counterparts for the most part. We also are cognizant of increasing geopolitical risks, but our view is that markets will largely ignore them unless they materialize or substantially escalate, which is possible but unlikely.

For corporates, the pandemic has shifted and accelerated the adoption of technology trends in commerce and other sectors that we have witnessed and positioned for in the past few years. It is our endeavour to continue investing in companies with robust, differentiated business models and position the portfolio well for these shifts.

Market Outlook – Fixed Income

For the fixed income market, as we enter the second half of the year, we expect monetary and, to a lesser extent, fiscal policy to continue to play a critical role in anchoring the performance of high credit quality corporate markets. We expect however greater differentiation between countries with different fiscal spaces and ability to control the virus outbreaks.

In Singapore, the second half will witness a substantial recovery and the country’s abundant fiscal reserves and strong institutional framework will allow it to withstand this shock better than peers. As Singapore heads to the polls in July, we expect the outcome of the election to be a market-neutral event, with the incumbent ruling party retaining the majority. The MAS should remain on hold for now.

We are highly constructive on investment grade corporate credit but remain highly selective. We also are more cautious on duration risk here.

Asset Allocation

By Country


By Industry

Refer to “Statements of Portfolio – By Industry (Secondary)”

By Asset Class




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By Credit Rating

Credit Rating* Fair Value (S$’000)

% of NAV

Aaa 8,155 7.72Aa1 290 0.27Aa2 549 0.52A1 901 0.84A2 5,097 4.81A3 3,501 3.33Baa1 5,619 5.32Baa2 2,975 2.81Baa3 999 0.95NR 4,928 4.66

Source: PineBridge Investments Singapore Limited.

*Moody’s ratings or their equivalent, S&P or Fitch rating where security is not rated by Moody’s but rated by S&P or Fitch.

Top 10 Holdings (as at 30 June 2020)

Fair Value (S$’000) % of NAV

KWG Group Holdings Ltd (formerly known as KWG Property Holding Ltd) 4,796 4.54

Nestle India Ltd 4,093 3.87Shenzhou International Group

Holdings Ltd 3,651 3.44Sinbon Electronics Co Ltd 3,568 3.37Airtac International Group 3,565 3.37Techtronic Industries Co Ltd 3,256 3.08Largan Precision Co Ltd 2,889 2.72SITC International Holdings Co Ltd 2,803 2.65Chroma ATE Inc 2,421 2.29Uni-President Enterprises Corp 2,202 2.08

Source : PineBridge Investments Singapore Limited.

Top 10 Holdings (as at 30 June 2019)

Fair Value (S$’000) % of NAV

Shenzhou International Group Holdings Ltd 4,318 3.90

Techtronic Industries Co Ltd 3,047 2.75Nestle India Ltd 3,016 2.73KWG Group Holdings Ltd

(formerly known as KWG Property Holding Ltd) 2,975 2.69

Airtac International Group 2,677 2.42Chroma Ate Inc 2,663 2.41SITC International Holdings Co Ltd 2,600 2.35Largan Precision Co Ltd 2,519 2.28Sinbon Electronics Co Ltd 2,512 2.27Hanon Systems 2,416 2.18

Source : PineBridge Investments Singapore Limited.

Exposure to derivatives

S$ % of NAV

Fair value of derivative contracts 246,194 0.23Net gain/(loss) on derivative contracts realised for the period from 01 January to 30 June 2020 (387,478) NANet gain/(loss) on outstanding contracts marked to market 246,194 NA

The global exposure of the Sub-funds to financial derivatives is calculated based on the Commitment Approach as appropriate and is the sum of: a) the absolute value of the exposure of each

individual financial derivative not involved in netting or hedging arrangements;

b) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

c) the sum of the values of cash collateral received pursuant to:

i) the reduction of exposure to counterparties of OTC financial derivatives; and

ii) EPM techniques relating to securities lending and repurchase transactions, and that are reinvested.


9

Amount and percentage of NAV invested in other schemes

NIL.

Amount and percentage of borrowings to NAV

NIL.

Amount of subscriptions and redemptions for the period from 01 January 2020 to 30 June 2020

Please refer to the Statements of Movements of Unitholders’ Fund.

Amount of related-party transactions


Performance of sub-fund and benchmark

Period Sub-Fund Performance1

Sub-Fund Performance2

Benchmark Performance3

3-month 6.30% 9.49% 13.75%6-month -3.90% -1.02% 2.40%1-year 1.65% 4.70% 4.91%3-year4 2.99% 4.01% 3.08%5-year4 3.56% 4.17% 2.71%10-year4 3.93% 4.24% 3.96%Since Inception (01 October 2001)4 6.14% 6.41% 6.54%

Notes:1. Performance calculations of the sub-fund are in SGD,

based on a bid-to-bid basis (taking into account Preliminary Charge of 5% up to 30 June 2007 and 3% from 01 July 2007, and Realisation Charge of 0%) with net dividends, if any, reinvested (taking into account all charges which would have been payable upon such reinvestment).

2. Performance calculations of the sub-fund are in SGD, based on a bid-to-bid basis with net dividends, if any, reinvested (taking into account all charges which would have been payable upon such reinvestment).

3. With effect from 01 September 2014, the benchmark against which the sub-fund is measured is the 60% MSCI All Country Far East ex-Japan SMID Net Return and 40% JP Morgan Singapore Government Bond Index. Before 01 September 2014, the benchmark against which the sub-fund is measured is the 60% MSCI All Country Far East Free ex-Japan (DTR Net) in SGD and 40% JP Morgan Singapore Government Bond Index. Performance calculations of the benchmark are in SGD.

4. For periods exceeding one year, performance calculations are on an average annual compounded basis.

5. Source: PineBridge Investments Singapore Limited & Bloomberg.

6. Past performance of the sub-fund is not necessarily a guide to its future performance.

Expense Ratios


Turnover Ratios


Soft Dollars

In the normal course of business, the Manager or Sub-Managers (collectively, the “managers”) shall be entitled to receive soft dollar benefits from selected brokers, in relation to equity transactions, from whom products and services were received from third parties. These brokers may also execute trades for other clients managed by the managers. The goods and services received generally benefit the managers’ clients and trades are executed on the best available terms with no excessive churning. Goods and services received can reasonably be expected to assist in the provision of the investment services and include research and advisory services, economic and political analyses, portfolio analyses, market analyses, data and quotation services, custodial services and computer hardware and software used in the support of the investment process of the managers.


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PINEBRIDGE INTERNATIONAL FUNDS(Constituted under a Trust Deed registered in the Republic of Singapore)

UNAUDITED FINANCIAL STATEMENTSFor the six-month period ended 30 June 2020

11


UNAUDITED FINANCIAL STATEMENTSFor the six-month period ended 30 June 2020

PART II CONTENTS

PAGE

STATEMENTS OF TOTAL RETURN 12

STATEMENTS OF FINANCIAL POSITION 13

STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS 14

STATEMENTS OF PORTFOLIO 15

NOTES TO THE FINANCIAL STATEMENTS 35


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Acorns of Asia Balanced Fund

Singapore Bond Fund

Note30 June

202030 June

201930 June

202030 June

2019S$ S$ S$ S$

Investment incomeDividends 788,593 866,360 – –Interest on deposits with banks 12 2 9,367 11,309

788,605 866,362 9,367 11,309

Less: ExpensesAudit fee 8,521 7,298 8,521 7,298Custody and related fees 28,102 27,562 32,824 31,194Management fees 8 655,170 691,736 1,728,929 1,734,652Registrar and related fees 9,945 9,917 9,945 9,917Trustee fees 8 20,966 22,136 92,211 92,515Transaction expenses 44,810 31,026 – –Other expenses 35,672 49,290 59,161 110,246

803,186 838,965 1,931,591 1,985,822

Net (loss)/income (14,581) 27,397 (1,922,224) (1,974,513)

Net gains or losses on value of investments and financial derivatives

Net realised gains/(losses) on investments 589,143 (319,449) 12,136,233 5,100,131

Net change in fair value on investments (1,487,232) 6,812,491 13,215,455 9,396,691Net realised (losses)/gains on foreign

exchange forward contracts (387,478) 113,157 (6,813,382) 2,171,721Net change in fair value on foreign

exchange forward contracts 66,981 (93,944) 1,040,627 (1,661,075)Net foreign exchange gains/(losses) 36,840 (49,707) (38,900) (269,910)

(1,181,746) 6,462,548 19,540,033 14,737,558

Total (deficit)/return for the period before income tax (1,196,327) 6,489,945 17,617,809 12,763,045

Less: Income tax 3 (53,165) (73,081) – –

Total (deficit)/return for the period (1,249,492) 6,416,864 17,617,809 12,763,045

Statements of Total ReturnFor the six-month period ended 30 June 2020

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


13


Singapore Bond Fund

Note30 June

202031 December

201930 June

202031 December

2019S$ S$ S$ S$

AssetsPortfolio of investments 102,101,382 108,451,133 450,475,718 448,586,064 Cash and bank balances 8 4,024,304 3,830,904 5,652,125 14,439,899 Sales awaiting settlement 232,071 – 6,913,357 –Receivables 4 297,549 173,224 4,674,768 225,688 Financial derivatives, at fair value 6 274,494 179,213 5,287,059 3,844,938Total assets 106,929,800 112,634,474 473,003,027 467,096,589

LiabilitiesPayables 5 433,372 458,990 849,299 967,401 Purchases awaiting settlement 750,000 – 8,750,000 –Financial derivatives, at fair value 6 28,300 – 651,535 250,042Total liabilities 1,211,672 458,990 10,250,834 1,217,443

EquityNet assets attributable to

unitholders 105,718,128 112,175,484 462,752,193 465,879,146


Statements of Financial PositionAs at 30 June 2020


14


Singapore Bond Fund

For the six-month period

ended 30 June

2020

For the year ended

31 December 2019

For the six-month period

ended 30 June

2020

For the year ended

31 December 2019

S$ S$ S$ S$

Net assets attributable to unitholders at beginning of the period 112,175,484 108,185,475 465,879,146 471,465,528

OperationsChange in net assets attributable to

unitholders resulting from operation (1,249,492) 12,618,729 17,617,809 28,563,102

Unitholders’ contributions/ (withdrawals)

Creation of units 181,389 707,982 63,101,770 35,544,741Cancellation of units (5,389,253) (9,336,702) (83,846,532) (69,694,225)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (5,207,864) (8,628,720) (20,744,762) (34,149,484)

Total (decrease)/increase in net assets attributable to unitholders (6,457,356) 3,990,009 (3,126,953) (5,586,382)

Net assets attributable to unitholders at end of the period 105,718,128 112,175,484 462,752,193 465,879,146


Statements of Movements of Unitholders’ FundsFor the six-month period ended 30 June 2020


15


Holdings as at 30 June

2020

Fair value at 30 June

2020

Percentage of total net assets attributable to unitholders at

30 June 2020

S$ %By Geography (Primary)

Quoted Equities

ChinaAngang Steel Co Ltd 1,973,400 671,796 0.64Beijing Thunisoft Corp Ltd 146,408 814,886 0.77China Everbright International Ltd 974,333 717,780 0.68China Everbright Ltd 471,000 951,863 0.90China Gas Holdings Ltd 323,000 1,390,468 1.32Comba Telecom Systems Holdings Ltd 828,000 471,279 0.45Dongfeng Motor Group Co Ltd 510,000 425,316 0.40Haitong Securities Co Ltd 430,800 485,748 0.46KWG Group Holdings Ltd (formerly known as

KWG Property Holding Ltd) 2,045,000 4,795,842 4.54Lee & Man Paper Manufacturing Ltd 758,000 567,967 0.54Nexteer Automotive Group Ltd 1,216,000 1,165,214 1.10Shenzhou International Group Holdings Ltd 217,000 3,650,625 3.44Sinotrans Ltd 2,381,000 673,317 0.64Sun Art Retail Group Ltd 566,000 1,349,786 1.28Tongcheng-Elong Holdings Ltd 349,600 879,058 0.83Zhuzhou CRRC Times Electric Co Ltd 187,800 666,381 0.63Total China 19,677,326 18.62

Hong KongASM Pacific Technology Ltd 147,400 2,159,810 2.04Cafe de Coral Holdings Ltd 174,000 502,706 0.48Chow Tai Fook Jewellery Group Ltd 1,018,600 1,359,510 1.29HKBN Ltd 633,000 1,546,052 1.46Hongkong Land Holdings Ltd 78,900 454,880 0.43Pacific Basin Shipping Ltd 5,196,000 1,057,568 1.00SITC International Holdings Co Ltd 1,882,000 2,803,404 2.65Techtronic Industries Co Ltd 238,500 3,256,253 3.08VTech Holdings Ltd 127,900 1,072,385 1.01Total Hong Kong 14,212,568 13.44


Statements of PortfolioAs at 30 June 2020


16



2020


2020


30 June 2020

S$ %By Geography (Primary) (continued)

Quoted Equities (continued)

IndiaNestle India Ltd 12,894 4,093,492 3.87Shree Cement Ltd 3,661 1,559,962 1.48Total India 5,653,454 5.35

IndonesiaPakuwon Jati TBK PT 6,967,300 282,655 0.27Semen Indonesia Persero TBK PT 495,200 464,815 0.44Total Indonesia 747,470 0.71

Malaysia Hong Leong Bank Bhd 151,000 693,029 0.66Total Malaysia 693,029 0.66

PhilippinesInternational Container Terminal Services Inc 220,000 631,714 0.60Total Philippines 631,714 0.60

South KoreaHanon Systems 177,000 1,860,837 1.76Partron Co Ltd 23,837 244,794 0.23Ray Co Ltd/KR 6,377 325,594 0.31Total South Korea 2,431,225 2.30




17



2020


2020


30 June 2020


Quoted Equities (continued)

TaiwanAdvantech Co Ltd 126,495 1,762,209 1.67Airtac International Group 146,552 3,565,070 3.37Alchip Technologies Ltd 65,000 1,532,181 1.45Catcher Technology Co Ltd 123,000 1,287,315 1.22Chroma ATE Inc 339,000 2,421,246 2.29Delta Electronics Inc 131,979 1,042,189 0.99Fubon Financial Holding Co Ltd 620,000 1,283,166 1.21Largan Precision Co Ltd 15,000 2,888,750 2.72Sinbon Electronics Co Ltd 508,000 3,568,426 3.37Taiwan Union Technology Corp 290,000 1,961,899 1.86Uni-President Enterprises Corp 655,200 2,202,369 2.08Win Semiconductors Corp 67,000 944,436 0.89Total Taiwan 24,459,256 23.12

ThailandTotal Access Communication PCL 327,700 581,312 0.55Total Thailand 581,312 0.55

Total Equities 69,087,354 65.35




18



2020


2020


30 June 2020


Quoted Debt Securities

AustraliaAusNet Services Holdings Pty Ltd 5.5% 07 Sep 2076 250,000 260,557 0.25Lendlease Finance Ltd 3.9% 27 Apr 2027 250,000 248,614 0.24Scentre Group Trust 1 / Scentre Group Trust 2

4.375% 28 May 2030 120,000 184,868 0.17Total Australia 694,039 0.66

CanadaManulife Financial Corp 3.85% 25 May 2026 250,000 253,169 0.24Total Canada 253,169 0.24

ChinaBank of China Ltd 5% 13 Nov 2024 250,000 390,566 0.37CCCI Treasure Ltd 3.65% Perpetual 200,000 280,748 0.27China Cinda 2020 I Management Ltd 3% 18 Mar

2027 200,000 287,996 0.27China Construction Bank Corp 4.25% 27 Feb 2029 200,000 302,159 0.29Chinalco Capital Holdings Ltd 4.1% Perpetual 200,000 284,010 0.27Sinopec Group Overseas Development 2018 Ltd

2.15% 13 May 2025 200,000 287,354 0.27Total China 1,832,833 1.74

Hong KongDah Sing Bank Ltd 4.25% 30 Nov 2026 200,000 283,550 0.27Dah Sing Bank Ltd 5% 15 Jan 2029 250,000 374,552 0.35Hongkong Land Finance Cayman Islands Co Ltd

2.875% 27 May 2030 200,000 290,686 0.27Total Hong Kong 948,788 0.89




19



2020


2020


30 June 2020


Quoted Debt Securities (continued)

IndonesiaIndonesia Asahan Aluminium Persero PT 4.75%

15 May 2025 200,000 299,661 0.28Total Indonesia 299,661 0.28

JapanCentral Japan Railway Co 4.25% 24 Nov 2045 200,000 354,572 0.33Dai-ichi Life Insurance Co Ltd 7.25% Perpetual 200,000 304,098 0.29Fukoku Mutual Life Insurance Co 5% Perpetual 200,000 308,117 0.29Mitsui Sumitomo Insurance Co Ltd 4.95% Perpetual 200,000 324,049 0.31Nippon Life Insurance Co 3.4% 23 Jan 2050 200,000 293,101 0.28Total Japan 1,583,937 1.50

MalaysiaPetronas Capital Ltd 4.55% 21 Apr 2050 200,000 355,854 0.34Total Malaysia 355,854 0.34

Singapore Ascendas Pte Ltd 3.265% 06 Sep 2025 250,000 261,107 0.25Ascendas Real Estate Investment Trust 2.47% 10

Aug 2023 250,000 254,823 0.24Ascendas Real Estate Investment Trust 3.14% 02

Mar 2025 250,000 260,485 0.25Ascendas Real Estate Investment Trust 4.75%

Perpetual 750,000 750,412 0.71Ascott Residence Trust 3.88% Perpetual 500,000 500,072 0.47Astrea V Pte Ltd 3.85% 20 Jun 2029 250,000 259,211 0.24CapitaLand Treasury Ltd 3.08% 19 Oct 2027 500,000 523,383 0.50CapitaLand Treasury Ltd 3.15% 29 Aug 2029 500,000 518,436 0.49CapitaLand Treasury Ltd 3.65% Perpetual 500,000 512,485 0.48CapitaLand Treasury Ltd 3.8% 28 Aug 2024 250,000 267,741 0.25




20



2020


2020


30 June 2020



Singapore (continued)CapitaMalls Asia Treasury Ltd 3.7% 29 Aug 2022 250,000 259,083 0.24CCT MTN Pte Ltd 2.98% 14 Feb 2021 500,000 508,549 0.48CMT MTN Pte Ltd 3.2% 21 Aug 2025 500,000 521,406 0.49CMT MTN Pte Ltd 3.2115% 09 Nov 2023 250,000 258,021 0.24CMT MTN Pte Ltd 3.35% 07 Jul 2031 250,000 257,612 0.24CMT MTN Pte Ltd 3.48% 06 Aug 2024 1,000,000 1,055,579 1.00DBS Group Holdings Ltd 3.3% Perpetual 245,000 339,537 0.32DBS Group Holdings Ltd 3.6% Perpetual 300,000 424,564 0.40DBS Group Holdings Ltd 3.8% 20 Jan 2028 500,000 527,291 0.50DBS Group Holdings Ltd 4.52% 11 Dec 2028 200,000 302,148 0.29Housing & Development Board 2.315% 18 Sep 2034 500,000 552,517 0.52Housing & Development Board 2.545% 04 Jul 2031 500,000 565,417 0.53Housing & Development Board 2.598% 30 Oct 2029 500,000 558,821 0.53Keppel Infrastructure Trust 4.75% Perpetual 250,000 254,471 0.24Mapletree Commercial Trust Treasury Co Pte Ltd

3.045% 27 Aug 2027 250,000 257,016 0.24Mapletree Commercial Trust Treasury Co Pte Ltd

3.25% 03 Feb 2023 250,000 259,191 0.25Mapletree Commercial Trust Treasury Co Pte Ltd

3.28% 23 Sep 2024 500,000 521,516 0.49Mapletree Logistics Trust 3.65% Perpetual 250,000 253,032 0.24Mapletree Treasury Services Ltd 4.5% Perpetual 250,000 259,491 0.24Nexus International School Singapore Pte Ltd 3.15%

03 Dec 2031 250,000 254,278 0.24Oversea-Chinese Banking Corp Ltd 4% Perpetual 250,000 263,279 0.25Oversea-Chinese Banking Corp Ltd 4.25% 19 Jun

2024 300,000 453,271 0.43PSA Treasury Pte Ltd 2.25% 30 Apr 2030 200,000 289,939 0.27RCS Trust 2.6% 05 Jun 2023 500,000 504,481 0.48RCS Trust 3.2% 14 Mar 2025 500,000 514,888 0.49




21



2020


2020


30 June 2020



Singapore (continued)Singapore Government Bond 1.875% 01 Mar 2050 209,000 240,058 0.23Singapore Government Bond 2.25% 01 Aug 2036 1,500,000 1,731,858 1.64Singapore Government Bond 2.75% 01 Apr 2042 1,000,000 1,279,652 1.21Singapore Government Bond 2.75% 01 Mar 2046 1,350,000 1,772,257 1.68Singapore Government Bond 2.875% 01 Sep 2030 1,000,000 1,192,984 1.13Singapore Technologies Telemedia Pte Ltd 4.1%

Perpetual 250,000 253,478 0.24Singapore Technologies Telemedia Pte Ltd 5%

Perpetual 250,000 265,987 0.25STT GDC Pte Ltd 3.59% 26 Sep 2024 250,000 260,468 0.25Surbana Jurong Pte Ltd 4.11% 03 Oct 2025 500,000 535,050 0.51Temasek Financial IV Pte Ltd 2.7% 25 Oct 2023 250,000 261,803 0.25United Overseas Bank Ltd 3.5% 16 Sep 2026 200,000 287,340 0.27United Overseas Bank Ltd 3.5% 27 Feb 2029 250,000 263,950 0.25United Overseas Bank Ltd 3.58% Perpetual 500,000 528,002 0.50United Overseas Bank Ltd 3.875% Perpetual 430,000 610,656 0.58Wing Tai Holdings Ltd 3.68% 16 Jan 2030 250,000 248,559 0.24Wing Tai Holdings Ltd 4.25% 15 Mar 2023 500,000 508,775 0.48Total Singapore 24,564,430 23.23

SwitzerlandSwiss Re Finance UK PLC 3.125% 03 Jul 2035 500,000 503,690 0.48UBS Group Funding Switzerland AG 5.875% Perpetual 500,000 511,851 0.48Total Switzerland 1,015,541 0.96

ThailandPTTEP Treasury Center Co Ltd 2.587% 10 Jun 2027 200,000 285,800 0.27PTTEP Treasury Center Co Ltd 3.903% 06 Dec 2059 200,000 296,390 0.28Total Thailand 582,190 0.55




22



2020


2020


30 June 2020



United Arab EmiratesAbu Dhabi Government International Bond 2.5% 16

Apr 2025 200,000 294,810 0.28Total United Arab Emirates 294,810 0.28

United KingdomHSBC Holdings PLC 4.95% 31 Mar 2030 200,000 338,920 0.32HSBC Holdings PLC 5% Perpetual 250,000 249,856 0.24Total United Kingdom 588,776 0.56

Total Debt Securities 33,014,028 31.23

Portfolio of investment 102,101,382 96.58Other net assets 3,616,746 3.42Net assets attributable to unitholders 105,718,128 100.00




23

Acorns of Asia Balanced FundPercentage of total

net assets attributable to unitholders at

30 June 2020


31 December 2019% %

By Geography (Summary)

Quoted EquitiesChina 18.62 18.83Hong Kong 13.44 14.18India 5.35 4.29Indonesia 0.71 0.51Malaysia 0.66 0.77Philippines 0.60 0.67Singapore – 0.40South Korea 2.30 3.69Taiwan 23.12 22.52Thailand 0.55 1.15Total Equities 65.35 67.01

Quoted Debt SecuritiesAustralia 0.66 0.47Canada 0.24 –China 1.74 3.49Germany – 0.92Hong Kong 0.89 0.56India – 0.36Indonesia 0.28 –Japan 1.50 0.81Malaysia 0.34 –Qatar – 0.24Singapore 23.23 20.94Switzerland 0.96 0.93Thailand 0.55 0.49United Arab Emirates 0.28 –United Kingdom 0.56 0.46Total Debt Securities 31.23 29.67

Portfolio of investments 96.58 96.68Other net assets 3.42 3.32Net assets attributable to unitholders 100.00 100.00




24


Fair value at30 June

2020


30 June 2020

Percentage of total net assets attributable to unitholders at31 December

2019S$ % %

By Industry (Secondary)

Quoted EquitiesAir Freight & Logistics 673,317 0.64 0.97Auto Components 3,026,051 2.86 3.37Auto Mobiles 425,316 0.40 0.58Banks 693,029 0.66 0.77Capital Market 1,437,611 1.36 1.67Chemicals – – 0.76Commercial Services & Supplies 717,780 0.68 0.94Communications Equipment 1,543,664 1.46 1.52Construction Material 2,024,777 1.92 1.59Diversified Telecommunication 1,546,052 1.46 1.27Electrical Equipment 666,381 0.63 0.82Electronic Equipment Instruments 12,127,304 11.46 11.18Food & Staples Retailing 1,349,786 1.28 0.76Food Products 6,295,861 5.95 5.16Gas Utilities 1,390,468 1.32 1.39Health Care Equipment & Supplies 325,594 0.31 –Hotel, Restaurants & Leisure 502,706 0.48 –Independent Power and Renewable – – 0.24Insurance 1,283,166 1.21 1.15Internet & Direct Marketing Retail 879,058 0.83 –Machinery 6,821,323 6.45 6.58Marine 3,860,972 3.65 4.06Metals & Mining 671,796 0.64 2.63Paper & Forest Products 567,967 0.54 0.69Real Estate Management & Development 5,533,377 5.24 4.63Semiconductors & Semiconductor Equipment 4,636,427 4.38 3.53Software 814,886 0.77 –Specialty Retail 1,359,510 1.29 1.17Technology Hardware, Storage 3,049,524 2.89 2.65Textiles, Apparel & Luxury Goods 3,650,625 3.44 5.56Transportation Infrastructure 631,714 0.60 0.67Wireless Telecommunication Services 581,312 0.55 0.70Total Equities 69,087,354 65.35 67.01




25


Fair value at30 June

2020


30 June 2020


2019S$ % %

By Industry (Secondary) (continued)

Quoted Debt SecuritiesBanks 6,451,492 6.11 7.13Commodities 582,190 0.55 0.47Consumer 254,278 0.24 0.22Finance 547,207 0.51 2.33Government Agencies 1,676,755 1.58 1.88Industrial 819,229 0.78 0.48Insurance 1,986,224 1.89 0.53Quasi-Sovereign 2,289,152 2.16 1.30Real Estate 10,500,820 9.92 8.51Sovereign 6,511,619 6.17 5.51Technology 779,933 0.74 –Telecommunications and Media – – 0.47Transportation 354,572 0.33 0.28Utilities 260,557 0.25 0.56Total Debt Securities 33,014,028 31.23 29.67

Portfolio of investments 102,101,382 96.58 96.68Other net assets 3,616,746 3.42 3.32Net assets attributable to unitholders 105,718,128 100.00 100.00




26

Singapore Bond Fund


2020


2020


30 June 2020

S$ %By Geography (Primary)

Quoted Debt Securities

AustraliaAusNet Services Holdings Pty Ltd 5.5% 07 Sep 2076 2,000,000 2,084,453 0.45Australia & New Zealand Banking Group Ltd 3.75%

23 Mar 2027 1,750,000 1,792,469 0.39BHP Billiton Finance USA Ltd 6.25% 19 Oct 2075 3,500,000 4,970,235 1.07Lendlease Finance Ltd 3.9% 27 Apr 2027 2,250,000 2,237,523 0.48Scentre Group Trust 1 / Scentre Group Trust 2

4.375% 28 May 2030 4,860,000 7,487,137 1.62Total Australia 18,571,817 4.01

CanadaManulife Financial Corp 3.85% 25 May 2026 3,500,000 3,544,360 0.77Total Canada 3,544,360 0.77

ChinaBank of China Ltd 5% 13 Nov 2024 2,050,000 3,202,640 0.69BOC Aviation Ltd 3% 11 Sep 2029 2,500,000 3,477,085 0.75BOC Aviation Ltd 3.25% 29 Apr 2025 4,300,000 6,175,398 1.33CCCI Treasure Ltd 3.425% Perpetual 2,000,000 2,806,342 0.61CCCI Treasure Ltd 3.65% Perpetual 2,240,000 3,144,374 0.68Chalco Hong Kong Investment Co Ltd 4.25%

Perpetual 2,350,000 3,330,320 0.72China Cinda 2020 I Management Ltd 3% 18 Mar 2027 1,040,000 1,497,581 0.32Chinalco Capital Holdings Ltd 4.1% Perpetual 2,620,000 3,720,530 0.80CNAC HK Finbridge Co Ltd 3.5% 19 Jul 2022 3,265,000 4,746,432 1.03CNAC HK Finbridge Co Ltd 4.625% 14 Mar 2023 2,000,000 3,001,205 0.65CNAC HK Finbridge Co Ltd 5.125% 14 Mar 2028 1,000,000 1,637,233 0.35Huarong Finance 2017 Co Ltd 3.2% 27 Apr 2021 1,500,000 1,502,405 0.32Huarong Finance 2017 Co Ltd 4.95% 07 Nov 2047 1,400,000 1,981,242 0.43Huarong Finance 2019 Co Ltd 3.375% 24 Feb 2030 2,800,000 3,874,086 0.84




27

Singapore Bond Fund


2020


2020


30 June 2020



China (continued)Longfor Group Holdings Ltd 3.375% 13 Apr 2027 1,500,000 2,120,777 0.46Longfor Group Holdings Ltd 3.95% 16 Sep 2029 2,000,000 2,915,001 0.63Longfor Group Holdings Ltd 4.5% 16 Jan 2028 1,600,000 2,444,563 0.53Minmetals Bounteous Finance BVI Ltd 3.375%

Perpetual 1,500,000 2,116,516 0.46Sinopec Group Overseas Development 2018 Ltd

2.15% 13 May 2025 1,045,000 1,501,423 0.32Xingsheng BVI Co Ltd 4.5% 20 Sep 2021 4,230,000 6,144,514 1.33Total China 61,339,667 13.25

Czech RepublicCPI Property Group SA 5.8% Perpetual 5,500,000 5,516,752 1.19Total Czech Republic 5,516,752 1.19

Hong KongDah Sing Bank Ltd 4.25% 30 Nov 2026 310,000 439,503 0.09Hongkong Land Finance Cayman Islands Co Ltd

2.875% 27 May 2030 1,460,000 2,122,006 0.46Sun Hung Kai Properties Capital Market Ltd 4.45%

Perpetual 4,043,000 5,645,340 1.22Total Hong Kong 8,206,849 1.77

IndiaExport-Import Bank of India 3.375% 05 Aug 2026 1,000,000 1,453,786 0.31ONGC Videsh Ltd 4.625% 15 Jul 2024 1,500,000 2,263,719 0.49ONGC Videsh Vankorneft Pte Ltd 2.875% 27 Jan

2022 1,500,000 2,129,624 0.46Total India 5,847,129 1.26




28

Singapore Bond Fund


2020


2020


30 June 2020



IndonesiaIndonesia Asahan Aluminium Persero PT 4.75%

15 May 2025 1,235,000 1,850,409 0.40Total Indonesia 1,850,409 0.40

IsraelState of Israel 3.8% 13 May 2060 980,000 1,591,993 0.34Total Israel 1,591,993 0.34

JapanCentral Japan Railway Co 4.25% 24 Nov 2045 1,700,000 3,013,864 0.65Dai-ichi Life Insurance Co Ltd 5.1% Perpetual 3,300,000 5,119,277 1.11Dai-ichi Life Insurance Co Ltd 7.25% Perpetual 2,300,000 3,497,127 0.76Fukoku Mutual Life Insurance Co 5% Perpetual 5,730,000 8,827,558 1.91Mitsui Sumitomo Insurance Co Ltd 4.95% Perpetual 4,450,000 7,210,087 1.56Nippon Life Insurance Co 3.4% 23 Jan 2050 4,050,000 5,935,304 1.28Total Japan 33,603,217 7.27

MalaysiaPetronas Capital Ltd 3.5% 21 Apr 2030 200,000 312,101 0.07Petronas Capital Ltd 4.55% 21 Apr 2050 1,040,000 1,850,441 0.40Total Malaysia 2,162,542 0.47

QatarQNB Finance Ltd 2.75% 12 Feb 2027 1,200,000 1,729,046 0.37Total Qatar 1,729,046 0.37




29

Singapore Bond Fund


2020


2020


30 June 2020



SingaporeAscendas Pte Ltd 3.265% 06 Sep 2025 3,500,000 3,655,500 0.79Ascendas Real Estate Investment Trust 2.47% 10

Aug 2023 2,000,000 2,038,580 0.44Ascendas Real Estate Investment Trust 3.14% 02

Mar 2025 3,000,000 3,125,825 0.68Ascendas Real Estate Investment Trust 4.75%

Perpetual 6,250,000 6,253,433 1.35Ascott Residence Trust 3.88% Perpetual 3,750,000 3,750,538 0.81Astrea V Pte Ltd 3.85% 20 Jun 2029 3,520,000 3,649,690 0.79CapitaLand Mall Trust 3.08% 20 Feb 2021 4,500,000 4,581,620 0.99CapitaLand Treasury Ltd 3.08% 19 Oct 2027 3,500,000 3,663,679 0.79CapitaLand Treasury Ltd 3.15% 29 Aug 2029 5,500,000 5,702,800 1.23CapitaLand Treasury Ltd 3.65% Perpetual 5,250,000 5,381,093 1.16CapitaLand Treasury Ltd 3.8% 28 Aug 2024 2,000,000 2,141,925 0.46CapitaMalls Asia Treasury Ltd 3.7% 29 Aug 2022 1,000,000 1,036,331 0.22CCT MTN Pte Ltd 2.98% 14 Feb 2021 1,000,000 1,017,098 0.22CCT MTN Pte Ltd 3.17% 05 Mar 2024 500,000 517,141 0.11CMT MTN Pte Ltd 3.2% 21 Aug 2025 3,250,000 3,389,139 0.73CMT MTN Pte Ltd 3.2115% 09 Nov 2023 3,000,000 3,096,258 0.67CMT MTN Pte Ltd 3.35% 07 Jul 2031 2,500,000 2,576,124 0.56CMT MTN Pte Ltd 3.48% 06 Aug 2024 5,250,000 5,541,789 1.20DBS Group Holdings Ltd 3.3% Perpetual 5,615,000 7,781,628 1.68DBS Group Holdings Ltd 3.6% Perpetual 3,500,000 4,953,250 1.07DBS Group Holdings Ltd 3.8% 20 Jan 2028 2,000,000 2,109,163 0.46DBS Group Holdings Ltd 4.52% 11 Dec 2028 1,050,000 1,586,277 0.34Housing & Development Board 2.315% 18 Sep 2034 7,750,000 8,564,013 1.85Housing & Development Board 2.545% 04 Jul 2031 7,000,000 7,915,840 1.71Housing & Development Board 3.948% 29 Jan 2029 1,500,000 1,854,840 0.40Keppel Infrastructure Trust 4.75% Perpetual 3,750,000 3,817,059 0.82Mapletree Commercial Trust Treasury Co Pte Ltd

3.045% 27 Aug 2027 3,000,000 3,084,197 0.67




30

Singapore Bond Fund


2020


2020


30 June 2020



Singapore (continued)Mapletree Commercial Trust Treasury Co Pte Ltd

3.11% 24 Aug 2026 4,250,000 4,395,155 0.95Mapletree Commercial Trust Treasury Co Pte Ltd

3.25% 03 Feb 2023 750,000 777,572 0.17Mapletree Commercial Trust Treasury Co Pte Ltd

3.28% 23 Sep 2024 3,000,000 3,129,096 0.68Mapletree Logistics Trust 3.65% Perpetual 3,250,000 3,289,410 0.71Mapletree Logistics Trust 4.18% Perpetual 2,000,000 2,027,432 0.44Mapletree Treasury Services Ltd 4.5% Perpetual 3,750,000 3,892,363 0.84Nexus International School Singapore Pte Ltd 3.15%

03 Dec 2031 3,500,000 3,559,885 0.77Oversea-Chinese Banking Corp Ltd 3.8% Perpetual 1,500,000 1,515,735 0.33Oversea-Chinese Banking Corp Ltd 4% Perpetual 4,500,000 4,739,030 1.02Oversea-Chinese Banking Corp Ltd 4.25% 19 Jun

2024 4,850,000 7,327,886 1.58PSA Treasury Pte Ltd 2.25% 30 Apr 2030 1,170,000 1,696,143 0.37RCS Trust 2.6% 05 Jun 2023 7,500,000 7,567,221 1.64RCS Trust 3.2% 14 Mar 2025 4,250,000 4,376,548 0.95Singapore Government Bond 1.25% 01 Oct 2021 6,500,000 6,597,483 1.43Singapore Government Bond 1.875% 01 Mar 2050 2,900,000 3,330,952 0.72Singapore Government Bond 2.25% 01 Aug 2036 20,950,000 24,188,283 5.24Singapore Government Bond 2.75% 01 Apr 2042 12,500,000 15,995,660 3.46Singapore Government Bond 2.75% 01 Mar 2046 8,059,000 10,579,717 2.29Singapore Government Bond 2.875% 01 Sep 2030 15,000,000 17,894,763 3.87Singapore Technologies Telemedia Pte Ltd 4.1%

Perpetual 4,000,000 4,055,640 0.88Singapore Technologies Telemedia Pte Ltd 5%

Perpetual 3,250,000 3,457,846 0.75SMRT Capital Pte Ltd 3.22% 20 Apr 2028 1,000,000 1,071,481 0.23




31

Singapore Bond Fund


2020


2020


30 June 2020



Singapore (continued)STT GDC Pte Ltd 3.59% 26 Sep 2024 3,250,000 3,386,085 0.73Surbana Jurong Pte Ltd 4.11% 03 Oct 2025 3,750,000 4,012,872 0.87Temasek Financial I Ltd 3.375% 23 Jul 2042 3,500,000 5,861,672 1.27Temasek Financial IV Pte Ltd 2.7% 25 Oct 2023 1,250,000 1,309,017 0.28United Overseas Bank Ltd 3.5% 16 Sep 2026 3,300,000 4,741,108 1.02United Overseas Bank Ltd 3.5% 27 Feb 2029 2,250,000 2,375,550 0.51United Overseas Bank Ltd 3.58% Perpetual 6,500,000 6,864,023 1.48United Overseas Bank Ltd 3.875% Perpetual 5,140,000 7,299,474 1.58UOL Treasury Services Pte Ltd 3% 23 May 2024 2,500,000 2,518,563 0.54Wing Tai Holdings Ltd 3.68% 16 Jan 2030 2,000,000 1,988,473 0.43Wing Tai Holdings Ltd 4.25% 15 Mar 2023 2,250,000 2,289,487 0.49Wing Tai Holdings Ltd 4.5% 26 Sep 2022 2,250,000 2,307,194 0.50Total Singapore 283,203,649 61.22

SwitzerlandJulius Baer Group Ltd 5.9% Perpetual 1,750,000 1,723,160 0.37Swiss Re Finance UK PLC 3.125% 03 Jul 2035 4,750,000 4,785,055 1.03UBS Group Funding Switzerland AG 5.875% Perpetual 6,500,000 6,654,057 1.44Total Switzerland 13,162,272 2.84

ThailandPTTEP Treasury Center Co Ltd 2.587% 10 Jun 2027 200,000 285,800 0.06Total Thailand 285,800 0.06




32

Singapore Bond Fund


2020


2020


30 June 2020



United KingdomBP Capital Markets PLC 4.375% Perpetual 1,340,000 1,900,450 0.41BP Capital Markets PLC 4.875% Perpetual 550,000 793,557 0.17HSBC Holdings PLC 4.95% 31 Mar 2030 1,280,000 2,169,086 0.47HSBC Holdings PLC 5% Perpetual 5,000,000 4,997,123 1.08Total United Kingdom 9,860,216 2.13

Total Debt Securities 450,475,718 97.35

Portfolio of investments 450,475,718 97.35Other net assets 12,276,475 2.65Net assets attributable to unitholders 462,752,193 100.00




33

Singapore Bond FundPercentage of total

net assets attributable to unitholders at

30 June 2020

Percentage of total net assets attributable

to unitholders at31 December 2019

% %By Geography (Summary)

Quoted Debt SecuritiesAustralia 4.01 2.25Canada 0.77 –China 13.25 17.72Czech Republic 1.19 –Germany – 2.81Hong Kong 1.77 0.55India 1.26 1.29Indonesia 0.40 –Israel 0.34 –Japan 7.27 3.05Malaysia 0.47 –Qatar 0.37 1.36Singapore 61.22 61.85Switzerland 2.84 2.63Thailand 0.06 0.84United Kingdom 2.13 1.94Total Debt Securities 97.35 96.29

Portfolio of investments 97.35 96.29Other net assets 2.65 3.71Net assets attributable to unitholders 100.00 100.00




34

Singapore Bond Fund


2020


30 June 2020


2019S$ % %

By Industry (Secondary)

Quoted Debt SecuritiesBanks 74,000,208 15.97 22.09Commodities 7,373,150 1.59 0.30Consumer 3,559,885 0.77 0.75Finance 28,302,001 6.11 10.95Government Agency 18,334,693 3.96 5.37Industrial 33,290,246 7.19 3.18Insurance 38,918,768 8.42 2.49Quasi-Sovereign 24,811,708 5.36 5.71Real Estate 125,708,320 27.17 19.53Sovereign 80,178,851 17.35 22.26Technology 10,899,571 2.36 –Telecommunications & Media – – 1.47Transportation 3,013,864 0.65 0.56Utilities 2,084,453 0.45 1.63Total Debt Securities 450,475,718 97.35 96.29

Portfolio of investments 450,475,718 97.35 96.29Other net assets 12,276,475 2.65 3.71Net assets attributable to unitholders 462,752,193 100.00 100.00




Notes to the Financial StatementsFor the six-month period ended 30 June 2020

35

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. Corporate information

PineBridge International Funds is a Singapore umbrella fund constituted under a Deed of Trust dated 15 February 1999 together with its Supplemental Deeds (thereafter referred to as “Trust Deed”) between PineBridge Investments Singapore Limited, (the “Manager”) and Citicorp Trustee (Singapore) Limited (the “Trustee”). The Trust Deed is governed by the laws of the Republic of Singapore.

These financial statements cover the sub-funds of PineBridge International Funds, namely the Acorns of Asia Balanced Fund and the Singapore Bond Fund (collectively the “Sub-funds”):

- Acorns of Asia Balanced Fund

The objective of the sub-fund is to invest as a direct investment portfolio, to achieve long-term capital appreciation as well as stable income, by investing, in such proportion as the Manager deem fit, in:

(a) the equities of young and fast-growing Asian (ex Japan) companies, which in the opinion of the Manager, have the potential to establish themselves in their respective fields; and

(b) fixed income securities of high credit quality issuers, denominated primarily in Singapore Dollars.

- Singapore Bond Fund

The objective of the sub-fund is to invest as a direct investment portfolio, to provide stable income with capital preservation by investing primarily in high credit quality Singapore Dollars fixed income instruments issued by Singapore and non-Singapore entities.

The Sub-funds are unit trusts included under the Central Provident Fund Investment Scheme (“CPFIS”).

Since 13 March 2014, the Acorns of Asia Balanced Fund is closed for further subscription using CPF monies. New investments into this CPF sub-fund may only be subscribed for using cash or Supplementary Retirement Scheme monies.

The registered office of the Manager is 1 George Street, #21-06 One George Street, Singapore 049145 and the registered office of the Trustee is 5 Changi Business Park Crescent, Level 5, Singapore 486027.



36

2. Summary of significant accounting policies

2.1 Basis of accounting

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial instruments at fair value, and in accordance with the Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants.

2.2 Investment income recognition

Dividend income from investments is recognised when the Sub-funds’ right to receive payment is established.

Interest income arising from fixed deposits is recognised in the Statements of Total Return on a time-proportion basis using the effective interest method.

2.3 Charging of operating expenses against the value of the Sub-funds

All direct operating expenses are attributable to the Sub-funds and charged to the Statements of Total Return for each sub-fund. Certain shared expenses are allocated to each sub-fund based on the respective sub-fund’s net asset values. From time to time, the Manager may at its own discretion, choose to absorb certain expenses of the Sub-funds.

2.4 Investments

The Sub-funds’ portfolio of investments comprises investments in debt securities and equities which are recognised at fair value. These investments are designated by the Manager as investments at fair value through profit and loss with realised and unrealised gains and losses from changes in fair values of investments included in the Statements of Total Return.

Investments are classified as financial assets at fair value through profit or loss.

(a) Initial recognition

Purchases of investments are recognised on the trade date. Investments are recorded at fair value on initial recognition.

(b) Subsequent measurement

Investments are subsequently carried at fair value. Net changes in the fair value of investments are included in the Statements of Total Return in the year in which they arise.

(c) Derecognition

Investments are derecognised on the trade date of disposal. The resultant realised gains and losses on the sales of investments are computed on the basis of the difference between the weighted average cost and selling price gross of transaction costs, and are taken up in the Statements of Total Return.



37

2. Summary of significant accounting policies (continued)

2.5 Basis of valuation of investments

The fair value of financial assets and liabilities traded in active markets is based on quoted market prices at the close of trading on the reporting date. The quoted market price used for investments held by the Sub-funds are the current bid price for fixed income securities and last traded price for equity securities where the last traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager will determine the point within the bid-ask spread that is most representative of fair value.

Accrued interest or discount and premium on debt securities at the balance sheet date are incorporated in the fair value of the debt securities.

2.6 Foreign currency translation

(a) Functional and presentation currency

The Sub-funds’ investors are mainly from Singapore, with subscription and redemptions of the units denominated in Singapore dollars.

The performance of the Sub-funds is measured and reported to the investors in Singapore Dollar. The Manager considers the Singapore Dollar as the functional currency which most faithfully represents the economic effects of the underlying transactions, events and conditions. These financial statements are expressed in Singapore Dollar, which is the Sub-funds’ functional and presentation currency.

(b) Translation and balances

Foreign currency monetary assets and liabilities are converted to Singapore dollars at rates of exchange prevailing at the date of the balance sheet. Transactions in foreign currencies during the year are converted into Singapore dollars for the respective sub-fund at the rates of exchange prevailing on the transaction dates. Differences on exchange are included in the respective Statements of Total Return.

Amounts receivable and payable denominated in foreign currencies are translated into Singapore dollars at exchange rates prevailing at the balance sheet date. All translation gains or losses are recognised in the Statements of Total Return.

2.7 Derivative financial instruments

Derivatives including foreign exchange forward contracts are entered into for the purposes of specific hedging of financial assets held as determined by the Manager and in accordance with the provisions of the Trust Deed and the Code on Collective Investment Scheme.

Derivatives are recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at their fair values. Fair values are obtained from quoted market prices in active markets, including forward rates, recent market transactions and valuation techniques, as appropriate. All derivatives are carried as assets when fair value is positive, and as liabilities when fair value is negative. Subsequent changes in the fair value of any derivative instrument are recognised immediately in the Statements of Total Return.



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3. Tax

The Sub-funds are included under the Central Provident Fund Investment Scheme. Accordingly, the Sub-funds are accorded the following Singapore income tax treatment:

(a) Tax of the Sub-funds

The Sub-funds were granted the status of a Designated Unit Trust (“DUT”) in Singapore. Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certain income of the DUT fund is not taxable in accordance with Sections 35(12) and 35(12A) of the Income Tax Act. Such income includes:

• interest (other than interest for which has been deducted under Section 45 of the Singapore Income Tax Act);

• distribution from foreign unit trusts and dividends derived from outside Singapore and received in Singapore; and

• gains or profits derived from Singapore or elsewhere from the disposal of securities and transactions in foreign exchange, forwards, swaps and options relating to securities, financial indices, interest rates and currencies.

The Singapore income tax represents tax deducted at source for Singapore sourced dividends. The overseas income tax represents tax deducted at source on dividends derived from outside Singapore and received in Singapore.


Singapore Bond Fund

30 June 2020

30 June 2019

30 June 2020

30 June 2019

S$ S$ S$ S$

Singapore income tax – – – –Overseas income tax 53,165 73,081 – –

53,165 73,081 – –

(b) Capital gains tax

Depending on the period for which India equity shares are held, the gains arising to the Acorns of Asia Balanced Fund on the transfer of such shares would be taxable as short-term or long-term capital gains under the India tax laws. The same is discussed below:

Type of instrument Period of holding immediately preceding the date of transfer

Listed equity shares More than 12 months Long Term Capital Asset12 months or less Short Term Capital Asset

Unlisted equity shares More than 24 months Long Term Capital Asset24 months or less Short Term Capital Asset



39

3. Tax (continued)

(b) Capital gains tax (continued)

Under the current laws, the Acorns of Asia Balanced Fund is subject to the following rates of tax on the gains earned from transfer of shares.

Nature of income Rates of tax (%)1 Capital gains on sale of listed equity shares on-market (where securities transaction tax (STT) is paid on both purchase and sale transactions)

Long-term(exceeding INR

100,000)

10

Short-term 15Capital gains on sale of listed equity shares off-market (where securities transaction tax is not paid) or in case of sale of unlisted shares

Long-term 10Short-term 30

Under current practice, capital gains tax is charged on net realised gains (i.e. realised gains offset by realised losses subject to satisfying certain conditions) and is reported and settled on an ongoing basis i.e. whenever the sales are executed.

4. Receivables


Singapore Bond Fund

30 June 2020

31 December 2019

30 June 2020

31 December 2019

S$ S$ S$ S$

Dividends receivable 104,520 39,389 – –Amounts receivable for creation of units 14,500 – 4,671,955 225,688Prepayment 10,055 – 2,813 –Amount receivable for corporate action 168,474 133,835 – –

297,549 173,224 4,674,768 225,688

1 In case of non-corporates constituted as trusts, a surcharge of 10% of the income-tax shall be payable where the total income exceeds INR 5 million but does not exceed INR 10 million and a surcharge of 15% of the income-tax shall be payable where the total taxable income exceeds INR 10 million. Further, health and education cess of 4% is levied on income-tax and surcharge.



40

5. Payables


Singapore Bond Fund

30 June 2020

31 December 2019

30 June 2020

31 December 2019

S$ S$ S$ S$Payable to unitholders for

cancellation of units 142,278 286,060 158,029 592,007Accrued expenses 291,065 172,930 690,379 375,394Other payables 29 – 891 –

433,372 458,990 849,299 967,401

6. Financial derivatives, at fair value

Financial derivative contracts comprise foreign exchange forward contracts. The notional amounts of these financial derivatives and their corresponding gross fair values at the reporting date are analysed below.

Notionalamount

Fair valuegains

Fair value liabilities

S$ S$ S$

As at 30 June 2020

Acorns of Asia Balanced FundForeign exchange forward contracts 12,168,065 274,494 28,300

Singapore Bond FundForeign exchange forward contracts 246,709,790 5,287,059 651,535

Notionalamount

Fair valuegains

Fair value liabilities

S$ S$ S$

As at 31 December 2019

Acorns of Asia Balanced FundForeign exchange forward contracts 7,581,860 179,213 –

Singapore Bond FundForeign exchange forward contracts 180,412,602 3,844,938 250,042



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7. Units in issue

During the six-month period ended 30 June 2020, the number of units issued, redeemed and outstanding were as follows:


Singapore Bond Fund

30 June 2020

31 December 2019

30 June 2020

31 December 2019

S$ S$ S$ S$

Units at beginning of the financial period/ year 34,626,189 37,427,682 237,027,734 254,836,332

Units created 57,637 231,123 31,551,351 18,485,996 Units cancelled (1,721,164) (3,032,616) (41,985,275) (36,294,594)

Units at end of the financial period/year 32,962,662 34,626,189 226,593,810 237,027,734

Net assets attributable to unitholders 105,718,128 112,175,484 462,752,193 465,879,146

Net asset value per unit 3.207 3.240 2.042 1.966

There is no difference between the net asset value per unit per the financial statements and the net asset value per unit for issuing/redeeming of units as at 30 June 2020.

8. Related party disclosures

(a) As at 30 June 2020, the Manager and Trustee of PineBridge International Funds are PineBridge Investments Singapore Limited and Citicorp Trustee (Singapore) Limited, respectively. Citicorp Trustee (Singapore) Limited is a subsidiary of Citigroup.

Management fees and trustee fees paid or payable by the respective sub-fund to the Manager and Trustee are shown in the Statements of Total Return and are on terms set out in the Trust Deed. All other related party transactions are disclosed elsewhere in the financial statements.



42

8. Related party disclosures (continued)

(b) As at 30 June 2020 and during the period then ended, the following significant transactions took place between the Sub-funds and related parties at terms agreed between the parties and within the provisions of the Trust Deed:

(i) Acorns of Asia Balanced Fund

Singapore Bond Fund

30 June 2020

30 June 2019

30 June 2020

30 June 2019

S$ S$ S$ S$

CitigroupIncome derived/ (expenses incurred)

for the financial period

- Current account 12 2 9,367 11,309- Bank charges (60) (203) (67) (160)

(ii) As at the end of the period, the Sub-funds maintained current accounts with Citibank N.A., Singapore Branch, a financial institution related to the Trustee as follows:


Singapore Bond Fund

30 June 2020

31 December2019

30 June 2020

31 December2019

S$ S$ S$ S$

Balance at end of the period

- Current account 4,024,304 3,830,904 5,652,125 14,439,899



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9. Financial risk management

The investments held by each sub-fund are subject to market risk (including price risk, interest rate risk and currency risk), credit risk and liquidity risk. The Sub-funds’ overall risk management programme focuses on the unpredictability of the financial markets and seeks to minimise the potential adverse effects on performance.

Specific guidelines on exposures to individual securities, single entity, groups of related companies and certain industries are in place at any time for each sub-fund as part of the overall financial risk management to reduce their risk exposures.

(a) Market risk

The Sub-funds’ assets consist primarily of financial instruments such as equity investments, fixed income (including hybrid) investments, money market investments, fixed deposits and cash in accordance with the Sub-funds’ stated investment objectives. The allocation of assets among the various types of investments is determined by the Manager so as to achieve the Sub-funds’ investment objectives.

Market risk is the risk of loss from uncertainties and fluctuations in the market prices of financial instruments due to changes in interest rates, credit spreads, exchange rates and other indirect factors such as volatility and correlations. Each sub-fund’s investments are substantially dependent on changes in market prices and are monitored by the Manager on a regular basis so as to assess changes in fundamentals and valuation. Although the Manager makes reasonable efforts in the choice of investments, events beyond reasonable control of the Manager could affect the prices of the underlying investments and hence the asset value of the Sub-funds.

Each sub-fund distinguishes the following components of market risk:

- Price risk- Interest rate risk- Currency risk

(i) Price risk

The Sub-funds’ sensitivity to the market is measured using its beta, a ratio that describes how the expected return of a portfolio is correlated to the return of the financial market as a whole. The Sub-funds’ price movements are measured against the price movement of the respective benchmark to derive the beta.

As of 30 June 2020, the historical 1-year beta for Acorns of Asia Balanced sub-fund (for equities excluding Preference Shares) is estimated to be 0.81 (31 December 2019: 1.10). The benchmark for equities portion is MSCI All Country Far East ex-Japan SMID Net Return.



44

9. Financial risk management (continued)

(a) Market risk (continued)

(i) Price risk (continued)

The table below summarises the impact of increases/decreases from the sub-fund’s underlying investments in equities (excluding Preference Shares) on the sub-fund’s net asset attributable to unitholders as at 30 June 2020 and 31 December 2019. The analysis is based on the assumption that the estimated 1-year beta of 0.81 (31 December 2019: 1.10) is applied to the closing net asset values for every 5% movement in the underlying benchmark index.

Fund Benchmark component

Impact of 5% (2019: 5%) change in benchmark on net assets attributable to

unitholders30 June

202031 December

2019S$m S$m

Acorns of Asia Balanced FundMSCI All Country Far East ex-Japan SMID Net Return 2.80 4.15

The market prices of the debt securities held by the Sub-funds are highly affected by the volatility of the interest rate and credit spread movements as the Sub-funds’ debt securities investments are primarily in bonds issued by corporations, both Singapore and non-Singapore. Consequently, no separate price risk sensitivity analysis is prepared for the debt securities component of the Acorns of Asia Balanced sub-fund and the Singapore Bond sub-fund, as this is covered as part of interest risk and credit risk sensitivity analyses.



45



(ii) Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

The tables below summarise the Sub-funds’ exposures to interest rate risks.

Acorns of Asia Balanced Fund:

Variablerates

Fixedrates

Non-interest bearing Total

S$ S$ S$ S$

As at 30 June 2020

AssetsPortfolio of investments – 33,014,028 69,087,354 102,101,382Sales awaiting settlement – – 232,071 232,071Cash and bank balances 4,024,304 – – 4,024,304Receivables – – 297,549 297,549Financial derivatives, at fair value – – 274,494 274,494Total assets 4,024,304 33,014,028 69,891,468 106,929,800

LiabilitiesPayables – – 433,372 433,372Purchases awaiting settlement – – 750,000 750,000Financial derivatives, at fair value – – 28,300 28,300Total liabilities – – 1,211,672 1,211,672


AssetsPortfolio of investments 2,423,552 30,854,004 75,173,577 108,451,133 Cash and bank balances 3,830,904 – – 3,830,904 Receivables – – 173,224 173,224 Financial derivatives, at fair value – – 179,213 179,213Total assets 6,254,456 30,854,004 75,526,014 112,634,474

LiabilitiesPayables – – 458,990 458,990 Total liabilities – – 458,990 458,990



46



(ii) Interest rate risk (continued)

Singapore Bond Fund:

Variablerates

Fixedrates

Non-interest bearing Total

S$ S$ S$ S$

As at 30 June 2020

AssetsPortfolio of investments – 450,475,718 – 450,475,718Sales awaiting settlement – – 6,913,357 6,913,357Cash and bank balances 5,652,125 – – 5,652,125Receivables – – 4,674,768 4,674,768Financial derivatives, at fair value – – 5,287,059 5,287,059Total assets 5,652,125 450,475,718 16,875,184 473,003,027

LiabilitiesPayables – – 849,299 849,299Purchases awaiting settlement – – 8,750,000 8,750,000Financial derivatives, at fair value – – 651,535 651,535Total liabilities – – 10,250,834 10,250,834


AssetsPortfolio of investments 52,602,163 395,983,901 – 448,586,064 Cash and bank balances 14,439,899 – – 14,439,899 Receivables – – 225,688 225,688 Financial derivatives, at fair value – – 3,844,938 3,844,938 Total assets 67,042,062 395,983,901 4,070,626 467,096,589

LiabilitiesPayables – – 967,401 967,401 Financial derivatives, at fair value – – 250,042 250,042 Total liabilities – – 1,217,443 1,217,443



47



(ii) Interest rate risk (continued)

Fund

Impact of 50bps (2019: 50bps) change in interest rates on net

assets attributable to unitholders30 June

202031 December

2019S$m S$m

Acorns of Asia Balanced Fund 1.14 1.02Singapore Bond Fund 14.86 13.54

(iii) Currency risk

Each sub-fund invests in securities denominated in currencies other than Singapore Dollar and may be affected favourably or unfavourably by movements in the exchange rate between Singapore Dollar and foreign currencies. The Sub-funds may enter into foreign exchange forward contracts to hedge some or all of these currency exposures.

The following sets out the total exposure to foreign currencies for the Sub-funds:

Acorns of Asia Balanced Fund as at 30 June 2020:

Gross Hedges NetCurrency S$ S$ S$

CNY 837,530 – 837,530HKD 32,854,380 – 32,854,380IDR 749,028 – 749,028INR 5,667,993 – 5,667,993KRW 2,431,250 – 2,431,250MYR 693,029 – 693,029PHP 631,714 – 631,714THB 581,312 – 581,312TWD 25,896,861 – 25,896,861USD 9,584,233 (9,319,635) 264,598

79,927,330 (9,319,635) 70,607,695



48



(iii) Currency risk (continued)

Acorns of Asia Balanced Fund as at 31 December 2019:


CNY 133,835 – 133,835HKD 36,469,370 – 36,469,370IDR 577,031 – 577,031INR 4,814,566 – 4,814,566KRW 4,142,447 – 4,142,447MYR 859,100 – 859,100PHP 752,091 – 752,091THB 1,294,046 – 1,294,046TWD 26,211,528 – 26,211,528USD 9,297,384 (7,581,860) 1,715,524

84,551,398 (7,581,860) 76,969,538

Singapore Bond Fund as at 30 June 2020:


USD 174,923,138 (173,553,160) 1,369,978

Singapore Bond Fund as at 31 December 2019:


USD 150,180,099 (144,918,118) 5,261,981



49



(iii) Currency risk (continued)

The following table shows the Sub-funds’ sensitivity to foreign currency exposure should those currencies increase or decrease by 1% against the Singapore Dollar with all other variables held constant.

Sub-Fund

Impact of 1% (2019: 1%) change in foreign currency

exchange rates against Singapore Dollar on

net assets attributable to unitholders

Currency30 June

202031 December

2019S$ S$

Acorns of Asia Balanced Fund CNY 8,375 1,338HKD 328,544 364,694IDR 7,490 5,770 INR 56,680 48,146KRW 24,313 41,424MYR 6,930 8,591PHP 6,317 7,521 THB 5,813 12,940 TWD 258,969 262,115 USD 2,646 17,155

Singapore Bond Fund USD 13,700 52,619

(b) Credit risk

Credit risk is the risk that counterparty will fail to perform contractual obligations, either in whole or in part, under a contract. This includes issuer (or investment) risk and counterparty risk. Issuer risks involve the loss of principal if the issuer of debt securities defaults on their payment obligation. Counterparty risk involves the risk of non-performance of a counterparty in a transaction resulting in the inability to complete the transaction which may result in a loss.

Each sub-fund invests in debt securities and is subject to issuer risks. Credit assessment of these rated securities is based primarily on the credit ratings by international rating agencies and the Manager’s internal credit assessment standards and process. Economic fundamentals, regulatory and political developments are monitored to provide early signals of possible shifts in ratings. For non-rated issues, credit analysis is based on a combination of qualitative assessment of the issuer’s management, track record, the industry in which it operates, and quantitative analysis of the issuer’s financial strength.



50


(b) Credit risk (continued)

The Manager has established various procedures and controls to manage broker and counterparty risks. Currently, the policy of the Manager and the Sub-Managers (if any) is to select brokers based on criteria such as counterparty financial strength, credit rating, regulatory status and other known issues with the counterparty, including but not limited to reputational risk, liquidity risk and legal risk. In addition, trading with these counterparties will be conducted in accordance with all applicable contractual, regulatory and fiduciary standards. Credit and settlement exposure limits are set for approved brokers and counterparties, and they are monitored on a regular basis.

The table below analyses the credit ratings of the debt securities held by the Sub-funds.

S&P or Moody’s Rating of debt securities credit ratingsas at 30 June 2020

S&P AAA AA+ to AA-

A+ to A-

BBB+ to BBB-

BelowBBB-

Not rated

Moody’s Aaa Aa1 to Aa3

A1 to A3

Baa1 to Baa3

Below Baa3

Not rated

Total

Acorns of Asia Balanced Fund- % of NAV 7.72 0.79 8.98 9.08 – 4.66 31.23

Singapore Bond Fund- % of NAV 22.52 1.74 28.93 31.47 1.19 11.50 97.35

S&P or Moody’s Rating of debt securities credit ratingsas at 31 December 2019

S&P AAA AA+ to AA-

A+ to A-

BBB+ to BBB-

BelowBBB-

Not rated

Moody’s Aaa Aa1 to Aa3

A1 to A3

Baa1 to Baa3

Below Baa3

Not rated

Total

Acorns of Asia Balanced Fund- % of NAV 7.62 0.46 8.25 8.70 0.69 3.95 29.67

Singapore Bond Fund- % of NAV 29.54 2.34 28.14 24.54 1.60 10.13 96.29



51


(b) Credit risk (continued)

The table below shows the credit ratings of financial institutions which the Sub-funds place fixed deposits and hold cash bank accounts with.

At 30 June 2020

Amounts placed with financial institutions Credit rating

Source of credit rating

S$m

Acorns of Asia Balanced Fund- Citibank N.A. 4.02 A+ S&P

Singapore Bond Fund- Citibank N.A. 5.65 A+ S&P

At 31 December 2019

Amounts placed with financial institutions Credit rating

Source of credit rating

S$m

Acorns of Asia Balanced Fund- Citibank N.A. 3.83 A+ S&P

Singapore Bond Fund- Citibank N.A. 14.44 A+ S&P

Citibank N.A., Singapore Branch is the custodian bank of the Sub-funds and was rated “A+” as at 30 June 2020.



52


(c) Liquidity risk

Liquidity risk is the risk that a sub-fund will encounter difficulty in selling any of its investments in order to settle a liability including a redemption request. The Sub-funds are exposed to daily redemption of units in the Sub-funds. The Sub-funds invest the majority of its assets in investments that are traded in active markets and can be readily disposed of. The Sub-funds also maintain a prudent level of cash and short-term securities that can be utilised to meet redemptions when needed.

The Sub-funds’ holdings of assets which can be converted to cash without any difficulties are as follows:

Cash and short-term

fixed deposits

Singapore Government and United

States Treasury Securities

Corporate bonds maturing within

12 monthsS$m S$m S$m

Acorns of Asia Balanced Fund- 30 June 2020 4.02 6.22 0.51- 31 December 2019 3.83 6.17 0.27

Singapore Bond Fund- 30 June 2020 5.65 78.59 7.10- 31 December 2019 14.44 103.75 6.95

Payables, which comprise amounts due to unitholders for cancellation of units and accrued expenses are due within 3 months from the balance sheet date. Financial derivatives, which comprise foreign exchange forward contracts, will mature within 3 months from the balance sheet date.

(d) Capital management

The Sub-funds’ capital is represented by the net assets attributable to unitholders. The Sub-funds strive to invest the subscriptions of redeemable participating units in investments that meet the Sub-funds’ investment objectives while maintaining sufficient liquidity to meet unitholder redemptions.



53


(e) Fair value measurement

The Sub-funds apply the following fair value measurement hierarchy:

(a) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(b) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and

(c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The following table analyses within the fair value hierarchy the Sub-funds’ financial assets and liabilities (by class) measured at fair value:

Acorns of Asia Balanced Fund as at 30 June 2020:

Level 1 Level 2 Level 3 TotalS$ S$ S$ S$

Assets measured at fair valueInvestments:- Equity securities 69,087,354 – – 69,087,354- Debt securities – 33,014,028 – 33,014,028Derivatives – 274,494 – 274,494

69,087,354 33,288,522 – 102,375,876

Liabilities measured at fair valueDerivatives – 28,300 – 28,300

– 28,300 – 28,300

Acorns of Asia Balanced Fund as at 31 December 2019:


Assets measured at fair valueInvestments:- Equity securities 75,173,577 – – 75,173,577- Debt securities – 33,277,556 – 33,277,556Derivatives – 179,213 – 179,213

75,173,577 33,456,769 – 108,630,346



54


(e) Fair value measurement (continued)

Singapore Bond Fund as at 30 June 2020:


Assets measured at fair valueInvestments:- Debt securities – 450,475,718 – 450,475,718Derivatives – 5,287,059 – 5,287,059

– 455,762,777 – 455,762,777


– 651,535 – 651,535

Singapore Bond Fund as at 31 December 2019:


Assets measured at fair valueInvestments:- Debt securities – 448,586,064 – 448,586,064 Derivatives – 3,844,938 – 3,844,938

– 452,431,002 – 452,431,002


– 250,042 – 250,042

Investments whose values are based on quoted market prices in active markets, and therefore classified within Level 1, include actively traded listed equities and preference shares. The Sub-funds do not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include debt securities, corporate bonds and foreign exchange forward contracts.

Except for cash and cash balances which are classified as Level 1, the Sub-fund’s assets and liabilities not measured at fair value at 30 June 2020 and 31 December 2019 have been classified as Level 2. The carrying amounts of these assets and liabilities approximate their fair values as at the reporting date. The Sub-funds do not engage in Level 3 investments.



55

10. Financial ratios


Singapore Bond Fund

30 June 2020

30 June 2019

30 June 2020

30 June 2019

% % % %

Expense ratio1 1.46 1.48 0.84 0.87

Portfolio turnover ratio2 13.28 14.83 57.14 49.26

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). For the Acorns of Asia Balanced Fund, the calculation of the expense ratio for the 12 months ended 30 June 2020 was based on total operating expenses of S$1,574,010 (2019: S$1,682,482) divided by the daily average net asset value of S$107,863,389 (2019: S$113,367,556) for the period. For the Singapore Bond Fund, the calculation of the expense ratio for the 12 months ended 30 June 2020 was based on total operating expenses of S$3,982,202 (2019: S$4,009,583) divided by the daily average net asset value of S$471,642,566 (2019: S$462,239,151) for the period.

The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

2 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio for the 6 months ended 30 June 2020 was based on the lower of the total value of purchases or sales of the underlying investments. For the Acorns of Asia Balanced Fund, the ratio is calculated using the Purchase of S$14,009,983 (Purchase 2019: S$16,557,178) divided by the daily average net asset value of S$105,502,439 (2019: S$111,649,529). For the Singapore Bond Fund, the ratio is calculated using the Purchase of S$264,975,229 (Sales 2019: S$229,742,530) divided by the daily average net asset value of S$463,698,915 (2019: S$466,418,981).

Important Notice:The forecast and views made herein are based on information and developments as of 30 June 2020 (unless otherwise stated) and may change from time to time depending on prevailing market conditions. No liability in respect of any error or omission (including any third party liability) on any information or opinion provided in this publication is accepted by PineBridge Investments Singapore Limited or its affiliates or any directors or employees of PineBridge Investments Singapore Limited or its affiliates. Forecasts on the economy, stock market, bond market and economic trends and past performances are not necessarily indicative of the future or likely performances of the unit trusts. The value of units in the funds and the income from them may fall as well as rise and, investors may not get back the full amount originally invested. Investors should seek advice from a financial adviser before making a commitment to invest in any fund. In the event that an investor chooses not to seek advice from a financial adviser, the investor should consider the suitability of the relevant fund. All applications for units must be made on the application forms accompanying the prospectus of the relevant unit trust, which investors should read for details before deciding whether to subscribe for or purchase units. A copy of the prospectus is available and can be obtained from PineBridge Investments Singapore Limited and participating distributors’ offices. This document should not be reproduced or distributed in whole or part to any other person without consent from PineBridge Investments Singapore Limited.

About PineBridge

Investments

pinebridge.com

PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day.

MULTI-ASSET | FIXED INCOME | EQUITIES | ALTERNATIVES

About PineBridge

Investments

pinebridge.com

PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day.

MULTI-ASSET | FIXED INCOME | EQUITIES | ALTERNATIVES

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