1349 Ｅ－ＳＳＧＡ－ＳＩＮ 2021-03-03 17:00:00
令和3年6月期 アジア国債・公債ＥＴＦ（正式名称：ＡＢＦ汎アジア債券インデックス・ファンド）中間決算短信 [pdf]
令和 3 年 6 月期 中間決算短信（令和 2 年 7 月 1 日～令和 2 年 12 月 31 日）
令和 3 年 3 月 3 日
フ ァ ン ド 名 ABF 汎アジア債券インデックス・ファンド 上場取引所 東京証券取引所
コ ー ド 番 号 1349 売 買 単 位 1口
連動対象指標 Markit iBoxx® ABF パン・アジア指数
主要投資資産 有価証券
管 理 会 社 ステート・ストリート・グローバル・アドバイザーズ・シンガポール・リミテッド
U R L http://www.abf-paif.com/
代 表 者 （役職名）ディレクター （氏名）ケーン・シャン・ウン
問合せ先責任者 （役職名）代理人 （氏名）伊東 啓 (TEL) (03)6250-6200
半期報告書提出予定日 令 和 3 年 3 月 31 日
Ⅰファンドの運用状況
１．令和 2 年 12 月中間期の運用状況（令和 2 年 7 月 1 日～令和 2 年 12 月 31 日）
(1)資産内訳 （百万円未満切捨て）
現金・預金・その他の資産
主要投資資産 （負債控除後） 合計（純資産）
金額 構成比 金額 構成比 金額 構成比
百万円 ％ 百万円 ％ 百万円 ％
令和 2 年 12 月中間期 410,053（100） △494（-） 409,558（100）
令和 2 年 6 月期 381,783（99.9） 241（0.1） 382,025（100）
(2)設定・交換実績 (千口未満四捨五入)
前計算期間末 当中間計算期間末
発行済口数(①) 設定口数(②) 交換口数(③) 発行済口数
（①＋②－③）
千口 千口 千口 千口
令和 2 年 12 月中間期 30,315 462 170 30,607
(3)基準価額 （百万円未満切捨て）
総資産 負債 純資産 1 口当たり基準価額
（①） （②） (③／当中間計算期間末
(③)(①－②) (前計算期間末)発行済口数×1 口)
百万円 百万円 百万円 円
令和 2 年 12 月中間期 413,474 3,915 409,558 13,381
令和 2 年 6 月期 389,004 6,979 382,025 12,601
(注)日本円への換算は、 米ドル＝105.12 円の換算率(令和 3 年 2 月 15 日に株式会社三菱 UFJ 銀行が発表した対
1
顧客電信売・買相場の仲値)により計算されています。
２．会計方針の変更
① 会計基準等の改正に伴う会計方針の変更 有・無
② ①以外の会計方針の変更 有・無
CONTENTS
Page
Condensed Statement of Net Assets (Unaudited) 5
Condensed Statement of Comprehensive Income (Unaudited) 6
Condensed Statement of Changes in Net Assets
Attributable to Unitholders (Unaudited) 7
Condensed Statement of Cash Flows (Unaudited) 8
Notes to the Condensed Financial Statements (Unaudited) 10
ABF Pan Asia Bond Index Fund
Interim Report 2020
CONDENSED STATEMENT OF NET ASSETS
As at 31st December 2020 (Unaudited)
As at As at As at As at
31.12.2020 30.06.2020 31.12.2019 30.06.2019
Notes US$ US$ US$ US$
Assets
Current assets
Investments 6(f) 3,900,811,900 3,631,886,293 3,704,062,825 3,703,115,036
Amounts receivable on subscription of units – – – 3,514,602
Amounts due from brokers 18,187,466 59,839,372 49,851,898 46,958,408
Other receivables 26,058 22,809 24,932 7,187
Cash at banks 6(e) 14,332,505 8,828,282 14,739,707 12,287,784
Total assets 3,933,357,929 3,700,576,756 3,768,679,362 3,765,883,017
Liabilities
Current liabilities
Amounts payable on redemption of units – – – 1,167,325
Amounts due to brokers 28,479,564 58,639,086 57,170,271 50,001,330
Audit fee payable 26,774 65,163 29,109 70,862
Trustee fee payable 6(d) 164,171 158,657 160,555 140,560
Management fee payable 6(c) 1,390,588 675,608 1,014,815 1,003,519
Index license fee payable 122,889 208,473 122,173 205,597
Other payables 7,067,481 6,649,248 6,441,356 6,361,400
Liabilities (excluding net assets
attributable to unitholders) 37,251,467 66,396,235 64,938,279 58,950,593
Net assets attributable to unitholders 3 3,896,106,462 3,634,180,521 3,703,741,083 3,706,932,424
Number of units in issue 3 30,606,824 30,314,614 30,981,354 31,635,774
Net assets attributable to unitholders per unit 3 127.30 119.88 119.55 117.18
The notes on pages 10 to 21 form part of these financial statements.
5
ABF Pan Asia Bond Index Fund
Interim Report 2020
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
01.07.2020 01.07.2019
to 31.12.2020 to 31.12.2019
Notes US$ US$
Income
Interest income on bank deposits 6(e) 6,665 37,550
Net gain on investments 4 274,116,589 133,635,648
Net foreign exchange loss (214,090) (262,578)
Security lending income 158,000 70,428
Other income 1,664 200,332
Total investment income 274,068,828 133,681,380
Expenses
Management fee 6(c) (2,224,329) (2,083,700)
Trustee fee 6(d) (944,886) (933,258)
Index license fee (176,438) (178,356)
Publication and printing expenses 6(i) (14,340) (28,076)
Audit fee (36,450) (36,847)
Processing agent fee (5,677) (5,485)
Safe custody and bank charges 6(i) (685) (1,749)
Transaction handling fee 6(i) (5,275) (7,500)
Legal and professional fees (147,696) (90,083)
Other operating expenses 6(i) (6,302) (6,369)
Total operating expenses (3,562,078) (3,371,423)
Operating profit 270,506,750 130,309,957
Finance costs
Distributions to unitholders 8 (37,336,175) (51,849,869)
Interest expense 6(e) (4,074) (9,244)
(37,340,249) (51,859,113)
Profit after distributions and before tax 233,166,501 78,450,844
Taxation 5,6(i) (5,927,086) (5,281,502)
Profit after distributions and tax/increase
in net assets attributable to unitholders
from operations 227,239,415 73,169,342
The notes on pages 10 to 21 form part of these financial statements.
6
ABF Pan Asia Bond Index Fund
Interim Report 2020
CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO
UNITHOLDERS
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
01.07.2020 01.07.2019
to 31.12.2020 to 31.12.2019
US$ US$
Balance at beginning of the period 3,634,180,521 3,706,932,424
Issuance of units 55,957,743 88,143,376
Redemption of units (21,271,217) (164,504,059)
Net issuance/(redemption) of units 34,686,526 (76,360,683)
Increase in net assets attributable to unitholders 227,239,415 73,169,342
Balance at the end of the period 3,896,106,462 3,703,741,083
Number of units in issue
01.07.2020 01.07.2019
to 31.12.2020 to 31.12.2019
Units Units
Units in issue at the beginning of the period 30,314,614 31,635,774
Issuance of units 462,210 755,580
Redemption of units (170,000) (1,410,000)
Units in issue at the end of the period 30,606,824 30,981,354
The notes on pages 10 to 21 form part of these financial statements.
7
ABF Pan Asia Bond Index Fund
Interim Report 2020
CONDENSED STATEMENT OF CASH FLOWS
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
01.07.2020 01.07.2019
to 31.12.2020 to 31.12.2019
US$ US$
Cash flows from operating activities
Increase in net assets attributable to unitholders 227,239,415 73,169,342
Adjustment for:
Interest income on bank deposits (6,665) (37,550)
Interest expense 4,074 9,244
Distributions to unitholders 37,336,175 51,849,869
Taxation 5,927,086 5,281,502
Revaluation (gain)/loss in foreign exchange (275,168) 300,972
Operating profit before working capital changes 270,224,917 130,573,379
Net increase in investments (268,925,607) (947,789)
Net decrease/(increase) in amounts due from brokers 41,651,906 (2,893,490)
Net increase in other receivable (3,249) (17,745)
Net (decrease)/increase in amounts due to brokers (30,159,522) 7,168,941
Net increase/(decrease) in accounts payable and
accrued expenses 473,790 (129,681)
Cash generated from operations 13,262,235 133,753,615
Interest income on bank deposits received 6,665 37,550
Taxes paid (5,386,122) (5,165,751)
Net cash generated from operating activities 7,882,778 128,625,414
Cash flows from financing activities
Distributions paid to unitholders (37,336,175) (51,849,869)
Interest expense paid (4,074) (9,244)
Issuance of units 55,957,743 91,657,978
Redemption of units (21,271,217) (165,671,384)
Net cash used in financing activities (2,653,723) (125,872,519)
Net increase in cash and cash equivalents 5,229,055 2,752,895
Effect of currency translation 275,168 (300,972)
Cash and cash equivalents at the beginning of the period 8,828,282 12,287,784
Cash and cash equivalents at the end of the period 14,332,505 14,739,707
Analysis of balance of cash and cash equivalents:
Cash at banks 14,332,505 14,739,707
The notes on pages 10 to 21 form part of these financial statements.
8
ABF Pan Asia Bond Index Fund
Interim Report 2020
CONDENSED STATEMENT OF CASH FLOWS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
Reconciliation of liabilities arising from financing activities
01.07.2020 01.07.2019
to 31.12.2020 to 31.12.2019
US$ US$
At 1st July – 1,167,325
Changes from financing cash flows
Redemption paid (21,271,217) (165,671,384)
Other changes
Redemption of units 21,271,217 164,504,059
At 31st December – –
The notes on pages 10 to 21 form part of these financial statements.
9
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
1. GENERAL INFORMATION
ABF Pan Asia Bond Index Fund (the “Fund”) is a Singapore unit trust authorised under Section 286
of the Securities and Futures Act (Cap. 289) of Singapore and Section 104 of the Securities and
Futures Ordinance (Cap.571) of Hong Kong. The Fund was constituted by a trust deed dated 21st
June 2005 between State Street Global Advisors Singapore Limited and HSBC Institutional Trust
Services (Singapore) Limited (the “Trust Deed”). The Trust Deed was amended and restated by an
Amending and Restating Deed on 28th June 2006, a Second Amending and Restating Deed dated
28th June 2007, a supplemental deed dated 27th June 2008 a Third Amending and Restating Deed
dated 24th June 2011, a Fourth Amending and Restating Deed dated 10th July 2018 and a Fifth
Amending and Restating Deed dated 27 December 2019. The Trust Deed and all supplemental
deeds are governed in accordance with the laws of Singapore. The Fund is also listed on The
Stock Exchange of Hong Kong Limited and Tokyo Stock Exchange. The date of commencement of
operation of the Fund was on 29th June 2005.
The investment objective of the Fund is to seek to provide investment results that correspond closely
to the total return of the Markit iBoxx ABF Pan-Asia Index (the “Underlying Index”), before fees
and expenses. The Underlying Index is determined and composed by Markit Indices GmbH (formerly
known as Markit Indices Limited) (the “Index Provider”). The Underlying Index is an indicator
of investment returns of debt obligations denominated in China Renminbi, Hong Kong Dollar,
Indonesian Rupiah, Korean Won, Malaysian Ringgit, Philippine Peso, Singapore Dollar or Thai Baht
(each an “Asian Currency”) issued or guaranteed by government, quasi-government organizations
or supranational financial institutions, in each case as determined by the Index Provider and which
are for the time being constituent securities of the Underlying Index.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
These unaudited condensed interim financial statements (“Interim Financial Statements”) have
been prepared in accordance with International Accounting Standard (“IAS”) 34 “Interim Financial
Reporting”. The Interim Financial Statements are prepared under the historical cost convention as
modified by the revaluation of investments. The accounting policies and methods of computation
used in the preparation of these Interim Financial Statements are consistent with those used in the
annual financial statements for the year ended 30th June 2020.
Changes to presentation and comparative information
When the presentation or classification of items in the condensed financial statements is amended,
comparative amounts have been updated to conform with the current year’s presentation or
classification.
10
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
3. NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AND NUMBER OF UNITS IN ISSUE
Number of units in issue
01.07.2020 to 01.01.2020 to 01.07 2019 to
31.12.2020 30.06.2020 31.12.2019
units units units
Units in issue at the beginning of the
period 30,314,614 30,981,354 31,635,774
Issuance of units 462,210 373,260 755,580
Redemption of units (170,000) (1,040,000) (1,410,000)
Units in issue at the end of the period 30,606,824 30,314,614 30,981,354
US$ US $ US$
Net assets attributable to unitholders 3,896,106,462 3,634,180,521 3,703,741,083
Net assets attributable to unitholders
(per unit) 127.30 119.88 119.55
Net asset value per Creation unit
(1 Creation unit is equivalent to
10,000 units) 1,272,954 1,198,821 1,195,474
11
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
4. NET GAINS ON INVESTMENTS
01.07.2020 to 01.07 2019 to
31.12.2020 31.12.2019
US$ US$
Change in unrealised gain/(loss) in value of investments 218,253,235 86,624,608
Realised gain on sale of investments 55,863,354 47,011,040
274,116,589 133,635,648
5. TAXATION
The Fund had incurred taxes of US$5,927,086 (6 months to 31st December 2019: US$5,281,502)
during the period ended 31st December 2020. The amount includes withholding taxes from China,
Philippines and Indonesia totaling US$5,851,652 and the remaining portion of US$75,434 relates to
payments of Singapore corporate income tax and other taxes.
On 7th November 2018, the Ministry of Finance and the PRC State Taxation Administration
(“STA”) jointly issued a notice Caishui [2018] No.108 (“Circular 108”) which stipulates that foreign
institutional investors are temporarily exempted from PRC withholding tax and Value Added Tax
(“VAT”) in respect of bond interest income received from 7th November 2018 to 6th November
2021.
Pursuant to the letter to the unitholders of the Fund dated 28th February 2020, the Manager
and the Trustee have decided to change the tax provision policy of the Fund and ceased to make
provisions for PRC withholding tax on the interest income received from PRC non-government
bonds from 7th November 2018 to 6th November 2021. The Manager will retain the PRC
withholding tax provision in respect of bond interest income received before 7th November 2018
until new developments and interpretation of the relevant regulations are available.
12
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
5. TAXATION (Continued)
As at 31st December 2020, the Fund made provision of US$4,176,577 (equivalent to
RMB27,285,160) for 10% withholding income tax on interest income from PRC non-government
securities received up to 6th November 2018 (as at 30th June 2020: US$3,845,812, equivalent
to RMB27,285,160). The amount is included in “other payables” in Statement of Net Assets. In
addition, according to Circular 36, interest received from government bonds and local government
bonds are exempted from VAT. According to Circular 108, foreign institutional investors are
temporarily exempted from VAT in respect of bond interest income received from 7th November
2018 to 6th November 2021. However, the prevailing VAT regulations do not specifically exempt
VAT on interest received by foreign institutional investors for the period from 1st May 2016 to
6th November 2018. Hence, interest income derived during the period from 1st May 2016 to 6th
November 2018 on non-government bonds (including corporate bonds) would be subject to 6.72%
VAT and VAT related taxes.
Pursuant to the letter to the unitholders of the Fund dated 28th February 2020, the Manager
has considered the current PRC tax provisioning policy of the Trust and after consultation with
an independent and professional tax advisor, the Fund made a VAT provision of US$1,124,920
(equivalent to RMB7,348,992) for the bond interest income received from the Trust’s investments in
PRC non-government bonds, for the period between 1st May 2016 and 6th November 2018 (as at
30th June 2020: US$1,052,306, equivalent to RMB7,348,992).
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND
ITS CONNECTED PERSONS
Connected Persons of the Manager are those as defined in the Code on Unit Trusts and Mutual
Funds established by the Securities and Futures Commission of Hong Kong (the “SFC Code”). The
Manager and the Trustee of the Fund are State Street Global Advisors Singapore Limited and HSBC
Institutional Trust Services (Singapore) Limited respectively. State Street Global Advisors Singapore
Limited is a subsidiary of State Street Corporation. HSBC Institutional Trust Services (Singapore)
Limited is a subsidiary of HSBC Holdings Plc. All transactions entered into during the period
between the Fund and the related parties including the Manager and its Connected Persons were
carried out in the ordinary course of business and on normal commercial terms. To the best of the
Manager’s knowledge, the Fund does not have any other transactions with the Connected Persons
of the Manager except for those disclosed below.
13
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND
ITS CONNECTED PERSONS (Continued )
(a) Foreign currency transactions with connected person of the Manager and the Trustee
During the period ended 31st December 2020, the Manager transacted in foreign currency
transactions totaling US$294,013,011 (6 months to 31st December 2019: US$471,408,139)
through its affiliated party, State Street Global Markets, LLC and the Trustee’s affiliated parties,
The Hongkong and Shanghai Banking Corporation Limited and The Hongkong and Shanghai
Banking Corporation Limited Sydney Branch, for the Fund’s investments and settlement
purpose. The amount represents 100% (6 months to 31st December 2019: 100%) of the
Fund’s foreign currency transactions during the period ended 31st December 2020.
Aggregate value % of total foreign
of foreign currency currency
Name of company transactions translations
US$ %
For the period ended 31.12.2020
State Street Global Markets, LLC 36,383,104 12.37
The Hongkong and Shanghai Banking
Corporation Limited 44,300,000 15.07
The Hongkong and Shanghai Banking
Corporation Limited, Sydney Branch 213,329,907 72.56
For the period ended 31.12.2019
State Street Global Markets, LLC 24,500,000 5.20
The Hongkong and Shanghai Banking
Corporation Limited 134,206,030 28.47
The Hongkong and Shanghai Banking
Corporation Limited, Sydney Branch 312,702,109 66.33
During the period ended 31st December 2020 and 2019, the Connected Persons of the
Manager and the Trustee as listed above had included normal bid-offer spread for the foreign
currency transactions entered with the Fund, which were carried out in the ordinary course of
business and on normal commercial terms. There were no direct commission paid to connected
persons of the Manager or the Trustee during the period ended 31st December 2020 and
2019.
14
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND
ITS CONNECTED PERSONS (Continued )
(b) Holdings of units
As at 31st December 2020, the directors and officers of the Manager did not hold any units
in the Fund (2019: Nil). The Hong Kong and Shanghai Banking Corporation Limited, a related
party of the Trustee, held 28,397,892 units (30th June 2020: 28,083,247 units) of the Fund as
nominee on behalf of its clients, representing 92.78% (2020: 92.64%) of the Fund’s net assets.
(c) Management fee
The Fund pays the Manager a management fee*, monthly in arrears and accrued daily,
determined on the average daily net assets of the Fund at the rate as follows:
For first US$1 billion 0.13%
For next US$250 million 0.12%
For next US$250 million 0.11%
Thereafter 0.10%
* This fee may be increased to a maximum of 0.25% per annum upon three months’ notice in writing to
unitholders.
(d) Trustee fee
The Fund pays the Trustee a trustee fee*, monthly in arrears and accrued daily, of 0.05% per
annum of the average daily net assets of the Fund.
* This fee may be increased to a maximum of 0.15% per annum upon three months’ notice in writing to
unitholders.
15
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND
ITS CONNECTED PERSONS (Continued )
(e) Bank balances
The bank balance of the Fund is held with a related party of the Trustee, (i.e. The Hongkong
Shanghai Banking Corporation Limited). The details of such transactions are as follows:
As at As at
31.12.2020 30.06.2020
US$ US$
Bank balances 14,332,505 8,828,282
During the period/year ended 31st December 2020 and 30th June 2020, the below income
and expenses related to the bank balance of the Fund stated in Statement of Comprehensive
Income was earned/paid from/to a related party of the Trustee, (i.e. The Hongkong Shanghai
Banking Corporation Limited).
For the For the
period ended year ended
31.12.2020 30.06.2020
US$ US$
Interest income 6,665 58,703
Interest expense 4,074 15,564
(f) Investments
During the period/year ended 31st December 2020 and 30th June 2020, the Fund placed
investments with a related party of the Trustee, (i.e. HSBC Institutional Trust Services (Asia)
Limited). The details of such investments are as follows:
As at As at
31.12.2020 30.06.2020
US$ US$
Investments 3,900,811,900 3,631,886,293
16
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND
ITS CONNECTED PERSONS (Continued )
(g) Security Lending Arrangement
During the period ended 31st December 2020 and 2019, the Fund put in place a securities
lending arrangement with a related party of the Trustee (i.e. HSBC Bank Plc) as a security
lending agent. The details of such transactions are as follows:
For the For the
period ended period ended
31.12.2020 31.12.2019
US$ US$
Aggregate securities lending transactions
through HSBC Bank Plc 203,856,047 504,608,199
The details of collateral held at the end of the period/year are as follows:
As at As at
31.12.2020 30.06.2020
US$ US$
Collateral held by HSBC Bank Plc
in segregated accounts 113,032,949 92,691,825
17
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND
ITS CONNECTED PERSONS (Continued )
(h) Bond transactions with connected persons of the Manager and the Trustee
(i) During the periods ended 31st December 2020 and 2019, the Fund transacted in bond
trades through Trustee’s affiliated party as buyers or sellers as follows:
Aggregate value Aggregate value
of purchase of sale
Name of company transactions transactions
US$ US$
For the period ended 31.12.2020
HSBC Bank (China) Company Limited 32,453,018 18,378,054
The Hongkong and Shanghai Banking
Corporation Limited 20,652,317 –
The Hongkong and Shanghai Banking
Corporation Limited, Singapore 32,503,961 6,313,936
For the period ended 31.12.2019
HSBC Bank (China) Company Limited 3,331,412 14,067,742
The Hongkong and Shanghai Banking
Corporation Limited 7,969,007 7,028,225
The Hongkong and Shanghai Banking
Corporation Limited, Singapore 62,681,419 44,062,923
18
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND
ITS CONNECTED PERSONS (Continued )
(h) Bond transactions with connected persons of the Manager and the Trustee (Continued)
(ii) During the periods ended 31st December 2020 and 2019, the Fund transacted in bond
trades through Trustee’s affiliated party as delivering or receiving agents as follows:
Aggregate value Aggregate value
of transactions of transactions
Name of company 31.12.2020 31.12.2019
US$ US$
HSBC Bank (China) Company Limited 57,689,354 17,399,154
HSBC Bank Malaysia Berhad 6,361,025 28,212,675
PT Bank HSBC Indonesia 16,437,620 27,270,985
The Hongkong and Shanghai Banking
Corporation Limited 20,652,317 21,400,625
The Hongkong and Shanghai Banking
Corporation Limited, Bangkok 13,361,721 18,195,579
The Hongkong and Shanghai Banking
Corporation Limited, Seoul Branch 7,068,339 19,121,738
The Hongkong and Shanghai Banking
Corporation Limited, Singapore 8,579,407 28,631,043
The Hongkong and Shanghai Banking
Corporation Ltd – Philippine Branch 9,279,302 18,273,825
(i) Other respective amounts paid to the Trustee or Manager and their connected persons
(i) During the period ended 31 December 2020 and 2019, other than Trustee fee paid to
the trustee or its Connected persons, other respective amounts paid to the Trustee or its
Connected persons were as follows:
01.07.2020 01.07.2019
to 31.12.2020 to 31.12.2019
US$ US$
Publication and printing expenses 61 6
Safe custody and bank charges 334 313
Transaction handling fee 5,275 7,500
Other operating expenses 6,302 6,369
(ii) During the period ended 31 December 2020 and 2019, other than Management fee paid
to the Manager no other respective amounts were paid to the Manager or its Connected
Persons.
19
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
7. SOFT DOLLAR PRACTICES
The Manager may effect transactions, provided that any such transaction is consistent with
standards of “best execution”, by or through the agency of another person for the account of the
Fund with whom the Manager or any of its Connected Persons have an arrangement under which
that party will from time to time provide to or procure for the Manager or any of its Connected
Persons goods, services or other benefits (such as research and advisory services, computer
hardware associated with specialised software or research services and performance measures) the
nature of which is such that their provision can reasonably be expected to benefit the Fund as a
whole and may contribute to an improvement in the performance of the Fund. For the avoidance
of doubt, such goods and services may not include travel, accommodation, entertainment,
general administrative goods or services, general office equipment or premises, membership fees,
employees’ salaries or direct money payments.
The Manager has not participated in any soft dollar arrangements in respect of any transactions for
the account of the Fund during the period ended 31st December 2020 and 31st December 2019.
8. DISTRIBUTION
01.07.2020 01.07.2019
to 31.12.2020 to 31.12.2019
US$ US$
Final distribution
– US$1.23 on 30,354,614 units paid
on 3rd August 2020 37,336,175 –
– US$1.64 on 31,615,774 units paid
on 1st August 2019 – 51,849,869
20
ABF Pan Asia Bond Index Fund
Interim Report 2020
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2020 to 31st December 2020 (Unaudited)
9. SUPPLEMENTAL RATIOS
Period from Period from
01.01.2020 01.01.2019
to 31.12.2020 to 31.12.2019
Expense ratio(1) 0.19% 0.19%
Turnover ratio(2) 6.54% 12.47%
Notes:
1 The expense ratio has been computed based on the guidelines laid down by the Investment Management
Association of Singapore (“IMAS”). The calculation of the expense ratio at the period end was based on total
operating expenses for the period from 1st January 2020 to 31st December 2020 of US$7,103,435 (from 1st
January 2019 to 31st December 2019: US$6,896,678) divided by the average net asset value for the period
from 1st January 2020 to 31st December 2020 of US$3,682,190,787 (from 1st January 2019 to 31st December
2019: US$3,676,946,830). 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 was based on the lower of the total value
of purchases or sales, being sales of US$245,291,628 (2019: purchases of US$456,719,735) of the underlying
investments, divided by the average daily net asset value of US$3,748,777,070 (2019: US$3,662,580,521). In
line with the recommendation of Statement of Recommended Accounting Practice 7 “Reporting framework for
Unit Trusts” (“RAP 7”) issued by the Institute of Singapore Chartered Accountants, total value of purchases or
sales for the current period do not include brokerage and other transaction costs.
10. EVENT OCCURRING AFTER STATEMENT OF NET ASSETS DATE
Subsequent to the period end, the Fund announced a dividend distribution of US$1.27 per unit
on 7th January 2021. The dividend was paid on 3rd February 2021. The net assets attributable
to unitholders as at 31st December 2020 has not accrued the dividend distribution payable as
mentioned above.
On 8th January 2021, Ms. June Wong resigned from her position as director of the Manager. On
10th February 2021, Mr. Ong Hwee Yeow resigned from his position as director of the Manager
and Mr. Kheng Siang Ng is appointed as director of the Manager.
21