1349 Ｅ－ＳＳＧＡ－ＳＩＮ 2020-02-28 19:30:00
令和2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 2 年 6 月期 中間決算短信（令和元年 7 月 1 日～令和元年 12 月 31 日）
令和 2 年 2 月 28 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）オン・ホイ・ヤオ
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 2 年 3 月 31 日
Ⅰファンドの運用状況
１．令和元年 12 月中間期の運用状況（令和元年 7 月 1 日～令和元年 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 ％
令和元年 12 月中間期 407,039（100） △35（-） 407,004（100）
令和元年 6 月期 406,935（100） 419（-） 407,354（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
令和元年 12 月中間期 31,636 756 1,410 30,981
(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
令和元年 12 月中間期 414,140 7,136 407,004 13,137
令和元年 6 月期 413,832 6,478 407,354 12,876
(注)日本円への換算は、 米ドル＝109.89 円の換算率(令和 2 年 2 月 14 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 2019
CONDENSED STATEMENT OF NET ASSETS
As at 31st December 2019 (Unaudited)
As at As at As at As at
31.12.2019 30.06.2019 31.12.2018 30.06.2018
Notes US$ US$ US$ US$
Assets
Current assets
Investments 3,704,062,825 3,703,115,036 3,730,852,072 3,703,091,528
Amounts receivable on subscription of units – 3,514,602 – –
Amounts due from brokers 49,851,898 46,958,408 17,828,652 81,292,908
Other receivables 24,932 7,187 – –
Cash at banks 6(e) 14,739,707 12,287,784 7,887,124 13,309,163
Total assets 3,768,679,362 3,765,883,017 3,756,567,848 3,797,693,599
Liabilities
Current liabilities
Amounts payable on redemption of units – 1,167,325 1,134,269 1,132,451
Amounts due to brokers 57,170,271 50,001,330 20,737,422 87,976,464
Audit fee payable 29,109 70,862 35,402 72,040
Trustee fee payable 6(d) 160,555 140,560 157,395 149,312
Management fee payable 6(c) 1,014,815 1,003,519 1,036,524 1,055,148
Index license fee payable 122,173 205,597 297,653 120,256
Other payables 6,441,356 6,361,400 5,989,859 6,165,700
Liabilities (excluding net assets
attributable to unitholders) 64,938,279 58,950,593 29,388,524 96,671,371
Net assets attributable to unitholders 3 3,703,741,083 3,706,932,424 3,727,179,324 3,701,022,228
Number of units in issue 3 30,981,354 31,635,774 32,667,754 32,678,844
Net assets attributable to unitholders per unit 3 119.55 117.18 114.09 113.25
The notes on pages 10 to 19 form part of these financial statements.
5
ABF Pan Asia Bond Index Fund
Interim Report 2019
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
01.07.2019 01.07.2018
to 31.12.2019 to 31.12.2018
Notes US$ US$
Income
Interest income on bank deposits 6(e) 37,550 30,929
Net gain on investments 4 133,635,648 97,560,113
Net foreign exchange loss (262,578) (285,908)
Security lending income 70,428 1,093
Other income 200,332 18,379
Total investment income 133,681,380 97,324,606
Expenses
Management fee 6(c) (2,083,700) (2,140,046)
Trustee fee 6(d) (933,258) (925,667)
Index license fee (178,356) (177,397)
Publication and printing expenses (28,076) (18,927)
Audit fee (36,847) (36,648)
Processing agent fee (5,485) (8,178)
Safe custody and bank charges (9,249) (7,547)
Legal and professional fees (90,083) (229,927)
Other operating expenses (6,369) (8,217)
Total operating expenses (3,371,423) (3,552,554)
Operating profit 130,309,957 93,772,052
Finance costs
Distributions to unitholders 8 (51,849,869) (59,742,673)
Interest expense 6(e) (9,244) (11,709)
(51,859,113) (59,754,382)
Profit after distributions and before tax 78,450,844 34,017,670
Taxation 5 (5,281,502) (5,664,779)
Profit after distributions and tax/increase
in net assets attributable to unitholders
from operations 73,169,342 28,352,891
The notes on pages 10 to 19 form part of these financial statements.
6
ABF Pan Asia Bond Index Fund
Interim Report 2019
CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO
UNITHOLDERS
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
01.07.2019 01.07.2018
to 31.12.2019 to 31.12.2018
US$ US$
Balance at beginning of the period 3,706,932,424 3,701,022,228
Issuance of units 88,143,376 49,724,617
Redemption of units (164,504,059) (51,920,412)
Net redemption of units (76,360,683) (2,195,795)
Increase in net assets attributable to unitholders 73,169,342 28,352,891
Balance at the end of the period 3,703,741,083 3,727,179,324
The notes on pages 10 to 19 form part of these financial statements.
7
ABF Pan Asia Bond Index Fund
Interim Report 2019
CONDENSED STATEMENT OF CASH FLOWS
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
01.07.2019 01.07.2018
to 31.12.2019 to 31.12.2018
US$ US$
Cash flows from operating activities
Increase in net assets attributable to unitholders 73,169,342 28,352,891
Adjustment for:
Interest income on bank deposits (37,550) (30,929)
Interest expense 9,244 11,709
Distributions to unitholders 51,849,869 59,742,673
Taxation 5,281,502 5,664,779
Revaluation loss in foreign exchange 300,972 223,140
Operating profit before working capital changes 130,573,379 93,964,263
Net increase in investments (947,789) (27,760,544)
Net (increase)/decrease in amounts due from brokers (2,893,490) 63,464,256
Net increase in other receivable (17,745) –
Net increase/(decrease) in amounts due to brokers 7,168,941 (67,239,042)
Net (decrease)/increase in accounts payable and
accrued expenses (129,681) 82,243
Cash generated from operations 133,753,615 62,511,176
Interest income on bank deposits received 37,550 30,929
Taxes paid (5,165,751) (5,792,645)
Net cash generated from operating activities 128,625,414 56,749,460
Cash flows from financing activities
Distributions paid to unitholders (51,849,869) (59,742,673)
Interest expense paid (9,244) (11,709)
Issuance of units 91,657,978 49,724,617
Redemption of units (165,671,384) (51,918,594)
Net cash used in financing activities (125,872,519) (61,948,359)
Net increase/(decrease) in cash and cash equivalents 2,752,895 (5,198,899)
Effect of currency translation (300,972) (223,140)
Cash and cash equivalents at the beginning of the period 12,287,784 13,309,163
Cash and cash equivalents at the end of the period 14,739,707 7,887,124
Analysis of balance of cash and cash equivalents:
Cash at banks 14,739,707 7,887,124
The notes on pages 10 to 19 form part of these financial statements.
8
ABF Pan Asia Bond Index Fund
Interim Report 2019
CONDENSED STATEMENT OF CASH FLOWS (Continued)
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
Reconciliation of liabilities arising from financing activities
01.07.2019 01.07.2018
to 31.12.2019 to 31.12.2018
US$ US$
At 1st July 1,167,325 1,132,451
Changes from financing cash flows
Redemption paid (165,671,384) (51,918,594)
Other changes
Redemption of units 164,504,059 51,920,412
At 31st December – 1,134,269
The notes on pages 10 to 19 form part of these financial statements.
9
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the period from 1st July 2019 to 31st December 2019 (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 supplement
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 Limited (the
“Index Provider”). The Underlying Index is an indicator of investment returns of debt obligations
denominated in China Renminbi, Hong Kong Dollars, Indonesian Rupiah, Korean Won, Malaysian
Ringgits, Philippine Pesos, Singapore Dollars 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 2019.
10
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
3. NET ASSETS ATTRIBUTABLE TO UNITHOLDERS AND NUMBER OF UNITS IN ISSUE
Number of units in issue
01.07.2019 to 01.01.2019 to 01.07.2018 to
31.12.2019 30.06.2019 31.12.2018
units units units
Units in issue at the beginning of
the period 31,635,774 32,667,754 32,678,844
Issuance of units 755,580 988,020 448,910
Redemption of units (1,410,000) (2,020,000) (460,000)
Units in issue at the end of the period 30,981,354 31,635,774 32,667,754
US$ US$ US$
Net assets attributable to unitholders 3,703,741,083 3,706,932,424 3,727,179,324
Net assets attributable to unitholders
(per unit) 119.55 117.18 114.09
Net asset value per Creation unit
(1 Creation unit is equivalent to
10,000 units) 1,195,474 1,171,753 1,140,935
11
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
4. NET GAINS ON INVESTMENTS
01.07.2019 to 01.07 2018 to
31.12.2019 31.12.2018
US$ US$
Change in unrealised gain/(loss) in value of investments 86,624,608 55,032,013
Realised gain on sale of investments 47,011,040 42,528,100
133,635,648 97,560,113
5. TAXATION
The overseas withholding tax of US$5,281,502 (6 months to 31st December 2018: US$5,664,779)
includes an amount of US$220,080 charged on certain purchases and disposal of investments and
dividend received during the period.
On 7th November 2018, the Ministry of Finance and the PRC State Administration of Taxation
(“SAT”) jointly issued a notice Caishui [2018] No.108 (“Circular 108”) which stipulates that foreign
institutional investors are temporarily exempted from PRC withholding tax and VAT in respect of
bond interest income received from 7th November 2018 to 6th November 2021. 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 effective from 1st January 2020.
As at 31st December 2019, the Fund made provision of US$4,721,932 for withholding income tax
on interest income from PRC non-government securities (as at 30th June 2019: US$4,621,376).
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. 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 for 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 local surtaxes.
During the period ended 31st December 2019 and 30th June 2019, the Manager does not consider
that the potential VAT and surtaxes exposure arising from the Fund’s accumulated interest income
received from PRC non-government bonds since 1st May 2016 to 6th November 2018 be material.
12
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
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 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.
(a) Foreign currency transactions with connected person of the Manager and the Trustee
During the period ended 31st December 2019, the Manager transacted in foreign currency
transactions totaling US$471,408,139 (6 months to 31st December 2018: US$341,190,449)
through its affiliated party, State Street Global Markets, LLC and Trustee’s affiliated parties,
HSBC Hong Kong and HSBC Australia for the Fund’s investments and settlement purpose. The
amount represents 100% (6 months to 31st December 2018: 100%) of the Fund’s foreign
currency transactions during the period ended 31st December 2019.
Aggregate value % of total foreign
of foreign currency currency
Name of company transactions translations
US$ %
For the period ended 31.12.2019
HSBC Australia 312,702,109 66.33
HSBC Hong Kong 134,206,030 28.47
State Street Global Markets, LLC 24,500,000 5.20
For the period ended 31.12.2018
HSBC Australia 229,394,830 67.23
HSBC Hong Kong 88,975,619 26.08
State Street Global Markets, LLC 22,820,000 6.69
During the period ended 31st December 2019 and 2018, 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 the
connected persons of the Manager and the Trustee during the period ended 31st December
2019 and 2018.
13
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND ITS
CONNECTED PERSONS (Continued)
(b) Holdings of units
As at 31st December 2019, the directors and officers of the Manager did not hold any units
in the Fund (2018: Nil). The Hong Kong and Shanghai Banking Corporation Limited, a related
party of the Trustee, held 27,562,119 units (30th June 2019: 27,155,314 units) of the Fund as
nominee on behalf of its clients, representing 88.96% (2019: 85.84%) 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$250 million 0.11%
Thereafter 0.10%
* This fee may be increased to a maximum of 0.25% per annum upon three months’ notice in writing to
unitholders.
(d) Trustee fee
The Fund pays the Trustee a trustee fee*, monthly in arrears and accrued daily, of 0.05% per
annum of the average daily net assets of the Fund.
* This fee may be increased to a maximum of 0.15% per annum upon three months’ notice in writing to
unitholders.
14
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
6. TRANSACTIONS AND BALANCES WITH RELATED PARTIES INCLUDING THE MANAGER AND ITS
CONNECTED PERSONS (Continued)
(e) Bank balances
The bank balance of the Fund held with a related party of the Trustee, (i.e. The Hongkong
Shanghai Banking Corporation Limited). The details of such transactions are as follows:
As at As at
31.12.2019 30.06.2019
US$ US$
Bank balances 14,739,707 12,287,784
During the period/year ended 31st December 2019 and 30th June 2019, 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 period ended For the year ended
31.12.2019 30.06.2019
US$ US$
Interest income 37,550 103,622
Interest expense 9,244 20,228
(f) Investments
During the period/year ended 31st December 2019 and 30th June 2019, 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
31.12.2019 30.06.2019
US$ US$
Investments 3,704,062,825 3,703,115,036
15
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (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 2019 and 2018, 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 period ended For the period ended
31.12.2019 31.12.2018
US$ US$
Aggregate securities lending transactions
through HSBC Bank Plc 504,608,199 70,360,197
The details of collateral held at the end of the period/year are as follows:
As at As at
31.12.2019 30.06.2019
US$ US$
Collateral held by HSBC Bank Plc
in segregated accounts 435,276 72,241,674
16
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (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 2019 and 2018, 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 31.12.2019
HSBC Bank (China) Company Limited 3,331,412 14,067,742
HSBC Hong Kong 7,969,007 7,028,225
HSBC Singapore 62,681,419 44,062,923
For the period ended 31.12.2018
HSBC Singapore 52,621,664 77,661,141
(ii) During the periods ended 31st December 2019 and 2018, the Fund transacted in bond
trades through Trustee’s affiliated party as delivering or receiving agents as follows:
Aggregate value Aggregate value
Name of company of transactions of transactions
31.12.2019 31.12.2018
US$ US$
HSBC Bank (China) Company Limited 17,399,154 –
HSBC Hong Kong 21,400,625 20,832,357
HSBC Indonesia 27,270,985 17,232,982
HSBC Malaysia 28,212,675 4,591,181
HSBC Philippine 18,273,825 3,266,693
HSBC Seoul 19,121,738 70,428,212
HSBC Singapore 28,631,043 32,034,875
HSBC Thailand 18,195,579 2,494,761
17
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (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 2019 and 31st December 2018.
8. DISTRIBUTION
01.07.2019 01.07.2018
to 31.12.2019 to 31.12.2018
US$ US$
Final distribution
– US$1.64 on 31,615,774 units paid
on 1st August 2019 51,849,869 –
– US$1.84 on 32,468,844 units paid
on 2nd August 2018 – 59,742,673
18
ABF Pan Asia Bond Index Fund
Interim Report 2019
NOTES TO THE CONDENSED FINANCIAL STATEMENTS (Continued)
For the period from 1st July 2019 to 31st December 2019 (Unaudited)
9. SUPPLEMENTAL RATIOS
Period from Period from
01.01.2019 01.01.2018
to 31.12.2019 31.12.2018
Expense ratio(1) 0.19% 0.19%
Turnover ratio(2) 12.47% 8.45%
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 2019 to 31st December 2019 of US$6,896,678 (from 1st
January 2018 to 31st December 2018: US$7,022,214) divided by the average net asset value for the period
from 1st January 2019 to 31st December 2019 of US$3,676,946,830 (from 1st January 2018 to 31st December
2018: US$3,750,639,294). 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 purchases of US$456,719,735 (2018: purchases of US$308,696,062)
of the underlying investments, divided by the average daily net asset value of US$3,662,580,521 (2018:
US$3,651,869,492). 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$1.42 per unit
on 7th January 2020. The dividend was paid on 5th February 2020. The net assets attributable
to unitholders as at 31st December 2019 has not accrued the dividend distribution payable as
mentioned above.
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