Australian Investment Grade Corporate Bond ETF

CRED

Earn attractive income from Australian corporate bonds

Invest Factsheet

Overview

Fund Objective

CRED aims to track the performance of an index (before fees and expenses) that provides intelligent exposure to a portfolio of senior, fixed-rate, investment grade Australian corporate bonds.

Fund Strategy

The Fund’s strategy will preference securities offering superior expected excess returns over Australian government bonds. Up to 50 bonds are selected, with eligible bonds requiring amounts outstanding of >$250m and a term to maturity of between 5.25 to 10.25 years.

Benefits of CRED

Attractive income paid monthly

Income is paid monthly at a rate expected to be higher than term deposits, government and composite bond exposures.
Diversification & defence

Australian corporate bonds historically have tended to rise when Australian shares have fallen, providing potential diversification and defensive benefits for portfolios.
Invest in bonds intelligently

CRED selects bonds based on expected returns rather than debt outstanding, seeking to avoid the shortcomings of traditional debt-weighted indices and provide higher returns.

There are risks associated with an investment in CRED, including interest rate risk, credit risk, market risk and index tracking risk. Investment value can go up and down. An investment in the Fund should only be considered as a part of a broader portfolio, taking into account your particular circumstances, including your tolerance for risk. For more information on risks and other features of the Fund, please see the Product Disclosure Statement and Target Market Determination, both available on this website.

How to Invest

You can buy or sell units just like you’d buy or sell any share on the ASX.
Fund requires no minimum investment.

Key facts

Pricing information

Current price
Last trade*
% Change (prev day)
Bid (delayed)
Offer (delayed)

* Data is delayed by at least 20 minutes.

NAV
NAV/Unit*	$21.81

* As at 30 November 2023

Download NAV history

Profile

Net assets* ($A)	$623,157,591
Units outstanding* (#)	28,573,692
Management fee and cost** (p.a.)	0.25%
Distribution frequency	Monthly
Distribution reinvestment plan (DRP)	Full or partial participation available
Issuer	Betashares Capital Ltd
Registry	Link Market Services

* As at 30 November 2023

* As of close of previous day
**Certain additional costs apply. Please refer to PDS.

Trading information

ASX code	CRED
Bloomberg code	CRED AU
IRESS code	CRED.AXW
Market makers	Susquehanna Pacific

Index information

Index	Solactive Australian Investment Grade Corporate Bond Select TR Index
Index provider	Solactive AG
Index ticker	N/A
Bloomberg index ticker	SOLAUSIG Index

Download index methodology

Portfolio characteristics

Running yield (% p.a.)	4.62
Yield to maturity (% p.a.)	6.25
Yield to worst (% p.a.)	6.25
Average maturity (yrs)	7.21
Modified duration (yrs)	5.91
Average credit rating	A-

As at 01 December 2023

Holdings & allocation

Portfolio holdings

Name	Weight (%)
DEUTSCHE BAHN FINANCE GMBH 6.016% NOV-33	4.7%
COLES GROUP TREASURY PTY LTD 6.208% NOV-33	2.7%
CONTACT ENERGY LIMITED 6.398% NOV-30	2.4%
AUCKLAND INTERNATIONAL AIRPORT LIMITED 6.482% NOV-33	2.4%
OPTUS FINANCE PTY LTD 2.5% JUL-30	2.3%
SCENTRE GROUP TRUST 1/2 6.5% MAY-31	2.3%
AUSTRALIAN UNITY FUNDS MANAGEMENT LTD. 6.781% NOV-29	2.3%
AUSNET SERVICES HOLDINGS 6.134% MAY-33	2.3%
DEXUS FINANCE PTY LTD 3.0% FEB-32	2.3%
VERIZON COMMUNICATIONS 2.65% MAY-30	2.2%

Ticker	Name	Weight (%)	Asset Class	Sector	Country	Currency	Shares/Unit (#)	Market Value (AUD)	Notional Value (AUD)	Maturity Date	Coupon (%)	YTM (%)	Modified Duration
DBHNGR 6.016 11/17/33 Corp	DEUTSCHE BAHN FINANCE GMBH 6.016% NOV-33	4.7	Bonds		Germany	AUD	28,000,000	$28,466,480	$28,466,480	2033-11-17	6.016	5.8323	7.4100
CGJAU 6.208 11/28/33 Corp	COLES GROUP TREASURY PTY LTD 6.208% NOV-33	2.7	Bonds		Australia	AUD	16,000,000	$16,083,840	$16,083,840	2033-11-28	6.208	6.1530	7.2240
CENNZ 6.398 11/21/30 Corp	CONTACT ENERGY LIMITED 6.398% NOV-30	2.4	Bonds		New Zealand	AUD	14,500,000	$14,717,775	$14,717,775	2030-11-21	6.398	6.1300	5.5600
AIANZ 6.482 11/16/33 Corp	AUCKLAND INTERNATIONAL AIRPORT LIMITED 6.482% NOV-33	2.4	Bonds		New Zealand	AUD	14,000,000	$14,224,181	$14,224,181	2033-11-16	6.482	6.2600	7.2700
SGTOPT 2.5 07/01/30 Corp	OPTUS FINANCE PTY LTD 2.5% JUL-30	2.3	Bonds	Corporate - Non Financial	Australia	AUD	17,720,000	$14,153,496	$14,153,496	2030-07-01	2.5	5.7743	5.8273
SCGAU 6.5 05/01/31 Corp	SCENTRE GROUP TRUST 1/2 6.5% MAY-31	2.3	Government Bond		Australia	AUD	14,000,000	$13,842,521	$13,842,521	2031-05-01	6.5	6.1424	5.7631
AUHPTR 6.781 11/08/29 Corp	AUSTRALIAN UNITY FUNDS MANAGEMENT LTD. 6.781% NOV-29	2.3	Bonds		Australia	AUD	13,500,000	$13,810,990	$13,810,990	2029-11-08	6.781	6.3100	4.8300
ANVAU 6.134 05/31/33 Corp	AUSNET SERVICES HOLDINGS 6.134% MAY-33	2.3	Bonds	Corporate - Non Financial	Australia	AUD	14,500,000	$13,745,833	$13,745,833	2033-05-31	6.134	6.3232	7.1006
DXSAU 3 02/03/32 Corp	DEXUS FINANCE PTY LTD 3.0% FEB-32	2.3	Bonds	Corporate - Financial	Australia	AUD	18,840,000	$13,708,685	$13,708,685	2032-02-03	3.0	6.9315	6.8512
VZ 2.65 05/06/30 Corp	VERIZON COMMUNICATIONS 2.65% MAY-30	2.2	Bonds	Corporate - Non Financial	United States	AUD	17,050,000	$13,573,505	$13,573,505	2030-05-06	2.65	6.0331	5.7251
NBNAUS 2.2 12/16/30 Corp	NBN CO LTD 2.2% DEC-30	2.2	Bonds	Corporate - Non Financial	Australia	AUD	17,630,000	$13,461,007	$13,461,007	2030-12-16	2.2	5.8001	6.2397
MELAIR 3.763 11/25/31 Corp	AUSTRALIA PACIFIC AIRPOR 3.763% NOV-31	2.2	Bonds	Corporate - Non Financial	Australia	AUD	16,480,000	$13,454,657	$13,454,657	2031-11-25	3.763	6.1963	6.6611
LLCAU 3.7 03/31/31 Corp	LENDLEASE FINANCE LTD 3.7% MAR-31	2.2	Bonds	Corporate - Financial	Australia	AUD	17,950,000	$13,453,451	$13,453,451	2031-03-31	3.7	7.6766	6.0824
CNUNZ 5.974 09/18/30 Corp	CHORUS LTD 5.974% SEP-30	2.2	Bonds	Corporate - Non Financial	New Zealand	AUD	13,850,000	$13,415,665	$13,415,665	2030-09-18	5.974	6.0332	5.4250
GPTAU 3.222 11/05/31 Corp	GPT WHL OFFICE FD NO1 3.222% NOV-31	2.2	Bonds	Corporate - Financial	Australia	AUD	18,120,000	$13,381,823	$13,381,823	2031-11-05	3.222	7.0347	6.6792
WOWAU 2.75 11/15/31 Corp	WOOLWORTHS GROUP LTD 2.75% NOV-31	2.2	Bonds	Corporate - Non Financial	Australia	AUD	17,480,000	$13,376,911	$13,376,911	2031-11-15	2.75	5.9499	6.8927
SCAPRT 2.45 09/24/29 Corp	REGION RETAIL TRUST 2.45% SEP-29	2.2	Corporate Bond	Corporate - Financial	Australia	AUD	16,430,000	$13,218,685	$13,218,685	2029-09-24	2.45	5.9689	5.2197
BACAU 4.5 12/30/30 Corp	BRISBANE AIRPORT CORP 4.5% DEC-30	2.2	Bonds	Corporate - Non Financial	Australia	AUD	14,980,000	$13,215,194	$13,215,194	2030-12-30	4.5	6.0820	5.7714
WENNEX 6.15 10/09/30 Corp	WESTCONNEX FINANCE CO PT 6.15% OCT-30	2.2	Bonds	Corporate - Non Financial	Australia	AUD	13,500,000	$13,194,203	$13,194,203	2030-10-09	6.15	5.9748	5.4359
PNHAU 3.8 09/08/31 Corp	PACIFIC NATIONAL FINANCE 3.8% SEP-31	2.2	Bonds	Corporate - Non Financial	Australia	AUD	17,540,000	$13,010,276	$13,010,276	2031-09-08	3.8	7.7406	6.3395
TPNZ 5.233 06/30/30 Corp	TRANSPOWER NEW ZEALAND 5.233% JUN-30	2.1	Bonds	Corporate - Non Financial	New Zealand	AUD	13,300,000	$12,959,121	$12,959,121	2030-06-30	5.233	5.2264	5.4063
NSWENF 2.543 09/23/30 Corp	NSW ELECTRICITY NETWORKS 2.543% SEP-30	2.1	Corporate Bond	Corporate - Non Financial	Australia	AUD	16,890,000	$12,945,183	$12,945,183	2030-09-23	2.543	6.3045	6.0032
AGIF 6.109 06/28/30 Corp	AGI FINANCE PTY LTD 6.109% JUN-30	2.1	Bonds	Corporate - Non Financial	Australia	AUD	13,150,000	$12,798,919	$12,798,919	2030-06-28	6.109	6.0924	5.1591
SGPAU 5.45 04/26/30 Corp	STOCKLAND TRUST 5.45% APR-30	2.1	Bonds	Corporate - Financial	Australia	AUD	13,500,000	$12,723,380	$12,723,380	2030-04-26	5.45	6.0314	5.2382
NETFIN 6.061 06/19/30 Corp	NETWORK FINANCE CO PTY L 6.061% JUN-30	2.1	Bonds	Corporate - Non Financial	Australia	AUD	12,950,000	$12,669,536	$12,669,536	2030-06-19	6.061	5.9525	5.1526
CPIFFI 2.485 10/28/30 Corp	CPIF FINANCE PTY LTD 2.485% OCT-30	2.1	Bonds	Corporate - Financial	Australia	AUD	17,100,000	$12,625,763	$12,625,763	2030-10-28	2.485	6.7346	6.0905
EBIUH 6.1 02/21/33 Corp	EMIRATES NBD BANK PJSC 6.1% FEB-33	2.1	Euro Bond	Corporate - Financial	United Arab Emirates	AUD	13,000,000	$12,542,920	$12,542,920	2033-02-21	6.1	6.0611	6.9126
WENNEX 3.15 03/31/31 Corp	WESTCONNEX FINANCE CO PT 3.15% MAR-31	2.0	Bonds	Corporate - Non Financial	Australia	AUD	15,650,000	$12,342,467	$12,342,467	2031-03-31	3.15	6.2625	6.2802
TQLAU 3.25 08/05/31 Corp	TRANSURBAN QLD FINANCE 3.25% AUG-31	2.0	Bonds	Corporate - Non Financial	Australia	AUD	15,760,000	$12,327,946	$12,327,946	2031-08-05	3.25	6.3322	6.4713
WESAU 2.55 06/23/31 Corp	WESFARMERS LTD 2.55% JUN-31	2.0	Corporate Bond	Corporate - Non Financial	Australia	AUD	16,080,000	$12,325,711	$12,325,711	2031-06-23	2.55	5.8871	6.5583
VZ 3 03/23/31 Corp	VERIZON COMMUNICATIONS 3.0% MAR-31	2.0	Bonds	Corporate - Non Financial	United States	AUD	15,580,000	$12,197,866	$12,197,866	2031-03-23	3.0	6.2328	6.2945
CHCFIN 3.092 04/21/31 Corp	CHC FINANCE PTY LTD 3.092% APR-31	2.0	Bonds	Corporate - Financial	Australia	AUD	16,250,000	$12,023,813	$12,023,813	2031-04-21	3.092	7.1253	6.3018
MGRAU 2.6 09/18/29 Corp	MIRVAC GROUP FINANCE LTD 2.6% SEP-29	1.9	Bonds	Corporate - Financial	Australia	AUD	14,600,000	$11,740,616	$11,740,616	2029-09-18	2.6	6.1473	5.1750
CGJAU 2.1 08/27/30 Corp	COLES GROUP TREASURY 2.1% AUG-30	1.9	Bonds	Corporate - Non Financial	Australia	AUD	15,160,000	$11,616,380	$11,616,380	2030-08-27	2.1	5.8514	6.0447
QPHFIN 2.85 01/29/31 Corp	QPH FINANCE CO PTY LTD 2.85% JAN-31	1.8	Bonds	Corporate - Non Financial	Australia	AUD	14,360,000	$11,154,001	$11,154,001	2031-01-29	2.85	6.3398	6.1794
GPTAU 2.849 02/20/32 Corp	GENERAL PROPERTY TRUST 2.849% FEB-32	1.8	Bonds	Corporate - Financial	Australia	AUD	15,540,000	$11,027,911	$11,027,911	2032-02-20	2.849	7.0792	6.9294
APPFCF 3.6 11/11/31 Corp	APPF COMMERCIAL FINAN 3.6% NOV-31	1.8	Bonds	Corporate - Financial	Australia	AUD	14,650,000	$10,912,131	$10,912,131	2031-11-11	3.6	7.7553	6.5558
QANAU 5.25 09/09/30 Corp	QANTAS AIRWAYS LTD 5.25% SEP-30	1.8	Bonds	Corporate - Non Financial	Australia	AUD	11,950,000	$10,871,878	$10,871,878	2030-09-09	5.25	6.3756	5.4752
AIRNZ 6.5 05/25/29 Corp	AIR NEW ZEALAND LTD 6.5% MAY-29	1.8	Bonds	Corporate - Non Financial	New Zealand	AUD	10,780,000	$10,690,150	$10,690,150	2029-05-25	6.5	6.1724	4.4800
AZJAU 2.9 09/02/30 Corp	AURIZON NETWORK PTY LTD 2.9% SEP-30	1.7	Bonds	Corporate - Non Financial	Australia	AUD	13,750,000	$10,388,966	$10,388,966	2030-09-02	2.9	6.9539	5.8449
ANVAU 2.6 07/31/29 Corp	AUSNET SERVICES HOLDINGS 2.6% JUL-29	1.7	Bonds	Corporate - Non Financial	Australia	AUD	12,650,000	$10,290,775	$10,290,775	2029-07-31	2.6	6.0561	5.0631
CHETAU 2.317 09/25/30 Corp	CHARTER HALL EXCH FIN 2.317% SEP-30	1.7	Bonds	Corporate - Financial	Australia	AUD	13,320,000	$10,070,012	$10,070,012	2030-09-25	2.317	6.2131	6.0619
DWPFAU 2.6 08/04/32 Corp	DWPF FINANCE PTY LTD 2.6% AUG-32	1.6	Bonds	Corporate - Financial	Australia	AUD	14,300,000	$9,742,877	$9,742,877	2032-08-04	2.6	7.1039	7.3182
BACR 4 06/26/29 Corp	BARCLAYS PLC 4.0% JUN-29	1.4	Bonds	Corporate - Financial	Britain	AUD	10,300,000	$8,726,469	$8,726,469	2029-06-26	4.0	6.8156	4.7492
INGAU 4.5 05/26/29 Corp	ING BANK (AUSTRALIA) LTD 4.5% MAY-29	0.8	Government Bond	Corporate - Financial	Australia	AUD	5,150,000	$4,768,746	$4,768,746	2029-05-26	4.5	5.6295	4.7690
MCD 3.8 03/08/29 Corp	MCDONALD'S CORP 3.8% MAR-29	0.6	Bonds	Corporate - Non Financial	United States	AUD	3,840,000	$3,481,796	$3,481,796	2029-03-08	3.8	5.3586	4.5904
EBIUH 3.05 02/26/30 Corp	EMIRATES NBD BANK PJSC 3.05% FEB-30	0.4	Euro Bond	Corporate - Financial	United Arab Emirates	AUD	3,020,000	$2,502,644	$2,502,644	2030-02-26	3.05	5.9369	5.4770
QANAU 2.95 11/27/29 Corp	QANTAS AIRWAYS LTD 2.95% NOV-29	0.3	Bonds	Corporate - Non Financial	Australia	AUD	2,500,000	$2,012,997	$2,012,997	2029-11-27	2.95	6.3902	5.3016
UNITAS 3.97 03/24/32 Corp	UNIVERSITY OF TASMANIA 3.97% MAR-32	0.3	Bonds	Corporate - Non Financial	Australia	AUD	2,000,000	$1,685,287	$1,685,287	2032-03-24	3.97	5.8958	6.8105
TQLAU 6.35 05/02/30 Corp	TRANSURBAN QLD FINANCE 6.35% MAY-30	0.2	Bonds		Australia	AUD	1,500,000	$1,490,236	$1,490,236	2030-05-02	6.35	5.8865	5.1386

* As at 1 December 2023. Excludes cash

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Sector allocation

Financial	35.3%
Communications	13.1%
Consumer, Non-cyclical	14.4%
Utilities	18.5%
Industrial	11.2%
Consumer, Cyclical	7.6%
Technology	0.0%

* As of 31 October 2023

Performance

Fund returns after fees (%)

	Fund	Index
1 month	-2.09%	-2.12%
3 months	-2.47%	-2.49%
6 months	-4.21%	-4.25%
1 year	3.11%	3.13%
3 year p.a.	-4.74%	-4.51%
5 year p.a.	0.71%	1.05%
10 year p.a.	-	3.89%
Since inception (p.a.)	0.97%	1.32%
Inception date	31-May-18	-

* As at 31 October 2023.
Past performance is not an indicator of future performance. Returns are calculated in Australian dollars using net asset value per unit at the start and end of the specified period and do not reflect brokerage or the bid ask spread that investors incur when buying and selling units on the ASX. Returns are after fund management costs, assume reinvestment of any distributions and do not take into account tax paid as an investor in the Fund. Returns for periods longer than one year are annualised. Current performance may be higher or lower than the performance shown.

Chart

Past performance is not indicative of future performance. Please refer to "Fund returns after fees" for additional information regarding performance/return information.

Distributions

Yield information

Distribution frequency	Monthly
12 mth distribution yield*	4.8%

*As at 31 October 2023. Yield is calculated by summing the prior 12-month per unit distributions divided by the closing NAV per unit at the end of the relevant period. Yield will vary and may be lower at time of investment. Past performance is not indicative of future performance.

Recent distributions

Ex Date	Record Date	Payment Date	Distribution Unit ($)	Annual Distribution Return (%) (1)
1-Nov-23	2-Nov-23	16-Nov-23	$0.090932	4.71%
2-Oct-23	3-Oct-23	17-Oct-23	$0.080099	4.77%
1-Sep-23	4-Sep-23	18-Sep-23	$0.086652	4.78%
1-Aug-23	2-Aug-23	16-Aug-23	$0.086236	4.59%
3-Jul-23	4-Jul-23	18-Jul-23	$0.083085	4.66%
1-Jun-23	2-Jun-23	19-Jun-23	$0.093	4.51%
1-May-23	2-May-23	16-May-23	$0.0805	4.34%
3-Apr-23	4-Apr-23	20-Apr-23	$0.089085	4.07%
1-Mar-23	2-Mar-23	16-Mar-23	$0.078337	3.66%
1-Feb-23	2-Feb-23	16-Feb-23	$0.090734	3.46%
3-Jan-23	4-Jan-23	18-Jan-23	$0.082361	3.16%
1-Dec-22	2-Dec-22	16-Dec-22	$0.083264	3.12%
1-Nov-22	2-Nov-22	16-Nov-22	$0.083915	2.95%
3-Oct-22	4-Oct-22	18-Oct-22	$0.077529	2.73%
1-Sep-22	2-Sep-22	16-Sep-22	$0.087696	2.65%
1-Aug-22	2-Aug-22	16-Aug-22	$0.077802	2.62%
1-Jul-22	4-Jul-22	18-Jul-22	$0.053884	2.51%
1-Jun-22	2-Jun-22	17-Jun-22	$0.05927	3.31%
2-May-22	3-May-22	17-May-22	$0.054308	3.69%
1-Apr-22	4-Apr-22	20-Apr-22	$0.058959	4.13%
1-Mar-22	2-Mar-22	16-Mar-22	$0.0569	4.47%
1-Feb-22	2-Feb-22	16-Feb-22	$0.064337	4.54%
4-Jan-22	5-Jan-22	19-Jan-22	$0.065598	4.61%
1-Dec-21	2-Dec-21	16-Dec-21	$0.067959	4.64%
1-Nov-21	2-Nov-21	16-Nov-21	$0.063357	4.39%
1-Oct-21	4-Oct-21	18-Oct-21	$0.067299	4.30%
1-Sep-21	2-Sep-21	16-Sep-21	$0.07433	4.37%
2-Aug-21	3-Aug-21	17-Aug-21	$0.070219	4.36%
1-Jul-21	2-Jul-21	16-Jul-21	$0.300827	4.23%
1-Jun-21	2-Jun-21	17-Jun-21	$0.174773	3.32%
3-May-21	4-May-21	18-May-21	$0.151858	2.92%
1-Apr-21	6-Apr-21	20-Apr-21	$0.113526	3.32%
1-Mar-21	2-Mar-21	16-Mar-21	$0.084769	3.40%
1-Feb-21	2-Feb-21	16-Feb-21	$0.082095	3.56%
4-Jan-21	5-Jan-21	19-Jan-21	$0.084075	3.54%
1-Dec-20	2-Dec-20	16-Dec-20	$0.052363	4.61%
2-Nov-20	3-Nov-20	17-Nov-20	$0.053025	4.67%
1-Oct-20	2-Oct-20	16-Oct-20	$0.053443	4.63%
1-Sep-20	2-Sep-20	16-Sep-20	$0.052854	4.65%
3-Aug-20	4-Aug-20	18-Aug-20	$0.056586	4.70%
1-Jul-20	2-Jul-20	16-Jul-20	$0.25638	4.70%
1-Jun-20	2-Jun-20	17-Jun-20	$0.110041	4.23%
1-May-20	4-May-20	18-May-20	$0.115122	4.10%
1-Apr-20	2-Apr-20	20-Apr-20	$0.109656	4.06%
2-Mar-20	3-Mar-20	17-Mar-20	$0.144646	4.22%
3-Feb-20	4-Feb-20	18-Feb-20	$0.101308	3.99%
2-Jan-20	3-Jan-20	17-Jan-20	$0.105787	3.83%
2-Dec-19	3-Dec-19	17-Dec-19	$0.080006	3.88%
1-Nov-19	4-Nov-19	18-Nov-19	$0.064065	3.88%
1-Oct-19	2-Oct-19	16-Oct-19	$0.066707	4.03%
2-Sep-19	3-Sep-19	17-Sep-19	$0.054452	4.04%
1-Aug-19	2-Aug-19	16-Aug-19	$0.060508	4.16%
1-Jul-19	2-Jul-19	16-Jul-19	$0.125625	4.20%
3-Jun-19	4-Jun-19	19-Jun-19	$0.076638	3.98%
1-May-19	2-May-19	16-May-19	$0.077888	-
1-Apr-19	2-Apr-19	16-Apr-19	$0.078508	-
1-Mar-19	4-Mar-19	18-Mar-19	$0.073643	-
1-Feb-19	4-Feb-19	18-Feb-19	$0.076889	-
2-Jan-19	3-Jan-19	17-Jan-19	$0.081935	-
3-Dec-18	4-Dec-18	18-Dec-18	$0.077442	-
1-Nov-18	2-Nov-18	16-Nov-18	$0.080857	-
1-Oct-18	2-Oct-18	16-Oct-18	$0.071273	-
3-Sep-18	4-Sep-18	18-Sep-18	$0.078967	-
1-Aug-18	2-Aug-18	16-Aug-18	$0.082826	-
2-Jul-18	3-Jul-18	17-Jul-18	$0.072855	-

¹ This is the annual distribution return to the end of the relevant distribution date. The distribution return reflects the contribution to total investment return made by the Fund's distributions. Distribution return is calculated as the total return less the growth return. Total return is calculated as the percentage change in a continuing investor's interest in the Fund assuming reinvestment of all distributions back into the Fund (and no other application or withdrawal), net of ongoing fees. Growth return is the Fund's return excluding distributions, net of ongoing fees. Past performance is not indicative of future performance.

Announcements

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Research

Education

Understanding corporate bonds