Change to Fund Buy/Sell Spreads

Pendal Dynamic Income Fund (APIR: BTA8657AU, ARSN: 622 750 734)
Pendal Enhanced Credit Fund (APIR: RFA0100AU, ARSN: 089 937 815)
Pendal Fixed Interest Fund (APIR: RFA0813AU, ARSN: 089 939 542)
Pendal Monthly Income Plus Fund (APIR: BTA0318AU, ARSN: 137 707 996)
Pendal Sustainable Australian Fixed Interest Fund (APIR: BTA0507AU, ARSN: 612 664 730)
Regnan Credit Impact Trust (APIR: PDL5969AU, ARSN: 638 304 220)

Effective 1 July 2021, the buy/sell spread for the following funds will change as set out in the table below:

Pendal Dynamic Income Fund0.30% (0.07%/0.23%)0.24% (0.12%/0.12%)
Pendal Enhanced Credit Fund0.30% (0.07%/0.23%)0.18% (0.09%/0.09%)
Pendal Fixed Interest Fund0.16% (0.06%/0.10%)0.12% (0.06%/0.06%)
Pendal Monthly Income Plus Fund0.27% (0.07%/0.20%)0.20% (0.10%/0.10%)
Pendal Sustainable Australian Fixed Interest Fund0.14% (0.05%/0.09%)0.14% (0.07%/0.07%)
Regnan Credit Impact Trust0.20% (0.06%/0.14%)0.20% (0.10%/0.10%)

The buy/sell spread is an additional cost to you and is generally incurred whenever you invest in or withdraw from a Fund. The buy/sell spread is retained by the Fund (it is not a fee paid to us) and represents a contribution to the transaction costs incurred by the Fund such as brokerage and stamp duty, when the Fund is purchasing and selling assets. The buy/sell spread also reflects the market impact of buying and selling the underlying securities in the market. Importantly, the buy/sell spread helps to ensure different unit holders are being treated fairly by attributing the costs of trading securities to those unit holders who are buying and selling units in the Funds.

Pendal will continue to monitor market conditions and review and update the buy/sell spread regularly as required.  You should therefore review the current buy/sell spread information before making a decision to invest or withdraw from a Fund.

Please refer to our website and click ‘Products’ for the latest buy/sell spread for each Fund.