Effective Tuesday, 30 September 2025,we have updated and reissued the Product Disclosure Statement (PDS) for the:
- Pendal Sustainable Australian Fixed Interest Fund – Class R; and
- Pendal Sustainable Australian Fixed Interest Fund – Class W,
(collectively, the Fund).
The following is a summary of the key changes reflected in the PDS for the Fund.
Description of Fund
Effective 30 September 2025, the Fund will have the flexibility to invest in non-Australian dollar denominated fixed interest securities, when market conditions are supportive. The Fund will generally hedge back any foreign currency exposures to Australian dollars to the extent considered reasonably practicable. The PDS for the Fund has been updated to reflect this.
We have also clarified that the Fund may hold a limited allocation to non-investment grade securities and securities that are not rated by external credit rating agencies.
The way the Fund is managed has not changed.
Labour, environmental, social and ethical (collectively, ESG) considerations
We have enhanced our ESG disclosure to provide further detail on the Fund’s sustainability assessment process.
Our sustainability assessment process seeks to identify issuers, that in our view, have strong sustainability credentials for investment and aims to avoid issuers that we consider to have poor sustainability outcomes.
Updates to ongoing annual fees and costs disclosure
The estimated ongoing annual fees and costs for the Fund have been updated to reflect financial year 2025 fees and costs. These include changes to estimated management costs and estimated transaction costs.
We have updated and reissued the Product Disclosure Statement (PDS) for the Regnan Credit Impact Trust (the Fund) effective on and from 26 September 2025.
The following is a summary of the key changes reflected in the PDS for the Fund.
Description of Fund
We have clarified that the Fund may hold a limited allocation to non-investment grade securities and securities that are not rated by external credit rating agencies.
The way the Fund is managed has not changed.
Labour, environmental, social and ethical (collectively, ESG) considerations
We have enhanced our ESG disclosure to provide further detail on the Fund’s sustainability assessment and impact processes.
Our sustainability assessment process seeks to identify issuers, that in our view, have strong sustainability credentials for investment and aims to avoid issuers that we consider to have poor sustainability outcomes. Our impact process ensures the Fund’s investments are in alignment with its impact goals.
Exclusionary Screens
We have clarified that the Fund’s exclusionary screens are applied to the Fund’s investments in credit securities.
The Fund’s exclusionary screens are not applied to government securities, semi-government securities, supranational securities, cash or derivatives. The use of derivatives may also result in the Fund having indirect exposure to issuers that would otherwise be excluded.
Updates to significant risks disclosure
The Fund’s investment strategy involves specific risks.
We have updated the significant risks disclosure applicable to the Fund to ensure that our disclosure continues to align with the nature and risk profile of the Fund and the current economic and operating environment.
Updates to ongoing annual fees and costs disclosure
The estimated ongoing annual fees and costs for the Fund have been updated to reflect financial year 2025 fees and costs. These include changes to estimated management costs and estimated transaction costs.
We now also disclose the maximum management fee we are entitled to charge under the Fund’s constitution.
Updates to restrictions on withdrawals
We have updated the disclosure on restrictions on withdrawals to align closer to what is in the Fund’s constitution.
Additional information on how to apply for direct investors
We have provided additional information for non-advised retail investors (retail investors without a financial adviser) investing directly in the Fund. Non-advised retail investors may also be required to complete a series of questions as part of their online Application, to assist us in understanding whether they are likely to be within the target market for the Fund.
Updates to our complaints handling process
We have provided additional details about our complaints handling process and the Australian Financial Complaints Authority.
Effective 30 September 2025, the:
- Pendal Sustainable Australian Fixed Interest Fund – Class R; and
- Pendal Sustainable Australian Fixed Interest Fund – Class W
(collectively, the Fund),
will have the flexibility to invest in non-Australian dollar denominated fixed interest securities, when we believe market conditions are supportive. The Fund will continue to invest primarily in Australian dollar denominated fixed interest securities (including government securities, semi-government securities, supranational securities and credit securities).
Introducing a limited allocation to non-Australian dollar denominated securities is expected to enhance the Fund’s investment returns and not impact the Fund’s overall risk profile.
The Fund may obtain its non-Australian denominated exposure directly by investing in physical fixed interest securities as well as indirectly through the use of derivatives. The Fund’s maximum investment exposure to non-Australian dollar denominated physical securities will be limited to 15% of the value of the Fund. Where exposure is obtained indirectly through the use of derivatives, the Fund’s investment exposure will be limited by interest rate risk limits.
The Fund will generally hedge back any foreign currency exposures to Australian dollars to the extent considered reasonably practicable.
The Fund will continue to be managed to its investment return objective of ‘aims to provide a return (before fees, costs and taxes) that exceeds the Bloomberg AusBond Composite 0+ Yr Index by 0.75% p.a. over rolling 3 year periods.’
Questions?
If you have any questions, please contact our Investor Relations Team during business hours Monday to Friday on 1300 346 821.
Pendal Global Emerging Markets Opportunities Fund (APIR: BTA0419AU, ARSN: 159 605 811)
Pendal Global Select Fund (APIR: PDL6767AU (Class R), PDL4472AU (Class W), ARSN: 651 789 678)
(each a Fund).
Effective 1 August 2025, the buy-sell spread for the Pendal Global Emerging Markets Opportunities Fund and the Pendal Global Select Fund (Class R and Class W) will decrease to reflect a reduction in the Funds’ transaction costs.
The buy-sell spread for each Fund will decrease as set out in the table below:
Table 1: Old and New Buy-Sell Spreads
| Fund Name | Old (%) | New (%) | ||
| Buy | Sell | Buy | Sell | |
| Pendal Global Emerging Markets Opportunities Fund | 0.30% | 0.30% | 0.25% | 0.25% |
| Pendal Global Select Fund- Class R | 0.20% | 0.20% | 0.15% | 0.15% |
| Pendal Global Select Fund- Class W | 0.20% | 0.20% | 0.15% | 0.15% |
More about buy-sell spreads
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 Fund.
As transaction costs may change depending on various factors such as market conditions and brokerage costs, buy-sell spreads may also change without prior notice. You should, therefore, review each Fund’s current buy-sell spread before making a decision to invest or withdraw from a Fund.
For the latest buy-sell information, please refer to our website www.pendalgroup.com, click ‘Products’, select the relevant Fund and click on ‘View fund information’.
Notice of Termination:
Regnan Global Equity Impact Solutions Fund Class R (APIR: PDL4608AU ARSN: 645 981 853)
Regnan Global Equity Impact Solutions Fund Class W (APIR: PDL7011AU ARSN: 645 981 853)
The Regnan Global Equity Impact Solutions Fund (Fund) will terminate on Wednesday, 30 July 2025.
Why is the Fund terminating?
We regularly review our product offerings and investment capabilities to ensure that our business continues to maintain a product suite that remains viable and relevant to our investor demands.
After careful consideration, we have determined that terminating the Fund is in the best interests of investors.
The Fund’s small size means that it has high running costs and cannot be managed in a cost efficient way.
We also consider that the Fund has little prospect of significant growth in funds under management in the foreseeable future. If the Fund were to continue, the Fund’s size would result in higher management costs for investors, which would reduce their investment returns.
How this affects you?
As the decision to terminate the Fund has been made, applications, transfers and withdrawals will not be accepted after 2:00pm (Sydney time) on Wednesday, 30 July 2025.
What happens next?
Following the Fund’s termination on Wednesday, 30 July 2025, we will begin to wind up the Fund. The assets of the Fund will be sold and the net proceeds of winding up will be paid to all investors in proportion to their unit holding.
What does this mean for you?
Your pro-rata share of the net cash proceeds from this termination will be paid directly to your nominated bank account on file on or around the week commencing Monday, 11 August 2025 or shortly thereafter.
Details of the distribution paid to you prior to the termination of the Fund will be included in your 2026 AMIT Member Annual (AMMA) statement. This statement will set out the components of the distribution. It will be issued to you following the 30 June 2026 financial year.
Questions?
If you have any questions, please contact our Investor Relations Team during business hours on 1300 346 821.
Regnan Credit Impact Trust (APIR: PDL5969AU)
(the “Fund”)
The following information contains an important update to the exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement for the Regnan Credit Impact Trust dated 11 January 2023 (together, “the PDS”) and should be read in conjunction with the PDS.
The changes to the Fund’s exclusionary screens are outlined below. In our view, these changes ensure that the Fund remains true to label and more closely aligned with investor expectations in relation to responsible investment funds.
1. Broader screening for fossil fuels
The Fund will limit its exposure to issuers directly involved in the exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
2. Broader screening definition for controversial weapons
The screening definition for controversial weapons will broaden to also include white phosphorus weapons. As a result, the Fund will not invest in issuers directly involved in the manufacture of white phosphorus weapons.
3. Additional screen for controversial weapons
The Fund will apply an additional exclusionary screen for controversial weapons as follows:
The Fund will not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons.
4. Removal of current screen for issuers that directly mine uranium for the purposes of weapons manufacturing
The current screen for issuers directly involved in the direct mining of uranium for the purposes of weapons manufacturing will be removed.
Issuers supplying uranium for the purposes of weapons manufacturing will be captured under the new screen for controversial weapons relating to the supply of goods or services specifically related to controversial weapons.
5. Stricter gross revenue thresholds
The Fund will not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
- Alcohol
- Gaming facilities
- Non-controversial weapons or armamentsPornography
- Fossil Fuels.
Exclusionary Screens
Effective 15 July 2025, the disclosure relating to the Fund’s exclusionary screens set out in section 5. How we invest your money of the Fund’s Product Disclosure Statement is replaced with the following:
The Fund will not invest in issuers directly involved in any of the following activities:
• tobacco production (including e-cigarettes and inhalers); or
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• the production of alcoholic beverages; or
• manufacture or provision of gaming facilities; or
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography; or
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
Effective 15 July 2025, the disclosure relating to the Fund’s exclusionary screens under the heading ‘Ethical considerations’ in section 3. Labour, environmental, social and ethical considerations of the Fund’s Additional Information to the Product Disclosure Statement is replaced with the following:
The Fund will not invest in issuers directly involved in any of the following activities:
• tobacco production (including e-cigarettes and inhalers); or
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• the production of alcoholic beverages; or
• manufacture or provision of gaming facilities; or
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography; or
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas).
Exclusionary screen changes
Pendal Sustainable Australian Fixed Interest Fund – Class R (APIR: BTA0507AU)
Pendal Sustainable Australian Fixed Interest Fund – Class W (APIR: PDL3438AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 20 February 2025 for the Pendal Sustainable Australian Fixed Interest Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the exclusionary screens applied by the Fund will be changing, as outlined below:
- the definition of controversial weapons applied by the Fund will broaden to include white phosphorus weapons. As a result, the Fund will not invest in issuers involved in the manufacture of white phosphorus weapons;
- the Fund will introduce an additional exclusionary screen and not invest in issuers directly involved in the supply of goods or services specifically related to controversial weapons; and
- the Fund will remove its current screen for issuers that mine uranium for the purposes of weapons manufacturing as this will be captured under the new screen. Specifically, any issuer supplying uranium for the purposes for weapons manufacturing will now be captured under the supply of goods or services specifically related to controversial weapons exclusionary screen.
In our view, these changes ensure that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in issuers directly involved in any of the following business activities:
• tobacco production (including e-cigarettes and inhalers);
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities.
The Fund applies exclusionary screens to its investments in corporate debt securities. Exclusionary screens are not applied to government securities, semi-government securities, supranational securities, cash or derivatives. This is because it is not reasonably practicable to apply exclusionary screens to such securities or issuers. The use of derivatives may result in the Fund having indirect exposure to issuers that would otherwise be excluded.
For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
The following text contains further information on the environmental, social (including labour standards) and ethical considerations that we take into account when selecting, retaining or realising investments in the Fund and should be read in conjunction with the PDS.
Exclusionary Screens
The Fund will not invest in issuers directly involved in any of the following business activities:
• tobacco production (including e-cigarettes and inhalers);
• controversial weapons manufacture (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply of good or services specifically related to controversial weapons.
The Fund will also not invest in issuers directly involved in any of the following activities, where such activities account for 5% or more of an issuer’s gross revenue:
• exploration, extraction or refinement of fossil fuels (specifically coal, oil and gas);
• the production of alcohol;
• manufacture or provision of gaming facilities;
• manufacture of non-controversial weapons or armaments; or
• manufacture or distribution of pornography.
The Fund applies exclusionary screens to its investments in corporate debt securities. Exclusionary screens are not applied to securities issued by government, semi-government or supranational entities, derivatives or cash. This is because it is not reasonably practicable to apply exclusionary screens to such securities or issuers. The use of derivatives may result in the Fund having indirect exposure to issuers that would otherwise be excluded.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. We draw on internal and supplementary external research, believed to be accurate, to determine whether an issuer is subject to the exclusionary screens. However, as the nature and conduct of businesses may change over time, and publicly available financial or other information is not always comprehensive or up to date, we cannot guarantee that the Fund will meet all these criteria at all times.
We review issuers subject to the exclusionary screens monthly, and monitor the Fund’s compliance with its investment guidelines (including with the exclusionary screens) daily. If we discover an investment no longer meets our criteria, we will divest the holding as soon as we consider appropriate (usually sold within three months), having regard to the interests of investors.
Regnan Global Equity Impact Solutions Fund – Class R (APIR: PDL4608AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 2 September 2024 for the Regnan Global Equity Impact Solutions Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.
In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Further, we have provided clarified that the Fund’s definition of controversial weapons includes white phosphorus weapons.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers); or
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities. For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’at www.pendalgroup.com/RegnanGlobalEquityImpactSolutionsFundR-PDS.
The Fund may also hold cash and may use derivatives from time to time. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets. Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers);
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons);
• supply good or services specifically related to controversial weapons; or
• extract or explore for fossil fuels (specifically, coal, oil and natural gas).
The Fund will also not invest in companies which derive 10% or more of their gross revenue directly from:
• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;
• the production of alcoholic beverages;
• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;
• manufacture of non-controversial weapons or armaments;
• manufacture or distribution of pornography; or
• uranium mining for the purpose of nuclear power generation.
*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases Regnan considers credible.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. Regnan draws on internal and supplementary external research, believed to be accurate, to determine whether a company is subject to the exclusionary screens. Regnan reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including exclusionary screens) daily. If Regnan discovers an investment no longer meets our criteria, Regnan will divest the holding as soon as Regnan considers appropriate, having regard to the interests of investors (and this will be on a case by case basis). However, as the nature and conduct of businesses may change over time, and publicly available financial or other Information is not always comprehensive or up to date, we do not guarantee that the Fund will meet all of these criteria at all times
Regnan Global Equity Impact Solutions Fund – Class W (APIR: PDL7011AU)
(the “Fund”)
The following information contains an important update to the Fund’s exclusionary screens disclosed in the Product Disclosure Statement and Additional Information to the Product Disclosure Statement dated 2 September 2024 for the Regnan Global Equity Impact Solutions Fund (PDS) and should be read in conjunction with the PDS.
Effective from 30 June 2025, the Fund will introduce an additional exclusionary screen and not invest in companies directly involved in the supply of goods or services specifically related to controversial weapons.
In our view, this change ensures that the Fund remains true to label and is more closely aligned with investor expectations in relation to responsible investment funds.
Further, we have provided clarified that the Fund’s definition of controversial weapons includes white phosphorus weapons.
Exclusionary Screens Effective 30 June 2025
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 5 of the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers); or
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons); or
• supply good or services specifically related to controversial weapons.
Additional exclusionary screens are applied differently across industries and business activities. For further information on the Fund’s exclusionary screens, go to the ‘Exclusionary Screens’ heading in the ‘Labour, environmental, social and ethical considerations’ section of the ‘Additional Information to the Product Disclosure Statement’, a copy of which can be obtained by calling us.
The Fund may also hold cash and may use derivatives from time to time. Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets. Exclusionary screens are not applied to cash or derivatives. The use of derivatives may result in the Fund having indirect exposure to the excluded companies.
Effective 30 June 2025, the section ‘Exclusionary Screens’ in section 3 of the Additional Information to the Product Disclosure Statement is replaced with the following:
Exclusionary Screens
The Fund will not invest in companies which directly:
• produce tobacco (including e-cigarettes and inhalers);
• manufacture controversial weapons (including cluster munitions, landmines, biological or chemical weapons, nuclear weapons, depleted uranium weapons, blinding laser weapons, incendiary weapons, non-detectable fragments and white phosphorus weapons);
• supply good or services specifically related to controversial weapons; or
• extract or explore for fossil fuels (specifically, coal, oil and natural gas).
The Fund will also not invest in companies which derive 10% or more of their gross revenue directly from:
• fossil fuel-based power generation, or fossil fuel distribution or refinement (coal, oil and natural gas)*;
• the production of alcoholic beverages;
• manufacture, ownership or operation of gambling facilities, gaming services or other forms of wagering;
• manufacture of non-controversial weapons or armaments;
• manufacture or distribution of pornography; or
• uranium mining for the purpose of nuclear power generation.
*Companies with a climate transition plan may be exempted from this exclusion, provided that they have in place a Paris Agreement aligned transition plan and produce climate-related financial disclosures annually, which in both cases Regnan considers credible.
All reasonable care has been taken to implement the Fund’s exclusionary screens to meet the criteria described above. Regnan draws on internal and supplementary external research, believed to be accurate, to determine whether a company is subject to the exclusionary screens. Regnan reviews companies subject to the exclusionary screens monthly and monitors the Fund’s compliance with its investment guidelines (including exclusionary screens) daily. If Regnan discovers an investment no longer meets our criteria, Regnan will divest the holding as soon as Regnan considers appropriate, having regard to the interests of investors (and this will be on a case by case basis). However, as the nature and conduct of businesses may change over time, and publicly available financial or other Information is not always comprehensive or up to date, we do not guarantee that the Fund will meet all of these criteria at all times
Effective 30 April 2025, the buy-sell spread for a number of Pendal funds (the Funds) will decrease as set out in the table below:
Table 1: Old and New Buy-Sell Spreads
| Fund Name | Old (%) | New (%) | ||
| Buy | Sell | Buy | Sell | |
| Pendal Dynamic Income Fund | 0.12% | 0.15% | 0.12% | 0.12% |
| Pendal Dynamic Income Trust | 0.12% | 0.15% | 0.12% | 0.12% |
| Pendal Fixed Interest Fund | 0.06% | 0.08% | 0.06% | 0.06% |
| Pendal Monthly Income Plus Fund | 0.10% | 0.16% | 0.10% | 0.10% |
| Pendal Short Term Income Securities Fund | 0.03% | 0.07% | 0.03% | 0.03% |
| Pendal Short Term Income Securities Trust | 0.03% | 0.07% | 0.03% | 0.03% |
| Pendal Sustainable Australian Fixed Interest Fund | 0.07% | 0.11% | 0.07% | 0.07% |
| Regnan Credit Impact Trust | 0.10% | 0.17% | 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.
Following the initial impact of the Trump tariff announcement, investment markets have experienced an improvement in market conditions. This has led to increasing liquidity and a reduction in market impact when selling Australian credit securities. Consequently, trading costs in these markets have decreased, leading to lower trading costs for the Pendal Income and Fixed Interest Funds (as set out in Table 1 above).
Pendal has determined to decrease the buy-sell spread for each of the Funds as set out in Table 1 above. The buy spread is payable on application to a Fund. The sell spread is payable on withdrawal from a Fund.
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 www.pendalgroup.com, click ‘Products’, select the Fund and click on ‘View fund information’ for the latest buy-sell spread for each Fund.