Low yields.

[Snoopy]

Potentially there is zero taxable income, if there's been the sale of bonds at a loss, so no tax payable, but they're still distributed the cash interest received. Not sure, but a possibility

The managers of NZB cannot control when individual members want to sell out of this fund. That means as a 'default assumption', all bonds purchased must be assumed to be held to maturity (thinking about this, individuals purchasing the bonds have the same assumptions applied to them). But if a unit holder 'wants out', that means that a daily sale price that very likely does not match the maturity price is crystallized. And in a climate of rapidly climbing interest rates, such as we have had, that can mean a loss is crystallized. So what money was pulled out of NZB during the year in question (07-08-2022 to 07-08-2023)?

Withdrawal date	Unit Price	Withdrawal amount
08-08-2022	2.92000	(140,000)
09-08-2022	2.92559	(60,000)
-----------------------	------------------------	------------------------
18-08-2022	2.90950	(800,000)
02-09-2022	2.87028	(50,000)
15-09-2022	2.87317	(700,000)
20-09-2022	2.87227	(100,000)
03-10-2022	2.84814	(700,000)
07-10-2022	2.85347	(250,000)
12-10-2022	2.84121	(50,000)
14-10-2022	2.83791	(30,000)
12-10-2022	2.84121	(50,000)
18-10-2022	2.82811	(30,000)
19-10-2022	2.81931	(50,000)
01-11-2022	2.83887	(580,000)
09-11-2022	2.82308	(100,000)
21-11-2022	2.86125	(100,000)
24-11-2022	2.85705	(100,000)
30-11-2022	2.85239	(50,000)
07-12-2022	2.86209	(50,000)
16-12-2022	2.84635	(350,000)
19-12-2022	2.84862	(150,000)
23-12-2022	2.84395	(50,000)
28-12-2022	2.83352	(50,000)
29-12-2022	2.83391	(50,000)
04-01-2023	2.84582	(50,000)
06-01-2023	2.85102	(90,000)
09-01-2023	2.85597	(150,000)
24-01-2023	2.87520	(50,000)
23-02-2023	2.85254	(500,000)
15-03-2023	2.85707	(150,000)
20-03-2023	2.87276	(200,000)
22-03-2023	2.86806	(50,000)
31-03-2023	2.87115	(300,000)
03-04-2023	2.87603	(160,000)
04-04-2023	2.87712	(90,000)
06-04-2023	2.88227	(150,000)
13-04-2023	2.88218	(100,000)
26-04-2023	2.88285	(170,000)
01-05-2023	2.88764	(240,000)
10-05-2023	2.88715	(50,000)
16-05-2023	2.88898	(100,000)
29-05-2023	2.87757	(50,000)
30-06-2023	2.86463	(50,000)
04-07-2023	2.86428	(60,000)
13-07-2023	2.86642	(50,000)
20-07-2023	2.86878	(50,000)
25-07-2023	2.88285	(170,000)
26-07-2023	2.86890	(300,000)
27-07-2023	2.87185	(50,000)
02-08-2023	2.86651	(100,000)
03-08-2023	2.86580	(100,000)
07-08-2023	2.86737	(50,000)
Yearly Total to 10-08-2023		(8,020,000)

SNOOPY