Hi Larry,

It looks about right to me.  Generally speaking, you should assume that the yield and the TR of a bond fund will be about the same.

In this case, the NAV loss YTD is 1.31%.  You have a TR YTD of 1.20.  You have a current yield of 4.5% annual but only 6 months left in the year so you will get 2.25% if the NAVs stay the same through December.

Add that to the 1.2 you have already and you will have a TR of  3.45 but and income yield of 3.45 + 1.31 or 4.76 give of take.

TR is yield% + NAV appreciation or depreciation.

This is a good example of why you should never pay a high ER for a bond fund.

best,

Bill