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CLOI VanEck CLO ETF Please read important disclosure Close important disclosure false

CLOI
VanEck CLO ETF

CLOI
VanEck CLO ETF

  • NAV
    $52.72

    as of April 21, 2026
  • YTD RETURNS
    1.15%

    as of April 21, 2026
  • Total Net Assets
    $1.32B

    as of April 21, 2026
  • Total Expense Ratio
    0.36%
  • Inception Date
    06/21/2022
  • 30-Day SEC Yield
    5.10%
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Overview

Why CLOI

  • IG Floating Rate CLO ExposureProvides access to investment grade floating rate CLOs
  • Attractive Relative YieldYield pickup versus similarly rated corporate bonds and loans with structural credit protectionsSource: J.P. Morgan and ICE Data Services

The VanEck CLO ETF (CLOI) is an actively managed ETF, sub-advised by PineBridge Investments, seeking capital preservation and current income. It invests primarily in investment grade-rated tranches of collateralized loan obligations (“CLOs”) of any maturity.

Yields  as of  04/21/2026

Distribution Frequency

Monthly

30-Day SEC Yield

5.10%

Distribution Yield

5.04%

12 Month Yield

5.39%

Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck CLO ETF would have been 5.10% on 04/21/26. Distributions may vary from time to time.

Performance

Average Annual Total Returns* (%)

View All ETFs View All Indices
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 06/21/22
CLOI (NAV) -0.08 0.75 0.75 5.31 7.15 -- -- 7.22
CLOI (Market Price) -- 0.62 0.62 5.40 7.08 -- -- 7.20
J.P. Morgan CLO IG Index 0.15 0.92 0.92 5.53 7.41 -- -- 7.13
J.P. Morgan Collateralized Loan Obligation Index 0.06 0.74 0.74 5.51 7.78 -- -- 7.44
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 06/21/22
CLOI (NAV) -0.08 0.75 0.75 5.31 7.15 -- -- 7.22
CLOI (Market Price) -- 0.62 0.62 5.40 7.08 -- -- 7.20
J.P. Morgan CLO IG Index 0.15 0.92 0.92 5.53 7.41 -- -- 7.13
J.P. Morgan Collateralized Loan Obligation Index 0.06 0.74 0.74 5.51 7.78 -- -- 7.44

*Returns less than one year are not annualized.
Effective May 1, 2025, the J.P. Morgan CLO IG Index replaced the J.P. Collateralized Loan Obligation Index as the Fund's benchmark

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

Holdings

Daily Holdings (%) as of 04/21/2026

Download XLS Get holdings
Total Holdings: 156
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
Anchorage Capital Clo 2026-22 Ltd
4.86
 5.000
01/20/2039
64,109,792
Signal Peak Clo 4 Ltd
2.85
 5.318
10/26/2034
37,537,791
Regatta Vi Funding Ltd
2.76
 5.206
10/20/2038
36,435,870
Ocean Trails Clo Xv Ltd
2.65
 4.933
01/15/2039
34,963,084
Cqs Us Clo 6 Ltd
2.65
 --
03/31/2039
34,928,676
United States Treasury Bill
2.31
 --
05/19/2026
30,418,108
Neuberger Berman Loan Advisers Clo 38 L
2.03
 5.075
10/20/2036
26,711,292
Octagon 64 Ltd
1.90
 5.372
07/21/2037
24,987,186
Neuberger Berman Loan Advisers Clo 42 L
1.71
 5.080
07/16/2036
22,520,310
Sagard-Halseypoint Clo 10 Ltd
1.68
 5.425
10/20/2038
22,106,240
Kkr Clo 36 Ltd
1.67
 5.423
10/15/2034
22,044,025
Silver Rock Clo Ii Ltd
1.59
 5.275
01/20/2035
20,891,968
Trinitas Clo Xix Ltd
1.53
 4.785
10/20/2033
20,220,310
Sculptor Clo Xxix Ltd
1.52
 5.419
07/22/2038
20,081,848
Icg Us Clo 2025-2 Ltd
1.42
 5.006
01/18/2039
18,757,114
Trinitas Clo Xx Ltd
1.28
 5.175
07/20/2035
16,833,932
Capital Four Us Clo Ltd
1.27
 4.975
10/18/2038
16,794,917
Canyon Clo 2020-2 Ltd
1.27
 5.203
10/15/2034
16,685,502
Ozlm Xiv Ltd
1.25
 5.513
01/15/2038
16,465,684
Kkr Clo 37 Ltd
1.19
 5.325
04/20/2038
15,702,979
Sagard-Halseypoint Clo 8 Ltd
1.11
 5.057
01/30/2038
14,688,541
Bluemountain Clo Xxx Ltd
1.09
 5.273
04/15/2035
14,387,814
Kkr Clo 28 Ltd
1.08
 5.330
02/09/2035
14,217,073
Lcm 39 Ltd
1.07
 5.673
10/15/2034
14,105,714
Bluemountain Clo Xxxi Ltd
1.07
 5.275
04/19/2034
14,050,433
Signal Peak Clo 4 Ltd
1.06
 5.668
10/26/2034
13,924,468
Rockford Tower Clo 2021-3 Ltd
1.02
 5.323
01/15/2038
13,469,732
Lcm 40 Ltd
1.00
 5.823
01/15/2038
13,190,655
Sagard-Halseypoint Clo 10 Ltd
0.99
 5.725
10/20/2038
13,050,883
Bluemountain Clo Xxv Ltd
0.99
 5.023
01/15/2038
13,018,892
Trinitas Clo Xviii Ltd
0.97
 5.425
01/20/2035
12,789,667
Bain Capital Credit Clo 2021-2 Ltd
0.96
 6.780
07/16/2034
12,610,723
Rockford Tower Clo 2021-2 Ltd
0.95
 5.375
07/20/2034
12,502,737
Canyon Capital Clo 2019-2 Ltd
0.92
 5.573
10/15/2034
12,188,050
Columbia Cent Clo 34 Ltd
0.92
 5.318
01/25/2038
12,119,639
Generate Clo 22 Ltd
0.91
 5.425
07/20/2038
12,037,537
Rockford Tower Clo 2022-3 Ltd
0.91
 5.115
07/20/2037
12,015,831
Trinitas Clo Xiv Ltd
0.88
 5.768
01/25/2034
11,607,529
Canyon Clo 2020-1 Ltd
0.86
 5.623
07/15/2034
11,399,520
Arini Us Clo Iii Ltd
0.85
 5.190
01/15/2039
11,233,154
Anchorage Capital Clo 2026-22 Ltd
0.84
 5.000
01/20/2039
11,026,201
Sycamore Tree Clo 2021-1 Ltd
0.84
 5.065
01/20/2038
11,012,068
Bluemountain Clo Xxxv Ltd
0.83
 5.369
10/22/2037
10,956,880
Bain Capital Credit Clo 2017-2 Ltd
0.82
 5.068
07/25/2037
10,749,044
Symphony Clo 42 Ltd
0.81
 5.210
04/17/2037
10,612,820
Sound Point Clo Xxvi Ltd
0.80
 5.587
07/20/2034
10,527,495
Rockford Tower Clo 2022-1 Ltd
0.80
 5.375
07/20/2035
10,482,044
Dryden 61 Clo Ltd
0.79
 5.260
01/17/2032
10,391,639
Sound Point Clo 2025r-1 Ltd
0.78
 5.306
02/20/2038
10,255,992
Canyon Capital Clo 2016-1 Ltd
0.76
 5.635
07/15/2031
10,054,252
Bain Capital Credit Clo 2020-3 Ltd
0.76
 6.771
10/23/2034
10,052,562
Signal Peak Clo 3 Ltd
0.76
 --
04/23/2039
10,027,467
Columbia Cent Clo 32 Ltd
0.76
 5.768
07/24/2034
10,017,664
Generate Clo 9 Ltd
0.76
 5.425
01/20/2038
10,011,461
Wind River 2024-1 Clo Ltd
0.76
 5.275
04/20/2037
10,008,366
Ocean Trails Clo Xi
0.74
 5.225
07/20/2034
9,741,714
Tcw Clo 2019-1 Amr Ltd
0.70
 5.605
08/16/2034
9,251,801
Sculptor Clo Xxviii Ltd
0.68
 5.625
01/20/2035
8,900,710
Bluemountain Clo Xxxiv Ltd
0.66
 5.275
04/20/2035
8,718,360
Allegro Clo Xii Ltd
0.66
 5.112
07/21/2037
8,637,782
Rockford Tower Clo 2020-1 Ltd
0.65
 5.575
01/20/2036
8,544,086
Bridge Street Clo Ii Ltd
0.65
 5.425
01/20/2039
8,539,561
Rockford Tower Clo 2021-2 Ltd
0.64
 5.625
07/20/2034
8,403,702
Anchorage Capital Clo 17 Ltd
0.60
 5.123
02/28/2038
7,869,483
Wellfleet Clo 2021-2 Ltd
0.59
 5.423
07/15/2034
7,773,228
Columbia Cent Clo 35 Ltd
0.58
 5.418
07/25/2036
7,607,577
Signal Peak Clo 4 Ltd
0.55
 7.130
10/26/2034
7,234,380
Trinitas Clo Xix Ltd
0.53
 6.625
10/20/2033
6,923,008
Bain Capital Credit Clo 2021-4 Ltd
0.49
 7.037
10/20/2034
6,493,493
Sculptor Clo Xxix Ltd
0.47
 5.039
07/22/2038
6,208,239
Canyon Capital Clo 2016-2 Ltd
0.46
 5.685
10/15/2031
6,032,612
Invesco Us Clo 2024-1 Ltd
0.46
 --
04/15/2037
6,011,149
Wind River 2021-2 Clo Ltd
0.45
 5.275
07/20/2034
5,974,504
Icg Us Clo 2021-3 Ltd
0.45
 5.775
10/20/2034
5,965,244
Ocp Clo 2019-17 Ltd
0.45
 5.075
07/20/2037
5,963,447
Octagon 54 Ltd
0.45
 5.055
07/15/2034
5,903,188
Bain Capital Credit Clo 2021-1 Ltd
0.45
 5.075
04/18/2034
5,900,151
Columbia Cent Clo 31 Ltd
0.43
 5.275
04/20/2034
5,718,243
Brant Point Clo 2024-4 Ltd
0.42
 5.425
07/20/2037
5,505,215
Fort Washington Clo 2019-1
0.42
 5.375
10/20/2037
5,486,926
Wellfleet Clo 2021-2 Ltd
0.40
 7.423
07/15/2034
5,320,027
Canyon Capital Clo 2019-2 Ltd
0.40
 4.683
10/15/2034
5,295,260
Signal Peak Clo 9 Ltd
0.40
 5.032
01/21/2038
5,288,175
Marble Point Clo Xxii Ltd
0.40
 5.368
07/25/2034
5,257,282
Dryden 95 Clo Ltd
0.40
 6.706
08/20/2034
5,253,433
Park Blue Clo 2024-V Ltd
0.39
 5.148
07/25/2037
5,168,549
Silver Point Clo 9 Ltd
0.38
 5.473
03/31/2038
5,010,616
Wehle Park Clo Ltd
0.38
 5.572
10/21/2038
5,004,313
Bluemountain Clo Xxxii Ltd
0.37
 6.773
10/15/2034
4,937,626
Menlo Clo Iv Ltd
0.34
 5.000
03/20/2039
4,522,888
Bain Capital Credit Clo 2021-7 Ltd
0.34
 5.469
01/22/2035
4,493,713
Midocean Credit Clo Xi Ltd
0.34
 5.175
01/18/2036
4,491,937
Anchorage Capital Clo 17 Ltd
0.32
 5.323
02/28/2038
4,266,315
Tcw Clo 2020-1 Ltd
0.32
 5.675
04/20/2034
4,158,949
Wind River 2022-1 Clo Ltd
0.31
 5.025
07/20/2035
4,147,509
Silver Rock Clo V Ltd
0.31
 5.000
01/20/2039
4,066,332
Midocean Credit Clo Xiv Ltd
0.28
 --
04/15/2037
3,685,847
Octagon 66 Ltd
0.28
 5.652
02/16/2037
3,684,471
Lcm 39 Ltd
0.27
 6.923
10/15/2034
3,526,875
Creeksource 2024-1 Dunes Creek Clo Ltd
0.27
 5.323
01/15/2038
3,495,982
Lcm 41 Ltd
0.25
 5.373
04/15/2036
3,306,828
Trinitas Clo Xvii Ltd
0.24
 6.925
10/20/2034
3,218,586
Tcw Clo 2019-1 Amr Ltd
0.24
 7.584
08/16/2034
3,123,074
Anchorage Capital Clo 30 Ltd
0.23
 5.275
01/20/2037
3,078,640
Polus Us Clo Iii Ltd
0.23
 5.687
01/20/2039
3,058,488
Rockford Tower Clo 2019-2 Ltd
0.23
 5.656
08/20/2032
3,031,938
Regatta Xvi Funding Ltd
0.23
 5.053
04/15/2039
2,994,780
Agl Core Clo 8 Ltd
0.23
 5.175
01/20/2038
2,990,500
Sound Point Clo Xxix Ltd
0.22
 5.268
04/25/2034
2,912,575
Midocean Credit Clo Xx
0.20
 4.905
01/20/2039
2,682,256
Aimco Clo 24 Ltd
0.20
 5.525
04/19/2038
2,658,002
Octagon Investment Partners 28 Ltd
0.19
 5.388
04/24/2037
2,533,293
Harvest Us Clo 2023-1 Ltd
0.19
 5.223
01/15/2037
2,475,512
Columbia Cent Clo 34 Ltd
0.18
 5.518
01/25/2038
2,332,936
Tcw Clo 2019-1 Amr Ltd
0.18
 4.954
08/16/2034
2,323,431
Wise Clo 2023-1 Ltd
0.17
 5.375
10/20/2038
2,243,423
Sound Point Clo Xxxi Ltd
0.17
 7.180
10/25/2034
2,174,480
Canyon Capital Clo 2019-1 Ltd
0.16
 5.103
07/15/2037
2,149,884
Whitebox Clo Iii Ltd
0.16
 5.573
10/15/2035
2,103,128
Tcw Clo 2023-1 Ltd
0.15
 5.418
03/31/2038
2,021,825
Polus Us Clo Ii Ltd
0.15
 8.425
07/20/2038
2,011,328
Anchorage Capital Clo 15 Ltd
0.15
 5.775
07/20/2038
2,008,221
Palmer Square Clo 2023-2 Ltd
0.15
 5.875
07/20/2038
2,007,103
Madison Park Funding Lxiii Ltd
0.15
 5.822
07/21/2038
2,005,351
Sculptor Clo Xxx Ltd
0.15
 5.725
07/20/2038
2,003,008
Barings Clo Ltd 2024-I
0.15
 --
01/20/2039
2,001,726
Bluemountain Clo Xxxiii Ltd
0.15
 7.425
10/20/2038
1,998,496
Thl Credit Wind River 2017-3 Clo Ltd
0.15
 5.873
04/15/2035
1,987,512
Silver Rock Clo Ii Ltd
0.15
 5.775
01/20/2035
1,979,531
Lcm 41 Ltd
0.14
 7.273
04/15/2036
1,796,920
Wind River 2021-2 Clo Ltd
0.13
 5.675
07/20/2034
1,731,767
Sculptor Clo Xxvi Ltd
0.13
 5.525
01/20/2038
1,730,871
Signal Peak Clo 10 Ltd
0.12
 5.118
01/24/2038
1,515,887
Columbia Cent Clo 35 Ltd
0.11
 5.668
07/25/2036
1,510,272
Cbam 2017-2 Ltd
0.11
 5.792
07/17/2034
1,504,932
Hps Loan Management 2023-18 Ltd
0.11
 6.725
07/20/2039
1,498,783
Aimco Clo Series 2018-B
0.11
 --
04/16/2037
1,491,189
Octagon 71 Ltd
0.10
 --
04/18/2037
1,252,358
Kkr Clo 24 Ltd
0.09
 5.017
04/20/2032
1,220,938
Halseypoint Clo 7 Ltd
0.09
 5.875
07/20/2038
1,201,658
Lcm 39 Ltd
0.09
 10.673
10/15/2034
1,193,186
Carlyle Us Clo 2021-7 Ltd
0.09
 4.873
04/15/2038
1,153,663
Sound Point Clo Xxvi Ltd
0.08
 5.107
07/20/2034
1,099,844
Dryden 104 Clo Ltd
0.08
 5.256
08/20/2034
1,082,575
Wind River 2023-1 Clo Ltd
0.08
 5.718
07/25/2038
1,016,470
Midocean Credit Clo Xiv Ltd
0.08
 --
04/15/2037
1,005,240
Sound Point Clo Xxiii
0.08
 5.105
07/15/2034
1,000,540
Anchorage Capital Clo 17 Ltd
0.08
 4.903
02/15/2038
1,000,156
Allegro Clo Xv Ltd
0.08
 4.855
04/20/2038
998,492
Kkr Clo 27 Ltd
0.07
 9.923
01/15/2035
939,859
Bain Capital Credit Clo 2021-7 Ltd
0.07
 10.169
01/22/2035
914,335
Bluemountain Clo 2018-3 Ltd
0.07
 4.858
10/25/2030
885,287
Regatta Xii Funding Ltd
0.05
 4.773
10/15/2037
600,800
Lcm 29 Ltd
0.02
 5.005
04/15/2031
323,860
Dryden 64 Clo Ltd
0.01
 4.907
04/18/2031
187,162
--
0.91
 --
--
11,927,290
Other/Cash
0.03
 --
--
380,496
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Country of risk is defined using the International Organization for Standardization’s (ISO) country codes which take four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the CEO, CFO, COO or General Counsel is otherwise.

Portfolio

Credit Quality (%) as of 03/31/2026

Composite % of Net Assets
Investment Grade AAA 38.44
AA 38.51
A 13.70
BBB 4.76
Non-Investment Grade BB 1.46
Total Investment Grade -- 95.41
Total Non-Investment Grade -- 1.46
Not Rated -- 4.13
If more than one rating is available for an underlying security, the lowest rating is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Ratings and portfolio credit quality may change over time.

Years to Maturity as at 03/31/2026

  • Years

    Maturity (%)

  • < 1

    2.31

  • 1 - 3

    0.00

  • 3 - 5

    0.07

  • 5 - 7

    2.37

  • 7 - 10

    38.45

  • 10 - 15

    55.90

  • 15 - 20

    0.00

  • 20 - 30

    0.00

  • 30 +

    0.00

Fees

Distributions

Distribution History

Anticipated Frequency: Monthly Dividend Income & Annual Capital Gains
Ex-date Record
Date 		Payable date Dividend
Income‡ 		Short-Term
Capital Gains 		Long-Term
Capital Gains 		Return of
Capital 		Total
Distributions
04/01/2026 04/01/2026 04/07/2026 $ 0.2216 -- -- -- $ 0.22
03/02/2026 03/02/2026 03/05/2026 $ 0.2002 -- -- -- $ 0.20
02/02/2026 02/02/2026 02/05/2026 $ 0.2334 -- -- -- $ 0.23
12/29/2025 12/29/2025 12/31/2025 $ 0.2332 $ 0.0070 $ 0.0279 -- $ 0.27
11/28/2025 11/28/2025 12/03/2025 $ 0.2279 -- -- -- $ 0.23
11/03/2025 11/03/2025 11/06/2025 $ 0.2454 -- -- -- $ 0.25
10/01/2025 10/01/2025 10/06/2025 $ 0.2416 -- -- -- $ 0.24
09/02/2025 09/02/2025 09/05/2025 $ 0.2502 -- -- -- $ 0.25
08/01/2025 08/01/2025 08/06/2025 $ 0.2486 -- -- -- $ 0.25
07/01/2025 07/01/2025 07/07/2025 $ 0.2431 -- -- -- $ 0.24
06/02/2025 06/02/2025 06/05/2025 $ 0.2617 -- -- -- $ 0.26
05/01/2025 05/01/2025 05/06/2025 $ 0.2359 -- -- -- $ 0.24
04/01/2025 04/01/2025 04/04/2025 $ 0.2596 -- -- -- $ 0.26
03/03/2025 03/03/2025 03/06/2025 $ 0.2175 -- -- -- $ 0.22
02/03/2025 02/03/2025 02/06/2025 $ 0.2612 -- -- -- $ 0.26
12/27/2024 12/27/2024 12/30/2024 $ 0.2782 $ 0.0808 $ 0.0371 -- $ 0.40
12/02/2024 12/02/2024 12/05/2024 $ 0.2520 -- -- -- $ 0.25
11/01/2024 11/01/2024 11/06/2024 $ 0.2643 -- -- -- $ 0.26
10/01/2024 10/01/2024 10/04/2024 $ 0.2620 -- -- -- $ 0.26
09/03/2024 09/03/2024 09/06/2024 $ 0.3091 -- -- -- $ 0.31
08/01/2024 08/01/2024 08/06/2024 $ 0.2840 -- -- -- $ 0.28
07/01/2024 07/01/2024 07/05/2024 $ 0.3120 -- -- -- $ 0.31
06/03/2024 06/03/2024 06/06/2024 $ 0.2947 -- -- -- $ 0.29
05/01/2024 05/02/2024 05/07/2024 $ 0.2747 -- -- -- $ 0.27
04/01/2024 04/02/2024 04/05/2024 $ 0.2971 -- -- -- $ 0.30
03/01/2024 03/04/2024 03/07/2024 $ 0.2635 -- -- -- $ 0.26
02/01/2024 02/02/2024 02/07/2024 $ 0.3305 -- -- -- $ 0.33
12/27/2023 12/28/2023 12/29/2023 $ 0.2648 -- -- -- $ 0.26
12/01/2023 12/04/2023 12/07/2023 $ 0.2235 -- -- -- $ 0.22
11/01/2023 11/02/2023 11/07/2023 $ 0.2518 -- -- -- $ 0.25
10/02/2023 10/03/2023 10/06/2023 $ 0.2317 -- -- -- $ 0.23
09/01/2023 09/05/2023 09/08/2023 $ 0.2816 -- -- -- $ 0.28
08/01/2023 08/02/2023 08/10/2023 $ 0.2327 -- -- -- $ 0.23
07/03/2023 07/05/2023 07/07/2023 $ 0.2399 -- -- -- $ 0.24
06/01/2023 06/02/2023 06/07/2023 $ 0.2728 -- -- -- $ 0.27
05/01/2023 05/02/2023 05/05/2023 $ 0.2189 -- -- -- $ 0.22
04/03/2023 04/04/2023 04/10/2023 $ 0.2505 -- -- -- $ 0.25
03/01/2023 03/02/2023 03/07/2023 $ 0.1732 -- -- -- $ 0.17
02/01/2023 02/02/2023 02/07/2023 $ 0.2848 -- -- -- $ 0.28
12/28/2022 12/29/2022 12/30/2022 $ 0.2144 -- -- -- $ 0.21
12/01/2022 12/02/2022 12/07/2022 $ 0.2351 -- -- -- $ 0.24
11/01/2022 11/02/2022 11/07/2022 $ 0.1815 -- -- -- $ 0.18
10/03/2022 10/04/2022 10/07/2022 $ 0.1623 -- -- -- $ 0.16
09/01/2022 09/02/2022 09/08/2022 $ 0.1830 -- -- -- $ 0.18
08/01/2022 08/02/2022 08/05/2022 $ 0.1520 -- -- -- $ 0.15

‡All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.

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