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MBBB VanEck Moody’s Analytics BBB Corporate Bond ETF Please read important disclosure Close important disclosure Show More Show Less Compare false

MBBB
VanEck Moody’s Analytics BBB Corporate Bond ETF

MBBB
VanEck Moody’s Analytics BBB Corporate Bond ETF

  • NAV
    $20.24

    as of October 01, 2026
  • YTD RETURNS
    -3.29%

    as of October 01, 2026
  • Total Net Assets
    $4.55M

    as of October 01, 2026
  • Total Expense Ratio
    0.25%
  • Inception Date
    12/01/2020
  • 30-Day SEC Yield
    5.82%
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Overview

Why MBBB

  • Valuation-Driven Bond SelectionInvests in attractively valued bonds
  • Quantitative ApproachIncorporates market-based information
  • Powered by Moody’s AnalyticsMoody’s Analytics credit risk platform informs security selection

VanEck Moody’s Analytics® BBB Corporate Bond ETF seeks to track, as closely as possible, before fees and expenses, the price and yield performance of the MVIS® Moody’s Analytics® US BBB Corporate Bond Index, which includes BBB rated corporate bonds that have attractive valuations and a lower probability of being downgraded to high yield compared to other BBB rated bonds.

Yields  as of  10/01/2026

Distribution Frequency

Monthly

30-Day SEC Yield

5.82%

Distribution Yield

5.16%

12 Month Yield

5.78%

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 Moody’s Analytics BBB Corporate Bond ETF would have been 5.82% on 10/01/26. 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 12/01/20
MBBB (NAV) 0.37 -1.03 -0.21 1.69 5.66 0.54 -- 0.98
MBBB (Market Price) 0.40 -1.05 -0.40 1.49 5.61 0.48 -- 0.95
MVIS Moody's Analytics US BBB Corporate Bond Index 0.41 -1.03 -0.05 1.95 5.87 0.64 -- 1.08
ICE BofA BBB US Corporate Index 0.47 -0.84 0.21 2.49 5.84 0.48 -- --
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 12/01/20
MBBB (NAV) 0.06 1.51 0.89 3.89 6.06 0.96 -- 1.20
MBBB (Market Price) 0.12 1.27 0.78 3.81 5.96 0.91 -- 1.20
MVIS Moody's Analytics US BBB Corporate Bond Index 0.09 1.61 1.08 4.18 6.32 1.07 -- 1.32
ICE BofA BBB US Corporate Index 0.18 1.72 1.24 4.91 6.18 0.89 -- --

*Returns less than one year are not annualized.

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 10/01/2026

Download XLS Get holdings
Total Holdings: 154
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
At&T Inc
1.89
 3.550
09/15/2055
86,095
Space Exploration Technologies Corp
1.59
 5.350
07/15/2031
72,569
Medline Borrower Lp
1.57
 3.875
04/01/2029
71,695
Vici Properties Lp / Vici Note Co Inc
1.55
 4.125
08/15/2030
70,387
Capital One Financial Corp
1.51
 5.197
09/11/2036
68,917
Pacific Gas And Electric Co
1.32
 4.500
07/01/2040
60,200
Altria Group Inc
1.17
 3.400
02/04/2041
53,509
Vistra Operations Co Llc
1.17
 6.950
10/15/2033
53,457
Mcdonald's Corp
1.15
 6.300
10/15/2037
52,385
Capital One Financial Corp
1.12
 6.377
06/08/2034
51,232
Citigroup Inc
1.07
 6.020
01/24/2036
48,935
Citigroup Inc
1.07
 5.827
02/13/2035
48,625
At&T Inc
1.06
 4.300
02/15/2030
48,406
At&T Inc
1.06
 4.750
04/30/2033
48,311
T-Mobile Usa Inc
1.06
 2.050
02/15/2028
48,184
Oracle Corp
1.05
 4.125
05/15/2045
47,992
Lowe's Cos Inc
1.05
 4.500
10/15/2032
47,850
Space Exploration Technologies Corp
1.04
 5.650
07/15/2033
47,540
Societe Generale Sa
1.04
 5.439
10/03/2036
47,192
Kroger Co/The
1.03
 5.000
09/15/2034
46,735
Space Exploration Technologies Corp
1.02
 5.875
07/15/2036
46,403
Equinix Inc
1.01
 3.900
04/15/2032
46,057
Societe Generale Sa
1.01
 3.000
01/22/2030
45,900
Mcdonald's Corp
0.99
 2.125
03/01/2030
45,023
Mplx Lp
0.99
 2.650
08/15/2030
44,985
T-Mobile Usa Inc
0.97
 2.550
02/15/2031
44,139
Societe Generale Sa
0.96
 3.337
01/21/2033
43,667
Space Exploration Technologies Corp
0.96
 6.650
07/15/2056
43,577
Pacific Gas And Electric Co
0.96
 2.500
02/01/2031
43,540
Kraft Heinz Foods Co
0.92
 5.200
07/15/2045
41,991
Mcdonald's Corp
0.92
 4.875
12/09/2045
41,961
Hca Inc
0.92
 5.250
06/15/2049
41,957
Oracle Corp
0.88
 5.375
07/15/2040
40,079
Pacific Gas And Electric Co
0.85
 4.950
07/01/2050
38,504
Altria Group Inc
0.84
 4.250
08/09/2042
38,410
Kraft Heinz Foods Co
0.83
 4.375
06/01/2046
37,825
Verizon Communications Inc
0.78
 3.400
03/22/2041
35,542
Alimentation Couche-Tard Inc
0.74
 3.800
01/25/2050
33,815
Oracle Corp
0.67
 4.000
07/15/2046
30,496
Oracle Corp
0.67
 4.375
05/15/2055
30,410
At&T Inc
0.64
 3.500
09/15/2053
29,029
Oracle Corp
0.63
 3.950
03/25/2051
28,605
Sprint Capital Corp
0.62
 8.750
03/15/2032
28,373
Var Energi Asa
0.61
 8.000
11/15/2032
27,941
Suncor Energy Inc
0.58
 6.850
06/01/2039
26,503
Sprint Capital Corp
0.58
 6.875
11/15/2028
26,475
Fox Corp
0.57
 6.500
10/13/2033
26,145
J M Smucker Co/The
0.57
 6.200
11/15/2033
26,001
Societe Generale Sa
0.56
 6.446
01/10/2029
25,648
Var Energi Asa
0.56
 5.875
05/22/2030
25,531
Citigroup Inc
0.56
 6.174
05/25/2034
25,294
Marriott International Inc/Md
0.56
 4.900
04/15/2029
25,289
Sysco Corp
0.55
 5.950
04/01/2030
25,216
Ares Capital Corp
0.55
 5.950
07/15/2029
25,170
Pacific Gas And Electric Co
0.55
 6.150
01/15/2033
25,159
Enbridge Inc
0.55
 5.625
04/05/2034
25,127
Canadian Imperial Bank Of Commerce
0.55
 7.000
10/28/2085
25,092
Bank Of Montreal
0.55
 7.300
11/26/2084
25,081
Canadian Natural Resources Ltd
0.55
 6.250
03/15/2038
24,995
Crh Smw Finance Dac
0.55
 5.125
01/09/2030
24,972
Ares Capital Corp
0.55
 5.875
03/01/2029
24,952
Motorola Solutions Inc
0.55
 4.600
05/23/2029
24,869
Altria Group Inc
0.55
 4.800
02/14/2029
24,840
Reliance Industries Ltd
0.55
 3.667
11/30/2027
24,840
Enel Finance International Nv
0.54
 3.500
04/06/2028
24,819
Orlen Sa
0.54
 6.000
01/30/2035
24,811
Westinghouse Air Brake Technologies Cor
0.54
 4.950
09/15/2028
24,793
Enbridge Inc
0.54
 5.700
03/08/2033
24,753
Credit Agricole Sa
0.54
 6.251
01/10/2035
24,723
Mplx Lp
0.54
 4.000
03/15/2028
24,642
Tyson Foods Inc
0.54
 5.700
03/15/2034
24,533
Keurig Dr Pepper Inc
0.54
 3.950
04/15/2029
24,533
Pacific Gas And Electric Co
0.54
 3.750
07/01/2028
24,515
Hca Inc
0.54
 4.125
06/15/2029
24,473
Medline Borrower Lp/Medline Co-Issuer I
0.54
 5.000
06/15/2031
24,444
Bnp Paribas Sa
0.54
 5.906
11/19/2035
24,412
International Flavors & Fragrances Inc
0.54
 1.832
10/15/2027
24,390
Dt Midstream Inc
0.53
 4.125
06/15/2029
24,353
Gfl Environmental Inc
0.53
 3.500
09/01/2028
24,348
Stryker Corp
0.53
 4.250
09/11/2029
24,345
Capital One Financial Corp
0.53
 6.183
01/30/2036
24,335
Sitios Latinoamerica Sab De Cv
0.53
 5.375
04/04/2032
24,330
Weyerhaeuser Co
0.53
 4.000
11/15/2029
24,262
Pacific Gas And Electric Co
0.53
 3.000
06/15/2028
24,213
Vici Properties Lp
0.53
 5.125
05/15/2032
24,167
Msci Inc
0.53
 4.000
11/15/2029
24,140
Cheniere Corpus Christi Holdings Llc
0.53
 3.700
11/15/2029
24,111
Marriott International Inc/Md
0.53
 5.500
04/15/2037
24,107
T-Mobile Usa Inc
0.53
 3.875
04/15/2030
24,098
Augusta Spinco Corp
0.53
 4.656
03/23/2031
24,050
Mplx Lp
0.53
 5.000
01/15/2033
24,045
Ares Capital Corp
0.53
 2.875
06/15/2028
24,038
Lpl Holdings Inc
0.53
 4.000
03/15/2029
24,016
Mplx Lp
0.53
 4.950
09/01/2032
23,999
Royal Bank Of Canada
0.52
 6.500
05/24/2086
23,893
Blue Owl Capital Corp
0.52
 2.875
06/11/2028
23,867
Marriott International Inc/Md
0.52
 5.350
03/15/2035
23,819
Enel Finance International Nv
0.52
 2.125
07/12/2028
23,806
General Mills Inc
0.52
 5.250
01/30/2035
23,792
Verizon Communications Inc
0.52
 4.750
01/15/2033
23,767
Mplx Lp
0.52
 5.400
04/01/2035
23,727
Bank Of Nova Scotia/The
0.52
 4.588
05/04/2037
23,653
General Mills Inc
0.52
 4.950
03/29/2033
23,648
Constellation Brands Inc
0.52
 3.150
08/01/2029
23,644
Equinix Inc
0.52
 3.200
11/18/2029
23,607
Prosus Nv
0.52
 3.680
01/21/2030
23,482
First Citizens Bancshares Inc/Nc
0.52
 6.254
03/12/2040
23,480
Sherwin-Williams Co/The
0.51
 2.950
08/15/2029
23,445
Glp Capital Lp / Glp Financing Ii Inc
0.51
 5.625
09/15/2034
23,388
Vistra Operations Co Llc
0.51
 5.350
01/31/2036
23,339
Alcon Finance Corp
0.51
 3.000
09/23/2029
23,310
Mplx Lp
0.51
 5.300
04/01/2036
23,306
Credit Agricole Sa
0.51
 3.250
01/14/2030
23,063
T-Mobile Usa Inc
0.50
 4.700
01/15/2035
22,950
Roper Technologies Inc
0.50
 5.100
09/15/2035
22,947
Royal Bank Of Canada
0.50
 6.350
11/24/2084
22,921
Altria Group Inc
0.50
 5.950
02/14/2049
22,738
Marriott International Inc/Md
0.49
 2.850
04/15/2031
22,536
Starbucks Corp
0.49
 2.250
03/12/2030
22,507
Marriott International Inc/Md
0.49
 3.500
10/15/2032
22,469
Conagra Brands Inc
0.49
 5.300
11/01/2038
22,330
Costar Group Inc
0.49
 2.800
07/15/2030
22,239
Space Exploration Technologies Corp
0.49
 6.600
07/15/2046
22,118
Lowe's Cos Inc
0.49
 2.625
04/01/2031
22,092
Equinix Inc
0.48
 2.150
07/15/2030
22,052
Mondelez International Inc
0.48
 3.000
03/17/2032
21,951
Lowe's Cos Inc
0.48
 1.700
10/15/2030
21,776
Canadian Pacific Railway Co
0.48
 2.450
12/02/2031
21,690
Hca Inc
0.48
 2.375
07/15/2031
21,637
T-Mobile Usa Inc
0.47
 2.250
11/15/2031
21,424
Altria Group Inc
0.47
 2.450
02/04/2032
21,341
Roper Technologies Inc
0.46
 1.750
02/15/2031
21,175
Capital One Financial Corp
0.46
 2.359
07/29/2032
21,139
Athene Holding Ltd
0.46
 6.250
04/01/2054
21,002
T-Mobile Usa Inc
0.46
 4.375
04/15/2040
20,771
Tyson Foods Inc
0.45
 5.100
09/28/2048
20,599
Citigroup Inc
0.44
 4.750
05/18/2046
20,004
Mcdonald's Corp
0.42
 4.450
09/01/2048
19,248
Kroger Co/The
0.42
 4.450
02/01/2047
19,127
Keurig Dr Pepper Inc
0.41
 4.500
04/15/2052
18,830
Wsp Global Inc
0.41
 5.714
09/18/2036
18,637
Lowe's Cos Inc
0.40
 4.050
05/03/2047
18,234
Societe Generale Sa
0.39
 4.027
01/21/2043
17,605
Infraestructura Energetica Nova Sapi De
0.38
 4.750
01/15/2051
17,198
T-Mobile Usa Inc
0.37
 3.000
02/15/2041
16,964
Keurig Dr Pepper Inc
0.37
 3.800
05/01/2050
16,820
Oracle Corp
0.37
 5.500
09/27/2064
16,817
Bnp Paribas Sa
0.36
 2.824
01/26/2041
16,342
International Flavors & Fragrances Inc
0.35
 3.468
12/01/2050
16,087
At&T Inc
0.33
 3.850
06/01/2060
15,160
T-Mobile Usa Inc
0.33
 3.400
10/15/2052
15,036
T-Mobile Usa Inc
0.32
 3.300
02/15/2051
14,762
Lowe's Cos Inc
0.32
 3.000
10/15/2050
14,536
--
0.98
 --
--
44,747
Other/Cash
-0.44
 --
--
-20,220
← Scroll for more information →
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

Country Weightings (%) as at 08/31/2026

  • Country

    % of Net Assets

  • United States

    81.01

  • France

    6.49

  • Canada

    6.06

  • United Kingdom

    1.10

  • Netherlands

    1.01

  • Mexico

    0.93

  • Norway

    0.60

  • Poland

    0.54

  • Ireland

    0.54

  • Italy

    0.53

  • India

    0.53

  • Other/Cash

    0.66

Credit Quality (%) as of 08/31/2026

Composite % of Net Assets
Investment Grade A 0.54
BBB 92.92
Non-Investment Grade BB 5.88
Total Investment Grade -- 93.46
Total Non-Investment Grade -- 5.88
If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two 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 08/31/2026

  • Years

    Maturity (%)

  • < 1

    1.00

  • 1 - 3

    16.90

  • 3 - 5

    20.00

  • 5 - 7

    13.20

  • 7 - 10

    15.10

  • 10 - 15

    12.40

  • 15 - 20

    6.10

  • 20 - 30

    11.40

  • 30 +

    3.50

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
10/01/2026 10/01/2026 10/06/2026 $ 0.0870 -- -- -- $ 0.09
09/01/2026 09/01/2026 09/04/2026 $ 0.0903 -- -- -- $ 0.09
08/03/2026 08/03/2026 08/06/2026 $ 0.0921 -- -- -- $ 0.09
07/01/2026 07/01/2026 07/07/2026 $ 0.0884 -- -- -- $ 0.09
06/01/2026 06/01/2026 06/04/2026 $ 0.1055 -- -- -- $ 0.11
05/01/2026 05/01/2026 05/06/2026 $ 0.0861 -- -- -- $ 0.09
04/01/2026 04/01/2026 04/07/2026 $ 0.0971 -- -- -- $ 0.10
03/02/2026 03/02/2026 03/05/2026 $ 0.0797 -- -- -- $ 0.08
02/02/2026 02/02/2026 02/05/2026 $ 0.0887 -- -- -- $ 0.09
12/29/2025 12/29/2025 12/31/2025 $ 0.0914 -- -- -- $ 0.09
11/28/2025 11/28/2025 12/03/2025 $ 0.0858 -- -- -- $ 0.09
11/03/2025 11/03/2025 11/06/2025 $ 0.0921 -- -- -- $ 0.09
10/01/2025 10/01/2025 10/06/2025 $ 0.0865 -- -- -- $ 0.09
09/02/2025 09/02/2025 09/05/2025 $ 0.0893 -- -- -- $ 0.09
08/01/2025 08/01/2025 08/06/2025 $ 0.0924 -- -- -- $ 0.09
07/01/2025 07/01/2025 07/07/2025 $ 0.0869 -- -- -- $ 0.09
06/02/2025 06/02/2025 06/05/2025 $ 0.0915 -- -- -- $ 0.09
05/01/2025 05/01/2025 05/06/2025 $ 0.0866 -- -- -- $ 0.09
04/01/2025 04/01/2025 04/04/2025 $ 0.0974 -- -- -- $ 0.10
03/03/2025 03/03/2025 03/06/2025 $ 0.0904 -- -- -- $ 0.09
02/03/2025 02/03/2025 02/06/2025 $ 0.0909 -- -- -- $ 0.09
12/27/2024 12/27/2024 12/30/2024 $ 0.0898 -- -- -- $ 0.09
12/02/2024 12/02/2024 12/05/2024 $ 0.0854 -- -- -- $ 0.09
11/01/2024 11/01/2024 11/06/2024 $ 0.0879 -- -- -- $ 0.09
10/01/2024 10/01/2024 10/04/2024 $ 0.0863 -- -- -- $ 0.09
09/03/2024 09/03/2024 09/06/2024 $ 0.0894 -- -- -- $ 0.09
08/01/2024 08/01/2024 08/06/2024 $ 0.0913 -- -- -- $ 0.09
07/01/2024 07/01/2024 07/05/2024 $ 0.0881 -- -- -- $ 0.09
06/03/2024 06/03/2024 06/06/2024 $ 0.0903 -- -- -- $ 0.09
05/01/2024 05/02/2024 05/07/2024 $ 0.0846 -- -- -- $ 0.08
04/01/2024 04/02/2024 04/05/2024 $ 0.0906 -- -- -- $ 0.09
03/01/2024 03/04/2024 03/07/2024 $ 0.0795 -- -- -- $ 0.08
02/01/2024 02/02/2024 02/07/2024 $ 0.0809 -- -- -- $ 0.08
12/27/2023 12/28/2023 12/29/2023 $ 0.0916 -- -- -- $ 0.09
12/01/2023 12/04/2023 12/07/2023 $ 0.0809 -- -- -- $ 0.08
11/01/2023 11/02/2023 11/07/2023 $ 0.0816 -- -- -- $ 0.08
10/02/2023 10/03/2023 10/06/2023 $ 0.0785 -- -- -- $ 0.08
09/01/2023 09/05/2023 09/08/2023 $ 0.0810 -- -- -- $ 0.08
08/01/2023 08/02/2023 08/10/2023 $ 0.0827 -- -- -- $ 0.08
07/03/2023 07/05/2023 07/07/2023 $ 0.0817 -- -- -- $ 0.08
06/01/2023 06/02/2023 06/07/2023 $ 0.0844 -- -- -- $ 0.08
05/01/2023 05/02/2023 05/05/2023 $ 0.0747 -- -- -- $ 0.07
04/03/2023 04/04/2023 04/10/2023 $ 0.0855 -- -- -- $ 0.09
03/01/2023 03/02/2023 03/07/2023 $ 0.0680 -- -- -- $ 0.07
02/01/2023 02/02/2023 02/07/2023 $ 0.0766 -- -- -- $ 0.08
12/28/2022 12/29/2022 12/30/2022 $ 0.0711 -- -- -- $ 0.07
12/01/2022 12/02/2022 12/07/2022 $ 0.0660 -- -- -- $ 0.07
11/01/2022 11/02/2022 11/07/2022 $ 0.0640 -- -- -- $ 0.06
10/03/2022 10/04/2022 10/07/2022 $ 0.0569 -- -- -- $ 0.06
09/01/2022 09/02/2022 09/08/2022 $ 0.0585 -- -- -- $ 0.06
08/01/2022 08/02/2022 08/05/2022 $ 0.0586 -- -- -- $ 0.06
07/01/2022 07/05/2022 07/08/2022 $ 0.0442 -- -- -- $ 0.04
06/01/2022 06/02/2022 06/07/2022 $ 0.0501 -- -- -- $ 0.05
05/02/2022 05/03/2022 05/06/2022 $ 0.0499 -- -- -- $ 0.05
04/01/2022 04/04/2022 04/07/2022 $ 0.0493 -- -- -- $ 0.05
03/01/2022 03/02/2022 03/07/2022 $ 0.0436 -- -- -- $ 0.04
02/01/2022 02/02/2022 02/07/2022 $ 0.0480 -- -- -- $ 0.05
12/29/2021 12/30/2021 12/31/2021 $ 0.0464 -- -- -- $ 0.05
12/01/2021 12/02/2021 12/07/2021 $ 0.0489 -- -- -- $ 0.05
11/01/2021 11/02/2021 11/05/2021 $ 0.0505 -- -- -- $ 0.05
10/01/2021 10/04/2021 10/07/2021 $ 0.0473 -- -- -- $ 0.05
09/01/2021 09/02/2021 09/08/2021 $ 0.0448 -- -- -- $ 0.04
08/02/2021 08/03/2021 08/06/2021 $ 0.0452 -- -- -- $ 0.05
07/01/2021 07/02/2021 07/08/2021 $ 0.0463 -- -- -- $ 0.05
06/01/2021 06/02/2021 06/07/2021 $ 0.0486 -- -- -- $ 0.05
05/03/2021 05/04/2021 05/07/2021 $ 0.0480 -- -- -- $ 0.05
04/01/2021 04/05/2021 04/08/2021 $ 0.0469 -- -- -- $ 0.05
03/01/2021 03/02/2021 03/05/2021 $ 0.0451 -- -- -- $ 0.05
02/01/2021 02/02/2021 02/05/2021 $ 0.0500 -- -- -- $ 0.05
12/29/2020 12/30/2020 01/05/2021 $ 0.0470 -- -- -- $ 0.05

‡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.

Click here to access more detailed yearend tax information

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