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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
    $52.71

    as of April 20, 2026
  • YTD RETURNS
    1.14%

    as of April 20, 2026
  • Total Net Assets
    $1.32B

    as of April 20, 2026
  • Total Expense Ratio
    0.36%
  • Inception Date
    06/21/2022
  • 30-Day SEC Yield
    5.11%
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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  04/20/2026

Distribution Frequency

Monthly

30-Day SEC Yield

5.11%

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 5.11% on 04/20/26. 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 04/20/2026

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
64,101,296
Signal Peak Clo 4 Ltd
2.85
 5.318
10/26/2034
37,532,547
Regatta Vi Funding Ltd
2.77
 5.206
10/20/2038
36,454,768
Ocean Trails Clo Xv Ltd
2.65
 0.049
01/15/2039
34,958,287
Cqs Us Clo 6 Ltd
2.65
 --
03/31/2039
34,922,735
United States Treasury Bill
2.31
 --
05/19/2026
30,414,600
Neuberger Berman Loan Advisers Clo 38 L
2.03
 0.051
10/20/2036
26,700,853
Octagon 64 Ltd
1.90
 0.054
07/21/2037
24,983,281
Neuberger Berman Loan Advisers Clo 42 L
1.71
 0.051
07/16/2036
22,517,136
Sagard-Halseypoint Clo 10 Ltd
1.68
 0.056
10/20/2038
22,103,123
Kkr Clo 36 Ltd
1.67
 0.054
10/15/2034
22,040,777
Silver Rock Clo Ii Ltd
1.59
 0.053
01/20/2035
20,889,268
Sculptor Clo Xxix Ltd
1.54
 5.419
07/22/2038
20,349,900
Trinitas Clo Xix Ltd
1.53
 0.048
10/20/2033
20,217,845
Icg Us Clo 2025-2 Ltd
1.42
 0.050
01/18/2039
18,754,652
Trinitas Clo Xx Ltd
1.28
 0.052
07/20/2035
16,831,845
Capital Four Us Clo Ltd
1.27
 0.051
10/18/2038
16,792,686
Canyon Clo 2020-2 Ltd
1.27
 0.052
10/15/2034
16,683,110
Ozlm Xiv Ltd
1.25
 0.055
01/15/2038
16,463,173
Kkr Clo 37 Ltd
1.19
 0.053
04/20/2038
15,700,673
Sagard-Halseypoint Clo 8 Ltd
1.11
 5.057
01/30/2038
14,686,519
Bluemountain Clo Xxx Ltd
1.09
 0.053
04/15/2035
14,385,651
Kkr Clo 28 Ltd
1.08
 0.053
02/09/2035
14,214,985
Lcm 39 Ltd
1.07
 0.057
10/15/2034
14,103,383
Bluemountain Clo Xxxi Ltd
1.07
 0.053
04/19/2034
14,048,367
Signal Peak Clo 4 Ltd
1.06
 5.668
10/26/2034
13,922,162
Rockford Tower Clo 2021-3 Ltd
1.02
 0.053
01/15/2038
13,467,722
Lcm 40 Ltd
1.00
 0.058
01/15/2038
13,188,520
Sagard-Halseypoint Clo 10 Ltd
0.99
 0.059
10/20/2038
13,048,894
Bluemountain Clo Xxv Ltd
0.99
 0.050
01/15/2038
13,017,104
Trinitas Clo Xviii Ltd
0.97
 0.054
01/20/2035
12,787,780
Bain Capital Credit Clo 2021-2 Ltd
0.96
 0.068
07/16/2034
12,608,123
Rockford Tower Clo 2021-2 Ltd
0.95
 0.054
07/20/2034
12,500,883
Canyon Capital Clo 2019-2 Ltd
0.92
 0.056
10/15/2034
12,186,068
Columbia Cent Clo 34 Ltd
0.92
 5.318
01/25/2038
12,117,830
Generate Clo 22 Ltd
0.91
 0.059
07/20/2038
12,035,801
Rockford Tower Clo 2022-3 Ltd
0.91
 0.051
07/20/2037
12,014,198
Trinitas Clo Xiv Ltd
0.88
 5.768
01/25/2034
11,605,353
Canyon Clo 2020-1 Ltd
0.86
 0.056
07/15/2034
11,396,527
Arini Us Clo Iii Ltd
0.85
 5.190
01/15/2039
11,239,072
Bluemountain Clo Xxxv Ltd
0.84
 5.369
10/22/2037
11,102,850
Anchorage Capital Clo 2026-22 Ltd
0.84
 5.000
01/20/2039
11,024,601
Sycamore Tree Clo 2021-1 Ltd
0.84
 0.051
01/20/2038
11,010,553
Bain Capital Credit Clo 2017-2 Ltd
0.82
 5.068
07/25/2037
10,747,626
Symphony Clo 42 Ltd
0.81
 0.052
04/17/2037
10,611,317
Sound Point Clo Xxvi Ltd
0.80
 0.056
07/20/2034
10,525,927
Rockford Tower Clo 2022-1 Ltd
0.80
 0.054
07/20/2035
10,480,466
Dryden 61 Clo Ltd
0.79
 0.053
01/17/2032
10,390,133
Sound Point Clo 2025r-1 Ltd
0.78
 5.306
02/20/2038
10,254,468
Canyon Capital Clo 2016-1 Ltd
0.76
 0.056
07/15/2031
10,052,906
Bain Capital Credit Clo 2020-3 Ltd
0.76
 6.771
10/23/2034
10,050,434
Signal Peak Clo 3 Ltd
0.76
 --
04/23/2039
10,026,109
Columbia Cent Clo 32 Ltd
0.76
 5.768
07/24/2034
10,015,992
Generate Clo 9 Ltd
0.76
 0.054
01/20/2038
10,009,974
Wind River 2024-1 Clo Ltd
0.76
 0.053
04/20/2037
10,006,931
Ocean Trails Clo Xi
0.74
 0.052
07/20/2034
9,740,252
Tcw Clo 2019-1 Amr Ltd
0.70
 5.605
08/16/2034
9,250,413
Sculptor Clo Xxviii Ltd
0.68
 0.056
01/20/2035
8,899,241
Bluemountain Clo Xxxiv Ltd
0.66
 0.053
04/20/2035
8,717,047
Allegro Clo Xii Ltd
0.66
 0.051
07/21/2037
8,636,583
Rockford Tower Clo 2020-1 Ltd
0.65
 0.056
01/20/2036
8,541,778
Bridge Street Clo Ii Ltd
0.65
 0.050
01/20/2039
8,538,281
Rockford Tower Clo 2021-2 Ltd
0.64
 0.056
07/20/2034
8,402,322
Anchorage Capital Clo 17 Ltd
0.60
 0.051
02/28/2038
7,868,378
Wellfleet Clo 2021-2 Ltd
0.59
 0.054
07/15/2034
7,772,122
Columbia Cent Clo 35 Ltd
0.58
 5.418
07/25/2036
7,606,448
Signal Peak Clo 4 Ltd
0.55
 7.130
10/26/2034
7,232,685
Trinitas Clo Xix Ltd
0.53
 0.066
10/20/2033
6,922,874
Bain Capital Credit Clo 2021-4 Ltd
0.49
 0.070
10/20/2034
6,491,972
Sculptor Clo Xxix Ltd
0.48
 5.039
07/22/2038
6,285,479
Canyon Capital Clo 2016-2 Ltd
0.46
 0.057
10/15/2031
6,031,802
Invesco Us Clo 2024-1 Ltd
0.46
 --
04/15/2037
6,010,257
Wind River 2021-2 Clo Ltd
0.45
 0.053
07/20/2034
5,973,612
Icg Us Clo 2021-3 Ltd
0.45
 0.058
10/20/2034
5,964,005
Ocp Clo 2019-17 Ltd
0.45
 0.051
07/20/2037
5,962,673
Octagon 54 Ltd
0.45
 0.051
07/15/2034
5,902,359
Bain Capital Credit Clo 2021-1 Ltd
0.45
 0.051
04/18/2034
5,899,276
Columbia Cent Clo 31 Ltd
0.43
 0.053
04/20/2034
5,717,632
Brant Point Clo 2024-4 Ltd
0.42
 0.054
07/20/2037
5,504,402
Fort Washington Clo 2019-1
0.42
 0.054
10/20/2037
5,486,105
Wellfleet Clo 2021-2 Ltd
0.40
 0.074
07/15/2034
5,318,788
Canyon Capital Clo 2019-2 Ltd
0.40
 0.047
10/15/2034
5,294,565
Signal Peak Clo 9 Ltd
0.40
 0.050
01/21/2038
5,283,808
Marble Point Clo Xxii Ltd
0.40
 5.368
07/25/2034
5,256,480
Dryden 95 Clo Ltd
0.40
 6.706
08/20/2034
5,252,371
Park Blue Clo 2024-V Ltd
0.39
 5.148
07/25/2037
5,167,835
Silver Point Clo 9 Ltd
0.38
 0.055
03/31/2038
5,009,876
Wehle Park Clo Ltd
0.38
 0.056
10/21/2038
5,003,524
Bluemountain Clo Xxxii Ltd
0.37
 0.068
10/15/2034
4,936,680
Bain Capital Credit Clo 2021-7 Ltd
0.35
 5.469
01/22/2035
4,554,540
Menlo Clo Iv Ltd
0.34
 5.000
03/20/2039
4,522,115
Midocean Credit Clo Xi Ltd
0.34
 0.052
01/18/2036
4,491,290
Anchorage Capital Clo 17 Ltd
0.32
 0.053
02/28/2038
4,265,717
Tcw Clo 2020-1 Ltd
0.32
 0.057
04/20/2034
4,158,266
Wind River 2022-1 Clo Ltd
0.31
 0.050
07/20/2035
4,146,930
Silver Rock Clo V Ltd
0.31
 5.000
01/20/2039
4,065,710
Midocean Credit Clo Xiv Ltd
0.28
 --
04/15/2037
3,684,867
Octagon 66 Ltd
0.28
 5.652
02/16/2037
3,683,902
Lcm 39 Ltd
0.27
 0.069
10/15/2034
3,526,188
Creeksource 2024-1 Dunes Creek Clo Ltd
0.27
 0.053
01/15/2038
3,495,464
Lcm 41 Ltd
0.25
 0.054
04/15/2036
3,291,162
Trinitas Clo Xvii Ltd
0.24
 0.069
10/20/2034
3,217,899
Tcw Clo 2019-1 Amr Ltd
0.24
 7.584
08/16/2034
3,122,317
Anchorage Capital Clo 30 Ltd
0.23
 0.053
01/20/2037
3,078,204
Polus Us Clo Iii Ltd
0.23
 5.687
01/20/2039
3,058,026
Rockford Tower Clo 2019-2 Ltd
0.23
 5.656
08/20/2032
3,031,470
Regatta Xvi Funding Ltd
0.23
 0.050
04/15/2039
2,994,359
Agl Core Clo 8 Ltd
0.23
 0.052
01/20/2038
2,990,123
Sound Point Clo Xxix Ltd
0.22
 5.268
04/25/2034
2,912,141
Midocean Credit Clo Xx
0.20
 0.050
01/20/2039
2,681,896
Aimco Clo 24 Ltd
0.20
 0.055
04/19/2038
2,657,600
Octagon Investment Partners 28 Ltd
0.19
 5.388
04/24/2037
2,532,916
Harvest Us Clo 2023-1 Ltd
0.19
 0.052
01/15/2037
2,475,134
Columbia Cent Clo 34 Ltd
0.18
 5.518
01/25/2038
2,332,577
Tcw Clo 2019-1 Amr Ltd
0.18
 4.954
08/16/2034
2,324,283
Wise Clo 2023-1 Ltd
0.17
 0.054
10/20/2038
2,243,089
Sound Point Clo Xxxi Ltd
0.17
 7.180
10/25/2034
2,173,944
Canyon Capital Clo 2019-1 Ltd
0.16
 0.051
07/15/2037
2,149,579
Whitebox Clo Iii Ltd
0.16
 0.056
10/15/2035
2,102,805
Tcw Clo 2023-1 Ltd
0.15
 5.418
03/31/2038
2,021,518
Polus Us Clo Ii Ltd
0.15
 0.084
07/20/2038
2,010,882
Anchorage Capital Clo 15 Ltd
0.15
 0.058
07/20/2038
2,007,915
Palmer Square Clo 2023-2 Ltd
0.15
 0.059
07/20/2038
2,006,789
Madison Park Funding Lxiii Ltd
0.15
 0.058
07/21/2038
2,005,029
Sculptor Clo Xxx Ltd
0.15
 0.057
07/20/2038
2,002,696
Barings Clo Ltd 2024-I
0.15
 --
01/20/2039
2,001,448
Bluemountain Clo Xxxiii Ltd
0.15
 0.074
10/20/2038
1,998,085
Thl Credit Wind River 2017-3 Clo Ltd
0.15
 0.059
04/15/2035
1,987,178
Silver Rock Clo Ii Ltd
0.15
 0.058
01/20/2035
1,979,174
Lcm 41 Ltd
0.14
 0.073
04/15/2036
1,796,521
Wind River 2021-2 Clo Ltd
0.13
 0.057
07/20/2034
1,731,477
Sculptor Clo Xxvi Ltd
0.13
 0.055
01/20/2038
1,730,622
Signal Peak Clo 10 Ltd
0.12
 5.118
01/24/2038
1,515,670
Columbia Cent Clo 35 Ltd
0.11
 5.668
07/25/2036
1,510,025
Cbam 2017-2 Ltd
0.11
 0.058
07/17/2034
1,504,709
Aimco Clo Series 2018-B
0.11
 --
04/16/2037
1,503,779
Hps Loan Management 2023-18 Ltd
0.11
 0.067
07/20/2039
1,498,505
Octagon 71 Ltd
0.10
 --
04/18/2037
1,252,047
Kkr Clo 24 Ltd
0.09
 0.050
04/20/2032
1,220,774
Halseypoint Clo 7 Ltd
0.09
 0.059
07/20/2038
1,201,466
Lcm 39 Ltd
0.09
 0.107
10/15/2034
1,192,794
Carlyle Us Clo 2021-7 Ltd
0.09
 0.049
04/15/2038
1,153,514
Sound Point Clo Xxvi Ltd
0.08
 0.051
07/20/2034
1,099,689
Dryden 104 Clo Ltd
0.08
 5.256
08/20/2034
1,082,416
Wind River 2023-1 Clo Ltd
0.08
 5.718
07/25/2038
1,016,313
Midocean Credit Clo Xiv Ltd
0.08
 --
04/15/2037
1,005,085
Sound Point Clo Xxiii
0.08
 0.051
07/15/2034
1,000,399
Anchorage Capital Clo 17 Ltd
0.08
 0.049
02/15/2038
1,000,020
Allegro Clo Xv Ltd
0.08
 0.049
04/20/2038
998,357
Bain Capital Credit Clo 2021-7 Ltd
0.07
 10.169
01/22/2035
941,881
Kkr Clo 27 Ltd
0.07
 0.099
01/15/2035
939,553
Bluemountain Clo 2018-3 Ltd
0.07
 4.858
10/25/2030
885,184
Regatta Xii Funding Ltd
0.05
 0.048
10/15/2037
600,721
Lcm 29 Ltd
0.02
 0.050
04/15/2031
323,821
Dryden 64 Clo Ltd
0.01
 0.049
04/18/2031
187,138
--
0.76
 --
--
10,073,321
Other/Cash
0.12
 --
--
1,645,264
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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

    55.95

  • 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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