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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
    $52.68

    as of April 17, 2026
  • YTD RETURNS
    1.09%

    as of April 17, 2026
  • Total Net Assets
    $1.31B

    as of April 17, 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  04/17/2026

Distribution Frequency

Monthly

30-Day SEC Yield

5.11%

Distribution Yield

5.05%

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 04/17/26. 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 04/16/2026

Download XLS Get holdings
Total Holdings: 156
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
Anchorage Capital Clo 2026-22 Ltd
4.89
 5.000
01/20/2039
64,067,565
Signal Peak Clo 4 Ltd
2.86
 5.318
10/26/2034
37,511,609
Regatta Vi Funding Ltd
2.81
 5.206
10/20/2038
36,858,381
Ocean Trails Clo Xv Ltd
2.66
 4.932
01/15/2039
34,939,418
Cqs Us Clo 6 Ltd
2.66
 --
03/31/2039
34,907,415
Neuberger Berman Loan Advisers Clo 38 L
2.05
 5.068
10/20/2036
26,950,647
Octagon 64 Ltd
1.93
 5.370
07/21/2037
25,303,769
Trinitas Clo Xix Ltd
1.73
 4.778
10/20/2033
22,721,465
Sagard-Halseypoint Clo 10 Ltd
1.73
 5.630
10/20/2038
22,678,770
Neuberger Berman Loan Advisers Clo 42 L
1.72
 5.071
07/16/2036
22,492,939
Kkr Clo 36 Ltd
1.68
 5.422
10/15/2034
22,027,784
United States Treasury Bill
1.63
 --
05/19/2026
21,431,455
Silver Rock Clo Ii Ltd
1.61
 5.268
01/20/2035
21,153,267
Sculptor Clo Xxix Ltd
1.55
 5.419
07/22/2038
20,268,357
Icg Us Clo 2025-2 Ltd
1.45
 5.006
01/18/2039
19,080,228
Capital Four Us Clo Ltd
1.30
 5.058
10/18/2038
17,089,164
Trinitas Clo Xx Ltd
1.30
 5.168
07/20/2035
17,040,477
Canyon Clo 2020-2 Ltd
1.27
 5.202
10/15/2034
16,673,576
Ozlm Xiv Ltd
1.25
 5.512
01/15/2038
16,420,474
Kkr Clo 37 Ltd
1.21
 5.318
04/20/2038
15,899,950
Sagard-Halseypoint Clo 8 Ltd
1.12
 5.057
01/30/2038
14,678,459
Bluemountain Clo Xxx Ltd
1.10
 5.272
04/15/2035
14,377,314
Bluemountain Clo Xxxi Ltd
1.08
 5.268
04/19/2034
14,228,246
Kkr Clo 28 Ltd
1.08
 5.321
02/09/2035
14,206,689
Lcm 39 Ltd
1.07
 5.672
10/15/2034
14,094,543
Signal Peak Clo 4 Ltd
1.06
 5.668
10/26/2034
13,913,287
Rockford Tower Clo 2021-3 Ltd
1.03
 5.322
01/15/2038
13,459,845
Sagard-Halseypoint Clo 10 Ltd
1.02
 5.930
10/20/2038
13,407,808
Lcm 40 Ltd
1.01
 5.822
01/15/2038
13,180,124
Bluemountain Clo Xxv Ltd
0.99
 5.022
01/15/2038
13,009,940
Trinitas Clo Xviii Ltd
0.99
 5.418
01/20/2035
12,953,072
Rockford Tower Clo 2021-2 Ltd
0.97
 5.368
07/20/2034
12,660,998
Bain Capital Credit Clo 2021-2 Ltd
0.96
 6.771
07/16/2034
12,598,624
Generate Clo 22 Ltd
0.93
 5.849
07/20/2038
12,191,185
Canyon Capital Clo 2019-2 Ltd
0.93
 5.572
10/15/2034
12,178,412
Rockford Tower Clo 2022-3 Ltd
0.93
 5.108
07/20/2037
12,160,696
Columbia Cent Clo 34 Ltd
0.92
 5.318
01/25/2038
12,110,655
Trinitas Clo Xiv Ltd
0.88
 5.768
01/25/2034
11,598,110
Canyon Clo 2020-1 Ltd
0.87
 5.622
07/15/2034
11,389,331
Arini Us Clo Iii Ltd
0.86
 5.190
01/15/2039
11,232,531
Sycamore Tree Clo 2021-1 Ltd
0.85
 5.058
01/20/2038
11,143,441
Bluemountain Clo Xxxv Ltd
0.85
 5.369
10/22/2037
11,096,211
Anchorage Capital Clo 2026-22 Ltd
0.84
 5.000
01/20/2039
11,018,409
Bain Capital Credit Clo 2017-2 Ltd
0.82
 5.068
07/25/2037
10,740,491
Sound Point Clo Xxvi Ltd
0.81
 5.579
07/20/2034
10,662,386
Rockford Tower Clo 2022-1 Ltd
0.81
 5.368
07/20/2035
10,614,890
Symphony Clo 42 Ltd
0.81
 5.198
04/17/2037
10,604,700
Dryden 61 Clo Ltd
0.79
 5.248
01/17/2032
10,384,128
Sound Point Clo 2025r-1 Ltd
0.78
 5.306
02/20/2038
10,248,445
Generate Clo 9 Ltd
0.77
 5.418
01/20/2038
10,139,331
Wind River 2024-1 Clo Ltd
0.77
 5.268
04/20/2037
10,131,974
Canyon Capital Clo 2016-1 Ltd
0.77
 5.634
07/15/2031
10,047,536
Bain Capital Credit Clo 2020-3 Ltd
0.77
 6.771
10/23/2034
10,042,681
Signal Peak Clo 3 Ltd
0.76
 --
04/23/2039
10,017,707
Columbia Cent Clo 32 Ltd
0.76
 5.768
07/24/2034
10,009,543
Ocean Trails Clo Xi
0.75
 5.218
07/20/2034
9,862,350
Tcw Clo 2019-1 Amr Ltd
0.70
 5.605
08/16/2034
9,244,851
Sculptor Clo Xxviii Ltd
0.69
 5.618
01/20/2035
9,020,313
Bluemountain Clo Xxxiv Ltd
0.67
 5.268
04/20/2035
8,827,139
Allegro Clo Xii Ltd
0.67
 5.110
07/21/2037
8,741,984
Rockford Tower Clo 2020-1 Ltd
0.66
 5.568
01/20/2036
8,656,607
Bridge Street Clo Ii Ltd
0.66
 5.000
01/20/2039
8,621,552
Rockford Tower Clo 2021-2 Ltd
0.65
 5.618
07/20/2034
8,515,291
Anchorage Capital Clo 17 Ltd
0.60
 5.122
02/28/2038
7,863,974
Wellfleet Clo 2021-2 Ltd
0.59
 5.422
07/15/2034
7,734,399
Columbia Cent Clo 35 Ltd
0.58
 5.418
07/25/2036
7,601,933
Signal Peak Clo 4 Ltd
0.55
 7.130
10/26/2034
7,226,727
Trinitas Clo Xix Ltd
0.54
 6.618
10/20/2033
7,032,833
Bain Capital Credit Clo 2021-4 Ltd
0.50
 7.029
10/20/2034
6,604,429
Sculptor Clo Xxix Ltd
0.48
 5.039
07/22/2038
6,282,008
Wind River 2021-2 Clo Ltd
0.46
 5.268
07/20/2034
6,048,963
Icg Us Clo 2021-3 Ltd
0.46
 5.768
10/20/2034
6,046,576
Ocp Clo 2019-17 Ltd
0.46
 5.068
07/20/2037
6,033,958
Canyon Capital Clo 2016-2 Ltd
0.46
 5.684
10/15/2031
6,028,540
Invesco Us Clo 2024-1 Ltd
0.46
 --
04/15/2037
6,005,910
Bain Capital Credit Clo 2021-1 Ltd
0.46
 5.068
04/18/2034
5,971,203
Octagon 54 Ltd
0.45
 5.054
07/15/2034
5,899,057
Columbia Cent Clo 31 Ltd
0.44
 5.268
04/20/2034
5,789,780
Brant Point Clo 2024-4 Ltd
0.43
 5.418
07/20/2037
5,575,439
Fort Washington Clo 2019-1
0.42
 5.368
10/20/2037
5,556,600
Signal Peak Clo 9 Ltd
0.41
 5.030
01/21/2038
5,351,968
Wellfleet Clo 2021-2 Ltd
0.41
 7.422
07/15/2034
5,314,252
Canyon Capital Clo 2019-2 Ltd
0.40
 4.682
10/15/2034
5,291,765
Marble Point Clo Xxii Ltd
0.40
 5.368
07/25/2034
5,253,342
Dryden 95 Clo Ltd
0.40
 6.706
08/20/2034
5,248,167
Park Blue Clo 2024-V Ltd
0.39
 5.148
07/25/2037
5,164,969
Wehle Park Clo Ltd
0.39
 5.570
10/21/2038
5,070,060
Silver Point Clo 9 Ltd
0.38
 5.472
03/31/2038
5,006,895
Bluemountain Clo Xxxii Ltd
0.38
 6.772
10/15/2034
4,932,997
Bain Capital Credit Clo 2021-7 Ltd
0.35
 5.469
01/22/2035
4,551,774
Midocean Credit Clo Xi Ltd
0.35
 5.168
01/18/2036
4,546,804
Menlo Clo Iv Ltd
0.34
 5.000
03/20/2039
4,520,174
Anchorage Capital Clo 17 Ltd
0.33
 5.322
02/28/2038
4,263,309
Tcw Clo 2020-1 Ltd
0.32
 5.668
04/20/2034
4,215,066
Wind River 2022-1 Clo Ltd
0.32
 5.018
07/20/2035
4,196,647
Silver Rock Clo V Ltd
0.31
 5.000
01/20/2039
4,063,207
Octagon 66 Ltd
0.28
 5.652
02/16/2037
3,681,626
Midocean Credit Clo Xiv Ltd
0.28
 --
04/15/2037
3,681,012
Lcm 39 Ltd
0.27
 6.922
10/15/2034
3,514,500
Creeksource 2024-1 Dunes Creek Clo Ltd
0.27
 5.322
01/15/2038
3,493,426
Lcm 41 Ltd
0.25
 5.372
04/15/2036
3,289,208
Trinitas Clo Xvii Ltd
0.25
 6.918
10/20/2034
3,271,537
Tcw Clo 2019-1 Amr Ltd
0.24
 7.584
08/16/2034
3,119,591
Anchorage Capital Clo 30 Ltd
0.24
 5.268
01/20/2037
3,116,142
Polus Us Clo Iii Ltd
0.23
 5.687
01/20/2039
3,056,178
Rockford Tower Clo 2019-2 Ltd
0.23
 5.656
08/20/2032
3,029,597
Agl Core Clo 8 Ltd
0.23
 5.168
01/20/2038
3,027,147
Regatta Xvi Funding Ltd
0.23
 5.000
04/15/2039
2,992,704
Sound Point Clo Xxix Ltd
0.22
 5.268
04/25/2034
2,910,392
Midocean Credit Clo Xx
0.21
 4.961
01/20/2039
2,725,444
Aimco Clo 24 Ltd
0.21
 5.518
04/19/2038
2,692,563
Octagon Investment Partners 28 Ltd
0.19
 5.388
04/24/2037
2,531,407
Harvest Us Clo 2023-1 Ltd
0.19
 5.222
01/15/2037
2,473,781
Columbia Cent Clo 34 Ltd
0.18
 5.518
01/25/2038
2,331,162
Tcw Clo 2019-1 Amr Ltd
0.18
 4.954
08/16/2034
2,320,047
Wise Clo 2023-1 Ltd
0.17
 5.368
10/20/2038
2,271,928
Sound Point Clo Xxxi Ltd
0.17
 7.180
10/25/2034
2,172,111
Canyon Capital Clo 2019-1 Ltd
0.16
 5.102
07/15/2037
2,148,369
Whitebox Clo Iii Ltd
0.16
 5.572
10/15/2035
2,101,521
Polus Us Clo Ii Ltd
0.16
 8.418
07/20/2038
2,051,115
Anchorage Capital Clo 15 Ltd
0.16
 5.768
07/20/2038
2,035,495
Palmer Square Clo 2023-2 Ltd
0.16
 5.868
07/20/2038
2,034,836
Bluemountain Clo Xxxiii Ltd
0.16
 7.418
10/20/2038
2,033,502
Madison Park Funding Lxiii Ltd
0.16
 5.820
07/21/2038
2,032,841
Sculptor Clo Xxx Ltd
0.15
 5.718
07/20/2038
2,029,999
Tcw Clo 2023-1 Ltd
0.15
 5.418
03/31/2038
2,020,302
Barings Clo Ltd 2024-I
0.15
 --
01/20/2039
2,009,910
Silver Rock Clo Ii Ltd
0.15
 5.768
01/20/2035
2,006,705
Thl Credit Wind River 2017-3 Clo Ltd
0.15
 5.872
04/15/2035
1,985,889
Lcm 41 Ltd
0.14
 7.272
04/15/2036
1,795,081
Wind River 2021-2 Clo Ltd
0.13
 5.668
07/20/2034
1,759,511
Sculptor Clo Xxvi Ltd
0.13
 5.518
01/20/2038
1,749,748
Hps Loan Management 2023-18 Ltd
0.12
 6.718
07/20/2039
1,522,609
Signal Peak Clo 10 Ltd
0.12
 5.118
01/24/2038
1,514,814
Kkr Clo 24 Ltd
0.12
 5.009
04/20/2032
1,512,230
Columbia Cent Clo 35 Ltd
0.12
 5.668
07/25/2036
1,509,064
Aimco Clo Series 2018-B
0.11
 --
04/16/2037
1,502,433
Cbam 2017-2 Ltd
0.11
 5.779
07/17/2034
1,502,393
Octagon 71 Ltd
0.10
 --
04/18/2037
1,251,424
Halseypoint Clo 7 Ltd
0.09
 5.868
07/20/2038
1,218,276
Lcm 39 Ltd
0.09
 10.672
10/15/2034
1,191,393
Carlyle Us Clo 2021-7 Ltd
0.09
 4.872
04/15/2038
1,151,022
Sound Point Clo Xxvi Ltd
0.08
 5.099
07/20/2034
1,113,074
Dryden 104 Clo Ltd
0.08
 5.256
08/20/2034
1,081,784
Wind River 2023-1 Clo Ltd
0.08
 5.718
07/25/2038
1,015,691
Allegro Clo Xv Ltd
0.08
 4.848
04/20/2038
1,009,930
Midocean Credit Clo Xiv Ltd
0.08
 --
04/15/2037
1,004,465
Sound Point Clo Xxiii
0.08
 5.104
07/15/2034
999,830
Anchorage Capital Clo 17 Ltd
0.08
 4.902
02/15/2038
999,484
Bain Capital Credit Clo 2021-7 Ltd
0.07
 10.169
01/22/2035
940,682
Kkr Clo 27 Ltd
0.07
 9.922
01/15/2035
938,575
Bluemountain Clo 2018-3 Ltd
0.07
 4.858
10/25/2030
884,772
Regatta Xii Funding Ltd
0.05
 4.772
10/15/2037
600,407
Lcm 29 Ltd
0.02
 5.004
04/15/2031
323,667
Dryden 64 Clo Ltd
0.02
 4.899
04/18/2031
249,131
0.49
 --
--
6,475,263
Other/Cash
-0.10
 --
--
-1,322,397
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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

    1.63

  • 1 - 3

    0.00

  • 3 - 5

    0.07

  • 5 - 7

    2.42

  • 7 - 10

    39.00

  • 10 - 15

    56.49

  • 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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