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EMBX VanEck Emerging Markets Bond ETF Please read important disclosure Close important disclosure false

Notice

As of October 6th, 2025, the Fund was converted from a mutual fund into an exchange-traded fund (ETF) through the reorganization of the VanEck Emerging Markets Bond Fund into the VanEck Emerging Markets Bond ETF. Please refer to the press release and FAQ for more information. Please see below for details regarding the performance history of mutual fund as it relates to the ETF conversion.

EMBX
VanEck Emerging Markets Bond ETF

EMBX
VanEck Emerging Markets Bond ETF

  • NAV
    $50.43

    as of December 09, 2025
  • YTD RETURNS
    17.81%

    as of December 09, 2025
  • Total Net Assets
    $92.94M

    as of December 09, 2025
  • Total Expense Ratio
    0.76%
  • Inception Date
    07/09/2012
  • 30-Day SEC Yield
    5.90%

About EMBX

The VanEck Emerging Markets Bond ETF seeks total return, consisting of income and capital appreciation. The ETF is actively managed and can invest in debt securities that are issued by governments, quasi-government entities or corporations in emerging market countries.

Overview

Why EMBX

  • Broad Opportunity Set: Flexibility to invest across sovereigns, corporates, and both hard- and local-currency EM debt
  • Disciplined Process: Applied consistently across all countries, with a robust risk management overlay
  • Experienced & Active: Navigating market and policy shifts requires a high active share approach and established team

Yields  as of  12/09/2025


Distribution Frequency

Monthly


30-Day SEC Yield

5.90%


Distribution Yield

6.08%


12 Month Yield

7.04%

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 Emerging Markets Bond ETF would have been 5.90% on 12/09/25. Distributions may vary from time to time.

Performance

Prices as of 12/09/2025

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
EMBX $50.43
$50.43
21,503
11,929
$-0.14 / -0.28%
$-0.02 / -0.03%
+17.81%
+17.81%
$0.00
0.00%
0.04%

Fees

Holdings

Daily Holdings (%) as of 12/09/2025

Download XLS Get holdings
Total Holdings: 124
Holding Name % of Net
Assets
Maturity
Identifier (FIGI)
Coupon Asset Class Market Value
Par Value/ Contracts
Country Currency Notional Value
Uae International Government Bond 3.14
10/19/2041
BBG012V391H3
2.875 Bond 2913898.70
3,788,000
United Arab Emirates USD --
Bonos De La Tesoreria De La Republica E 3.08
04/01/2033
BBG01G6YHY27
6.000 Bond 2865614.49
2,525,000,000
Chile CLP --
Mexican Bonos 2.98
11/07/2047
BBG00G530SR1
8.000 Bond 2770532.39
57,730,000
Mexico MXN --
Mexican Bonos 2.56
11/13/2042
BBG002W625T1
7.750 Bond 2379396.55
50,150,000
Mexico MXN --
Export-Import Bank Of India 2.07
01/13/2035
BBG01RMFVLD6
5.500 Bond 1921886.13
1,801,000
India USD --
Brazilian Government International Bond 2.01
03/15/2035
BBG01SCFTQR2
6.625 Bond 1868875.19
1,796,000
Brazil USD --
Bolivian Government International Bond 1.99
03/20/2028
BBG00G6RWJG4
4.500 Bond 1849453.86
1,977,000
Bolivia USD --
Brazil Notas Do Tesouro Nacional Serie 1.99
01/01/2027
BBG00BTJ9QT4
9.762 Bond 1847394.25
9,934,000
Brazil BRL --
Peru Government Bond 1.99
08/12/2039
BBG01NCLK700
7.600 Bond 1845704.42
5,484,000
Peru PEN --
Colombian Tes 1.94
11/28/2040
BBG01TD34900
12.750 Bond 1802619.58
6,748,000,000
Colombia COP --
Congolese International Bond 1.78
06/30/2029
BBG0000LKPD0
3.000 Bond 1651912.85
1,716,080
Congo USD --
Indonesia Treasury Bond 1.75
07/15/2030
BBG01PB9SND6
6.500 Bond 1624054.64
25,505,000,000
Indonesia IDR --
Republic Of Poland Government Internati 1.71
02/12/2035
BBG01S51CWY8
5.375 Bond 1589803.46
1,502,000
Poland USD --
Saudi Government International Bond 1.65
02/02/2061
BBG00Z1G0XB0
3.450 Bond 1529065.36
2,313,000
Saudi Arabia USD --
Romanian Government International Bond 1.64
05/16/2036
BBG01VZVDK95
6.625 Bond 1525171.71
1,446,000
Romania USD --
Republic Of South Africa Government Int 1.62
12/11/2055
BBG01YX0XNZ2
-- Bond 1506886.75
1,531,000
South Africa USD --
Turkiye Government International Bond 1.62
05/11/2047
BBG00GNB5YK2
5.750 Bond 1506068.80
1,837,000
Turkey USD --
Philippine Government International Bon 1.61
01/14/2036
BBG001CYXLM2
6.250 Bond 1498793.77
86,789,000
Philippines PHP --
Malaysia Government Bond 1.61
07/05/2034
BBG00PMFY7N8
3.828 Bond 1496367.82
5,897,000
Malaysia MYR --
Petronas Capital Ltd 1.52
04/21/2050
BBG00T5WB757
4.550 Bond 1412519.00
1,595,000
Malaysia USD --
Malaysia Government Bond 1.45
05/15/2030
BBG01TXFX7R4
3.336 Bond 1349644.98
5,510,000
Malaysia MYR --
Czech Republic Government Bond 1.40
09/30/2030
BBG0193X6KV8
5.000 Bond 1300125.04
25,920,000
Czech Republic CZK --
Ksa Sukuk Ltd 1.38
05/22/2033
BBG01GN5XJM4
4.511 Bond 1281478.50
1,286,000
Cayman Islands USD --
Malaysia Government Bond 1.30
04/18/2039
BBG01MDKQFL6
4.054 Bond 1207287.76
4,789,000
Malaysia MYR --
Thailand Government Bond 1.29
04/17/2028
BBG01RQ25NB8
2.050 Bond 1202777.70
37,376,000
Thailand THB --
Republic Of South Africa Government Int 1.22
11/19/2036
BBG01QRX1SK4
7.100 Bond 1130468.04
1,053,000
South Africa USD --
Kuwait International Government Bond 1.21
10/09/2035
BBG01XMH3R10
4.652 Bond 1121241.62
1,115,000
Kuwait USD --
Peruvian Government International Bond 1.19
07/28/2121
BBG00YB0PGZ1
3.230 Bond 1102399.46
1,950,000
Peru USD --
Export-Import Bank Of India 1.18
02/01/2028
BBG00JRZLFZ6
3.875 Bond 1099392.32
1,094,000
India USD --
Siam Commercial Bank Pcl/Cayman Islands 1.09
02/11/2029
BBG00N6SYSV8
4.400 Bond 1012383.94
998,000
Thailand USD --
Romanian Government International Bond 1.08
01/17/2053
BBG01C81NF84
7.625 Bond 1008023.68
898,000
Romania USD --
Gabon Government International Bond 1.08
02/18/2029
BBG01S7LWC56
9.500 Bond 999088.80
1,106,000
Gabon USD --
Oman Government International Bond 1.06
01/25/2031
BBG00YWSKW23
6.250 Bond 986502.17
899,000
Oman USD --
Nigeria Government International Bond 1.02
09/28/2051
BBG012NJ2VQ8
8.250 Bond 949486.23
964,000
Nigeria USD --
Egypt Government International Bond 1.01
05/29/2050
BBG00V0WG1Q2
8.875 Bond 936905.35
955,000
Egypt USD --
Zambia Government International Bond 1.00
06/30/2033
BBG01N7SRZS2
5.750 Bond 927227.90
928,370
Zambia USD --
Mexican Bonos 1.00
07/31/2053
BBG018KMB098
8.000 Bond 925395.20
19,000,000
Mexico MXN --
Republic Of Poland Government Bond 0.99
10/25/2035
BBG01VGZRHS8
5.000 Bond 923703.04
3,387,000
Poland PLN --
Hungary Government Bond 0.99
10/21/2026
BBG01C96YTS8
9.500 Bond 917696.66
291,170,000
Hungary HUF --
Turkiye Government International Bond 0.99
11/04/2036
BBG01Y5NTKB0
6.800 Bond 917637.90
909,000
Turkey USD --
Philippine Government International Bon 0.99
02/04/2050
BBG01RY0RDV9
5.900 Bond 915733.04
854,000
Philippines USD --
Republic Of Poland Government Internati 0.98
04/04/2053
BBG01G2BZ8H2
5.500 Bond 911895.42
935,000
Poland USD --
Thailand Government Bond 0.97
06/17/2045
BBG01Q5PPZF9
2.980 Bond 898421.34
25,571,000
Thailand THB --
Uae International Government Bond 0.95
10/19/2031
BBG012V39192
2.000 Bond 884818.61
981,000
United Arab Emirates USD --
Bonos De La Tesoreria De La Republica E 0.91
09/01/2030
BBG00L9H72P7
4.700 Bond 849277.12
790,000,000
Chile CLP --
Ecuador Government International Bond 0.89
07/31/2030
BBG00X0384N8
-- Bond 825096.00
992,000
Ecuador USD --
Geopark Ltd 0.88
01/31/2030
BBG01S198G93
8.750 Bond 821246.78
841,000
Colombia USD --
State Of Israel 0.87
01/15/2030
BBG00RB6TG16
2.500 Bond 806262.92
857,000
Israel USD --
Czech Republic Government Bond 0.84
04/14/2034
BBG01G6GHZV1
4.900 Bond 781720.36
15,490,000
Czech Republic CZK --
Argentine Republic Government Internati 0.82
07/09/2041
BBG00X362WX1
0.125 Bond 762384.22
1,124,000
Argentina USD --
Korea Treasury Bond 0.75
06/10/2035
BBG01TPY51D1
2.625 Bond 697541.84
1,101,100,000
South Korea KRW --
Korea Treasury Bond 0.74
03/10/2030
BBG01RYVP087
2.625 Bond 689770.37
1,036,900,000
South Korea KRW --
Ghana Government International Bond 0.74
01/03/2030
BBG01Q54VRK1
-- Bond 687877.31
783,104
Ghana USD --
Ciudad Autonoma De Buenos Aires/Governm 0.72
11/26/2033
BBG01YLSXZ69
7.800 Bond 673279.25
665,000
Argentina USD --
Morocco Government International Bond 0.71
12/15/2050
BBG00YG9BTQ4
4.000 Bond 660440.55
884,000
Morocco USD --
Thailand Government Bond 0.68
12/17/2035
BBG00WHL3BX0
1.585 Bond 635900.89
20,352,000
Thailand THB --
Gran Tierra Energy Inc 0.68
10/15/2029
BBG01JN970L1
9.500 Bond 631542.74
871,000
Colombia USD --
Tunisian Republic 0.67
08/09/2027
BBG00004MR33
3.280 Bond 620257.79
100,000,000
Tunisia JPY --
Seplat Energy Plc 0.66
03/21/2030
BBG01SV550X9
9.125 Bond 612678.29
578,000
Nigeria USD --
Gabon Government International Bond 0.65
11/24/2031
BBG013KR7K26
7.000 Bond 599911.63
775,000
Gabon USD --
Guatemala Government Bond 0.64
08/15/2036
BBG01VYGKV51
6.250 Bond 597759.25
560,000
Guatemala USD --
Pertamina Persero Pt 0.60
07/30/2049
BBG00PSTJ526
4.700 Bond 558337.97
645,000
Indonesia USD --
Aes Panama Generation Holdings Srl 0.60
05/31/2030
BBG00WLL1YC0
4.375 Bond 553880.78
593,712
Panama USD --
Zorlu Enerji Elektrik Uretim As 0.57
04/23/2030
BBG01QB1G2Z6
11.000 Bond 531696.55
607,000
Turkey USD --
Thailand Government Bond 0.57
06/17/2034
BBG01KSDNFR7
2.800 Bond 529506.82
15,279,000
Thailand THB --
Medco Maple Tree Pte Ltd 0.55
04/27/2029
BBG01JS8QFV3
8.960 Bond 507208.22
480,000
Singapore USD --
Korea Treasury Bond 0.53
12/10/2033
BBG01JGVNR60
4.125 Bond 495863.84
700,000,000
South Korea KRW --
Sri Lanka Government International Bond 0.53
06/15/2035
BBG01R8V04H5
3.600 Bond 495195.65
648,000
Sri Lanka USD --
Hungary Government Bond 0.50
10/24/2035
BBG01J5QZX03
7.000 Bond 468428.29
152,000,000
Hungary HUF --
Jamaica Government International Bond 0.48
07/28/2045
BBG009PK2F11
7.875 Bond 445157.68
361,000
Jamaica USD --
Costa Rica Government International Bon 0.47
02/19/2031
BBG00QTYVWB9
6.125 Bond 438989.26
410,000
Costa Rica USD --
Hungary Government Bond 0.47
08/21/2030
BBG00N9YKBS8
3.000 Bond 438377.05
165,000,000
Hungary HUF --
Ecuador Government International Bond 0.47
07/31/2030
BBG00X035NZ6
6.000 Bond 434613.10
444,000
Ecuador USD --
3r Lux Sarl 0.46
02/05/2031
BBG01L81WN41
9.750 Bond 425583.38
399,000
Luxembourg USD --
Uruguay Government International Bond 0.45
03/15/2028
BBG00HNL7ZC2
8.500 Bond 421296.11
15,895,000
Uruguay UYU --
Province Of Santa Fe 0.45
12/11/2034
BBG01YX2KJP2
-- Bond 420824.58
428,000
Argentina USD --
Laos Government International Bond 0.43
11/12/2030
BBG01YBF4WB1
11.250 Bond 397921.88
390,000
Laos USD --
Uruguay Government International Bond 0.41
07/20/2033
BBG01HDK71Q4
9.750 Bond 378568.45
12,920,000
Uruguay UYU --
Egypt Government International Bond 0.40
05/29/2050
BBG00V0WG1K8
8.875 Bond 375879.71
383,000
Egypt USD --
Bolivian Government International Bond 0.39
03/02/2030
BBG015LH8Q91
7.500 Bond 359612.19
378,000
Bolivia USD --
El Salvador Government International Bo 0.38
04/17/2030
BBG01MDDJ4H0
9.250 Bond 348853.95
318,000
El Salvador USD --
Malaysia Government Bond 0.37
04/15/2031
BBG00XTSXGM8
2.632 Bond 343291.07
1,460,000
Malaysia MYR --
Paraguay Government International Bond 0.36
02/09/2031
BBG01LBKJ4J6
7.900 Bond 338252.90
2,360,000,000
Paraguay PYG --
Angolan Government International Bond 0.35
05/08/2048
BBG00KTLQX79
9.375 Bond 328006.56
355,000
Angola USD --
Trident Energy Finance Plc 0.35
11/30/2029
BBG01MV95YT5
12.500 Bond 325946.08
319,000
United Kingdom USD --
Jordan Government International Bond 0.34
11/12/2032
BBG01YBFYDD8
5.750 Bond 317413.84
322,000
Jordan USD --
Singapore Government Bond 0.34
03/01/2035
BBG01SJ84022
2.750 Bond 313181.32
382,000
Singapore SGD --
Bonos De La Tesoreria De La Republica E 0.34
10/01/2028
BBG011N36X32
5.000 Bond 311878.69
285,000,000
Chile CLP --
Dominican Republic International Bond 0.33
06/01/2036
BBG01NJ1B9X7
6.600 Bond 303146.67
290,000
Dominican Republic USD --
Trinidad & Tobago Government Internatio 0.32
01/14/2031
BBG01J97CMF4
5.950 Bond 300806.37
287,000
Trinidad And Tobago USD --
Sri Lanka Government International Bond 0.32
06/15/2035
BBG01R9LB6K5
3.600 Bond 299127.97
391,431
Sri Lanka USD --
Angolan Government International Bond 0.31
05/09/2028
BBG00KRBWZC5
8.250 Bond 286390.12
275,000
Angola USD --
Venezuela Government International Bond 0.28
09/15/2027
BBG00004SPH6
9.250 Bond 258756.15
799,000
Venezuela USD --
China Government International Bond 0.27
11/13/2030
BBG01YBDGNG8
3.750 Bond 249925.08
247,000
China USD --
Dominican Republic International Bond 0.25
10/28/2035
BBG01Y38YYG4
5.875 Bond 227901.36
228,000
Dominican Republic USD --
Hungary Government Bond 0.24
06/22/2034
BBG00YTQC093
2.250 Bond 225607.51
103,000,000
Hungary HUF --
Republic Of Kenya Government Internatio 0.23
02/28/2048
BBG00K1XR8B2
8.250 Bond 211885.49
223,000
Kenya USD --
Gabon Government International Bond 0.22
02/06/2031
BBG00RLS58F6
6.625 Bond 207172.29
258,000
Gabon USD --
Uruguay Government International Bond 0.22
10/29/2035
BBG01Y38YSF8
8.000 Bond 206218.35
7,880,000
Uruguay UYU --
Singapore Government Bond 0.20
09/01/2033
BBG0055DSXZ3
3.375 Bond 183288.58
216,000
Singapore SGD --
Republic Of Uzbekistan International Bo 0.19
10/19/2031
BBG011RJC449
3.900 Bond 174605.63
189,000
Uzbekistan USD --
Secure International Finance Co Inc 0.17
06/03/2029
BBG01N3BY7M3
10.000 Bond 161748.03
160,588
Guyana USD --
Transportadora De Gas Del Sur Sa 0.16
11/20/2035
BBG01YJK50M9
7.750 Bond 150711.17
152,000
Argentina USD --
Honduras Government International Bond 0.15
11/27/2034
BBG01QZDFQM6
8.625 Bond 142570.73
127,000
Honduras USD --
Republic Of Kenya Government Internatio 0.15
10/09/2038
BBG01XQ37C98
8.800 Bond 141405.69
142,000
Kenya USD --
Asian Infrastructure Investment Bank/Th 0.15
01/27/2027
BBG014MCHXB6
4.250 Bond 138707.62
8,000,000
China PHP --
Barbados Government International Bond 0.15
06/26/2035
BBG01VR0KP57
8.000 Bond 135852.08
125,000
Barbados USD --
Nwd Finance Bvi Ltd 0.14
12/16/2072
BBG0180FM8C2
6.150 Bond 129938.82
249,000
China USD --
Bahamas Government International Bond 0.14
06/24/2036
BBG01VL7G4T4
8.250 Bond 129455.59
115,000
Bahamas USD --
Nigeria Government International Bond 0.14
01/13/2036
BBG01YCDD8B8
8.631 Bond 128381.15
120,000
Nigeria USD --
Star Energy Geothermal Wayang Windu Ltd 0.13
04/24/2033
BBG00KN7FXH7
6.750 Bond 116897.06
112,200
Indonesia USD --
Hta Group Ltd/Mauritius 0.12
06/04/2029
BBG01MZK6858
7.500 Bond 107416.45
104,000
United Kingdom USD --
Bahamas Government International Bond 0.11
05/15/2033
BBG00007Z503
6.625 Bond 100299.83
103,000
Bahamas USD --
Thailand Government Bond 0.10
06/17/2037
BBG019LRZYH5
3.390 Bond 89263.03
2,410,000
Thailand THB --
Czech Republic Government Bond 0.09
02/26/2026
BBG016DP5JS8
6.000 Bond 80634.31
1,600,000
Czech Republic CZK --
Digicel International Finance Ltd / Dif 0.09
08/01/2032
BBG01W9T70R8
8.625 Bond 80443.97
76,000
Bermuda USD --
Gabon Government International Bond 0.09
11/24/2031
BBG013KR7GR8
7.000 Bond 79741.27
103,000
Gabon USD --
Secure International Finance Co Inc 0.04
06/03/2029
BBG01N3BXZV2
10.000 Bond 40644.37
40,353
Guyana USD --
Benin Government International Bond 0.04
02/13/2038
BBG01L9XMN96
7.960 Bond 40532.70
39,000
Benin USD --
El Salvador Government International Bo 0.03
04/17/2030
BBG01MDGM755
0.250 Bond 28621.12
927,000
El Salvador USD --
Corp Geo Sab De Cv 0.00
06/30/2099
BBG000089JP3
9.250 Bond 558.60
380,000
Mexico USD --
6.89
--
--
-- Cash Bal 6404464.18
6,404,464
United States USD --
0.00
--
--
-- Cash Bal 199.61
172
Europe EUR --
0.00
--
--
-- Cash Bal 0.00
0
Mexico MXN --
Other/Cash -4.52
--
--
-- Cash -4200113.19
0
-- USD --
← 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

Credit Quality (%) as of 11/30/2025

Composite % of Net Assets
Investment Grade AAA 0.69
AA 8.67
A 15.36
BBB 26.65
Non-Investment Grade BB 21.20
B 9.55
CCC 9.01
CC 0.82
C 0.55
Total Investment Grade -- 51.37
Total Non-Investment Grade -- 41.13
Not Rated -- 4.81
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.

Top 20 Country Weightings (%) as at 11/30/2025

  • Country

    % of Net Assets
  • Malaysia

    6.24
  • Brazil

    5.71
  • South Africa

    5.47
  • Thailand

    4.65
  • Chile

    4.09
  • Mexico

    3.84
  • United Arab Emirates

    3.74
  • India

    3.26
  • Colombia

    3.19
  • Peru

    3.19
  • Turkey

    3.19
  • Indonesia

    3.18
  • Romania

    2.73
  • Poland

    2.71
  • Philippines

    2.61
  • Bolivia

    2.36
  • Czech Republic

    2.33
  • Hungary

    2.20
  • South Korea

    2.07
  • Gabon

    1.99
  • Other/Cash

    31.23

Maturity (%) as at 11/30/2025

  • Years

    Maturity (%)
  • < 1

    1.10
  • 1 - 3

    9.00
  • 3 - 5

    19.00
  • 5 - 7

    6.50
  • 7 - 10

    23.60
  • 10 - 15

    11.70
  • 15 - 20

    7.80
  • 20 - 30

    15.40
  • 30 +

    3.30

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
11/28/2025 11/28/2025 12/03/2025 $ 0.2554 -- -- -- $ 0.26

On October 6, 2025, the VanEck Emerging Markets Bond Fund converted to the VanEck Emerging Markets Bond ETF. Distributions prior to that date reflect the institutional share class ("Class I") of the VanEck Emerging Markets Bond Fund. Please click here for more information.

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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