The amount of the manufactured dividend plus the fee the borrower will pay to the securities lender, expressed as a percentage of the dividend on the loaned security. This is because the lender of a security retains all the benefits of ownership, including entitlement to dividends, interest payments, and corporate actions (excluding proxy voting). A manufactured dividend is a payment received by a securities lender for a dividend distributed on a security that is out on loan. By agreement, the borrower remits to the lender any dividends, interest, or other distributions that are paid during the time that the securities are on loan.