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SMB VanEck Short Muni ETF Please read important disclosure Close important disclosure false

SMB
VanEck Short Muni ETF

SMB
VanEck Short Muni ETF

  • NAV
    $17.19

    as of July 23, 2026
  • YTD RETURNS
    0.57%

    as of July 23, 2026
  • Total Net Assets
    $311.06M

    as of July 23, 2026
  • Total Expense Ratio
    0.07%
  • Inception Date
    02/22/2008
  • 30-Day SEC Yield
    2.78%
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Overview

Why SMB

  • Federally Tax-Exempt IncomeProvides income generally exempt from federal taxes
  • Intermediate Duration FocusDesigned to track an index of short-duration municipal bonds to help mange interest rate risk
  • Investment-Grade QualityEmphasizes investment-grade municipal bonds with high overall credit quality

The VanEck Short Muni ETF (SMB®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Short AMT-Free Broad National Municipal Index (MBNS), which is intended to track the overall performance of the U.S. dollar denominated short-term tax-exempt bond market.

Yields  as of  07/23/2026

Distribution Frequency

Monthly

30-Day SEC Yield

2.78%

Distribution Yield

3.26%

12 Month Yield

2.77%

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 Short Muni ETF would have been 2.78% on 07/23/26. 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 02/22/08
SMB (NAV) 0.33 0.92 1.16 3.29 3.33 1.25 1.49 2.02
SMB (Market Price) 0.47 0.99 0.78 3.26 3.50 1.21 1.49 2.02
ICE Short AMT-Free Broad National Municipal Index 0.34 0.91 1.17 3.27 3.30 1.27 1.67 2.39
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 02/22/08
SMB (NAV) 0.33 0.92 1.16 3.29 3.33 1.25 1.49 2.02
SMB (Market Price) 0.47 0.99 0.78 3.26 3.50 1.21 1.49 2.02
ICE Short AMT-Free Broad National Municipal Index 0.34 0.91 1.17 3.27 3.30 1.27 1.67 2.39

*Returns less than one year are not annualized.

Index data prior to March 1, 2022 reflects that of the Bloomberg AMT-Free Short Continuous Municipal Index (LMT1TR). From March 1, 2022 to November 30, 2022, the index data reflects that of the ICE Short AMT-Free Broad National Municipal Transition Index (MSBT). From December 1, 2022 forward the index data reflects that of the Fund's underlying index the ICE Short AMT Free Broad National Municipal Index (MBNS) and is not intended for third party use.

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 07/23/2026

Download XLS Get holdings
Total Holdings: 326
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
Indiana Finance Authority
1.06
 5.500
02/01/2032
3,305,365
New York City Transitional Finance Auth
1.06
 5.000
07/15/2031
3,291,296
Charlotte-Mecklenburg Hospital Authorit
1.04
 5.000
01/15/2049
3,232,592
State Of California
1.02
 5.000
04/01/2030
3,179,996
Southeast Energy Authority A Cooperativ
0.96
 4.000
12/01/2051
3,000,555
Commonwealth Of Massachusetts
0.94
 5.500
05/01/2031
2,935,964
State Of New Jersey
0.90
 5.500
06/01/2030
2,803,212
Kansas Development Finance Authority
0.85
 5.000
11/15/2054
2,654,437
New York City Housing Development Corp
0.82
 3.950
11/01/2064
2,550,329
Commonwealth Of Massachusetts
0.80
 5.000
10/01/2031
2,500,595
California Statewide Communities Develo
0.76
 1.750
09/01/2029
2,361,051
Massachusetts Water Resources Authority
0.72
 5.250
08/01/2030
2,232,772
Black Belt Energy Gas District
0.72
 4.000
10/01/2052
2,230,845
State Of Connecticut
0.69
 3.000
01/15/2032
2,155,816
Main Street Natural Gas Inc
0.69
 5.000
05/01/2054
2,155,431
Main Street Natural Gas Inc
0.69
 5.000
04/01/2054
2,134,483
County Of King Wa
0.69
 4.000
07/01/2030
2,133,601
Tennessee Energy Acquisition Corp
0.68
 5.000
05/01/2052
2,108,259
California Community Choice Financing A
0.68
 5.500
05/01/2054
2,100,314
City & County Of Honolulu Hi
0.67
 5.000
03/01/2031
2,099,467
Fort Bend Independent School District
0.67
 5.000
08/15/2030
2,083,825
Texas Water Development Board
0.67
 5.500
10/15/2031
2,078,560
Conroe Independent School District
0.67
 5.000
02/15/2027
2,071,566
State Of Georgia
0.67
 5.000
02/01/2032
2,068,954
City Of Orlando Fl Tourist Development
0.66
 5.000
11/01/2031
2,065,770
City Of Chicago Il
0.66
 5.000
01/01/2030
2,054,658
Central Florida Expressway Authority
0.66
 5.000
07/01/2038
2,051,044
State Of California
0.64
 5.000
04/01/2032
1,985,909
Los Angeles Unified School District/Ca
0.59
 5.000
07/01/2030
1,833,123
Energy Southeast A Cooperative District
0.59
 5.500
11/01/2053
1,828,465
State Of Connecticut Special Tax Revenu
0.58
 5.000
05/01/2031
1,811,641
State Of California
0.54
 5.000
10/01/2031
1,672,358
State Of Maryland
0.52
 5.000
03/15/2031
1,629,218
New Jersey Educational Facilities Autho
0.52
 5.000
07/01/2064
1,624,618
State Of California
0.52
 5.000
10/01/2031
1,620,485
Wisconsin Health & Educational Faciliti
0.52
 5.000
02/15/2032
1,606,798
State Of North Carolina
0.52
 5.000
03/01/2030
1,606,064
Indiana Finance Authority
0.51
 4.250
11/01/2030
1,588,795
New York City Transitional Finance Auth
0.50
 4.000
11/01/2030
1,566,987
Pefa Inc
0.49
 5.000
09/01/2049
1,533,204
California State University
0.49
 5.000
11/01/2031
1,529,299
Curators Of The University Of Missouri/
0.49
 5.000
11/01/2030
1,528,911
Main Street Natural Gas Inc
0.49
 4.000
03/01/2050
1,525,919
Metropolitan Transportation Authority
0.48
 5.000
11/15/2031
1,503,391
Kern High School District
0.47
 2.000
08/01/2031
1,469,694
Frisco Independent School District
0.45
 5.500
02/15/2032
1,402,129
State Of California
0.44
 5.000
08/01/2027
1,369,496
New York State Dormitory Authority
0.43
 5.000
10/01/2030
1,352,212
State Of Ohio
0.43
 5.000
12/15/2031
1,348,220
City Of Columbus Oh
0.43
 5.000
04/01/2031
1,332,044
County Of Allen Oh Hospital Facilities
0.43
 5.000
12/01/2029
1,330,835
Main Street Natural Gas Inc
0.41
 4.000
07/01/2052
1,281,306
Central Plains Energy Project
0.41
 5.000
09/01/2031
1,280,691
Jackson County School District No 549c
0.40
 5.000
12/15/2028
1,258,553
Central Florida Expressway Authority
0.40
 4.000
07/01/2031
1,243,325
New York Transportation Development Cor
0.40
 5.000
12/01/2030
1,238,871
Kentucky Public Energy Authority
0.40
 4.000
08/01/2052
1,232,747
New York City Transitional Finance Auth
0.40
 5.000
02/01/2030
1,231,031
State Of North Carolina
0.38
 5.000
06/01/2031
1,190,659
Jefferson County School District R-1
0.38
 5.000
12/15/2030
1,167,588
State Of California
0.36
 5.000
09/01/2030
1,122,955
Minnesota Public Facilities Authority S
0.36
 5.500
03/01/2031
1,109,518
Triborough Bridge & Tunnel Authority
0.36
 5.000
11/15/2031
1,105,273
New York City Transitional Finance Auth
0.35
 5.000
08/01/2031
1,092,579
Commonwealth Of Massachusetts
0.35
 5.000
05/01/2030
1,088,125
Metropolitan Transportation Authority
0.35
 5.000
11/15/2030
1,087,737
State Of California
0.35
 5.000
10/01/2029
1,086,758
Texas State Transportation Commission
0.35
 5.000
04/01/2030
1,086,560
Board Of Regents Of The University Of T
0.35
 5.000
08/15/2029
1,083,523
County Of Allen Oh Hospital Facilities
0.35
 5.000
08/01/2030
1,082,509
Denton Independent School District
0.35
 5.000
08/15/2029
1,082,318
City Of New York Ny
0.35
 5.000
08/01/2029
1,080,686
State Of Washington
0.35
 5.500
06/01/2031
1,078,380
New York State Dormitory Authority
0.35
 5.000
03/15/2029
1,077,403
Colorado Health Facilities Authority
0.35
 5.000
11/15/2060
1,077,199
State Of Louisiana
0.35
 5.000
02/01/2029
1,077,135
Connecticut State Health & Educational
0.35
 5.000
07/01/2064
1,076,642
State Of Maryland
0.35
 5.000
03/15/2029
1,074,390
Main Street Natural Gas Inc
0.35
 5.500
09/01/2053
1,074,257
Metropolitan Government Nashville & Dav
0.34
 5.000
07/01/2031
1,071,470
State Of California
0.34
 5.000
09/01/2028
1,070,514
Black Belt Energy Gas District
0.34
 5.500
06/01/2049
1,070,392
Southeast Alabama Gas Supply District/T
0.34
 5.500
08/01/2054
1,065,470
Main Street Natural Gas Inc
0.34
 5.500
07/01/2053
1,065,347
State Of North Carolina
0.34
 5.000
05/01/2031
1,063,808
Piedmont Municipal Power Agency
0.34
 5.000
01/01/2032
1,063,320
California Community Choice Financing A
0.34
 5.250
11/01/2054
1,062,875
City Of Houston Tx
0.34
 5.000
03/01/2032
1,062,235
County Of Miami-Dade Fl Water & Sewer S
0.34
 5.000
10/01/2028
1,062,190
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,061,685
Regional Transportation District Sales
0.34
 5.000
11/01/2028
1,061,310
California Community Choice Financing A
0.34
 5.000
07/01/2053
1,061,249
North Carolina Municipal Power Agency N
0.34
 5.000
01/01/2032
1,060,216
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,055,075
Minneapolis-St Paul Metropolitan Airpor
0.34
 5.000
01/01/2029
1,053,631
Texas Municipal Gas Acquisition & Suppl
0.34
 5.500
01/01/2054
1,053,559
New Jersey Health Care Facilities Finan
0.34
 5.000
07/01/2031
1,051,532
University Of Connecticut
0.34
 5.000
04/15/2029
1,050,864
New York City Transitional Finance Auth
0.34
 5.000
07/15/2031
1,048,494
State Of California
0.34
 5.000
09/01/2027
1,047,171
New York State Dormitory Authority
0.34
 5.000
08/01/2030
1,047,119
County Of Harris Tx Toll Road Revenue
0.34
 5.000
08/15/2027
1,046,151
Commonwealth Of Pennsylvania
0.34
 5.000
09/01/2027
1,046,068
City Of New York Ny
0.34
 5.000
09/01/2027
1,045,517
City Of New York Ny
0.34
 5.000
09/01/2027
1,045,517
State Of California
0.34
 5.000
10/01/2027
1,044,908
Southeast Energy Authority A Cooperativ
0.34
 5.250
01/01/2054
1,044,371
Iowa Finance Authority
0.34
 5.000
08/01/2031
1,043,755
State Of California
0.34
 5.000
11/01/2028
1,042,074
City Of Houston Tx Combined Utility Sys
0.33
 5.000
11/15/2027
1,040,780
Washington Convention & Sports Authorit
0.33
 5.000
10/01/2030
1,038,268
State Of Illinois
0.33
 5.000
11/01/2027
1,037,646
Black Belt Energy Gas District
0.33
 5.000
05/01/2053
1,035,883
County Of Baltimore Md
0.33
 5.000
03/01/2030
1,032,969
Energy Northwest
0.33
 --
07/01/2027
1,031,029
Hillsboro School District No 1j
0.33
 5.000
06/15/2031
1,024,919
New Jersey Educational Facilities Autho
0.33
 5.000
07/01/2028
1,024,737
Massachusetts Water Resources Authority
0.33
 5.000
08/01/2040
1,024,619
Commonwealth Of Pennsylvania
0.33
 5.000
07/15/2027
1,024,588
State Of California
0.33
 5.000
09/01/2026
1,022,513
West Virginia Commissioner Of Highways
0.33
 5.000
09/01/2026
1,022,251
San Francisco City & County Public Util
0.33
 5.500
10/01/2026
1,020,719
Louisville/Jefferson County Metropolita
0.33
 5.000
10/01/2047
1,019,246
Pennsylvania Higher Educational Facilit
0.33
 4.000
08/15/2031
1,018,442
Triborough Bridge & Tunnel Authority
0.33
 5.000
11/15/2026
1,017,195
California Community Choice Financing A
0.33
 4.000
02/01/2052
1,015,971
Metropolitan Council
0.33
 5.500
12/01/2026
1,015,779
Ohio Water Development Authority
0.33
 5.000
12/01/2027
1,015,388
New York State Thruway Authority
0.33
 5.000
01/01/2027
1,013,910
Central Florida Tourism Oversight Distr
0.33
 4.000
06/01/2031
1,012,058
California State Public Works Board
0.32
 4.000
11/01/2031
1,010,574
Long Island Power Authority
0.32
 5.500
09/01/2055
1,009,931
King County School District No 414 Lake
0.32
 5.000
12/01/2031
1,005,418
New York City Housing Development Corp
0.32
 5.500
11/01/2064
1,004,737
State Of Connecticut
0.32
 3.000
06/01/2029
1,003,187
State Of Hawaii
0.32
 3.000
10/01/2029
999,712
Indiana Finance Authority
0.32
 5.000
06/01/2029
997,012
New York City Housing Development Corp
0.32
 3.125
11/01/2065
992,183
New York City Housing Development Corp
0.32
 3.150
05/01/2066
989,026
State Of Minnesota
0.32
 3.000
10/01/2030
987,797
State Of Florida
0.32
 3.000
06/01/2030
986,910
Board Of Regents Of The University Of T
0.31
 5.000
08/15/2031
970,095
State Of California
0.31
 5.000
11/01/2028
969,702
Fort Bend Independent School District
0.31
 5.000
02/15/2028
961,005
State Of California Department Of Water
0.30
 5.000
12/01/2031
948,072
Collin County Community College Distric
0.30
 4.000
08/15/2031
947,649
State Of Florida Department Of Transpor
0.30
 5.000
07/01/2030
946,093
State Of Washington
0.30
 5.500
08/01/2031
920,893
Beverly Hills Unified School District C
0.29
 --
08/01/2030
887,513
New York City Transitional Finance Auth
0.28
 5.500
02/01/2027
881,271
Harris County Cultural Education Facili
0.28
 5.000
11/15/2030
877,335
State Of New Mexico Severance Tax Perma
0.28
 5.000
07/01/2027
861,674
Georgia State Road & Tollway Authority
0.27
 5.000
06/01/2029
852,833
California State Public Works Board
0.27
 5.000
10/01/2026
846,962
State Of Washington
0.27
 5.000
08/01/2031
845,294
Public Finance Authority
0.27
 4.000
10/01/2041
827,313
State Of Louisiana
0.27
 5.000
03/01/2032
824,446
California State Public Works Board
0.26
 5.000
10/01/2028
818,733
Los Angeles County Metropolitan Transpo
0.26
 5.000
07/01/2031
813,944
State Of Illinois
0.26
 5.000
11/01/2026
813,829
State Of California
0.26
 5.000
10/01/2030
811,993
County Of Montgomery Md
0.25
 4.000
08/01/2029
790,228
County Of Fairfax Va
0.25
 5.000
10/01/2031
786,577
New Jersey Transportation Trust Fund Au
0.25
 4.100
06/15/2031
783,801
City Of Columbus Oh
0.25
 5.500
04/01/2029
782,774
State Of North Carolina
0.25
 3.000
05/01/2031
782,669
California Health Facilities Financing
0.25
 5.000
11/15/2031
778,122
State Of California
0.25
 5.000
04/01/2027
774,625
State Of Maryland Department Of Transpo
0.25
 4.000
05/01/2030
769,345
University Of Connecticut
0.24
 5.000
01/15/2030
753,394
Virginia Public Building Authority
0.24
 5.000
08/01/2029
753,008
Regional Transportation Authority
0.24
 5.000
07/01/2028
750,579
Energy Northwest
0.24
 5.000
07/01/2028
742,663
City Of South Miami Health Facilities A
0.24
 5.000
08/15/2029
739,992
New Jersey Economic Development Authori
0.24
 3.125
07/01/2031
737,300
Montgomery County Industrial Developmen
0.24
 4.100
06/01/2029
733,820
California State Public Works Board
0.23
 5.000
11/01/2029
729,158
State Of Georgia
0.23
 5.000
08/01/2026
717,258
New York State Urban Development Corp
0.23
 5.000
03/15/2027
713,420
New York City Transitional Finance Auth
0.23
 5.000
08/01/2031
706,994
Illinois Finance Authority
0.23
 5.000
07/01/2027
702,290
Trinity River Authority Central Regiona
0.22
 5.000
08/01/2030
699,117
City Of New York Ny
0.22
 5.000
04/01/2032
692,925
Commonwealth Of Massachusetts
0.22
 5.500
01/01/2027
690,375
State Of Illinois
0.22
 3.500
06/01/2029
688,600
New York State Dormitory Authority
0.22
 5.000
03/15/2028
675,593
Town Of Oyster Bay Ny
0.22
 3.250
02/01/2029
675,502
New Jersey Health Care Facilities Finan
0.22
 5.000
07/01/2029
674,792
Pennsylvania Housing Finance Agency
0.22
 2.800
10/01/2031
668,865
Washington Metropolitan Area Transit Au
0.21
 5.000
07/01/2031
662,953
Illinois State Toll Highway Authority
0.21
 5.000
01/01/2027
658,701
City Of San Antonio Tx Electric & Gas S
0.21
 5.000
02/01/2027
646,383
King County School District No 411 Issa
0.21
 4.000
12/01/2031
639,910
New York State Environmental Facilities
0.20
 5.000
06/15/2028
635,286
State Of Connecticut Special Tax Revenu
0.20
 5.000
05/01/2028
631,625
New Jersey Economic Development Authori
0.20
 5.000
06/15/2034
630,861
City Of Phoenix Civic Improvement Corp
0.20
 5.000
07/01/2029
623,285
Virginia College Building Authority
0.20
 5.000
02/01/2027
622,167
City Of Dallas Tx Waterworks & Sewer Sy
0.20
 5.000
10/01/2031
611,824
Texas Municipal Gas Acquisition & Suppl
0.20
 5.000
12/15/2026
607,609
State Of Maryland Department Of Transpo
0.20
 5.000
10/01/2026
607,069
State Of North Carolina
0.19
 5.000
05/01/2029
600,912
State Of New York Mortgage Agency Homeo
0.19
 3.000
10/01/2031
594,218
State Of Illinois Sales Tax Revenue
0.19
 4.000
06/15/2028
593,818
City Of Dallas Tx Waterworks & Sewer Sy
0.19
 5.000
10/01/2030
576,241
Alabama Public School And College Autho
0.18
 5.000
11/01/2031
571,072
Washington Metropolitan Area Transit Au
0.18
 5.000
07/01/2030
566,546
San Bernardino Community College Distri
0.18
 4.000
08/01/2049
560,044
City Of New York Ny
0.18
 5.000
08/01/2030
554,031
State Of California
0.18
 5.000
10/01/2027
553,801
Salt River Project Agricultural Improve
0.18
 5.000
01/01/2032
549,981
Miami Beach Redevelopment Agency
0.18
 5.000
02/01/2031
548,794
New York State Dormitory Authority
0.18
 5.000
03/15/2030
546,595
Utah Transit Authority
0.18
 5.000
12/15/2030
545,132
City Of New York Ny
0.17
 5.000
11/01/2030
542,717
County Of Jefferson Al
0.17
 5.000
09/15/2028
541,378
Utah Transit Authority
0.17
 5.000
06/15/2030
540,632
Austin Independent School District
0.17
 5.000
08/01/2028
538,997
Southeast Energy Authority A Cooperativ
0.17
 5.500
10/01/2030
537,619
Rutherford Cty Health & Edu Fac Brd
0.17
 5.500
11/15/2048
536,593
City Of Houston Tx
0.17
 5.500
03/01/2032
535,889
New York City Industrial Development Ag
0.17
 5.000
03/01/2029
534,492
Orange County Convention Center/Orlando
0.17
 5.000
10/01/2030
533,983
City Of New York Ny
0.17
 5.500
10/01/2031
533,677
Chicago O'Hare International Airport
0.17
 5.000
01/01/2030
533,488
City Of San Francisco Ca Public Utiliti
0.17
 5.500
11/01/2028
532,803
California Community Choice Financing A
0.17
 5.250
01/01/2054
532,715
Metropolitan Washington Airports Author
0.17
 5.000
10/01/2028
531,420
California Infrastructure & Economic De
0.17
 5.000
11/01/2029
531,247
County Of Clark Department Of Aviation
0.17
 5.000
07/01/2029
531,186
California Community Choice Financing A
0.17
 5.000
02/01/2054
531,030
Kentucky Public Energy Authority
0.17
 5.250
06/01/2055
530,303
Shelby County Health Educational & Hous
0.17
 5.500
09/01/2049
529,793
Central Puget Sound Regional Transit Au
0.17
 5.000
11/01/2026
529,557
State Of Maryland
0.17
 5.000
03/15/2028
528,790
New York State Dormitory Authority
0.17
 5.000
02/15/2027
528,387
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2031
527,130
American Municipal Power Inc
0.17
 5.000
02/15/2028
526,555
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2032
526,434
City Of New York Ny
0.17
 5.000
08/01/2027
523,947
Grand River Dam Authority
0.17
 5.000
06/01/2031
522,632
Arizona Industrial Development Authorit
0.17
 5.500
11/01/2028
522,505
California Health Facilities Financing
0.17
 5.000
11/01/2027
522,462
State Of California
0.17
 5.000
10/01/2027
522,454
Main Street Natural Gas Inc
0.17
 5.000
12/01/2052
521,543
Long Island Power Authority
0.17
 5.000
09/01/2026
521,503
Minneapolis-St Paul Metropolitan Airpor
0.17
 5.000
01/01/2030
521,433
Virginia Commonwealth Transportation Bo
0.17
 5.000
03/15/2027
520,859
Triborough Bridge & Tunnel Authority
0.17
 5.000
11/15/2027
520,455
State Of Michigan Trunk Line Revenue
0.17
 5.000
11/15/2027
520,324
County Of Miami-Dade Fl
0.17
 5.000
10/01/2029
520,041
Tobacco Settlement Financing Corp
0.17
 5.000
06/01/2031
519,939
Tennessee Energy Acquisition Corp
0.17
 5.000
05/01/2053
518,050
New York State Dormitory Authority
0.17
 5.000
02/15/2027
518,027
Illinois Finance Authority
0.17
 5.000
01/01/2028
518,023
City & County Of Honolulu Hi
0.17
 5.000
03/01/2027
517,286
New York State Urban Development Corp
0.17
 5.000
03/15/2027
516,971
State Of Maryland
0.17
 5.000
03/15/2028
516,454
Montgomery County Industrial Developmen
0.17
 5.500
10/01/2053
515,480
Commonwealth Of Massachusetts
0.17
 5.000
05/01/2027
515,140
University Of Colorado
0.17
 4.000
06/01/2034
514,853
Lower Colorado River Authority
0.17
 5.500
05/15/2027
514,436
California Community Choice Financing A
0.17
 4.000
05/01/2053
513,209
Central Florida Expressway Authority
0.17
 5.000
07/01/2027
513,135
Commonwealth Of Massachusetts
0.16
 5.000
07/01/2027
512,995
San Diego Public Facilities Financing A
0.16
 5.000
08/01/2027
512,313
Butler County Unified School District N
0.16
 4.000
09/01/2030
512,280
Tennessee Energy Acquisition Corp
0.16
 5.625
09/01/2026
512,225
Illinois Finance Authority
0.16
 5.000
08/15/2026
511,746
California State Public Works Board
0.16
 5.000
09/01/2026
511,267
New Jersey Health Care Facilities Finan
0.16
 5.500
09/15/2026
510,474
Wisconsin Health & Educational Faciliti
0.16
 4.000
08/15/2031
510,115
County Of Mecklenburg Nc
0.16
 4.000
04/01/2029
510,103
New York City Transitional Finance Auth
0.16
 5.000
11/01/2026
509,135
Maryland Community Development Administ
0.16
 5.500
01/01/2029
509,045
City Of Colorado Springs Co Utilities S
0.16
 5.000
11/15/2026
508,644
Metropolitan Transportation Authority
0.16
 5.000
11/15/2026
508,458
City Of Portland Or Sewer System Revenu
0.16
 5.000
12/01/2026
507,907
State Of Colorado
0.16
 5.000
12/15/2026
507,617
Boulder Larimer & Weld Counties St Vrai
0.16
 5.000
12/15/2035
507,398
Salt River Project Agricultural Improve
0.16
 5.000
01/01/2027
506,933
New Jersey Transportation Trust Fund Au
0.16
 5.000
12/15/2026
506,831
City Of Forsyth Mt
0.16
 3.875
07/01/2028
506,552
North Texas Tollway Authority
0.16
 5.000
01/01/2027
506,431
East County Advanced Water Purification
0.16
 3.125
09/01/2026
506,169
New York State Housing Finance Agency
0.16
 5.500
11/01/2063
504,759
California Infrastructure & Economic De
0.16
 3.000
10/01/2047
504,718
Main Street Natural Gas Inc
0.16
 4.000
08/01/2052
504,675
New York State Housing Finance Agency
0.16
 3.800
11/01/2062
504,531
California State University
0.16
 3.125
11/01/2051
504,291
County Of Bexar Tx
0.16
 5.000
06/15/2027
503,624
Los Angeles Unified School District/Ca
0.16
 5.000
07/01/2030
502,596
Michigan State Housing Development Auth
0.16
 5.500
04/01/2030
502,334
City Of San Antonio Tx Electric & Gas S
0.16
 3.150
02/01/2055
496,969
State Of Maryland Department Of Transpo
0.16
 3.000
09/01/2031
495,873
Commonwealth Of Pennsylvania
0.16
 3.000
01/01/2031
494,734
Foothill-Eastern Transportation Corrido
0.16
 --
01/01/2027
494,522
California State Public Works Board
0.16
 3.000
09/01/2031
490,578
New York City Transitional Finance Auth
0.15
 5.000
11/01/2027
458,033
County Of Miami-Dade Fl
0.15
 --
10/01/2031
456,222
State Of Mississippi
0.14
 5.000
10/01/2029
448,097
New Jersey Transportation Trust Fund Au
0.14
 5.000
06/15/2030
437,912
City Of New York Ny
0.14
 5.000
03/01/2027
423,952
Illinois State Toll Highway Authority
0.14
 5.000
01/01/2027
420,555
Pennsylvania Housing Finance Agency
0.13
 3.200
10/01/2031
414,872
Lone Star College System
0.13
 5.000
02/15/2033
409,372
Commonwealth Of Massachusetts
0.13
 5.000
10/01/2026
408,061
State Of Michigan
0.13
 3.000
05/01/2030
404,550
State Of Maryland
0.13
 5.000
08/01/2026
394,488
Oakland Unified School District/Alameda
0.13
 5.000
08/01/2026
389,361
County Of Wake Nc
0.12
 5.000
09/01/2026
383,407
State Of Connecticut Special Tax Revenu
0.12
 5.000
07/01/2031
382,123
University Of Utah/The
0.12
 5.000
08/01/2031
380,641
Allegheny County Hospital Development A
0.12
 5.000
07/15/2030
378,917
City Of Chicago Il
0.12
 5.000
01/01/2027
368,093
Michigan State Housing Development Auth
0.12
 3.100
12/01/2031
357,978
Canadian County Educational Facilities
0.11
 3.000
09/01/2029
329,716
Lancaster County School District/Sc
0.10
 3.250
03/01/2032
321,984
Long Island Power Authority
0.10
 5.000
09/01/2031
317,587
California Health Facilities Financing
0.10
 5.000
08/15/2031
317,367
Kentucky State Property & Building Comm
0.09
 5.000
10/01/2030
273,051
New York State Housing Finance Agency
0.09
 2.500
11/01/2060
264,303
South Dakota Health & Educational Facil
0.08
 5.000
09/01/2030
264,008
Texas Water Development Board
0.08
 5.000
04/15/2030
260,013
County Of Mecklenburg Nc
0.08
 2.000
12/01/2030
233,842
--
1.77
 --
--
5,491,429
Other/Cash
-0.02
 --
--
-53,647
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Portfolio

Sector Weightings (%) as at 06/30/2026

  • Sector

    % of Net Assets

  • State GO

    18.47

  • Local GO

    14.68

  • Utilities - Other

    9.54

  • Tax

    9.53

  • Hospitals

    7.40

  • Power

    6.58

  • Education

    6.25

  • Water & Sewer

    5.49

  • Transportation

    5.25

  • Leasing COPS & Appropriations

    4.29

  • Refunded

    3.28

  • Multi-Family Housing

    2.51

  • Toll & Turnpike

    2.09

  • Airport

    1.04

  • Misc

    0.93

  • Pollution Control

    0.92

  • Single Family Housing

    0.67

  • Industrial Development Revenue

    0.64

  • Tobacco

    0.17

  • Health

    0.16

  • Unassigned

    0.10

Credit Quality (%) as of 06/30/2026

Composite % of Net Assets
Investment Grade AAA 19.34
AA 47.97
A 21.07
BBB 4.27
Total Investment Grade -- 92.65
Not Rated -- 7.35
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 06/30/2026

  • Years

    Maturity (%)

  • < 1

    15.20

  • 1 - 3

    21.60

  • 3 - 5

    36.80

  • 5 - 7

    26.40

  • 7 - 10

    0.00

  • 10 - 15

    0.00

  • 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
07/01/2026 07/01/2026 07/07/2026 $ 0.0467 -- -- -- $ 0.05
06/01/2026 06/01/2026 06/04/2026 $ 0.0356 -- -- -- $ 0.04
05/01/2026 05/01/2026 05/06/2026 $ 0.0387 -- -- -- $ 0.04
04/01/2026 04/01/2026 04/07/2026 $ 0.0458 -- -- -- $ 0.05
03/02/2026 03/02/2026 03/05/2026 $ 0.0356 -- -- -- $ 0.04
02/02/2026 02/02/2026 02/05/2026 $ 0.0398 -- -- -- $ 0.04
12/29/2025 12/29/2025 12/31/2025 $ 0.0405 -- -- -- $ 0.04
11/28/2025 11/28/2025 12/03/2025 $ 0.0372 -- -- -- $ 0.04
11/03/2025 11/03/2025 11/06/2025 $ 0.0405 -- -- -- $ 0.04
10/01/2025 10/01/2025 10/06/2025 $ 0.0371 -- -- -- $ 0.04
09/02/2025 09/02/2025 09/05/2025 $ 0.0389 -- -- -- $ 0.04
08/01/2025 08/01/2025 08/06/2025 $ 0.0402 -- -- -- $ 0.04
07/01/2025 07/01/2025 07/07/2025 $ 0.0368 -- -- -- $ 0.04
06/02/2025 06/02/2025 06/05/2025 $ 0.0384 -- -- -- $ 0.04
05/01/2025 05/01/2025 05/06/2025 $ 0.0356 -- -- -- $ 0.04
04/01/2025 04/01/2025 04/04/2025 $ 0.0432 -- -- -- $ 0.04
03/03/2025 03/03/2025 03/06/2025 $ 0.0325 -- -- -- $ 0.03
02/03/2025 02/03/2025 02/06/2025 $ 0.0366 -- -- -- $ 0.04
12/27/2024 12/27/2024 12/30/2024 $ 0.0368 -- -- -- $ 0.04
12/02/2024 12/02/2024 12/05/2024 $ 0.0340 -- -- -- $ 0.03
11/01/2024 11/01/2024 11/06/2024 $ 0.0372 -- -- -- $ 0.04
10/01/2024 10/01/2024 10/04/2024 $ 0.0344 -- -- -- $ 0.03
09/03/2024 09/03/2024 09/06/2024 $ 0.0347 -- -- -- $ 0.03
08/01/2024 08/01/2024 08/06/2024 $ 0.0368 -- -- -- $ 0.04
07/01/2024 07/01/2024 07/05/2024 $ 0.0329 -- -- -- $ 0.03
06/03/2024 06/03/2024 06/06/2024 $ 0.0250 -- -- -- $ 0.03
05/01/2024 05/02/2024 05/07/2024 $ 0.0300 -- -- -- $ 0.03
04/01/2024 04/02/2024 04/05/2024 $ 0.0442 -- -- -- $ 0.04
03/01/2024 03/04/2024 03/07/2024 $ 0.0292 -- -- -- $ 0.03
02/01/2024 02/02/2024 02/07/2024 $ 0.0315 -- -- -- $ 0.03
12/27/2023 12/28/2023 12/29/2023 $ 0.0314 -- -- -- $ 0.03
12/01/2023 12/04/2023 12/07/2023 $ 0.0274 -- -- -- $ 0.03
11/01/2023 11/02/2023 11/07/2023 $ 0.0300 -- -- -- $ 0.03
10/02/2023 10/03/2023 10/06/2023 $ 0.0269 -- -- -- $ 0.03
09/01/2023 09/05/2023 09/08/2023 $ 0.0245 -- -- -- $ 0.02
08/01/2023 08/02/2023 08/10/2023 $ 0.0312 -- -- -- $ 0.03
07/03/2023 07/05/2023 07/07/2023 $ 0.0240 -- -- -- $ 0.02
06/01/2023 06/02/2023 06/07/2023 $ 0.0246 -- -- -- $ 0.02
05/01/2023 05/02/2023 05/05/2023 $ 0.0219 -- -- -- $ 0.02
04/03/2023 04/04/2023 04/10/2023 $ 0.0297 -- -- -- $ 0.03
03/01/2023 03/02/2023 03/07/2023 $ 0.0185 -- -- -- $ 0.02
02/01/2023 02/02/2023 02/07/2023 $ 0.0227 -- -- -- $ 0.02
12/28/2022 12/29/2022 12/30/2022 $ 0.0231 -- -- -- $ 0.02
12/01/2022 12/02/2022 12/07/2022 $ 0.0197 -- -- -- $ 0.02
11/01/2022 11/02/2022 11/07/2022 $ 0.0215 -- -- -- $ 0.02
10/03/2022 10/04/2022 10/07/2022 $ 0.0180 -- -- -- $ 0.02
09/01/2022 09/02/2022 09/08/2022 $ 0.0191 -- -- -- $ 0.02
08/01/2022 08/02/2022 08/05/2022 $ 0.0205 -- -- -- $ 0.02
07/01/2022 07/05/2022 07/08/2022 $ 0.0204 -- -- -- $ 0.02
06/01/2022 06/02/2022 06/07/2022 $ 0.0166 -- -- -- $ 0.02
05/02/2022 05/03/2022 05/06/2022 $ 0.0172 -- -- -- $ 0.02
04/01/2022 04/04/2022 04/07/2022 $ 0.0178 -- -- -- $ 0.02
03/01/2022 03/02/2022 03/07/2022 $ 0.0131 -- -- -- $ 0.01
02/01/2022 02/02/2022 02/07/2022 $ 0.0151 -- -- -- $ 0.02
12/29/2021 12/30/2021 12/31/2021 $ 0.0169 $ 0.0018 $ 0.0226 -- $ 0.04
12/01/2021 12/02/2021 12/07/2021 $ 0.0142 -- -- -- $ 0.01
11/01/2021 11/02/2021 11/05/2021 $ 0.0168 -- -- -- $ 0.02
10/01/2021 10/04/2021 10/07/2021 $ 0.0143 -- -- -- $ 0.01
09/01/2021 09/02/2021 09/08/2021 $ 0.0159 -- -- -- $ 0.02
08/02/2021 08/03/2021 08/06/2021 $ 0.0175 -- -- -- $ 0.02
07/01/2021 07/02/2021 07/08/2021 $ 0.0162 -- -- -- $ 0.02
06/01/2021 06/02/2021 06/07/2021 $ 0.0177 -- -- -- $ 0.02
05/03/2021 05/04/2021 05/07/2021 $ 0.0167 -- -- -- $ 0.02
04/01/2021 04/05/2021 04/08/2021 $ 0.0189 -- -- -- $ 0.02
03/01/2021 03/02/2021 03/05/2021 $ 0.0148 -- -- -- $ 0.01
02/01/2021 02/02/2021 02/05/2021 $ 0.0178 -- -- -- $ 0.02
12/29/2020 12/30/2020 01/05/2021 $ 0.0222 -- -- -- $ 0.02
12/01/2020 12/02/2020 12/07/2020 $ 0.0199 -- -- -- $ 0.02
11/02/2020 11/03/2020 11/06/2020 $ 0.0232 -- -- -- $ 0.02
10/01/2020 10/02/2020 10/07/2020 $ 0.0207 -- -- -- $ 0.02
09/01/2020 09/02/2020 09/08/2020 $ 0.0226 -- -- -- $ 0.02
08/03/2020 08/04/2020 08/07/2020 $ 0.0248 -- -- -- $ 0.02
07/01/2020 07/02/2020 07/08/2020 $ 0.0216 -- -- -- $ 0.02
06/01/2020 06/02/2020 06/05/2020 $ 0.0245 -- -- -- $ 0.02
05/01/2020 05/04/2020 05/07/2020 $ 0.0236 -- -- -- $ 0.02
04/01/2020 04/02/2020 04/07/2020 $ 0.0244 -- -- -- $ 0.02
03/02/2020 03/03/2020 03/06/2020 $ 0.0212 -- -- -- $ 0.02
02/03/2020 02/04/2020 02/07/2020 $ 0.0234 -- -- -- $ 0.02
12/30/2019 12/31/2019 01/06/2020 $ 0.0247 -- -- -- $ 0.02
12/02/2019 12/03/2019 12/06/2019 $ 0.0240 -- -- -- $ 0.02
11/01/2019 11/04/2019 11/07/2019 $ 0.0233 -- -- -- $ 0.02
10/01/2019 10/02/2019 10/07/2019 $ 0.0226 -- -- -- $ 0.02
09/03/2019 09/04/2019 09/09/2019 $ 0.0236 -- -- -- $ 0.02
08/01/2019 08/02/2019 08/07/2019 $ 0.0238 -- -- -- $ 0.02
07/01/2019 07/02/2019 07/08/2019 $ 0.0231 -- -- -- $ 0.02
06/03/2019 06/04/2019 06/07/2019 $ 0.0227 -- -- -- $ 0.02
05/01/2019 05/02/2019 05/07/2019 $ 0.0233 -- -- -- $ 0.02
04/01/2019 04/02/2019 04/05/2019 $ 0.0240 -- -- -- $ 0.02
03/01/2019 03/04/2019 03/07/2019 $ 0.0220 -- -- -- $ 0.02
02/01/2019 02/04/2019 02/07/2019 $ 0.0240 -- -- -- $ 0.02
12/27/2018 12/28/2018 01/03/2019 $ 0.0237 -- -- -- $ 0.02
12/03/2018 12/04/2018 12/07/2018 $ 0.0224 -- -- -- $ 0.02
11/01/2018 11/02/2018 11/07/2018 $ 0.0228 -- -- -- $ 0.02
10/01/2018 10/02/2018 10/05/2018 $ 0.0221 -- -- -- $ 0.02
09/04/2018 09/05/2018 09/10/2018 $ 0.0224 -- -- -- $ 0.02
08/01/2018 08/02/2018 08/07/2018 $ 0.0223 -- -- -- $ 0.02
07/02/2018 07/03/2018 07/09/2018 $ 0.0223 -- -- -- $ 0.02
06/01/2018 06/04/2018 06/07/2018 $ 0.0223 -- -- -- $ 0.02
05/01/2018 05/02/2018 05/07/2018 $ 0.0200 -- -- -- $ 0.02
04/02/2018 04/03/2018 04/06/2018 $ 0.0203 -- -- -- $ 0.02
03/01/2018 03/02/2018 03/07/2018 $ 0.0178 -- -- -- $ 0.02
02/01/2018 02/02/2018 02/07/2018 $ 0.0198 -- -- -- $ 0.02
12/27/2017 12/28/2017 01/03/2018 $ 0.0188 -- -- -- $ 0.02
12/01/2017 12/04/2017 12/07/2017 $ 0.0178 -- -- -- $ 0.02
11/01/2017 11/02/2017 11/07/2017 $ 0.0183 -- -- -- $ 0.02
10/02/2017 10/03/2017 10/06/2017 $ 0.0175 -- -- -- $ 0.02
09/01/2017 09/06/2017 09/08/2017 $ 0.0179 -- -- -- $ 0.02
08/01/2017 08/03/2017 08/07/2017 $ 0.0178 -- -- -- $ 0.02
07/03/2017 07/06/2017 07/10/2017 $ 0.0175 -- -- -- $ 0.02
06/01/2017 06/05/2017 06/07/2017 $ 0.0188 -- -- -- $ 0.02
05/01/2017 05/03/2017 05/05/2017 $ 0.0171 -- -- -- $ 0.02
04/03/2017 04/05/2017 04/07/2017 $ 0.0177 -- -- -- $ 0.02
03/01/2017 03/03/2017 03/07/2017 $ 0.0153 -- -- -- $ 0.02
02/01/2017 02/03/2017 02/07/2017 $ 0.0170 -- -- -- $ 0.02
12/28/2016 12/30/2016 01/04/2017 $ 0.0166 -- -- -- $ 0.02
12/01/2016 12/05/2016 12/07/2016 $ 0.0154 -- -- -- $ 0.02
11/01/2016 11/03/2016 11/07/2016 $ 0.0155 -- -- -- $ 0.02
10/03/2016 10/05/2016 10/07/2016 $ 0.0155 -- -- -- $ 0.02
09/01/2016 09/06/2016 09/08/2016 $ 0.0160 -- -- -- $ 0.02
08/01/2016 08/03/2016 08/05/2016 $ 0.0160 -- -- -- $ 0.02
07/01/2016 07/06/2016 07/08/2016 $ 0.0160 -- -- -- $ 0.02
06/01/2016 06/03/2016 06/07/2016 $ 0.0168 -- -- -- $ 0.02
05/02/2016 05/04/2016 05/06/2016 $ 0.0163 -- -- -- $ 0.02
04/01/2016 04/05/2016 04/07/2016 $ 0.0168 -- -- -- $ 0.02
03/01/2016 03/03/2016 03/07/2016 $ 0.0158 -- -- -- $ 0.02
02/01/2016 02/03/2016 02/05/2016 $ 0.0170 -- -- -- $ 0.02
12/29/2015 12/31/2015 01/05/2016 $ 0.0170 -- -- -- $ 0.02
12/01/2015 12/03/2015 12/07/2015 $ 0.0164 -- -- -- $ 0.02
11/02/2015 11/04/2015 11/06/2015 $ 0.0175 -- -- -- $ 0.02
10/01/2015 10/05/2015 10/07/2015 $ 0.0168 -- -- -- $ 0.02
09/01/2015 09/03/2015 09/08/2015 $ 0.0167 -- -- -- $ 0.02
08/03/2015 08/05/2015 08/07/2015 $ 0.0165 -- -- -- $ 0.02
07/01/2015 07/06/2015 07/08/2015 $ 0.0162 -- -- -- $ 0.02
06/01/2015 06/03/2015 06/05/2015 $ 0.0166 -- -- -- $ 0.02
05/01/2015 05/05/2015 05/07/2015 $ 0.0160 -- -- -- $ 0.02
04/01/2015 04/06/2015 04/08/2015 $ 0.0166 -- -- -- $ 0.02
03/02/2015 03/04/2015 03/06/2015 $ 0.0150 -- -- -- $ 0.01
02/02/2015 02/04/2015 02/06/2015 $ 0.0169 -- -- -- $ 0.02
12/29/2014 12/31/2014 01/05/2015 $ 0.0169 -- -- -- $ 0.02
12/01/2014 12/03/2014 12/05/2014 $ 0.0160 -- -- -- $ 0.02
11/03/2014 11/05/2014 11/07/2014 $ 0.0171 -- -- -- $ 0.02
10/01/2014 10/03/2014 10/07/2014 $ 0.0162 -- -- -- $ 0.02
09/02/2014 09/04/2014 09/08/2014 $ 0.0174 -- -- -- $ 0.02
08/01/2014 08/05/2014 08/07/2014 $ 0.0175 -- -- -- $ 0.02
07/01/2014 07/03/2014 07/08/2014 $ 0.0169 -- -- -- $ 0.02
06/02/2014 06/04/2014 06/06/2014 $ 0.0178 -- -- -- $ 0.02
05/01/2014 05/05/2014 05/07/2014 $ 0.0180 -- -- -- $ 0.02
04/01/2014 04/03/2014 04/07/2014 $ 0.0184 -- -- -- $ 0.02
03/03/2014 03/05/2014 03/07/2014 $ 0.0202 -- -- -- $ 0.02
02/03/2014 02/05/2014 02/07/2014 $ 0.0205 -- -- -- $ 0.02
12/27/2013 12/31/2013 01/03/2014 $ 0.0209 -- -- -- $ 0.02
12/02/2013 12/04/2013 12/06/2013 $ 0.0203 -- -- -- $ 0.02
11/01/2013 11/05/2013 11/07/2013 $ 0.0232 -- -- -- $ 0.02
10/01/2013 10/03/2013 10/07/2013 $ 0.0198 -- -- -- $ 0.02
09/03/2013 09/05/2013 09/09/2013 $ 0.0204 -- -- -- $ 0.02
08/01/2013 08/05/2013 08/07/2013 $ 0.0194 -- -- -- $ 0.02
07/01/2013 07/03/2013 07/08/2013 $ 0.0195 -- -- -- $ 0.02
06/03/2013 06/05/2013 06/07/2013 $ 0.0200 -- -- -- $ 0.02
05/01/2013 05/03/2013 05/07/2013 $ 0.0200 -- -- -- $ 0.02
04/01/2013 04/03/2013 04/05/2013 $ 0.0204 -- -- -- $ 0.02
03/01/2013 03/05/2013 03/07/2013 $ 0.0186 -- -- -- $ 0.02
02/01/2013 02/05/2013 02/07/2013 $ 0.0202 -- -- -- $ 0.02
12/27/2012 12/31/2012 01/03/2013 $ 0.0213 -- $ 0.0110 -- $ 0.03
12/03/2012 12/05/2012 12/07/2012 $ 0.0205 -- -- -- $ 0.02
11/01/2012 11/05/2012 11/07/2012 $ 0.0210 -- -- -- $ 0.02
10/01/2012 10/03/2012 10/05/2012 $ 0.0213 -- -- -- $ 0.02
09/04/2012 09/07/2012 09/10/2012 $ 0.0226 -- -- -- $ 0.02
08/01/2012 08/03/2012 08/07/2012 $ 0.0234 -- -- -- $ 0.02
07/02/2012 07/05/2012 07/09/2012 $ 0.0233 -- -- -- $ 0.02
06/01/2012 06/05/2012 06/07/2012 $ 0.0245 -- -- -- $ 0.02
05/01/2012 05/03/2012 05/07/2012 $ 0.0243 -- -- -- $ 0.02
04/02/2012 04/04/2012 04/09/2012 $ 0.0258 -- -- -- $ 0.03
03/01/2012 03/05/2012 03/07/2012 $ 0.0248 -- -- -- $ 0.02
02/01/2012 02/03/2012 02/07/2012 $ 0.0265 -- -- -- $ 0.03
12/28/2011 12/30/2011 01/04/2012 $ 0.0279 -- $ 0.0002 -- $ 0.03
12/01/2011 12/05/2011 12/07/2011 $ 0.0270 -- -- -- $ 0.03
11/01/2011 11/03/2011 11/07/2011 $ 0.0270 -- -- -- $ 0.03
10/03/2011 10/05/2011 10/07/2011 $ 0.0270 -- -- -- $ 0.03
09/01/2011 09/06/2011 09/08/2011 $ 0.0282 -- -- -- $ 0.03
08/01/2011 08/03/2011 08/05/2011 $ 0.0290 -- -- -- $ 0.03
07/01/2011 07/06/2011 07/08/2011 $ 0.0268 -- -- -- $ 0.03
06/01/2011 06/03/2011 06/07/2011 $ 0.0290 -- -- -- $ 0.03
05/02/2011 05/04/2011 05/06/2011 $ 0.0275 -- -- -- $ 0.03
04/01/2011 04/05/2011 04/07/2011 $ 0.0330 -- -- -- $ 0.03
03/01/2011 03/03/2011 03/07/2011 $ 0.0281 -- -- -- $ 0.03
02/01/2011 02/03/2011 02/07/2011 $ 0.0310 -- -- -- $ 0.03
12/29/2010 12/31/2010 01/05/2011 $ 0.0300 $ 0.0210 $ 0.0370 -- $ 0.09
12/01/2010 12/03/2010 12/07/2010 $ 0.0280 -- -- -- $ 0.03
11/01/2010 11/03/2010 11/05/2010 $ 0.0290 -- -- -- $ 0.03
10/01/2010 10/05/2010 10/07/2010 $ 0.0290 -- -- -- $ 0.03
09/01/2010 09/03/2010 09/08/2010 $ 0.0300 -- -- -- $ 0.03
08/02/2010 08/04/2010 08/06/2010 $ 0.0300 -- -- -- $ 0.03
07/01/2010 07/06/2010 07/08/2010 $ 0.0290 -- -- -- $ 0.03
06/01/2010 06/03/2010 06/07/2010 $ 0.0300 -- -- -- $ 0.03
05/03/2010 05/05/2010 05/07/2010 $ 0.0300 -- -- -- $ 0.03
04/01/2010 04/06/2010 04/08/2010 $ 0.0300 -- -- -- $ 0.03
03/01/2010 03/03/2010 03/05/2010 $ 0.0280 -- -- -- $ 0.03
02/01/2010 02/03/2010 02/05/2010 $ 0.0300 -- -- -- $ 0.03
12/29/2009 12/31/2009 01/05/2010 $ 0.0325 -- -- -- $ 0.03
12/01/2009 12/03/2009 12/07/2009 $ 0.0310 -- -- -- $ 0.03
11/02/2009 11/04/2009 11/06/2009 $ 0.0320 -- -- -- $ 0.03
10/01/2009 10/05/2009 10/07/2009 $ 0.0300 -- -- -- $ 0.03
09/01/2009 09/03/2009 09/08/2009 $ 0.0315 -- -- -- $ 0.03
08/03/2009 08/05/2009 08/07/2009 $ 0.0360 -- -- -- $ 0.04
07/01/2009 07/06/2009 07/08/2009 $ 0.0340 -- -- -- $ 0.03
06/01/2009 06/03/2009 06/05/2009 $ 0.0350 -- -- -- $ 0.04
05/01/2009 05/05/2009 05/07/2009 $ 0.0370 -- -- -- $ 0.04
04/01/2009 04/03/2009 04/07/2009 $ 0.0400 -- -- -- $ 0.04
03/02/2009 03/04/2009 03/06/2009 $ 0.0360 -- -- -- $ 0.04
02/02/2009 02/04/2009 02/06/2009 $ 0.0380 -- -- -- $ 0.04
12/26/2008 12/30/2008 01/06/2009 $ 0.0370 -- -- -- $ 0.04
12/01/2008 12/03/2008 12/05/2008 $ 0.0450 -- -- -- $ 0.04
11/03/2008 11/05/2008 11/07/2008 $ 0.0340 -- -- -- $ 0.03
10/01/2008 10/03/2008 10/07/2008 $ 0.0367 -- -- -- $ 0.04
09/02/2008 09/04/2008 09/09/2008 $ 0.0393 -- -- -- $ 0.04
08/01/2008 08/05/2008 08/07/2008 $ 0.0377 -- -- -- $ 0.04
07/01/2008 07/03/2008 07/08/2008 $ 0.0367 -- -- -- $ 0.04
06/02/2008 06/04/2008 06/06/2008 $ 0.0400 -- -- -- $ 0.04
05/01/2008 05/05/2008 05/07/2008 $ 0.0100 -- -- -- $ 0.01
04/01/2008 04/03/2008 04/08/2008 $ 0.0687 -- -- -- $ 0.07

‡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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