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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
    $17.29

    as of July 01, 2026
  • YTD RETURNS
    0.88%

    as of July 01, 2026
  • Total Net Assets
    $312.87M

    as of July 01, 2026
  • Total Expense Ratio
    0.07%
  • Inception Date
    02/22/2008
  • 30-Day SEC Yield
    2.74%
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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  07/01/2026

Distribution Frequency

Monthly

30-Day SEC Yield

2.74%

Distribution Yield

3.24%

12 Month Yield

2.97%

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 2.74% on 07/01/26. 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) 0.24 -0.41 0.83 3.69 3.38 1.18 1.52 2.01
SMB (Market Price) 0.28 -0.48 0.32 3.55 3.50 1.13 1.51 2.00
ICE Short AMT-Free Broad National Municipal Index 0.22 -0.40 0.82 3.65 3.35 1.20 1.70 2.38
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE 02/22/08
SMB (NAV) -0.99 0.24 0.24 3.51 2.88 1.15 1.47 1.99
SMB (Market Price) -1.00 -0.20 -0.20 3.70 2.98 1.11 1.49 1.99
ICE Short AMT-Free Broad National Municipal Index -0.96 0.26 0.26 3.47 2.89 1.16 1.67 2.37

*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 07/01/2026

Download XLS Get holdings
Total Holdings: 330
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
New York City Transitional Finance Auth
1.09
 5.000
07/15/2031
3,408,725
Charlotte-Mecklenburg Hospital Authorit
1.07
 5.000
01/15/2049
3,356,966
Indiana Finance Authority
1.07
 5.000
02/01/2032
3,356,653
State Of California
1.03
 5.000
04/01/2030
3,211,700
Southeast Energy Authority A Cooperativ
0.98
 4.000
12/01/2051
3,059,502
Commonwealth Of Massachusetts
0.95
 5.000
05/01/2031
2,973,848
State Of New Jersey
0.91
 2.000
06/01/2030
2,846,734
Kansas Development Finance Authority
0.86
 5.000
11/15/2054
2,691,630
New York City Housing Development Corp
0.82
 3.950
11/01/2064
2,561,119
Commonwealth Of Massachusetts
0.81
 5.000
10/01/2031
2,536,272
California Statewide Communities Develo
0.76
 1.750
09/01/2029
2,376,227
Massachusetts Water Resources Authority
0.72
 5.250
08/01/2030
2,256,230
State Of Connecticut
0.71
 3.000
01/15/2032
2,231,845
Black Belt Energy Gas District
0.71
 4.000
10/01/2052
2,226,977
Main Street Natural Gas Inc
0.69
 5.000
05/01/2054
2,171,473
Main Street Natural Gas Inc
0.69
 5.000
04/01/2054
2,161,366
County Of King Wa
0.68
 4.000
07/01/2030
2,136,506
Tennessee Energy Acquisition Corp
0.68
 5.000
05/01/2052
2,130,711
City & County Of Honolulu Hi
0.68
 5.000
03/01/2031
2,119,530
Texas Water Development Board
0.67
 4.000
10/15/2031
2,108,619
California Community Choice Financing A
0.67
 5.500
05/01/2054
2,108,453
Fort Bend Independent School District
0.67
 5.000
08/15/2030
2,087,601
City Of Orlando Fl Tourist Development
0.66
 5.000
11/01/2031
2,071,044
City Of Chicago Il
0.66
 5.000
01/01/2030
2,069,536
Conroe Independent School District
0.66
 5.000
02/15/2027
2,069,522
State Of Georgia
0.66
 5.000
02/01/2032
2,069,436
Central Florida Expressway Authority
0.66
 5.000
07/01/2038
2,051,088
State Of California
0.64
 5.000
04/01/2032
2,016,949
Los Angeles Unified School District/Ca
0.59
 5.000
07/01/2030
1,849,752
Energy Southeast A Cooperative District
0.59
 5.500
11/01/2053
1,843,302
State Of Connecticut Special Tax Revenu
0.59
 5.000
05/01/2031
1,837,274
State Of California
0.54
 5.000
10/01/2031
1,697,952
State Of Maryland
0.53
 5.000
03/15/2031
1,645,866
New Jersey Educational Facilities Autho
0.53
 5.000
07/01/2064
1,642,980
State Of California
0.52
 5.000
10/01/2031
1,633,553
Wisconsin Health & Educational Faciliti
0.52
 5.000
02/15/2032
1,622,126
State Of North Carolina
0.52
 5.000
03/01/2030
1,617,369
Indiana Finance Authority
0.51
 4.250
11/01/2030
1,606,288
New York City Transitional Finance Auth
0.51
 4.000
11/01/2030
1,582,709
City Of Mesa Az Utility System Revenue
0.50
 4.000
07/01/2031
1,550,599
Curators Of The University Of Missouri/
0.49
 5.000
11/01/2030
1,547,088
Pefa Inc
0.49
 5.000
09/01/2049
1,530,682
California State University
0.49
 5.000
11/01/2031
1,526,234
Main Street Natural Gas Inc
0.49
 4.000
03/01/2050
1,522,355
Metropolitan Transportation Authority
0.48
 5.000
11/15/2031
1,510,069
Kern High School District
0.48
 2.000
08/01/2031
1,500,719
Frisco Independent School District
0.46
 4.000
02/15/2032
1,427,060
State Of California
0.44
 5.000
08/01/2027
1,371,033
State Of Ohio
0.44
 5.000
12/15/2031
1,369,954
New York State Dormitory Authority
0.43
 5.000
10/01/2030
1,350,132
County Of Allen Oh Hospital Facilities
0.43
 5.000
12/01/2029
1,340,653
City Of Columbus Oh
0.43
 5.000
04/01/2031
1,339,232
Central Plains Energy Project
0.41
 5.000
09/01/2031
1,294,479
Main Street Natural Gas Inc
0.41
 4.000
07/01/2052
1,282,888
Jackson County School District No 549c
0.40
 5.000
12/15/2028
1,254,934
New York Transportation Development Cor
0.40
 5.000
12/01/2030
1,253,296
Central Florida Expressway Authority
0.40
 4.000
07/01/2031
1,247,943
Kentucky Public Energy Authority
0.40
 4.000
08/01/2052
1,237,735
New York City Transitional Finance Auth
0.39
 5.000
02/01/2030
1,230,934
State Of North Carolina
0.38
 5.000
06/01/2031
1,203,118
Jefferson County School District R-1
0.38
 5.000
12/15/2030
1,174,551
Triborough Bridge & Tunnel Authority
0.36
 5.000
11/15/2031
1,124,829
Minnesota Public Facilities Authority S
0.36
 5.000
03/01/2031
1,123,555
State Of California
0.36
 5.000
09/01/2030
1,117,854
New York City Transitional Finance Auth
0.35
 5.000
08/01/2031
1,106,496
Metropolitan Transportation Authority
0.35
 5.000
11/15/2030
1,099,071
Texas State Transportation Commission
0.35
 5.000
04/01/2030
1,099,048
Commonwealth Of Massachusetts
0.35
 5.000
05/01/2030
1,098,241
State Of California
0.35
 5.000
10/01/2029
1,093,066
State Of Washington
0.35
 5.000
06/01/2031
1,092,231
City Of New York Ny
0.35
 5.000
08/01/2029
1,090,601
Board Of Regents Of The University Of T
0.35
 5.000
08/15/2029
1,090,367
Denton Independent School District
0.35
 5.000
08/15/2029
1,089,436
Connecticut State Health & Educational
0.35
 5.000
07/01/2064
1,087,797
Colorado Health Facilities Authority
0.35
 5.000
11/15/2060
1,085,230
County Of Allen Oh Hospital Facilities
0.35
 5.000
08/01/2030
1,084,968
Metropolitan Government Nashville & Dav
0.35
 5.000
07/01/2031
1,084,639
New York State Dormitory Authority
0.35
 5.000
03/15/2029
1,083,107
State Of Louisiana
0.35
 5.000
02/01/2029
1,081,538
State Of Maryland
0.35
 5.000
03/15/2029
1,081,383
Main Street Natural Gas Inc
0.35
 5.000
09/01/2053
1,080,474
New York City Transitional Finance Auth
0.35
 5.000
07/15/2031
1,079,583
Southeast Alabama Gas Supply District/T
0.34
 5.000
08/01/2054
1,077,385
Piedmont Municipal Power Agency
0.34
 5.000
01/01/2032
1,076,690
State Of California
0.34
 5.000
09/01/2028
1,073,671
Black Belt Energy Gas District
0.34
 5.500
06/01/2049
1,072,736
Main Street Natural Gas Inc
0.34
 5.000
07/01/2053
1,072,088
State Of North Carolina
0.34
 5.000
05/01/2031
1,071,682
California Community Choice Financing A
0.34
 5.250
11/01/2054
1,071,337
City Of Houston Tx
0.34
 5.000
03/01/2032
1,069,333
North Carolina Municipal Power Agency N
0.34
 5.000
01/01/2032
1,067,451
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,066,291
County Of Miami-Dade Fl Water & Sewer S
0.34
 5.000
10/01/2028
1,066,280
Regional Transportation District Sales
0.34
 5.000
11/01/2028
1,065,733
California Community Choice Financing A
0.34
 5.000
07/01/2053
1,065,368
New Jersey Health Care Facilities Finan
0.34
 5.000
07/01/2031
1,059,803
Texas Municipal Gas Acquisition & Suppl
0.34
 5.500
01/01/2054
1,059,507
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,059,096
Minneapolis-St Paul Metropolitan Airpor
0.34
 5.000
01/01/2029
1,058,525
University Of Connecticut
0.34
 5.000
04/15/2029
1,054,322
New York State Dormitory Authority
0.34
 5.000
08/01/2030
1,051,497
Commonwealth Of Pennsylvania
0.34
 5.000
07/15/2027
1,050,285
Southeast Energy Authority A Cooperativ
0.34
 5.250
01/01/2054
1,049,613
State Of California
0.34
 5.000
09/01/2027
1,048,658
Commonwealth Of Pennsylvania
0.33
 5.000
09/01/2027
1,047,138
City Of New York Ny
0.33
 5.000
09/01/2027
1,046,905
City Of New York Ny
0.33
 5.000
09/01/2027
1,046,905
State Of California
0.33
 5.000
10/01/2027
1,046,717
County Of Harris Tx Toll Road Revenue
0.33
 5.000
08/15/2027
1,046,326
Iowa Finance Authority
0.33
 5.000
08/01/2031
1,045,740
State Of California
0.33
 5.000
11/01/2028
1,043,875
County Of Baltimore Md
0.33
 5.000
03/01/2030
1,042,105
City Of Houston Tx Combined Utility Sys
0.33
 5.000
11/15/2027
1,041,812
Washington Convention & Sports Authorit
0.33
 5.000
10/01/2030
1,040,439
Black Belt Energy Gas District
0.33
 5.000
05/01/2053
1,038,421
State Of Illinois
0.33
 5.000
11/01/2027
1,038,049
Energy Northwest
0.33
 --
07/01/2027
1,032,137
California Community Choice Financing A
0.33
 4.000
02/01/2052
1,031,919
New Jersey Educational Facilities Autho
0.33
 5.000
07/01/2028
1,025,635
Hillsboro School District No 1j
0.33
 5.000
06/15/2031
1,024,735
Commonwealth Of Pennsylvania
0.33
 5.000
07/15/2026
1,024,187
Massachusetts Water Resources Authority
0.33
 5.000
08/01/2040
1,022,928
State Of California
0.33
 5.000
09/01/2026
1,021,038
West Virginia Commissioner Of Highways
0.33
 5.000
09/01/2026
1,020,471
San Francisco City & County Public Util
0.33
 5.000
10/01/2026
1,019,241
Louisville/Jefferson County Metropolita
0.33
 5.000
10/01/2047
1,017,291
Pennsylvania Higher Educational Facilit
0.32
 4.000
08/15/2031
1,016,610
Triborough Bridge & Tunnel Authority
0.32
 5.000
11/15/2026
1,015,727
Ohio Water Development Authority
0.32
 5.000
12/01/2027
1,014,331
Metropolitan Council
0.32
 5.000
12/01/2026
1,014,206
Central Florida Tourism Oversight Distr
0.32
 4.000
06/01/2031
1,013,194
New York State Thruway Authority
0.32
 5.000
01/01/2027
1,012,656
Long Island Power Authority
0.32
 3.000
09/01/2055
1,012,229
New York City Housing Development Corp
0.32
 3.250
11/01/2064
1,009,969
California State Public Works Board
0.32
 4.000
11/01/2031
1,009,590
State Of Connecticut
0.32
 3.000
06/01/2029
1,009,201
New York City Housing Development Corp
0.32
 3.125
11/01/2065
1,009,101
State Of Hawaii
0.32
 3.000
10/01/2029
1,007,656
State Of Minnesota
0.32
 3.000
10/01/2030
1,007,016
New York City Housing Development Corp
0.32
 3.150
05/01/2066
1,005,750
King County School District No 414 Lake
0.32
 5.000
12/01/2031
1,005,705
Indiana Finance Authority
0.32
 5.000
06/01/2029
1,002,950
State Of Florida
0.32
 3.000
06/01/2030
1,001,215
Board Of Regents Of The University Of T
0.31
 5.000
08/15/2031
976,955
State Of California
0.31
 5.000
11/01/2028
973,007
Fort Bend Independent School District
0.31
 5.000
02/15/2028
962,610
State Of Florida Department Of Transpor
0.31
 5.000
07/01/2030
955,869
State Of California Department Of Water
0.30
 5.000
12/01/2031
951,077
Collin County Community College Distric
0.30
 4.000
08/15/2031
949,934
State Of Washington
0.29
 5.000
08/01/2031
920,995
Beverly Hills Unified School District C
0.29
 --
08/01/2030
900,970
New York City Transitional Finance Auth
0.28
 5.000
02/01/2027
880,319
Harris County Cultural Education Facili
0.28
 5.000
11/15/2030
879,588
State Of New Mexico Severance Tax Perma
0.28
 5.000
07/01/2027
861,709
Georgia State Road & Tollway Authority
0.27
 5.000
06/01/2029
857,906
California State Public Works Board
0.27
 5.000
10/01/2026
845,804
State Of Washington
0.27
 5.000
08/01/2031
843,929
Public Finance Authority
0.27
 4.000
10/01/2041
836,261
State Of Louisiana
0.27
 5.000
03/01/2032
835,320
California State Public Works Board
0.26
 5.000
10/01/2028
819,895
State Of California
0.26
 5.000
10/01/2030
818,592
Los Angeles County Metropolitan Transpo
0.26
 5.000
07/01/2031
815,217
State Of Illinois
0.26
 5.000
11/01/2026
812,815
State Of North Carolina
0.26
 3.000
05/01/2031
800,182
County Of Montgomery Md
0.25
 4.000
08/01/2029
795,451
County Of Fairfax Va
0.25
 5.000
10/01/2031
789,707
City Of Columbus Oh
0.25
 5.000
04/01/2029
783,137
New Jersey Transportation Trust Fund Au
0.25
 4.100
06/15/2031
782,089
California Health Facilities Financing
0.25
 5.000
11/15/2031
780,132
State Of California
0.25
 5.000
04/01/2027
774,628
State Of Maryland Department Of Transpo
0.25
 4.000
05/01/2030
772,455
University Of Connecticut
0.25
 5.000
01/15/2030
772,047
Virginia Public Building Authority
0.24
 5.000
08/01/2029
753,964
Regional Transportation Authority
0.24
 5.000
07/01/2028
751,061
New Jersey Economic Development Authori
0.24
 3.125
07/01/2031
750,752
Energy Northwest
0.24
 5.000
07/01/2028
743,441
City Of South Miami Health Facilities A
0.24
 5.000
08/15/2029
740,918
Montgomery County Industrial Developmen
0.24
 4.100
06/01/2029
737,837
California State Public Works Board
0.23
 5.000
11/01/2029
734,463
State Of Georgia
0.23
 5.000
08/01/2026
716,142
New York State Urban Development Corp
0.23
 5.000
03/15/2027
712,835
New York City Transitional Finance Auth
0.23
 5.000
08/01/2031
705,826
Illinois Finance Authority
0.22
 5.000
07/01/2027
703,113
Trinity River Authority Central Regiona
0.22
 5.000
08/01/2030
700,289
City Of New York Ny
0.22
 5.000
04/01/2032
698,181
State Of Georgia
0.22
 5.000
02/01/2029
694,642
Commonwealth Of Massachusetts
0.22
 5.500
01/01/2027
689,415
State Of Illinois
0.22
 3.500
06/01/2029
687,270
Pennsylvania Housing Finance Agency
0.22
 2.800
10/01/2031
683,704
New York State Dormitory Authority
0.22
 5.000
03/15/2028
677,747
New Jersey Health Care Facilities Finan
0.22
 5.000
07/01/2029
675,465
Town Of Oyster Bay Ny
0.22
 3.250
02/01/2029
674,394
Washington Metropolitan Area Transit Au
0.21
 5.000
07/01/2031
663,685
Illinois State Toll Highway Authority
0.21
 5.000
01/01/2027
658,000
City Of San Antonio Tx Electric & Gas S
0.21
 5.000
02/01/2027
644,506
King County School District No 411 Issa
0.20
 4.000
12/01/2031
638,793
New York State Environmental Facilities
0.20
 5.000
06/15/2028
637,397
New York City Transitional Finance Auth
0.20
 4.000
05/01/2031
634,589
State Of Connecticut Special Tax Revenu
0.20
 5.000
05/01/2028
632,600
New Jersey Economic Development Authori
0.20
 5.000
06/15/2034
631,291
City Of Phoenix Civic Improvement Corp
0.20
 5.000
07/01/2029
621,474
Virginia College Building Authority
0.20
 5.000
02/01/2027
621,332
State Of New York Mortgage Agency Homeo
0.20
 3.000
10/01/2031
613,565
City Of Dallas Tx Waterworks & Sewer Sy
0.20
 5.000
10/01/2031
611,005
Texas Municipal Gas Acquisition & Suppl
0.19
 5.000
12/15/2026
606,780
State Of Maryland Department Of Transpo
0.19
 5.000
10/01/2026
606,106
State Of North Carolina
0.19
 5.000
05/01/2029
601,202
State Of Illinois Sales Tax Revenue
0.19
 4.000
06/15/2028
594,864
Alabama Public School And College Autho
0.18
 5.000
11/01/2031
578,026
City Of Dallas Tx Waterworks & Sewer Sy
0.18
 5.000
10/01/2030
575,504
Washington Metropolitan Area Transit Au
0.18
 5.000
07/01/2030
567,095
San Bernardino Community College Distri
0.18
 4.000
08/01/2049
560,069
Salt River Project Agricultural Improve
0.18
 5.000
01/01/2032
559,235
State Of California
0.18
 5.000
10/01/2027
554,760
Miami Beach Redevelopment Agency
0.18
 5.000
02/01/2031
554,737
City Of New York Ny
0.18
 5.000
08/01/2030
552,454
Utah Transit Authority
0.18
 5.000
12/15/2030
552,143
New York State Dormitory Authority
0.18
 5.000
03/15/2030
551,915
City Of New York Ny
0.18
 5.000
11/01/2030
548,895
Utah Transit Authority
0.17
 5.000
06/15/2030
546,147
Rutherford Cty Health & Edu Fac Brd
0.17
 5.000
11/15/2048
542,209
County Of Jefferson Al
0.17
 5.000
09/15/2028
541,388
Southeast Energy Authority A Cooperativ
0.17
 5.000
10/01/2030
541,050
Austin Independent School District
0.17
 5.000
08/01/2028
540,790
Orange County Convention Center/Orlando
0.17
 5.000
10/01/2030
539,889
California Community Choice Financing A
0.17
 5.000
02/01/2054
538,813
Chicago O'Hare International Airport
0.17
 5.000
01/01/2030
538,022
City Of New York Ny
0.17
 5.000
10/01/2031
537,992
New York City Industrial Development Ag
0.17
 5.000
03/01/2029
537,137
California Community Choice Financing A
0.17
 5.250
01/01/2054
536,098
City Of Houston Tx
0.17
 5.000
03/01/2032
535,791
City Of San Francisco Ca Public Utiliti
0.17
 5.000
11/01/2028
535,440
County Of Clark Department Of Aviation
0.17
 5.000
07/01/2029
534,493
California Infrastructure & Economic De
0.17
 5.000
11/01/2029
533,923
Metropolitan Washington Airports Author
0.17
 5.000
10/01/2028
533,477
Shelby County Health Educational & Hous
0.17
 5.000
09/01/2049
532,675
Kentucky Public Energy Authority
0.17
 5.250
06/01/2055
532,020
State Of Maryland
0.17
 5.000
03/15/2028
529,490
Central Puget Sound Regional Transit Au
0.17
 5.000
11/01/2026
528,752
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2031
527,968
New York State Dormitory Authority
0.17
 5.000
02/15/2027
527,849
American Municipal Power Inc
0.17
 5.000
02/15/2028
527,372
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2032
527,242
City Of New York Ny
0.17
 5.000
08/01/2027
524,487
Main Street Natural Gas Inc
0.17
 5.000
12/01/2052
523,841
Arizona Industrial Development Authorit
0.17
 5.000
11/01/2028
523,496
State Of California
0.17
 5.000
10/01/2027
523,359
California Health Facilities Financing
0.17
 5.000
11/01/2027
522,590
Grand River Dam Authority
0.17
 5.000
06/01/2031
522,069
Minneapolis-St Paul Metropolitan Airpor
0.17
 5.000
01/01/2030
521,326
Triborough Bridge & Tunnel Authority
0.17
 5.000
11/15/2027
520,975
State Of Michigan Trunk Line Revenue
0.17
 5.000
11/15/2027
520,906
Long Island Power Authority
0.17
 5.000
09/01/2026
520,687
Tobacco Settlement Financing Corp
0.17
 5.000
06/01/2031
520,635
Virginia Commonwealth Transportation Bo
0.17
 5.000
03/15/2027
519,973
Illinois Finance Authority
0.17
 5.000
01/01/2028
519,627
County Of Miami-Dade Fl
0.17
 5.000
10/01/2029
519,342
Tennessee Energy Acquisition Corp
0.17
 5.000
05/01/2053
519,010
New York State Dormitory Authority
0.17
 5.000
02/15/2027
517,499
City & County Of Honolulu Hi
0.17
 5.000
03/01/2027
516,957
New York State Urban Development Corp
0.17
 5.000
03/15/2027
516,547
State Of Maryland
0.17
 5.000
03/15/2028
516,425
University Of Colorado
0.17
 4.000
06/01/2034
516,360
Montgomery County Industrial Developmen
0.17
 4.100
10/01/2053
516,260
Commonwealth Of Massachusetts
0.16
 5.000
05/01/2027
514,985
California Community Choice Financing A
0.16
 4.000
05/01/2053
514,451
Lower Colorado River Authority
0.16
 5.000
05/15/2027
514,242
Butler County Unified School District N
0.16
 4.000
09/01/2030
513,197
Commonwealth Of Massachusetts
0.16
 5.000
07/01/2027
513,121
Maryland Community Development Administ
0.16
 3.300
01/01/2029
513,117
Central Florida Expressway Authority
0.16
 5.000
07/01/2027
512,672
San Diego Public Facilities Financing A
0.16
 5.000
08/01/2027
511,473
Tennessee Energy Acquisition Corp
0.16
 5.625
09/01/2026
511,058
Wisconsin Health & Educational Faciliti
0.16
 4.000
08/15/2031
510,860
Illinois Finance Authority
0.16
 5.000
08/15/2026
510,850
California State Public Works Board
0.16
 5.000
09/01/2026
510,519
County Of Mecklenburg Nc
0.16
 4.000
04/01/2029
510,244
New Jersey Health Care Facilities Finan
0.16
 5.000
09/15/2026
509,834
New York City Transitional Finance Auth
0.16
 5.000
11/01/2026
508,382
City Of Colorado Springs Co Utilities S
0.16
 5.000
11/15/2026
507,919
City Of Forsyth Mt
0.16
 3.875
07/01/2028
507,741
Metropolitan Transportation Authority
0.16
 5.000
11/15/2026
507,492
Commonwealth Of Pennsylvania
0.16
 3.000
01/01/2031
507,337
City Of Portland Or Sewer System Revenu
0.16
 5.000
12/01/2026
507,290
State Of Colorado
0.16
 5.000
12/15/2026
506,963
New Jersey Transportation Trust Fund Au
0.16
 5.000
12/15/2026
506,691
Boulder Larimer & Weld Counties St Vrai
0.16
 5.000
12/15/2035
506,686
Salt River Project Agricultural Improve
0.16
 5.000
01/01/2027
506,303
North Texas Tollway Authority
0.16
 5.000
01/01/2027
506,254
Main Street Natural Gas Inc
0.16
 4.000
08/01/2052
505,403
East County Advanced Water Purification
0.16
 3.125
09/01/2026
505,171
State Of Maryland Department Of Transpo
0.16
 3.000
09/01/2031
505,025
Michigan State Housing Development Auth
0.16
 3.700
04/01/2030
504,761
City Of San Antonio Tx Electric & Gas S
0.16
 3.150
02/01/2055
504,722
New York State Housing Finance Agency
0.16
 3.600
11/01/2063
504,527
California Infrastructure & Economic De
0.16
 3.000
10/01/2047
503,780
New York State Housing Finance Agency
0.16
 3.800
11/01/2062
503,475
California State Public Works Board
0.16
 3.000
09/01/2031
502,183
County Of Bexar Tx
0.16
 5.000
06/15/2027
502,161
California State University
0.16
 3.125
11/01/2051
502,045
Los Angeles Unified School District/Ca
0.16
 5.000
07/01/2030
501,131
Foothill-Eastern Transportation Corrido
0.16
 --
01/01/2027
493,911
County Of Miami-Dade Fl
0.15
 --
10/01/2031
463,792
New York City Transitional Finance Auth
0.15
 5.000
11/01/2027
458,469
State Of Mississippi
0.14
 5.000
10/01/2029
448,956
New Jersey Transportation Trust Fund Au
0.14
 5.000
06/15/2030
436,719
Pennsylvania Housing Finance Agency
0.14
 3.200
10/01/2031
427,079
City Of New York Ny
0.14
 5.000
03/01/2027
423,904
Illinois State Toll Highway Authority
0.13
 5.000
01/01/2027
420,108
State Of Michigan
0.13
 3.000
05/01/2030
411,942
Lone Star College System
0.13
 5.000
02/15/2033
408,649
Commonwealth Of Massachusetts
0.13
 5.000
10/01/2026
407,486
State Of Maryland
0.13
 5.000
08/01/2026
393,786
Allegheny County Hospital Development A
0.12
 5.000
07/15/2030
389,780
Oakland Unified School District/Alameda
0.12
 5.000
08/01/2026
388,631
State Of Connecticut Special Tax Revenu
0.12
 5.000
07/01/2031
387,820
County Of Wake Nc
0.12
 5.000
09/01/2026
382,777
University Of Utah/The
0.12
 5.000
08/01/2031
381,308
Michigan State Housing Development Auth
0.12
 3.100
12/01/2031
369,269
City Of Chicago Il
0.12
 5.000
01/01/2027
367,364
Canadian County Educational Facilities
0.11
 3.000
09/01/2029
331,886
Lancaster County School District/Sc
0.10
 3.250
03/01/2032
328,326
Long Island Power Authority
0.10
 5.000
09/01/2031
317,932
California Health Facilities Financing
0.10
 5.000
08/15/2031
316,797
Kentucky State Property & Building Comm
0.09
 5.000
10/01/2030
276,293
South Dakota Health & Educational Facil
0.08
 5.000
09/01/2030
264,421
New York State Housing Finance Agency
0.08
 2.500
11/01/2060
264,159
Texas Water Development Board
0.08
 5.000
04/15/2030
260,511
County Of Mecklenburg Nc
0.08
 2.000
12/01/2030
238,178
--
0.69
 --
--
2,161,655
Other/Cash
-0.28
 --
--
-886,397
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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 05/31/2026

  • Sector

    % of Net Assets

  • State GO

    18.17

  • Local GO

    15.13

  • Tax

    9.80

  • Utilities - Other

    8.97

  • Power

    6.58

  • Hospitals

    6.50

  • Education

    6.41

  • Water & Sewer

    6.39

  • Transportation

    5.42

  • Leasing COPS & Appropriations

    3.49

  • Refunded

    3.38

  • Multi-Family Housing

    2.25

  • Toll & Turnpike

    2.15

  • Airport

    1.06

  • Misc

    0.96

  • Pollution Control

    0.95

  • Single Family Housing

    0.69

  • Tobacco

    0.67

  • Industrial Development Revenue

    0.67

  • Unassigned

    0.19

  • Health

    0.17

Credit Quality (%) as of 05/31/2026

Composite % of Net Assets
Investment Grade AAA 18.84
AA 48.34
A 21.50
BBB 4.52
Total Investment Grade -- 93.19
Not Rated -- 6.81
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.

Years to Maturity as at 05/31/2026

  • Years

    Maturity (%)

  • < 1

    16.30

  • 1 - 3

    21.00

  • 3 - 5

    37.10

  • 5 - 7

    25.60

  • 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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