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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
    $17.28

    as of July 08, 2026
  • YTD RETURNS
    1.13%

    as of July 08, 2026
  • Total Net Assets
    $312.79M

    as of July 08, 2026
  • Total Expense Ratio
    0.07%
  • Inception Date
    02/22/2008
  • 30-Day SEC Yield
    2.75%
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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  07/08/2026

Distribution Frequency

Monthly

30-Day SEC Yield

2.75%

Distribution Yield

3.24%

12 Month Yield

2.76%

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 2.75% on 07/08/26. 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 07/08/2026

Download XLS Get holdings
Total Holdings: 328
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
New York City Transitional Finance Auth
1.09
 5.000
07/15/2031
3,403,228
Charlotte-Mecklenburg Hospital Authorit
1.07
 5.000
01/15/2049
3,351,029
Indiana Finance Authority
1.07
 5.000
02/01/2032
3,350,370
State Of California
1.03
 5.000
04/01/2030
3,210,821
Southeast Energy Authority A Cooperativ
0.98
 4.000
12/01/2051
3,053,397
Commonwealth Of Massachusetts
0.95
 5.000
05/01/2031
2,973,270
State Of New Jersey
0.91
 2.000
06/01/2030
2,843,069
Kansas Development Finance Authority
0.86
 5.000
11/15/2054
2,686,911
New York City Housing Development Corp
0.82
 3.950
11/01/2064
2,562,508
Commonwealth Of Massachusetts
0.81
 5.000
10/01/2031
2,535,415
California Statewide Communities Develo
0.76
 1.750
09/01/2029
2,376,716
Massachusetts Water Resources Authority
0.72
 5.250
08/01/2030
2,254,149
Black Belt Energy Gas District
0.71
 4.000
10/01/2052
2,228,526
State Of Connecticut
0.71
 3.000
01/15/2032
2,227,799
Main Street Natural Gas Inc
0.69
 5.000
05/01/2054
2,168,464
Main Street Natural Gas Inc
0.69
 5.000
04/01/2054
2,152,206
County Of King Wa
0.68
 4.000
07/01/2030
2,136,880
Tennessee Energy Acquisition Corp
0.68
 5.000
05/01/2052
2,124,136
City & County Of Honolulu Hi
0.68
 5.000
03/01/2031
2,117,547
California Community Choice Financing A
0.67
 5.500
05/01/2054
2,106,262
Texas Water Development Board
0.67
 4.000
10/15/2031
2,105,706
Fort Bend Independent School District
0.67
 5.000
08/15/2030
2,087,864
City Of Orlando Fl Tourist Development
0.66
 5.000
11/01/2031
2,071,095
Conroe Independent School District
0.66
 5.000
02/15/2027
2,070,973
State Of Georgia
0.66
 5.000
02/01/2032
2,069,905
City Of Chicago Il
0.66
 5.000
01/01/2030
2,069,495
Central Florida Expressway Authority
0.66
 5.000
07/01/2038
2,051,214
State Of California
0.64
 5.000
04/01/2032
2,012,702
Los Angeles Unified School District/Ca
0.59
 5.000
07/01/2030
1,849,156
Energy Southeast A Cooperative District
0.59
 5.500
11/01/2053
1,840,646
State Of Connecticut Special Tax Revenu
0.59
 5.000
05/01/2031
1,832,236
State Of California
0.54
 5.000
10/01/2031
1,697,265
State Of Maryland
0.53
 5.000
03/15/2031
1,644,236
New Jersey Educational Facilities Autho
0.53
 5.000
07/01/2064
1,642,353
State Of California
0.52
 5.000
10/01/2031
1,633,408
Wisconsin Health & Educational Faciliti
0.52
 5.000
02/15/2032
1,621,084
State Of North Carolina
0.52
 5.000
03/01/2030
1,615,417
Indiana Finance Authority
0.51
 4.250
11/01/2030
1,604,828
New York City Transitional Finance Auth
0.51
 4.000
11/01/2030
1,583,478
Curators Of The University Of Missouri/
0.50
 5.000
11/01/2030
1,548,986
Pefa Inc
0.49
 5.000
09/01/2049
1,531,751
California State University
0.49
 5.000
11/01/2031
1,527,728
Main Street Natural Gas Inc
0.49
 4.000
03/01/2050
1,524,348
Metropolitan Transportation Authority
0.48
 5.000
11/15/2031
1,509,574
Kern High School District
0.48
 2.000
08/01/2031
1,497,823
Frisco Independent School District
0.46
 4.000
02/15/2032
1,424,896
State Of California
0.44
 5.000
08/01/2027
1,371,897
State Of Ohio
0.44
 5.000
12/15/2031
1,366,687
New York State Dormitory Authority
0.43
 5.000
10/01/2030
1,350,803
County Of Allen Oh Hospital Facilities
0.43
 5.000
12/01/2029
1,340,404
City Of Columbus Oh
0.43
 5.000
04/01/2031
1,339,074
Central Plains Energy Project
0.41
 5.000
09/01/2031
1,291,487
Main Street Natural Gas Inc
0.41
 4.000
07/01/2052
1,282,856
Jackson County School District No 549c
0.40
 5.000
12/15/2028
1,256,156
New York Transportation Development Cor
0.40
 5.000
12/01/2030
1,251,916
Central Florida Expressway Authority
0.40
 4.000
07/01/2031
1,246,322
Kentucky Public Energy Authority
0.40
 4.000
08/01/2052
1,236,657
New York City Transitional Finance Auth
0.39
 5.000
02/01/2030
1,231,520
State Of North Carolina
0.38
 5.000
06/01/2031
1,201,708
Jefferson County School District R-1
0.38
 5.000
12/15/2030
1,174,022
Minnesota Public Facilities Authority S
0.36
 5.000
03/01/2031
1,122,046
Triborough Bridge & Tunnel Authority
0.36
 5.000
11/15/2031
1,121,682
State Of California
0.36
 5.000
09/01/2030
1,118,597
New York City Transitional Finance Auth
0.35
 5.000
08/01/2031
1,105,282
Metropolitan Transportation Authority
0.35
 5.000
11/15/2030
1,098,715
Texas State Transportation Commission
0.35
 5.000
04/01/2030
1,098,583
Commonwealth Of Massachusetts
0.35
 5.000
05/01/2030
1,098,241
State Of California
0.35
 5.000
10/01/2029
1,093,259
State Of Washington
0.35
 5.000
06/01/2031
1,090,996
City Of New York Ny
0.35
 5.000
08/01/2029
1,090,679
Board Of Regents Of The University Of T
0.35
 5.000
08/15/2029
1,089,784
Denton Independent School District
0.35
 5.000
08/15/2029
1,089,476
Connecticut State Health & Educational
0.35
 5.000
07/01/2064
1,086,854
County Of Allen Oh Hospital Facilities
0.35
 5.000
08/01/2030
1,085,611
Colorado Health Facilities Authority
0.35
 5.000
11/15/2060
1,085,087
New York State Dormitory Authority
0.35
 5.000
03/15/2029
1,083,340
Metropolitan Government Nashville & Dav
0.35
 5.000
07/01/2031
1,083,209
State Of Louisiana
0.35
 5.000
02/01/2029
1,081,843
State Of Maryland
0.35
 5.000
03/15/2029
1,081,619
New York City Transitional Finance Auth
0.35
 5.000
07/15/2031
1,079,393
Main Street Natural Gas Inc
0.35
 5.000
09/01/2053
1,079,024
Southeast Alabama Gas Supply District/T
0.34
 5.000
08/01/2054
1,075,192
Piedmont Municipal Power Agency
0.34
 5.000
01/01/2032
1,075,140
Black Belt Energy Gas District
0.34
 5.500
06/01/2049
1,074,273
State Of California
0.34
 5.000
09/01/2028
1,073,392
State Of North Carolina
0.34
 5.000
05/01/2031
1,070,939
City Of Houston Tx
0.34
 5.000
03/01/2032
1,069,982
Main Street Natural Gas Inc
0.34
 5.000
07/01/2053
1,069,930
California Community Choice Financing A
0.34
 5.250
11/01/2054
1,069,438
North Carolina Municipal Power Agency N
0.34
 5.000
01/01/2032
1,069,391
County Of Miami-Dade Fl Water & Sewer S
0.34
 5.000
10/01/2028
1,066,672
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,066,618
Regional Transportation District Sales
0.34
 5.000
11/01/2028
1,066,086
California Community Choice Financing A
0.34
 5.000
07/01/2053
1,064,519
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,059,378
New Jersey Health Care Facilities Finan
0.34
 5.000
07/01/2031
1,059,018
Minneapolis-St Paul Metropolitan Airpor
0.34
 5.000
01/01/2029
1,058,849
Texas Municipal Gas Acquisition & Suppl
0.34
 5.500
01/01/2054
1,058,515
University Of Connecticut
0.34
 5.000
04/15/2029
1,054,500
New York State Dormitory Authority
0.34
 5.000
08/01/2030
1,051,418
Commonwealth Of Pennsylvania
0.34
 5.000
07/15/2027
1,050,850
State Of California
0.34
 5.000
09/01/2027
1,049,320
Southeast Energy Authority A Cooperativ
0.34
 5.250
01/01/2054
1,048,768
Commonwealth Of Pennsylvania
0.34
 5.000
09/01/2027
1,047,711
City Of New York Ny
0.33
 5.000
09/01/2027
1,047,481
City Of New York Ny
0.33
 5.000
09/01/2027
1,047,481
State Of California
0.33
 5.000
10/01/2027
1,047,378
County Of Harris Tx Toll Road Revenue
0.33
 5.000
08/15/2027
1,046,936
Iowa Finance Authority
0.33
 5.000
08/01/2031
1,045,786
State Of California
0.33
 5.000
11/01/2028
1,044,382
City Of Houston Tx Combined Utility Sys
0.33
 5.000
11/15/2027
1,042,359
County Of Baltimore Md
0.33
 5.000
03/01/2030
1,041,584
Washington Convention & Sports Authorit
0.33
 5.000
10/01/2030
1,040,498
State Of Illinois
0.33
 5.000
11/01/2027
1,038,550
Black Belt Energy Gas District
0.33
 5.000
05/01/2053
1,038,128
Energy Northwest
0.33
 --
07/01/2027
1,032,280
California Community Choice Financing A
0.33
 4.000
02/01/2052
1,030,212
New Jersey Educational Facilities Autho
0.33
 5.000
07/01/2028
1,026,065
Hillsboro School District No 1j
0.33
 5.000
06/15/2031
1,025,353
Commonwealth Of Pennsylvania
0.33
 5.000
07/15/2026
1,024,721
Massachusetts Water Resources Authority
0.33
 5.000
08/01/2040
1,023,539
State Of California
0.33
 5.000
09/01/2026
1,021,697
West Virginia Commissioner Of Highways
0.33
 5.000
09/01/2026
1,021,182
San Francisco City & County Public Util
0.33
 5.000
10/01/2026
1,019,921
Louisville/Jefferson County Metropolita
0.33
 5.000
10/01/2047
1,018,122
Pennsylvania Higher Educational Facilit
0.33
 4.000
08/15/2031
1,017,305
Triborough Bridge & Tunnel Authority
0.33
 5.000
11/15/2026
1,016,478
Metropolitan Council
0.32
 5.000
12/01/2026
1,015,059
Ohio Water Development Authority
0.32
 5.000
12/01/2027
1,015,049
New York State Thruway Authority
0.32
 5.000
01/01/2027
1,013,400
Central Florida Tourism Oversight Distr
0.32
 4.000
06/01/2031
1,013,363
Long Island Power Authority
0.32
 3.000
09/01/2055
1,012,801
New York City Housing Development Corp
0.32
 3.250
11/01/2064
1,010,514
California State Public Works Board
0.32
 4.000
11/01/2031
1,010,078
State Of Connecticut
0.32
 3.000
06/01/2029
1,009,400
New York City Housing Development Corp
0.32
 3.125
11/01/2065
1,008,951
State Of Hawaii
0.32
 3.000
10/01/2029
1,008,232
King County School District No 414 Lake
0.32
 5.000
12/01/2031
1,006,297
State Of Minnesota
0.32
 3.000
10/01/2030
1,006,060
New York City Housing Development Corp
0.32
 3.150
05/01/2066
1,005,488
Indiana Finance Authority
0.32
 5.000
06/01/2029
1,003,114
State Of Florida
0.32
 3.000
06/01/2030
1,000,899
Board Of Regents Of The University Of T
0.31
 5.000
08/15/2031
977,602
State Of California
0.31
 5.000
11/01/2028
972,668
Fort Bend Independent School District
0.31
 5.000
02/15/2028
963,099
State Of Florida Department Of Transpor
0.31
 5.000
07/01/2030
955,049
State Of California Department Of Water
0.30
 5.000
12/01/2031
951,080
Collin County Community College Distric
0.30
 4.000
08/15/2031
949,995
State Of Washington
0.29
 5.000
08/01/2031
921,549
Beverly Hills Unified School District C
0.29
 --
08/01/2030
899,495
New York City Transitional Finance Auth
0.28
 5.000
02/01/2027
880,942
Harris County Cultural Education Facili
0.28
 5.000
11/15/2030
879,663
State Of New Mexico Severance Tax Perma
0.28
 5.000
07/01/2027
862,168
Georgia State Road & Tollway Authority
0.27
 5.000
06/01/2029
858,049
California State Public Works Board
0.27
 5.000
10/01/2026
846,515
State Of Washington
0.27
 5.000
08/01/2031
844,430
Public Finance Authority
0.27
 4.000
10/01/2041
835,514
State Of Louisiana
0.27
 5.000
03/01/2032
834,010
California State Public Works Board
0.26
 5.000
10/01/2028
820,316
State Of California
0.26
 5.000
10/01/2030
818,241
Los Angeles County Metropolitan Transpo
0.26
 5.000
07/01/2031
815,467
State Of Illinois
0.26
 5.000
11/01/2026
813,250
State Of North Carolina
0.26
 3.000
05/01/2031
799,022
County Of Montgomery Md
0.25
 4.000
08/01/2029
795,484
County Of Fairfax Va
0.25
 5.000
10/01/2031
789,736
City Of Columbus Oh
0.25
 5.000
04/01/2029
783,571
New Jersey Transportation Trust Fund Au
0.25
 4.100
06/15/2031
782,666
California Health Facilities Financing
0.25
 5.000
11/15/2031
780,080
State Of California
0.25
 5.000
04/01/2027
775,175
State Of Maryland Department Of Transpo
0.25
 4.000
05/01/2030
772,401
University Of Connecticut
0.25
 5.000
01/15/2030
772,286
Virginia Public Building Authority
0.24
 5.000
08/01/2029
754,218
Regional Transportation Authority
0.24
 5.000
07/01/2028
751,431
New Jersey Economic Development Authori
0.24
 3.125
07/01/2031
748,920
Energy Northwest
0.24
 5.000
07/01/2028
743,755
City Of South Miami Health Facilities A
0.24
 5.000
08/15/2029
741,189
Montgomery County Industrial Developmen
0.24
 4.100
06/01/2029
738,012
California State Public Works Board
0.23
 5.000
11/01/2029
734,553
State Of Georgia
0.23
 5.000
08/01/2026
716,569
New York State Urban Development Corp
0.23
 5.000
03/15/2027
713,335
New York City Transitional Finance Auth
0.23
 5.000
08/01/2031
706,246
Illinois Finance Authority
0.22
 5.000
07/01/2027
703,480
Trinity River Authority Central Regiona
0.22
 5.000
08/01/2030
700,429
City Of New York Ny
0.22
 5.000
04/01/2032
698,393
Commonwealth Of Massachusetts
0.22
 5.500
01/01/2027
689,955
State Of Illinois
0.22
 3.500
06/01/2029
687,726
Pennsylvania Housing Finance Agency
0.22
 2.800
10/01/2031
681,857
New York State Dormitory Authority
0.22
 5.000
03/15/2028
677,620
New Jersey Health Care Facilities Finan
0.22
 5.000
07/01/2029
675,726
Town Of Oyster Bay Ny
0.22
 3.250
02/01/2029
674,791
Washington Metropolitan Area Transit Au
0.21
 5.000
07/01/2031
663,754
Illinois State Toll Highway Authority
0.21
 5.000
01/01/2027
658,492
City Of San Antonio Tx Electric & Gas S
0.21
 5.000
02/01/2027
645,141
King County School District No 411 Issa
0.20
 4.000
12/01/2031
639,262
New York State Environmental Facilities
0.20
 5.000
06/15/2028
637,632
New York City Transitional Finance Auth
0.20
 4.000
05/01/2031
634,929
State Of Connecticut Special Tax Revenu
0.20
 5.000
05/01/2028
632,872
New Jersey Economic Development Authori
0.20
 5.000
06/15/2034
631,650
City Of Phoenix Civic Improvement Corp
0.20
 5.000
07/01/2029
622,082
Virginia College Building Authority
0.20
 5.000
02/01/2027
621,774
State Of New York Mortgage Agency Homeo
0.20
 3.000
10/01/2031
612,402
City Of Dallas Tx Waterworks & Sewer Sy
0.20
 5.000
10/01/2031
611,338
Texas Municipal Gas Acquisition & Suppl
0.19
 5.000
12/15/2026
607,291
State Of Maryland Department Of Transpo
0.19
 5.000
10/01/2026
606,537
State Of North Carolina
0.19
 5.000
05/01/2029
601,456
State Of Illinois Sales Tax Revenue
0.19
 4.000
06/15/2028
595,913
Alabama Public School And College Autho
0.18
 5.000
11/01/2031
577,212
City Of Dallas Tx Waterworks & Sewer Sy
0.18
 5.000
10/01/2030
575,807
Washington Metropolitan Area Transit Au
0.18
 5.000
07/01/2030
567,199
San Bernardino Community College Distri
0.18
 4.000
08/01/2049
560,351
Salt River Project Agricultural Improve
0.18
 5.000
01/01/2032
558,146
State Of California
0.18
 5.000
10/01/2027
555,110
Miami Beach Redevelopment Agency
0.18
 5.000
02/01/2031
554,072
City Of New York Ny
0.18
 5.000
08/01/2030
552,983
New York State Dormitory Authority
0.18
 5.000
03/15/2030
551,608
Utah Transit Authority
0.18
 5.000
12/15/2030
551,477
City Of New York Ny
0.18
 5.000
11/01/2030
548,313
Utah Transit Authority
0.17
 5.000
06/15/2030
545,694
Rutherford Cty Health & Edu Fac Brd
0.17
 5.000
11/15/2048
542,126
County Of Jefferson Al
0.17
 5.000
09/15/2028
541,646
Austin Independent School District
0.17
 5.000
08/01/2028
541,010
Southeast Energy Authority A Cooperativ
0.17
 5.000
10/01/2030
540,216
Orange County Convention Center/Orlando
0.17
 5.000
10/01/2030
539,348
City Of New York Ny
0.17
 5.000
10/01/2031
537,984
Chicago O'Hare International Airport
0.17
 5.000
01/01/2030
537,858
New York City Industrial Development Ag
0.17
 5.000
03/01/2029
537,294
City Of Houston Tx
0.17
 5.000
03/01/2032
536,094
City Of San Francisco Ca Public Utiliti
0.17
 5.000
11/01/2028
535,711
California Community Choice Financing A
0.17
 5.250
01/01/2054
535,335
California Community Choice Financing A
0.17
 5.000
02/01/2054
534,638
County Of Clark Department Of Aviation
0.17
 5.000
07/01/2029
534,569
California Infrastructure & Economic De
0.17
 5.000
11/01/2029
533,909
Metropolitan Washington Airports Author
0.17
 5.000
10/01/2028
533,670
Shelby County Health Educational & Hous
0.17
 5.000
09/01/2049
532,832
Kentucky Public Energy Authority
0.17
 5.250
06/01/2055
531,760
State Of Maryland
0.17
 5.000
03/15/2028
530,151
Central Puget Sound Regional Transit Au
0.17
 5.000
11/01/2026
529,168
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2031
528,249
New York State Dormitory Authority
0.17
 5.000
02/15/2027
528,226
American Municipal Power Inc
0.17
 5.000
02/15/2028
527,660
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2032
527,532
City Of New York Ny
0.17
 5.000
08/01/2027
524,779
Main Street Natural Gas Inc
0.17
 5.000
12/01/2052
524,150
Arizona Industrial Development Authorit
0.17
 5.000
11/01/2028
523,723
State Of California
0.17
 5.000
10/01/2027
523,689
California Health Facilities Financing
0.17
 5.000
11/01/2027
522,850
Grand River Dam Authority
0.17
 5.000
06/01/2031
522,364
Minneapolis-St Paul Metropolitan Airpor
0.17
 5.000
01/01/2030
521,518
Triborough Bridge & Tunnel Authority
0.17
 5.000
11/15/2027
521,247
State Of Michigan Trunk Line Revenue
0.17
 5.000
11/15/2027
521,179
Long Island Power Authority
0.17
 5.000
09/01/2026
521,020
Tobacco Settlement Financing Corp
0.17
 5.000
06/01/2031
520,469
Virginia Commonwealth Transportation Bo
0.17
 5.000
03/15/2027
520,348
Illinois Finance Authority
0.17
 5.000
01/01/2028
519,885
County Of Miami-Dade Fl
0.17
 5.000
10/01/2029
519,626
Tennessee Energy Acquisition Corp
0.17
 5.000
05/01/2053
519,054
New York State Dormitory Authority
0.17
 5.000
02/15/2027
517,869
City & County Of Honolulu Hi
0.17
 5.000
03/01/2027
517,605
New York State Urban Development Corp
0.17
 5.000
03/15/2027
516,909
State Of Maryland
0.17
 5.000
03/15/2028
516,665
University Of Colorado
0.17
 4.000
06/01/2034
516,570
Montgomery County Industrial Developmen
0.17
 4.100
10/01/2053
516,067
Commonwealth Of Massachusetts
0.16
 5.000
05/01/2027
515,298
Lower Colorado River Authority
0.16
 5.000
05/15/2027
514,549
California Community Choice Financing A
0.16
 4.000
05/01/2053
514,281
Commonwealth Of Massachusetts
0.16
 5.000
07/01/2027
513,391
Maryland Community Development Administ
0.16
 3.300
01/01/2029
513,291
Butler County Unified School District N
0.16
 4.000
09/01/2030
513,265
Central Florida Expressway Authority
0.16
 5.000
07/01/2027
512,950
San Diego Public Facilities Financing A
0.16
 5.000
08/01/2027
512,000
Tennessee Energy Acquisition Corp
0.16
 5.625
09/01/2026
511,501
Illinois Finance Authority
0.16
 5.000
08/15/2026
511,189
Wisconsin Health & Educational Faciliti
0.16
 4.000
08/15/2031
510,963
California State Public Works Board
0.16
 5.000
09/01/2026
510,892
County Of Mecklenburg Nc
0.16
 4.000
04/01/2029
510,462
New Jersey Health Care Facilities Finan
0.16
 5.000
09/15/2026
510,255
New York City Transitional Finance Auth
0.16
 5.000
11/01/2026
508,753
City Of Colorado Springs Co Utilities S
0.16
 5.000
11/15/2026
508,292
Metropolitan Transportation Authority
0.16
 5.000
11/15/2026
508,063
City Of Forsyth Mt
0.16
 3.875
07/01/2028
507,994
City Of Portland Or Sewer System Revenu
0.16
 5.000
12/01/2026
507,668
State Of Colorado
0.16
 5.000
12/15/2026
507,334
New Jersey Transportation Trust Fund Au
0.16
 5.000
12/15/2026
507,226
Boulder Larimer & Weld Counties St Vrai
0.16
 5.000
12/15/2035
507,081
Commonwealth Of Pennsylvania
0.16
 3.000
01/01/2031
506,872
Salt River Project Agricultural Improve
0.16
 5.000
01/01/2027
506,676
North Texas Tollway Authority
0.16
 5.000
01/01/2027
506,628
East County Advanced Water Purification
0.16
 3.125
09/01/2026
505,599
Main Street Natural Gas Inc
0.16
 4.000
08/01/2052
505,426
Michigan State Housing Development Auth
0.16
 3.700
04/01/2030
505,115
New York State Housing Finance Agency
0.16
 3.600
11/01/2063
504,812
California Infrastructure & Economic De
0.16
 3.000
10/01/2047
504,181
State Of Maryland Department Of Transpo
0.16
 3.000
09/01/2031
504,156
New York State Housing Finance Agency
0.16
 3.800
11/01/2062
503,844
City Of San Antonio Tx Electric & Gas S
0.16
 3.150
02/01/2055
503,791
County Of Bexar Tx
0.16
 5.000
06/15/2027
502,650
California State University
0.16
 3.125
11/01/2051
502,507
Los Angeles Unified School District/Ca
0.16
 5.000
07/01/2030
501,625
California State Public Works Board
0.16
 3.000
09/01/2031
501,567
Foothill-Eastern Transportation Corrido
0.16
 --
01/01/2027
494,274
County Of Miami-Dade Fl
0.15
 --
10/01/2031
462,952
New York City Transitional Finance Auth
0.15
 5.000
11/01/2027
458,660
State Of Mississippi
0.14
 5.000
10/01/2029
449,063
New Jersey Transportation Trust Fund Au
0.14
 5.000
06/15/2030
437,105
Pennsylvania Housing Finance Agency
0.14
 3.200
10/01/2031
426,280
City Of New York Ny
0.14
 5.000
03/01/2027
424,197
Illinois State Toll Highway Authority
0.13
 5.000
01/01/2027
420,422
State Of Michigan
0.13
 3.000
05/01/2030
411,847
Lone Star College System
0.13
 5.000
02/15/2033
408,923
Commonwealth Of Massachusetts
0.13
 5.000
10/01/2026
407,774
State Of Maryland
0.13
 5.000
08/01/2026
394,094
Allegheny County Hospital Development A
0.12
 5.000
07/15/2030
389,599
Oakland Unified School District/Alameda
0.12
 5.000
08/01/2026
388,961
State Of Connecticut Special Tax Revenu
0.12
 5.000
07/01/2031
386,681
County Of Wake Nc
0.12
 5.000
09/01/2026
383,032
University Of Utah/The
0.12
 5.000
08/01/2031
381,333
Michigan State Housing Development Auth
0.12
 3.100
12/01/2031
368,460
City Of Chicago Il
0.12
 5.000
01/01/2027
367,720
Canadian County Educational Facilities
0.11
 3.000
09/01/2029
331,925
Lancaster County School District/Sc
0.10
 3.250
03/01/2032
327,668
Long Island Power Authority
0.10
 5.000
09/01/2031
318,080
California Health Facilities Financing
0.10
 5.000
08/15/2031
316,948
Kentucky State Property & Building Comm
0.09
 5.000
10/01/2030
276,011
South Dakota Health & Educational Facil
0.08
 5.000
09/01/2030
264,474
New York State Housing Finance Agency
0.08
 2.500
11/01/2060
264,392
Texas Water Development Board
0.08
 5.000
04/15/2030
260,534
County Of Mecklenburg Nc
0.08
 2.000
12/01/2030
237,719
--
1.14
 --
--
3,563,749
Other/Cash
-0.01
 --
--
-44,774
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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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