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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
    $17.26

    as of July 20, 2026
  • YTD RETURNS
    1.00%

    as of July 20, 2026
  • Total Net Assets
    $312.38M

    as of July 20, 2026
  • Total Expense Ratio
    0.07%
  • Inception Date
    02/22/2008
  • 30-Day SEC Yield
    2.77%
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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  07/20/2026

Distribution Frequency

Monthly

30-Day SEC Yield

2.77%

Distribution Yield

3.25%

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 2.77% on 07/20/26. 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 07/20/2026

Download XLS Get holdings
Total Holdings: 326
Holding Name
% of Net Assets
 Coupon
Maturity
Market Value (US$)
Indiana Finance Authority
1.07
 5.500
02/01/2032
3,335,905
New York City Transitional Finance Auth
1.06
 5.000
07/15/2031
3,316,469
Charlotte-Mecklenburg Hospital Authorit
1.04
 5.000
01/15/2049
3,262,152
State Of California
1.03
 5.000
04/01/2030
3,202,387
Southeast Energy Authority A Cooperativ
0.98
 4.000
12/01/2051
3,048,764
Commonwealth Of Massachusetts
0.95
 5.500
05/01/2031
2,959,678
State Of New Jersey
0.91
 5.500
06/01/2030
2,830,524
Kansas Development Finance Authority
0.86
 5.000
11/15/2054
2,675,812
New York City Housing Development Corp
0.82
 3.950
11/01/2064
2,560,195
Commonwealth Of Massachusetts
0.81
 5.000
10/01/2031
2,522,593
California Statewide Communities Develo
0.76
 1.750
09/01/2029
2,372,831
Massachusetts Water Resources Authority
0.72
 5.250
08/01/2030
2,247,529
Black Belt Energy Gas District
0.71
 4.000
10/01/2052
2,230,582
State Of Connecticut
0.70
 3.000
01/15/2032
2,184,793
Main Street Natural Gas Inc
0.69
 5.000
05/01/2054
2,168,578
Main Street Natural Gas Inc
0.69
 5.000
04/01/2054
2,147,098
County Of King Wa
0.68
 4.000
07/01/2030
2,136,793
Tennessee Energy Acquisition Corp
0.68
 5.000
05/01/2052
2,118,132
City & County Of Honolulu Hi
0.68
 5.000
03/01/2031
2,112,281
California Community Choice Financing A
0.67
 5.500
05/01/2054
2,105,662
Texas Water Development Board
0.67
 5.500
10/15/2031
2,093,905
Fort Bend Independent School District
0.67
 5.000
08/15/2030
2,087,554
Conroe Independent School District
0.66
 5.000
02/15/2027
2,072,446
State Of Georgia
0.66
 5.000
02/01/2032
2,070,547
City Of Orlando Fl Tourist Development
0.66
 5.000
11/01/2031
2,070,374
City Of Chicago Il
0.66
 5.000
01/01/2030
2,065,782
Central Florida Expressway Authority
0.66
 5.000
07/01/2038
2,052,956
State Of California
0.64
 5.000
04/01/2032
2,005,164
Los Angeles Unified School District/Ca
0.59
 5.000
07/01/2030
1,845,298
Energy Southeast A Cooperative District
0.59
 5.500
11/01/2053
1,838,110
State Of Connecticut Special Tax Revenu
0.58
 5.000
05/01/2031
1,826,252
State Of California
0.54
 5.000
10/01/2031
1,690,161
State Of Maryland
0.52
 5.000
03/15/2031
1,639,305
New Jersey Educational Facilities Autho
0.52
 5.000
07/01/2064
1,636,814
State Of California
0.52
 5.000
10/01/2031
1,629,504
Wisconsin Health & Educational Faciliti
0.52
 5.000
02/15/2032
1,617,232
State Of North Carolina
0.52
 5.000
03/01/2030
1,612,867
Indiana Finance Authority
0.51
 4.250
11/01/2030
1,600,127
New York City Transitional Finance Auth
0.51
 4.000
11/01/2030
1,578,373
Curators Of The University Of Missouri/
0.49
 5.000
11/01/2030
1,541,623
Pefa Inc
0.49
 5.000
09/01/2049
1,533,176
California State University
0.49
 5.000
11/01/2031
1,529,050
Main Street Natural Gas Inc
0.49
 4.000
03/01/2050
1,525,741
Metropolitan Transportation Authority
0.48
 5.000
11/15/2031
1,508,137
Kern High School District
0.48
 2.000
08/01/2031
1,488,611
Frisco Independent School District
0.45
 5.500
02/15/2032
1,420,809
State Of California
0.44
 5.000
08/01/2027
1,372,099
State Of Ohio
0.44
 5.000
12/15/2031
1,360,675
New York State Dormitory Authority
0.43
 5.000
10/01/2030
1,352,265
County Of Allen Oh Hospital Facilities
0.43
 5.000
12/01/2029
1,337,571
City Of Columbus Oh
0.43
 5.000
04/01/2031
1,335,119
Central Plains Energy Project
0.41
 5.000
09/01/2031
1,289,758
Main Street Natural Gas Inc
0.41
 4.000
07/01/2052
1,283,008
Jackson County School District No 549c
0.40
 5.000
12/15/2028
1,258,116
Central Florida Expressway Authority
0.40
 4.000
07/01/2031
1,252,880
New York Transportation Development Cor
0.40
 5.000
12/01/2030
1,247,912
Kentucky Public Energy Authority
0.40
 4.000
08/01/2052
1,237,260
New York City Transitional Finance Auth
0.39
 5.000
02/01/2030
1,231,946
State Of North Carolina
0.38
 5.000
06/01/2031
1,198,167
Jefferson County School District R-1
0.38
 5.000
12/15/2030
1,172,394
State Of California
0.36
 5.000
09/01/2030
1,119,240
Minnesota Public Facilities Authority S
0.36
 5.500
03/01/2031
1,118,079
Triborough Bridge & Tunnel Authority
0.36
 5.000
11/15/2031
1,116,849
New York City Transitional Finance Auth
0.35
 5.000
08/01/2031
1,100,441
Metropolitan Transportation Authority
0.35
 5.000
11/15/2030
1,095,603
Commonwealth Of Massachusetts
0.35
 5.000
05/01/2030
1,094,889
Texas State Transportation Commission
0.35
 5.000
04/01/2030
1,093,613
State Of California
0.35
 5.000
10/01/2029
1,092,905
Board Of Regents Of The University Of T
0.35
 5.000
08/15/2029
1,089,906
City Of New York Ny
0.35
 5.000
08/01/2029
1,088,724
Denton Independent School District
0.35
 5.000
08/15/2029
1,087,473
State Of Washington
0.35
 5.500
06/01/2031
1,086,679
County Of Allen Oh Hospital Facilities
0.35
 5.000
08/01/2030
1,085,347
Connecticut State Health & Educational
0.35
 5.000
07/01/2064
1,083,729
Colorado Health Facilities Authority
0.35
 5.000
11/15/2060
1,082,876
New York State Dormitory Authority
0.35
 5.000
03/15/2029
1,081,803
State Of Louisiana
0.35
 5.000
02/01/2029
1,081,275
State Of Maryland
0.35
 5.000
03/15/2029
1,080,093
Metropolitan Government Nashville & Dav
0.35
 5.000
07/01/2031
1,079,604
Main Street Natural Gas Inc
0.35
 5.500
09/01/2053
1,079,489
Black Belt Energy Gas District
0.34
 5.500
06/01/2049
1,074,083
State Of California
0.34
 5.000
09/01/2028
1,073,938
Southeast Alabama Gas Supply District/T
0.34
 5.500
08/01/2054
1,072,678
Piedmont Municipal Power Agency
0.34
 5.000
01/01/2032
1,071,478
Main Street Natural Gas Inc
0.34
 5.500
07/01/2053
1,069,862
State Of North Carolina
0.34
 5.000
05/01/2031
1,068,909
City Of Houston Tx
0.34
 5.000
03/01/2032
1,067,063
North Carolina Municipal Power Agency N
0.34
 5.000
01/01/2032
1,066,631
California Community Choice Financing A
0.34
 5.250
11/01/2054
1,065,859
County Of Miami-Dade Fl Water & Sewer S
0.34
 5.000
10/01/2028
1,065,719
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,065,467
Regional Transportation District Sales
0.34
 5.000
11/01/2028
1,065,007
California Community Choice Financing A
0.34
 5.000
07/01/2053
1,064,945
Triborough Bridge & Tunnel Authority
0.34
 5.000
11/15/2028
1,058,541
Minneapolis-St Paul Metropolitan Airpor
0.34
 5.000
01/01/2029
1,057,614
Texas Municipal Gas Acquisition & Suppl
0.34
 5.500
01/01/2054
1,057,544
New Jersey Health Care Facilities Finan
0.34
 5.000
07/01/2031
1,056,911
University Of Connecticut
0.34
 5.000
04/15/2029
1,053,917
New York City Transitional Finance Auth
0.34
 5.000
07/15/2031
1,052,531
New York State Dormitory Authority
0.34
 5.000
08/01/2030
1,050,549
State Of California
0.34
 5.000
09/01/2027
1,049,391
Southeast Energy Authority A Cooperativ
0.34
 5.250
01/01/2054
1,047,989
State Of California
0.34
 5.000
10/01/2027
1,047,360
County Of Harris Tx Toll Road Revenue
0.34
 5.000
08/15/2027
1,047,266
Commonwealth Of Pennsylvania
0.34
 5.000
09/01/2027
1,046,940
City Of New York Ny
0.34
 5.000
09/01/2027
1,046,496
City Of New York Ny
0.34
 5.000
09/01/2027
1,046,496
Iowa Finance Authority
0.33
 5.000
08/01/2031
1,045,615
State Of California
0.33
 5.000
11/01/2028
1,044,075
City Of Houston Tx Combined Utility Sys
0.33
 5.000
11/15/2027
1,042,388
Washington Convention & Sports Authorit
0.33
 5.000
10/01/2030
1,040,284
County Of Baltimore Md
0.33
 5.000
03/01/2030
1,038,996
State Of Illinois
0.33
 5.000
11/01/2027
1,038,585
Black Belt Energy Gas District
0.33
 5.000
05/01/2053
1,037,964
Energy Northwest
0.33
 --
07/01/2027
1,032,645
New Jersey Educational Facilities Autho
0.33
 5.000
07/01/2028
1,026,108
Hillsboro School District No 1j
0.33
 5.000
06/15/2031
1,025,797
Commonwealth Of Pennsylvania
0.33
 5.000
07/15/2027
1,025,299
Massachusetts Water Resources Authority
0.33
 5.000
08/01/2040
1,024,424
State Of California
0.33
 5.000
09/01/2026
1,022,298
West Virginia Commissioner Of Highways
0.33
 5.000
09/01/2026
1,022,128
California Community Choice Financing A
0.33
 4.000
02/01/2052
1,021,922
San Francisco City & County Public Util
0.33
 5.500
10/01/2026
1,020,723
Louisville/Jefferson County Metropolita
0.33
 5.000
10/01/2047
1,019,185
Pennsylvania Higher Educational Facilit
0.33
 4.000
08/15/2031
1,018,269
Triborough Bridge & Tunnel Authority
0.33
 5.000
11/15/2026
1,017,324
Metropolitan Council
0.33
 5.500
12/01/2026
1,015,955
Ohio Water Development Authority
0.33
 5.000
12/01/2027
1,015,671
New York State Thruway Authority
0.32
 5.000
01/01/2027
1,014,190
Central Florida Tourism Oversight Distr
0.32
 4.000
06/01/2031
1,013,448
Long Island Power Authority
0.32
 5.500
09/01/2055
1,012,673
California State Public Works Board
0.32
 4.000
11/01/2031
1,010,834
New York City Housing Development Corp
0.32
 5.500
11/01/2064
1,009,589
State Of Connecticut
0.32
 3.000
06/01/2029
1,007,760
State Of Hawaii
0.32
 3.000
10/01/2029
1,006,462
New York City Housing Development Corp
0.32
 3.125
11/01/2065
1,006,383
King County School District No 414 Lake
0.32
 5.000
12/01/2031
1,006,214
State Of Minnesota
0.32
 3.000
10/01/2030
1,002,993
New York City Housing Development Corp
0.32
 3.150
05/01/2066
1,001,628
Indiana Finance Authority
0.32
 5.000
06/01/2029
1,001,470
State Of Florida
0.32
 3.000
06/01/2030
998,252
Board Of Regents Of The University Of T
0.31
 5.000
08/15/2031
975,511
State Of California
0.31
 5.000
11/01/2028
973,098
Fort Bend Independent School District
0.31
 5.000
02/15/2028
962,931
State Of Florida Department Of Transpor
0.30
 5.000
07/01/2030
952,316
State Of California Department Of Water
0.30
 5.000
12/01/2031
950,533
Collin County Community College Distric
0.30
 4.000
08/15/2031
949,352
State Of Washington
0.30
 5.500
08/01/2031
921,769
Beverly Hills Unified School District C
0.29
 --
08/01/2030
894,247
New York City Transitional Finance Auth
0.28
 5.500
02/01/2027
881,596
Harris County Cultural Education Facili
0.28
 5.000
11/15/2030
879,308
State Of New Mexico Severance Tax Perma
0.28
 5.000
07/01/2027
862,480
Georgia State Road & Tollway Authority
0.27
 5.000
06/01/2029
856,645
California State Public Works Board
0.27
 5.000
10/01/2026
847,086
State Of Washington
0.27
 5.000
08/01/2031
845,126
Public Finance Authority
0.27
 4.000
10/01/2041
833,101
State Of Louisiana
0.27
 5.000
03/01/2032
830,962
California State Public Works Board
0.26
 5.000
10/01/2028
820,174
State Of California
0.26
 5.000
10/01/2030
816,373
Los Angeles County Metropolitan Transpo
0.26
 5.000
07/01/2031
815,237
State Of Illinois
0.26
 5.000
11/01/2026
813,821
County Of Montgomery Md
0.25
 4.000
08/01/2029
793,994
State Of North Carolina
0.25
 3.000
05/01/2031
792,056
County Of Fairfax Va
0.25
 5.000
10/01/2031
788,906
City Of Columbus Oh
0.25
 5.500
04/01/2029
783,795
New Jersey Transportation Trust Fund Au
0.25
 4.100
06/15/2031
783,653
California Health Facilities Financing
0.25
 5.000
11/15/2031
779,961
State Of California
0.25
 5.000
04/01/2027
775,562
State Of Maryland Department Of Transpo
0.25
 4.000
05/01/2030
771,739
Virginia Public Building Authority
0.24
 5.000
08/01/2029
754,147
University Of Connecticut
0.24
 5.000
01/15/2030
753,966
Regional Transportation Authority
0.24
 5.000
07/01/2028
751,558
New Jersey Economic Development Authori
0.24
 3.125
07/01/2031
744,659
Energy Northwest
0.24
 5.000
07/01/2028
743,860
City Of South Miami Health Facilities A
0.24
 5.000
08/15/2029
741,150
Montgomery County Industrial Developmen
0.24
 4.100
06/01/2029
737,474
California State Public Works Board
0.23
 5.000
11/01/2029
732,974
State Of Georgia
0.23
 5.000
08/01/2026
717,133
New York State Urban Development Corp
0.23
 5.000
03/15/2027
713,802
New York City Transitional Finance Auth
0.23
 5.000
08/01/2031
706,862
Illinois Finance Authority
0.23
 5.000
07/01/2027
703,073
Trinity River Authority Central Regiona
0.22
 5.000
08/01/2030
700,305
City Of New York Ny
0.22
 5.000
04/01/2032
695,765
Commonwealth Of Massachusetts
0.22
 5.500
01/01/2027
690,551
State Of Illinois
0.22
 3.500
06/01/2029
688,475
Pennsylvania Housing Finance Agency
0.22
 2.800
10/01/2031
677,574
New York State Dormitory Authority
0.22
 5.000
03/15/2028
677,080
New Jersey Health Care Facilities Finan
0.22
 5.000
07/01/2029
675,730
Town Of Oyster Bay Ny
0.22
 3.250
02/01/2029
675,370
Washington Metropolitan Area Transit Au
0.21
 5.000
07/01/2031
663,733
Illinois State Toll Highway Authority
0.21
 5.000
01/01/2027
659,020
City Of San Antonio Tx Electric & Gas S
0.21
 5.000
02/01/2027
646,179
King County School District No 411 Issa
0.20
 4.000
12/01/2031
639,857
New York State Environmental Facilities
0.20
 5.000
06/15/2028
637,189
State Of Connecticut Special Tax Revenu
0.20
 5.000
05/01/2028
633,208
New Jersey Economic Development Authori
0.20
 5.000
06/15/2034
631,953
City Of Phoenix Civic Improvement Corp
0.20
 5.000
07/01/2029
623,090
Virginia College Building Authority
0.20
 5.000
02/01/2027
622,430
City Of Dallas Tx Waterworks & Sewer Sy
0.20
 5.000
10/01/2031
611,826
Texas Municipal Gas Acquisition & Suppl
0.19
 5.000
12/15/2026
607,715
State Of Maryland Department Of Transpo
0.19
 5.000
10/01/2026
607,060
State Of New York Mortgage Agency Homeo
0.19
 3.000
10/01/2031
605,112
State Of North Carolina
0.19
 5.000
05/01/2029
601,567
State Of Illinois Sales Tax Revenue
0.19
 4.000
06/15/2028
595,584
City Of Dallas Tx Waterworks & Sewer Sy
0.18
 5.000
10/01/2030
576,247
Alabama Public School And College Autho
0.18
 5.000
11/01/2031
575,283
Washington Metropolitan Area Transit Au
0.18
 5.000
07/01/2030
567,235
San Bernardino Community College Distri
0.18
 4.000
08/01/2049
559,248
Salt River Project Agricultural Improve
0.18
 5.000
01/01/2032
555,649
State Of California
0.18
 5.000
10/01/2027
555,101
City Of New York Ny
0.18
 5.000
08/01/2030
553,861
Miami Beach Redevelopment Agency
0.18
 5.000
02/01/2031
552,902
New York State Dormitory Authority
0.18
 5.000
03/15/2030
550,198
Utah Transit Authority
0.18
 5.000
12/15/2030
549,616
City Of New York Ny
0.18
 5.000
11/01/2030
547,426
Utah Transit Authority
0.17
 5.000
06/15/2030
544,141
County Of Jefferson Al
0.17
 5.000
09/15/2028
541,836
Southeast Energy Authority A Cooperativ
0.17
 5.500
10/01/2030
541,055
Austin Independent School District
0.17
 5.000
08/01/2028
540,624
Rutherford Cty Health & Edu Fac Brd
0.17
 5.500
11/15/2048
540,447
Orange County Convention Center/Orlando
0.17
 5.000
10/01/2030
537,699
New York City Industrial Development Ag
0.17
 5.000
03/01/2029
536,618
Chicago O'Hare International Airport
0.17
 5.000
01/01/2030
536,461
City Of New York Ny
0.17
 5.500
10/01/2031
536,343
City Of Houston Tx
0.17
 5.500
03/01/2032
536,127
California Community Choice Financing A
0.17
 5.250
01/01/2054
534,918
City Of San Francisco Ca Public Utiliti
0.17
 5.500
11/01/2028
534,669
California Community Choice Financing A
0.17
 5.000
02/01/2054
533,936
County Of Clark Department Of Aviation
0.17
 5.000
07/01/2029
533,643
Metropolitan Washington Airports Author
0.17
 5.000
10/01/2028
533,188
California Infrastructure & Economic De
0.17
 5.000
11/01/2029
533,047
Kentucky Public Energy Authority
0.17
 5.250
06/01/2055
532,423
Shelby County Health Educational & Hous
0.17
 5.500
09/01/2049
532,094
State Of Maryland
0.17
 5.000
03/15/2028
529,960
Central Puget Sound Regional Transit Au
0.17
 5.000
11/01/2026
529,603
New York State Dormitory Authority
0.17
 5.000
02/15/2027
528,607
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2031
528,180
American Municipal Power Inc
0.17
 5.000
02/15/2028
527,601
Ohio Turnpike & Infrastructure Commissi
0.17
 5.000
02/15/2032
527,478
City Of New York Ny
0.17
 5.000
08/01/2027
524,370
Main Street Natural Gas Inc
0.17
 5.000
12/01/2052
523,726
State Of California
0.17
 5.000
10/01/2027
523,680
Arizona Industrial Development Authorit
0.17
 5.500
11/01/2028
523,459
California Health Facilities Financing
0.17
 5.000
11/01/2027
523,240
Grand River Dam Authority
0.17
 5.000
06/01/2031
522,739
Minneapolis-St Paul Metropolitan Airpor
0.17
 5.000
01/01/2030
521,730
Long Island Power Authority
0.17
 5.000
09/01/2026
521,453
Triborough Bridge & Tunnel Authority
0.17
 5.000
11/15/2027
521,260
State Of Michigan Trunk Line Revenue
0.17
 5.000
11/15/2027
521,128
Tobacco Settlement Financing Corp
0.17
 5.000
06/01/2031
520,995
Virginia Commonwealth Transportation Bo
0.17
 5.000
03/15/2027
520,820
County Of Miami-Dade Fl
0.17
 5.000
10/01/2029
520,042
Tennessee Energy Acquisition Corp
0.17
 5.000
05/01/2053
519,021
Illinois Finance Authority
0.17
 5.000
01/01/2028
518,954
New York State Dormitory Authority
0.17
 5.000
02/15/2027
518,242
City & County Of Honolulu Hi
0.17
 5.000
03/01/2027
517,691
New York State Urban Development Corp
0.17
 5.000
03/15/2027
517,248
State Of Maryland
0.17
 5.000
03/15/2028
516,846
University Of Colorado
0.17
 4.000
06/01/2034
516,256
Montgomery County Industrial Developmen
0.17
 5.500
10/01/2053
516,147
Commonwealth Of Massachusetts
0.17
 5.000
05/01/2027
515,618
Lower Colorado River Authority
0.16
 5.500
05/15/2027
514,823
California Community Choice Financing A
0.16
 4.000
05/01/2053
514,342
Central Florida Expressway Authority
0.16
 5.000
07/01/2027
513,617
Commonwealth Of Massachusetts
0.16
 5.000
07/01/2027
513,617
Butler County Unified School District N
0.16
 4.000
09/01/2030
513,189
San Diego Public Facilities Financing A
0.16
 5.000
08/01/2027
512,216
Tennessee Energy Acquisition Corp
0.16
 5.625
09/01/2026
512,126
Illinois Finance Authority
0.16
 5.000
08/15/2026
511,661
California State Public Works Board
0.16
 5.000
09/01/2026
511,262
Wisconsin Health & Educational Faciliti
0.16
 4.000
08/15/2031
510,990
Maryland Community Development Administ
0.16
 5.500
01/01/2029
510,955
County Of Mecklenburg Nc
0.16
 4.000
04/01/2029
510,588
New Jersey Health Care Facilities Finan
0.16
 5.500
09/15/2026
510,496
New York City Transitional Finance Auth
0.16
 5.000
11/01/2026
509,177
City Of Colorado Springs Co Utilities S
0.16
 5.000
11/15/2026
508,710
Metropolitan Transportation Authority
0.16
 5.000
11/15/2026
508,598
City Of Portland Or Sewer System Revenu
0.16
 5.000
12/01/2026
507,996
City Of Forsyth Mt
0.16
 3.875
07/01/2028
507,816
State Of Colorado
0.16
 5.000
12/15/2026
507,733
New Jersey Transportation Trust Fund Au
0.16
 5.000
12/15/2026
507,512
Boulder Larimer & Weld Counties St Vrai
0.16
 5.000
12/15/2035
507,508
Salt River Project Agricultural Improve
0.16
 5.000
01/01/2027
507,073
North Texas Tollway Authority
0.16
 5.000
01/01/2027
506,894
East County Advanced Water Purification
0.16
 3.125
09/01/2026
506,117
Michigan State Housing Development Auth
0.16
 5.500
04/01/2030
505,700
Main Street Natural Gas Inc
0.16
 4.000
08/01/2052
505,557
New York State Housing Finance Agency
0.16
 5.500
11/01/2063
505,093
California Infrastructure & Economic De
0.16
 3.000
10/01/2047
504,691
New York State Housing Finance Agency
0.16
 3.800
11/01/2062
504,430
California State University
0.16
 3.125
11/01/2051
504,317
County Of Bexar Tx
0.16
 5.000
06/15/2027
503,467
Los Angeles Unified School District/Ca
0.16
 5.000
07/01/2030
502,439
Commonwealth Of Pennsylvania
0.16
 3.000
01/01/2031
502,429
State Of Maryland Department Of Transpo
0.16
 3.000
09/01/2031
502,082
City Of San Antonio Tx Electric & Gas S
0.16
 3.150
02/01/2055
501,614
California State Public Works Board
0.16
 3.000
09/01/2031
498,186
Foothill-Eastern Transportation Corrido
0.16
 --
01/01/2027
494,659
County Of Miami-Dade Fl
0.15
 --
10/01/2031
460,693
New York City Transitional Finance Auth
0.15
 5.000
11/01/2027
458,702
State Of Mississippi
0.14
 5.000
10/01/2029
448,665
New Jersey Transportation Trust Fund Au
0.14
 5.000
06/15/2030
437,787
Pennsylvania Housing Finance Agency
0.14
 3.200
10/01/2031
424,410
City Of New York Ny
0.14
 5.000
03/01/2027
424,205
Illinois State Toll Highway Authority
0.13
 5.000
01/01/2027
420,759
State Of Michigan
0.13
 3.000
05/01/2030
410,635
Lone Star College System
0.13
 5.000
02/15/2033
409,304
Commonwealth Of Massachusetts
0.13
 5.000
10/01/2026
408,131
State Of Maryland
0.13
 5.000
08/01/2026
394,417
Oakland Unified School District/Alameda
0.12
 5.000
08/01/2026
389,289
State Of Connecticut Special Tax Revenu
0.12
 5.000
07/01/2031
385,346
County Of Wake Nc
0.12
 5.000
09/01/2026
383,366
Allegheny County Hospital Development A
0.12
 5.000
07/15/2030
381,454
University Of Utah/The
0.12
 5.000
08/01/2031
381,280
City Of Chicago Il
0.12
 5.000
01/01/2027
368,156
Michigan State Housing Development Auth
0.12
 3.100
12/01/2031
365,768
Canadian County Educational Facilities
0.11
 3.000
09/01/2029
331,344
Lancaster County School District/Sc
0.10
 3.250
03/01/2032
326,165
Long Island Power Authority
0.10
 5.000
09/01/2031
318,182
California Health Facilities Financing
0.10
 5.000
08/15/2031
317,294
Kentucky State Property & Building Comm
0.09
 5.000
10/01/2030
274,954
New York State Housing Finance Agency
0.08
 2.500
11/01/2060
264,591
South Dakota Health & Educational Facil
0.08
 5.000
09/01/2030
264,465
Texas Water Development Board
0.08
 5.000
04/15/2030
260,129
County Of Mecklenburg Nc
0.08
 2.000
12/01/2030
236,462
--
1.76
 --
--
5,489,883
Other/Cash
-0.02
 --
--
-52,920
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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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