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    Fall From Grace? - Friday, 08/24/2012

    The municipal bond market entered the month of August on a roll. A seemingly disproportionate level amount of demand over supply of available new issues had, in my opinion, driven the market higher for many weeks, producing positive returns for virtually all categories. » READ MORE

     

    Ratings Vs. Market Realities: The Exodus That Never Happened - Wednesday, 08/08/2012

    A year ago, as the world struggled to recover from global recession, S&P made history by downgrading the credit rating of the United States — a first for the country long considered a safe haven. Common wisdom dictated that the inevitable consequence would be a rush to dump U.S. Treasuries as investors took the downgrade as a sign of instability in the U.S. markets.

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    Dislocations Have Driven Muni Investors To Professionals - Thursday, 07/12/2012

    Muni Nation asked Alexandra Lebenthal, President and CEO of Lebenthal & Company, to identify the most important changes in the municipal market over the past year, and here is her perspective: Recent changes have been significant, perhaps more so than at any other time in my company's long history...As a result, we have seen individuals turn their municipal investing activities dramatically toward separately managed accounts, mutual funds and ETFs, as opposed to buying and managing individual bonds.

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Important Disclosure 

Van Eck Associates Corporation does not provide tax, legal or accounting advice. Investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service.

Please note that MUNI NATIONs that are written by Jim Colby represent his opinions and these opinions may change at any time and from time to time. MUNI NATION is not intended to be a forecast of future events, a guarantee of future results or investment advice. Current market conditions may not continue. Non-Van Eck Global proprietary information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Van Eck Global. © 2014 Van Eck Securities Corporation. MUNI NATION is a trademark of Van Eck Associates Corporation.

All indices listed are unmanaged indices and do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

Any discussion of specific securities mentioned in the commentary is neither an offer to sell nor a solicitation to buy these securities.

Municipal bonds are subject to risks related to litigation, legislation, political change, conditions in underlying sectors or in local business communities and economies, bankruptcy or other changes in the issuer’s financial condition, and/or the discontinuance of taxes supporting the project or assets or the inability to collect revenues for the project or from the assets. Bonds and bond funds will decrease in value as interest rates rise. Additional risks include credit, interest rate, call, reinvestment, tax, market and lease obligation risk. High-yield municipal bonds are subject to greater risk of loss of income and principal than higher-rated securities, and are likely to be more sensitive to adverse economic changes or individual municipal developments than those of higher-rated securities. Municipal bonds may be less liquid than taxable bonds.

The income generated from some types of municipal bonds may be subject to state and local taxes as well as to federal taxes on capital gains and may also be subject to alternative minimum tax.

Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 888.MKT.VCTR | 888.658.8287. Please read the prospectus and summary prospectus carefully before investing.  

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