Van Eck Global - Since 1955

Global Hard Assets FundGHACX

  • Daily Price   as of 01/30/2015

    NAV DAILY CHANGE
    $37.44  $0.43 / +1.2%
  • Class C Details: GHACX

    INCEPTION DATE GROSS/NET EXPENSES1
    11/02/94 2.23%/2.20%
  • Fund Literature

  • Hard Assets Commentary & Review: 4Q'14

    Current Outlook: 4Q'13

    4Q'14 Recap: 

    The Fund underperformed its commodity equities-based benchmark index, the Standard & Poor’s® (S&P) North American Natural Resources Sector Index (SPGINRTR), which returned -13.86%. The Fund’s negative performance during the quarter was due primarily to its positions in the Energy sector.  

    The fourth quarter of the year saw an intensification of the macroeconomic headwinds that had already started to blow quite hard during the third quarter. The situation in Ukraine/Russia showed few signs of improvement and continued to weigh on the markets and, in particular, the Euro. Further sanctions were imposed upon Russia, the Ruble continued its slide, and interest rates in Russia rose to punitive levels.

    In the East, following two quarters of negative growth, Japan fell, once more, back into recession. In the West, with Germany’s economy only displaying signs of slow recovery, Europe continued to stagnate and face disinflation/deflation. And, in the Middle East, the seriousness and extent of the threat posed by ISIS became ever more apparent.

    When combined with the changed signals coming from the Fed mentioned in last quarter’s commentary, further strong economic growth in the U.S. (figures released at the end of December indicated that the pace of growth was the fastest for over a decade), and continuing worries about China, the result was not only a strong, but also a strengthening, U.S. dollar during the fourth quarter.

    And, as the expectations for global growth sank further, commodities’ woes increased, with both the crude oil, and oil related stock, sell-off accelerating.

    At the end of 2013, we noted seeing positive signs of possible inflections in GDP growth, particularly in developed markets. And, indeed, the first eight months of 2014 were characterized by reasonably buoyant economic activity. However, the dramatic recalibration of global growth outlooks – particularly in Europe, Japan, and Russia/Ukraine – in the third quarter only accelerated in the fourth quarter, leading to expectations of both slower growth and reduced commodity demand.

    However, looking ahead, we do expect to see further easing by the European Central Bank. China, too, looks as if it may have begun an easing cycle. We also expect to see India to start easing. Currently though, global growth has yet to re-engage, despite the activity of policymakers globally.

    The global mining restructuring story that has been unfolding over the past several years continues in its execution phase, with successful and unsuccessful companies starting to differentiate themselves more broadly. We still think that those companies that can execute on cost cutting and other enhancements to returns will outpace those who cannot. We believe, also, that we are beginning to see the effects of the capex reductions which commenced in 2012 in the form of lower production outlooks for the likes of copper, the Fund’s biggest metal exposure.

    Read full 4Q Commentary »  

      
     

  • Video Viewpoint on Hard Assets: 4Q'11 Outlook

    Professor Edward Altman’s Outlook on High-Yield Bond Markets

    Edward I. Altman, Ph.D. and Fran Rodilosso, CFA
    Max L. Heine Professor of Finance at the Stern School of Business, New York University; Senior Investment Officer, Fixed Income ETFs

    View now »


    Professor Edward Altman Discusses Fallen Angels

    Edward I. Altman, Ph.D. and Fran Rodilosso, CFA
    Max L. Heine Professor of Finance at the Stern School of Business, New York University; Senior Investment Officer, Fixed Income ETFs

    View now »


    Van Eck Outlook: Muni Performance Heading into 2015

    Jim Colby
    Portfolio Manager, Market Vectors® Municipal Bond ETFs

    "There has been one overriding theme driving performance from the get-go in 2014: the supply-demand imbalance…. I see supply imbalance continuing throughout the remainder of 2014 and perhaps into the first quarter of 2015."

    View now »


    Munis: A View from the Eighth Month

    Jim Colby
    Portfolio Manager, Market Vectors® Municipal Bond ETFs

    "[The] ratio of municipal credit rating downgrades to upgrades continues to narrow. That means that fundamentals at the local level are improving [and] credit quality is improving."

    View now »


    Muni 2Q 2014 Investment Themes

    Jim Colby
    Portfolio Manager, Market Vectors® Municipal Bond ETFs

    "We have a platform where we believe the Federal Reserve is going to modestly adjust its quantitative easing and provide us with a stable platform going forward with respect to interest rates."

    View now »


    Fixed Income 2Q 2014: Rates, Credit, and U.S. Corporates

    Fran Rodilosso
    Portfolio Manager, Market Vectors® Fixed Income ETFs


    "The consensus has been that the risk would be for rates to rise to 4% on the 10 year. But the perspective looking into the second quarter is that we're range-bound on 2.6 to 3%. If that consensus holds that's going to be supportive for a lot of financial markets."


    View now »


    SHYD: Shorten Up for Rising Rates

    Jim Colby
    Portfolio Manager, Market Vectors® Municipal Bond ETFs


    "One of SHYD's compelling features is that it is uniquely positioned to deal with some of the current problems that investors are facing in today's markets… including rising interest rates."


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    Global Supply Disruptions: Platinum and South African Mine Strikes

    Charl Malan
    Metals & Mining Analyst

    "We have a big problem within this industry in that it has to restructure itself, taking 4 million ounces that are unprofitable, bringing them down to 3 million ounces of more profitable or marginally profitable ounces."

    View now »


    Global Supply Disruptions: Nickel Export Ban in Indonesia

    Charl Malan
    Metals & Mining Analyst

    "We continue to see a significant ban on nickel pig iron out of Indonesia, which in itself has put a significant amount of pressure on supply…what we've had from the end of last year through the beginning of this year is essentially 30% of the world's nickel supply being cancelled…that’s where the question becomes ‘what happens going forward?’…"

    View now »


    Global Supply Disruptions: Coffee, Grains, and Protein

    Roland Morris
    Commodities Strategist

    "I think one of the surprising things in the commodity markets this year has been that commodity indexes in general have outperformed other asset classes year to date, and it's really because of some unique supply disruptions we've had."

    View now »


    What is Contango, Backwardation, and Roll Yield?

    Roland Morris
    Commodities Strategist

    "There are three drivers of returns [for commodity investments]: the return on collateral or unused cash, the appreciation of the underlying commodities, and roll yield."

    View now »


    Commodities: Performance Drivers in 2014

    Roland Morris
    Commodities Strategist

    "Most index products had a fairly positive return, driven in particular by some soft commodities: grains, coffee, and protein. We believe these commodities’ appreciation was driven by some supply problems that were unexpected by the market."

    View now »


    LPL Financial Research: U.S. Energy Renaissance Q&A with Van Eck Global

    Shawn Reynolds
    Portfolio Manager, Van Eck Global Hard Assets Investment Team

    "The U.S. energy renaissance is a remarkable resurgence in oil and gas production here in the United States... It’s up over 50% in the last five years, growing at a steep rate. There’s no other country or region in the world that has grown that fast that quickly in the last 30 or 40 years."

    View now »


    Industrial Metals 2Q 2014: Commodity Outlook, Capital Management, and Mine Strikes

    Charl Malan
    Metals & Mining Analyst

    "We believe that towards the latter part of 2014 capital management, defined as cost management and CAPEX reductions, will be a potential significant kicker for higher earnings. It will ultimately develop into a higher rating for metals and mining companies through either a cash flow multiple or an EV/EBITDA multiple."

    View now »


    Agribusiness 2Q 2014: Crop Yield, Pricing, and Precision Farming

    Sam Halpert
    Agriculture Analyst

    "We're headed toward the U.S. planting season and the USDA has come out with its initial estimates. They predict very good acreage numbers, both in corn and soy. Assuming normal weather, we expect another good crop which should ultimately put some downward pressure on prices."

    View now »


    Commodities: Long-Term Demand Outlook

    Roland Morris
    Commodities Strategist

    "Between the difficulty of obtaining new commodity sources and continued emerging markets growth, we believe the underlying demand will continue to grow."

    View now »


    Using the Constant Maturity Approach to Commodities

    Roland Morris
    Commodities Strategist

    "Amongst the three drivers: commodity exposure, roll exposure, and collateral exposure, CMCAX does a great job of isolating commodity exposure. It does that through its constant maturity approach to reduce the roll risk, does not take collateral risk, and maintains a very short-term Treasury bill-holding which essentially eliminates collateral risk."

    View now »


    Current and Future Themes: Unconventional Resources

    Shawn Reynolds
    Portfolio Manager, Van Eck Global Hard Assets Investment Team

    "We see many opportunities in the Permian Basin, in West Texas, which is divided into two areas: the Midland eastern basin and the Delaware western basin. The Midland Basin is a bit more advanced than the Delaware basin but we have exposure to both regions."

    View now »


    CMCAX: The Constant Maturity Concept

    Daniel Reiss
    Associate

    Understand the "constant maturity" concept that is key to Van Eck CM Commodity Index Fund (CMCAX)

    View now »


    Fixed Income Themes Heading into 2015

    Fran Rodilosso
    Senior Investment Officer, Fixed Income ETFs

    View now »


    Emerging Markets Corporate Debt: An Evolving Landscape

    Fran Rodilosso
    Senior Investment Officer, Fixed Income ETFs

    View now »


    CBON: First U.S.-Listed China Onshore Bond ETF

    Fran Rodilosso
    Senior Investment Officer, Fixed Income ETFs

    "CBON is the first ETF designed to provide access to the Chinese onshore bond market. What the Index contains are bonds issued by the Chinese government, by quasi-government institutions, such as policy banks, and by credit issuers, such as corporate issuers in China. The weightings in the Index are generally 20% government, 30% policy banks, and 50% corporate issuers."

    View now »


    Van Eck Rapid Fire: Emerging Markets Bonds Roundtable

    Eric Fine and Fran Rodilosso
    Portfolio Managers

    "The Hong Kong protests are not likely to impact credit markets in any direct sense. We do think, however, that these types of protests are likely to increase around the world....atomization is happening and we're going to see more of this in Europe and perhaps in other countries."



    View now »


    The New Worlds of Emerging Markets Bonds

    Fran Rodilosso
    Senior Investment Officer, Fixed Income ETFs

    "We hope that you will join us for a discussion about emerging markets debt, the evolution of the asset class, and how that evolution has been reflected in the development of emerging economies in mostly positive ways. While we hope that many of you will agree with our points of view on emerging markets, and more specifically on emerging markets debt, we know that some of you will certainly disagree. In either case we look forward to a spirited discussion about emerging markets debt and the variety of opportunities that lie within it."



    View now »


    Emerging Markets in Focus: Argentina Bond Default

    Eric Fine
    Portfolio Manager, Van Eck Unconstrained Emerging Markets Bond Strategy

    "Our starting point is comparing countries' fundamentals to what premium you're getting. Are you getting paid for that risk? Looking at fundamentals alone and putting the important technical default issues to the side, one finds that Argentina is cheap. It's paying spreads that are too high for its fundamentals."



    View now »


    Emerging Markets in Focus: Russia

    Eric Fine
    Portfolio Manager, Van Eck Unconstrained Emerging Markets Bond Strategy

    "The Russian economy was already in bad shape when it entered this crisis. It was saddled with high inflation, low growth, and to a large extent, the country's just a gas station. It's very dependent on one product that is central to the economy."



    View now »


    The Evolution of Emerging Markets Bonds

    Fran Rodilosso
    Portfolio Manager, Market Vectors® Fixed Income ETFs

    "Although the emerging markets debt universe has grown significantly over the past decade, there are some interesting fundamental aspects…. Sovereign issuers are actually on average less indebted than they were a decade ago….By virtue of issuing more in their own currencies, however, emerging market issuers are also less exposed to currency volatility and the effects it can have on their solvency."



    View now »


    Interest Rate Concerns Dominate Fixed Income Outlook 3Q’14

    Fran Rodilosso
    Portfolio Manager, Market Vectors® Fixed Income ETFs

    "We still believe that the Fed will have difficulty navigating an elegant exit to a combination of quantitative easing and zero interest rate policy, particularly as we're seeing some volatility in inflation numbers. [As for Emerging markets debt], even after outperforming most markets during the first half of 2014, [the market] may still have room to do well in the second half."



    View now »


    EM Debt 2Q 2014: Emerging Markets in Crisis?

    Fran Rodilosso
    Portfolio Manager, Market Vectors® Fixed Income ETFs

    "The emerging markets are not a single asset class, nor obviously a single country or region. There are pockets that are in a period of crisis… I would be remiss to talk about a potential crisis without discussing China, which has grabbed so many headlines this year."



    View now »


    Global Fixed Income Investment Themes in 2014

    Fran Rodilosso
    Portfolio Manager, Market Vectors® Fixed Income ETFs

    "As a fixed-income investor, some key themes for 2014 are not that different from 2013. We believe that it may make sense to shorten duration, and to take on some additional credit risk to make up for the loss of yield by moving to shorter durations appear to makes sense."



    View now »


    Global Research: Poland

    Eric Fine and Natalia Gurushina
    Portfolio Manager and Economist, Van Eck Unconstrained Emerging Markets Bond Investment Team

    "I think Poland is uniquely positioned to benefit from Germany's rebound... My key concern about Poland, however, is potential exposure to change in sentiment from political risks in Ukraine."



    View now »


    Global Research: Turkey

    Eric Fine and Natalia Gurushina
    Portfolio Manager and Economist, Van Eck Unconstrained Emerging Markets Bond Investment Team

    "The macroeconomic fundamentals in Turkey are getting worse. Turkey is vulnerable, but it’s always been vulnerable. It’s never had enough reserves. Its real interest rates have never been that satisfying. But the political context is the worst I’ve seen in twenty years."



    View now »


    Global Research: Ukraine

    Eric Fine and Natalia Gurushina
    Portfolio Manager and Economist, Van Eck Unconstrained Emerging Markets Bond Investment Team

    "The scenario of civil war and perhaps a civil war that has broader implications for the region is a scenario we have to think about. It's hard to assign probabilities to that, but the market seems to be saying it's a zero and I think zero is definitely the wrong answer."



    View now »


    How Will Tapering Affect EM Bonds?

    Eric Fine
    Portfolio Manager, Van Eck Unconstrained Emerging Markets Bond Fund

    "I don't have a blanket answer that says the taper is just not an issue for EM, but I do think it's been priced in generally. I think some countries have been able to react, and if tapering's happening because of good final demand, because economies are growing, then that's a high-quality problem for EM countries."



    View now »


    Why Unconstrained Approach to EM Bond Investing?

    Eric Fine
    Portfolio Manager, Van Eck Unconstrained Emerging Markets Bond Fund

    "In one word, the value of an unconstrained approach to emerging markets bond portfolio investing is ‘flexibility’. The market changed a lot in the past 20 years. At first, it was only hard currency bonds. Then came hard currency corporates followed by local currency sovereigns. Nowadays, local currency corporates are becoming more prominent. Having an unconstrained mandate is key to optimizing the portfolio using all four sub asset classes."



    View now »


    EMAG: No Assembly Required

    Fran Rodilosso
    Portfolio Manager, Market Vectors® Fixed Income ETFs

    "EMAG offers a way for investors to gain broad exposure to emerging markets fixed income, both hard currency and local currency, in their portfolios….EMAG encompasses the broad opportunity set within the emerging markets fixed-income space."



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    Why Moats Matter

    Morningstar®

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    Introduction to Business Development Companies

    Dean Choksi
    Senior Vice President of Finance & Head of Investor Relations, Fifth Street Finance Corp.


    "BDCs were developed to provide individual and retail investors access to an asset class that was typically only available to private investors and illiquid fund-type structures. As a result, several structural safeguards are put in place to reduce risk in the BDCs. Among those were reducing concentration risk and funding risk."


    View now »


    5 Names From Our 5 Sources of Moats

    Elizabeth Collins
    Director of Basic Materials Research, Chair of Economic Moat Committee


    "On the moat committee, we have a little bit over 15 senior members of the equity research department. And this moat committee meets about two to three times a week, and we vote on analyst proposals for their company’s moat ratings. And basically, the analysts make a case for why they think a company should have a particular moat rating. We ask critical-thinking questions about the company’s competitive advantages. Then the voters cast their votes, and the majority rules."


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    Why Alternatives Investors Should Target Minimum Allocations

    David Schassler
    Director of Manager Research, Multi-Manager Alternatives Investment Team




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    The Research Behind MOAT ETF

    Stipp & Larson
    Morningstar


    Morningstar's Chief Equity Strategist discusses the five sources of economic moat.


    View now »


    Van Eck Outlook: Shanghai-Hong Kong Stock Connect

    Jan van Eck
    CEO

    "The emerging markets have been rewarded for their reform moves. Mexico is a country that has gotten its act together in terms of instituting reforms in areas such as energy policy. No longer is Pemex the sole developer of all Mexican energy assets and I think that's very positive in the long run."



    View now »


    Political Catalysts in Emerging Markets Equities

    David Semple
    Portfolio Manager, Van Eck Emerging Markets Equity Strategy

    "The emerging markets have been rewarded for their reform moves. Mexico is a country that has gotten its act together in terms of instituting reforms in areas such as energy policy. No longer is Pemex the sole developer of all Mexican energy assets and I think that's very positive in the long run."



    View now »


    What are China A-Shares?

    David Lai
    Director and Portfolio Manager of China Asset Management (Hong Kong) Limited

    "In terms of the number of stocks, market cap, and daily turnover, onshore A-shares are three times the size of offshore Chinese equities. As an investor, we should not ignore the Chinese A-share market if we want to invest in China to enjoy its economic growth."



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    China: Opportunities Outside of Large-Cap Equities

    David Lai
    Director and Portfolio Manager of China Asset Management (Hong Kong) Limited

    "Small caps typically belong to the New Economy. They are operating in sectors such as internet, technology, media, consumption, and services. These are well-supported by social policy change that has been emphasized by top leaders in the past few years."



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    China Today: Thematic Outlook

    David Lai
    Director and Portfolio Manager of China Asset Management (Hong Kong) Limited

    "[One of the] significant reforms that we are talking about is state-owned enterprise reform... our research says that historically there is a big gap in ROE between state-owned enterprises and private enterprises."



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    Emerging Markets Equities 2Q 2014: Opportunities Despite Headwinds

    David Semple
    Portfolio Manager, Van Eck Emerging Markets Investment Team

    "There are large companies and large sectors in the emerging markets that we don't think have a particularly good outlook right now. However, we believe that we can find some opportunities that are structural growth opportunities that play on what people think they're getting with emerging markets but normally often don't achieve with many of the more index-driven products."



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    Israel: Positive Economic Surprises in 2013

    Steven Schoenfeld
    Founder and Chief Invesment Officer,
    BlueStar Indexes

    "There have been positive surprises in the economy, both because of fiscal discipline, greater tax receipts, and the fact that energy exports are starting to come online. We’re very positive on the Israeli economy."



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    Israeli Capital Markets: Challenges, Return of Equity Flows, and Opportunities

    Steven Schoenfeld
    Founder and Chief Invesment Officer,
    BlueStar Indexes

    "The research we do at BlueStar looks at both valuations and technical patterns in the market. Even though the BlueStar Israel Global Index has had a very strong rally and could be due for a pause, we expect further highs in 2014."



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    Indonesia: Continuing Its Record of Strong Economic Growth

    Neena Mishra
    Director of ETF Research, Zacks Investment Research

    "Indonesia’s economy has grown at an annual rate exceeding 5% in seven of the past eight years, mainly due to increasing consumption by the rising middle class."



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    Vietnam: Transition to a Leading Low-Cost Manufacturer

    Neena Mishra
    Director of ETF Research, Zacks Investment Research

    "Vietnam continues to be the main beneficiary of the migration of low-end manufacturing out of China as the producers try to take advantage of wages that are about half of that in China."



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    Gold Outlook: Dollar Strength, QE, and Deflationary Concerns

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    View now »


    Finding the Next Generation Gold Company

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    View now »


    M&A in Gold: Reining in Costs and Sustainability of Super Majors

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "[Companies] such as Barrick, Newmont, and AngloGold went through a period of conglomeration when large companies were merged together to create what we call "super-majors” and it's very hard to sustain the super major model."



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    M&A in Gold: 2014 and Beyond

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "We've seen subdued M&A activity over the last several years due to the recent bear market in gold. This year, however, there has been a significant pickup."



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    Global Research: Mining in Burkina Faso

    Joe Foster and Ima Casanova
    Gold Investment Team

    "We invest across the spectrum, but in Burkina, it is mostly mid-tier and junior companies that are active. Most of Burkina’s gold deposits are moderate to smaller-sized, so we find smaller companies there. Because of the favorable operating environment, there are quite a few interesting opportunities."



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    Gold 2014: Investment Demand, Geopolitical Risks, and Corporate Discipline

    Joe Foster and Ima Casanova
    Gold Investment Team

    "Emerging markets geopolitical risks have probably been the main driver of gold this year. People are worried about financial stability with headlines coming from Thailand, Venezuela, Ukraine, and Turkey. People are also concerned about the growth in China and the Chinese banking system."



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    Gold 2Q 2014: Review of Earnings Results and Costs

    Joe Foster and Ima Casanova
    Gold Investment Team

    "The market focused more on cost and operating results, and did not necessarily punish companies that missed earnings expectations"



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    Global Research: Mining in the Dominican Republic

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "There have been some exciting discoveries, some great drill results, come out of the Dominican Republic."



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    Global Research: Mining in Greece

    Joe Foster
    Portfolio Manager, Senior Gold Strategist

    "Greece is taking a second look at mining and we are seeing some of it gold properties being developed. They have created a fast-track program for new businesses..."



    View now »


  • Hard Assets Defined: Foundation of Industrial Economies

    Hard Assets Defined

    “Hard assets” refers to the natural resources or commodities that are mined, exploited, harvested or otherwise procured globally. 

    Hard assets have traditionally been grouped into five broad categories:

    1) Energy  
    Oil, natural gas, electricity, coal, and new/renewable alternative energy sources

    2) Precious Metals  
    Gold, silver, palladium and platinum

    3) Base/Industrial Metals  
    Copper, aluminum, steel, iron and nickel

    4) Agriculture  
    Corn, wheat, sugar and water

    5) Forest Products  
    Timber, pulp and paper

  • Important Disclosure 

    Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics. 

     NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase.  No sales charge is imposed where Class A or Class C shares are issued to you pursuant to the automatic investment of income dividends or capital gains distributions. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class C, Class I and Class Y do not have an initial sales charge; however, Class C does charge a contingent deferred redemption charge.  See the prospectus for more information.

    1Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.38% for Class A, 2.20% for Class C, 1.00% for Class I, and 1.13% for Class Y of the Fund’s average daily net assets per year until May 1, 2015. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

    Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 1.38% for Class A, 2.20% for Class C, 1.00% for Class I, and 1.13% for Class Y of the Fund’s average daily net assets per year until May 1, 2015. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

    2The S&P® North American Natural Resources Sector Index (SPGINRTR) includes mining, energy, paper and forest products, and plantation-owning companies. The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors. The S&P® Goldman Sachs Commodity Total Return Index (SPGSCITR) is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures. All indices are unmanaged and include the reinvestment of all dividends, but 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. 

    The views and opinions expressed are those of Van Eck Global. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.

    You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. The Fund is subject to risks associated with concentrating its investments in hard assets and the hard assets sector, including real estate, precious metals and natural resources, and can be significantly affected by events relating to these industries, including international political and economic developments, inflation, and other factors. The Fund’s portfolio securities may experience substantial price fluctuations as a result of these factors, and may move independently of the trends of industrialized companies. The Fund’s investments in foreign securities involve risks related to adverse political and economic developments unique to a country or a region, currency fluctuations or controls, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation or imposition of prohibitive taxation. The Fund is subject to risks associated with investments in debt securities, derivatives, commodity-linked instruments, illiquid securities, asset-backed securities and CMOs. The Fund is also subject to inflation risk, short-sales risk, market risk, non-diversification risk, leverage risk, credit risk and counterparty risk. Please see the prospectus for information on these and other risk considerations.

    Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information.  Please read them carefully before investing. 

    Van Eck Securities Corporation, Distributor
    335 Madison Avenue, 19th Floor
    New York, NY 10017
    800.826.2333