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Daily Price as of 06/14/19

NAV DAILY CHANGE
$27.03 $-0.28 / -1.0%

Class A Details: GHAAX

INCEPTION DATE GROSS/NET EXPENSES1
11/02/94 1.59%/1.38%

Country Weightings (%) as of 05/31/19

Country % of Net Assets
United States
61.4
Canada
18.8
Australia
3.9
Zambia
3.1
South Africa
2.6
Switzerland
2.0
Bermuda
1.9
Netherlands
0.8
Kazakhstan
0.7
Cash
4.8

Sector Weightings (%)
as of 05/31/19

Sector % of Net Assets
Oil Gas & Consumable Fuels 38.4
Metals & Mining 29.5
Chemicals 8.4
Energy Equipment & Services 4.8
Food Products 3.2
Semiconductors & Semiconductor Equipment 2.1
Marine 2.0
Equity Real Estate Investment Trusts (REITs) 1.9
Electrical Equipment 1.7
Machinery 1.2
Paper & Forest Products 1.1
Independent Power and Renewable Electricity Producers 0.9
Cash 4.8

Top 10 Holdings (%)

Holdings Sector % of Net Assets
Diamondback Energy, Inc. Oil, Gas & Consumable Fuels 5.3
Pioneer Natural Resources Company Oil, Gas & Consumable Fuels 4.6
Barrick Gold Corporation Metals & Mining 4.2
Concho Resources Inc. Oil, Gas & Consumable Fuels 4.2
Teck Resources Limited Class B Metals & Mining 4.0
Rio Tinto plc Metals & Mining 3.9
Parsley Energy, Inc. Class A Oil, Gas & Consumable Fuels 3.9
Nutrien Ltd. Chemicals 3.8
CF Industries Holdings, Inc. Chemicals 3.6
Newmont Goldcorp Corporation Metals & Mining 3.5
Top 10 Total 41.0
Holdings Sector % of Net Assets
Teck Resources Limited Class B Metals & Mining 5.0
Diamondback Energy, Inc. Oil, Gas & Consumable Fuels 5.0
Glencore plc Metals & Mining 4.7
Pioneer Natural Resources Company Oil, Gas & Consumable Fuels 4.4
Concho Resources Inc. Oil, Gas & Consumable Fuels 4.3
First Quantum Minerals Ltd. Metals & Mining 4.2
Barrick Gold Corporation Metals & Mining 4.1
Nutrien Ltd. Chemicals 3.7
Rio Tinto plc Metals & Mining 3.6
CF Industries Holdings, Inc. Chemicals 3.2
Top 10 Total 42.2
These are not recommendations to buy or sell any security. Holdings may vary.

Fund Details
as of 05/31/19

  • Net Assets (All Classes)
    $1116.4M
  • Number of Holdings
    49
  • Avg. Wtd. Market Cap
    $10.3B
  • Turnover Rate (2018)
    15.4%
  • P/E (LTM) / P/E (Forward)*
    13.6 / 13.4
  • P/B (LTM)*
    1.2
  • Benchmark Index
    S&P North American Natural Resources Sector (SPGINRTR) Index
*Price-to-Earnings (P/E) ratio is the price of a stock divided by its earnings per share. Price-to-Book (P/B) ratio is the ratio of a stock's price to its book value.

Market Capitalization Breakdown (%) as of 05/31/19

Market Capitalization % of Net Assets
Large (>= $10 billion) 54.3%
Mid (< $10 billion >= $2 billion) 33.3%
Small (< $2 billion) 12.4%
Average Weighted Market Cap $10.3B

Market capitalization (cap) is the value of a corporation as determined by the market price of its issued and outstanding common stock.

Three-Year Risk Measures and Statistics 
as of 05/31/19

Volatility (Standard Deviation) 19.71
Sharpe Ratio -0.34
Alpha vs. SPGINRTR Index -4.58
Beta vs. SPGINRTR Index 0.98
R-squared vs. SPGINRTR Index 83.94
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Five-Year Risk Measures and Statistics 
as of 05/31/19

Volatility (Standard Deviation) 23.08
Sharpe Ratio -0.54
Alpha vs SPGINRTR Index -4.96
Beta vs. SPGINRTR Index 1.07
R-squared vs. SPGINRTR Index 89.96
Source: VanEck and FactSet.
Volatility is the annualized standard deviation of monthly returns. Sharpe ratio is the return less the risk-free rate divided by the standard deviation and measures risk-adjusted return. Alpha is a measure of the difference between a portfolio's actual returns and its expected performance, given its level of risk as measured by beta. Beta is a measure of sensitivity to market movements. R-squared reflects the percentage of a fund's movements that can be explained by movements in its benchmark index.

Industry Benchmarks: Know Your Indices

  • The S&P® North American Natural Resources Sector (SPGINRTR) Index (the “Index”) provides investors with a benchmark that represents U.S. traded securities that are classified under the GICS® energy and materials sector excluding the chemicals industry; and steel sub-industry.

  • S&P® Global Natural Resources Index (SPGNRUP) includes 90 of the largest publicly traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across three primary commodity-related sectors: agribusiness, energy, and metals & mining which tracks the global natural resources and commodities businesses.

  • 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 Index (SPGSCITR) is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures. High energy concentration; limited diversification. The index benefits when energy is strong, and suffers when energy is weak.

  • The Bloomberg Commodity Index (BCOM) is composed of futures contracts on 20 physical commodities covering seven sectors, specifically energy, petroleum, precious metals, industrial metals, grains, livestock and softs. Energy exposure is limited to no more than 33%; the manager cannot invest above that level no matter how favorable the energy market.

All indices listed are unmanaged and are not securities in which investments can be made.

Sector Weights (%): Fund vs. Industry Benchmarks
as of 12/31/17

VANECK GLOBAL HARD ASSETS FUND (CLASS A) INDUSTRY BENCHMARKS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SPGINRTR SPGNRUP BCOM SPGSCITR
Energy 59.0 63.0 65.6 57.4 58.8 72.1 59.1 63.7 64.7 53.5 81.5 34.3 30.2 62.6
Precious Metals 20.3 13.7 12.3 15.3 13.4 6.6 9.4 12.9 9.7 12.6 5.9 5.4 15.6 4.1
Base Metals 9.3 14.7 15.6 13.4 15.4 10.5 14.3 8.5 14.4 19.6 2.9 27.7 19.7 11.2
Agriculture/Timber 2.5 2.6 0.9 3.6 1.2 3.2 4.8 9.2 6.6 10.0 5.2 30.5 34.6 22.0
Other 2.8 2.0 0.9 1.5 4.0 3.1 4.8 2.4 1.8 2.4 4.4 2.1 -- --
Cash/Equivalents 6.1 4.0 4.7 8.8 7.2 4.5 7.6 3.3 2.7 1.9 -- -- -- --

This table is updated once annually. Please note the information in this table represents the Fund’s current implementation of its investment strategy and this implementation may change at any time and from time to time. It is not intended to be a forecast of future events, a guarantee of future results or investment advice.

SPGINRTR sector weightings shown are month-end weightings as of December 31, 2017.

SPGNRUP sector weightings shown are month-end weightings as of December 31, 2017.

BCOM sector weightings shown here are approximate weightings as of December 31, 2017.

SPGSCITR sector weightings shown here are month-end weightings as of December 31, 2017.

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, 0.95% for Class I, and 1.13% for Class Y of the Fund’s average daily net assets per year until May 1, 2020. 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 (SPGINRTR) Index (the "Index") provides investors with a benchmark that represents U.S. traded securities that are classified under the GICS® energy and materials sector excluding the chemicals industry; and steel sub-industry. The MSCI ACWI Commodity Producers Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors. 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 VanEck. 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 Canadian issuers, commodities and commodity-linked derivatives, commodities and commodity-linked derivatives tax, derivatives, direct investments, emerging market securities, foreign currency transactions, foreign securities, other investment companies, management, market, operational, small- and medium-capitalization companies and hard assets sectors risks, including, precious metals and natural resources, that 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.

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.