Van Eck VIP Multi-Manager Alternatives Fund

IMPORTANT NEWS:

This Fund is expected to be liquidated and dissolved on or about 6/3/2015.

Important Disclosure  

For a description of the Fund’s investment strategies, please refer to the prospectus .

You can lose money by investing in the Fund. Any investment in the Fund should be considered part of an overall investment program, not a complete program. Because the Fund implements a fund-of-funds strategy, an investor in the Fund will bear the operating expenses of the “Underlying Funds” in which the Fund invests. The total expenses borne by an investor in the Fund will be higher than if the investor invested directly in the Underlying Funds, and the returns may therefore be lower. The Fund, the Sub-Advisers and the Underlying Funds may use aggressive investment strategies, including absolute return strategies, which are riskier than those used by typical mutual funds. If the Fund and Sub-Advisers are unsuccessful in applying these investment strategies, the Fund and you may lose more money than if you had invested in another fund that did not invest aggressively. The Fund is subject to risks associated with the Sub-Advisers making trading decisions independently, investing in other investment companies, using a particular style or set of styles, basing investment decisions on historical relationships and correlations, trading frequently, using leverage, making short sales, being non-diversified and investing in securities with low correlation to the market. Please see the prospectus for information on these and other risk considerations.

HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe, and includes convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage strategies.

Indices are unmanaged and are not securities in which investments can be made.

The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. These contracts offer life and tax benefits to the beneficial owners of the Fund. The insurance or annuity company charges, fees and expenses for these benefits are not included in Fund performance. A review of the particular life and/or annuity contract will provide you with much greater detail regarding these costs and benefits.

The Fund is not available directly to the general public. For more complete information on variable life/annuity products, including all charges and expenses, please obtain a prospectus from a licensed insurance agent/registered representative. The prospectus includes information about the investment objective, risks and charges and expenses. Please read the prospectus carefully before investing.  

Van Eck Securities Corporation, Distributor