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  • Ticker:- MMA;false;;

  • Van Eck Multi-Manager Alternatives Fund

  •  

    The Van Eck Multi-Manager Alternatives Fund (VMAAX | VMAIX | VMAYX)  seeks to achieve consistent absolute (positive) returns in various market cycles. The Fund pursues its objective by allocating its assets among investment sub-advisers with experience managing various investment strategies, including absolute return strategies, and by investing directly in open- and closed-end funds and ETFs. By allocating its assets across sub-advisers and funds that employ an assortment of investment strategies, the Fund seeks to achieve greater diversification and lower volatility than if it employed a single manager or single strategy.

    PDF TinyMulti-Manager Alternatives Fund Commentary 4Q'11 |   PDF Tiny VMAAX Morningstar Analyst Coverage: March 2010
    PDF Tiny Comparison of Returns Hedge-Style Strategies 2010     |  PDF Tiny Sub-Adviser Profile: May 2010  

  • Fund Details

     

    as of 12/31/11
    Net Assets (Class A, I, Y) $58.1M P/E (LTM) --
    Number of Holdings 325 P/B (LTM) --
    Number of Approved Managers 10 Turnover Rate (2010) 274%

  • Fund Prices

     

    as of 02/03/2012
    FundTickerNAVDaily ChangeYTD ChangeHistorical PricesExpense Ratio
    Gross     Net
    Class A: NAV VMAAX $9.15 $0.01 +0.1% +2.0% Chart 3.37%         3.37%
    Class I: NAV VMAIX $9.22 $0.01 +0.1% +2.1% Chart 3.13%         3.00%
    Class Y: NAV VMAYX $9.21 $0.01 +0.1% +2.1% Chart 3.06%         3.06%

  • Performance History: Average Annual Total Returns (%)

    as of 12/31/11
    1 MO
    3 MO
    YTD1
    1 YR1
    3 YR
    5 YR
    10 YR
    LIFE
    Class A: NAV (Inception 6/5/09) 0.87 1.21 -2.28 -2.28 -- -- -- 1.37
    Class A: Maximum 5.75% load -4.94 -4.64 -7.93 -7.93 -- -- -- -0.93
    Class I: NAV (Inception 6/5/09) 0.86 1.20 -2.06 -2.06 -- -- -- 1.63
    Class Y: NAV (Inception 4/30/10) 0.86 1.20 -2.06 -2.06 -- -- -- 0.83
    HFRX Global Hedge Fund Index -0.49 -0.54 -8.92 -8.92 2.80 -2.77 1.75 --
    S&P 500 Index 1.02 11.82 2.11 2.11 14.11 -0.25 2.92 --
    as of 09/30/2011
    1 MO
    3 MO
    YTD1
    1 YR1
    3 YR
    5 YR
    10 YR
    LIFE
    Class A: NAV (Inception 6/5/09) -2.61 -4.57 -3.44 -1.77  --  -- -- 0.99
    Class A: Maximum 5.75% load -8.19 -10.03 -9.03 -7.38  --  -- -- -1.54
    Class I: NAV (Inception 6/5/09) -2.48 -4.34 -3.22 -1.54  --  -- -- 1.28
    Class Y: NAV (Inception 4/30/10) -2.49 -4.35 -3.22 -1.44 -- -- -- 0.13
    HFRX Global Hedge Fund Index -2.99 -6.45 -8.43 -5.47 -1.75 -1.67 1.92 --
    S&P 500 Index -7.03 -13.87 -8.68 1.14 1.23 -1.18 2.82 --

      

    1Year-to-date and one-year returns are not annualized.

    Expenses are calculated for the 12-month period ending 05/01/12: Class A: Gross 3.37% and Net 3.37%; Class I: Gross 3.13% and Net 3.00%; and Class Y: Gross 3.06% and Net 3.06%. Expenses are capped contractually through 05/01/12 at 2.40% for Class A; 1.95% for Class I; and 2.00% for Class Y. Caps exclude certain expenses, such as interest.

    The tables present past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees, investment returns would have been reduced. Investment returns and Fund share values will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. 

  • Fund Allocations (%) by Strategy

     

    Investment Strategy 12/31/11 Allocation 11/30/11 Allocation Implementation
    Arbitrage
    Blended Arbitrage 6.10% 6.13% AQR Diversified Arbitrage Fund
    Market Neutral 8.48% 8.27% TFS Market Neutral Fund
    Volatility Arbitrage 5.16% 5.17% Structured Note
    5.31% 5.22% Sub-Adviser: Acorn
    Long/Short
    Emerging Markets 3.63% 3.18% ETFs, Other Securities
    Event Driven 6.51% 6.33% Sub-Adviser: Tiburon
    9.31% 8.99% Sub-Adviser: Coe
    U.S. Equity 7.29% 7.34% Sub-Adviser: Millrace
    5.17% 5.20% Sub-Adviser: Primary
    Fixed Income 9.46% 11.34% Sub-Adviser: Medley
    5.31% 5.19% Loomis Sales Bond Fund
    Global Macro
    Discretionary Macro 6.02% 5.75% Marketfield Fund
    Systematic Macro 11.21% 11.24% USCITS III: Statistical Value
    Tactical Overlay 3.19% 6.33% ETFs, Other Securities
    Cash 7.83% 4.32% --
    Total 100% 100% --

  • Fund Summary

     

    The Fund seeks to achieve absolute (positive) returns in various market cycles. The Fund's objective is fundamental and may only be changed with the approval of shareholders. The Fund's benchmark is the HFRX Global Hedge Fund (HFRXGL) Index.

  • Market Exposures (%)

     

    as of 12/31/11
    Long Positions 67.55%
    Short Positions 33.99%
    Net Exposure 33.55%

  • Share Class Details

     

    Share ClassTickerInception DateMaximum Sales ChargeMaximum Deferred Sales ChargeService Fees 12b-1
    AVMAAX
    		06/05/2009
    		5.75%0.00%0.25%
    IVMAIX
    		06/05/20090.00%0.00%0.00%
    YVMAYX
    		04/30/20100.00%0.00%0.00%

  • Approved Managers and Investment Strategy

     

    as of 12/31/2011
    Acorn Derivatives Management Corp. Volatitlity Arbitrage
    Coe Capital Management, LLC L/S Event Driven
    Dix Hills Partners, LLC Discretionary Macro
    Lazard Asset Mgmt. LLC Discretionary Macro
    Martingale Asset Mgmt L.P. L/S Equity
    Medley Credit Strategies LLC L/S (Fundamental) Fixed Income
    Millrace Asset Group, Inc. L/S Equity
    PanAgora Asset Mgmt, Inc. L/S (Quantitative) Fixed Income
    Primary Funds, LLC L/S Equity
    Tiburon Capital Management, LLC L/S Event Driven

  • 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.

    The 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. The S&P 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors. The Citigroup Three-Month U.S. Treasury Bill Index measures return equivalents of yield averages that are not marked to market. The Index represents an average of the last three-month Treasury Bills issues, and returns are calculated on a monthly basis.

    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. Results reflect past performance and do not guarantee future results.

    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 the prospectus and summary prospectus carefully before investing. 

    Not FDIC Insured — No Bank Guarantee — May Lose Value

    Van Eck Securities Corporation, Distributor