VanEck VIP Trust NPORT-P VanEck VIP Emerging Markets Bond Fund (Mar 2023 report)

VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2023 (unaudited)

	Par   (000’s)		Value
CORPORATE BONDS: 16.9%
Argentina: 1.9%
YPF SA 144A 9.00%, 02/12/26 (s)	USD	108	$	104,404
YPF SA Reg S
8.50%, 07/28/25	USD	204		179,370
9.00%, 02/12/26 (s)	USD	29		27,770
				311,544
Bahrain: 0.7%
Oil and Gas Holding Co. BSCC Reg S 7.50%, 10/25/27	USD	120		122,989
Colombia: 0.7%
Ecopetrol SA 8.88%, 01/13/33	USD	117		118,404
India: 0.9%
Adani Renewable Energy RJ Ltd./ Kodangal Solar Parks Pvt Ltd. / Wardha Solar Maharashtra 144A 4.62%, 10/15/39	USD	44		31,083
JSW Hydro Energy Ltd. Reg S 4.12%, 05/18/31	USD	152		126,442
				157,525
Indonesia: 0.7%
Star Energy Geothermal Wayang Windu Ltd. Reg S 6.75%, 04/24/33	USD	117		114,628
Luxembourg: 0.7%
MC Brazil Downstream Trading SARL Reg S 7.25%, 06/30/31	USD	156		121,943
Mauritius: 0.6%
India Clean Energy Holdings 144A 4.50%, 04/18/27	USD	100		80,133
India Clean Energy Holdings Reg S 4.50%, 04/18/27	USD	23		18,431
				98,564
Mexico: 4.2%
Corp. GEO SAB de CV Reg S 9.25%, 06/30/20 (d) *	USD	120		2
Petroleos Mexicanos
6.49%, 01/23/27	USD	363		329,785
6.62%, 06/15/35 †	USD	212		154,794
7.69%, 01/23/50 †	USD	332		234,523
				719,104
Qatar: 1.4%
Nakilat, Inc. Reg S 6.07%, 12/31/33	USD	129		135,852
Qatar Energy 144A 2.25%, 07/12/31	USD	122		103,816
				239,668
Singapore: 1.7%
Medco Laurel Tree Pte Ltd. Reg S

	Par   (000’s)		Value
Singapore (continued)
6.95%, 11/12/28	USD	177	$	156,621
SingTel Group Treasury Pte Ltd. Reg S 2.38%, 08/28/29	USD	151		133,908
				290,529
South Africa: 1.9%
Eskom Holdings SOC Ltd. 144A 8.45%, 08/10/28	USD	336		327,068
United States: 0.7%
AES Panama Generation Holdings SRL Reg S 4.38%, 05/31/30	USD	128		110,267
Uzbekistan: 0.8%
Uzauto Motors AJ 144A 4.85%, 05/04/26	USD	163		140,157
Total Corporate Bonds (Cost: $3,062,166)				2,872,390
GOVERNMENT OBLIGATIONS: 75.2%
Angola: 1.2%
Angolan Government International Bond 144A 9.50%, 11/12/25	USD	204		202,890
Argentina: 0.3%
Argentine Republic Government International Bond 0.50%, 07/09/30 (s)	USD	181		52,895
Brazil: 4.7%
Brazil Notas do Tesouro Nacional, Series F
10.00%, 01/01/25	BRL	867		170,120
10.00%, 01/01/29	BRL	3,437		628,170
				798,290
Chile: 4.7%
Bonos de la Tesoreria de la Republica de Chile 2.50%, 03/01/25	CLP	220,000		258,183
Bonos de la Tesoreria de la Republica de Chile 144A Reg S 5.00%, 10/01/28	CLP	430,000		543,510
				801,693
Colombia: 1.1%
Republic of Colombia Government Bond 4.50%, 03/15/29	USD	203		179,354
Costa Rica: 0.4%
Costa Rica Government International Bond Reg S 6.12%, 02/19/31	USD	61		60,809
Czech Republic: 2.5%
Czech Republic Government Bond

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VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

	Par   (000’s)		Value
Czech Republic (continued)
2.00%, 10/13/33	CZK	3,730	$	135,696
Czech Republic Government Bond Reg S 1.00%, 06/26/26	CZK	7,130		291,461
				427,157
Democratic Republic of the Congo: 1.9%
Congolese International Bond Reg S 6.00%, 06/30/29 (s)	USD	376		317,058
Dominican Republic: 0.9%
Dominican Republic International Bond Reg S 9.75%, 06/05/26	DOP	9,000		161,096
Gabon: 0.1%
Gabon Government International Bond 144A 6.95%, 06/16/25	USD	28		26,088
Guatemala: 0.3%
Guatemala Government Bond 144A 5.25%, 08/10/29	USD	61		59,780
Hungary: 0.8%
Hungary Government Bond 2.50%, 10/24/24 †	HUF	52,880		130,470
Indonesia: 7.0%
Indonesia Treasury Bond
5.50%, 04/15/26	IDR	3,793,000		246,863
6.38%, 04/15/32	IDR	3,888,000		254,078
7.00%, 09/15/30	IDR	2,786,000		190,094
7.12%, 06/15/38	IDR	3,688,000		249,882
7.12%, 06/15/43	IDR	3,713,000		251,123
				1,192,040
Israel: 1.6%
Israel Government Bond - Fixed
1.30%, 04/30/32	ILS	500		114,916
3.75%, 03/31/24	ILS	572		158,274
				273,190
Ivory Coast: 0.2%
Ivory Coast Government International Bond Reg S 5.75%, 12/31/32 (s)	USD	42		39,122
Jamaica: 0.4%
Jamaica Government International Bond 7.62%, 07/09/25	USD	64		65,426
Jordan: 0.5%
Jordan Government International Bond 144A 4.95%, 07/07/25	USD	82		78,659
Kuwait: 0.5%
Kuwait International Government Bond Reg S 3.50%, 03/20/27	USD	86		84,394

		Par   (000’s)	Value
Malaysia: 7.0%
Malaysia Government Bond
3.90%, 11/16/27	MYR	1,615	$	371,626
4.76%, 04/07/37	MYR	1,962		470,322
4.89%, 06/08/38	MYR	1,422		348,829
				1,190,777
Morocco: 0.4%
Morocco Government International Bond 144A 2.38%, 12/15/27	USD	77		67,966
Mozambique: 0.9%
Mozambique International Bond Reg S 5.00%, 09/15/31 (s)	USD	219		158,304
Oman: 0.7%
Oman Government International Bond 144A 6.25%, 01/25/31	USD	114		116,279
Pakistan: 1.7%
Pakistan Government International Bond 144A 8.88%, 04/08/51	USD	168		58,292
Pakistan Government International Bond Reg S
6.00%, 04/08/26	USD	550		202,125
7.88%, 03/31/36	USD	72		25,272
				285,689
Paraguay: 0.5%
Paraguay Government International Bond Reg S 4.95%, 04/28/31	USD	86		83,090
Peru: 3.3%
Peru Government Bond
5.40%, 08/12/34	PEN	1,744		389,280
6.15%, 08/12/32	PEN	686		166,754
				556,034
Philippines: 2.4%
Philippine Government International Bond 6.25%, 01/14/36	PHP	23,084		412,772
Poland: 1.4%
Poland Government Bond 7.50%, 07/25/28	PLN	842		207,201
Republic of Poland Government Bond 1.75%, 04/25/32	PLN	206		33,874
				241,075
Romania: 2.4%
Romania Government Bond
4.85%, 07/25/29	RON	1,410		271,177
5.00%, 02/12/29	RON	660		129,090
				400,267
Rwanda: 0.2%
Rwanda International Government Bond 144A 5.50%, 08/09/31	USD	39		28,256

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		Par   (000’s)	Value
Saudi Arabia: 1.5%
Saudi Government International Bond 144A 4.75%, 01/18/28	USD	257	$	260,350
South Africa: 4.6%
Republic of South Africa Government Bond
8.75%, 01/31/44	ZAR	4,710		205,131
8.88%, 02/28/35	ZAR	12,029		579,865
				784,996
South Korea: 2.1%
Korea Treasury Bond
3.12%, 09/10/27	KRW	389,000		297,428
3.38%, 06/10/32	KRW	79,000		61,411
				358,839
Sri Lanka: 1.2%
Sri Lanka Government International Bond Reg S 5.75%, 04/18/23	USD	404		145,515
Sri Lanka Treasury Bill 0.00%, 06/09/23 ^	LKR	23,000		67,464
				212,979
Thailand: 6.2%
Thailand Government Bond
1.58%, 12/17/35	THB	14,343		374,483
1.60%, 12/17/29	THB	11,773		332,533
2.65%, 06/17/28	THB	11,441		345,294
				1,052,310
Turkey: 3.8%
Turkey Government International Bond
5.75%, 05/11/47	USD	667		474,654
9.38%, 03/14/29	USD	160		163,210
				637,864
United Arab Emirates: 1.5%
Abu Dhabi Government International Bond Reg S 1.88%, 09/15/31	USD	304		256,881
Uruguay: 2.0%
Uruguay Government International Bond 8.25%, 05/21/31	UYU	7,282		166,679
Uruguay Government International Bond Reg S 8.50%, 03/15/28	UYU	6,914		165,735
				332,414

		Par   (000’s)	Value
Uzbekistan: 0.4%
Republic of Uzbekistan International Bond 144A 14.00%, 07/19/24	UZS	720,000	$	62,109
Zambia: 1.9%
Zambia Government Bond
13.00%, 01/25/31	ZMW	8,834		223,306
13.00%, 09/20/31	ZMW	315		7,743
13.00%, 12/27/31	ZMW	1,120		27,138
14.00%, 05/31/36	ZMW	2,735		63,745
				321,932
Total Government Obligations (Cost: $12,472,524)				12,771,594
SHORT-TERM INVESTMENT: 0.2% (Cost: $40,919)
United States Treasury Obligations: 0.2%
United States Treasury Bill 0.00%, 04/18/23 ^		41,000		40,919
	Number of Shares
MONEY MARKET FUND: 5.0% (Cost: $847,283)
Invesco Treasury Portfolio - Institutional Class		847,283		847,283
Total Investments Before Collateral for Securities Loaned: 97.3% (Cost: $16,422,892)				16,532,186
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.0%
Money Market Fund: 3.0% (Cost: $516,910)
State Street Navigator Securities Lending Government Money Market Portfolio		516,910		516,910
Total Investments: 100.3% (Cost: $16,939,802)				17,049,096
Liabilities in excess of other assets: (0.3)%				(57,927)
NET ASSETS: 100.0%			$	16,991,169

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VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

Schedule of Open Forward Foreign Currency Contracts - March 31, 2023

Counterparty	Currency to be sold		Currency to be purchased		Settlement Dates	Unrealized Appreciation (Depreciation)
STATE STREET BANK AND TRUST COMPANY	USD	40,988	CNY	281,541	4/24/2023		$51

Definitions:

BRL	Brazilian Real
CLP	Chilean Peso
CZK	Czech Koruna
DOP	Dominican Peso
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
KRW	Korean Won
LKR	Sri Lanka Rupee
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	Romanian Leu
THB	Thai Baht
USD	United States Dollar
UYU	Uruguayan Peso
UZS	Uzbekistani Som
ZAR	South African Rand
ZMW	Zambian Kwacha

Footnotes:

(s)	The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule
*	Non-income producing
(d)	Security in default
†	Security fully or partially on loan. Total market value of securities on loan is $499,746.
^	Zero Coupon Bond
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $2,290,840, or 13.5% of net assets.

Summary of Investments by Sector Excluding Collateral for Securities Loaned	% of Investments			Value
Government Activity		77.5	%	$	12,812,513
Energy		10.1			1,668,327
Utilities		4.9			808,052
Consumer Cyclicals		0.9			140,157
Technology		0.8			133,909
Industrials		0.7			121,943
Financials		0.0			2
Money Market Fund		5.1			847,283
		100.0	%	$	16,532,186

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