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VanEck VIP Trust NPORT-PVanEck VIP Emerging Markets Bond Fund (Sep 2023 report)

Filed: 27 Nov 23, 2:51pm

VANECK

VIP

EMERGING

MARKETS

BOND

FUND

SCHEDULE

OF

INVESTMENTS

September

30,

2023

(unaudited)

1

ri

Par

(000's)

Value

CORPORATE

BONDS

:

30.6%

Argentina

:

1.8%

YPF

SA

144A

9.00%,

02/12/26 (s)

USD

90‌

$

86,791‌

YPF

SA

Reg

S

8.50%,

07/28/25

USD

204‌

183,091‌

9.00%,

02/12/26 (s)

USD

24‌

23,085‌

292,967‌

Bahrain

:

0.8%

Oil

and

Gas

Holding

Co.

BSCC

Reg

S

7.50%,

10/25/27

USD

120‌

122,241‌

Underline

Brazil

:

2.4%

CSN

Inova

Ventures

Reg

S

6.75%,

01/28/28

USD

159‌

147,257‌

Petrobras

Global

Finance

BV

6.00%,

01/27/28

USD

246‌

244,423‌

391,680‌

British

Virgin

Islands

:

0.2%

Sino-Ocean

Land

Treasure

Finance

I

Ltd.

Reg

S

6.00%,

07/30/24

USD

606‌

39,693‌

Underline

Cayman

Islands

:

2.1%

CK

Hutchison

Europe

Finance

21

Ltd.

Reg

S

1.00%,

11/02/33

EUR

191‌

142,650‌

EDO

Sukuk

Ltd.

144A

5.88%,

09/21/33

USD

86‌

85,073‌

Siam

Commercial

Bank

PCL

Reg

S

4.40%,

02/11/29

USD

129‌

121,428‌

349,151‌

Chile

:

1.5%

Cencosud

SA

Reg

S

4.38%,

07/17/27

USD

133‌

122,369‌

Colbun

SA

Reg

S

3.95%,

10/11/27

USD

133‌

122,928‌

245,297‌

China

:

1.1%

Country

Garden

Holdings

Co.

Ltd.

Reg

S

5.12%,

01/17/25

USD

308‌

21,560‌

6.50%,

04/08/24

USD

281‌

20,522‌

Longfor

Group

Holdings

Ltd.

Reg

S

3.95%,

09/16/29

USD

96‌

46,565‌

4.50%,

01/16/28

USD

154‌

87,019‌

175,666‌

Colombia

:

0.7%

Ecopetrol

SA

8.88%,

01/13/33

USD

117‌

114,384‌

Underline

Hong

Kong

:

2.1%

Fortune

Star

BVI

Ltd.

Reg

S

5.00%,

05/18/26

USD

57‌

40,199‌

5.05%,

01/27/27

USD

97‌

62,963‌

Huarong

Finance

2017

Co.

Ltd.

Reg

S

Par

(000’s)

Value

Hong

Kong

(continued)

4.75%,

04/27/27

USD

104‌

$

89,204‌

Vanke

Real

Estate

Hong

Kong

Co.

Ltd.

Reg

S

3.98%,

11/09/27

USD

75‌

52,883‌

Yanlord

Land

HK

Co.

Ltd.

Reg

S

5.12%,

05/20/26

USD

160‌

94,056‌

339,305‌

India

:

1.6%

Adani

Renewable

Energy

RJ

Ltd./

Kodangal

Solar

Parks

Pvt

Ltd.

/

Wardha

Solar

Maharashtra

144A

4.62%,

10/15/39

USD

156‌

113,648‌

Adani

Renewable

Energy

RJ

Ltd./

Kodangal

Solar

Parks

Pvt

Ltd.

/

Wardha

Solar

Maharashtra

Reg

S

4.63%,

10/15/39

USD

40‌

29,224‌

JSW

Hydro

Energy

Ltd.

Reg

S

4.12%,

05/18/31

USD

144‌

120,340‌

263,212‌

Indonesia

:

0.7%

Star

Energy

Geothermal

Wayang

Windu

Ltd.

Reg

S

6.75%,

04/24/33

USD

117‌

112,478‌

Underline

Luxembourg

:

0.4%

Minerva

Luxembourg

SA

Reg

S

4.38%,

03/18/31

USD

88‌

68,169‌

Underline

Mauritius

:

0.6%

India

Clean

Energy

Holdings

144A

4.50%,

04/18/27

USD

100‌

83,117‌

India

Clean

Energy

Holdings

Reg

S

4.50%,

04/18/27 †

USD

23‌

19,117‌

102,234‌

Mexico

:

4.9%

Corp.

GEO

SAB

de

CV

Reg

S

9.25%,

06/30/20 (d)

*

USD

120‌

2‌

Petroleos

Mexicanos

6.49%,

01/23/27

USD

496‌

439,716‌

6.84%,

01/23/30

USD

457‌

357,440‌

797,158‌

Nigeria

:

0.7%

SEPLAT

Energy

Plc

144A

7.75%,

04/01/26

USD

134‌

114,630‌

Underline

Qatar

:

1.3%

Nakilat,

Inc.

Reg

S

6.07%,

12/31/33

USD

125‌

126,946‌

Qatar

Petroleum

144A

2.25%,

07/12/31

USD

97‌

77,922‌

204,868‌

Singapore

:

2.0%

Continuum

Energy

Aura

Pte

Ltd.

144A

VANECK

VIP

EMERGING

MARKETS

BOND

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

2

Par

(000’s)

Value

Singapore

(continued)

9.50%,

02/24/27

USD

35‌

$

34,966‌

Medco

Laurel

Tree

Pte

Ltd.

Reg

S

6.95%,

11/12/28

USD

177‌

163,882‌

SingTel

Group

Treasury

Pte

Ltd.

Reg

S

2.38%,

08/28/29

USD

151‌

128,494‌

327,342‌

Thailand

:

0.7%

GC

Treasury

Center

Co.

Ltd.

Reg

S

4.40%,

03/30/32

USD

134‌

114,604‌

Underline

Turkey

:

0.9%

WE

Soda

Investments

Holdings

Plc

144A

9.50%,

10/06/28

USD

147‌

148,470‌

Underline

United

Arab

Emirates

:

0.9%

Abu

Dhabi

National

Energy

Co.

PJSC

144A

4.70%,

04/24/33

USD

160‌

152,565‌

Underline

United

Kingdom

:

1.5%

AngloGold

Ashanti

Holdings

Plc

3.38%,

11/01/28

USD

145‌

122,104‌

Endeavor

Mining

Plc

Reg

S

5.00%,

10/14/26

USD

134‌

119,930‌

242,034‌

United

States

:

1.7%

AES

Panama

Generation

Holdings

SRL

Reg

S

4.38%,

05/31/30

USD

165‌

140,282‌

Kosmos

Energy

Ltd.

Reg

S

7.12%,

04/04/26

USD

36‌

33,930‌

Stillwater

Mining

Co.

Reg

S

4.50%,

11/16/29

USD

128‌

98,759‌

272,971‌

Total

Corporate

Bonds

(Cost:

$5,441,308)

4,991,119‌

GOVERNMENT

OBLIGATIONS

:

55.5%

Argentina

:

0.3%

Argentine

Republic

Government

International

Bond

0.50%,

07/09/30 (s)

USD

181‌

51,673‌

Underline

Bahrain

:

1.0%

Bahrain

Government

International

Bond

144A

7.75%,

04/18/35

USD

165‌

165,176‌

Underline

Brazil

:

4.8%

Brazil

Notas

do

Tesouro

Nacional,

Series

F

10.00%,

01/01/25

BRL

867‌

170,750‌

10.00%,

01/01/29

BRL

2,729‌

515,924‌

10.00%,

01/01/31

BRL

573‌

106,135‌

792,809‌

Par

(000’s)

Value

Colombia

:

1.0%

Colombia

Government

International

Bond

4.50%,

03/15/29 †

USD

196‌

$

171,216‌

Underline

Costa

Rica

:

0.4%

Costa

Rica

Government

International

Bond

Reg

S

6.12%,

02/19/31

USD

61‌

59,063‌

Underline

Czech

Republic

:

1.1%

Czech

Republic

Government

Bond

Reg

S

1.00%,

06/26/26

CZK

1,300‌

50,833‌

2.40%,

09/17/25

CZK

3,070‌

126,341‌

177,174‌

Democratic

Republic

of

the

Congo

:

2.0%

Congolese

International

Bond

Reg

S

6.00%,

06/30/29 (s)

USD

404‌

328,683‌

Underline

Dominican

Republic

:

2.3%

Dominican

Republic

International

Bond

Reg

S

9.75%,

06/05/26

DOP

20,855‌

371,061‌

Underline

Ecuador

:

1.7%

Ecuador

Government

International

Bond

Reg

S

5.50%,

07/31/30 (s)

USD

528‌

271,076‌

Underline

Gabon

:

0.1%

Gabon

Government

International

Bond

144A

6.95%,

06/16/25

USD

28‌

25,060‌

Underline

Ghana

:

0.5%

Ghana

Government

International

Bond

Reg

S

8.75%,

03/11/61

USD

200‌

85,829‌

Underline

Hungary

:

1.0%

Hungary

Government

International

Bond

144A

6.13%,

05/22/28

USD

160‌

159,741‌

Underline

Indonesia

:

2.4%

Indonesia

Treasury

Bond

6.38%,

04/15/32

IDR

4,359,000‌

275,414‌

7.00%,

09/15/30

IDR

1,886,000‌

123,601‌

399,015‌

Israel

:

1.9%

Israel

Government

Bond

0.40%,

10/31/24

ILS

252‌

63,211‌

1.50%,

05/31/37

ILS

427‌

79,582‌

3.75%,

03/31/24

ILS

621‌

162,321‌

305,114‌

Ivory

Coast

:

0.1%

Ivory

Coast

Government

International

Bond

Reg

S

5.75%,

12/31/32 (s)

USD

19‌

17,245‌

Underline

Jamaica

:

0.3%

Jamaica

Government

International

Bond

3

Par

(000’s)

Value

Jamaica

(continued)

7.62%,

07/09/25

USD

43‌

$

43,172‌

Underline

Jordan

:

0.5%

Jordan

Government

International

Bond

144A

4.95%,

07/07/25

USD

82‌

79,433‌

Underline

Kuwait

:

0.5%

Kuwait

International

Government

Bond

Reg

S

3.50%,

03/20/27

USD

86‌

81,635‌

Underline

Malaysia

:

4.9%

Malaysia

Government

Bond

3.88%,

03/14/25

MYR

1,735‌

372,169‌

3.91%,

07/15/26

MYR

1,967‌

422,618‌

794,787‌

Mongolia

:

0.5%

Mongolia

Government

International

Bond

Reg

S

4.45%,

07/07/31

USD

114‌

88,150‌

Underline

Morocco

:

0.8%

Morocco

Government

International

Bond

Reg

S

2.00%,

09/30/30

EUR

153‌

130,396‌

Underline

Mozambique

:

1.3%

Mozambique

International

Bond

Reg

S

5.00%,

09/15/31 (s)

USD

267‌

210,873‌

Underline

Oman

:

0.6%

Oman

Government

International

Bond

144A

6.25%,

01/25/31 †

USD

102‌

100,962‌

Underline

Paraguay

:

0.5%

Paraguay

Government

International

Bond

Reg

S

4.95%,

04/28/31

USD

86‌

79,797‌

Underline

Peru

:

4.1%

Peru

Government

Bond

5.40%,

08/12/34

PEN

2,194‌

494,954‌

6.15%,

08/12/32

PEN

686‌

168,697‌

663,651‌

Philippines

:

2.4%

Philippine

Government

International

Bond

6.25%,

01/14/36

PHP

23,084‌

391,640‌

Underline

Poland

:

1.7%

Republic

of

Poland

Government

International

Bond

5.50%,

11/16/27

USD

272‌

273,074‌

Underline

Romania

:

1.0%

Romania

Government

Bond

8.75%,

10/30/28

RON

690‌

159,017‌

Underline

Saudi

Arabia

:

1.5%

Saudi

Government

International

Bond

144A

Par

(000’s)

Value

Saudi

Arabia

(continued)

4.75%,

01/18/28

USD

257‌

$

251,366‌

Underline

South

Africa

:

1.5%

Republic

of

South

Africa

Government

Bond

8.50%,

01/31/37

ZAR

6,350‌

245,666‌

Underline

South

Korea

:

2.3%

Korea

Treasury

Bond

3.25%,

03/10/28

KRW

289,000‌

208,556‌

3.38%,

03/10/25

KRW

229,000‌

168,846‌

377,402‌

Sri

Lanka

:

2.5%

Sri

Lanka

Government

International

Bond

Reg

S

5.75%,

04/18/23

USD

404‌

195,018‌

Sri

Lanka

Treasury

Bill

0.01%,

11/10/23

LKR

46,000‌

139,764‌

0.01%,

12/08/23

LKR

25,000‌

74,958‌

409,740‌

Suriname

:

0.3%

Duriname

Government

International

Bond

Reg

S

12.88%,

12/30/23

USD

13‌

11,700‌

Suriname

Government

International

Bond

Reg

S

9.25%,

10/26/26

USD

41‌

35,362‌

47,062‌

Turkey

:

2.6%

Turkey

Government

Bond

1.50%,

06/18/25

TRY

3,679‌

167,983‌

Turkey

Government

International

Bond

9.88%,

01/15/28

USD

251‌

264,945‌

432,928‌

United

Arab

Emirates

:

0.5%

Abu

Dhabi

Government

International

Bond

Reg

S

1.88%,

09/15/31

USD

93‌

74,183‌

Underline

Uruguay

:

2.1%

Uruguay

Government

International

Bond

Reg

S

8.50%,

03/15/28

UYU

6,914‌

175,037‌

Uruguay

Monetary

Regulation

Bill

0.00%,

05/31/24 ^

UYU

7,143‌

174,618‌

349,655‌

Uzbekistan

:

0.2%

Republic

of

Uzbekistan

International

Bond

Reg

S

3.90%,

10/19/31

USD

40‌

31,275‌

Underline

Zambia

:

2.3%

Zambia

Government

Bond

13.00%,

01/25/31

ZMW

8,834‌

259,455‌

13.00%,

09/20/31

ZMW

315‌

8,980‌

13.00%,

12/27/31

ZMW

1,120‌

31,474‌

VANECK

VIP

EMERGING

MARKETS

BOND

FUND

SCHEDULE

OF

INVESTMENTS

(unaudited)

(continued)

4

FootnoteRuleAboveBlank

Par

(000’s)

Value

Zambia

(continued)

14.00%,

05/31/36

ZMW

2,735‌

$

72,623‌

372,532‌

Total

Government

Obligations

(Cost:

$9,068,956)

9,068,331‌

SHORT-TERM

INVESTMENTS

:

8.0%

United

States

Treasury

Obligations:

8.0%

United

States

Treasury

Bill

5.20%,

10/03/23

431,000‌

430,874‌

5.23%,

10/17/23

267,000‌

266,373‌

5.30%,

10/24/23

364,000‌

362,773‌

5.35%,

10/10/23

253,000‌

252,666‌

1,312,686‌

Number

of

Shares

Value

MONEY

MARKET

FUND

:

3.5%

(Cost:

$573,867)

Invesco

Treasury

Portfolio

-

Institutional

Class

573,867‌

$

573,867‌

Underline

Total

Investments

Before

Collateral

for

Securities

Loaned:

97.6%

(Cost:

$16,396,817)

15,946,003‌

SHORT-TERM

INVESTMENT

HELD

AS

COLLATERAL

FOR

SECURITIES

ON

LOAN:

1.7%

Money

Market

Fund:

1.7%

(Cost:

$280,255)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

280,255‌

280,255‌

Total

Investments:

99.3%

(Cost:

$16,677,072)

16,226,258‌

Other

assets

less

liabilities:

0.7%

116,359‌

NET

ASSETS:

100.0%

$

16,342,617‌

Schedule

of

Open

Forward

Foreign

Currency

Contracts

-

September

30,

2023

Counterparty

Currency

to

be

sold

Currency

to

be

purchased

Settlement

Dates

Unrealized

Appreciation

(Depreciation)

STATE

STREET

BANK

AND

TRUST

COMPANY

USD

429,247

THB

15,023,651

10/5/2023

$(16,583)

STATE

STREET

BANK

AND

TRUST

COMPANY

USD

473,568

COP

1,913,374,660

10/13/2023

$(5,818)

STATE

STREET

BANK

AND

TRUST

COMPANY

USD

252,860

THB

9,027,120

10/18/2023

$(4,637)

STATE

STREET

BANK

AND

TRUST

COMPANY

USD

163,585

THB

5,965,950

11/2/2023

$673

Net

unrealized

depreciation

on

forward

foreign

currency

contracts

(26,365)

Definitions:

BRL

Brazilian

Real

CZK

Czech

Koruna

DOP

Dominican

Peso

EUR

Euro

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

KRW

Korean

Won

LKR

Sri

Lanka

Rupee

MYR

Malaysian

Ringgit

PEN

Peruvian

Nuevo

Sol

PHP

Philippine

Peso

RON

Romanian

Leu

TRY

Turkish

Lira

USD

United

States

Dollar

UYU

Uruguayan

Peso

ZAR

South

African

Rand

ZMW

Zambian

Kwacha

5

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

†

Security

fully

or

partially

on

loan.

Total

market

value

of

securities

on

loan

is

$274,958.

*

Non-income

producing

(d)

Security

in

default

^

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

$1,678,920,

or

10.3%

of

net

assets.

Summary

of

Investments

by

Sector

Excluding

Collateral

for

Securities

Loaned

%

of

Investments

Value

Government

62.7‌

%

$

9,999,085‌

Energy

13.1‌

2,088,481‌

Utilities

5.6‌

899,441‌

Basic

Materials

4.1‌

652,365‌

Financials

3.8‌

597,287‌

Government

Activity

2.4‌

381,932‌

Real

Estate

2.0‌

320,216‌

Consumer

Non-Cyclicals

1.2‌

190,538‌

Technology

0.8‌

128,494‌

Industrials

0.7‌

114,297‌

Money

Market

Fund

3.6‌

573,867‌

100.0‌

%

$

15,946,003‌

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