VANECK
VIP
EMERGING
MARKETS
FUND
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(unaudited)
Number
of
Shares
Value
COMMON
STOCKS:
91.9%
Brazil
:
5.2%
MercadoLibre,
Inc.
(USD) *
410
$
708,898
Multiplan
Empreendimentos
Imobiliarios
SA *
84,000
515,853
NU
Holdings
Ltd.
(USD) *
60,000
862,200
Rede
D'Or
Sao
Luiz
SA
144A
137,000
1,030,704
Smartfit
Escola
de
Ginastica
e
Danca
SA *
160,737
594,558
3,712,213
China
:
22.7%
Alibaba
Group
Holding
Ltd.
(ADR) †
15,300
1,919,538
ANTA
Sports
Products
Ltd.
(HKD)
38,000
371,476
BeOne
Medicines
Ltd.
(ADR) *
2,700
801,819
BYD
Co.
Ltd.
(HKD)
69,000
943,322
China
Resources
Mixc
Lifestyle
Services
Ltd.
(HKD)
144A
110,000
664,674
Full
Truck
Alliance
Co.
Ltd.
(ADR)
93,000
771,900
Galaxy
Entertainment
Group
Ltd.
(HKD)
137,000
619,225
H
World
Group
Ltd.
(ADR) †
10,000
502,900
KE
Holdings,
Inc.
(ADR) †
42,000
628,740
Kuaishou
Technology
(HKD)
144A
50,000
294,516
Mao
Geping
Cosmetics
Co.
Ltd.
(HKD) †
40,000
387,439
MINISO
Group
Holding
Ltd.
(ADR) †
33,500
542,700
NetEase,
Inc.
(HKD)
39,000
871,447
PDD
Holdings,
Inc.
(ADR) *
5,500
561,990
Shenzhen
Inovance
Technology
Co.
Ltd.
72,000
707,448
TAL
Education
Group
(ADR) *
31,000
352,470
Tencent
Holdings
Ltd.
(HKD)
47,500
2,995,936
Wuxi
Biologics
Cayman,
Inc.
(HKD)
144A *
106,000
455,852
Xiaomi
Corp.
(HKD)
144A *
161,000
665,036
Yum
China
Holdings,
Inc.
(USD)
8,000
390,240
Zijin
Mining
Group
Co.
Ltd.
(HKD)
160,000
719,759
16,168,427
Egypt
:
1.1%
Commercial
International
Bank
350,000
777,422
Underline
Georgia
:
1.5%
Lion
Finance
Group
PLC
(GBP)
8,500
1,055,017
Underline
Greece
:
1.9%
Eurobank
SA
154,000
616,621
Piraeus
Bank
SA
90,000
739,441
1,356,062
Number
of
Shares
Value
Hungary
:
1.1%
OTP
Bank
Nyrt
7,300
$
782,763
Underline
India
:
13.3%
Aditya
Birla
Capital
Ltd. *
265,000
834,839
Cholamandalam
Investment
and
Finance
Co.
Ltd.
44,000
634,324
Delhivery
Ltd. *
144,000
630,703
HDFC
Bank
Ltd.
54,900
432,062
HDFC
Bank
Ltd.
(ADR)
41,000
1,020,080
Jio
Financial
Services
Ltd.
279,000
667,441
KEI
Industries
Ltd.
14,500
619,068
Larsen
&
Toubro
Ltd.
13,000
483,434
Lemon
Tree
Hotels
Ltd.
144A *
404,000
434,768
Oberoi
Realty
Ltd.
56,500
851,694
Phoenix
Mills
Ltd.
55,500
885,815
PN
Gadgil
Jewellers
Ltd. *
48,000
274,864
Reliance
Industries
Ltd.
120,000
1,731,438
9,500,530
Kazakhstan
:
1.4%
Kaspi.kz
JSC
(ADR) *
†
13,300
985,131
Underline
Mexico
:
2.3%
BBB
Foods,
Inc.
(USD) *
†
17,500
618,975
Corp.
Inmobiliaria
Vesta
SAB
de
CV †
121,000
403,851
Regional
SAB
de
CV
75,000
643,628
1,666,454
Peru
:
1.0%
Credicorp
Ltd.
(USD)
2,050
695,319
Underline
Philippines
:
2.0%
International
Container
Terminal
Services,
Inc.
123,000
1,394,493
Underline
Poland
:
0.5%
Diagnostyka
SA
7,700
355,872
Underline
Russia
:
0.0%
Sberbank
of
Russia
PJSC *∞
340,256
0
Underline
Saudi
Arabia
:
2.4%
Al
Rajhi
Bank
23,000
655,655
Co.
for
Cooperative
Insurance
11,000
378,468
Saudi
National
Bank
62,000
699,907
1,734,030
Singapore
:
1.8%
Grab
Holdings
Ltd.
(USD) *
157,000
574,620
Sea
Ltd.
(ADR) *
9,000
745,290
1,319,910
South
Africa
:
1.9%
Channel
Vas
Investments
Ltd. *
325,500
377,221
FirstRand
Ltd. †
132,000
675,749
Pepkor
Holdings
Ltd.
144A
235,000
315,941
1,368,911
South
Korea
:
9.2%
HD
Hyundai
Electric
Co.
Ltd.
2,000
1,133,375
Samsung
Biologics
Co.
Ltd.
144A *
910
932,628
VANECK
VIP
EMERGING
MARKETS
FUND
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
FootnoteRuleAboveBlank
Footnotes:
Number
of
Shares
Value
South
Korea
(continued)
Samsung
Electronics
Co.
Ltd.
3,000
$
350,884
SK
Hynix,
Inc.
6,500
3,687,871
SK
Square
Co.
Ltd. *
1,300
428,028
6,532,786
Taiwan
:
18.4%
Chroma
ATE,
Inc.
67,000
3,214,955
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
162,000
9,369,193
Wiwynn
Corp.
5,000
538,030
13,122,178
Tanzania
:
1.3%
Helios
Towers
PLC
(GBP) *
390,000
938,914
Underline
Turkey
:
1.2%
MLP
Saglik
Hizmetleri
AS
144A *
92,000
888,601
Underline
United
Arab
Emirates
:
1.7%
Abu
Dhabi
Commercial
Bank
PJSC
123,223
420,707
ADNOC
Drilling
Co.
PJSC
345,000
487,899
Emaar
Properties
PJSC
98,000
320,699
1,229,305
Total
Common
Stocks
(Cost:
$43,428,805)
65,584,338
PREFERRED
SECURITIES:
7.2%
Brazil
:
1.5%
Itau
Unibanco
Holding
SA
127,635
1,071,377
Underline
Number
of
Shares
Value
South
Korea
:
5.7%
Samsung
Electronics
Co.
Ltd.
49,900
$
4,028,104
Underline
Total
Preferred
Securities
(Cost:
$2,964,064)
5,099,481
MONEY
MARKET
FUND
:
0.9%
(Cost:
$624,927)
Invesco
Treasury
Portfolio
-
Institutional
Class
3.64%(a)
624,927
624,927
Underline
Total
Investments
Before
Collateral
for
Securities
Loaned:
100.0%
(Cost:
$47,017,796)
71,308,746
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
0.9%
Money
Market
Fund:
0.9%
(Cost:
$646,288)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
3.66%(a)
646,288
646,288
Total
Investments:
100.9%
(Cost:
$47,664,084)
71,955,034
Liabilities
in
excess
of
other
assets:
(0.9)%
(625,055)
NET
ASSETS:
100.0%
$
71,329,979
Definitions:
ADR
American
Depositary
Receipt
GBP
British
Pound
HKD
Hong
Kong
Dollar
USD
United
States
Dollar
*
Non-income
producing
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$6,227,447.
∞
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(a)
The
rate
shown
is
the
7-day
yield
as
of
03/31/26.
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.
These
securities
have
an
aggregate
value
of
$5,682,720,
or
8.0%
of
net
assets.
*
See
Schedule
of
Investments
for
geographic
sectors.
The
summary
of
inputs
used
to
value
the
Fund's
investments
as
of
March
31,
2026
is
as
follows:
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Value
Common
Stocks
$
65,584,338
Brazil
$
3,712,213
$
—
$
—
$
3,712,213
China
6,472,297
9,696,130
—
16,168,427
Egypt
—
777,422
—
777,422
Georgia
—
1,055,017
—
1,055,017
Greece
—
1,356,062
—
1,356,062
Hungary
—
782,763
—
782,763
India
1,020,080
8,480,450
—
9,500,530
Kazakhstan
985,131
—
—
985,131
Mexico
1,666,454
—
—
1,666,454
Peru
695,319
—
—
695,319
Philippines
—
1,394,493
—
1,394,493
Poland
—
355,872
—
355,872
Russia
—
—
0
0
Saudi
Arabia
—
1,734,030
—
1,734,030
Singapore
1,319,910
—
—
1,319,910
South
Africa
377,221
991,690
—
1,368,911
South
Korea
—
6,532,786
—
6,532,786
Taiwan
—
13,122,178
—
13,122,178
Tanzania
—
938,914
—
938,914
Turkey
—
888,601
—
888,601
United
Arab
Emirates
—
1,229,305
—
1,229,305
Preferred
Securities
5,099,481
Brazil
1,071,377
—
—
1,071,377
South
Korea
—
4,028,104
—
4,028,104
Money
Market
Funds
1,271,215
—
—
1,271,215
Total
Investments
$
18,591,217
$
53,363,817
$
0
$
71,955,034