VANECK
VIP
GLOBAL
GOLD
FUND
SCHEDULE
OF
INVESTMENTS
March
31,
2026
(unaudited)
Number
of
Shares
Value
COMMON
STOCKS:
95.9%
Australia
:
11.7%
Anglogold
Ashanti
PLC
(USD)
86,600
$
8,431,376
Emerald
Resources
NL *
467,181
1,793,274
Evolution
Mining
Ltd.
155,000
1,395,730
Predictive
Discovery
Ltd. *
8,877,272
4,697,926
Westgold
Resources
Ltd.
(CAD)
347,224
1,450,199
17,768,505
Brazil
:
5.0%
Wheaton
Precious
Metals
Corp.
(USD)
57,453
7,526,917
Underline
Burkina
Faso
:
1.1%
IAMGOLD
Corp.
(USD) *
86,900
1,635,458
Underline
Canada
:
61.4%
Agnico
Eagle
Mines
Ltd.
(USD)
61,190
12,420,346
Alamos
Gold,
Inc.
(USD)
178,583
7,934,443
Artemis
Gold,
Inc. *
103,400
2,805,945
Barrick
Mining
Corp.
(USD)
182,800
7,456,412
Belo
Sun
Mining
Corp. ø
1,403,247
1,047,306
Benz
Mining
Corp.
(AUD) *
269,204
414,352
Centerra
Gold,
Inc.
(USD)
100,000
1,779,000
DPM
Metals,
Inc. †
102,000
3,591,374
Franco-Nevada
Corp.
(USD)
29,830
7,369,502
G
Mining
Ventures
Corp. *
†
205,790
7,222,103
Galway
Metals,
Inc. *
409,776
188,525
Hemlo
Mining
Corp. *
†
261,000
1,217,662
Kinross
Gold
Corp.
(USD)
214,376
6,542,756
Liberty
Gold
Corp. *
3,563,409
2,997,044
Lundin
Gold,
Inc.
20,600
1,574,284
OceanaGold
Corp.
126,466
3,987,347
Omai
Gold
Mines
Corp. *
†
2,243,352
2,741,498
OR
Royalties,
Inc.
(USD)
113,500
4,315,270
Osisko
Development
Corp. *
†
291,223
944,156
Osisko
Development
Corp.
(USD) *
†
32,916
106,977
Pan
American
Silver
Corp.
(USD)
96,034
5,246,337
Skeena
Resources
Ltd. *
†
136,953
4,078,760
Snowline
Gold
Corp. *
†
246,700
2,461,502
Tectonic
Metals,
Inc. ∞
ø
79,000
125,803
Tectonic
Metals,
Inc. *
†
324,000
563,640
Troilus
Mining
Corp. *
2,303,900
2,517,381
West
Point
Gold
Corp. ∞
ø
111,076
96,519
West
Point
Gold
Corp. *
†
644,500
634,724
West
Red
Lake
Gold
Mines
Ltd. *
†
956,200
707,991
93,088,959
Ivory
Coast
:
3.3%
Montage
Gold
Corp.
(CAD) *
†
441,800
5,027,456
Underline
Netherlands
:
0.3%
Meridian
Mining
PLC
(CAD) *
388,358
474,595
Underline
Number
of
Shares
Value
South
Africa
:
2.9%
Gold
Fields
Ltd.
(ADR)
98,000
$
4,449,200
Underline
United
States
:
10.2%
Newmont
Corp.
104,431
11,304,656
Royal
Gold,
Inc.
16,310
4,150,732
15,455,388
Total
Common
Stocks
(Cost:
$54,245,892)
145,426,478
WARRANTS:
0.4%
Canada
:
0.4%
Liberty
Gold
Corp.,
CAD
0.45,
exp.
05/17/26*∞
ø
518,048
249,810
Osisko
Development
Corp.,
USD
2.56,
exp.
08/16/27*∞
ø
88,500
106,305
West
Point
Gold
Corp.,
CAD
0.55,
exp.
06/10/27*∞
ø
322,250
195,056
Total
Warrants
(Cost:
$74,207)
551,171
EXCHANGE
TRADED
FUND
:
3.5%
(a)
(Cost:
$2,599,355)
United
States
:
3.5%
SPDR
Gold
MiniShares
Trust *
*
57,100
5,292,599
MONEY
MARKET
FUND
:
0.3%
(Cost:
$454,213)
Invesco
Treasury
Portfolio
-
Institutional
Class
3.64%(b)
454,213
454,213
Underline
Total
Investments
Before
Collateral
for
Securities
Loaned:
100.1%
(Cost:
$57,373,667)
151,724,461
SHORT-TERM
INVESTMENT
HELD
AS
COLLATERAL
FOR
SECURITIES
ON
LOAN:
2.2%
Money
Market
Fund:
2.2%
(Cost:
$3,389,893)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
3.66%(b)
3,389,893
3,389,893
Total
Investments:
102.3%
(Cost:
$60,763,560)
155,114,354
Liabilities
in
excess
of
other
assets:
(2.3)%
(3,504,390)
NET
ASSETS:
100.0%
$
151,609,964
VANECK
VIP
GLOBAL
GOLD
FUND
SCHEDULE
OF
INVESTMENTS
(unaudited)
(continued)
FootnoteRuleAboveBlank
Footnotes:
Definitions:
ADR
American
Depositary
Receipt
AUD
Australia
Dollar
CAD
Canadian
Dollar
USD
United
States
Dollar
(a)
The
underlying
fund’s
shareholder
reports
and
registration
documents
are
available
free
of
charge
on
the
SEC’s
website
at
https://www.sec.gov
or
on
the
fund's
webpage.
(b)
The
rate
shown
is
the
7-day
yield
as
of
03/31/26.
*
Non-income
producing
†
Security
fully
or
partially
on
loan.
Total
market
value
of
securities
on
loan
is
$12,574,884.
∞
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
ø
Restricted
Security
–
the
aggregate
value
of
restricted
securities
is
$1,820,799,
or
1.2%
of
net
assets
Restricted
securities
held
by
the
Fund
as
of
March
31,
2026
are
as
follows:
Security
Acquisition
Date
Number
of
Shares
Acquisition
Cost
Value
%
of
Net
Assets
Belo
Sun
Mining
Corp.
02/23/2026
1,403,247
$
440,371
$
1,047,306
0.7%
Liberty
Gold
Corp.
*
05/17/2024
518,048
0
249,810
0.2%
Osisko
Development
Corp.
*
07/31/2025
88,500
30,947
106,305
0.1%
Tectonic
Metals,
Inc.
02/11/2026
79,000
125,134
125,803
0.1%
West
Point
Gold
Corp.
*
06/11/2025
322,250
43,259
195,056
0.1%
West
Point
Gold
Corp.
01/26/2026
111,076
89,110
96,519
0.0%
$
728,821
$
1,820,799
1.2%
*
Warrants
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
$
145,426,478
Australia
$
9,881,575
$
7,886,930
$
—
$
17,768,505
Brazil
7,526,917
—
—
7,526,917
Burkina
Faso
1,635,458
—
—
1,635,458
Canada
91,404,979
1,461,658
222,322
93,088,959
Ivory
Coast
5,027,456
—
—
5,027,456
Netherlands
474,595
—
—
474,595
South
Africa
4,449,200
—
—
4,449,200
United
States
15,455,388
—
—
15,455,388
Warrants
*
—
—
551,171
551,171
Exchange
Traded
Fund
5,292,599
—
—
5,292,599
Money
Market
Funds
3,844,106
—
—
3,844,106
Total
Investments
$
144,992,273
$
9,348,588
$
773,493
$
155,114,354
*
See
Schedule
of
Investments
for
geographic
regions.