# EDGAR Filing Document

**Accession Number:** 0000811976
**File Stem:** 0000930413-26-000711
**Filing Date:** 2026-3
**Character Count:** 308921
**Document Hash:** b1d3a0b681e4b3a7d68c48e7972b5f5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000711.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0000930413-26-000711

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**EFFECTIVENESS DATE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VanEck VIP Trust
- **CENTRAL INDEX KEY:** 0000811976

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05083
- **FILM NUMBER:** 26737927

**BUSINESS ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-293-2000

**MAIL ADDRESS:**
- **STREET 1:** 666 THIRD AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VAN ECK VIP TRUST
- **DATE OF NAME CHANGE:** 20100503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VAN ECK WORLDWIDE INSURANCE TRUST
- **DATE OF NAME CHANGE:** 19950328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VAN ECK INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### VanEck VIP Emerging Markets Bond Fund (Series ID: S000009220)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025035 | Initial Class |  |

### VanEck VIP Emerging Markets Fund (Series ID: S000009221)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025038 | Initial Class |  |
| C000025040 | S Class       |  |

### VanEck VIP Global Resources Fund (Series ID: S000009222)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000025041 | Initial Class |  |
| C000025043 | S Class       |  |

### VanEck VIP Global Gold Fund (Series ID: S000040475)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125662 | Class S      |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-05083

VANECK VIP TRUST

(Exact name of registrant as specified in charter)

666 Third Avenue, New York, NY 10017

(Address of principal executive offices) (Zip code)

Van Eck Associates Corporation

666 THIRD AVENUE, NEW YORK, NY 10017

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 293-2000

Date of fiscal year end: &nbsp;&nbsp;&nbsp;&nbsp;DECEMBER 31

Date of reporting period: DECEMBER 31, 2025

Item 1. REPORTS TO STOCKHOLDERS.

# VanEck VIP Emerging Markets Bond Fund

## Initial Class

### **Annual Shareholder Report - December 31, 2025**![Image](i1142049415947e7e22f40082.jpg)

This annual shareholder report contains important information about the VanEck VIP Emerging Markets Bond Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 
**(based on a hypothetical $10,000 investment)** 

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Initial Class | $120 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Does not include insurance/annuity fees and expenses |

---

### How did the Fund perform **last year?** 
* Emerging markets bonds delivered strong gains in 2025 driven by appreciation in local currencies from a weaker US dollar, high carry from sovereign local bonds, and a decline in bond yields in emerging markets.

* Relative to its benchmark, 50% J.P. Morgan GBI-EM Global Diversified Index / 50% J.P. Morgan EMBI Global Diversified Index, the Fund outperformed primarily due to selective country positioning within sovereign debt.

* In terms of country of risk, South Africa, Mexico, and Ecuador were the top contributors to performance while Turkey, Senegal, and Ukraine detracted the most.

* Hard and local-currency sovereign bonds contributed the most to performance, while the quasi-sovereign segment detracted slightly during the period.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](ic02954ead2383d25d2a8831b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **ICE BofA Global Broad Market Plus Index** | **50% GBI-EM 50% EMBI** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9961 | $10097 | $10008 |
| **Feb 16** | $10105 | $10314 | $10176 |
| **Mar 16** | $10406 | $10578 | $10801 |
| **Apr 16** | $10550 | $10713 | $11036 |
| **May 16** | $10485 | $10581 | $10726 |
| **Jun 16** | $10708 | $10889 | $11223 |
| **Jul 16** | $10813 | $10972 | $11357 |
| **Aug 16** | $10747 | $10922 | $11461 |
| **Sep 16** | $10786 | $10975 | $11600 |
| **Oct 16** | $10786 | $10685 | $11479 |
| **Nov 16** | $10511 | $10268 | $10841 |
| **Dec 16** | $10642 | $10225 | $11015 |
| **Jan 17** | $10818 | $10336 | $11218 |
| **Feb 17** | $11140 | $10389 | $11432 |
| **Mar 17** | $11207 | $10402 | $11586 |
| **Apr 17** | $11274 | $10518 | $11740 |
| **May 17** | $11368 | $10673 | $11907 |
| **Jun 17** | $11462 | $10664 | $11926 |
| **Jul 17** | $11596 | $10838 | $12100 |
| **Aug 17** | $11784 | $10947 | $12315 |
| **Sep 17** | $11959 | $10851 | $12295 |
| **Oct 17** | $12026 | $10808 | $12144 |
| **Nov 17** | $11811 | $10921 | $12250 |
| **Dec 17** | $11945 | $10961 | $12419 |
| **Jan 18** | $12122 | $11082 | $12694 |
| **Feb 18** | $12065 | $10984 | $12502 |
| **Mar 18** | $12252 | $11101 | $12584 |
| **Apr 18** | $12021 | $10929 | $12306 |
| **May 18** | $11544 | $10845 | $11942 |
| **Jun 18** | $11241 | $10797 | $11700 |
| **Jul 18** | $11602 | $10780 | $11961 |
| **Aug 18** | $11255 | $10784 | $11493 |
| **Sep 18** | $11414 | $10695 | $11729 |
| **Oct 18** | $11313 | $10583 | $11488 |
| **Nov 18** | $11154 | $10622 | $11625 |
| **Dec 18** | $11212 | $10836 | $11779 |
| **Jan 19** | $11800 | $11001 | $12361 |
| **Feb 19** | $11829 | $10940 | $12355 |
| **Mar 19** | $11873 | $11079 | $12361 |
| **Apr 19** | $11902 | $11048 | $12365 |
| **May 19** | $11829 | $11204 | $12408 |
| **Jun 19** | $12322 | $11451 | $12961 |
| **Jul 19** | $12569 | $11425 | $13100 |
| **Aug 19** | $11844 | $11671 | $12976 |
| **Sep 19** | $12119 | $11548 | $13009 |
| **Oct 19** | $12134 | $11624 | $13215 |
| **Nov 19** | $12119 | $11532 | $13064 |
| **Dec 19** | $12627 | $11591 | $13465 |
| **Jan 20** | $12699 | $11746 | $13481 |
| **Feb 20** | $12554 | $11833 | $13186 |
| **Mar 20** | $9930 | $11576 | $11543 |
| **Apr 20** | $10278 | $11792 | $11899 |
| **May 20** | $11293 | $11857 | $12568 |
| **Jun 20** | $12076 | $11963 | $12818 |
| **Jul 20** | $12641 | $12344 | $13249 |
| **Aug 20** | $12974 | $12304 | $13262 |
| **Sep 20** | $12725 | $12263 | $13007 |
| **Oct 20** | $12725 | $12251 | $13033 |
| **Nov 20** | $13302 | $12463 | $13642 |
| **Dec 20** | $13753 | $12617 | $14009 |
| **Jan 21** | $13660 | $12483 | $13858 |
| **Feb 21** | $13551 | $12235 | $13496 |
| **Mar 21** | $13270 | $12004 | $13224 |
| **Apr 21** | $13707 | $12153 | $13520 |
| **May 21** | $13925 | $12249 | $13760 |
| **Jun 21** | $13816 | $12169 | $13727 |
| **Jul 21** | $13675 | $12323 | $13727 |
| **Aug 21** | $13803 | $12272 | $13847 |
| **Sep 21** | $13442 | $12036 | $13466 |
| **Oct 21** | $13442 | $12003 | $13378 |
| **Nov 21** | $13163 | $11966 | $13072 |
| **Dec 21** | $13196 | $11937 | $13266 |
| **Jan 22** | $13015 | $11675 | $13076 |
| **Feb 22** | $12753 | $11530 | $12322 |
| **Mar 22** | $12671 | $11173 | $12173 |
| **Apr 22** | $12064 | $10564 | $11466 |
| **May 22** | $12129 | $10593 | $11569 |
| **Jun 22** | $11325 | $10256 | $10952 |
| **Jul 22** | $11653 | $10486 | $11126 |
| **Aug 22** | $11817 | $10067 | $11066 |
| **Sep 22** | $11112 | $9531 | $10445 |
| **Oct 22** | $10871 | $9461 | $10407 |
| **Nov 22** | $11955 | $9907 | $11173 |
| **Dec 22** | $12282 | $9949 | $11311 |
| **Jan 23** | $12953 | $10265 | $11734 |
| **Feb 23** | $12557 | $9932 | $11419 |
| **Mar 23** | $12746 | $10245 | $11708 |
| **Apr 23** | $12832 | $10297 | $11790 |
| **May 23** | $12729 | $10102 | $11664 |
| **Jun 23** | $13073 | $10104 | $11984 |
| **Jul 23** | $13297 | $10161 | $12272 |
| **Aug 23** | $12928 | $10029 | $12016 |
| **Sep 23** | $12641 | $9730 | $11658 |
| **Oct 23** | $12461 | $9607 | $11548 |
| **Nov 23** | $13161 | $10088 | $12180 |
| **Dec 23** | $13682 | $10509 | $12664 |
| **Jan 24** | $13538 | $10376 | $12503 |
| **Feb 24** | $13556 | $10238 | $12528 |
| **Mar 24** | $13664 | $10295 | $12657 |
| **Apr 24** | $13467 | $10029 | $12391 |
| **May 24** | $13682 | $10165 | $12603 |
| **Jun 24** | $13736 | $10185 | $12573 |
| **Jul 24** | $13987 | $10469 | $12834 |
| **Aug 24** | $14332 | $10712 | $13180 |
| **Sep 24** | $14795 | $10893 | $13525 |
| **Oct 24** | $14409 | $10526 | $13096 |
| **Nov 24** | $14313 | $10571 | $13137 |
| **Dec 24** | $14061 | $10335 | $12919 |
| **Jan 25** | $14332 | $10397 | $13144 |
| **Feb 25** | $14544 | $10558 | $13291 |
| **Mar 25** | $14486 | $10622 | $13343 |
| **Apr 25** | $14660 | $10926 | $13544 |
| **May 25** | $14911 | $10875 | $13716 |
| **Jun 25** | $15471 | $11082 | $14073 |
| **Jul 25** | $15433 | $10919 | $14109 |
| **Aug 25** | $15847 | $11078 | $14376 |
| **Sep 25** | $16132 | $11154 | $14604 |
| **Oct 25** | $16295 | $11129 | $14793 |
| **Nov 25** | $16499 | $11156 | $14923 |
| **Dec 25** | $16662 | $11167 | $15089 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 18.49% | 3.91% | 5.24% |
| 50% GBI-EM 50% EMBI | 16.80% | 1.50% | 4.20% |
| ICE BofA Global Broad Market Plus Index | 8.05% | (2.41)% | 1.11% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information. The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. The fees charged by insurance and annuity companies are not included in Fund performance.

### Key Fund Statistics
* Total Net Assets$24,396,366

* Number of Portfolio Holdings113

* Portfolio Turnover Rate214%

* Advisory Fees Paid$38,848

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](id056de6530becc2012a6edcd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 1.3% |
| Other Investments | 2.2% |
| Money Market Fund | 3.2% |
| Financials | 1.0% |
| Energy | 2.2% |
| Government | 90.1% |

---

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Mexican Bonos, 8.00%, 11/7/2047 | 3.9% |
| Mexican Bonos, 7.75%, 11/13/2042 | 3.5% |
| Invesco Treasury Portfolio - Institutional Class | 3.2% |
| UAE International Government Bond, 2.88%, 10/19/2041 | 2.8% |
| Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2027 | 2.5% |
| Republic of Poland Government Bond, 5.00%, 10/25/2035 | 2.5% |
| Bonos de la Tesoreria de la Republica en pesos, 6.00%, 4/1/2033 | 2.5% |
| Malaysia Government Bond, 3.34%, 5/15/2030 | 2.1% |
| Peru Government Bond, 7.60%, 8/12/2039 | 2.1% |
| Brazil Notas do Tesouro Nacional, 10.00%, 1/1/2033 | 2.1% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your insurance company if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/resources/documents/insurance-funds-literature](i59920fd567ad3db980327f3f.jpg)

### **Need Additional Information?** 
If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/.

# VanEck VIP Emerging Markets Fund

## Initial Class

### **Annual Shareholder Report - December 31, 2025**![Image](i1142049415947e7e22f40082.jpg)

This annual shareholder report contains important information about the VanEck VIP Emerging Markets Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Initial Class | $150 | 1.30% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Does not include insurance/annuity fees and expenses |

---

### How did the Fund perform **last year?** 
* Emerging market equities delivered strong performance in 2025, outperforming U.S. and global equities as moderating inflation, supportive policy shifts, a weaker U.S. dollar, and accelerating structural growth drivers underpinned a broad, durable recovery.

* Relative to its benchmark, the MSCI Emerging Markets Investable Markets Index, during the period the Fund underperformed primarily due to stock selection within China.

* From a country perspective, South Korea contributed the most to the Fund's performance during the period, followed by Taiwan and Brazil. Turkey detracted the most to the Fund's performance during the period, followed by Kazakhstan and Argentina. 

* From a sector perspective, information technology contributed the most to the Fund's performance during the period, followed by financials and consumer discretionary. Real estate detracted the most to the Fund's performance during the period, followed by consumer staples.

* The leading individual contributors to performance were SK hynix Inc., Taiwan Semiconductor Manufacturing Co., Ltd. and Lion Finance Group PLC.

* The leading individual detractors to performance were Oberoi Realty Limited, Sterling And Wilson Renewable Energy Limited and MLP Saglik Hizmetleri AS.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i88c2ff966843442f8a91373f.jpg)

---

| | | |
|:---|:---|:---|
| | **Initial Class** | **MSCI Emerging Markets IMI Index** |
| **Dec 15** | $10000 | $10000 |
| **Jan 16** | $9038 | $9331 |
| **Feb 16** | $8817 | $9313 |
| **Mar 16** | $9837 | $10503 |
| **Apr 16** | $9972 | $10574 |
| **May 16** | $9904 | $10183 |
| **Jun 16** | $10135 | $10569 |
| **Jul 16** | $10530 | $11089 |
| **Aug 16** | $10828 | $11355 |
| **Sep 16** | $10944 | $11502 |
| **Oct 16** | $10828 | $11502 |
| **Nov 16** | $10164 | $10971 |
| **Dec 16** | $10010 | $10990 |
| **Jan 17** | $10553 | $11580 |
| **Feb 17** | $10756 | $11967 |
| **Mar 17** | $11250 | $12271 |
| **Apr 17** | $11927 | $12522 |
| **May 17** | $12401 | $12855 |
| **Jun 17** | $12584 | $12980 |
| **Jul 17** | $13387 | $13713 |
| **Aug 17** | $13803 | $14014 |
| **Sep 17** | $13900 | $13966 |
| **Oct 17** | $14432 | $14456 |
| **Nov 17** | $14519 | $14514 |
| **Dec 17** | $15119 | $15037 |
| **Jan 18** | $16203 | $16241 |
| **Feb 18** | $15524 | $15502 |
| **Mar 18** | $15340 | $15226 |
| **Apr 18** | $14836 | $15165 |
| **May 18** | $14593 | $14656 |
| **Jun 18** | $13866 | $14005 |
| **Jul 18** | $13866 | $14297 |
| **Aug 18** | $12974 | $13920 |
| **Sep 18** | $12538 | $13802 |
| **Oct 18** | $11326 | $12572 |
| **Nov 18** | $11975 | $13108 |
| **Dec 18** | $11568 | $12775 |
| **Jan 19** | $12782 | $13846 |
| **Feb 19** | $13022 | $13894 |
| **Mar 19** | $13371 | $14012 |
| **Apr 19** | $13990 | $14278 |
| **May 19** | $13072 | $13278 |
| **Jun 19** | $14129 | $14072 |
| **Jul 19** | $14020 | $13896 |
| **Aug 19** | $13650 | $13216 |
| **Sep 19** | $13830 | $13469 |
| **Oct 19** | $14209 | $14032 |
| **Nov 19** | $14389 | $14005 |
| **Dec 19** | $15107 | $15030 |
| **Jan 20** | $14708 | $14340 |
| **Feb 20** | $14229 | $13557 |
| **Mar 20** | $11196 | $11362 |
| **Apr 20** | $12373 | $12453 |
| **May 20** | $12942 | $12568 |
| **Jun 20** | $14060 | $13513 |
| **Jul 20** | $14868 | $14725 |
| **Aug 20** | $15448 | $15078 |
| **Sep 20** | $15186 | $14836 |
| **Oct 20** | $15637 | $15103 |
| **Nov 20** | $16885 | $16570 |
| **Dec 20** | $17713 | $17795 |
| **Jan 21** | $18542 | $18284 |
| **Feb 21** | $18636 | $18523 |
| **Mar 21** | $17829 | $18303 |
| **Apr 21** | $18343 | $18829 |
| **May 21** | $18343 | $19270 |
| **Jun 21** | $18500 | $19351 |
| **Jul 21** | $17346 | $18173 |
| **Aug 21** | $17779 | $18616 |
| **Sep 21** | $16988 | $17921 |
| **Oct 21** | $17042 | $18080 |
| **Nov 21** | $15915 | $17369 |
| **Dec 21** | $15611 | $17745 |
| **Jan 22** | $14787 | $17352 |
| **Feb 22** | $13508 | $16844 |
| **Mar 22** | $12857 | $16566 |
| **Apr 22** | $11958 | $15656 |
| **May 22** | $12044 | $15682 |
| **Jun 22** | $11296 | $14562 |
| **Jul 22** | $11708 | $14580 |
| **Aug 22** | $11548 | $14680 |
| **Sep 22** | $10245 | $12991 |
| **Oct 22** | $10422 | $12640 |
| **Nov 22** | $12037 | $14421 |
| **Dec 22** | $11806 | $14226 |
| **Jan 23** | $12960 | $15312 |
| **Feb 23** | $12050 | $14391 |
| **Mar 23** | $12091 | $14787 |
| **Apr 23** | $12064 | $14654 |
| **May 23** | $11792 | $14462 |
| **Jun 23** | $12240 | $15026 |
| **Jul 23** | $13027 | $15967 |
| **Aug 23** | $12594 | $15089 |
| **Sep 23** | $12045 | $14707 |
| **Oct 23** | $11510 | $14116 |
| **Nov 23** | $12594 | $15278 |
| **Dec 23** | $12960 | $15886 |
| **Jan 24** | $12608 | $15214 |
| **Feb 24** | $13241 | $15893 |
| **Mar 24** | $13565 | $16230 |
| **Apr 24** | $13565 | $16339 |
| **May 24** | $13959 | $16434 |
| **Jun 24** | $14100 | $17064 |
| **Jul 24** | $14001 | $17106 |
| **Aug 24** | $14232 | $17386 |
| **Sep 24** | $14590 | $18470 |
| **Oct 24** | $14032 | $17657 |
| **Nov 24** | $13574 | $17058 |
| **Dec 24** | $13116 | $17013 |
| **Jan 25** | $13259 | $17203 |
| **Feb 25** | $13388 | $17211 |
| **Mar 25** | $13374 | $17301 |
| **Apr 25** | $13703 | $17562 |
| **May 25** | $14318 | $18402 |
| **Jun 25** | $15219 | $19500 |
| **Jul 25** | $15076 | $19843 |
| **Aug 25** | $15586 | $20136 |
| **Sep 25** | $16465 | $21427 |
| **Oct 25** | $17200 | $22266 |
| **Nov 25** | $16739 | $21762 |
| **Dec 25** | $17041 | $22350 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 29.92% | (0.77)% | 5.48% |
| MSCI Emerging Markets IMI Index | 31.38% | 4.66% | 8.37% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information. The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. The fees charged by insurance and annuity companies are not included in Fund performance.

### Key Fund Statistics
* Total Net Assets$70,883,572

* Number of Portfolio Holdings76

* Portfolio Turnover Rate34%

* Advisory Fees Paid$779,766

### What did the Fund invest in?

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| SK Hynix, Inc. | 6.4% |
| Tencent Holdings Ltd. | 4.2% |
| Samsung Electronics Co. Ltd. | 3.9% |
| Alibaba Group Holding Ltd. | 3.1% |
| Reliance Industries Ltd. | 2.9% |
| Chroma ATE, Inc. | 2.4% |
| HDFC Bank Ltd. | 2.1% |
| Prosus NV | 1.9% |
| International Container Terminal Services, Inc. | 1.8% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib02f9d0f8c07326f65f8b4a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.7)% |
| Other Investments | 0.2% |
| Consumer Staples | 1.4% |
| Energy | 3.4% |
| Health Care | 4.8% |
| Real Estate | 6.7% |
| Communication Services | 8.4% |
| Industrials | 11.8% |
| Consumer Discretionary | 17.7% |
| Financials | 21.9% |
| Information Technology | 25.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your insurance company if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/resources/documents/insurance-funds-literature](i59920fd567ad3db980327f3f.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/.

# VanEck VIP Emerging Markets Fund

## Class S

### **Annual Shareholder Report - December 31, 2025**![Image](i1142049415947e7e22f40082.jpg)

This annual shareholder report contains important information about the VanEck VIP Emerging Markets Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class S | $178 | 1.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Does not include insurance/annuity fees and expenses |

---

### How did the Fund perform **last year?** 
* Emerging market equities delivered strong performance in 2025, outperforming U.S. and global equities as moderating inflation, supportive policy shifts, a weaker U.S. dollar, and accelerating structural growth drivers underpinned a broad, durable recovery.

* Relative to its benchmark, the MSCI Emerging Markets Investable Markets Index, during the period the Fund underperformed primarily due to stock selection within China.

* From a country perspective, South Korea contributed the most to the Fund's performance during the period, followed by Taiwan and Brazil. Turkey detracted the most to the Fund's performance during the period, followed by Kazakhstan and Argentina. 

* From a sector perspective, information technology contributed the most to the Fund's performance during the period, followed by financials and consumer discretionary. Real estate detracted the most to the Fund's performance during the period, followed by consumer staples.

* The leading individual contributors to performance were SK hynix Inc., Taiwan Semiconductor Manufacturing Co., Ltd. and Lion Finance Group PLC.

* The leading individual detractors to performance were Oberoi Realty Limited, Sterling And Wilson Renewable Energy Limited and MLP Saglik Hizmetleri AS.

### How did the Fund perform since inception?
This chart shows the value of a hypothetical $10,000 investment in the Fund since inception (5/2/2016).

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i34467f4540bff5aa0db64cf4.jpg)

---

| | | |
|:---|:---|:---|
| | **Class S** | **MSCI Emerging Markets IMI Index** |
| **May 16** | $10000 | $10000 |
| **May 16** | $9942 | $9680 |
| **Jun 16** | $10164 | $10047 |
| **Jul 16** | $10551 | $10542 |
| **Aug 16** | $10841 | $10794 |
| **Sep 16** | $10957 | $10934 |
| **Oct 16** | $10841 | $10934 |
| **Nov 16** | $10164 | $10430 |
| **Dec 16** | $10010 | $10447 |
| **Jan 17** | $10545 | $11008 |
| **Feb 17** | $10739 | $11376 |
| **Mar 17** | $11234 | $11665 |
| **Apr 17** | $11904 | $11904 |
| **May 17** | $12370 | $12220 |
| **Jun 17** | $12545 | $12339 |
| **Jul 17** | $13341 | $13036 |
| **Aug 17** | $13749 | $13322 |
| **Sep 17** | $13837 | $13276 |
| **Oct 17** | $14361 | $13742 |
| **Nov 17** | $14439 | $13798 |
| **Dec 17** | $15031 | $14295 |
| **Jan 18** | $16099 | $15439 |
| **Feb 18** | $15419 | $14737 |
| **Mar 18** | $15235 | $14474 |
| **Apr 18** | $14720 | $14416 |
| **May 18** | $14487 | $13933 |
| **Jun 18** | $13759 | $13314 |
| **Jul 18** | $13749 | $13591 |
| **Aug 18** | $12866 | $13233 |
| **Sep 18** | $12429 | $13120 |
| **Oct 18** | $11225 | $11951 |
| **Nov 18** | $11875 | $12461 |
| **Dec 18** | $11458 | $12144 |
| **Jan 19** | $12656 | $13163 |
| **Feb 19** | $12895 | $13208 |
| **Mar 19** | $13235 | $13320 |
| **Apr 19** | $13844 | $13573 |
| **May 19** | $12925 | $12622 |
| **Jun 19** | $13973 | $13377 |
| **Jul 19** | $13864 | $13209 |
| **Aug 19** | $13494 | $12563 |
| **Sep 19** | $13664 | $12804 |
| **Oct 19** | $14043 | $13339 |
| **Nov 19** | $14223 | $13313 |
| **Dec 19** | $14922 | $14288 |
| **Jan 20** | $14522 | $13632 |
| **Feb 20** | $14053 | $12887 |
| **Mar 20** | $11049 | $10801 |
| **Apr 20** | $12207 | $11839 |
| **May 20** | $12756 | $11948 |
| **Jun 20** | $13864 | $12846 |
| **Jul 20** | $14662 | $13997 |
| **Aug 20** | $15230 | $14333 |
| **Sep 20** | $14957 | $14103 |
| **Oct 20** | $15397 | $14357 |
| **Nov 20** | $16625 | $15752 |
| **Dec 20** | $17443 | $16916 |
| **Jan 21** | $18250 | $17381 |
| **Feb 21** | $18334 | $17608 |
| **Mar 21** | $17537 | $17399 |
| **Apr 21** | $18041 | $17899 |
| **May 21** | $18030 | $18318 |
| **Jun 21** | $18177 | $18396 |
| **Jul 21** | $17034 | $17276 |
| **Aug 21** | $17457 | $17697 |
| **Sep 21** | $16677 | $17036 |
| **Oct 21** | $16720 | $17187 |
| **Nov 21** | $15615 | $16511 |
| **Dec 21** | $15311 | $16869 |
| **Jan 22** | $14499 | $16495 |
| **Feb 22** | $13242 | $16012 |
| **Mar 22** | $12592 | $15748 |
| **Apr 22** | $11703 | $14883 |
| **May 22** | $11790 | $14908 |
| **Jun 22** | $11053 | $13843 |
| **Jul 22** | $11443 | $13860 |
| **Aug 22** | $11294 | $13955 |
| **Sep 22** | $10017 | $12350 |
| **Oct 22** | $10194 | $12016 |
| **Nov 22** | $11757 | $13709 |
| **Dec 22** | $11525 | $13523 |
| **Jan 23** | $12640 | $14556 |
| **Feb 23** | $11770 | $13680 |
| **Mar 23** | $11797 | $14056 |
| **Apr 23** | $11757 | $13930 |
| **May 23** | $11498 | $13748 |
| **Jun 23** | $11933 | $14284 |
| **Jul 23** | $12694 | $15179 |
| **Aug 23** | $12277 | $14344 |
| **Sep 23** | $11729 | $13981 |
| **Oct 23** | $11209 | $13419 |
| **Nov 23** | $12263 | $14523 |
| **Dec 23** | $12614 | $15102 |
| **Jan 24** | $12263 | $14463 |
| **Feb 24** | $12881 | $15109 |
| **Mar 24** | $13190 | $15429 |
| **Apr 24** | $13190 | $15533 |
| **May 24** | $13569 | $15622 |
| **Jun 24** | $13709 | $16221 |
| **Jul 24** | $13611 | $16261 |
| **Aug 24** | $13828 | $16527 |
| **Sep 24** | $14170 | $17558 |
| **Oct 24** | $13629 | $16786 |
| **Nov 24** | $13187 | $16216 |
| **Dec 24** | $12732 | $16173 |
| **Jan 25** | $12874 | $16354 |
| **Feb 25** | $12988 | $16361 |
| **Mar 25** | $12974 | $16447 |
| **Apr 25** | $13287 | $16695 |
| **May 25** | $13899 | $17493 |
| **Jun 25** | $14754 | $18537 |
| **Jul 25** | $14612 | $18863 |
| **Aug 25** | $15117 | $19142 |
| **Sep 25** | $15961 | $20369 |
| **Oct 25** | $16662 | $21167 |
| **Nov 25** | $16218 | $20687 |
| **Dec 25** | $16504 | $21247 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **Life\*** |
| Class S | 29.63% | (1.10)% | 5.32% |
| MSCI Emerging Markets IMI Index | 31.38% | 4.66% | 8.11% |

---

\* Inception of Fund: 05/02/2016.

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information. The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. The fees charged by insurance and annuity companies are not included in Fund performance.

### Key Fund Statistics
* Total Net Assets$70,883,572

* Number of Portfolio Holdings76

* Portfolio Turnover Rate34%

* Advisory Fees Paid$779,766

### What did the Fund invest in?

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10.8% |
| SK Hynix, Inc. | 6.4% |
| Tencent Holdings Ltd. | 4.2% |
| Samsung Electronics Co. Ltd. | 3.9% |
| Alibaba Group Holding Ltd. | 3.1% |
| Reliance Industries Ltd. | 2.9% |
| Chroma ATE, Inc. | 2.4% |
| HDFC Bank Ltd. | 2.1% |
| Prosus NV | 1.9% |
| International Container Terminal Services, Inc. | 1.8% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib02f9d0f8c07326f65f8b4a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.7)% |
| Other Investments | 0.2% |
| Consumer Staples | 1.4% |
| Energy | 3.4% |
| Health Care | 4.8% |
| Real Estate | 6.7% |
| Communication Services | 8.4% |
| Industrials | 11.8% |
| Consumer Discretionary | 17.7% |
| Financials | 21.9% |
| Information Technology | 25.4% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your insurance company if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/resources/documents/insurance-funds-literature](i59920fd567ad3db980327f3f.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/.

# VanEck VIP Global Gold Fund

## Class S

### **Annual Shareholder Report - December 31, 2025**![Image](i1142049415947e7e22f40082.jpg)

This annual shareholder report contains important information about the VanEck VIP Global Gold Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class S | $265 | 1.45% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Does not include insurance/annuity fees and expenses |

---

### How did the Fund perform **last year?** 
* During the period, gold prices remained well supported, reflecting continued central bank demand, easing monetary policy expectations and persistent geopolitical uncertainty. Gold mining equities benefited from higher realized gold prices and disciplined cost management, which supported cash flow generation and balance sheet strength across much of the industry.

* On an absolute basis, the Fund's exposure to senior and major gold miners was the largest contributor to performance. Among them, Agnico Eagle Mines was the top contributor for the period and AngloGold Ashanti also performed well. Among growth-oriented producers, G Mining Ventures was a significant contributor as investors continued to recognize the quality and scale of its development pipeline.

* Mid-tier gold miners were also additive overall, supported by selective exposure to companies with visible production growth and improving margins. While junior developers and producers delivered strong returns overall, performance within the segment was more dispersed, reflecting project-specific execution risks and financing considerations.

* On the detractor side, exposure to non-core holdings and early-stage exploration companies weighed modestly on results. Freeport-McMoRan detracted slightly as copper market volatility and macro uncertainty pressured sentiment, while Spartan Resources and Tectonic Metals were negatively impacted by exploration-related uncertainty and limited near-term catalysts.

* Relative to the benchmark, the NYSE Arca Gold Miners Index, the Fund benefited from positive security selection across all segments and an overweight to junior developers. Allocation effects were modest, with overweights to bullion and cash detracting.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i9d69e5c8e9d132e52356ff7d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI ACWI Index** | **NYSE Arca Gold Miners Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9717 | $9397 | $10333 |
| **Feb 16** | $12651 | $9332 | $14061 |
| **Mar 16** | $13587 | $10024 | $14621 |
| **Apr 16** | $17957 | $10172 | $18726 |
| **May 16** | $15855 | $10185 | $16490 |
| **Jun 16** | $19371 | $10123 | $20240 |
| **Jul 16** | $21286 | $10559 | $22276 |
| **Aug 16** | $18019 | $10595 | $18643 |
| **Sep 16** | $19143 | $10660 | $19344 |
| **Oct 16** | $17749 | $10479 | $17930 |
| **Nov 16** | $14690 | $10558 | $15256 |
| **Dec 16** | $14794 | $10786 | $15424 |
| **Jan 17** | $17058 | $11081 | $17535 |
| **Feb 17** | $16384 | $11392 | $16846 |
| **Mar 17** | $16341 | $11532 | $16734 |
| **Apr 17** | $15732 | $11711 | $16408 |
| **May 17** | $15949 | $11970 | $16715 |
| **Jun 17** | $16232 | $12024 | $16236 |
| **Jul 17** | $16297 | $12360 | $16813 |
| **Aug 17** | $17427 | $12408 | $18128 |
| **Sep 17** | $16297 | $12647 | $16937 |
| **Oct 17** | $15385 | $12910 | $16585 |
| **Nov 17** | $15385 | $13160 | $16543 |
| **Dec 17** | $16514 | $13372 | $17297 |
| **Jan 18** | $16673 | $14127 | $17635 |
| **Feb 18** | $15178 | $13533 | $15884 |
| **Mar 18** | $15490 | $13244 | $16330 |
| **Apr 18** | $15691 | $13370 | $16606 |
| **May 18** | $15758 | $13387 | $16630 |
| **Jun 18** | $15624 | $13314 | $16585 |
| **Jul 18** | $14999 | $13716 | $15854 |
| **Aug 18** | $13213 | $13824 | $13863 |
| **Sep 18** | $12901 | $13884 | $13820 |
| **Oct 18** | $12745 | $12843 | $14088 |
| **Nov 18** | $12467 | $13031 | $14260 |
| **Dec 18** | $13922 | $12113 | $15797 |
| **Jan 19** | $15063 | $13070 | $16978 |
| **Feb 19** | $15108 | $13419 | $16705 |
| **Mar 19** | $14750 | $13588 | $16830 |
| **Apr 19** | $13810 | $14047 | $15679 |
| **May 19** | $14459 | $13214 | $16161 |
| **Jun 19** | $16988 | $14079 | $19243 |
| **Jul 19** | $17772 | $14120 | $20122 |
| **Aug 19** | $19607 | $13785 | $22456 |
| **Sep 19** | $17593 | $14075 | $20207 |
| **Oct 19** | $18219 | $14460 | $21082 |
| **Nov 19** | $17234 | $14813 | $20351 |
| **Dec 19** | $19316 | $15335 | $22256 |
| **Jan 20** | $19338 | $15166 | $21937 |
| **Feb 20** | $17503 | $13941 | $20153 |
| **Mar 20** | $14951 | $12059 | $17802 |
| **Apr 20** | $21330 | $13350 | $24681 |
| **May 20** | $23300 | $13931 | $26068 |
| **Jun 20** | $25784 | $14376 | $27733 |
| **Jul 20** | $29970 | $15137 | $32627 |
| **Aug 20** | $29711 | $16063 | $32091 |
| **Sep 20** | $28152 | $15545 | $29756 |
| **Oct 20** | $26914 | $15167 | $28506 |
| **Nov 20** | $25126 | $17037 | $26325 |
| **Dec 20** | $26777 | $17828 | $27527 |
| **Jan 21** | $24851 | $17747 | $26476 |
| **Feb 21** | $21825 | $18158 | $23930 |
| **Mar 21** | $22215 | $18643 | $24763 |
| **Apr 21** | $23911 | $19458 | $26309 |
| **May 21** | $27235 | $19761 | $30074 |
| **Jun 21** | $23636 | $20021 | $25987 |
| **Jul 21** | $24163 | $20159 | $26788 |
| **Aug 21** | $22868 | $20664 | $25006 |
| **Sep 21** | $20844 | $19810 | $22561 |
| **Oct 21** | $22631 | $20821 | $24337 |
| **Nov 21** | $22579 | $20320 | $24416 |
| **Dec 21** | $23026 | $21133 | $24948 |
| **Jan 22** | $21527 | $20095 | $23535 |
| **Feb 22** | $23788 | $19576 | $26878 |
| **Mar 22** | $26075 | $20000 | $29934 |
| **Apr 22** | $23814 | $18399 | $27484 |
| **May 22** | $21554 | $18420 | $24917 |
| **Jun 22** | $18636 | $16868 | $21478 |
| **Jul 22** | $18426 | $18046 | $20483 |
| **Aug 22** | $16954 | $17381 | $18684 |
| **Sep 22** | $16822 | $15717 | $18765 |
| **Oct 22** | $16559 | $16666 | $18937 |
| **Nov 22** | $19687 | $17958 | $22541 |
| **Dec 22** | $19950 | $17252 | $22795 |
| **Jan 23** | $22106 | $18488 | $25391 |
| **Feb 23** | $19162 | $17958 | $21762 |
| **Mar 23** | $22079 | $18512 | $25828 |
| **Apr 23** | $23052 | $18778 | $26767 |
| **May 23** | $21501 | $18577 | $24477 |
| **Jun 23** | $21028 | $19656 | $23870 |
| **Jul 23** | $21632 | $20375 | $24954 |
| **Aug 23** | $20739 | $19806 | $23399 |
| **Sep 23** | $18689 | $18987 | $21497 |
| **Oct 23** | $19503 | $18416 | $22392 |
| **Nov 23** | $21922 | $20116 | $24921 |
| **Dec 23** | $22027 | $21082 | $25211 |
| **Jan 24** | $20055 | $21206 | $22733 |
| **Feb 24** | $18846 | $22116 | $21346 |
| **Mar 24** | $22342 | $22810 | $25532 |
| **Apr 24** | $23104 | $22057 | $27093 |
| **May 24** | $24787 | $22953 | $28714 |
| **Jun 24** | $23788 | $23464 | $27650 |
| **Jul 24** | $26048 | $23843 | $30667 |
| **Aug 24** | $26579 | $24448 | $31415 |
| **Sep 24** | $27686 | $25016 | $32381 |
| **Oct 24** | $29172 | $24455 | $32840 |
| **Nov 24** | $27227 | $25369 | $30512 |
| **Dec 24** | $25201 | $24769 | $27893 |
| **Jan 25** | $28605 | $25600 | $32053 |
| **Feb 25** | $29469 | $25446 | $32697 |
| **Mar 25** | $33872 | $24441 | $37734 |
| **Apr 25** | $36762 | $24669 | $40352 |
| **May 25** | $38464 | $26087 | $41569 |
| **Jun 25** | $39625 | $27258 | $42827 |
| **Jul 25** | $38761 | $27628 | $42577 |
| **Aug 25** | $47174 | $28310 | $51829 |
| **Sep 25** | $55881 | $29336 | $62709 |
| **Oct 25** | $53773 | $29992 | $59323 |
| **Nov 25** | $62534 | $29989 | $68330 |
| **Dec 25** | $66641 | $30302 | $72042 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class S | 164.43% | 20.00% | 20.89% |
| NYSE Arca Gold Miners Index | 158.28% | 21.22% | 21.83% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information. The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. The fees charged by insurance and annuity companies are not included in Fund performance.

### Key Fund Statistics
* Total Net Assets$143,096,105

* Number of Portfolio Holdings49

* Portfolio Turnover Rate55%

* Advisory Fees Paid$707,066

### What did the Fund invest in?

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Newmont Corp. | 8.6% |
| G Mining Ventures Corp. | 6.8% |
| Agnico Eagle Mines Ltd. | 6.6% |
| Barrick Mining Corp. | 5.9% |
| Anglogold Ashanti PLC | 5.4% |
| Alamos Gold, Inc. | 5.1% |
| Pan American Silver Corp. | 3.6% |
| Gold Fields Ltd. | 3.6% |
| Kinross Gold Corp. | 3.6% |
| Montage Gold Corp. | 3.5% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i1781fe181d634fafe6f6f53a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.3)% |
| Other Investments | 0.8% |
| Diversified Metals & Mining | 1.4% |
| Gold | 98.1% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your insurance company if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/resources/documents/insurance-funds-literature](i59920fd567ad3db980327f3f.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/.

# VanEck VIP Global Resources Fund

## Initial Class

### **Annual Shareholder Report - December 31, 2025**![Image](i1142049415947e7e22f40082.jpg)

This annual shareholder report contains important information about the VanEck VIP Global Resources Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Initial Class | $127 | 1.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Does not include insurance/annuity fees and expenses |

---

### How did the Fund perform **last year?** 
* During the period, commodities and resource equities rebounded, supported by improving global growth expectations, easing financial conditions and tightening supply across several key commodity markets. Gold prices reached record highs amid persistent geopolitical uncertainty and sustained central bank demand, while base and industrial metals benefited from supply constraints and growing demand tied to electrification, infrastructure investment and data-center-driven power needs. While concerns around China's uneven economic recovery periodically weighed on sentiment, markets increasingly responded to underlying fundamentals.

* On an absolute basis, the Fund's exposure to Gold & Precious Metals and Base & Industrial Metals were the largest contributor to performance. Gold & Precious Metals companies benefited from significant margin expansion and Base & Industrial Metals companies advanced as copper and aluminum prices strengthened. Oil & Gas also contributed positively for much of the period, supported by capital discipline and shareholder return programs.

* From a sector standpoint, the Fund's largest absolute detractors were Paper & Forest and Other Materials.

* On an individual security basis, the Fund's largest contributors included gold mining companies Kinross Gold, Barrick Mining Corp. and Newmont Corp., all of which benefited from record gold prices, strong free cash flow generation and disciplined capital allocation. The largest individual detractors included International Paper Co., Graphic Packaging Holding and West Fraser Timber Co. Ltd., reflecting weaker crop protection demand, inventory normalization and softer packaging and construction-related activity.

* Relative to the benchmark, the S&P Global Natural Resources Index, the Fund outperformed primarily due to overweight positioning and strong security selection within Gold & Precious Metals, a substantial underweight allocation to Paper & Forest, and effective security selection within Base & Industrial Metals.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i54bac90242c872b86c171ea4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Initial Class** | **MSCI ACWI Index** | **S&P Global Natural Resources Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9608 | $9397 | $9287 |
| **Feb 16** | $9936 | $9332 | $9946 |
| **Mar 16** | $11097 | $10024 | $10911 |
| **Apr 16** | $12781 | $10172 | $12120 |
| **May 16** | $12293 | $10185 | $11411 |
| **Jun 16** | $12835 | $10123 | $11649 |
| **Jul 16** | $13180 | $10559 | $12166 |
| **Aug 16** | $13216 | $10595 | $12079 |
| **Sep 16** | $13782 | $10660 | $12334 |
| **Oct 16** | $13323 | $10479 | $12342 |
| **Nov 16** | $14782 | $10558 | $12773 |
| **Dec 16** | $14371 | $10786 | $13145 |
| **Jan 17** | $14913 | $11081 | $13732 |
| **Feb 17** | $14055 | $11392 | $13535 |
| **Mar 17** | $13883 | $11532 | $13509 |
| **Apr 17** | $13151 | $11711 | $13433 |
| **May 17** | $12525 | $11970 | $13366 |
| **Jun 17** | $12079 | $12024 | $13362 |
| **Jul 17** | $12889 | $12360 | $14149 |
| **Aug 17** | $12412 | $12408 | $14340 |
| **Sep 17** | $13115 | $12647 | $14782 |
| **Oct 17** | $12752 | $12910 | $15103 |
| **Nov 17** | $12948 | $13160 | $15176 |
| **Dec 17** | $14127 | $13372 | $16034 |
| **Jan 18** | $14460 | $14127 | $16874 |
| **Feb 18** | $13478 | $13533 | $16008 |
| **Mar 18** | $13424 | $13244 | $15749 |
| **Apr 18** | $14222 | $13370 | $16527 |
| **May 18** | $14300 | $13387 | $16760 |
| **Jun 18** | $14044 | $13314 | $16578 |
| **Jul 18** | $13865 | $13716 | $16749 |
| **Aug 18** | $12829 | $13824 | $16201 |
| **Sep 18** | $13216 | $13884 | $16771 |
| **Oct 18** | $11894 | $12843 | $15245 |
| **Nov 18** | $11198 | $13031 | $14692 |
| **Dec 18** | $10132 | $12113 | $13937 |
| **Jan 19** | $11287 | $13070 | $15278 |
| **Feb 19** | $11192 | $13419 | $15495 |
| **Mar 19** | $11460 | $13588 | $15641 |
| **Apr 19** | $11591 | $14047 | $15637 |
| **May 19** | $10335 | $13214 | $14418 |
| **Jun 19** | $11400 | $14079 | $15810 |
| **Jul 19** | $10912 | $14120 | $15419 |
| **Aug 19** | $10430 | $13785 | $14415 |
| **Sep 19** | $10424 | $14075 | $14833 |
| **Oct 19** | $10335 | $14460 | $15095 |
| **Nov 19** | $10329 | $14813 | $15322 |
| **Dec 19** | $11335 | $15335 | $16225 |
| **Jan 20** | $10269 | $15166 | $14987 |
| **Feb 20** | $9400 | $13941 | $13291 |
| **Mar 20** | $6858 | $12059 | $10872 |
| **Apr 20** | $8442 | $13350 | $12367 |
| **May 20** | $8769 | $13931 | $12810 |
| **Jun 20** | $9079 | $14376 | $13065 |
| **Jul 20** | $10216 | $15137 | $13514 |
| **Aug 20** | $11057 | $16063 | $14040 |
| **Sep 20** | $10925 | $15545 | $13321 |
| **Oct 20** | $10756 | $15167 | $12879 |
| **Nov 20** | $12234 | $17037 | $15134 |
| **Dec 20** | $13501 | $17828 | $16217 |
| **Jan 21** | $13874 | $17747 | $16274 |
| **Feb 21** | $15057 | $18158 | $17725 |
| **Mar 21** | $14949 | $18643 | $18097 |
| **Apr 21** | $15513 | $19458 | $18842 |
| **May 21** | $16078 | $19761 | $19839 |
| **Jun 21** | $16108 | $20021 | $19384 |
| **Jul 21** | $15345 | $20159 | $19314 |
| **Aug 21** | $15102 | $20664 | $19027 |
| **Sep 21** | $14969 | $19810 | $18822 |
| **Oct 21** | $16375 | $20821 | $19723 |
| **Nov 21** | $15669 | $20320 | $18828 |
| **Dec 21** | $16055 | $21133 | $20173 |
| **Jan 22** | $15905 | $20095 | $20941 |
| **Feb 22** | $17678 | $19576 | $21903 |
| **Mar 22** | $19573 | $20000 | $23519 |
| **Apr 22** | $18040 | $18399 | $22490 |
| **May 22** | $19338 | $18420 | $23535 |
| **Jun 22** | $15917 | $16868 | $19824 |
| **Jul 22** | $17129 | $18046 | $20521 |
| **Aug 22** | $17550 | $17381 | $20644 |
| **Sep 22** | $15944 | $15717 | $18885 |
| **Oct 22** | $17942 | $16666 | $20787 |
| **Nov 22** | $18862 | $17958 | $22812 |
| **Dec 22** | $17403 | $17252 | $22108 |
| **Jan 23** | $18433 | $18488 | $23771 |
| **Feb 23** | $17041 | $17958 | $22459 |
| **Mar 23** | $16864 | $18512 | $22198 |
| **Apr 23** | $16667 | $18778 | $22143 |
| **May 23** | $15276 | $18577 | $20042 |
| **Jun 23** | $16477 | $19656 | $21337 |
| **Jul 23** | $17771 | $20375 | $22978 |
| **Aug 23** | $17183 | $19806 | $22187 |
| **Sep 23** | $16874 | $18987 | $22095 |
| **Oct 23** | $15795 | $18416 | $20986 |
| **Nov 23** | $16136 | $20116 | $22016 |
| **Dec 23** | $16779 | $21082 | $22855 |
| **Jan 24** | $15517 | $21206 | $21637 |
| **Feb 24** | $15751 | $22116 | $21539 |
| **Mar 24** | $17234 | $22810 | $23313 |
| **Apr 24** | $17454 | $22057 | $23293 |
| **May 24** | $18275 | $22953 | $23924 |
| **Jun 24** | $17511 | $23464 | $22864 |
| **Jul 24** | $17928 | $23843 | $23179 |
| **Aug 24** | $17716 | $24448 | $23143 |
| **Sep 24** | $17735 | $25016 | $23644 |
| **Oct 24** | $17398 | $24455 | $22584 |
| **Nov 24** | $17754 | $25369 | $22415 |
| **Dec 24** | $16304 | $24769 | $20831 |
| **Jan 25** | $16965 | $25600 | $21995 |
| **Feb 25** | $16893 | $25446 | $21949 |
| **Mar 25** | $17541 | $24441 | $22275 |
| **Apr 25** | $17003 | $24669 | $21595 |
| **May 25** | $17573 | $26087 | $22223 |
| **Jun 25** | $18512 | $27258 | $23002 |
| **Jul 25** | $18460 | $27628 | $23169 |
| **Aug 25** | $19808 | $28310 | $24679 |
| **Sep 25** | $20891 | $29336 | $25155 |
| **Oct 25** | $20572 | $29992 | $24973 |
| **Nov 25** | $21701 | $29989 | $25958 |
| **Dec 25** | $22252 | $30302 | $26844 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Initial Class | 36.48% | 10.51% | 8.33% |
| S&P Global Natural Resources Index | 28.86% | 10.61% | 10.38% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information. The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. The fees charged by insurance and annuity companies are not included in Fund performance.

### Key Fund Statistics
* Total Net Assets$352,356,763

* Number of Portfolio Holdings67

* Portfolio Turnover Rate43%

* Advisory Fees Paid$2,782,585

### What did the Fund invest in?

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Shell PLC | 4.3% |
| Exxon Mobil Corp. | 4.1% |
| Barrick Mining Corp. | 3.7% |
| Newmont Corp. | 3.4% |
| Anglo American PLC | 3.2% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Kinross Gold Corp. | 3.1% |
| Nutrien Ltd. | 2.9% |
| Glencore PLC | 2.8% |
| JBS NV | 2.7% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i178e7bd37ce25efa9eeab513.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (2.2)% |
| Other Investments | 0.8% |
| Money Market Fund | 2.9% |
| Industrials & Utilities | 1.7% |
| Renewables & Alternatives | 6.1% |
| Paper & Forest | 7.8% |
| Agriculture | 11.4% |
| Base & Industrial Metals | 20.8% |
| Gold & Precious Metals | 23.6% |
| Oil & Gas | 27.1% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your insurance company if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/resources/documents/insurance-funds-literature](i59920fd567ad3db980327f3f.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/.

# VanEck VIP Global Resources Fund

## Class S

### **Annual Shareholder Report - December 31, 2025**![Image](i1142049415947e7e22f40082.jpg)

This annual shareholder report contains important information about the VanEck VIP Global Resources Fund (the "Fund") for the period January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/. You can also request this information by contacting us at 800.826.2333 or info@vaneck.com.

### **What were the Fund costs for the last year ?** 

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Class S | $156 | 1.32% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Does not include insurance/annuity fees and expenses |

---

### How did the Fund perform **last year?** 
* During the period, commodities and resource equities rebounded, supported by improving global growth expectations, easing financial conditions and tightening supply across several key commodity markets. Gold prices reached record highs amid persistent geopolitical uncertainty and sustained central bank demand, while base and industrial metals benefited from supply constraints and growing demand tied to electrification, infrastructure investment and data-center-driven power needs. While concerns around China's uneven economic recovery periodically weighed on sentiment, markets increasingly responded to underlying fundamentals.

* On an absolute basis, the Fund's exposure to Gold & Precious Metals and Base & Industrial Metals were the largest contributor to performance. Gold & Precious Metals companies benefited from significant margin expansion and Base & Industrial Metals companies advanced as copper and aluminum prices strengthened. Oil & Gas also contributed positively for much of the period, supported by capital discipline and shareholder return programs.

* From a sector standpoint, the Fund's largest absolute detractors were Paper & Forest and Other Materials.

* On an individual security basis, the Fund's largest contributors included gold mining companies Kinross Gold, Barrick Mining Corp. and Newmont Corp., all of which benefited from record gold prices, strong free cash flow generation and disciplined capital allocation. The largest individual detractors included International Paper Co., Graphic Packaging Holding and West Fraser Timber Co. Ltd., reflecting weaker crop protection demand, inventory normalization and softer packaging and construction-related activity.

* Relative to the benchmark, the S&P Global Natural Resources Index, the Fund outperformed primarily due to overweight positioning and strong security selection within Gold & Precious Metals, a substantial underweight allocation to Paper & Forest, and effective security selection within Base & Industrial Metals.

### How did the Fund perform over the past 10 years?
This chart shows the value of a hypothetical $10,000 investment in the Fund over the past 10 years.

### Cumulative Performance Based on $10,000 Investment
![Growth of 10K Chart](i06eff0c729de7ff23783e962.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class S** | **MSCI ACWI Index** | **S&P Global Natural Resources Index** |
| **Dec 15** | $10000 | $10000 | $10000 |
| **Jan 16** | $9608 | $9397 | $9287 |
| **Feb 16** | $9934 | $9332 | $9946 |
| **Mar 16** | $11096 | $10024 | $10911 |
| **Apr 16** | $12774 | $10172 | $12120 |
| **May 16** | $12282 | $10185 | $11411 |
| **Jun 16** | $12823 | $10123 | $11649 |
| **Jul 16** | $13167 | $10559 | $12166 |
| **Aug 16** | $13198 | $10595 | $12079 |
| **Sep 16** | $13763 | $10660 | $12334 |
| **Oct 16** | $13302 | $10479 | $12342 |
| **Nov 16** | $14753 | $10558 | $12773 |
| **Dec 16** | $14341 | $10786 | $13145 |
| **Jan 17** | $14882 | $11081 | $13732 |
| **Feb 17** | $14022 | $11392 | $13535 |
| **Mar 17** | $13849 | $11532 | $13509 |
| **Apr 17** | $13112 | $11711 | $13433 |
| **May 17** | $12485 | $11970 | $13366 |
| **Jun 17** | $12036 | $12024 | $13362 |
| **Jul 17** | $12841 | $12360 | $14149 |
| **Aug 17** | $12368 | $12408 | $14340 |
| **Sep 17** | $13063 | $12647 | $14782 |
| **Oct 17** | $12700 | $12910 | $15103 |
| **Nov 17** | $12891 | $13160 | $15176 |
| **Dec 17** | $14058 | $13372 | $16034 |
| **Jan 18** | $14390 | $14127 | $16874 |
| **Feb 18** | $13413 | $13533 | $16008 |
| **Mar 18** | $13352 | $13244 | $15749 |
| **Apr 18** | $14145 | $13370 | $16527 |
| **May 18** | $14218 | $13387 | $16760 |
| **Jun 18** | $13960 | $13314 | $16578 |
| **Jul 18** | $13776 | $13716 | $16749 |
| **Aug 18** | $12749 | $13824 | $16201 |
| **Sep 18** | $13130 | $13884 | $16771 |
| **Oct 18** | $11815 | $12843 | $15245 |
| **Nov 18** | $11120 | $13031 | $14692 |
| **Dec 18** | $10063 | $12113 | $13937 |
| **Jan 19** | $11200 | $13070 | $15278 |
| **Feb 19** | $11108 | $13419 | $15495 |
| **Mar 19** | $11372 | $13588 | $15641 |
| **Apr 19** | $11501 | $14047 | $15637 |
| **May 19** | $10253 | $13214 | $14418 |
| **Jun 19** | $11311 | $14079 | $15810 |
| **Jul 19** | $10819 | $14120 | $15419 |
| **Aug 19** | $10339 | $13785 | $14415 |
| **Sep 19** | $10333 | $14075 | $14833 |
| **Oct 19** | $10235 | $14460 | $15095 |
| **Nov 19** | $10235 | $14813 | $15322 |
| **Dec 19** | $11225 | $15335 | $16225 |
| **Jan 20** | $10167 | $15166 | $14987 |
| **Feb 20** | $9307 | $13941 | $13291 |
| **Mar 20** | $6786 | $12059 | $10872 |
| **Apr 20** | $8354 | $13350 | $12367 |
| **May 20** | $8674 | $13931 | $12810 |
| **Jun 20** | $8981 | $14376 | $13065 |
| **Jul 20** | $10100 | $15137 | $13514 |
| **Aug 20** | $10937 | $16063 | $14040 |
| **Sep 20** | $10800 | $15545 | $13321 |
| **Oct 20** | $10633 | $15167 | $12879 |
| **Nov 20** | $12094 | $17037 | $15134 |
| **Dec 20** | $13338 | $17828 | $16217 |
| **Jan 21** | $13703 | $17747 | $16274 |
| **Feb 21** | $14873 | $18158 | $17725 |
| **Mar 21** | $14761 | $18643 | $18097 |
| **Apr 21** | $15312 | $19458 | $18842 |
| **May 21** | $15869 | $19761 | $19839 |
| **Jun 21** | $15894 | $20021 | $19384 |
| **Jul 21** | $15139 | $20159 | $19314 |
| **Aug 21** | $14897 | $20664 | $19027 |
| **Sep 21** | $14767 | $19810 | $18822 |
| **Oct 21** | $16146 | $20821 | $19723 |
| **Nov 21** | $15444 | $20320 | $18828 |
| **Dec 21** | $15829 | $21133 | $20173 |
| **Jan 22** | $15674 | $20095 | $20941 |
| **Feb 22** | $17419 | $19576 | $21903 |
| **Mar 22** | $19282 | $20000 | $23519 |
| **Apr 22** | $17766 | $18399 | $22490 |
| **May 22** | $19046 | $18420 | $23535 |
| **Jun 22** | $15667 | $16868 | $19824 |
| **Jul 22** | $16860 | $18046 | $20521 |
| **Aug 22** | $17272 | $17381 | $20644 |
| **Sep 22** | $15684 | $15717 | $18885 |
| **Oct 22** | $17644 | $16666 | $20787 |
| **Nov 22** | $18551 | $17958 | $22812 |
| **Dec 22** | $17115 | $17252 | $22108 |
| **Jan 23** | $18123 | $18488 | $23771 |
| **Feb 23** | $16749 | $17958 | $22459 |
| **Mar 23** | $16566 | $18512 | $22198 |
| **Apr 23** | $16377 | $18778 | $22143 |
| **May 23** | $15004 | $18577 | $20042 |
| **Jun 23** | $16182 | $19656 | $21337 |
| **Jul 23** | $17448 | $20375 | $22978 |
| **Aug 23** | $16866 | $19806 | $22187 |
| **Sep 23** | $16561 | $18987 | $22095 |
| **Oct 23** | $15500 | $18416 | $20986 |
| **Nov 23** | $15830 | $20116 | $22016 |
| **Dec 23** | $16458 | $21082 | $22855 |
| **Jan 24** | $15221 | $21206 | $21637 |
| **Feb 24** | $15441 | $22116 | $21539 |
| **Mar 24** | $16898 | $22810 | $23313 |
| **Apr 24** | $17105 | $22057 | $23293 |
| **May 24** | $17908 | $22953 | $23924 |
| **Jun 24** | $17157 | $23464 | $22864 |
| **Jul 24** | $17565 | $23843 | $23179 |
| **Aug 24** | $17349 | $24448 | $23143 |
| **Sep 24** | $17362 | $25016 | $23644 |
| **Oct 24** | $17031 | $24455 | $22584 |
| **Nov 24** | $17375 | $25369 | $22415 |
| **Dec 24** | $15950 | $24769 | $20831 |
| **Jan 25** | $16593 | $25600 | $21995 |
| **Feb 25** | $16527 | $25446 | $21949 |
| **Mar 25** | $17150 | $24441 | $22275 |
| **Apr 25** | $16626 | $24669 | $21595 |
| **May 25** | $17176 | $26087 | $22223 |
| **Jun 25** | $18092 | $27258 | $23002 |
| **Jul 25** | $18039 | $27628 | $23169 |
| **Aug 25** | $19347 | $28310 | $24679 |
| **Sep 25** | $20400 | $29336 | $25155 |
| **Oct 25** | $20088 | $29992 | $24973 |
| **Nov 25** | $21182 | $29989 | $25958 |
| **Dec 25** | $21718 | $30302 | $26844 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| . | **1 Year** | **5 Years** | **10 Years** |
| Class S | 36.17% | 10.24% | 8.06% |
| S&P Global Natural Resources Index | 28.86% | 10.61% | 10.38% |
| MSCI ACWI Index | 22.34% | 11.19% | 11.72% |

---

**The performance data quoted represents past performance. Past performance is no guarantee of future results.** Performance information for the Fund may reflect temporary fee waivers, if applicable. These returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends and distributions or the sale of Fund shares. Visit vaneck.com for more recent performance information. The Fund is only available as an option under various insurance contracts issued by life insurance and annuity companies. The fees charged by insurance and annuity companies are not included in Fund performance.

### Key Fund Statistics
* Total Net Assets$352,356,763

* Number of Portfolio Holdings67

* Portfolio Turnover Rate43%

* Advisory Fees Paid$2,782,585

### What did the Fund invest in?

### Top Ten Holdings (% of Total Net Assets)

---

| | |
|:---|:---|
| Shell PLC | 4.3% |
| Exxon Mobil Corp. | 4.1% |
| Barrick Mining Corp. | 3.7% |
| Newmont Corp. | 3.4% |
| Anglo American PLC | 3.2% |
| Agnico Eagle Mines Ltd. | 3.1% |
| Kinross Gold Corp. | 3.1% |
| Nutrien Ltd. | 2.9% |
| Glencore PLC | 2.8% |
| JBS NV | 2.7% |

---

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i178e7bd37ce25efa9eeab513.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (2.2)% |
| Other Investments | 0.8% |
| Money Market Fund | 2.9% |
| Industrials & Utilities | 1.7% |
| Renewables & Alternatives | 6.1% |
| Paper & Forest | 7.8% |
| Agriculture | 11.4% |
| Base & Industrial Metals | 20.8% |
| Gold & Precious Metals | 23.6% |
| Oil & Gas | 27.1% |

---

### Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your insurance company if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

### **Need Additional Information?**![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.vaneck.com/us/en/resources/documents/insurance-funds-literature](i59920fd567ad3db980327f3f.jpg)

If you wish to view additional information about the Fund including but not limited to financial statements, prospectus or holdings please scan the QR code or visit https://www.vaneck.com/us/en/resources/documents/insurance-funds-documents/.

Item 2. CODE OF ETHICS.

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to the principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) The Registrant's code of ethics is reasonably described in this Form N-CSR.

(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's Board of Trustees has determined that Jayesh Bhansali, a member of the Audit Committee, is "audit committee financial expert" and "independent" as such terms are defined in the instructions to Form N-CSR Item 3(a)(2).

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The principal accountant fees disclosed in Item 4(a), 4(b), 4(c), 4(d) and 4(g) are for the Funds of the Registrant for which the fiscal year end is December 31.

---

| | |
|:---|:---|
| (a) | Audit Fees. The aggregate Audit Fees of PricewaterhouseCoopers LLP for professional services billed for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for the fiscal years ended December 31, 2025 and December 31, 2024, were $117,810 and $107,100, respectively. |
| (b) | Audit-Related Fees. Not applicable. |
| (c) | Tax Fees. The aggregate Tax Fees of PricewaterhouseCoopers LLP for professional services billed for the review of Federal, state and excise tax returns and other tax compliance consultations for the fiscal years ended December 31, 2025 and December 31, 2024, were $38,060 and $32,550, respectively. |
| (d) | All Other Fees |
|  | None. |

---

---

| | |
|:---|:---|
| (e) | The Audit Committee will pre-approve all audit and non-audit services, to be provided to the Funds, by the independent accountants as required by Section 10A of the Securities Exchange Act of 1934. The Audit Committee has authorized the Chairman of the Audit Committee to approve, between meeting dates, appropriate non-audit services. |
|  | The Audit Committee after considering all factors, including a review of independence issues, will recommend to the Board of Trustees the independent auditors to be selected to audit the financial statements of the Funds. |

---

(f) Not applicable.

(g) Non-audit fees. The aggregate non-audit fees of PricewaterhouseCoopers LLP for professional services rendered and billed to the registrant's investment adviser, and entities controlled by, or under common control with the adviser that provide ongoing services to the registrant for the fiscal years ended December 31, 2025 and December 31, 2024, were $573,285 and $321,927 respectively.

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entities controlled by, or under common control with the investment adviser that provide ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of six Independent Trustees. Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane Pigott and R. Alastair Short currently serve as members of the Audit Committee. Mr. Bhansali is the Chairman of the Audit Committee.

Item 6. INVESTMENTS.

Information included in Item 7.

Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION | ![](x1_c115543x1x1m4.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x1_c115543x1x2m4.jpg) |

---

VanEck VIP Trust

VanEck VIP Emerging Markets Bond Fund

800.826.2333 vaneck.com

*This page is intentionally left blank.*

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1xc115543a001xm4) | 2 |
| [Statement of Assets and Liabilities](#xx1xc115543a002xm4) | 7 |
| [Statement of Operations](#xx1xc115543a003xm4) | 8 |
| [Statement of Changes in Net Assets](#xx1xc115543a004xm4) | 9 |
| [Financial Highlights](#xx1xc115543a005xm4) | 10 |
| [Notes to Financial Statements](#xx1xc115543a006xm4) | 11 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc115543a007xm4) | 18 |
| [Tax Information](#xx1xc115543a008xm4) | 19 |
| [Changes in and Disagreements with Accountants](#xx1xc115543a009xm4) | 20 |
| [Proxy Disclosures](#xx1xc115543a010xm4) | 20 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc115543a011xm4) | 20 |
| [Approval of Investment Advisory Contracts](#xx1xc115543a012xm4) | 20 |

---

VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 5.5%** |  |  |  |
| **Argentina: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRSA Inversiones y Representaciones SA 144A <br> 8.00%, 03/31/35 | USD | 66 | $65967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportadora de Gas del Sur SA 144A <br> 7.75%, 11/20/35 | USD | 45 | 44566 |
|  |  |  | 110533 |
| **Brazil: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3R Lux SARL Reg S<br> 9.75%, 02/05/31 | USD | 137 | 141110 |
| **China: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWD Finance BVI Ltd. Reg S<br> 10.13% (US Treasury Yield Curve Rate T 3 Year+6.20%) (o)(a) | USD | 72 | 39340 |
| **Colombia: 1.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geopark Ltd. Reg S<br> 8.75%, 01/31/30 | USD | 191 | 178583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gran Tierra Energy, Inc. Reg S<br> 9.50%, 10/15/29 | USD | 160 | 112674 |
|  |  |  | 291257 |
| **Guyana: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc. 144A<br> 10.00%, 06/03/29 ∞ | USD | 35 | 34761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc. Reg S<br> 10.00%, 06/03/29 ∞ | USD | 12 | 11587 |
|  |  |  | 46348 |
| **Indonesia: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. Reg S<br> 6.75%, 04/24/33 | USD | 92 | 94788 |
| **Jamaica: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digicel International Finance Ltd. / Difi US LLC 144A<br> 8.62%, 08/01/32 | USD | 22 | 22842 |
| **Oman: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDO Sukuk Ltd. 144A <br> 5.88%, 09/21/33 | USD | 86 | 91354 |
| **Panama: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL Reg S <br> 4.38%, 05/31/30 | USD | 118 | 110765 |
| **Singapore: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte Ltd. Reg S<br> 8.96%, 04/27/29 | USD | 79 | 82575 |
| **Thailand: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siam Commercial Bank PCL Reg S<br> 4.40%, 02/11/29 | USD | 130 | 130255 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Turkey: 0.6%** |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zorlu Enerji Elektrik Uretim AS 144A<br> 11.00%, 04/23/30 | USD | 162 | $140389 |
| **United Kingdom: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd. 144A<br> 7.50%, 06/04/29 | USD | 22 | 22793 |
| **Total Corporate Bonds**<br> (Cost: $1,296,600) |  |  | 1324349 |
| **GOVERNMENT OBLIGATIONS: 90.1%** | **GOVERNMENT OBLIGATIONS: 90.1%** |  |  |
| **Angola: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond 144A<br> 8.25%, 05/09/28 † | USD | 79 | 79505 |
| **Argentina: 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond<br> 3.50%, 07/09/41 (s) | USD | 281 | 195155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;City of Beunos Aires 144A<br> 7.80%, 11/26/33 | USD | 125 | 127000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Province of Santa Fe 144A<br> 8.10%, 12/11/34 | USD | 112 | 109864 |
|  |  |  | 432019 |
| **Bahamas: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond 144A<br> 8.25%, 06/24/36 | USD | 33 | 36905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond Reg S<br> 6.62%, 05/15/33 | USD | 34 | 33065 |
|  |  |  | 69970 |
| **Barbados: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barbados Government International Bond 144A<br> 8.00%, 06/26/35 | USD | 35 | 36916 |
| **Benin: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government International Bond 144A<br> 7.96%, 02/13/38 | USD | 8 | 8311 |
| **Bolivia: 2.2%** |  |  |  |
| Bolivian Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/20/28 | USD | 479 | 442898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/02/30 | USD | 110 | 102662 |
|  |  |  | 545560 |
| **Brazil: 6.4%** |  |  |  |
| Brazil Notas do Tesouro Nacional, Series F |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/27 | BRL | 3511 | 620751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/33 | BRL | 3246 | 499233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazilian Government International Bond<br> 6.62%, 03/15/35 | USD | 430 | 443739 |
|  |  |  | 1563723 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Chile: 4.3%** |  | | |
| Bonos de la Tesoreria de la Republica en pesos 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/01/30 | CLP | 220000 | $240200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | CLP | 160000 | 179114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/33 | CLP | 535000 | 619853 |
|  |  |  | 1039167 |
| **China: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China Government International Bond 144A<br> 3.75%, 11/13/30 | USD | 55 | 55611 |
| **Colombia: 3.2%** |  |  |  |
| Colombian TES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 08/22/29 | COP | 1257000 | 314534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.75%, 11/28/40 | COP | 1766000 | 469640 |
|  |  |  | 784174 |
| **Costa Rica: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costa Rica Government International Bond Reg S<br> 6.12%, 02/19/31 | USD | 61 | 64431 |
| **Czech Republic: 2.6%** |  |  |  |
| Czech Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/14/34 | CZK | 3780 | 189381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/30/30 | CZK | 7720 | 391407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czech Republic Government Bond Reg S<br> 1.00%, 06/26/26 | CZK | 1300 | 62625 |
|  |  |  | 643413 |
| **Democratic Republic of the Congo: 1.7%** | **Democratic Republic of the Congo: 1.7%** | **Democratic Republic of the Congo: 1.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congolese International Bond Reg S<br> 6.00%, 06/30/29 (s) | USD | 447 | 417438 |
| **Dominican Republic: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond 144A<br> 5.88%, 10/28/35 | USD | 70 | 70206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond Reg S<br> 6.60%, 06/01/36 | USD | 89 | 93935 |
|  |  |  | 164141 |
| **Ecuador: 1.4%** |  |  |  |
| Ecuador Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/31/30 ^ | USD | 360 | 306990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 07/31/30 (s) | USD | 39 | 38591 |
|  |  |  | 345581 |
| **Egypt: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond 144A<br> 8.88%, 05/29/50 † | USD | 125 | 127024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond Reg S<br> 8.88%, 05/29/50 | USD | 211 | 214838 |
|  |  |  | 341862 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **El Salvador: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond 144A<br> 0.25%, 04/17/30 | USD | 82 | $2459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond Reg S<br> 9.25%, 04/17/30 | USD | 85 | 92714 |
|  |  |  | 95173 |
| **Gabon: 1.9%** |  |  |  |
| Gabon Government International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 02/06/31 | USD | 131 | 101952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/24/31 | USD | 22 | 16835 |
| Gabon Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/24/31 | USD | 214 | 163871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/18/29 | USD | 200 | 173740 |
|  |  |  | 456398 |
| **Ghana: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana Government International Bond Reg S<br> 0.00%, 01/03/30 ^ | USD | 160 | 141565 |
| **Guatemala: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guatemala Government Bond 144A<br> 6.25%, 08/15/36 | USD | 105 | 109987 |
| **Honduras: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government International Bond Reg S<br> 8.62%, 11/27/34 † | USD | 33 | 37176 |
| **Hungary: 3.0%** |  |  |  |
| Hungary Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/22/34 | HUF | 28000 | 61534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/21/30 | HUF | 36200 | 96120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/24/35 | HUF | 110250 | 341851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/21/26 | HUF | 76580 | 240133 |
|  |  |  | 739638 |
| **India: 2.9%** |  |  |  |
| Export-Import Bank of India Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/01/28 | USD | 294 | 292265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/13/35 | USD | 403 | 422363 |
|  |  |  | 714628 |
| **Indonesia: 1.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia Treasury Bond<br> 6.50%, 07/15/30 | IDR | 6859000 | 428026 |
| **Israel: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State of Israel<br> 2.50%, 01/15/30 | USD | 224 | 208301 |
| **Jamaica: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamaica Government International Bond<br> 7.88%, 07/28/45 | USD | 50 | 60644 |
| **Jordan: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan Government International Bond 144A<br> 5.75%, 11/12/32 | USD | 96 | 94253 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Kenya: 0.2%** |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Kenya Government International Bond 144A<br> 8.80%, 10/09/38 | USD | 43 | $43639 |
| **Kuwait: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait International Government Bond 144A<br> 4.65%, 10/09/35 | USD | 222 | 222257 |
| **Laos: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laos Government International Bond 144A<br> 11.25%, 11/12/30 | USD | 116 | 117885 |
| **Malaysia: 6.3%** |  |  |  |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/31 | MYR | 576 | 137121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 05/15/30 | MYR | 2083 | 514975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%, 07/05/34 | MYR | 1640 | 414439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/18/39 | MYR | 1846 | 468533 |
|  |  |  | 1535068 |
| **Mexico: 7.4%** |  |  |  |
| Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/13/42 | MXN | 17750 | 843632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/07/47 | MXN | 19990 | 956921 |
|  |  |  | 1800553 |
| **Morocco: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond Reg S<br> 4.00%, 12/15/50 | USD | 238 | 173613 |
| **Nigeria: 0.6%** |  |  |  |
| Nigeria Government International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 09/28/51 | USD | 103 | 101275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 01/13/36 | USD | 36 | 38708 |
|  |  |  | 139983 |
| **Oman: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond 144A<br> 6.25%, 01/25/31 | USD | 99 | 106064 |
| **Peru: 2.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru Government Bond 144A Reg S<br> 7.60%, 08/12/39 † | PEN | 1560 | 507088 |
| **Philippines: 1.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond<br> 6.25%, 01/14/36 | PHP | 24547 | 416076 |
| **Poland: 5.0%** |  |  |  |
| Republic of Poland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/34 | PLN | 869 | 241205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/35 | PLN | 2249 | 619911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Poland Government International Bond<br> 5.38%, 02/12/35 | USD | 344 | 357432 |
|  |  |  | 1218548 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Romania: 2.8%** |  | | |
| Romanian Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62%, 05/16/36 | USD | 422 | $440540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 01/17/53 | USD | 212 | 234227 |
|  |  |  | 674767 |
| **Saudi Arabia: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA Sukuk Ltd. Reg S<br> 4.51%, 05/22/33 | USD | 349 | 346805 |
| **Singapore: 0.6%** |  |  |  |
| Singapore Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 03/01/35 | SGD | 106 | 87212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/01/33 | SGD | 71 | 60358 |
|  |  |  | 147570 |
| **South Africa: 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government International Bond 144A<br> 7.25%, 12/11/55 | USD | 401 | 398190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of South Africa Government International Bond Reg S<br> 7.10%, 11/19/36 | USD | 229 | 246145 |
|  |  |  | 644335 |
| **South Korea: 2.1%** |  |  |  |
| Korea Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 03/10/30 | KRW | 274300 | 185955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 06/10/35 | KRW | 274200 | 178853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/10/33 | KRW | 212000 | 154658 |
|  |  |  | 519466 |
| **Sri Lanka: 1.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond 144A<br> 3.60%, 06/15/35 (s) | USD | 85 | 64982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond Reg S<br> 3.60%, 06/15/35 (s) | USD | 227 | 173411 |
|  |  |  | 238393 |
| **Thailand: 4.2%** |  |  |  |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 12/17/35 | THB | 10523 | 333558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/17/28 | THB | 10471 | 339364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 06/17/34 | THB | 2960 | 103140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, 06/17/45 | THB | 6443 | 227921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%, 06/17/37 | THB | 864 | 31946 |
|  |  |  | 1035929 |
| **Trinidad and Tobago: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond Reg S<br> 5.95%, 01/14/31 | USD | 54 | 55296 |
| **Turkey: 2.7%** |  |  |  |
| Turkiye Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/11/47 † | USD | 504 | 414712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 11/04/36 | USD | 245 | 247556 |
|  |  |  | 662268 |

---

See Notes to Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **United Arab Emirates: 3.8%** |  |  |  |
| UAE International Government Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/19/31 | USD | 280 | $252346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/19/41 | USD | 896 | 686529 |
|  |  |  | 938875 |
| **Uruguay: 1.3%** |  |  |  |
| Uruguay Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/29/35 | UYU | 2415 | 63691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 07/20/33 | UYU | 6042 | 173734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond Reg S<br> 8.50%, 03/15/28 | UYU | 3421 | 89518 |
|  |  |  | 326943 |
| **Uzbekistan: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Uzbekistan International Bond Reg S<br> 3.90%, 10/19/31 | USD | 40 | 37041 |
| **Venezuela: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Venezuela Government International Bond<br> 9.25%, 09/15/27 (d) \* | USD | 445 | 148519 |
| **Zambia: 1.0%** |  |  |  |
| Zambia Government International Bond Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Zambia (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/30/33 (s) | USD | 247 | $243429 |
| **Total Government Obligations**<br> (Cost: $21,182,961) |  |  | 21978021 |
|  |  | **Number<br> of Shares** |  |
| **MONEY MARKET FUND: 3.2%**<br> (Cost: $781,555) |  |  |  |
|  Invesco Treasury Portfolio - Institutional Class 3.64%(b) |  | 781555 | 781555 |
| **Total Investments Before Collateral for Securities Loaned: 98.8%**<br> (Cost: $23,261,116) |  |  | 24083925 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8%** |  |  |  |
| **Money Market Fund: 2.8%** <br> (Cost: $691,581) |  |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(b) |  | 691581 | 691581 |
| **Total Investments: 101.6%**<br> (Cost: $23,952,697) |  |  | 24775506 |
| **Liabilities in excess of other assets: (1.6)%** |  |  | (379140) |
| **NET ASSETS: 100.0%** |  |  | $24396366 |

---

---

| | |
|:---|:---|
| **Definitions:** | **Definitions:** |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| KRW | Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |
| UYU | Uruguayan Peso |

---

---

| | |
|:---|:---|
| **Footnotes:** | **Footnotes:** |
| (a) | Variable rate security — the rate shown is as of 12/31/25 |
| (b) | The rate shown is the 7-day yield as of 12/31/25. |
| (d) | Security in default |
| (o) | Perpetual Maturity — the date shown, if applicable, is the next call date |
| (s) | Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at December 31, 2025. |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $744,227. |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(continued)

---

| | |
|:---|:---|
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 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. These securities 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. These securities have an aggregate value of $4,038,755, or 16.6% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Value** |
| Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $— | $110533 | $— | $110533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil |  | 141110 |  | 141110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 39340 |  | 39340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia |  | 291257 |  | 291257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guyana |  |  | 46348 | 46348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 94788 |  | 94788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamaica |  | 22842 |  | 22842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman |  | 91354 |  | 91354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama |  | 110765 |  | 110765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 82575 |  | 82575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 130255 |  | 130255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 140389 |  | 140389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 22793 |  | 22793 |
| Government Obligations \* |  | 21978021 |  | 21978021 |
| Money Market Funds | 1473136 |  |  | 1473136 |
| **Total Investments** | $1473136 | $23256022 | $46348 | $24775506 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at value (Cost $23,261,116) (1) | $24083925 |
| Short-term investment held as collateral for securities loaned (2) | 691581 |
| Cash | 12759 |
| Cash denominated in foreign currency, at value (Cost $52) | 52 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 19177 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 443106 |
| Prepaid expenses | 2916 |
| Other assets | 6179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 25259695 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 88041 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 691581 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 5705 |
| Deferred Trustee fees | 21766 |
| Accrued expenses | 56236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 863329 |
| **NET ASSETS** | $24396366 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $26628088 |
| &nbsp;&nbsp;&nbsp;Total distributable loss | (2231722) |
| **NET ASSETS** | $24396366 |
| Shares of beneficial interest outstanding | 2981293 |
| Net asset value, redemption and offering price per share | $8.18 |
| (1) Includes Investment in securities on loan, at market value | $744227 |
| (2) Cost of short-term investment held as collateral for securities loaned | $691581 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Income:** | |
| Dividends | $44353 |
| Interest (Net of foreign taxes withheld $12,065) | 1461656 |
| Securities lending income | 10321 |
| &nbsp;&nbsp;&nbsp;Total income | 1516330 |
| **Expenses:** |  |
| Management fees | 192150 |
| Professional fees | 95417 |
| Transfer agent fees | 24148 |
| Custodian fees | 19553 |
| Reports to shareholders | 14143 |
| Trustees' fees and expenses | 6712 |
| Insurance | 5725 |
| Interest | 274 |
| Taxes | 259 |
| Other | 6818 |
| &nbsp;&nbsp;&nbsp;Total expenses | 365199 |
| Expenses assumed by the Adviser | (153302) |
| &nbsp;&nbsp;&nbsp;Net expenses | 211897 |
| &nbsp;&nbsp;&nbsp;Net investment income | 1304433 |
| **Net realized gain (loss) on:** |  |
| Investments (a) | 661932 |
| Forward foreign currency contracts | (7629) |
| Foreign currency transactions and foreign denominated assets and liabilities | (17594) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 636709 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments (b) | 1241899 |
| Foreign currency translations and foreign denominated assets and liabilities | 10107 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1252006 |
| **Net increase in net assets resulting from operations** | $3193148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign taxes of $2,545

(b) Net change in accrued foreign taxes of $943

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31,<br> 2025** | **Year Ended <br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1304433 | $1278185 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 636709 | 220054 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1252006 | (1034928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 3193148 | 463311 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (945012) | (1250013) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 11322367 | 3456287 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 945012 | 1250013 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6396974) | (4936299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 5870405 | (229999) |
| Total increase (decrease) in net assets | 8118541 | (1016701) |
| Net Assets, beginning of year | 16277825 | 17294526 |
| Net Assets, end of year | $24396366 | $16277825 |
| **\* Shares of beneficial interest issued, reinvested and redeemed (unlimited number of $.001 par value shares authorized):** |  |  |
| Shares sold | 1440611 | 452543 |
| Shares reinvested | 122411 | 167787 |
| Shares redeemed | (818329) | (654454) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 744693 | (34124) |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $7.28 | $7.62 | $7.14 | $8.03 | $8.83 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.53 | 0.57 | 0.53 | 0.53 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.79 | (0.35) | 0.26 | (1.09) | (0.78) |
| Total from investment operations | 1.32 | 0.22 | 0.79 | (0.56) | (0.35) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.42) | (0.56) | (0.31) | (0.33) | (0.45) |
| Net asset value, end of year | $8.18 | $7.28 | $7.62 | $7.14 | $8.03 |
| **Total return (b)** | 18.49% | 2.77% | 11.40% | (6.81)% | (4.17)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.90% | 1.99% | 1.98% | 1.82% | 1.89% |
| Net expenses | 1.10% | 1.11% | 1.13% | 1.10% | 1.14% |
| Net expenses excluding interest and taxes | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Net investment income | 6.79% | 7.54% | 7.18% | 7.40% | 4.97% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $24 | $16 | $17 | $17 | $18 |
| Portfolio turnover rate (c) | 214% | 233% | 257% | 284% | 212% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. Returns do not
 include fees and expenses imposed under your variable annuity contract and/or life insurance policy. If these fees and expenses
 were included the returns would be lower.

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**Note 1—Fund Organization**

VanEck VIP Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 7, 1987. The VanEck VIP Emerging Markets Bond Fund (the "Fund") is a non-diversified series of the Trust and seeks high total return (income plus capital appreciation) by investing globally, primarily in a variety of debt securities. The Fund currently offers a single class of shares: Initial Class shares. Van Eck Associates Corp. (the "Adviser") serves as the investment adviser for the Fund.

**Note 2—Significant Accounting Policies**

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies.*

The following summarizes the Fund's significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation** 

The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund utilizes various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and or (ii) quotations from bond dealers to determine current value, and are categorized as Level 2 in the fair value hierarchy. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Forward foreign currency contracts are valued at the spot currency rate plus an amount ("points"), which reflects the differences in interest rates between the U.S. and foreign markets and are categorized as Level 2 in the fair value hierarchy. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

The Fund's Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Fund's fair value determinations, subject to board oversight and certain reporting and other

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund's valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Fund may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments.

A summary of the inputs and the levels used to value the Funds' investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Funds' Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Federal Income Taxes** 

It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Currency Translation** 

Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statement of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Distributions to Shareholders** 

Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Use of Derivative Instruments** 

The Fund may invest in derivative instruments, including, but not limited to, options, futures, swaps and forward foreign currency contracts. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the counter ("OTC") derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. At December 31, 2025, the Fund held no derivative contracts.

**Forward Foreign Currency Contracts**

The Fund may buy and sell forward foreign currency contracts to settle purchases and sales of foreign denominated securities, gain currency exposure or to hedge foreign denominated assets. Realized gains and losses from forward foreign currency contracts, if any, are included in realized gain (loss) on forward foreign currency contracts in the Statement of Operations. During the year ended December 31, 2025 the Fund held forward foreign currency contracts for two months. The amounts purchased and sold (in U.S. dollars) were $834,564 and $826,935, respectively. At December 31, 2025, the Fund held no forward foreign currency contracts. The impact of transactions in derivative instruments during the year ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Foreign Currency<br> Risk** |
| Realized loss: |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts<sup>1</sup> | $(7629) |

---

1 Statement of Operations location: Net realized gain (loss) on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Offsetting Assets and Liabilities** 

In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Fund may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Fund presents securities lending assets and liabilities and derivatives on a gross basis in the Statement of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at December 31, 2025 is presented in the Schedule of Investments and in the Statement of Assets and Liabilities. Non-cash collateral is disclosed in Note 8 (Securities Lending).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Segment Reporting** 

The Fund's Chief Financial Officer and the Fund's Treasurer act as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Segment Reporting (continued)** 

investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Other** 

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Interest income, including amortization of premiums and discounts, is accrued using the effective interest method. Interest income is generally not earned on debt securities in default or upon determination that the income is not realizable. Dividend income is recorded on the ex-dividend date.

The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statement of Operations.

In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

**Note 3—Investment Management and Other Agreements**

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 1.00% of the first $500 million of the Fund's average daily net assets, 0.90% of the next $250 million of average daily net assets, and 0.70% of the average daily net assets in excess of $750 million. The Adviser has agreed, until at least May 1, 2026, to waive fees and/or assume expenses to prevent the Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, dividend and interest payments on securities sold short, taxes, and extraordinary expenses) from exceeding 1.10% of the Fund's average daily net assets. Refer to the Statement of Operations for the amounts assumed by the Adviser for the year ended December 31, 2025.

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Fund's distributor (the "Distributor"). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At December 31, 2025, the aggregate shareholder accounts of two insurance companies owned approximately 70% and 12% of the Fund's outstanding shares of beneficial interest. Investment activities by these shareholders could have a material impact to the Fund.

**Note 4—Investments**

For the year ended in December 31, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. Government securities and short-term investments, aggregated to $44,968,844 and $38,668,826, respectively.

**Note 5—Income Taxes**

As of December 31, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| $24012062 | $967054 | $(203610) | $763444 |

---

------

**Note 5—Income Taxes (continued)**

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for the Fund, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| $1503762 | $(4476891) | $(21765) | $763172 | $(2231722) |

---

*^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

During the year ended December 31, 2025, the Fund utilized $403,150 of its accumulated capital losses available from prior years.

The tax character of distributions paid to shareholders was as follows:

---

| | |
|:---|:---|
| **December 31, 2025** | **December 31, 2024** |
| **Ordinary<br> Income** | **Ordinary<br> Income** |
| $945012 | $1250013 |

---

Each year, the Fund assesses the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2025, the Fund did not have any reclassifications.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Funds do not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Funds' financial statements. However, the Funds are subject to foreign taxes on the appreciation in value of certain investments. The Funds provide for such taxes on both realized and unrealized appreciation.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the year ending in December 31, 2025, the Fund did not incur any such interest or penalties.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") Improvements to Income Tax Disclosures, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for the Fund, since the Fund pays no federal income taxes and has immaterial amounts of state, local and foreign taxes.

**Note 6—Principal Risks**

A non-diversified fund generally holds securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Fund may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the Fund may invest in securities of emerging market issuers, which are exposed to a number of risks that may make

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Principal Risks (continued)**

these investments volatile in price, difficult to trade, and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions, and legal systems that do not protect property risks as well as the laws of the United States. Certain securities of Chinese issuers are, or may in the future become restricted, and the Fund may be forced to sell such restricted securities and incur a loss as a result.

The Fund's securities are subject to varying degrees of credit risk, depending on the issuer's financial condition and on the terms of the securities, which may be reflected in credit ratings. Debt securities and preferred securities are subject to interest rate risk. Interest rate risk refers to fluctuations in the value of a security resulting from changes in the general level of interest rates.

A more complete description of risk is included in the Fund's Prospectus and Statement of Additional Information.

**Note 7—Trustee Deferred Compensation Plan**

The Trust has a Deferred Compensation Plan (the "Deferred Plan") for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of eligible Funds of the Trust, or other registered investment companies managed by the adviser, which include VanEck Funds and VanEck ETF Trust, as directed by the Trustees.

The expense for the Deferred Plan is included in "Trustees' fees and expenses" in the Statement of Operations. The liability for the Deferred Plan is shown as "Deferred Trustee fees" in the Statement of Assets and Liabilities.

**Note 8—Securities Lending**

To generate additional income, the Fund may lend its securities pursuant to a securities lending agreement with the securities lending agent. The Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Fund will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statement of Operations. Cash collateral is maintained on the Fund's behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund's Schedule of Investments or Statement of Assets and Liabilities as it is held by the agent on behalf of the Fund. The Fund does not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Fund bears the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2025, is presented on a gross basis in the Schedule of Investments and Statement of Assets and Liabilities. The following is a summary of the Fund's securities on loan and related collateral as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| $744227 | $691581 | $77013 | $768594 |

---

------

**Note 8—Securities Lending (continued)**

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of Recognized Liabilities<br> for Securities Lending Transactions\* in the<br> Statement of Assets and Liabilities** |
| Corporate Bonds | $691581 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 9—Bank Line of Credit**

The Fund participates with the VanEck VIP Trust and the VanEck Funds (collectively the "VE/VIP Funds") in a $30 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Fund and other temporary or emergency purposes. The participating VE/VIP Funds pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Fund based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2025, the Fund did not borrow under this facility.

VANECK VIP EMERGING MARKETS BOND FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck VIP Trust and Shareholders of VanEck VIP Emerging Markets Bond Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VanEck VIP Emerging Markets Bond Fund (one of the funds constituting VanEck VIP Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 15, 2022 expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 13, 2026

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK VIP EMERGING MARKETS BOND FUND

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Record Date: | 8/20/2025 |
| &nbsp;&nbsp;Payable Date: | 8/21/2025 |
| &nbsp;&nbsp;Ordinary Income Paid Per Share | $0.421120 |
| &nbsp;&nbsp;Dividends Qualifying for the Dividends Received Deduction for Corporations | 0.00% \* |
| &nbsp;&nbsp;Foreign Source Income | 99.96% \* |
| &nbsp;&nbsp;Foreign Taxes Paid Per Share | $0.009600 |

---

\* Expressed as a percentage of the ordinary income distribution grossed up for foreign taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

**VANECK VIP TRUST**

VanEck VIP Emerging Markets Bond Fund

VanEck VIP Emerging Markets Fund

VanEck VIP Global Gold Fund

VanEck VIP Global Resources Fund

A Special Meeting of Shareholders of VanEck VIP Trust (the "Trust") was held at the offices of the Trust, 666 Third Avenue, 9th Floor, New York, New York 10017 on December 5, 2025. The purpose of the meeting was to elect Trustees of the Trust. At the meeting, the following persons were elected by the shareholders to serve as Trustees of the Trust: Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane DiRenzo Pigott, R. Alastair Short, and Jan F. van Eck. No other business was transacted at the meeting.

The results of the voting at the meeting are as follows:

**Proposal: To elect a Board of Trustees\*:**

---

| | | |
|:---|:---|:---|
| Name | For | Withheld |
| Jayesh Bhansali | 20564453.477 | 950861.950 |
| Sara Bonesteel | 20634977.874 | 880337.553 |
| Jon Lukomnik | 20531076.061 | 984239.366 |
| Kevin Moore | 20686324.456 | 828990.971 |
| Jane DiRenzo Pigott | 20637454.194 | 877861.233 |
| R. Alastair Short | 20660633.948 | 854861.479 |
| Jan F. van Eck | 20677058.846 | 838256.581 |
| Total Trust Shares Outstanding\*\*: 27,998,004.352 |  |  |

---

\* Results are for all series portfolios within the Trust.

\*\* As of the record date.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION | ![](x1_c115543x1x1m4.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x1_c115543x1x2m4.jpg) |

---

VanEck VIP Trust

VanEck VIP Emerging Markets Fund

800.826.2333 vaneck.com

*This page is intentionally left blank.*

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1xc115543b001xm4) | 2 |
| [Statement of Assets and Liabilities](#xx1xc115543b002xm4) | 5 |
| [Statement of Operations](#xx1xc115543b003xm4) | 6 |
| [Statement of Changes in Net Assets](#xx1xc115543b004xm4) | 7 |
| [Financial Highlights](#xx1xc115543b005xm4) | 8 |
| [Notes to Financial Statements](#xx1xc115543b006xm4) | 10 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc115543b007xm4) | 17 |
| [Tax Information](#xx1xc115543b008xm4) | 18 |
| [Changes in and Disagreements with Accountants](#xx1xc115543b009xm4) | 19 |
| [Proxy Disclosures](#xx1xc115543b010xm4) | 19 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc115543b011xm4) | 19 |
| [Approval of Investment Advisory Contracts](#xx1xc115543b012xm4) | 19 |

---

VANECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 96.6%** |  |  |
| **Brazil: 5.6%** |  |  |
| JSL SA | 195600 | $215229 |
| MercadoLibre, Inc. (USD) \* | 580 | 1168271 |
| Multiplan Empreendimentos Imobiliarios SA \* | 84000 | 417105 |
| NU Holdings Ltd. (USD) \* | 28000 | 468720 |
| Rede D'Or Sao Luiz SA 144A | 137000 | 1014691 |
| Smartfit Escola de Ginastica e Danca SA \* | 155656 | 660669 |
|  |  | 3944685 |
| **China: 25.7%** |  |  |
| Alibaba Group Holding Ltd. (ADR) † | 14800 | 2169384 |
| ANTA Sports Products Ltd. (HKD) | 38000 | 394614 |
| BYD Co. Ltd. (HKD) | 69000 | 843232 |
| China Resources Mixc Lifestyle Services Ltd. (HKD) 144A | 110000 | 608769 |
| Full Truck Alliance Co. Ltd. (ADR) | 103000 | 1105190 |
| Galaxy Entertainment Group Ltd. (HKD) | 137000 | 675522 |
| H World Group Ltd. (ADR) † | 10000 | 470500 |
| KE Holdings, Inc. (ADR) † | 51000 | 803760 |
| Kuaishou Technology (HKD) 144A | 50000 | 413320 |
| Mao Geping Cosmetics Co. Ltd. (HKD) † | 40000 | 420245 |
| MINISO Group Holding Ltd. (ADR) † | 33500 | 628125 |
| NetEase, Inc. (HKD) | 39000 | 1073482 |
| PDD Holdings, Inc. (ADR) \* | 5500 | 623645 |
| Prosus NV (EUR) | 22000 | 1362217 |
| Shenzhen Inovance Technology Co. Ltd. | 72000 | 777343 |
| TAL Education Group (ADR) \* | 31000 | 338210 |
| Tencent Holdings Ltd. (HKD) | 38500 | 2954626 |
| Tencent Music Entertainment Group (ADR) | 34750 | 609168 |
| Trip.com Group Ltd. (ADR) | 10700 | 769437 |
| Xiaomi Corp. (HKD) 144A \* | 161000 | 812539 |
| Yum China Holdings, Inc. (USD) | 8000 | 381920 |
|  |  | 18235248 |
| **Egypt: 1.2%** |  |  |
| Commercial International Bank | 402600 | 869346 |
| **Georgia: 1.8%** |  |  |
| Lion Finance Group PLC (GBP) | 10000 | 1250236 |
| **Greece: 2.1%** |  |  |
| Eurobank SA | 184000 | 739803 |
| Piraeus Bank SA | 98000 | 782462 |
|  |  | 1522265 |
| **Hungary: 1.2%** |  |  |
| OTP Bank Nyrt | 8300 | 889961 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **India: 17.2%** |  |  |
| Aditya Birla Capital Ltd. \* | 265000 | $1049510 |
| Cholamandalam Investment and Finance Co. Ltd. | 44000 | 833549 |
| Delhivery Ltd. \* | 144000 | 646169 |
| HDFC Bank Ltd. | 54900 | 607515 |
| HDFC Bank Ltd. (ADR) | 41000 | 1498140 |
| Jio Financial Services Ltd. | 279000 | 916485 |
| KEI Industries Ltd. | 14500 | 718943 |
| Larsen & Toubro Ltd. | 13000 | 590753 |
| Lemon Tree Hotels Ltd. 144A \* | 404000 | 715510 |
| Oberoi Realty Ltd. | 56500 | 1049702 |
| Phoenix Mills Ltd. | 55500 | 1145056 |
| PN Gadgil Jewellers Ltd. \* | 48000 | 325762 |
| Reliance Industries Ltd. | 120000 | 2097962 |
|  |  | 12195056 |
| **Kazakhstan: 1.5%** |  |  |
| Kaspi.kz JSC (ADR) \* | 13300 | 1039129 |
| **Mexico: 1.7%** |  |  |
| BBB Foods, Inc. (USD) \* † | 17500 | 584325 |
| Regional SAB de CV | 75000 | 592212 |
|  |  | 1176537 |
| **Peru: 0.8%** |  |  |
| Credicorp Ltd. (USD) | 2050 | 588350 |
| **Philippines: 1.8%** |  |  |
| International Container Terminal Services, Inc. | 133000 | 1276303 |
| **Poland: 2.2%** |  |  |
| Diagnostyka SA | 7700 | 366154 |
| InPost SA (EUR) \* † | 57000 | 700457 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 21000 | 495642 |
|  |  | 1562253 |
| **Russia: 0.0%** |  |  |
| Sberbank of Russia PJSC \*∞ | 340256 | 0 |
| **Saudi Arabia: 2.4%** |  |  |
| Al Rajhi Bank | 23000 | 597428 |
| Saudi National Bank | 62000 | 626149 |
| United International Transportation Co. | 28000 | 465285 |
|  |  | 1688862 |
| **Singapore: 2.4%** |  |  |
| Grab Holdings Ltd. (USD) \* | 157000 | 783430 |
| Sea Ltd. (ADR) \* | 7300 | 931261 |
|  |  | 1714691 |
| **South Africa: 0.6%** |  |  |
| Optasia Group \* | 325500 | 402354 |
| **South Korea: 9.4%** |  |  |
| HD Hyundai Electric Co. Ltd. | 2000 | 1074096 |
| Samsung Biologics Co. Ltd. 144A \* | 910 | 1068508 |
| SK Hynix, Inc. | 10000 | 4528778 |
|  |  | 6671382 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Taiwan: 14.1%** |  |  |
| Chroma ATE, Inc. | 70000 | $1731342 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 156000 | 7668532 |
| Wiwynn Corp. | 4000 | 569866 |
|  |  | 9969740 |
| **Tanzania: 1.3%** |  |  |
| Helios Towers PLC (GBP) \* | 420000 | 927494 |
| **Turkey: 1.4%** |  |  |
| MLP Saglik Hizmetleri AS 144A \* | 112000 | 991552 |
| **United Arab Emirates: 2.2%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 123223 | 479774 |
| ADNOC Drilling Co. PJSC | 240000 | 348948 |
| Emaar Properties PJSC | 190000 | 725143 |
|  |  | 1553865 |
| **Total Common Stocks**<br> (Cost: $41,423,639) |  | 68469309 |
| **PREFERRED SECURITIES: 4.9%** |  |  |
| **Brazil: 1.1%** |  |  |
| Itau Unibanco Holding SA | 107635 | 769253 |
| **South Korea: 3.8%** |  |  |
| Samsung Electronics Co. Ltd. | 44000 | 2731114 |
| **Total Preferred Securities**<br> (Cost: $2,332,473) |  | 3500367 |
| **RIGHTS: 0.0%**<br> (Cost: $0) |  |  |
| **Brazil: 0.0%** |  |  |
| Smartfit Escola de Ginastica e Danca SA, BRL 19.94, exp. 01/08/26\* | 4920 | 2685 |
| **MONEY MARKET FUND: 0.2%**<br> (Cost: $114,459) |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(a) | 114459 | 114459 |
| **Total Investments Before Collateral for Securities Loaned: 101.7%**<br> (Cost: $43,870,571) | **Total Investments Before Collateral for Securities Loaned: 101.7%**<br> (Cost: $43,870,571) | 72086820 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.7%** |  |
| **Money Market Fund: 0.7%**<br> (Cost: $511,482) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 511482 | 511482 |

---

---

| | | |
|:---|:---|:---|
| | **Number<br> of Shares** | **Value** |
| **Total Investments: 102.4%**<br> (Cost: $44,382,053) |  | $72598302 |
| **Liabilities in excess of other assets: (2.4)%** |  | (1714730) |
| **NET ASSETS: 100.0%** |  | $70883572 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

(continued)

------

**Definitions:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| BRL | Brazilian Real |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Footnotes:**

---

| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $5,487,956. |
| ∞ | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| 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 $5,624,889, or 7.9% of net assets. |

---

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $1636991 | $2307694 | $— | $3944685 |
| &nbsp;&nbsp;&nbsp;China | 7899339 | 10335909 |  | 18235248 |
| &nbsp;&nbsp;&nbsp;Egypt | 869346 |  |  | 869346 |
| &nbsp;&nbsp;&nbsp;Georgia |  | 1250236 |  | 1250236 |
| &nbsp;&nbsp;&nbsp;Greece | 782462 | 739803 |  | 1522265 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 889961 |  | 889961 |
| &nbsp;&nbsp;&nbsp;India | 1498140 | 10696916 |  | 12195056 |
| &nbsp;&nbsp;&nbsp;Kazakhstan | 1039129 |  |  | 1039129 |
| &nbsp;&nbsp;&nbsp;Mexico | 1176537 |  |  | 1176537 |
| &nbsp;&nbsp;&nbsp;Peru | 588350 |  |  | 588350 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 1276303 |  | 1276303 |
| &nbsp;&nbsp;&nbsp;Poland |  | 1562253 |  | 1562253 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 626149 | 1062713 |  | 1688862 |
| &nbsp;&nbsp;&nbsp;Singapore | 1714691 |  |  | 1714691 |
| &nbsp;&nbsp;&nbsp;South Africa | 402354 |  |  | 402354 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 6671382 |  | 6671382 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 9969740 |  | 9969740 |
| &nbsp;&nbsp;&nbsp;Tanzania |  | 927494 |  | 927494 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 991552 |  | 991552 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 828722 | 725143 |  | 1553865 |
| Preferred Securities \* |  | 3500367 |  | 3500367 |
| Rights \* | 2685 |  |  | 2685 |
| Money Market Funds | 625941 |  |  | 625941 |
| **Total Investments** | $19690836 | $52907466 | $0 | $72598302 |

---

<br> \* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at value (Cost $43,870,571) (1) | $72086820 |
| Short-term investment held as collateral for securities loaned (2) | 511482 |
| Cash denominated in foreign currency, at value (Cost $109,692) | 111021 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 2198 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 157564 |
| &nbsp;&nbsp;&nbsp;Foreign tax refund | 50137 |
| Prepaid expenses | 7323 |
| Other assets | 22980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 72949525 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 319115 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 511482 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 44150 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 47638 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 170 |
| Deferred Trustee fees | 136276 |
| Accrued expenses | 69564 |
| Accrued foreign taxes | 937558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 2065953 |
| **NET ASSETS** | $70883572 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $60237138 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 10646434 |
| **NET ASSETS** | $70883572 |
| (1) Includes Investment in securities on loan, at market value | $5487956 |
| (2) Cost of short-term investment held as collateral for securities loaned | $511482 |
| **Initial Class:** |  |
| Net Assets | $70076773 |
| Shares of beneficial interest outstanding | 5921357 |
| Net asset value, redemption and offering price per share | $11.83 |
| **Class S:** |  |
| Net Assets | $806799 |
| Shares of beneficial interest outstanding | 69885 |
| Net asset value, redemption and offering price per share | $11.54 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Income:** | |
| Dividends (Net foreign taxes withheld $146,042) | $1577443 |
| Securities lending income | 16803 |
| &nbsp;&nbsp;&nbsp;Total income | 1594246 |
| **Expenses:** |  |
| Management fees | 828496 |
| Distribution fees – Class S | 2079 |
| Professional fees | 111376 |
| Custodian fees | 62380 |
| Transfer agent fees – Initial Class | 30940 |
| Transfer agent fees – Class S | 16942 |
| Trustees' fees and expenses | 30443 |
| Reports to shareholders | 26763 |
| Insurance | 14569 |
| Interest | 2832 |
| Taxes | 259 |
| Other | 3866 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1130945 |
| Expenses assumed by the Adviser | (48730) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1082215 |
| &nbsp;&nbsp;&nbsp;Net investment income | 512031 |
| **Net realized gain (loss) on:** |  |
| Investments (a)(b) | 9234472 |
| Foreign currency transactions and foreign denominated assets and liabilities | (36929) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 9197543 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments (c) | 12450165 |
| Foreign currency translations and foreign denominated assets and liabilities | (1284) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12448881 |
| **Net increase in net assets resulting from operations** | $22158455 |

---

(a) Net of foreign taxes of $179,383

(b) Includes foreign capital gains tax refund of $52,722

(c) Net change in accrued foreign taxes of $20,539

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $512031 | $486555 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 9197543 | (1514099) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 12448881 | 3758759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 22158455 | 2731215 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | (611339) | (1626088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (3706) | (13154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (615045) | (1639242) |
| **Share transactions \*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | 13425640 | 31892702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 59606 | 54453 |
|  | 13485246 | 31947155 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | 611339 | 1626088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 3706 | 13154 |
|  | 615045 | 1639242 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | (43702025) | (61015974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (288430) | (294256) |
|  | (43990455) | (61310230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (29890164) | (27723833) |
| Total decrease in net assets | (8346754) | (26631860) |
| Net Assets, beginning of year | 79230326 | 105862186 |
| Net Assets, end of year | $70883572 | $79230326 |
| **\* Shares of beneficial interest issued, reinvested and redeemed (unlimited number of $.001 par value shares authorized):** |  |  |
| &nbsp;&nbsp;&nbsp;**Initial Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1333891 | 3294137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 56658 | 162609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4022939) | (6288063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (2632390) | (2831317) |
| &nbsp;&nbsp;&nbsp;**Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5932 | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 351 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (27652) | (30606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (21369) | (23600) |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $9.17 | $9.21 | $8.70 | $14.40 | $16.89 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.06 | 0.05 | 0.08 | 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.68 | 0.07 | 0.76 | (3.59) | (1.97) |
| Total from investment operations | 2.74 | 0.12 | 0.84 | (3.50) | (1.95) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.16) | (0.33) | (0.03) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (2.17) | (0.38) |
| Total distributions | (0.08) | (0.16) | (0.33) | (2.20) | (0.54) |
| Net asset value, end of year | $11.83 | $9.17 | $9.21 | $8.70 | $14.40 |
| **Total return (b)** | 29.92% | 1.21% | 9.77% | (24.37)% | (11.87)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.34% | 1.29% | 1.26% | 1.18% | 1.16% |
| Net expenses | 1.30% | 1.29% | 1.26% | 1.18% | 1.16% |
| Net expenses excluding interest and taxes | 1.30% | 1.28% | 1.25% | 1.18% | 1.16% |
| Net investment income | 0.62% | 0.51% | 0.84% | 0.90% | 0.10% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $70 | $78 | $105 | $102 | $153 |
| Portfolio turnover rate (c) | 34% | 26% | 23% | 20% | 36% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund. Returns do not include fees and expenses imposed under your variable
 annuity contract and/or life insurance policy. If these fees and expenses were included the returns would be lower.

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.94 | $8.98 | $8.48 | $14.13 | $16.63 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.04 | 0.02 | 0.05 | 0.06 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.60 | 0.08 | 0.74 | (3.54) | (1.94) |
| Total from investment operations | 2.64 | 0.10 | 0.79 | (3.48) | (1.98) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.14) | (0.29) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (2.17) | (0.38) |
| Total distributions | (0.04) | (0.14) | (0.29) | (2.17) | (0.52) |
| Net asset value, end of year | $11.54 | $8.94 | $8.98 | $8.48 | $14.13 |
| **Total return (b)** | 29.63% | 0.93% | 9.44% | (24.73)% | (12.22)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 3.59% | 3.09% | 2.98% | 2.60% | 2.43% |
| Net expenses | 1.55% | 1.57% | 1.56% | 1.55% | 1.55% |
| Net expenses excluding interest and taxes | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
| Net investment income (loss) | 0.38% | 0.22% | 0.53% | 0.62% | (0.27)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $1 | $1 | $1 | $1 | $1 |
| Portfolio turnover rate (c) | 34% | 26% | 23% | 20% | 36% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ from
 net asset values and performance reported elsewhere by the Fund. Returns do not include fees and expenses imposed under your variable
 annuity contract and/or life insurance policy. If these fees and expenses were included the returns would be lower.

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**Note 1—Fund Organization**

VanEck VIP Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 7, 1987. The VanEck VIP Emerging Markets Fund (the "Fund") is a diversified series of the Trust and seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world. The Fund offers two classes of shares: Initial Class Shares and Class S Shares. The two classes are identical except Class S Shares are subject to a distribution fee. Van Eck Associates Corp. (the "Adviser") serves as the investment adviser for the Fund.

**Note 2—Significant Accounting Policies**

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies.*

The following summarizes the Fund's significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation** 

The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund utilizes various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund's pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

The Fund's Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Fund's fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund's valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Fund may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments.

Any Russian securities held in the Fund at December 31, 2025 are restricted from trading. Therefore, the Pricing Committee is currently fair valuing these investments at $0 as represented in the Schedule of Investments and deeming all these holdings as Level 3 in the fair value hierarchy.

A summary of the inputs and the levels used to value the Fund's investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Fund's Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Federal Income Taxes** 

It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Currency Translation** 

Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statement of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statement of Operations.

Any currency denominated in Rubles held by the Fund cannot be repatriated and is valued at $0 as of December 31, 2025.

VANECK VIP EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Distributions to Shareholders** 

Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Restricted Securities** 

The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Offsetting Assets and Liabilities** 

In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Fund may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Fund presents securities lending assets and liabilities on a gross basis in the Statement of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at December 31, 2025 is presented in the Schedule of Investments and in the Statement of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Segment Reporting** 

The Fund's Chief Financial Officer and the Fund's Treasurer act as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Other** 

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.

Income, non-class specific expenses, gains and losses on investments are allocated to each class of shares based on its relative net assets. Expenses directly attributable to a specific class are charged to that class.

The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statement of Operations.

In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

**Note 3—Investment Management and Other Agreements**

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 1.00% of the Fund's average daily net assets. The Adviser has agreed, until at least May 1, 2026, to waive

**Note 3—Investment Management and Other Agreements (continued)**

fees and/or assume expenses to prevent the Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, dividend and interest payments on securities sold short, taxes, and extraordinary expenses) from exceeding 1.30% and 1.55% of average daily net assets for Initial Class Shares and Class S Shares, respectively. For the year ended December 31, 2025, the Adviser assumed expenses in the amount of $31,762 for Initial Class shares and $16,968 for Class S shares.

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Fund's distributor (the "Distributor"). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At December 31, 2025, the aggregate shareholder accounts of two insurance companies owned approximately 71% and 11% of the Initial Class Shares, and one insurance company owned approximately 96% of the Class S Shares. Investment activities by these shareholders could have a material impact to the Fund.

**Note 4—12b-1 Plan of Distribution**

Pursuant to a Rule 12b-1 Plan of Distribution (the "Plan"), the Fund is authorized to incur distribution expenses which will principally be payments to securities dealers who have sold shares and serviced shareholder accounts, and payments to the Distributor for reimbursement of other actual promotion and distribution expenses incurred by the Distributor on behalf of the Fund. The amount paid under the Plan in any one year is limited to 0.25% of average daily net assets for Class S Shares, and is recorded as Distribution fees in the Statement of Operations.

**Note 5—Investments**

For the year ended in December 31, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. Government securities and short-term investments, aggregated to $27,958,855 and $57,860,650, respectively.

**Note 6—Income Taxes**

As of December 31, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of**<br> **Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| $47017528 | $28408296 | $(2827522) | $25580774 |

---

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for each Fund, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed**<br> **Ordinary**<br> **Income** | **(Accumulated**<br> **Capital Losses^)/**<br> **Undistributed**<br> **Capital Gains** | **Other**<br> **Temporary**<br> **Differences** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Total**<br> **Distributable**<br> **Earnings (Loss)** |
| $1469763 | $(15329032) | $(136276) | $24641979 | $10646434 |

---

*^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

During the year ended December 31, 2025, the Fund utilized $8,328,482 of its accumulated capital losses available from prior years.

The tax character of distributions paid to shareholders was as follows:

VANECK VIP EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)**

---

| | |
|:---|:---|
| **December 31, 2025** | **December 31, 2024** |
| **Ordinary<br> Income** | **Ordinary**<br> **Income** |
| $615045 | $1639242 |

---

Each year, the Fund assesses the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2025, the Fund did not have any reclassifications.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Fund does not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Fund's financial statements. However, the Fund is subject to foreign taxes on the appreciation in value of certain investments. The Fund provides for such taxes on both realized and unrealized appreciation.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the year ending in December 31, 2025, the Fund did not incur any such interest or penalties.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has determined that no additional disclosures are required for the Fund, since the Fund pays no federal income taxes and has immaterial amounts of state, local and foreign taxes.

**Note 7—Principal Risks**

The Fund may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the Fund may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade, and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. Certain securities of Chinese issuers are, or may in the future become restricted, and the Fund may be forced to sell such restricted securities and incur a loss as a result.

As a result of the current conditions related to Russian securities and Russian markets, the Fund has been unable to dispose of the Russian securities in its portfolio, and such positions are deemed illiquid. It is unknown when current restrictions will be lifted. In the event that it becomes possible to dispose of Russian securities, other market participants may attempt to liquidate holdings at the same time as the Fund, and the Fund may be unable to transact at advantageous times or prices with respect to such Russian securities. Russia has taken actions, and may take further actions, that impact the custody of equity securities of Russian issuers which may be detrimental to the Fund's ability to locate and recover such securities. Russia may continue to take similar actions in the future. Custody issues with respect to Russian securities may ultimately result in losses to the Fund. Additionally, while certain Russian securities held by the Fund have declared

**Note 7—Principal Risks (continued)** 

dividends, there is no assurance these dividends can be collected by the Fund. As a result, all such dividend receivables related to these Russian securities are valued at $0 as of December 31, 2025.

A more complete description of risks is included in the Fund's Prospectus and Statement of Additional Information

**Note 8—Trustee Deferred Compensation Plan**

The Trust has a Deferred Compensation Plan (the "Deferred Plan") for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of eligible Funds of the Trust, or other registered investment companies managed by the adviser, which include VanEck Funds and VanEck ETF Trust, as directed by the Trustees.

The expense for the Deferred Plan is included in "Trustees' fees and expenses" in the Statement of Operations. The liability for the Deferred Plan is shown as "Deferred Trustee fees" in the Statement of Assets and Liabilities.

**Note 9—Securities Lending**

To generate additional income, the Fund may lend its securities pursuant to a securities lending agreement with the securities lending agent. The Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Fund will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statement of Operations. Cash collateral is maintained on the Fund's behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund's Schedule of Investments or Statement of Assets and Liabilities as it is held by the agent on behalf of the Fund. The Fund does not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Fund bears the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2025, is presented on a gross basis in the Schedule of Investments and Statement of Assets and Liabilities. The following is a summary of the Fund's securities on loan and related collateral as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| $5487956 | $511482 | $5177297 | $5688779 |

---

VANECK VIP EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 9—Securities Lending (continued)**

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of Recognized Liabilities**<br> **for Securities Lending Transactions\* in the**<br> **Statement of Assets and Liabilities** |
| Equity Securities | $511482 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit**

The Fund participates with the VanEck VIP Trust and the VanEck Funds (collectively the "VE/VIP Funds") in a $30 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Fund and other temporary or emergency purposes. The participating VE/VIP Funds pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Fund based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2025, the Fund borrowed under this facility as follows:

---

| | | |
|:---|:---|:---|
| **Days**<br> **Outstanding** | **Average Daily**<br> **Loan Balance** | **Average**<br> **Interest Rate** |
| 19 | $925467 | 5.30% |

---

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Statement of Assets and Liabilities.

VANECK VIP EMERGING MARKETS FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck VIP Trust and Shareholders of VanEck VIP Emerging Markets Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VanEck VIP Emerging Markets Fund (one of the funds constituting VanEck VIP Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 15, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

February 13, 2026

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK VIP EMERGING MARKETS FUND

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information.

---

| | |
|:---|:---|
| Record Date: | 8/20/2025 |
| Payable Date: | 8/21/2025 |
| Ordinary Income Paid Per Share - Initial Class | $0.076600 |
| Ordinary Income Paid Per Share - Class S | $0.044800 |
| Dividends Qualifying for the Dividends Received Deduction for Corporations | 1.17%\* |
| Foreign Source Income | 74.34% \* |
| Foreign Taxes Paid Per Share - Initial Class and Class S | $0.076200 |

---

\* Expressed as a percentage of the ordinary income distribution grossed up for foreign taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.

VANECK VIP TRUST

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

**VANECK VIP TRUST**

VanEck VIP Emerging Markets Bond Fund

VanEck VIP Emerging Markets Fund

VanEck VIP Global Gold Fund

VanEck VIP Global Resources Fund

A Special Meeting of Shareholders of VanEck VIP Trust (the "Trust") was held at the offices of the Trust, 666 Third Avenue, 9th Floor, New York, New York 10017 on December 5, 2025. The purpose of the meeting was to elect Trustees of the Trust. At the meeting, the following persons were elected by the shareholders to serve as Trustees of the Trust: Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane DiRenzo Pigott, R. Alastair Short, and Jan F. van Eck. No other business was transacted at the meeting.

The results of the voting at the meeting are as follows:

---

| | | |
|:---|:---|:---|
| Proposal: To elect a Board of Trustees\*: |  |  |
| Name | For | Withheld |
| Jayesh Bhansali | 20564453.477 | 950861.950 |
| Sara Bonesteel | 20634977.874 | 880337.553 |
| Jon Lukomnik | 20531076.061 | 984239.366 |
| Kevin Moore | 20686324.456 | 828990.971 |
| Jane DiRenzo Pigott | 20637454.194 | 877861.233 |
| R. Alastair Short | 20660633.948 | 854861.479 |
| Jan F. van Eck | 20677058.846 | 838256.581 |
| Total Trust Shares Outstanding\*\*: 27,998,004.352 |  |  |

---

\* Results are for all series portfolios within the Trust.

\*\* As of the record date.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION | ![](x1_c115543x1x1m4.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x1_c115543x1x2m4.jpg) |

---

VanEck VIP Trust

VanEck VIP Global Gold Fund

800.826.2333 vaneck.com

*This page is intentionally left blank.*

------

---

| | |
|:---|:---|
| [Consolidated Schedule of Investments](#xx1xc115543c001xm4) | 2 |
| [Consolidated Statement of Assets and Liabilities](#xx1xc115543c002xm4) | 4 |
| [Consolidated Statement of Operations](#xx1xc115543c003xm4) | 5 |
| [Consolidated Statement of Changes in Net Assets](#xx1xc115543c004xm4) | 6 |
| [Consolidated Financial Highlights](#xx1xc115543c005xm4) | 7 |
| [Notes to Consolidated Financial Statements](#xx1xc115543c006xm4) | 8 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc115543c007xm4) | 15 |
| [Tax Information](#xx1xc115543c008xm4) | 16 |
| [Changes In and Disagreements with Accountants](#xx1xc115543c009xm4) | 17 |
| [Proxy Disclosures](#xx1xc115543c010xm4) | 17 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc115543c011xm4) | 17 |
| [Approval of Investment Advisory Contracts](#xx1xc115543c012xm4) | 17 |

---

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 95.8%** |  |  |
| **Australia: 14.8%** |  |  |
| Anglogold Ashanti PLC (USD) | 90900 | $7751952 |
| Emerald Resources NL \* | 467181 | 1943322 |
| Evolution Mining Ltd. | 163000 | 1364104 |
| Northern Star Resources Ltd. | 217682 | 3830691 |
| Perseus Mining Ltd. | 118600 | 445862 |
| Predictive Discovery Ltd. \* | 8877272 | 4309570 |
| Westgold Resources Ltd. (CAD) | 349224 | 1468087 |
|  |  | 21113588 |
| **Brazil: 3.5%** |  |  |
| Wheaton Precious Metals Corp. (USD) | 42153 | 4953821 |
| **Burkina Faso: 1.0%** |  |  |
| IAMGOLD Corp. (USD) \* | 91200 | 1503888 |
| **Canada: 59.5%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 55690 | 9441126 |
| Alamos Gold, Inc. (USD) † | 188083 | 7256242 |
| Artemis Gold, Inc. \* | 103400 | 2764013 |
| Barrick Mining Corp. (USD) | 192300 | 8374665 |
| Centerra Gold, Inc. (USD) | 105200 | 1511724 |
| DPM Metals, Inc. | 56000 | 1730735 |
| Franco-Nevada Corp. (USD) | 21130 | 4379826 |
| G Mining Ventures Corp. \* | 324290 | 9802770 |
| Galway Metals, Inc. \* | 409776 | 223913 |
| Kinross Gold Corp. (USD) | 183776 | 5175132 |
| Liberty Gold Corp. \* | 3563409 | 2154843 |
| Lundin Gold, Inc. | 39900 | 3314559 |
| OceanaGold Corp. | 132766 | 3762776 |
| Omai Gold Mines Corp. \*∞ ø | 97000 | 93828 |
| Omai Gold Mines Corp. \* | 2146352 | 2189278 |
| OR Royalties, Inc. (USD) | 68300 | 2417137 |
| Osisko Development Corp. \* | 177000 | 599650 |
| Osisko Development Corp. \*∞ ø | 114223 | 375979 |
| Osisko Development Corp. (USD) \* † | 32916 | 114877 |
| Pan American Silver Corp. (USD) | 100834 | 5224210 |
| Skeena Resources Ltd. \* | 136953 | 3252827 |
| Snowline Gold Corp. \* | 246700 | 3120259 |
| Tectonic Metals, Inc. \* | 324000 | 207730 |
| Torex Gold Resources, Inc. | 58200 | 2779081 |
| Troilus Mining Corp. \* | 2303900 | 2635331 |
| Vizsla Silver Corp. (USD) \* | 147000 | 804090 |
| West Point Gold Corp. \* | 644500 | 652694 |
| West Red Lake Gold Mines Ltd. \* | 956200 | 724526 |
|  |  | 85083821 |
| **Ghana: 0.5%** |  |  |
| Galiano Gold, Inc. (CAD) \* | 292744 | 744364 |
| **Ivory Coast: 3.5%** |  |  |
| Montage Gold Corp. (CAD) \* | 697800 | 5022960 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Netherlands: 0.0%** |  |  |
| Meridian Mining PLC (CAD) \* | 31177 | $34526 |
| **South Africa: 3.6%** |  |  |
| Gold Fields Ltd. (ADR) | 119100 | 5199906 |
| **United States: 9.4%** |  |  |
| Newmont Corp. | 123631 | 12344555 |
| Royal Gold, Inc. | 4910 | 1091444 |
|  |  | 13435999 |
| **Total Common Stocks**<br> (Cost: $46,819,503) |  | 137092873 |
| **WARRANTS: 0.3%** |  |  |
| **Canada: 0.3%** |  |  |
| Liberty Gold Corp.,<br> CAD 0.45, exp. 05/17/26\*∞ ø | 518048 | 136580 |
| Osisko Development Corp.,<br> USD 2.56, exp. 08/16/27\*∞ ø | 88500 | 125643 |
| West Point Gold Corp.,<br> CAD 0.55, exp. 06/10/27\*∞ ø | 322250 | 204482 |
| **Total Warrants**<br> (Cost: $74,207) |  | 466705 |
| **EXCHANGE TRADED FUND: 3.4%(a)**<br> (Cost: $2,599,356) |  |  |
| **United States: 3.4%** |  |  |
| SPDR Gold MiniShares Trust \* | 57100 | 4874627 |
| **MONEY MARKET FUND: 0.8%**<br> (Cost: $1,157,598) |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(b) | 1157598 | 1157598 |
| **Total Investments Before Collateral for Securities Loaned: 100.3%**<br> (Cost: $50,650,664) | **Total Investments Before Collateral for Securities Loaned: 100.3%**<br> (Cost: $50,650,664) | 143591803 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.1%** |  |
| **Money Market Fund: 0.1%**<br> (Cost: $118,444) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(b) | 118444 | 118444 |
| **Total Investments: 100.4%**<br> (Cost: $50,769,108) |  | 143710247 |
| **Liabilities in excess of other assets: (0.4)%** |  | (614142) |
| **NET ASSETS: 100.0%** |  | $143096105 |

---

See Notes to Consolidated Financial Statements

------

**Definitions:**

ADR American Depositary Receipt <br> CAD Canadian Dollar <br> USD United States Dollar

**Footnotes:**

---

| | |
|:---|:---|
| (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 underlying fund's webpage. |
| (b) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $7,002,530. |
| ∞ | 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 $936,512, or 0.7% of net assets |

---

Restricted securities held by the Fund as of December 31, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>Security</u>** | **Acquisition<br> Date** | **Number of<br> Shares** | **Acquisition<br> Cost** | **Value** | **% of<br> Net Assets** |
| Liberty Gold Corp. \* | 05/17/2024 | 518048 | $0 | $136580 | 0.1% |
| Omai Gold Mines Corp. | 10/01/2025 | 97000 | 80010 | 93828 | 0.1% |
| Osisko Development Corp. \* | 07/31/2025 | 88500 | 30947 | 125643 | 0.1% |
| Osisko Development Corp. | 10/09/2025 | 114223 | 389309 | 375979 | 0.3% |
| West Point Gold Corp. \* | 06/11/2025 | 322250 | 43259 | 204482 | 0.1% |
|  |  |  | $543525 | $936512 | 0.7% |

---

\* Warrants

The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $9220039 | $11893549 | $— | $21113588 |
| &nbsp;&nbsp;&nbsp;Brazil | 4953821 |  |  | 4953821 |
| &nbsp;&nbsp;&nbsp;Burkina Faso | 1503888 |  |  | 1503888 |
| &nbsp;&nbsp;&nbsp;Canada | 84614014 |  | 469807 | 85083821 |
| &nbsp;&nbsp;&nbsp;Ghana | 744364 |  |  | 744364 |
| &nbsp;&nbsp;&nbsp;Ivory Coast | 5022960 |  |  | 5022960 |
| &nbsp;&nbsp;&nbsp;Netherlands | 34526 |  |  | 34526 |
| &nbsp;&nbsp;&nbsp;South Africa | 5199906 |  |  | 5199906 |
| &nbsp;&nbsp;&nbsp;United States | 13435999 |  |  | 13435999 |
| Warrants \* |  |  | 466705 | 466705 |
| Exchange Traded Fund | 4874627 |  |  | 4874627 |
| Money Market Funds | 1276042 |  |  | 1276042 |
| **Total Investments** | $130880186 | $11893549 | $936512 | $143710247 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost $50,650,664) (1) | $143591803 |
| Short-term investment held as collateral for securities loaned (2) | 118444 |
| Cash | 37917 |
| Cash denominated in foreign currency, at value (Cost $26,734) | 27079 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 13663 |
| Prepaid expenses | 7305 |
| Other assets | 36289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 143832500 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 340216 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 118444 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 119754 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 30198 |
| Deferred Trustee fees | 77028 |
| Accrued expenses | 50476 |
| Interest | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 736395 |
| **NET ASSETS** | $143096105 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $45456561 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 97639544 |
| **NET ASSETS** | $143096105 |
| Shares of beneficial interest outstanding | 5878409 |
| Net asset value, redemption and offering price per share | $24.34 |
| (1) Includes Investment in securities on loan, at market value | $7002530 |
| (2) Cost of short-term investment held as collateral for securities loaned | $118444 |

---

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED STATEMENT OF OPERATIONS

For the Year Ended December 31, 2025

---

| | |
|:---|:---|
| **Income:** |  |
| Dividends (Net foreign taxes withheld $120,752) | $1143377 |
| Securities lending income | 21966 |
| &nbsp;&nbsp;&nbsp;Total income | 1165343 |
| **Expenses:** |  |
| Management fees | 725976 |
| Administration fees | 241992 |
| Distribution fees | 241992 |
| Professional fees | 92185 |
| Reports to shareholders | 33171 |
| Trustees' fees and expenses | 31136 |
| Transfer agent fees | 21345 |
| Custodian fees | 19631 |
| Insurance | 14389 |
| Interest | 3631 |
| Taxes | 259 |
| Other | 649 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1426356 |
| Expenses assumed by the Adviser | (18910) |
| &nbsp;&nbsp;&nbsp;Net expenses | 1407446 |
| &nbsp;&nbsp;&nbsp;Net investment loss | (242103) |
| **Net realized gain (loss) on:** |  |
| Investments | 15643214 |
| Foreign currency transactions and foreign denominated assets and liabilities | (13528) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 15629686 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 77065829 |
| Foreign currency translations and foreign denominated assets and liabilities | 166 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 77065995 |
| **Net increase in net assets resulting from operations** | $92453578 |

---

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(242103) | $(87892) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 15629686 | 5397351 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 77065995 | 1846241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 92453578 | 7155700 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | (1310001) | (1772283) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | &nbsp;&nbsp;&nbsp;58502589 | &nbsp;&nbsp;&nbsp;17809609 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;1310001 | &nbsp;&nbsp;&nbsp;1772283 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | &nbsp;&nbsp;&nbsp;(65521423) | &nbsp;&nbsp;&nbsp;(21237149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (5708833) | (1655257) |
| Total increase in net assets | 85434744 | 3728160 |
| Net Assets, beginning of year | 57661361 | 53933201 |
| Net Assets, end of year | $143096105 | $57661361 |
| **\* Shares of beneficial interest issued, reinvested and redeemed (unlimited number of $.001 par value shares authorized):** |  |  |
| Shares sold | 3959459 | 1907497 |
| Shares reinvested | 81014 | 174094 |
| Shares redeemed | (4342053) | (2340600) |
| &nbsp;&nbsp;&nbsp;Net decrease | (301580) | (259009) |

---

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $9.33 | $8.38 | $7.59 | $8.77 | $11.68 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.04) | (0.01) | 0.02 | 0.03 | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 15.27 | 1.24 | 0.77 | (1.21) | (1.67) |
| Total from investment operations | 15.23 | 1.23 | 0.79 | (1.18) | (1.68) |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.28) |  |  | (1.23) |
| Net asset value, end of year | $24.34 | $9.33 | $8.38 | $7.59 | $8.77 |
| **Total return (b)** | 164.43% | 14.41% | 10.41% | (13.45)% | (13.91)% |
| **Ratios to average net assets** |  |  |  |  |  |
| Gross expenses | 1.47% | 1.58% | 1.55% | 1.53% | 1.58% |
| Net expenses | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
| Net investment income (loss) | (0.25)% | (0.15)% | 0.23% | 0.35% | (0.08)% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $143 | $58 | $54 | $46 | $51 |
| Portfolio turnover rate (c) | 55% | 44% | 35% | 39% | 38% |

---

(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted
 Accounting Principles and may differ from net asset values and performance reported elsewhere by the Fund. Returns do not
 include fees and expenses imposed under your variable annuity contract and/or life insurance policy. If these fees and expenses
 were included the returns would be lower.

(c) Portfolio turnover is not annualized.

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2025

**Note 1—Fund Organization**

VanEck VIP Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 7, 1987. The VanEck VIP Global Gold Fund (the "Fund") is a non-diversified series of the Trust and seeks long-term capital appreciation by investing in common stocks of gold-mining companies or directly in gold bullion and other metals. The Fund may effect certain investments through the wholly owned VIP Gold Fund Subsidiary (the "Subsidiary"). The Fund currently offers a single class of shares: Class S shares. Van Eck Associates Corp. (the "Adviser") serves as the investment adviser for the Fund**.**

**Note 2—Significant Accounting Policies**

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies.*

The following summarizes the Fund's significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation** 

The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund utilizes various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded, they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund's pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. market, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Fund may also fair value securities in other situations, such as when a particular foreign market is closed but the Fund is open. Non-exchange traded warrants of publicly traded companies are generally valued using the Black-Scholes model, which incorporates both observable and unobservable inputs. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

The Fund's Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Fund's fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund's valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Fund may realize upon sale of an investment may differ materially from the value presented in the Consolidated Schedule of Investments.

A summary of the inputs and the levels used to value the Fund's investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Fund's Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Consolidated Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis for Consolidation** 

The Subsidiary, a Cayman Islands exempted company, acts as an investment vehicle in order to effect certain investments on behalf of the Fund. All interfund account balances and transactions between the Fund and Subsidiary have been eliminated in consolidation. As of December 31, 2025, the Fund held $4,887,831 in its Subsidiary, representing 3.4% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Federal Income Taxes** 

It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Currency Translation** 

Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statement of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statement of Operations.

VANECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Distributions to Shareholders** 

Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually by the Fund. Income dividends and capital gain distributions are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Restricted Securities** 

The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of the Consolidated Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Warrants** 

The Fund may invest in warrants whose values are linked to indices or underlying instruments. The Fund may use these warrants to gain exposure to markets that might be difficult to invest in through conventional securities. Warrants may be more volatile than their linked indices or underlying instruments. Potential losses are limited to the amount of the original investment. Warrants held at December 31, 2025 are reflected in the Consolidated Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Offsetting Assets and Liabilities** 

In the ordinary course of business, the Fund enters into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Fund may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Fund presents securities lending assets and liabilities on a gross basis in the Consolidated Statement of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at December 31, 2025 is presented in the Consolidated Schedule of Investments and in the Consolidated Statement of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Segment Reporting** 

The Fund's Chief Financial Officer and the Fund's Treasurer act as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Other** 

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.

The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Consolidated Statement of Operations.

In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund's maximum exposure under these agreements is unknown as this would

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Other (continued)** 

involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

**Note 3— Investment Management and Other Agreements**

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.75% of the first $500 million of the Fund's average daily net assets, 0.65% of the next $250 million of average daily net assets and 0.50% of the average daily net assets in excess of $750 million. The Adviser has agreed, until May 1, 2026, to waive fees and/or assume expenses to prevent the Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, dividend and interest payments on securities sold short, taxes, and extraordinary expenses) from exceeding 1.45% of the Fund's average daily net assets. Refer to the Consolidated Statement of Operations for the amounts assumed by the Adviser for the year ended December 31, 2025.

The Adviser also performs accounting and administrative services for the Fund. The Adviser is paid a monthly fee at a rate of 0.25% of the average daily net assets for the Fund per year on the first $750 million of the average daily net assets, and 0.20% per year of the average daily net assets in excess of $750 million. The amount received by the Adviser pursuant to this contract for the year ended December 31, 2025 is recorded as Administration fees in the Consolidated Statement of Operations.

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Fund's distributor (the "Distributor"). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At December 31, 2025, the aggregate shareholder accounts of two insurance companies owned approximately 58% and 33% of the Fund's outstanding shares of beneficial interest. Investment activities by these shareholders could have a material impact to the Fund.

**Note 4—12b-1 Plan of Distribution**

Pursuant to a Rule 12b-1 Plan of Distribution (the "Plan"), the Fund is authorized to incur distribution expenses which will principally be payments to securities dealers who have sold shares and serviced shareholder accounts, and payments to the Distributor for reimbursement of other actual promotion and distribution expenses incurred by the Distributor on behalf of the Fund. The amount paid under the Plan in any one year is limited to 0.25% of average daily net assets, and is recorded as Distribution fees in the Statement of Operations.

**Note 5—Investments**

For the year ended in December 31, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. Government securities and short-term investments, aggregated to $52,676,454 and $60,971,124, respectively.

**Note 6—Income Taxes**

As of December 31, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of** <br> **Investments** | **Gross** <br> **Unrealized** <br> **Appreciation** | **Gross** <br> **Unrealized <br> Depreciation** | **Net Unrealized** <br> **Appreciation** <br> **(Depreciation)** |
| $72082474 | $72523254 | $(882277) | $71640977 |

---

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for the Fund, were as follows:

VANECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed** <br> **Ordinary** <br> **Income** | **(Accumulated** <br> **Capital Losses^)/** <br> **Undistributed** <br> **Capital Gains** | **Other** <br> **Temporary** <br> **Differences** | **Unrealized** <br> **Appreciation** <br> **(Depreciation)** | **Total** <br> **Distributable** <br> **Earnings (Loss)** |
| $18486485 | $7597743 | $(77027) | $71632343 | $97639544 |

---

*^* *These accumulated capital losses are available to offset future capital gains and have an unlimited expiration*

During the year ended December 31, 2025, the Fund utilized $5,695,072 of its accumulated capital losses available from prior years.

The tax character of distributions paid to shareholders was as follows:

---

| | |
|:---|:---|
| **December 31, 2025** | **December 31, 2024** |
| **Ordinary**<br>**Income** | **Ordinary**<br>**Income** |
| $1310001 | $1772283 |

---

During the year ended December 31, 2025 as a result of permanent book to tax differences primarily due to differences in the treatment of income and realized gains from the Fund's controlled foreign corporation subsidiary, the Fund incurred differences that affected distributable earnings and aggregate paid in capital by the amounts in the table below. Net assets were not affected by these reclassifications.

---

| | |
|:---|:---|
| **Increase**<br> **(Decrease)**<br> **in Total Distributable**<br> **Earnings (Loss)** | **Increase**<br> **(Decrease)**<br> **in Aggregate**<br> **Paid in Capital** |
| $10193 | $(10193) |

---

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Fund does not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Fund's financial statements. However, the Fund is subject to foreign taxes on the appreciation in value of certain investments. The Fund provides for such taxes on both realized and unrealized appreciation.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Consolidated Statement of Operations. During the year ending in December 31, 2025, the Fund did not incur any such interest or penalties.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2025. Management has determined that no additional disclosures are required for the Fund, since the Fund pays no federal income taxes and has immaterial amounts of state, local and foreign taxes.

**Note 7—Principal Risks**

A non-diversified fund generally holds securities of fewer issuers than diversified funds (See Note 1) and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. The Fund may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, currency controls, less reliable

------

**Note 7—Principal Risks (continued)**

information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters. Additionally, the Fund may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade, and potentially less liquid than securities issued in more developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States. Changes in laws or government regulations by the United States and/or the Cayman Islands could adversely affect the operations of the Fund.

The Fund may concentrate its investments in companies which are significantly engaged in the exploration, development, production and distribution of gold and other natural resources such as strategic and other metals, minerals, forest products, oil, natural gas and coal, and by investing in gold bullion and coins. In addition, the Fund may invest up to 25% of its net assets in gold and silver coins, gold, silver, platinum and palladium bullion and exchange traded funds that invest in such coins and bullion and derivatives on the foregoing. Since the Fund may so concentrate, it may be subject to greater risks and market fluctuations than other more diversified portfolios. The production and marketing of gold and other natural resources may be affected by actions and changes in governments. In addition, gold and natural resources may be cyclical in nature.

A more complete description of risks is included in the Fund's Prospectus and Statement of Additional Information.

**Note 8—Trustee Deferred Compensation Plan**

The Trust has a Deferred Compensation Plan (the "Deferred Plan") for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of eligible Funds of the Trust, or other registered investment companies managed by the Adviser, which include VanEck Funds and VanEck ETF Trust, as directed by the Trustees.

The expense for the Deferred Plan is included in "Trustees' fees and expenses" in the Consolidated Statement of Operations. The liability for the Deferred Plan is shown as "Deferred Trustee fees" in the Consolidated Statement of Assets and Liabilities.

**Note 9—Securities Lending**

To generate additional income, the Fund may lend its securities pursuant to a securities lending agreement with the securities lending agent. The Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Fund will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statement of Operations. Cash collateral is maintained on the Fund's behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund's Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities as it is held by the agent on behalf of the Fund. The Fund does not have the ability to re-hypothecate those securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Fund bears the risk

VANECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(continued)

**Note 9—Securities Lending (continued)**

of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2025, is presented on a gross basis in the Consolidated Schedule of Investments and Consolidated Statement of Assets and Liabilities. The following is a summary of the Fund's securities on loan and related collateral as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| $7002530 | $118444 | $7129192 | $7247636 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of Recognized Liabilities<br> for Securities Lending Transactions\* in the<br> Statement of Assets and Liabilities** |
| Equity Securities | $118444 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit**

The Fund participates with the VanEck VIP Trust and the VanEck Funds (collectively the "VE/VIP Funds") in a $30 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Fund and other temporary or emergency purposes. The participating VE/VIP Funds pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Fund based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2025, the Fund borrowed under this facility as follows:

---

| | | |
|:---|:---|:---|
| **Days**<br> **Outstanding** | **Average Daily**<br> **Loan Balance** | **Average**<br> **Interest Rate** |
| 25 | $912409 | 5.64% |

---

Outstanding loan balances as of December 31, 2025, if any, are reflected in the Consolidated Statement of Assets and Liabilities.

VANECK VIP GLOBAL GOLD FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck VIP Trust and Shareholders of VanEck VIP Global Gold Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of VanEck VIP Global Gold Fund and its subsidiary (one of the funds constituting VanEck VIP Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related consolidated statement of operations for the year ended December 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the four years in the period ended December 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year ended December 31, 2025, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of the Fund as of and for the year ended December 31, 2021, and the consolidated financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the consolidated financial highlights) were audited by other auditors whose report dated February 15, 2022, expressed an unqualified opinion on those consolidated financial statements and financial highlights.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 13, 2026

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK VIP GLOBAL GOLD FUND

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information.

---

| | |
|:---|:---|
| Record Date: | 8/20/2025 |
| Payable Date: | 8/21/2025 |
| Ordinary Income Paid Per Share - Class S | $0.220330 |
| Dividends Qualifying for the Dividends Received Deduction for Corporations | 7.18% \* |
| Foreign Source Income | 27.07% \* |
| Foreign Taxes Paid Per Share - Class S | $0.012700 |

---

\* Expressed as a percentage of the ordinary income distribution grossed up for foreign taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments.

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

**VANECK VIP TRUST**

VanEck VIP Emerging Markets Bond Fund

VanEck VIP Emerging Markets Fund

VanEck VIP Global Gold Fund

VanEck VIP Global Resources Fund

A Special Meeting of Shareholders of VanEck VIP Trust (the "Trust") was held at the offices of the Trust, 666 Third Avenue, 9th Floor, New York, New York 10017 on December 5, 2025. The purpose of the meeting was to elect Trustees of the Trust. At the meeting, the following persons were elected by the shareholders to serve as Trustees of the Trust: Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane DiRenzo Pigott, R. Alastair Short, and Jan F. van Eck. No other business was transacted at the meeting.

The results of the voting at the meeting are as follows:

**Proposal: To elect a Board of Trustees\*:**

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| | | |
|:---|:---|:---|
| Name | For | Withheld |
| Jayesh Bhansali | 20564453.477 | 950861.950 |
| Sara Bonesteel | 20634977.874 | 880337.553 |
| Jon Lukomnik | 20531076.061 | 984239.366 |
| Kevin Moore | 20686324.456 | 828990.971 |
| Jane DiRenzo Pigott | 20637454.194 | 877861.233 |
| R. Alastair Short | 20660633.948 | 854861.479 |
| Jan F. van Eck | 20677058.846 | 838256.581 |
| Total Trust Shares Outstanding\*\*: 27,998,004.352 |  |  |

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<br> \* Results are for all series portfolios within the Trust. <br> \*\* As of the record date.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025<br> ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION | ![](x1_c115543x1x1m4.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](x1_c115543x1x2m4.jpg) |

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VanEck VIP Trust

VanEck VIP Global Resources Fund

800.826.2333 vaneck.com

*This page is intentionally left blank.*

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| | |
|:---|:---|
| [Schedule of Investments](#xx1xc115543d001xm4) | 2 |
| [Statement of Assets and Liabilities](#xx1xc115543d002xm4) | 4 |
| [Statement of Operations](#xx1xc115543d003xm4) | 5 |
| [Statement of Changes in Net Assets](#xx1xc115543d004xm4) | 6 |
| [Financial Highlights](#xx1xc115543d005xm4) | 7 |
| [Notes to Financial Statements](#xx1xc115543d006xm4) | 9 |
| [Report of Independent Registered Public Accounting Firm](#xx1xc115543d007xm4) | 16 |
| [Tax Information](#xx1xc115543d008xm4) | 17 |
| [Changes In and Disagreements with Accountants](#xx1xc115543d009xm4) | 18 |
| [Proxy Disclosures](#xx1xc115543d010xm4) | 18 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc115543d011xm4) | 18 |
| [Approval of Investment Advisory Contracts](#xx1xc115543d012xm4) | 18 |

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VANECK VIP GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

December 31, 2025

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| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 99.1%** |  |  |
| **Australia: 3.2%** |  |  |
| Glencore PLC (GBP) | 1795600 | $9815936 |
| Lynas Rare Earths Ltd. \* † | 167600 | 1374560 |
|  |  | 11190496 |
| **Belgium: 0.8%** |  |  |
| Titan America SA (USD) | 177500 | 2925200 |
| **Brazil: 1.6%** |  |  |
| Suzano SA | 617900 | 5793911 |
| **Canada: 25.4%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 64522 | 10938414 |
| Alamos Gold, Inc. (USD) † | 103200 | 3981456 |
| Barrick Mining Corp. (USD) | 297274 | 12946283 |
| Cameco Corp. (USD) | 31600 | 2891084 |
| Capstone Copper Corp. \* † | 509200 | 5112219 |
| Cenovus Energy, Inc. (USD) † | 84300 | 1426356 |
| Franco-Nevada Corp. (USD) | 36300 | 7524264 |
| Hudbay Minerals, Inc. (USD) | 206600 | 4101010 |
| Kinross Gold Corp. (USD) | 384300 | 10821888 |
| Neo Performance Materials, Inc. | 140200 | 1589386 |
| NGEx Minerals Ltd. \* | 104700 | 1952803 |
| Nutrien Ltd. (USD) | 166565 | 10280392 |
| Pan American Silver Corp. (USD) | 143600 | 7439916 |
| Suncor Energy, Inc. | 122500 | 5437106 |
| West Fraser Timber Co. Ltd. † | 51100 | 3126201 |
|  |  | 89568778 |
| **China: 1.2%** |  |  |
| PetroChina Co. Ltd. (HKD) | 4031000 | 4345008 |
| **France: 3.9%** |  |  |
| Nexans SA | 28800 | 4233600 |
| TotalEnergies SE | 144500 | 9421109 |
|  |  | 13654709 |
| **Ireland: 1.3%** |  |  |
| Smurfit WestRock PLC (USD) | 116600 | 4508922 |
| **Luxembourg: 1.1%** |  |  |
| ArcelorMittal SA (USD) | 86000 | 3919020 |
| **Netherlands: 2.7%** |  |  |
| JBS NV (USD) \* | 669050 | 9647701 |
| **South Africa: 8.1%** |  |  |
| Anglo American PLC (GBP) | 272377 | 11266194 |
| Gold Fields Ltd. (ADR) | 174300 | 7609938 |
| Northam Platinum Holdings Ltd. | 254700 | 5168613 |
| Valterra Platinum Ltd. (GBP) † | 55028 | 4592500 |
|  |  | 28637245 |
| **United Kingdom: 5.6%** |  |  |
| Shell PLC (ADR) | 205500 | 15100140 |
| Yellow Cake PLC 144A \* | 573700 | 4541901 |
|  |  | 19642041 |

---

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| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **United States: 42.6%** |  |  |
| Alcoa Corp. | 81900 | $4352166 |
| Archer-Daniels-Midland Co. | 102000 | 5863980 |
| Chevron Corp. | 45500 | 6934655 |
| Commercial Metals Co. | 65400 | 4526988 |
| ConocoPhillips | 23143 | 2166416 |
| Corteva, Inc. | 59433 | 3983794 |
| Diamondback Energy, Inc. | 10488 | 1576661 |
| Energy Fuels, Inc. \* † | 62900 | 914566 |
| EQT Corp. | 95200 | 5102720 |
| Expand Energy Corp. | 45800 | 5054488 |
| Exxon Mobil Corp. | 120126 | 14455963 |
| First Solar, Inc. \* | 7100 | 1854733 |
| Freeport-McMoRan, Inc. | 81339 | 4131208 |
| Graphic Packaging Holding Co. | 105400 | 1587324 |
| Hormel Foods Corp. | 91300 | 2163810 |
| International Paper Co. | 91800 | 3616002 |
| Ivanhoe Electric, Inc. / US \* | 265811 | 4247660 |
| Kirby Corp. \* | 44100 | 4858938 |
| Marathon Petroleum Corp. | 18500 | 3008655 |
| MasTec, Inc. \* | 10600 | 2304122 |
| Mosaic Co. | 190300 | 4584327 |
| Newmont Corp. | 119796 | 11961630 |
| Ormat Technologies, Inc. | 79480 | 8780156 |
| Packaging Corp. of America | 21900 | 4516437 |
| Permian Resources Corp. | 112649 | 1580465 |
| Phillips 66 | 50600 | 6529424 |
| Solaris Energy Infrastructure, Inc. | 130200 | 5985294 |
| Steel Dynamics, Inc. | 30900 | 5236005 |
| Tyson Foods, Inc. | 64000 | 3751680 |
| Uranium Energy Corp. \* | 128100 | 1496208 |
| Valero Energy Corp. | 45700 | 7439503 |
| WaterBridge Infrastructure LLC \* | 47700 | 954477 |
| Weyerhaeuser Co. | 193800 | 4591122 |
|  |  | 150111577 |
| **Zambia: 1.6%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 208900 | 5600903 |
| **Total Common Stocks**<br> (Cost: $247,975,450) |  | 349545511 |
| **MONEY MARKET FUND: 3.0%**<br> (Cost: $10,405,954) |  |  |
| Invesco Treasury Portfolio - Institutional Class 3.64%(a) | 10405954 | 10405954 |
| **Total Investments Before Collateral for Securities Loaned: 102.1%**<br> (Cost: $258,381,404) | **Total Investments Before Collateral for Securities Loaned: 102.1%**<br> (Cost: $258,381,404) | 359951465 |

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See Notes to Financial Statements

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| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 1.0%** |  |
| **Money Market Fund: 1.0%**<br> (Cost: $3,468,673) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio 3.80%(a) | 3468673 | $3468673 |
| **Total Investments: 103.1%**<br> (Cost: $261,850,077) |  | 363420138 |
| **Liabilities in excess of other assets: (3.1)%** | **Liabilities in excess of other assets: (3.1)%** | (11063375) |
| **NET ASSETS: 100.0%** |  | $352356763 |

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**Definitions:**

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| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CAD | Canadian Dollar |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

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**Footnotes:**

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| | |
|:---|:---|
| (a) | The rate shown is the 7-day yield as of 12/31/25. |
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $16,989,304. |
| 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 $4,541,901, or 1.3% of net assets. |

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The summary of inputs used to value the Fund's investments as of December 31, 2025 is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Value** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $11190496 | $— | $11190496 |
| &nbsp;&nbsp;&nbsp;Belgium | 2925200 |  |  | 2925200 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 5793911 |  | 5793911 |
| &nbsp;&nbsp;&nbsp;Canada | 89568778 |  |  | 89568778 |
| &nbsp;&nbsp;&nbsp;China |  | 4345008 |  | 4345008 |
| &nbsp;&nbsp;&nbsp;France |  | 13654709 |  | 13654709 |
| &nbsp;&nbsp;&nbsp;Ireland | 4508922 |  |  | 4508922 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 3919020 |  |  | 3919020 |
| &nbsp;&nbsp;&nbsp;Netherlands | 9647701 |  |  | 9647701 |
| &nbsp;&nbsp;&nbsp;South Africa | 7609938 | 21027307 |  | 28637245 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 15100140 | 4541901 |  | 19642041 |
| &nbsp;&nbsp;&nbsp;United States | 150111577 |  |  | 150111577 |
| &nbsp;&nbsp;&nbsp;Zambia | 5600903 |  |  | 5600903 |
| Money Market Funds | 13874627 |  |  | 13874627 |
| **Total Investments** | $302866806 | $60553332 | $— | $363420138 |

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See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

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| | |
|:---|:---|
| **Assets:** | |
| Investments, at value (Cost $258,381,404) (1) | $359951465 |
| Short-term investment held as collateral for securities loaned (2) | 3468673 |
| Cash denominated in foreign currency, at value (Cost $302) | 309 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 3107 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 608559 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 436329 |
| Prepaid expenses | 12313 |
| Other assets | 74155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 364554910 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 7893616 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 3468673 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 285463 |
| &nbsp;&nbsp;&nbsp;Due to custodian | 101504 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 41615 |
| Deferred Trustee fees | 332693 |
| Accrued expenses | 74583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 12198147 |
| **NET ASSETS** | $352356763 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $315021131 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 37335632 |
| **NET ASSETS** | $352356763 |
| (1) Includes Investment in securities on loan, at market value | $16989304 |
| (2) Cost of short-term investment held as collateral for securities loaned | $3468673 |
| **Initial Class:** |  |
| Net Assets | $159069342 |
| Shares of beneficial interest outstanding | 4747058 |
| Net asset value, redemption and offering price per share | $33.51 |
| **Class S:** |  |
| Net Assets | $193287421 |
| Shares of beneficial interest outstanding | 6045639 |
| Net asset value, redemption and offering price per share | $31.97 |

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See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

STATEMENT OF OPERATIONS

For the Year Ended December 31, 2025

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| | |
|:---|:---|
| **Income:** | |
| Dividends (Net foreign taxes withheld $347,202) | $9164980 |
| Securities lending income | 48888 |
| &nbsp;&nbsp;&nbsp;Total income | 9213868 |
| **Expenses:** |  |
| Management fees | 2782585 |
| Distribution fees – Class S | 395305 |
| Professional fees | 88605 |
| Transfer agent fees – Initial Class | 40834 |
| Transfer agent fees – Class S | 36674 |
| Trustees' fees and expenses | 71522 |
| Reports to shareholders | 53981 |
| Insurance | 26794 |
| Custodian fees | 23364 |
| Taxes | 259 |
| Other | 15542 |
| &nbsp;&nbsp;&nbsp;Total expenses | 3535465 |
| &nbsp;&nbsp;&nbsp;Net investment income | 5678403 |
| **Net realized gain (loss) on:** |  |
| Investments (a) | 17240615 |
| Forward foreign currency contracts | 3 |
| Foreign currency transactions and foreign denominated assets and liabilities | (18193) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 17222425 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 68786969 |
| Foreign currency translations and foreign denominated assets and liabilities | 16179 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 68803148 |
| **Net increase in net assets resulting from operations** | $91703976 |

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(a) Net of foreign taxes of $28,923

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

STATEMENT OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,<br> 2025** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5678403 | $7409569 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 17222425 | 12143097 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 68803148 | (26199499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 91703976 | (6646833) |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | (3404737) | (3694901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (3695317) | (3605151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (7100054) | (7300052) |
| **Share transactions \*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | 24163448 | 21223843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 52703314 | 18277965 |
|  | 76866762 | 39501808 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | 3404737 | 3694901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 3695317 | 3605151 |
|  | 7100054 | 7300052 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | (27992514) | (48814289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (43142642) | (39238116) |
|  | (71135156) | (88052405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 12831660 | (41250545) |
| Total increase (decrease) in net assets | 97435582 | (55197430) |
| Net Assets, beginning of year | 254921181 | 310118611 |
| Net Assets, end of year | $352356763 | $254921181 |
| **\* Shares of beneficial interest issued, reinvested and redeemed (unlimited number of $.001 par value shares authorized):** |  |  |
| &nbsp;&nbsp;&nbsp; **Initial Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 836395 | 794413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 118056 | 135842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (981506) | (1818295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (27055) | (888040) |
| &nbsp;&nbsp;&nbsp;**Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1852046 | 710067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested | 134180 | 138660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1540746) | (1525763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 445480 | (677036) |

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See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** | **Initial Class** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $25.18 | $26.59 | $28.39 | $26.61 | $22.48 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.60 | 0.71 | 0.61 | 0.69 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 8.47 | (1.41) | (1.63) | 1.57 | 3.84 |
| Total from investment operations | 9.07 | (0.70) | (1.02) | 2.26 | 4.24 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.74) | (0.71) | (0.78) | (0.48) | (0.11) |
| Net asset value, end of year | $33.51 | $25.18 | $26.59 | $28.39 | $26.61 |
| **Total return (b)** | 36.48% | (2.83)% | (3.58)% | 8.39% | 18.92% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 1.08% | 1.09% | 1.12% | 1.09% | 1.09% |
| Expenses excluding interest and taxes | 1.08% | 1.09% | 1.12% | 1.08% | N/A |
| Net investment income | 2.08% | 2.65% | 2.23% | 2.37% | 1.54% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $159 | $120 | $151 | $192 | $169 |
| Portfolio turnover rate (c) | 43% | 57% | 44% | 55% | 27% |

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(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund. Returns do not include fees and expenses imposed under
 your variable annuity contract and/or life insurance policy. If these fees and expenses were included the returns would be
 lower.

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each year:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **Class S** | **Class S** | **Class S** | **Class S** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $24.05 | $25.42 | $27.16 | $25.49 | $21.55 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.50 | 0.63 | 0.52 | 0.59 | 0.33 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 8.09 | (1.37) | (1.57) | 1.51 | 3.69 |
| Total from investment operations | 8.59 | (0.74) | (1.05) | 2.10 | 4.02 |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.67) | (0.63) | (0.69) | (0.43) | (0.08) |
| Net asset value, end of year | $31.97 | $24.05 | $25.42 | $27.16 | $25.49 |
| **Total return (b)** | 36.17% | (3.09)% | (3.84)% | 8.12% | 18.68% |
| **Ratios to average net assets** |  |  |  |  |  |
| Expenses | 1.32% | 1.33% | 1.36% | 1.33% | 1.34% |
| Net investment income | 1.82% | 2.44% | 1.99% | 2.14% | 1.31% |
| **Supplemental data** |  |  |  |  |  |
| Net assets, end of year (in millions) | $193 | $135 | $160 | $213 | $173 |
| Portfolio turnover rate (c) | 43% | 57% | 44% | 55% | 27% |

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(a) Calculated based upon average shares outstanding

(b) Returns are not annualized and include adjustments required by U.S. Generally Accepted Accounting Principles and may differ
 from net asset values and performance reported elsewhere by the Fund. Returns do not include fees and expenses imposed under
 your variable annuity contract and/or life insurance policy. If these fees and expenses were included the returns would be
 lower.

(c) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

December 31, 2025

**Note 1—Fund Organization**

VanEck VIP Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 7, 1987. The VanEck VIP Global Resources Fund (the "Fund") is a diversified series of the Trust and seeks long-term capital appreciation by investing primarily in global resources securities. The Fund offers two classes of shares: Initial Class Shares and Class S Shares. The two classes are identical except Class S Shares are subject to a distribution fee. Van Eck Associates Corp. (the "Adviser") serves as the investment adviser for the Fund.

**Note 2—Significant Accounting Policies**

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

The Fund is an investment company and follows accounting and reporting requirements of Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies.*

The following summarizes the Fund's significant accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation** 

The Fund values its investments in securities and other assets and liabilities at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Fund utilizes various methods to measure the fair value of their investments on a recurring basis, which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels of the fair value hierarchy are described below:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

Securities traded on national exchanges are valued at the closing price on the markets in which the securities trade. Securities traded on the NASDAQ Stock Market LLC ("NASDAQ") are valued at the NASDAQ official closing price. Over-the-counter securities not included on NASDAQ and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy. Certain foreign securities, whose values may be affected by market direction or events occurring before the Fund's pricing time (4:00 p.m. Eastern Time) but after the last close of the securities' primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR's and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Open-end mutual fund investments (including money market funds) are valued at their net asset value each business day and are categorized as Level 1.

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Security Valuation (continued)** 

The Fund's Board of Trustees (the "Trustees") has designated the Adviser as valuation designee to perform the Fund's fair value determinations, subject to board oversight and certain reporting and other requirements. The Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee of the Adviser convenes regularly to review the fair value of financial instruments or other assets. If market quotations for a security or other asset are not readily available, or if the Adviser believes they do not otherwise reflect the fair value of a security or asset, the security or asset will be fair valued by the Pricing Committee in accordance with the Fund's valuation policies and procedures. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, periodic comparisons to valuations provided by other independent pricing services, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be categorized either as Level 2 or Level 3 in the fair value hierarchy. The price which the Fund may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments.

A summary of the inputs and the levels used to value the Fund's investments are located in the Schedule of Investments. Additionally, tables that reconcile the valuation of the Fund's Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Federal Income Taxes** 

It is the Fund's policy to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income and net realized capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Currency Translation** 

Assets and liabilities denominated in foreign currencies and commitments under foreign currency contracts are translated into U.S. dollars at the closing prices of such currencies each business day as quoted by one or more sources. Purchases and sales of investments are translated at the exchange rates prevailing when such investments are acquired or sold. Foreign denominated income and expenses are translated at the exchange rates prevailing when accrued. The portion of realized and unrealized gains and losses on investments that result from fluctuations in foreign currency exchange rates is not separately disclosed in the financial statements. Such amounts are included with the net realized and unrealized gains and losses on investment securities in the Statement of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments, and liabilities are recorded as net realized gain (loss) and net change in unrealized appreciation (depreciation) on foreign currency transactions and foreign denominated assets and liabilities in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Distributions to Shareholders** 

Dividends to shareholders from net investment income and distributions from net realized capital gains, if any, are declared and paid annually. Income dividends, capital gain distributions and return of capital distributions, if any, are determined in accordance with U.S. income tax regulations, which may differ from such amounts determined in accordance with GAAP.

------

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Restricted Securities** 

The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Use of Derivative Instruments** 

The Fund may invest in derivative instruments, including, but not limited to, options, futures, swaps and forward foreign currency contracts. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over-the counter ("OTC") derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivative instruments also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument. At December 31, 2025, the Fund held no derivative contracts.

**Forward Foreign Currency Contracts**

The Fund may buy and sell forward foreign currency contracts to settle purchases and sales of foreign denominated securities, gain currency exposure or to hedge foreign denominated assets. Realized gains and losses from forward foreign currency contracts, if any, are included in realized gain (loss) on forward foreign currency contracts in the Statement of Operations. During the year ended December 31, 2025 the Fund held forward foreign currency contracts for one month. The average amounts purchased (in U.S. dollars) was $33,609. At December 31, 2025, the Fund held no forward foreign currency contracts. The impact of transactions in derivative instruments during the year ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Foreign Currency<br>Risk** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts<sup>1</sup> | $3 |

---

1 Statement of Operations location: Net realized gain (loss) on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Offsetting Assets and Liabilities

In the ordinary course of business, the Fund enter into transactions subject to enforceable master netting or other similar agreements. Generally, the right of offset in those agreements allows the Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. The Fund may receive cash and or securities as collateral for securities lending. For financial reporting purposes, the Fund presents securities lending assets and liabilities on a gross basis in the Statement of Assets and Liabilities. Cash collateral received for securities lending held in the form of money market fund investments, if any, at December 31, 2025 is presented in the Schedule of Investments and in the Statement of Assets and Liabilities. Non-cash collateral is disclosed in Note 9 (Securities Lending).

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 2—Significant Accounting Policies (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Segment Reporting** 

The Fund's Chief Financial Officer and the Fund's Treasurer act as the Fund's chief operating decision maker (CODM), assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, with a defined investment strategy which is executed by the Adviser. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Other**

Security transactions are accounted for on trade date. Realized gains and losses are determined based on the specific identification method. Dividend income is recorded on the ex-dividend date except that certain dividends from foreign securities are recognized upon notification of the ex-dividend date.

Income, non-class specific expenses, gains and losses on investments are allocated to each class of shares based on its relative net assets. Expenses directly attributable to a specific class are charged to that class.

The Fund earns interest income on uninvested cash balances held at the custodian bank. Such amounts, if any, are presented as interest income in the Statement of Operations.

In the normal course of business, the Fund enters into contracts that contain a variety of general indemnifications. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Adviser believes the risk of loss under these arrangements to be remote.

**Note 3—Investment Management and Other Agreements**

The Adviser receives a management fee, calculated daily and payable monthly based on an annual rate of 0.95% of the first $500 million of average daily net assets, 0.90% of the next $250 million of average daily net assets and 0.70% of the average daily net assets in excess of $750 million. The Adviser has agreed, until May 1, 2026, to waive fees and assume expenses to prevent the Fund's total annual operating expenses (excluding acquired fund fees and expenses, interest expense, trading expenses, dividend and interest payments on securities sold short, taxes, and extraordinary expenses) from exceeding 1.20% and 1.45% of average daily net assets for Initial Class Shares and Class S Shares, respectively. During the year ended December 31, 2025, there were no waivers or expenses assumed by the Adviser.

In addition, Van Eck Securities Corporation, an affiliate of the Adviser, acts as the Funds' distributor (the "Distributor"). Certain officers and a Trustee of the Trust are officers, directors or stockholders of the Adviser and Distributor.

At December 31, 2025, the aggregate shareholder accounts of two insurance companies owned approximately 43% and 27% of the Initial Class Shares, and three insurance companies owned approximately 38%, 36%, 16% of the Class S Shares. Investment activities by these shareholders could have a material impact to the fund.

**Note 4—12b-1 Plan of Distribution**

Pursuant to a Rule 12b-1 Plan of Distribution (the "Plan"), the Fund is authorized to incur distribution expenses which will principally be payments to securities dealers who have sold shares and serviced shareholder accounts, and payments to the Distributor for reimbursement of other actual promotion and distribution expenses incurred by the Distributor on behalf of the Fund. The amount paid under the Plan in any one year is limited to 0.25% of average daily net assets for Class S Shares, and is recorded as Distribution fees in the Statement of Operations.

------

**Note 5—Investments**

For the year ended in December 31, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. Government securities and short-term investments, aggregated to $135,548,230 and $124,623,786, respectively.

**Note 6—Income Taxes**

As of December 31, 2025, for Federal income tax purposes, the identified tax cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| $263741065 | $110213695 | $(10534622) | $99679073 |

---

As of December 31, 2025, the components of total distributable earnings (loss) on a tax basis, for the Fund, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Undistributed<br> Ordinary<br> Income** | **(Accumulated<br> Capital Losses^)/<br> Undistributed<br> Capital Gains** | **Other<br> Temporary<br> Differences** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Total<br> Distributable<br> Earnings (Loss)** |
| $6357096 | $(68371024) | $(332695) | $99682255 | $37335632 |

---

*^ These accumulated capital losses are available to offset future capital gains and have an unlimited expiration.*

During the year ended December 31, 2025, the Fund utilized $16,800,665 of its accumulated capital losses available from prior years.

The tax character of distributions paid to shareholders was as follows:

---

| | |
|:---|:---|
| **December 31, 2025** | **December 31, 2024** |
| **Ordinary<br> Income** | **Ordinary<br> Income** |
| $7100054 | $7300052 |

---

Each year, the Fund assesses the need for any reclassifications due to permanent book to tax differences that affect distributable earnings (losses) and aggregate paid in capital. Net assets are not affected by these reclassifications. During the year ended December 31, 2025, the Fund did not have any reclassifications.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more-likely-than-not" to be sustained assuming examination by applicable tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on return filings for all open tax years. The Fund does not have exposure for additional years that might still be open in certain foreign jurisdictions. Therefore, no provision for income tax is required in the Fund's financial statements. However, the Fund is subject to foreign taxes on the appreciation in value of certain investments. The Fund provides for such taxes on both realized and unrealized appreciation.

The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the year ending in December 31, 2025, the Fund did not incur any such interest or penalties.

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific information regarding income taxes paid. The new disclosures are effective for funds with fiscal years beginning after December 15, 2024. Management has

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

(continued)

**Note 6—Income Taxes (continued)** 

determined that no additional disclosures are required for the Fund, since the Fund pays no federal income taxes and has immaterial amounts of state, local and foreign taxes.

**Note 7—Principal Risks**

The Fund may purchase securities on foreign exchanges. Securities of foreign issuers involve special risks and considerations not typically associated with investing in U.S. issuers. These risks include devaluation of currencies, less reliable information about issuers, different securities transaction clearance and settlement practices, and future adverse political and economic developments and political conflicts, or natural or other disasters. Additionally, the Fund may invest in securities of emerging market issuers, which are exposed to a number of risks that may make these investments volatile in price or difficult to trade and potentially less liquid than securities issued in developed markets. Political risks may include unstable governments, nationalization, restrictions on foreign ownership, laws that prevent investors from getting their money out of a country, sanctions and investment restrictions and legal systems that do not protect property risks as well as the laws of the United States.

The Fund concentrates its investments in the securities of global resource companies, including precious metals, base and industrial metals, energy, natural resources and other commodities. Since the Fund may so concentrate, it may be subject to greater risks and market fluctuations than other more diversified portfolios. Changes in general economic conditions, including commodity price volatility, changes in exchange rates, imposition of import controls, rising interest rates, prices of raw materials and other commodities, depletion of resources and labor relations, could adversely affect the Fund's portfolio companies.

A more complete description of risks is included in the Fund's Prospectus and Statement of Additional Information.

**Note 8—Trustee Deferred Compensation Plan**

The Trust has a Deferred Compensation Plan (the "Deferred Plan") for Trustees under which the Trustees can elect to defer receipt of their trustee fees until retirement, disability or termination from the Board of Trustees. The fees otherwise payable to the participating Trustees are deemed invested in shares of eligible Funds of the Trust, or other registered investment companies managed by the adviser, which include VanEck Funds and VanEck ETF Trust, as directed by the Trustees.

The expense for the Deferred Plan is included in "Trustees' fees and expenses" in the Statement of Operations. The liability for the Deferred Plan is shown as "Deferred Trustee fees" in the Statement of Assets and Liabilities.

**Note 9—Securities Lending**

To generate additional income, the Fund may lend its securities pursuant to a securities lending agreement with the securities lending agent. The Fund may lend up to 33% of its investments requiring that the loan be continuously collateralized by cash, cash equivalents, U.S. government securities, or any combination of cash and such securities at all times equal to at least 102% (105% for foreign securities) of the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the next business day. During the term of the loan, the Fund will continue to receive any dividends, interest or amounts equivalent thereto, on the securities loaned while receiving a fee from the borrower and or earning interest on the investment of the cash collateral. Such fees and interest are shared with the securities lending agent under the terms of the securities lending agreement. Securities lending income is disclosed as such in the Statement of Operations. Cash collateral is maintained on the Fund's behalf by the lending agent and is invested in the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral consists of U.S. Treasuries and U.S. Government Agency securities, and is not disclosed in the Fund's Schedule of Investments or Statement of Assets and Liabilities as it is held by the agent on behalf of the Fund. The Fund does not have the ability to re-hypothecate those securities. Loans are subject

------

**Note 9—Securities Lending (continued)**

to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the securities loaned. The Fund bears the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. The value of loaned securities and related cash collateral, if any, at December 31, 2025, is presented on a gross basis in the Schedule of Investments and Statement of Assets and Liabilities. The following is a summary of the Fund's securities on loan and related collateral as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value<br>of Securities<br>on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| $16989304 | $3468673 | $14435504 | $17904177 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of December 31, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of Recognized Liabilities<br>for Securities Lending Transactions\* in the<br>Statement of Assets and Liabilities** |
| Equity Securities | $3468673 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit**

The Fund participates with the VanEck VIP Trust and the VanEck Funds (collectively the "VE/VIP Funds") in a $30 million committed credit facility (the "Facility") to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of the Fund and other temporary or emergency purposes. The participating VE/VIP Funds pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the Fund based on prevailing market rates in effect at the time of borrowings. During the year ended December 31, 2025, the Fund did not borrow under this facility.

VANECK VIP GLOBAL RESOURCES FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of VanEck VIP Trust and Shareholders of VanEck VIP Global Resources Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of VanEck VIP Global Resources Fund (one of the funds constituting VanEck VIP Trust, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the four years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the four years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended December 31, 2021, and the financial highlights for each of the periods ended on or prior to December 31, 2021 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated February 15, 2022, expressed an unqualified opinion on those financial statements and financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, transfer agent and broker; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 13, 2026

We have served as the auditor of one or more investment companies in the VanEck Funds complex since 2022.

VANECK VIP GLOBAL RESOURCES FUND

TAX INFORMATION

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended December 31, 2025. Please consult your tax advisor for proper treatment of this information.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Record Date: | 8/20/2025 |
| &nbsp;&nbsp;Payable Date: | 8/21/2025 |
| &nbsp;&nbsp;Ordinary Income Paid Per Share – Initial Class | $0.736620 |
| &nbsp;&nbsp;Ordinary Income Paid Per Share – Class S | $0.670570 |
| &nbsp;&nbsp;Dividends Qualifying for the Dividends Received Deduction for Corporations | 38.44% |

---

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

**VANECK VIP TRUST**

VanEck VIP Emerging Markets Bond Fund

VanEck VIP Emerging Markets Fund

VanEck VIP Global Gold Fund

VanEck VIP Global Resources Fund

A Special Meeting of Shareholders of VanEck VIP Trust (the "Trust") was held at the offices of the Trust, 666 Third Avenue, 9th Floor, New York, New York 10017 on December 5, 2025. The purpose of the meeting was to elect Trustees of the Trust. At the meeting, the following persons were elected by the shareholders to serve as Trustees of the Trust: Jayesh Bhansali, Sara Bonesteel, Jon Lukomnik, Kevin Moore, Jane DiRenzo Pigott, R. Alastair Short, and Jan F. van Eck. No other business was transacted at the meeting.

The results of the voting at the meeting are as follows:

**Proposal: To elect a Board of Trustees\*:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | For | Withheld |
| &nbsp;&nbsp;Jayesh Bhansali | 20564453.477 | 950861.950 |
| &nbsp;&nbsp;Sara Bonesteel | 20634977.874 | 880337.553 |
| &nbsp;&nbsp;Jon Lukomnik | 20531076.061 | 984239.366 |
| &nbsp;&nbsp;Kevin Moore | 20686324.456 | 828990.971 |
| &nbsp;&nbsp;Jane DiRenzo Pigott | 20637454.194 | 877861.233 |
| &nbsp;&nbsp;R. Alastair Short | 20660633.948 | 854861.479 |
| &nbsp;&nbsp;Jan F. van Eck | 20677058.846 | 838256.581 |
| &nbsp;&nbsp;Total Trust Shares Outstanding\*\*: 27,998,004.352 |  |  |

---

\* Results are for all series portfolios within the Trust.

\*\* As of the record date.

**Remuneration Paid to Directors, Officers, and Others**

Refer to the financial statements included herein.

**Approval of Investment Advisory Contracts**

Not applicable.

Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Information included in Item 7.

Item 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Information included in Item 7.

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No material changes.

Item 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [The code of ethics is attached as EX-99.CODE ETH](c111876_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached as Exhibit 99.CERT.](c111876_ex99-cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is furnished as Exhibit 99.906CERT.](c111876_ex99-906cert.htm) |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) VANECK VIP TRUST | (Registrant) VANECK VIP TRUST |
| By (Signature and Title) | /s/ John J. Crimmins, CFO |
| Date <u>March 10, 2026</u> |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title) | /s/ Jan F. van Eck, CEO |
| Date <u>March 10, 2026</u> |  |
| By (Signature and Title) | /s/ John J. Crimmins, CFO |
| Date <u>March 10, 2026</u> |  |

---

## Ex-99.Code

EX-99.CODE ETH

VANECK VIP TRUST

VANECK FUNDS

VANECK ETF TRUST

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

SENIOR FINANCIAL OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. COVERED OFFICERS/PURPOSE OF THE CODE

VanEck's Code of Ethics (this "Code") for the investment companies within the complex (collectively, "Funds" and each, "Company") applies to the Company's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;○ honest and ethical conduct, including the ethical handling of actual or apparent conflicts
of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;○ full, fair, accurate, timely and understandable disclosure in reports and documents that
a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications
made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;○ compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;○ the prompt internal reporting of violations of the Code to an appropriate person or persons
identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;○ accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST

OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

○ not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

○ not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

○ not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

There are some conflict of interest situations that should always be discussed with the Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;○ service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;○ the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;○ the receipt of any entertainment from any company with which the Company has current or prospective
business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not
so frequent as to raise any question of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;○ any ownership interest in, or any consulting or employment relationship with, any of the
Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof,

&nbsp;&nbsp;&nbsp;&nbsp;○ a direct or indirect financial interest in commissions, transaction charges or spreads paid
by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the
Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. DISCLOSURE AND COMPLIANCE

&nbsp;&nbsp;&nbsp;&nbsp;○ Each Covered Officer should familiarize himself with the disclosure requirements generally
applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;○ Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent,
facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and
to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;○ Each Covered Officer should, to the extent appropriate within his area of responsibility,
consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely
and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications
made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;○ It is the responsibility of each Covered Officer to promote compliance with the standards
and restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. REPORTING AND ACCOUNTABILITY

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;○ report at least annually all affiliations or other relationships related to conflicts of
interest that the Company's Directors and Officers Questionnaire covers;

&nbsp;&nbsp;&nbsp;&nbsp;○ upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer),
affirm in writing to the Board that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;○ annually thereafter affirm to the Board that he has complied with the requirements of the
Code;

&nbsp;&nbsp;&nbsp;&nbsp;○ not retaliate against any other Covered Officer or any employee of the Funds or their affiliated
persons for reports of potential violations that are made in good faith, and

&nbsp;&nbsp;&nbsp;&nbsp;○ notify the Compliance Officer promptly if he knows of any violation of this Code. Failure
to do so is itself a violation of this Code.

The Compliance Officer or other designated senior legal officer of the Funds' investment adviser is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by the Principal Executive Officer will be considered by the Governance Committee.

The Company will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;○ the Compliance Officer or other designated senior legal officer
will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;○ if, after such investigation, the Compliance Officer believes
that no violation has occurred, the Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;○ any matter that the Compliance Officer believes is a violation
will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;○ if the Committee concurs that a violation has occurred, it will
inform the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable
policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss
the Covered Officer-;

&nbsp;&nbsp;&nbsp;&nbsp;○ the Committee will be responsible for granting waivers, as appropriate;
and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. OTHER POLICIES AND PROCEDURES

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in the Van Eck Employee Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. AMENDMENTS

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. INTERNAL USE

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

EXHIBIT A

COVERED OFFICERS

Jan F. van Eck, Chief Executive Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

John J. Crimmins, Chief Financial Officer, VanEck Funds, VanEck VIP Trust and VanEck ETF Trust

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jan F. van Eck, Chief Executive Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck VIP Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;March 10, 2026 |  |  |
| | | /s/ | Jan F. van Eck |
| | |  | Jan F. van Eck |
| | |  | Chief Executive Officer |

---

I, John J. Crimmins, Chief Financial Officer, certify that:

1. I have reviewed this report on Form N-CSR of VanEck VIP Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets, of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;March 10, 2026 |  |  |
| | | /s/ | John J. Crimmins |
| | |  | John J. Crimmins |
| | |  | Chief Financial Officer |

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## Exhibit 99.906

EX99-906CERT

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of VanEck VIP Trust (comprising of VanEck VIP Global Resources Fund, VanEck VIP Emerging Markets Fund, VanEck VIP Emerging Markets Bond Fund and VanEck VIP Global Gold Fund), do hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of VanEck VIP Trust for the period ending December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of VanEck VIP Trust.

---

| | | |
|:---|:---|:---|
| Dated: | March 10, 2026 | /s/ Jan F. van Eck |
|  |  | Jan F. van Eck |
|  |  | Chief Executive Officer |
|  |  | VanEck VIP Trust |
| Dated: | March 10, 2026 | /s/ John J. Crimmins |
|  |  | John J. Crimmins |
|  |  | Chief Financial Officer |
|  |  | VanEck VIP Trust |

---

This certification is being furnished solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Report or as a separate disclosure document.