# EDGAR Filing Document

**Accession Number:** 0000811976
**File Stem:** 0000930413-25-002901
**Filing Date:** 2025-9
**Character Count:** 293944
**Document Hash:** 7564cf16fb81bd46efedb22ca776c4cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002901.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0000930413-25-002901

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05083
- **FILM NUMBER:** 251295090

**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)

VanEck 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: DECEMBER 31

Date of reporting period: JUNE 30, 2025

Item 1. REPORTS TO STOCKHOLDERS.

# VanEck VIP Emerging Markets Bond Fund

## Initial Class

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i3f85e1e01e574809e0b3067b.jpg)

This semi-annual shareholder report contains important information about the VanEck VIP Emerging Markets Bond Fund (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $57 | 1.10%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$18,412,142

* Number of Portfolio Holdings106

* Portfolio Turnover Rate126%

* Advisory Fees Paid$7,203

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i6610b0ac104facaac8863649.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 2.0% |
| Other Investments | 0.8% |
| Money Market Fund | 5.6% |
| Real Estate | 1.0% |
| Industrials | 1.0% |
| Utilities | 1.1% |
| Financials | 1.4% |
| Energy | 6.5% |
| Government | 80.6% |

---

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

---

| | |
|:---|:---|
| Invesco Treasury Portfolio - Institutional Class | 5.6% |
| Republic of Poland Government Bond, 6.00%, 10/25/2033 | 3.6% |
| China Government Bond, 1.75%, 2/21/2027 | 3.4% |
| Indonesia Treasury Bond, 6.50%, 7/15/2030 | 3.1% |
| Saudi Government International Bond, 3.38%, 3/5/2032 | 2.8% |
| Republic of South Africa Government Bond, 8.75%, 1/31/2044 | 2.6% |
| Republic of South Africa Government Bond, 9.00%, 1/31/2040 | 2.5% |
| Philippine Government International Bond, 6.25%, 1/14/2036 | 2.3% |
| Malaysia Government Bond, 2.63%, 4/15/2031 | 2.3% |
| Thailand Government Bond, 2.98%, 6/17/2045 | 2.2% |

---

![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](i13d8bd361d719f2b0861e35c.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

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i3f85e1e01e574809e0b3067b.jpg)

This semi-annual shareholder report contains important information about the VanEck VIP Emerging Markets Fund (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $70 | 1.30%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$87,137,971

* Number of Portfolio Holdings73

* Portfolio Turnover Rate19%

* Advisory Fees Paid$383,029

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i05afa222fb1a621b4d3028b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.2)% |
| Other Investments | 0.4% |
| Consumer Staples | 1.0% |
| Energy | 4.1% |
| Health Care | 4.8% |
| Communication Services | 5.2% |
| Real Estate | 7.3% |
| Industrials | 11.1% |
| Information Technology | 17.5% |
| Consumer Discretionary | 22.7% |
| Financials | 27.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.0% |
| Reliance Industries Ltd. | 4.1% |
| MercadoLibre, Inc. | 3.9% |
| SK Hynix, Inc. | 3.7% |
| Prosus NV | 3.3% |
| Lion Finance Group PLC | 2.7% |
| Samsung Electronics Co. Ltd. | 2.5% |
| Tencent Holdings Ltd. | 2.4% |
| Phoenix Mills Ltd. | 2.4% |
| HDFC Bank Ltd. | 2.4% |

---

![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](i13d8bd361d719f2b0861e35c.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

## Class S

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i3f85e1e01e574809e0b3067b.jpg)

This semi-annual shareholder report contains important information about the VanEck VIP Emerging Markets Fund (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $83 | 1.55%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$87,137,971

* Number of Portfolio Holdings73

* Portfolio Turnover Rate19%

* Advisory Fees Paid$383,029

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](if161d732aa92fef9020ad0f2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (1.2)% |
| Other Investments | 0.4% |
| Consumer Staples | 1.0% |
| Energy | 4.1% |
| Health Care | 4.8% |
| Communication Services | 5.2% |
| Real Estate | 7.3% |
| Industrials | 11.1% |
| Information Technology | 17.5% |
| Consumer Discretionary | 22.7% |
| Financials | 27.1% |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.0% |
| Reliance Industries Ltd. | 4.1% |
| MercadoLibre, Inc. | 3.9% |
| SK Hynix, Inc. | 3.7% |
| Prosus NV | 3.3% |
| Lion Finance Group PLC | 2.7% |
| Samsung Electronics Co. Ltd. | 2.5% |
| Tencent Holdings Ltd. | 2.4% |
| Phoenix Mills Ltd. | 2.4% |
| HDFC Bank Ltd. | 2.4% |

---

![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](i13d8bd361d719f2b0861e35c.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 Global Gold Fund

## Class S

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i3f85e1e01e574809e0b3067b.jpg)

This semi-annual shareholder report contains important information about the VanEck VIP Global Gold Fund (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $93 | 1.46%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$88,264,645

* Number of Portfolio Holdings40

* Portfolio Turnover Rate40%

* Advisory Fees Paid$277,265

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ib59e2c0d568182da1c4e0956.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in excess of other assets | (0.3)% |
| Other Investments | 0.5% |
| Silver | 2.4% |
| Gold | 97.4% |

---

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

---

| | |
|:---|:---|
| Agnico Eagle Mines Ltd. | 9.4% |
| Alamos Gold, Inc. | 6.0% |
| Kinross Gold Corp. | 5.9% |
| Newmont Corp. | 5.9% |
| Lundin Gold, Inc. | 5.7% |
| Anglogold Ashanti PLC | 5.0% |
| Wheaton Precious Metals Corp. | 4.6% |
| Franco-Nevada Corp. | 4.4% |
| SPDR Gold MiniShares Trust | 4.2% |
| G Mining Ventures Corp. | 4.1% |

---

![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](i13d8bd361d719f2b0861e35c.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 Global Resources Fund

## Initial Class

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i3f85e1e01e574809e0b3067b.jpg)

This semi-annual shareholder report contains important information about the VanEck VIP Global Resources Fund (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $57 | 1.08%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$283,781,794

* Number of Portfolio Holdings69

* Portfolio Turnover Rate20%

* Advisory Fees Paid$1,262,606

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](ic5a2cb0309a2b3cc3df022bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Money Market Fund | 2.3% |
| Industrials & Utilities | 1.1% |
| Other Materials | 1.5% |
| Renewables & Alternatives | 4.1% |
| Paper & Forest | 4.6% |
| Gold & Precious Metals | 16.3% |
| Agriculture | 18.5% |
| Base & Industrial Metals | 20.3% |
| Oil & Gas | 31.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount is less than 0.05% |

---

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

---

| | |
|:---|:---|
| Shell PLC | 4.8% |
| Exxon Mobil Corp. | 4.3% |
| JBS NV | 3.2% |
| Freeport-McMoRan, Inc. | 3.2% |
| Corteva, Inc. | 3.1% |
| Nutrien Ltd. | 3.0% |
| TotalEnergies SE | 3.0% |
| Kinross Gold Corp. | 2.8% |
| Agnico Eagle Mines Ltd. | 2.6% |
| FMC Corp. | 2.4% |

---

![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](i13d8bd361d719f2b0861e35c.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 Global Resources Fund

## Class S

### **Semi-Annual Shareholder Report - June 30, 2025**![Image](i3f85e1e01e574809e0b3067b.jpg)

This semi-annual shareholder report contains important information about the VanEck VIP Global Resources Fund (the "Fund") for the period January 1, 2025 to June 30, 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 six months ?** 
**(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 | $70 | 1.32%<sup>Footnote Reference(a)</sup> |

---

---

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

---

### Key Fund Statistics
* Total Net Assets$283,781,794

* Number of Portfolio Holdings69

* Portfolio Turnover Rate20%

* Advisory Fees Paid$1,262,606

### What did the Fund invest in?

### Portfolio Composition (% of Total Net Assets)
![Group By Sector Chart](i5f9776e108796847cd4002e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other assets less liabilities | 0.0%<sup>Footnote Reference\*</sup> |
| Money Market Fund | 2.3% |
| Industrials & Utilities | 1.1% |
| Other Materials | 1.5% |
| Renewables & Alternatives | 4.1% |
| Paper & Forest | 4.6% |
| Gold & Precious Metals | 16.3% |
| Agriculture | 18.5% |
| Base & Industrial Metals | 20.3% |
| Oil & Gas | 31.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote<sup>\*</sup> | Amount is less than 0.05% |

---

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

---

| | |
|:---|:---|
| Shell PLC | 4.8% |
| Exxon Mobil Corp. | 4.3% |
| JBS NV | 3.2% |
| Freeport-McMoRan, Inc. | 3.2% |
| Corteva, Inc. | 3.1% |
| Nutrien Ltd. | 3.0% |
| TotalEnergies SE | 3.0% |
| Kinross Gold Corp. | 2.8% |
| Agnico Eagle Mines Ltd. | 2.6% |
| FMC Corp. | 2.4% |

---

![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](i13d8bd361d719f2b0861e35c.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/.

Item 2. CODE OF ETHICS.

Not applicable for semi-annual reports.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semi-annual reports.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semi-annual reports.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semi-annual reports.

Item 6. INVESTMENTS.

Information included in Item 7.

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

![](x1_c113433x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND**

**OTHER INFORMATION**

VanEck VIP Trust

VanEck VIP Emerging Markets Bond Fund

<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

*This page is intentionally left blank.*

------

---

| | |
|:---|:---|
| [Schedule of Investments](#xx1xc113433a001xm4) | 2 |
| [Statement of Assets and Liabilities](#xx1xc113433a002xm4) | 7 |
| [Statement of Operations](#xx1xc113433a003xm4) | 8 |
| [Statement of Changes in Net Assets](#xx1xc113433a004xm4) | 9 |
| [Financial Highlights](#xx1xc113433a005xm4) | 10 |
| [Notes to Financial Statements](#xx1xc113433a006xm4) | 11 |
| [Changes In and Disagreements with Accountants](#xx1xc113433a007xm4) | 17 |
| [Proxy Disclosures](#xx1xc113433a008xm4) | 17 |
| [Remuneration Paid to Directors, Officers, and Others](#xx1xc113433a009xm4) | 17 |
| [Approval of Investment Advisory Contracts](#xx1xc113433a010xm4) | 18 |

---

VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **CORPORATE BONDS: 11.8%** |  |  |  |
| **China: 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Star BVI Ltd. Reg S<br> 5.05%, 01/27/27 | USD | 95 | $91558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NWD Finance BVI Ltd. Reg S<br> 5.25% (US Treasury Yield Curve Rate T 5 Year+7.89%), 03/22/26 (o) | USD | 334 | 95446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13% (US Treasury Yield Curve Rate T 3 Year+6.20%), (o) † | USD | 236 | 90684 |
|  |  |  | 277688 |
| **Colombia: 3.0%** |  |  |  |
| Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/36 | USD | 139 | 134206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/13/33 | USD | 146 | 150717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geopark Ltd. Reg S<br> 8.75%, 01/31/30 | USD | 159 | 140044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gran Tierra Energy, Inc. Reg S<br> 9.50%, 10/15/29 | USD | 160 | 121890 |
|  |  |  | 546857 |
| **Guyana: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secure International Finance Co., Inc. 144A<br> 10.00%, 06/03/29 ∞ | USD | 40 | 39727 |
| **Indonesia: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Star Energy Geothermal Wayang Windu Ltd. Reg S<br> 6.75%, 04/24/33 | USD | 99 | 100467 |
| **Luxembourg: 1.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3R Lux SARL Reg S<br> 9.75%, 02/05/31 | USD | 137 | 138647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ambipar Lux Sarl 144A<br> 10.88%, 02/05/33 † | USD | 76 | 72015 |
|  |  |  | 210662 |
| **Mexico: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corp. GEO SAB de CV Reg S<br> 9.25%, 06/30/20 (d) \* | USD | 120 | 796 |
| **Nigeria: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEPLAT Energy PLC 144A<br> 9.12%, 03/21/30 | USD | 161 | 160184 |
| **Oman: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EDO Sukuk Ltd. 144A<br> 5.88%, 09/21/33 † | USD | 86 | 88258 |
| **Panama: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Panama Generation Holdings SRL Reg S<br> 4.38%, 05/31/30 | USD | 119 | 108622 |
| **Paraguay: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frigorifico Concepcion SA Reg S<br> 7.70%, 07/21/28 † | USD | 186 | 144676 |
| **Peru: 0.9%** |  |  |  |
| Petroleos del Peru SA Reg S |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Peru (continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/19/32 † | USD | 219 | $170034 |
| **Singapore: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medco Maple Tree Pte Ltd. Reg S<br> 8.96%, 04/27/29 | USD | 79 | 82478 |
| **Thailand: 0.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Siam Commercial Bank PCL Reg S<br> 4.40%, 02/11/29 | USD | 130 | 129081 |
| **United Kingdom: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HTA Group Ltd. 144A<br> 7.50%, 06/04/29 | USD | 22 | 22595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trident Energy Finance PLC 144A<br> 12.50%, 11/30/29 † | USD | 91 | 91372 |
|  |  |  | 113967 |
| **Total Corporate Bonds** <br> (Cost: $2,175,034) |  |  | 2173497 |
| **GOVERNMENT OBLIGATIONS: 80.6%** |  |  |  |
| **Angola: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Angolan Government International Bond 144A<br> 8.25%, 05/09/28 | USD | 79 | 74578 |
| **Argentina: 0.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentine Republic Government International Bond<br> 0.12%, 07/09/30 | EUR | 176 | 163295 |
| **Bahamas: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bahamas Government International Bond 144A<br> 8.25%, 06/24/36 | USD | 33 | 33561 |
| **Barbados: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barbados Government International Bond 144A<br> 8.00%, 06/26/35 | USD | 35 | 35185 |
| **Benin: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benin Government International Bond 144A<br> 7.96%, 02/13/38 | USD | 8 | 7597 |
| **Bolivia: 0.1%** |  |  |  |
| Bolivian Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/20/28 | USD | 15 | 10575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/02/30 | USD | 19 | 13229 |
|  |  |  | 23804 |
| **Brazil: 5.6%** |  |  |  |
| Brazil Notas do Tesouro Nacional, Series F |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/31 | BRL | 2278 | 368126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/35 | BRL | 2615 | 397279 |
| Brazilian Government International Bond |  |  |  |

---

See Notes to Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Brazil (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 09/12/31 | USD | 290 | $262085 |
|  |  |  | 1027490 |
| **Cameroon: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic of Cameroon International Bond Reg S<br> 9.50%, 11/19/25 | USD | 37 | 37190 |
| **Chile: 2.4%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos 144A Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/01/28 | CLP | 160000 | 171641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/33 | CLP | 240000 | 264248 |
|  |  |  | 435889 |
| **China: 4.2%** |  |  |  |
| China Government Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 02/21/27 | CNY | 4500 | 632190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28%, 03/15/27 | CNY | 1000 | 141728 |
|  |  |  | 773918 |
| **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 | 62860 |
| **Czech Republic: 3.1%** |  |  |  |
| Czech Republic Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/13/33 | CZK | 7860 | 320490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/14/34 | CZK | 1830 | 91994 |
| Czech Republic Government Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 06/26/26 | CZK | 1300 | 60535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 09/17/25 | CZK | 2070 | 98402 |
|  |  |  | 571421 |
| **Democratic Republic of the Congo: 1.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Congolese International Bond Reg S<br> 6.00%, 06/30/29 (s) | USD | 294 | 251696 |
| **Dominican Republic: 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond Reg S<br> 6.60%, 06/01/36 | USD | 89 | 89752 |
| **Ecuador: 2.5%** |  |  |  |
| Ecuador Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%, 07/31/30 ^ | USD | 274 | 198801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/40 (s) | USD | 96 | 60667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/31/35 (s) | USD | 275 | 200266 |
|  |  |  | 459734 |
| **El Salvador: 0.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;El Salvador Government International Bond 144A<br> 0.25%, 04/17/30 | USD | 82 | 1844 |
| **Gabon: 2.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gabon Government International Bond 144A<br> 7.00%, 11/24/31 | USD | 22 | 17545 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Gabon (continued)** |  |  |  |
| Gabon Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/24/31 | USD | 214 | $170621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/18/29 | USD | 200 | 183224 |
|  |  |  | 371390 |
| **Ghana: 0.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana Government International Bond Reg S<br> 0.00%, 01/03/30 ^ | USD | 178 | 149160 |
| **Honduras: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honduras Government International Bond Reg S<br> 6.25%, 01/19/27 | USD | 22 | 22041 |
| **Hungary: 2.6%** |  |  |  |
| Hungary Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/21/30 | HUF | 36200 | 91283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/24/32 | HUF | 56630 | 148215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 10/21/26 | HUF | 76580 | 235029 |
|  |  |  | 474527 |
| **Indonesia: 3.8%** |  |  |  |
| Indonesia Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/15/30 | IDR | 9225000 | 572967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/30 | IDR | 1886000 | 119541 |
|  |  |  | 692508 |
| **Ivory Coast: 1.0%** |  |  |  |
| Ivory Coast Government International Bond Reg S |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/31/32 (s) | USD | 15 | 14518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/17/40 | EUR | 171 | 171704 |
|  |  |  | 186222 |
| **Jamaica: 0.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jamaica Government International Bond<br> 7.62%, 07/09/25 | USD | 21 | 21360 |
| **Kyrgyzstan: 0.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyrgyz Republic International Bond 144A<br> 7.75%, 06/03/30 | USD | 45 | 44392 |
| **Malaysia: 6.5%** |  |  |  |
| Malaysia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 04/15/31 | MYR | 1851 | 422607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34%, 05/15/30 | MYR | 1563 | 373591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83%, 07/05/34 | MYR | 1640 | 398924 |
|  |  |  | 1195122 |
| **Mexico: 3.1%** |  |  |  |
| Mexican Bonos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/13/42 | MXN | 3630 | 160450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/07/47 | MXN | 6360 | 281577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 07/31/53 | MXN | 2800 | 122822 |
|  |  |  | 564849 |
| **Morocco: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morocco Government International Bond Reg S<br> 2.00%, 09/30/30 | EUR | 53 | 57316 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Oman: 0.6%** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond 144A<br> 6.25%, 01/25/31 | USD | 99 | $105274 |
| **Paraguay: 0.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond Reg S<br> 7.90%, 02/09/31 | PYG | 669000 | 80995 |
| **Peru: 0.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru Government Bond 144A Reg S<br> 7.60%, 08/12/39 | PEN | 371 | 111457 |
| **Philippines: 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippine Government International Bond<br> 6.25%, 01/14/36 | PHP | 24547 | 426679 |
| **Poland: 4.6%** |  |  |  |
| Republic of Poland Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/25/34 | PLN | 707 | 190287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/25/33 | PLN | 2296 | 664370 |
|  |  |  | 854657 |
| **Romania: 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond 144A<br> 5.88%, 07/11/32 | EUR | 296 | 350906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romanian Government International Bond Reg S<br> 7.62%, 01/17/53 | USD | 172 | 174214 |
|  |  |  | 525120 |
| **Saudi Arabia: 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Government International Bond 144A<br> 3.38%, 03/05/32 | EUR | 438 | 514824 |
| **Singapore: 0.8%** |  |  |  |
| Singapore Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 03/01/35 | SGD | 106 | 87153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/01/33 | SGD | 71 | 60697 |
|  |  |  | 147850 |
| **South Africa: 6.0%** |  |  |  |
| Republic of South Africa Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 01/31/44 | ZAR | 10562 | 485359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/28/48 | ZAR | 3527 | 160112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 01/31/40 | ZAR | 9214 | 450663 |
|  |  |  | 1096134 |
| **South Korea: 2.1%** |  |  |  |
| Korea Treasury Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 03/10/30 | KRW | 274300 | 203744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 12/10/33 | KRW | 212000 | 172643 |
|  |  |  | 376387 |
| **Sri Lanka: 1.3%** |  |  |  |
| Sri Lanka Government International Bond 144A |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 01/15/30 (s) | USD | 64 | 57401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/15/35 (s) | USD | 85 | 58572 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Par <br> (000's** | **Value** |
| **Sri Lanka (continued)** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond Reg S<br> 3.60%, 06/15/35 (s) | USD | 182 | $125320 |
|  |  |  | 241293 |
| **Thailand: 5.3%** |  |  |  |
| Thailand Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58%, 12/17/35 | THB | 6907 | 212563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/17/28 | THB | 10471 | 327846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98%, 06/17/45 | THB | 11542 | 405443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39%, 06/17/37 | THB | 864 | 31544 |
|  |  |  | 977396 |
| **Trinidad and Tobago: 0.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trinidad & Tobago Government International Bond Reg S<br> 5.95%, 01/14/31 | USD | 54 | 54145 |
| **Turkey: 1.4%** |  |  |  |
| Turkiye Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.08%, 11/08/28 | TRY | 4338 | 102972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.60%, 02/10/27 | TRY | 6484 | 154831 |
|  |  |  | 257803 |
| **Uganda: 1.7%** |  |  |  |
| Republic of Uganda Government Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.25%, 06/22/34 | UGX | 912000 | 226732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38%, 02/03/33 | UGX | 330000 | 83600 |
|  |  |  | 310332 |
| **United Arab Emirates: 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UAE International Government Bond Reg S<br> 2.00%, 10/19/31 | USD | 280 | 246819 |
| **Uruguay: 1.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond<br> 9.75%, 07/20/33 | UYU | 6042 | 159830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay Government International Bond Reg S<br> 8.50%, 03/15/28 | UYU | 3421 | 85390 |
|  |  |  | 245220 |
| **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 | 35353 |
| **Zambia: 2.2%** |  |  |  |
| Zambia Government Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 01/25/31 | ZMW | 7217 | 261774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 12/27/31 | ZMW | 1120 | 38799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00%, 05/31/36 | ZMW | 2735 | 89329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia Government Bond Reg S<br> 13.00%, 09/20/31 | ZMW | 315 | 11066 |
|  |  |  | 400968 |
| **Total Government Obligations**<br> (Cost: $13,857,185) |  |  | 14837407 |

---

See Notes to Financial Statements

---

| | | |
|:---|:---|:---|
| | **Number <br>of Shares** | **Value** |
| **MONEY MARKET FUND: 5.6%** <br> (Cost: $1,023,844) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 1023844 | $1023844 |
| **Total Investments Before Collateral for Securities Loaned: 98.0%** <br> (Cost: $17,056,063) | **Total Investments Before Collateral for Securities Loaned: 98.0%** <br> (Cost: $17,056,063) | 18034748 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br>of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.7%** |  |
| **Money Market Fund: 2.7%**<br> (Cost: $505,517) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 505517 | $505517 |
| **Total Investments: 100.7%** <br> (Cost: $17,561,580) |  | 18540265 |
| **Liabilities in excess of other assets: (0.7)%** | **Liabilities in excess of other assets: (0.7)%** | (128123) |
| **NET ASSETS: 100.0%** |  | $18412142 |

---

**Definitions:**

---

| | |
|:---|:---|
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| CZK | Czech Koruna |
| EUR | Euro |
| 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 |
| PYG | Paraguay Guarani |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| UGX | Ugandan Shilling |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |
| ZMW | Zambian Kwacha |

---

**Footnotes:**

---

| | |
|:---|:---|
| (d) | Security in default |
| (o) | Perpetual Maturity — the date shown is the next call date |
| (s) | Coupon adjusts periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at June 30, 2025. |
| \* | Non-income producing |
| ^ | Zero Coupon Bond |
| † | Security fully or partially on loan. Total market value of securities on loan is $559,941. |
| ∞ | 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 $2,323,176, or 12.6% of net assets. |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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;China | $— | $277688 | $— | $277688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia |  | 546857 |  | 546857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guyana |  |  | 39727 | 39727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 100467 |  | 100467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg |  | 210662 |  | 210662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico |  | 796 |  | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nigeria |  | 160184 |  | 160184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oman |  | 88258 |  | 88258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panama |  | 108622 |  | 108622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paraguay |  | 144676 |  | 144676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru |  | 170034 |  | 170034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore |  | 82478 |  | 82478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 129081 |  | 129081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 113967 |  | 113967 |
| Government Obligations \* |  | 14837407 |  | 14837407 |
| Money Market Funds | 1529361 |  |  | 1529361 |
| **Total Investments** | $1529361 | $16971177 | $39727 | $18540265 |

---

\* See Schedule of Investments for geographic sectors.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost $17,056,063) (1) | $18034748 |
| Short-term investment held as collateral for securities loaned (2) | 505517 |
| Cash | 38653 |
| Cash denominated in foreign currency, at value (Cost $3,022) | 2999 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 410176 |
| Prepaid expenses | 89 |
| Other assets | 3400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 18995582 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 3288 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 505517 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 2141 |
| Deferred Trustee fees | 16872 |
| Accrued expenses | 55622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 583440 |
| **NET ASSETS** | $18412142 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $21234450 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (2822308) |
| **NET ASSETS** | $18412142 |
| Shares of beneficial interest outstanding | 2298141 |
| Net asset value, redemption and offering price per share | $8.01 |
| (1) Includes Investment in securities on loan, at market value | $559941 |
| (2) Cost of short-term investment held as collateral for securities loaned | $505517 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Income:** |  |
| Dividends | $18955 |
| Interest (Net of foreign taxes withheld $10,271) | 699439 |
| Securities lending income | 4397 |
| &nbsp;&nbsp;&nbsp;Total income | 722791 |
| **Expenses:** |  |
| Management fees | 84452 |
| Professional fees | 44930 |
| Transfer agent fees | 12726 |
| Custodian fees | 10648 |
| Reports to shareholders | 6748 |
| Insurance | 3067 |
| Trustees' fees and expenses | 2428 |
| Taxes | 185 |
| Interest | 115 |
| Other | 5148 |
| &nbsp;&nbsp;&nbsp;Total expenses | 170447 |
| Expenses assumed by the Adviser | (77249) |
| &nbsp;&nbsp;&nbsp;Net expenses | 93198 |
| &nbsp;&nbsp;&nbsp;Net investment income | 629593 |
| **Net realized loss on:** |  |
| Investments (a) | (360485) |
| Forward foreign currency contracts | (7629) |
| Foreign currency transactions and foreign denominated assets and liabilities | (24720) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (392834) |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments (b) | 1398034 |
| Foreign currency translations and foreign denominated assets and liabilities | 22757 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1420791 |
| **Net increase in net assets resulting from operations** | $1657550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net of foreign taxes of $833

(b) Net of foreign taxes of $683

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $629593 | $1278185 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (392834) | 220054 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1420791 | (1034928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 1657550 | 463311 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (1250013) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 3252782 | 3456287 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 1250013 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (2776015) | (4936299) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from share transactions | 476767 | (229999) |
| Total increase (decrease) in net assets | 2134317 | (1016701) |
| Net Assets, beginning of period | 16277825 | 17294526 |
| Net Assets, end of period | $18412142 | $16277825 |
| **\* Shares of beneficial interest issued, reinvested and redeemed (unlimited number of $.001 par value shares authorized):** |  |  |
| Shares sold | 427975 | 452543 |
| Shares reinvested |  | 167787 |
| Shares redeemed | (366434) | (654454) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 61541 | (34124) |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Period**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $7.28 | $7.62 | $7.14 | $8.03 | $8.83 | $8.71 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.28 | 0.57 | 0.53 | 0.53 | 0.43 | 0.59 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.45 | (0.35) | 0.26 | (1.09) | (0.78) | 0.15 |
| Total from investment operations | 0.73 | 0.22 | 0.79 | (0.56) | (0.35) | 0.74 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.56) | (0.31) | (0.33) | (0.45) | (0.62) |
| Net asset value, end of period | $8.01 | $7.28 | $7.62 | $7.14 | $8.03 | $8.83 |
| **Total return (b)** | 10.03% | 2.77% | 11.40% | (6.81)% | (4.17)% | 8.92% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 2.02 %(c) | 1.99% | 1.98% | 1.82% | 1.89% | 1.91% |
| Net expenses | 1.10 %(c) | 1.11% | 1.13% | 1.10% | 1.14% | 1.10% |
| Net expenses excluding interest and taxes | 1.10 %(c) | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| Net investment income | 7.45 %(c) | 7.54% | 7.18% | 7.40% | 4.97% | 7.12% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $18 | $16 | $17 | $17 | $18 | $21 |
| Portfolio turnover rate (d) | 126% | 233% | 257% | 284% | 212% | 248% |

---

&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) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

**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 is a summary of significant accounting policies followed by the Fund.

---

| | |
|:---|:---|
| **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 its 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. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. |
|  | The Board of Trustees ("Trustees") has designated the Adviser as valuation designee to perform the Fund 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. The Pricing Committee of the Adviser provides oversight of the Fund's valuation policies and procedures, which are approved by the Trustees. Among other things, these procedures allow the Fund to utilize |

---

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
|  | independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee 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 it does 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. |
| **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. |
| **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 forward foreign currency contracts, 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. |
| **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. |
| **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. GAAP requires enhanced disclosures about the Fund's derivative instruments and hedging activities. Details of this disclosure are found below. At June 30, 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 period ended June 30, 2025 the Fund held forward foreign currency contracts for two months. The average amounts purchased and sold (in U.S. dollars) were $834,340 and $413,468, respectively. At June 30, 2025, the Fund held no forward foreign currency contracts. |
| The impact of transactions in derivative instruments during the period ended June 30, 2025, was as follows: |

---

---

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

---

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

---

| | |
|:---|:---|
| **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 from 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 in the form of money market fund investments, if any, at June 30, 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). |
| **G.** | **Segment Reporting —** The Adviser acts 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. |
| **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 on 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. |

---

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

**Note 3—Investment Management and Other Agreements—** The Adviser is the investment adviser to the Fund. 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 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/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 six months ended June 30, 2025.

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

At June 30, 2025, the aggregate shareholder accounts of three insurance companies owned approximately 63%, 17% and 11% 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 period ended June 30, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. government securities and short-term obligations, aggregated to $20,970,266 and $19,993,651, respectively.

**Note 5—Income Taxes—**As of June 30, 2025, for Federal income tax purposes, the identified 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)** |
| $17699384 | $1130778 | $(289897) | $840881 |

---

The tax character of current year distributions, if any, will be determined at the end of the current fiscal year.

Realized gains or losses attributable to fluctuations in foreign exchange rates on investments and other foreign currency denominated assets and liabilities result in permanent book to tax differences which may affect the tax character of distributions and undistributed net investment income at the end of the Fund's fiscal year.

For the six months ended June 30, 2025, the Fund's net realized losses from foreign currency translations were $221,640.

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 period ended June 30, 2025, the Fund did not incur any interest or penalties.

**Note 6—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, 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.

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

**Note 7—Trustee Deferred Compensation Plan—** The Trust has a Deferred Compensation Plan (the "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 June 30, 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 June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value**<br> **of Securities**<br> **on Loan** | **Cash**<br> **Collateral** | **Non-Cash**<br> **Collateral** | **Total**<br> **Collateral** |
| $559941 | $505517 | $72612 | $578129 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

VANECK VIP EMERGING MARKETS BOND FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

---

| | |
|:---|:---|
|  | **Gross Amount of Recognized**<br> **Liabilities for Securities Lending**<br> **Transactions\* in the Statement of**<br> **Assets and Liabilities** |
| Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;505517 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 9—Bank Line of Credit—** The Trust participates with 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 have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the VE/VIP Funds based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2025, the Fund had no borrowings under the Facility.

**Note 10—New Accounting Pronouncements and Regulatory Requirements—** In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

------

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**VANECK VIP EMERGING MARKETS FUND VANECK VIP GLOBAL GOLD FUND VANECK VIP GLOBAL RESOURCES FUND VANECK VIP EMERGING MARKETS BOND FUND (each, a "Fund"; together, the "Funds")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may continue in effect from year to year only if its continuance is approved, at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On June 5, 2025, the Board of Trustees (the "Board") of VanEck VIP Trust (the "Trust"), including a majority of the Independent Trustees, approved the continuation of the existing advisory agreement (each, an "Advisory Agreement") between each Fund and its investment adviser, Van Eck Associates Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the continuation of each Fund's Advisory Agreement is set forth below.

In considering the continuation of each Advisory Agreement, the Board reviewed and considered information that had been provided by the Adviser throughout the year at meetings of the Board and its committees, including information requested by the Independent Trustees and furnished by the Adviser for meetings of the Board held on May 13, 2025 and June 5, 2025, specifically for the purpose of considering the continuation of the Advisory Agreement. Although the Advisory Agreements for the Funds were considered at the same Board meetings, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. The Independent Trustees were advised by independent legal counsel throughout the year, including during the contract renewal process, and met with independent legal counsel in executive sessions outside the presence of management. The written and oral reports provided to the Board pertaining to the continuation of the Advisory Agreement included, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about the overall organization of the Adviser and the Adviser's short-term and long-term
 business plans with respect to its mutual fund operations and other lines of business;

■ The consolidated financial statements of the Adviser for the past two fiscal years;

■ A copy of each Advisory Agreement and descriptions of the services provided by the Adviser thereunder;

■ Information regarding the qualifications, education and experience of the investment professionals responsible for portfolio
 management, as well as relevant staffing plans for such personnel, investment research and trading activities for each Fund,
 the structure of their compensation and the resources available to support these activities;

■ A report prepared by Broadridge Financial Solutions ("Broadridge"), an independent consultant, comparing the
 Fund's investment performance net of expenses for a representative class of shares (including, where relevant, total returns,
 standard deviations, Sharpe ratios, information ratios, beta and alpha) for the one-, three-, five- and ten-year periods (as
 applicable) ended December 31, 2024 with the investment performance of (i) a universe of mutual funds selected by Broadridge
 with similar investment characteristics (the "Morningstar Category"), (ii) a sub-group of funds selected from
 the Morningstar Category by Broadridge further limited to approximate more closely the Fund's investment style, share class
 characteristics, and asset levels (the "Peer Group") and (iii) an appropriate benchmark index;

■ A report prepared by Broadridge comparing the advisory fees and other expenses of a representative class of shares of
 the Fund during its fiscal year ended December 31, 2024 with (i) the Morningstar Category and (ii) Peer Group;

------

&nbsp;&nbsp;&nbsp;&nbsp;■ An analysis of the profitability of the Adviser with respect to its services for each Fund and the VanEck complex of mutual funds as a whole (the "VanEck Complex")

■ Information regarding other investment products and services offered by the Adviser involving investment objectives and strategies similar to each Fund ("Comparable Products"), including the fees charged by the Adviser for managing the Comparable Products, a description of material differences and similarities in the services provided by the Adviser for each Fund and the Comparable Products, the sizes of the Comparable Products and the identity of the individuals responsible for managing the Comparable Products;

■ Information concerning the Adviser's compliance program and resources;

■ Information with respect to the Adviser's brokerage practices, including regarding the use of soft dollars in the case of Funds for which their portfolio trades entailed soft dollars;

■ Information regarding the procedures used by the Adviser in monitoring the valuation of portfolio securities;

■ Information regarding how the Adviser safeguards the confidentiality and integrity of its data and files, cybersecurity, overall business continuity and other operational matters;

■ Information regarding the Adviser's policies and practices with respect to personal investing by the Adviser and its employees;

■ Information regarding the Adviser's investment process for each Fund, including how the Adviser integrates non-accounting based information (including, but not limited to "environmental, social and governance" factors) and the non-security selection, non-portfolio construction activities of the investment teams, such as engagement with portfolio companies and industry group participation;

■ Information regarding the Adviser's role as the administrator of the Trust's liquidity risk management program;

■ Information about shareholder servicing arrangements for each Fund with various intermediaries, as well as revenue sharing arrangements involving the Adviser and not paid by the Fund;

■ Descriptions of other administrative and other non-investment management services provided by the Adviser for each Fund, including the Adviser's activities in managing relationships with the Fund's custodian, transfer agent and other service providers; and

■ Other information provided by the Adviser in its response to a comprehensive questionnaire from the Independent Trustees.

*Nature, Extent, Quality of Services.* In determining whether to approve the continuation of each Advisory Agreement, the Board considered, among other things, the following: (1) the nature, quality, extent and cost of the investment management, administrative and other non-investment management services provided by the Adviser; (2) the nature, quality and extent of the services performed by the Adviser in interfacing with, and monitoring the services performed by, third parties, such as the Fund's custodian, transfer agent, sub-transfer agents and independent auditor, and the Adviser's commitment and efforts to review the quality and pricing of third party service providers to the Fund with a view to reducing non-management expenses of the Fund; (3) the terms of the Advisory Agreement and the services performed thereunder; (4) the willingness of the Adviser to limit the overall expenses of the Fund from time to time, if necessary or appropriate, by means of waiving all or a portion of its fees and/or paying expenses of the Fund; (5) the quality of the services, procedures and processes used to determine the value of the Fund's assets and the actions taken to monitor and test the effectiveness of such services, procedures and processes; (6) the ongoing efforts of, and resources devoted by, the Adviser with respect to the development and implementation of a comprehensive compliance program; (7) the responsiveness of the Adviser to inquiries from, and examinations by, regulatory authorities, including the Securities and Exchange Commission; (8) the resources committed by the Adviser to information technology and cybersecurity; and (9) the ability of the Adviser to attract and retain quality

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

professional personnel to perform investment advisory and administrative services for the Fund. The Board concluded that the nature, extent and quality of the services provided by the Adviser supported the renewal of each Advisory Agreement.

*Investment Performance and Fund Expenses.* The performance data and the advisory fee and expense ratio data from Broadridge that is described below for each Fund is based on data for a representative class of shares of each Fund. The performance data is net of expenses for periods on an annualized basis ended December 31, 2024, and the advisory fee and expense ratio data is as of the Funds' fiscal year end of December 31, 2024. The Board found the data provided by Broadridge generally useful, but it recognized the limitations of such data, including, in particular, that notable differences may exist between each Fund and the other funds in the Funds' Peer Group and Morningstar Category (for example, with respect to investment objective(s) and investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the Peer Group and Morningstar Category. The Board also considered the Funds' performance at its meetings throughout the year, including for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also considered benefits, other than the receipt of fees under the Advisory Agreement, that may be derived by the Adviser from serving as investment adviser to the Fund and the Trust.

<u>VIP Emerging Markets Bond Fund.</u> In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one- and ten-year periods and outperformed its Peer Group and Morningstar Category medians for the three- and five-year periods. The Board also noted that the Initial Class shares of the Fund had outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Emerging Markets Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five- and ten-year periods. The Board further noted that the Initial Class shares of the Fund had underperformed its benchmark index for the one-, three-, five- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board also noted that the advisory fee rate for the Fund was the same as the median advisory fee rate for its Peer Group and higher than the median advisory fee rate for its Morningstar Category. The Board also noted that the Fund's total expense ratio, net of waivers or reimbursements, was higher than the median total expense ratios of the Fund's Morningstar Category and Peer Group. The Board also noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board

------

also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Resources Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five-, and ten-year periods. The Board noted that the Fund changed its primary benchmark index on May 1, 2023 and that the Initial Class shares of the Fund had outperformed that primary benchmark index and the previous primary benchmark index for the one- and five-year periods and underperformed that primary benchmark index and the previous primary benchmark index for the three- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products. The Board noted that it had previously approved an advisory fee reduction of five basis points for the Fund, effective July 1, 2024.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Gold Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Class S shares of the Fund had performed the same as its Peer Group median for the one-year period and outperformed its Peer Group median for the three-, five- and ten-year periods. The Board further noted that the Class S shares of the Fund had outperformed its Morningstar Category median for the one-, three-, five- and ten-year periods. The Board also noted that the Class S shares of the Fund had outperformed its benchmark index for the one- and five-year periods and underperformed its benchmark index for the three- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were lower than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board further noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

*Profitability and Economies of Scale*. The Board considered the profits, if any, realized by the Adviser from managing each Fund and other mutual funds in the VanEck Complex and the methodology used to determine such profits. The Board noted that the levels of profitability reported on a fund-by-fund basis varied widely depending on such factors as the size, type of fund and operating history. Based on its review of the foregoing information, and in light of the nature, extent and quality of the services provided by the

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

Adviser, the Board concluded that the profits realized by the Adviser from managing each Fund supported the renewal of the respective Advisory Agreement. In this regard, the Board also considered the extent to which the Adviser may realize economies of scale, if any, as each Fund grows and whether each Fund's fee schedule reflects any economies of scale for the benefit of shareholders, and concluded that each fee schedule was appropriate. The Board also considered that each Fund benefits from economies of scale through lower fees charged by third party service providers based on the combined size of the VanEck Complex.

*Conclusion*. In determining the material factors to be considered in evaluating the Advisory Agreement for each Fund and the weight to be given to such factors, the members of the Board relied upon their own business judgment, with the advice of independent legal counsel. The Board did not consider any single factor as controlling in determining whether to approve the continuation of each Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved the continuation of the Advisory Agreement for each Fund for an additional one-year period.

![](x1_c113433x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND**

**OTHER INFORMATION**

VanEck VIP Trust

VanEck VIP Emerging Markets Fund

<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

*This page is intentionally left blank.*

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| | |
|:---|:---|
| [Schedule of Investments](#xx1xc113433b001xm4) | 2 |
| [Statement of Assets and Liabilities](#xx1xc113433b002xm4) | 5 |
| [Statement of Operations](#xx1xc113433b003xm4) | 6 |
| [Statement of Changes in Net Assets](#xx1xc113433b004xm4) | 7 |
| [Financial Highlights](#xx1xc113433b005xm4) | 8 |
| [Notes to Financial Statements](#xx1xc113433b006xm4) | 10 |
| [Changes In and Disagreements with Accountants](#xx1xc113433b007xm4) | 16 |
| [Proxy Disclosures](#xx1xc113433b008xm4) | 16 |
| [Remuneration Paid to Directors, Officers, and Others](#xx1xc113433b009xm4) | 16 |
| [Approval of Investment Advisory Contracts](#xx1xc113433b010xm4) | 17 |

---

VANECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 97.3%** | | |
| **Argentina: 0.9%** | | |
| Grupo Financiero Galicia SA (ADR) | 15299 | $770917 |
| **Brazil: 8.3%** |  |  |
| Arcos Dorados Holdings, Inc. (USD) † | 58000 | 457620 |
| JSL SA | 510000 | 567908 |
| MercadoLibre, Inc. (USD) \* | 1320 | 3449992 |
| NU Holdings Ltd. (USD) \* | 37000 | 507640 |
| Rede D'Or Sao Luiz SA 144A \* | 195100 | 1271915 |
| Smartfit Escola de Ginastica e Danca SA \* | 203656 | 931110 |
|  |  | 7186185 |
| **China: 24.1%** |  |  |
| Alibaba Group Holding Ltd. (ADR) | 12000 | 1360920 |
| ANTA Sports Products Ltd. (HKD) | 50000 | 604989 |
| BYD Co. Ltd. (HKD) † | 81000 | 1261172 |
| Full Truck Alliance Co. Ltd. (ADR) | 130000 | 1535300 |
| Galaxy Entertainment Group Ltd. (HKD) | 166000 | 739961 |
| H World Group Ltd. (ADR) † | 10000 | 339200 |
| JD.com, Inc. (ADR) | 21000 | 685440 |
| KE Holdings, Inc. (ADR) | 93500 | 1658690 |
| Meituan (HKD) 144A \* | 53000 | 852560 |
| MINISO Group Holding Ltd. (ADR) † | 56000 | 1020320 |
| NetEase, Inc. (HKD) | 51500 | 1387892 |
| PDD Holdings, Inc. (ADR) \* | 8500 | 889610 |
| Ping An Bank Co. Ltd. | 534770 | 901969 |
| Prosus NV (EUR) | 51000 | 2861431 |
| Proya Cosmetics Co. Ltd. | 27000 | 312452 |
| Shenzhen Inovance Technology Co. Ltd. | 99000 | 893494 |
| TAL Education Group (ADR) \* | 41000 | 419020 |
| Tencent Holdings Ltd. (HKD) | 33000 | 2126375 |
| Trip.com Group Ltd. (ADR) † | 15000 | 879600 |
| Xiaomi Corp. (HKD) 144A \* | 37000 | 284816 |
|  |  | 21015211 |
| **Egypt: 1.0%** |  |  |
| Commercial International Bank | 520000 | 883752 |
| **Greece: 2.9%** |  |  |
| Eurobank Ergasias Services and Holdings SA | 320000 | 1102170 |
| Piraeus Financial Holdings SA | 200000 | 1385557 |
|  |  | 2487727 |
| **Hungary: 2.0%** |  |  |
| OTP Bank Nyrt | 21500 | 1718496 |
| **India: 20.6%** |  |  |
| Aditya Birla Capital Ltd. \* | 414000 | 1339107 |
| Cholamandalam Investment and Finance Co. Ltd. | 75900 | 1442007 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **India (continued)** |  |  |
| Delhivery Ltd. \* | 150000 | $671536 |
| HDFC Bank Ltd. | 55200 | 1287704 |
| HDFC Bank Ltd. (ADR) | 27000 | 2070090 |
| Jio Financial Services Ltd. \* | 366000 | 1398889 |
| KEI Industries Ltd. | 20000 | 887075 |
| Larsen & Toubro Ltd. | 17000 | 727858 |
| Lemon Tree Hotels Ltd. 144A \* | 530000 | 870365 |
| Oberoi Realty Ltd. | 74000 | 1654132 |
| Phoenix Mills Ltd. | 114000 | 2078902 |
| Reliance Industries Ltd. | 203000 | 3551495 |
|  |  | 17979160 |
| **Kazakhstan: 2.0%** |  |  |
| Kaspi.kz JSC (ADR) | 21000 | 1782690 |
| **Mexico: 1.7%** |  |  |
| BBB Foods, Inc. (USD) \* | 18000 | 499680 |
| Regional SAB de CV | 118000 | 974713 |
|  |  | 1474393 |
| **Peru: 1.0%** |  |  |
| Credicorp Ltd. (USD) | 4000 | 894080 |
| **Philippines: 2.4%** |  |  |
| Ayala Land, Inc. | 600000 | 287912 |
| International Container Terminal Services, Inc. | 248000 | 1808007 |
|  |  | 2095919 |
| **Poland: 2.9%** |  |  |
| Diagnostyka SA | 10200 | 474035 |
| InPost SA (EUR) \* | 75000 | 1248128 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 40000 | 835793 |
|  |  | 2557956 |
| **Russia: 0.0%** |  |  |
| Sberbank of Russia PJSC \*∞ | 340256 | 0 |
| **Saudi Arabia: 2.1%** |  |  |
| Al Rajhi Bank | 24000 | 605348 |
| Saudi National Bank | 51000 | 491057 |
| United International Transportation Co. | 37000 | 714515 |
|  |  | 1810920 |
| **Singapore: 0.7%** |  |  |
| Grab Holdings Ltd. (USD) \* | 124000 | 623720 |
| **South Korea: 4.7%** |  |  |
| Samsung Biologics Co. Ltd. 144A \* | 1150 | 843890 |
| SK Hynix, Inc. | 15000 | 3232223 |
|  |  | 4076113 |
| **Taiwan: 12.0%** |  |  |
| Chroma ATE, Inc. | 88000 | 1332395 |
| Poya International Co. Ltd. \* | 49240 | 846393 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 214000 | 7825840 |
| Wiwynn Corp. | 5000 | 434175 |
|  |  | 10438803 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **Tanzania: 1.2%** |  |  |
| Helios Towers PLC (GBP) \* | 650000 | $1084943 |
| **Turkey: 2.2%** |  |  |
| MLP Saglik Hizmetleri AS 144A \* | 179000 | 1536075 |
| Tofas Turk Otomobil Fabrikasi AS | 73000 | 359805 |
|  |  | 1895880 |
| **United Arab Emirates: 1.9%** |  |  |
| Emaar Properties PJSC | 190000 | 704831 |
| Talabat Holding PLC | 2600000 | 947982 |
|  |  | 1652813 |
| **United Kingdom: 2.7%** |  |  |
| Lion Finance Group PLC | 24000 | 2337666 |
| **Total Common Stocks**<br> (Cost: $55,223,265) |  | 84767344 |
| **PREFERRED SECURITIES: 3.5%** |  |  |
| **Brazil: 1.1%** |  |  |
| Itau Unibanco Holding SA | 137500 | 935124 |
| **South Korea: 2.4%** |  |  |
| Samsung Electronics Co. Ltd. | 58000 | 2127725 |
| **Total Preferred Securities**<br> (Cost: $3,062,397) |  | 3062849 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **MONEY MARKET FUND: 0.4%**<br> (Cost: $336,485) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 336485 | $336485 |
| **Total Investments Before Collateral for Securities Loaned: 101.2%**<br> (Cost: $58,622,147) | **Total Investments Before Collateral for Securities Loaned: 101.2%**<br> (Cost: $58,622,147) | 88166678 |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** | **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 0.3%** |
| **Money Market Fund: 0.3%**<br> (Cost: $246,333) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 246333 | 246333 |
| **Total Investments: 101.5%**<br> (Cost: $58,868,480) |  | 88413011 |
| **Liabilities in excess of other assets: (1.5)%** | **Liabilities in excess of other assets: (1.5)%** | (1275040) |
| **NET ASSETS: 100.0%** |  | $87137971 |

---

------

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $2,665,327. |
| \* | Non-income producing |
| ∞ | 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 $5,659,621, or 6.5% of net assets. |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

(unaudited) (continued)

The summary of inputs used to value the Fund's investments as of June 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | $770917 | $— | $— | $770917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 7186185 |  |  | 7186185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 8788100 | 12227111 |  | 21015211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt |  | 883752 |  | 883752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece |  | 2487727 |  | 2487727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 1718496 |  | 1718496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 2070090 | 15909070 |  | 17979160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | 1782690 |  |  | 1782690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1474393 |  |  | 1474393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 894080 |  |  | 894080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines |  | 2095919 |  | 2095919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 2557956 |  | 2557956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia |  | 1810920 |  | 1810920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 623720 |  |  | 623720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 4076113 |  | 4076113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 10438803 |  | 10438803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tanzania |  | 1084943 |  | 1084943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 1895880 |  | 1895880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates |  | 1652813 |  | 1652813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 2337666 |  | 2337666 |
| Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 935124 |  |  | 935124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 2127725 |  | 2127725 |
| Money Market Funds | 582818 |  |  | 582818 |
| **Total Investments** | $25108118 | $63304893 | $0 | $88413011 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at value (Cost $58,622,147) (1) | $88166678 |
| Short-term investment held as collateral for securities loaned (2) | 246333 |
| Cash denominated in foreign currency, at value (Cost $46,459) | 47227 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold | 240234 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 1503 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 126393 |
| &nbsp;&nbsp;&nbsp;Foreign tax refund | 52722 |
| Prepaid expenses | 149 |
| Other assets | 18733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 88899972 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 11850 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 246333 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 66447 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 169 |
| Deferred Trustee fees | 122246 |
| Accrued expenses | 62865 |
| Accrued foreign taxes | 1252091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1762001 |
| **NET ASSETS** | $87137971 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $85918855 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 1219116 |
| **NET ASSETS** | $87137971 |
| (1) Includes Investment in securities on loan, at market value | $2665327 |
| (2) Cost of short-term investment held as collateral for securities loaned | $246333 |
| **Initial Class:** |  |
| Net Assets | $86295665 |
| Shares of beneficial interest outstanding | 8112367 |
| Net asset value, redemption and offering price per share | $10.64 |
| **Class S:** |  |
| Net Assets | $842306 |
| Shares of beneficial interest outstanding | 81298 |
| Net asset value, redemption and offering price per share | $10.36 |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Income:** | |
| Dividends (Net foreign taxes withheld $84,495) | $848151 |
| Securities lending income | 2220 |
| &nbsp;&nbsp;&nbsp;Total income | 850371 |
| **Expenses:** |  |
| Management fees | 399631 |
| Distribution fees – Class S | 1002 |
| Professional fees | 50553 |
| Custodian fees | 30785 |
| Transfer agent fees – Initial Class | 16737 |
| Transfer agent fees – Class S | 8237 |
| Trustees' fees and expenses | 11720 |
| Reports to shareholders | 9730 |
| Insurance | 7947 |
| Interest | 289 |
| Taxes | 185 |
| Other | 782 |
| &nbsp;&nbsp;&nbsp;Total expenses | 537598 |
| Expenses assumed by the Adviser | (16602) |
| &nbsp;&nbsp;&nbsp;Net expenses | 520996 |
| &nbsp;&nbsp;&nbsp;Net investment income | 329375 |
| **Net realized loss on:** |  |
| Investments (a) | (1662622) |
| Foreign currency transactions and foreign denominated assets and liabilities | (15806) |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1678428) |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments (b) | 13463914 |
| Foreign currency translations and foreign denominated assets and liabilities | 1231 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 13465145 |
| **Net increase in net assets resulting from operations** | $12116092 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes foreign capital gains tax refund of $52,722

(b) Net of foreign taxes of $293,994

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $329375 | $486555 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (1678428) | (1514099) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 13465145 | 3758759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 12116092 | 2731215 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class |  | (1626088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | (13154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (1639242) |
| **Share transactions \*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | 8841999 | 31892702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 16334 | 54453 |
|  | 8858333 | 31947155 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class |  | 1626088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | 13154 |
|  |  | 1639242 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | (12957907) | (61015974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (108873) | (294256) |
|  | (13066780) | (61310230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (4208447) | (27723833) |
| Total increase (decrease) in net assets | 7907645 | (26631860) |
| Net Assets, beginning of period | 79230326 | 105862186 |
| Net Assets, end of period | $87137971 | $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 | 916100 | 3294137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  | 162609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1357480) | (6288063) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (441380) | (2831317) |
| &nbsp;&nbsp;&nbsp;**Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1726 | 5658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (11682) | (30606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (9956) | (23600) |

---

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.17 | $9.21 | $8.70 | $14.40 | $16.89 | $15.14 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.04 | 0.05 | 0.08 | 0.09 | 0.02 | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.43 | 0.07 | 0.76 | (3.59) | (1.97) | 2.53 |
| Total from investment operations | 1.47 | 0.12 | 0.84 | (3.50) | (1.95) | 2.50 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.16) | (0.33) | (0.03) | (0.16) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (2.17) | (0.38) | (0.45) |
| Total distributions |  | (0.16) | (0.33) | (2.20) | (0.54) | (0.75) |
| Net asset value, end of period | $10.64 | $9.17 | $9.21 | $8.70 | $14.40 | $16.89 |
| **Total return (b)** | 16.03% | 1.21% | 9.77% | (24.37)% | (11.87)% | 17.25% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.32 %(c) | 1.29% | 1.26% | 1.18% | 1.16% | 1.23% |
| Net expenses | 1.30 %(c) | 1.29% | 1.26% | 1.18% | 1.16% | 1.23% |
| Net expenses excluding interest and taxes | 1.30 %(c) | 1.28% | 1.25% | 1.18% | 1.16% | 1.22% |
| Net investment income (loss) | 0.83 %(c) | 0.51% | 0.84% | 0.90% | 0.10% | (0.21)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $86 | $78 | $105 | $102 | $153 | $177 |
| Portfolio turnover rate (d) | 19% | 26% | 23% | 20% | 36% | 29% |

---

&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) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $8.94 | $8.98 | $8.48 | $14.13 | $16.63 | $14.95 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | 0.02 | 0.05 | 0.06 | (0.04) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 1.40 | 0.08 | 0.74 | (3.54) | (1.94) | 2.51 |
| Total from investment operations | 1.42 | 0.10 | 0.79 | (3.48) | (1.98) | 2.42 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.14) | (0.29) |  | (0.14) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized capital gains |  |  |  | (2.17) | (0.38) | (0.45) |
| Total distributions |  | (0.14) | (0.29) | (2.17) | (0.52) | (0.74) |
| Net asset value, end of period | $10.36 | $8.94 | $8.98 | $8.48 | $14.13 | $16.63 |
| **Total return (b)** | 15.88% | 0.93% | 9.44% | (24.73)% | (12.22)% | 16.90% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 3.58 %(c) | 3.09% | 2.98% | 2.60% | 2.43% | 3.69% |
| Net expenses | 1.55 %(c) | 1.57% | 1.56% | 1.55% | 1.55% | 1.55% |
| Net expenses excluding interest and taxes | 1.55 %(c) | 1.55% | 1.55% | 1.55% | 1.55% | 1.55% |
| Net investment income (loss) | 0.53 %(c) | 0.22% | 0.53% | 0.62% | (0.27)% | (0.60)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $1 | $1 | $1 | $1 | $1 | $1 |
| Portfolio turnover rate (d) | 19% | 26% | 23% | 20% | 36% | 29% |

---

&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) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

**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 currently offers two classes of shares: Initial Class Shares and Class S Shares. The two classes are substantially the same, 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 is a summary of significant accounting policies followed by the Fund.

**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 its 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. Short-term debt securities with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are classified as Level 1 in the fair value hierarchy.

The Board of Trustees ("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 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 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 it does 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 June 30, 2025 are restricted from trading and any currency denominated in Rubles cannot be repatriated, therefore the Pricing Committee is currently fair valuing these investments as represented in the Schedule of Investments and deeming all these holdings as a 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.

**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.

**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 cannot
be repatriated and such currency is valued at $0 as of June 30, 2025.

**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 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.

**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.

**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
receives cash and/

VANECK VIP EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 in the form of money market investments, if any, at June 30, 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).

**G.** **Other—** Security transactions are accounted for on trade date. 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. Realized gains and losses are determined
based on the specific identification method.

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.

**H.** **Segment Reporting—** The Adviser acts 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 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.

**Note 3—Investment Management and Other Agreements—** The Adviser is the investment adviser to the Fund. 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 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 1.30% and 1.55% of average daily net assets for Initial Class Shares and Class S Shares, respectively. For the period ended June 30, 2025, the Adviser assumed expenses in the amount of $8,451 and $8,151 for Class I and Class S shares, respectively.

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

At June 30, 2025, the aggregate shareholder accounts of one insurance company owned approximately 77% of the Initial Class Shares, and one insurance company owned approximately 93% 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 for its Class S Shares 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 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 period ended June 30, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. government securities and short-term obligations, aggregated to $14,974,935 and $19,271,658, respectively.

------

**Note 6—Income Taxes—**As of June 30, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| $61441405 | $32448070 | $(5476464) | $26971606 |

---

The tax character of current year distributions, if any, will be determined at the end of the current fiscal year.

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, if any, 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 period ended June 30, 2025, the Fund did not incur any interest or penalties.

**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 that impact the custody of equity securities of Russian issuers and 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 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 June 30, 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

VANECK VIP EMERGING MARKETS FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 June 30, 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 June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| $&nbsp;&nbsp;&nbsp;&nbsp;2665327 | $&nbsp;&nbsp;&nbsp;&nbsp;246333 | $&nbsp;&nbsp;&nbsp;&nbsp;2477271 | $&nbsp;&nbsp;&nbsp;&nbsp;2723604 |

---

---

| | |
|:---|:---|
|  | **Gross Amount of Recognized<br> Liabilities for Securities Lending<br> Transactions\* in the Statement of<br> Assets and Liabilities** |
| Equity Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246333 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit—**The Trust participates with 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 have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the VE/VIP Funds based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2025, the Fund borrowed as follows:

---

| | | |
|:---|:---|:---|
| **Days<br> Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| 2 | $356013 | 5.68% |

---

At June 30, 2025, the Fund had no outstanding borrowings under the Facility.

------

**Note 11—New Accounting Pronouncements and Regulatory Requirements—** In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying this ASU.

------

**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**VANECK VIP EMERGING MARKETS FUND VANECK VIP GLOBAL GOLD FUND VANECK VIP GLOBAL RESOURCES FUND VANECK VIP EMERGING MARKETS BOND FUND (each, a "Fund"; together, the "Funds")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may continue in effect from year to year only if its continuance is approved, at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On June 5, 2025, the Board of Trustees (the "Board") of VanEck VIP Trust (the "Trust"), including a majority of the Independent Trustees, approved the continuation of the existing advisory agreement (each, an "Advisory Agreement") between each Fund and its investment adviser, Van Eck Associates Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the continuation of each Fund's Advisory Agreement is set forth below.

In considering the continuation of each Advisory Agreement, the Board reviewed and considered information that had been provided by the Adviser throughout the year at meetings of the Board and its committees, including information requested by the Independent Trustees and furnished by the Adviser for meetings of the Board held on May 13, 2025 and June 5, 2025, specifically for the purpose of considering the continuation of the Advisory Agreement. Although the Advisory Agreements for the Funds were considered at the same Board meetings, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. The Independent Trustees were advised by independent legal counsel throughout the year, including during the contract renewal process, and met with independent legal counsel in executive sessions outside the presence of management. The written and oral reports provided to the Board pertaining to the continuation of the Advisory Agreement included, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about the overall organization of the Adviser and the Adviser's short-term and long-term business plans with respect
to its mutual fund operations and other lines of business;

&nbsp;&nbsp;&nbsp;&nbsp;■ The consolidated financial statements of the Adviser for the past two fiscal years;

&nbsp;&nbsp;&nbsp;&nbsp;■ A copy of each Advisory Agreement and descriptions of the services provided by the Adviser thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding the qualifications, education and experience of the investment professionals responsible for portfolio management,
as well as relevant staffing plans for such personnel, investment research and trading activities for each Fund, the structure of their
compensation and the resources available to support these activities;

&nbsp;&nbsp;&nbsp;&nbsp;■ A report prepared by Broadridge Financial Solutions ("Broadridge"), an independent consultant, comparing the Fund's
investment performance net of expenses for a representative class of shares (including, where relevant, total returns, standard deviations,
Sharpe ratios, information ratios, beta and alpha) for the one-, three-, five- and ten-year periods (as applicable) ended December 31,
2024 with the investment performance of (i) a universe of mutual funds selected by Broadridge with similar investment characteristics
(the "Morningstar Category"), (ii) a sub-group of funds selected from the Morningstar Category by Broadridge further limited
to approximate more closely the Fund's investment style, share class characteristics, and asset levels (the "Peer Group")
and (iii) an appropriate benchmark index;

&nbsp;&nbsp;&nbsp;&nbsp;■ A report prepared by Broadridge comparing the advisory fees and other expenses of a representative class of shares of the Fund during
its fiscal year ended December 31, 2024 with (i) the Morningstar Category and (ii) Peer Group;

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;■ An analysis of the profitability of the Adviser with respect to its services for each Fund and the VanEck complex of mutual funds
as a whole (the "VanEck Complex");

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding other investment products and services offered by the Adviser involving investment objectives and strategies
similar to each Fund ("Comparable Products"), including the fees charged by the Adviser for managing the Comparable Products,
a description of material differences and similarities in the services provided by the Adviser for each Fund and the Comparable Products,
the sizes of the Comparable Products and the identity of the individuals responsible for managing the Comparable Products;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information concerning the Adviser's compliance program and resources;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information with respect to the Adviser's brokerage practices, including regarding the use of soft dollars in the case of Funds
for which their portfolio trades entailed soft dollars;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding the procedures used by the Adviser in monitoring the valuation of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding how the Adviser safeguards the confidentiality and integrity of its data and files, cybersecurity, overall business
continuity and other operational matters;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding the Adviser's policies and practices with respect to personal investing by the Adviser and its employees;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding the Adviser's investment process for each Fund, including how the Adviser integrates non-accounting based
information (including, but not limited to "environmental, social and governance" factors) and the non-security selection,
non-portfolio construction activities of the investment teams, such as engagement with portfolio companies and industry group participation;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information regarding the Adviser's role as the administrator of the Trust's liquidity risk management program;

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about shareholder servicing arrangements for each Fund with various intermediaries, as well as revenue sharing arrangements
involving the Adviser and not paid by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;■ Descriptions of other administrative and other non-investment management services provided by the Adviser for each Fund, including
the Adviser's activities in managing relationships with the Fund's custodian, transfer agent and other service providers;
and

&nbsp;&nbsp;&nbsp;&nbsp;■ Other information provided by the Adviser in its response to a comprehensive questionnaire from the Independent Trustees.

*Nature, Extent, Quality of Services.* In determining whether to approve the continuation of each Advisory Agreement, the Board considered, among other things, the following: (1) the nature, quality, extent and cost of the investment management, administrative and other non-investment management services provided by the Adviser; (2) the nature, quality and extent of the services performed by the Adviser in interfacing with, and monitoring the services performed by, third parties, such as the Fund's custodian, transfer agent, sub-transfer agents and independent auditor, and the Adviser's commitment and efforts to review the quality and pricing of third party service providers to the Fund with a view to reducing non-management expenses of the Fund; (3) the terms of the Advisory Agreement and the services performed thereunder; (4) the willingness of the Adviser to limit the overall expenses of the Fund from time to time, if necessary or appropriate, by means of waiving all or a portion of its fees and/or paying expenses of the Fund; (5) the quality of the services, procedures and processes used to determine the value of the Fund's assets and the actions taken to monitor and test the effectiveness of such services, procedures and processes; (6) the ongoing efforts of, and resources devoted by, the Adviser with respect to the development and implementation of a comprehensive compliance program; (7) the responsiveness of the Adviser to inquiries from, and examinations by, regulatory authorities, including the Securities and Exchange Commission; (8) the resources committed by the Adviser to information technology and cybersecurity; and (9) the ability of the Adviser to attract and retain quality

------

professional personnel to perform investment advisory and administrative services for the Fund. The Board concluded that the nature, extent and quality of the services provided by the Adviser supported the renewal of each Advisory Agreement.

*Investment Performance and Fund Expenses.* The performance data and the advisory fee and expense ratio data from Broadridge that is described below for each Fund is based on data for a representative class of shares of each Fund. The performance data is net of expenses for periods on an annualized basis ended December 31, 2024, and the advisory fee and expense ratio data is as of the Funds' fiscal year end of December 31, 2024. The Board found the data provided by Broadridge generally useful, but it recognized the limitations of such data, including, in particular, that notable differences may exist between each Fund and the other funds in the Funds' Peer Group and Morningstar Category (for example, with respect to investment objective(s) and investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the Peer Group and Morningstar Category. The Board also considered the Funds' performance at its meetings throughout the year, including for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also considered benefits, other than the receipt of fees under the Advisory Agreement, that may be derived by the Adviser from serving as investment adviser to the Fund and the Trust.

<u>VIP Emerging Markets Bond Fund.</u> In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one- and ten-year periods and outperformed its Peer Group and Morningstar Category medians for the three- and five-year periods. The Board also noted that the Initial Class shares of the Fund had outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Emerging Markets Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five- and ten-year periods. The Board further noted that the Initial Class shares of the Fund had underperformed its benchmark index for the one-, three-, five- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board also noted that the advisory fee rate for the Fund was the same as the median advisory fee rate for its Peer Group and higher than the median advisory fee rate for its Morningstar Category. The Board also noted that the Fund's total expense ratio, net of waivers or reimbursements, was higher than the median total expense ratios of the Fund's Morningstar Category and Peer Group. The Board also noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Resources Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five-, and ten-year periods. The Board noted that the Fund changed its primary benchmark index on May 1, 2023 and that the Initial Class shares of the Fund had outperformed that primary benchmark index and the previous primary benchmark index for the one- and five-year periods and underperformed that primary benchmark index and the previous primary benchmark index for the three- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products. The Board noted that it had previously approved an advisory fee reduction of five basis points for the Fund, effective July 1, 2024.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Gold Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Class S shares of the Fund had performed the same as its Peer Group median for the one-year period and outperformed its Peer Group median for the three-, five- and ten-year periods. The Board further noted that the Class S shares of the Fund had outperformed its Morningstar Category median for the one-, three-, five- and ten-year periods. The Board also noted that the Class S shares of the Fund had outperformed its benchmark index for the one- and five-year periods and underperformed its benchmark index for the three- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were lower than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board further noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

*Profitability and Economies of Scale*. The Board considered the profits, if any, realized by the Adviser from managing each Fund and other mutual funds in the VanEck Complex and the methodology used to determine such profits. The Board noted that the levels of profitability reported on a fund-by-fund basis varied widely depending on such factors as the size, type of fund and operating history. Based on its review of the foregoing information, and in light of the nature, extent and quality of the services provided by the

------

Adviser, the Board concluded that the profits realized by the Adviser from managing each Fund supported the renewal of the respective Advisory Agreement. In this regard, the Board also considered the extent to which the Adviser may realize economies of scale, if any, as each Fund grows and whether each Fund's fee schedule reflects any economies of scale for the benefit of shareholders, and concluded that each fee schedule was appropriate. The Board also considered that each Fund benefits from economies of scale through lower fees charged by third party service providers based on the combined size of the VanEck Complex.

*Conclusion*. In determining the material factors to be considered in evaluating the Advisory Agreement for each Fund and the weight to be given to such factors, the members of the Board relied upon their own business judgment, with the advice of independent legal counsel. The Board did not consider any single factor as controlling in determining whether to approve the continuation of each Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved the continuation of the Advisory Agreement for each Fund for an additional one-year period.

![](x1_c113433x48x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND OTHER INFORMATION**

VanEck VIP Trust

VanEck VIP Global Gold Fund

<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

*This page is intentionally left blank.*

---

| | |
|:---|:---|
| [Consolidated Schedule of Investments](#xx1xc113433c001xm4) | 2 |
| [Consolidated Statement of Assets and Liabilities](#xx1xc113433c002xm4) | 4 |
| [Consolidated Statement of Operations](#xx1xc113433c003xm4) | 5 |
| [Consolidated Statement of Changes in Net Assets](#xx1xc113433c004xm4) | 6 |
| [Consolidated Financial Highlights](#xx1xc113433c005xm4) | 7 |
| [Notes to Consolidated Financial Statements](#xx1xc113433c006xm4) | 8 |
| [Changes In and Disagreements with Accountants](#xx1xc113433c007xm4) | 14 |
| [Proxy Disclosures](#xx1xc113433c008xm4) | 14 |
| [Remuneration Paid to Directors, Officers and Others](#xx1xc113433c009xm4) | 14 |
| [Approval of Investment Advisory Contracts](#xx1xc113433c010xm4) | 15 |

---

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **COMMON STOCKS: 95.9%** |  |  |
| **Australia: 9.9%** |  |  |
| Emerald Resources NL \* † | 467181 | $1219233 |
| Northern Star Resources Ltd. | 236282 | 2918588 |
| Perseus Mining Ltd. | 125200 | 284353 |
| Predictive Discovery Ltd. \* | 7639272 | 1951677 |
| Spartan Resources Ltd. \* | 1258400 | 1664250 |
| Westgold Resources Ltd. (CAD) \* | 365524 | 687161 |
|  |  | 8725262 |
| **Brazil: 4.6%** |  |  |
| Wheaton Precious Metals Corp. (USD) | 45153 | 4054739 |
| **Canada: 62.8%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 69490 | 8264446 |
| Alamos Gold, Inc. (USD) | 198683 | 5277020 |
| Allied Gold Corp. \* | 33903 | 455111 |
| Artemis Gold, Inc. \* | 82400 | 1498842 |
| Barrick Mining Corp. (USD) | 130800 | 2723256 |
| Franco-Nevada Corp. (USD) | 23830 | 3906214 |
| G Mining Ventures Corp. \* | 275490 | 3596998 |
| Galway Metals, Inc. \* | 409776 | 117358 |
| Kinross Gold Corp. (USD) | 330776 | 5170029 |
| Liberty Gold Corp. \* | 3563409 | 850456 |
| Lundin Gold, Inc. | 95400 | 5037092 |
| MAG Silver Corp. | 99800 | 2120223 |
| OceanaGold Corp. | 140267 | 1979751 |
| Omai Gold Mines Corp. \* | 1804800 | 728944 |
| OR Royalties, Inc. (USD) † | 127900 | 3288309 |
| Pan American Silver Corp. (USD) | 118800 | 3373920 |
| Skeena Resources Ltd. \* | 121953 | 1939785 |
| Snowline Gold Corp. \* | 246700 | 1514530 |
| Torex Gold Resources, Inc. \* | 61300 | 1999593 |
| Troilus Gold Corp. \* | 1569900 | 818527 |
| West Point Gold Corp. \* | 644500 | 177483 |
| West Red Lake Gold Mines Ltd. \* † | 956200 | 596857 |
|  |  | 55434744 |
| **Ghana: 0.5%** |  |  |
| Galiano Gold, Inc. (CAD) \* | 376744 | 478625 |
| **Ivory Coast: 2.8%** |  |  |
| Montage Gold Corp. (CAD) \* | 737800 | 2443531 |
| **South Africa: 3.4%** |  |  |
| Gold Fields Ltd. (ADR) | 127000 | 3006090 |
| **United Kingdom: 5.0%** |  |  |
| Anglogold Ashanti PLC (USD) | 96900 | 4415733 |
| **United States: 6.9%** |  |  |
| Newmont Corp. | 88631 | 5163642 |
| Royal Gold, Inc. | 4990 | 887422 |
|  |  | 6051064 |
| **Total Common Stocks**<br> (Cost: $40,391,598) |  | 84609788 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **WARRANTS: 0.1%** |  |  |
| **Canada: 0.1%** |  |  |
| Liberty Gold Corp.,<br> CAD 0.45, exp. 05/17/26∞ø | 518048 | $14753 |
| West Point Gold Corp., <br> CAD 0.55, exp. 06/10/27ø | 322250 | 37414 |
| **Total Warrants**<br> (Cost: $43,259) |  | 52167 |
| **EXCHANGE TRADED FUND: 4.2%(a)**<br> (Cost: $2,599,356) |  |  |
| **United States: 4.2%** |  |  |
| SPDR Gold MiniShares Trust \* | 57100 | 3741192 |
| **MONEY MARKET FUND: 0.2%**<br> (Cost: $137,069) |  |  |
| Invesco Treasury Portfolio - Institutional Class | 137069 | 137069 |
| **Total Investments Before Collateral for Securities Loaned: 100.4%**<br> (Cost: $43,171,282) | **Total Investments Before Collateral for Securities Loaned: 100.4%**<br> (Cost: $43,171,282) | 88540216 |
| **SHORT-TERM INVESTMENT HELD AS<br> COLLATERAL FOR SECURITIES ON LOAN:<br> 0.3%** | **SHORT-TERM INVESTMENT HELD AS<br> COLLATERAL FOR SECURITIES ON LOAN:<br> 0.3%** |  |
| **Money Market Fund: 0.3%**<br> (Cost: $308,741) |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 308741 | 308741 |
| **Total Investments: 100.7%**<br> (Cost: $43,480,023) |  | 88848957 |
| **Liabilities in excess of other assets: (0.7)%** |  | (584312) |
| **NET ASSETS: 100.0%** |  | $88264645 |

---

See Notes to Consolidated Financial Statements

------

**Definitions:**

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

**Footnotes:**

---

| | |
|:---|:---|
| † | Security fully or partially on loan. Total market value of securities on loan is $3,486,435. |
| \* | Non-income producing |
| ∞ | 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 $52,167, or 0.1% of net assets |
| (a) | The underlying fund's shareholder reports and registration documents are available free of charge on the SEC's website at https://www. sec.gov or on the Fund's webpage. |

---

Restricted securities held by the Fund as of June 30, 2025 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition**<br> **Date** | **Number of**<br> **Shares** | **Acquisition**<br> **Cost** | **Value** | **% of**<br> **Net Assets** |
| Liberty Gold Corp. \* | 05/17/2024 | 518048 | $0 | $14753 | 0.0% |
| West Point Gold Corp. \* | 06/11/2025 | 322250 | 43259 | 37414 | 0.1% |
|  |  |  | $43259 | $52167 | 0.1% |

---

\* Warrants

The summary of inputs used to value the Fund's investments as of June 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $687161 | $8038101 | $— | $8725262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 4054739 |  |  | 4054739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 55434744 |  |  | 55434744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ghana | 478625 |  |  | 478625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ivory Coast | 2443531 |  |  | 2443531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 3006090 |  |  | 3006090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 4415733 |  |  | 4415733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 6051064 |  |  | 6051064 |
| Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada |  | 37414 | 14753 | 52167 |
| Exchange Traded Fund | 3741192 |  |  | 3741192 |
| Money Market Funds | 445810 |  |  | 445810 |
| **Total Investments** | $80758689 | $8075515 | $14753 | $88848957 |

---

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at value (Cost $43,171,282) (1) | $88540216 |
| Short-term investment held as collateral for securities loaned (2) | 308741 |
| Cash | 23872 |
| Cash denominated in foreign currency, at value (Cost $27,294) | 27294 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 24985 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 5853 |
| Prepaid expenses | 275 |
| Other assets | 11909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 88943145 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 195469 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 308741 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 52735 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 18312 |
| Deferred Trustee fees | 42921 |
| Accrued expenses | 60322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 678500 |
| **NET ASSETS** | $88264645 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $48719446 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 39545199 |
| **NET ASSETS** | $88264645 |
| Shares of beneficial interest outstanding | 6017872 |
| Net asset value, redemption and offering price per share | $14.67 |
| (1) Includes Investment in securities on loan, at market value | $3486435 |
| (2) Cost of short-term investment held as collateral for securities loaned | $308741 |

---

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Income:** | |
| Dividends (Net foreign taxes withheld $62,211) | $502526 |
| Securities lending income | 13821 |
| &nbsp;&nbsp;&nbsp;Total income | 516347 |
| **Expenses:** |  |
| Management fees | 293036 |
| Administration fees | 97679 |
| Distribution fees | 97679 |
| Professional fees | 43472 |
| Custodian fees | 11227 |
| Reports to shareholders | 11077 |
| Transfer agent fees | 10649 |
| Trustees' fees and expenses | 9461 |
| Insurance | 7617 |
| Interest | 2812 |
| Taxes | 185 |
| Other | 430 |
| &nbsp;&nbsp;&nbsp;Total expenses | 585324 |
| Expenses assumed by the Adviser | (15771) |
| &nbsp;&nbsp;&nbsp;Net expenses | 569553 |
| &nbsp;&nbsp;&nbsp;Net investment loss | (53206) |
| **Net realized gain (loss) on:** |  |
| Investments | 3628608 |
| Foreign currency transactions and foreign denominated assets and liabilities | (9425) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3619183 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments | 29493627 |
| Foreign currency translations and foreign denominated assets and liabilities | (179) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 29493448 |
| **Net increase in net assets resulting from operations** | $33059425 |

---

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

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| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** | | |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(53206) | $(87892) |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3619183 | 5397351 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 29493448 | 1846241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 33059425 | 7155700 |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  | (1772283) |
| **Share transactions\*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 34991660 | 17809609 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  | 1772283 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (37447801) | (21237149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (2456141) | (1655257) |
| Total increase in net assets | 30603284 | 3728160 |
| Net Assets, beginning of period | 57661361 | 53933201 |
| Net Assets, end of period | $88264645 | $57661361 |
| **\* Shares of beneficial interest issued, reinvested and redeemed (unlimited number of $.001 par value shares authorized):** |  |  |
| Shares sold | 2713024 | 1907497 |
| Shares reinvested |  | 174094 |
| Shares redeemed | (2875141) | (2340600) |
| &nbsp;&nbsp;&nbsp;Net decrease | (162117) | (259009) |

---

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended <br> June 30, <br> 2025 <br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.33 | $8.38 | $7.59 | $8.77 | $11.68 | $8.63 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | (0.01) | 0.02 | 0.03 | (0.01) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 5.35 | 1.24 | 0.77 | (1.21) | (1.67) | 3.40 |
| Total from investment operations | 5.34 | 1.23 | 0.79 | (1.18) | (1.68) | 3.35 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.28) |  |  | (1.23) | (0.30) |
| Net asset value, end of period | $14.67 | $9.33 | $8.38 | $7.59 | $8.77 | $11.68 |
| **Total return (b)** | 57.23% | 14.41% | 10.41% | (13.45)% | (13.91)% | 38.62% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Gross expenses | 1.50 %(c) | 1.58% | 1.55% | 1.53% | 1.58% | 1.65% |
| Net expenses | 1.46 %(c) | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
| Net expenses excluding interest and taxes | 1.45 %(c) | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
| Net investment income (loss) | (0.14)%(c) | (0.15)% | 0.23% | 0.35% | (0.08)% | (0.51)% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $88 | $58 | $54 | $46 | $51 | $60 |
| Portfolio turnover rate(d) | 40% | 44% | 35% | 39% | 38% | 39% |

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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) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Consolidated Financial Statements

VANECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

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 is a summary of significant accounting policies followed by the Fund.

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| | |
|:---|:---|
| 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 its 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 obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Money market fund investments are valued at net asset value and are classified as Level 1 in the fair value hierarchy. 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. |

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------

---

| | |
|:---|:---|
|  | The Board of Trustees ("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 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 it does 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 Consolidated 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. |
| 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 June 30, 2025, the Fund held $3,759,104 in its Subsidiary, representing 4.3% of the Fund's net assets. |
| 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. |
| 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 Consolidated Statement of Operations. Recognized gains or losses attributable to foreign currency fluctuations on foreign currency denominated assets, other than investments and forward foreign currency contracts, 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 Consolidated Statement of Operations. |
| 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. 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. |
| 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 |

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VANECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited) (continued)

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| | |
|:---|:---|
|  | 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 Consolidated Schedule of Investments. |
| 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 June 30, 2025 are reflected in the Consolidated Schedule of Investments. |
| H. | Use of Derivative Instruments—The Fund may invest in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. 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. GAAP requires enhanced disclosures about the Fund's derivative instruments and hedging activities. Details of these disclosures are found below as well as in the Consolidated Schedule of Investments. During the six months ended at June 30, 2025, the Fund held no derivative contracts. |
| I. | 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 pledge or receive cash and/or securities as collateral for derivative instruments and securities lending. For financial reporting purposes, the Fund presents securities lending assets and liabilities and derivatives on a gross basis in the Consolidated Statement of Assets and Liabilities. Cash collateral held in the form of money market investments, if any, at June 30, 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). |
| J. | Segment Reporting—The Adviser acts 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. |
| K. | 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 |

---

------

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 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 six months ended June 30, 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 six months ended June 30, 2025 is recorded as Administration fees in the Consolidated Statement of Operations.

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

At June 30, 2025, the aggregate shareholder accounts of two insurance companies owned approximately 60% and 34% 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 0.25% of the Fund's average daily net assets and is recorded as Distribution Fees in the Consolidated Statement of Operations.

Note 5**—Investments—**For the six months ended June 30, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. government securities and short-term obligations, aggregated to $31,007,420 and $33,750,366, respectively.

Note 6**—Income Taxes—**As of June 30, 2025, for Federal income tax purposes, the identified cost, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) of investments owned were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Tax Cost of<br> Investments** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| $49613388 | $46282287 | $(7046718) | $39235569 |

---

The tax character of current year distributions will be determined at the end of the current fiscal year.

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

VANECK VIP GLOBAL GOLD FUND

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited) (continued)

on the appreciation in value of certain investments. The Fund provides for such taxes, if any, 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 six months ended June 30, 2025, the Fund did not incur any interest or penalties.

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 information about issuers, different securities transaction clearance and settlement practices, future adverse economic developments and political conflicts, or natural or other disasters, such as the recent coronavirus outbreak. 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. 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 each 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 Consolidated 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 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 June 30, 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 June 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| $3486435 | $308741 | $3213280 | $3522021 |

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| | |
|:---|:---|
|  | **Gross Amount of Recognized<br> Liabilities for Securities Lending<br> Transactions\* in the Statement of<br> Assets and Liabilities** |
| Equity Securities | $308741 |

---

\* Remaining contractual maturity: overnight and continuous

Note 10**—Bank Line of Credit—**The Trust participates with 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 have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the VE/VIP Funds based on prevailing market rates in effect at the time of borrowings. During the six months ended June 30, 2025, the Fund borrowed under this Facility as follows:

---

| | | |
|:---|:---|:---|
| **Days<br> Outstanding** | **Average<br> Daily<br> Loan Balance** | **Average<br> Interest Rate** |
| 13 | $1371118 | 5.68% |

---

At June 30, 2025, the Fund had no outstanding borrowings under the Facility.

Note 11 - New Accounting Pronouncements and Regulatory Requirements**—**In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying the ASU 2023-09.

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**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**VANECK VIP EMERGING MARKETS FUND VANECK VIP GLOBAL GOLD FUND VANECK VIP GLOBAL RESOURCES FUND VANECK VIP EMERGING MARKETS BOND FUND (each, a "Fund"; together, the "Funds")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may continue in effect from year to year only if its continuance is approved, at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On June 5, 2025, the Board of Trustees (the "Board") of VanEck VIP Trust (the "Trust"), including a majority of the Independent Trustees, approved the continuation of the existing advisory agreement (each, an "Advisory Agreement") between each Fund and its investment adviser, Van Eck Associates Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the continuation of each Fund's Advisory Agreement is set forth below.

In considering the continuation of each Advisory Agreement, the Board reviewed and considered information that had been provided by the Adviser throughout the year at meetings of the Board and its committees, including information requested by the Independent Trustees and furnished by the Adviser for meetings of the Board held on May 13, 2025 and June 5, 2025, specifically for the purpose of considering the continuation of the Advisory Agreement. Although the Advisory Agreements for the Funds were considered at the same Board meetings, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. The Independent Trustees were advised by independent legal counsel throughout the year, including during the contract renewal process, and met with independent legal counsel in executive sessions outside the presence of management. The written and oral reports provided to the Board pertaining to the continuation of the Advisory Agreement included, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about the overall organization of the Adviser and the Adviser's short-term and long-term business plans with respect to its mutual fund operations and other lines of business;

■ The consolidated financial statements of the Adviser for the past two fiscal years;

■ A copy of each Advisory Agreement and descriptions of the services provided by the Adviser thereunder;

■ Information regarding the qualifications, education and experience of the investment professionals responsible for portfolio management, as well as relevant staffing plans for such personnel, investment research and trading activities for each Fund, the structure of their compensation and the resources available to support these activities;

■ A report prepared by Broadridge Financial Solutions ("Broadridge"), an independent consultant, comparing the Fund's investment performance net of expenses for a representative class of shares (including, where relevant, total returns, standard deviations, Sharpe ratios, information ratios, beta and alpha) for the one-, three-, five- and ten-year periods (as applicable) ended December 31, 2024 with the investment performance of (i) a universe of mutual funds selected by Broadridge with similar investment characteristics (the "Morningstar Category"), (ii) a sub-group of funds selected from the Morningstar Category by Broadridge further limited to approximate more closely the Fund's investment style, share class characteristics, and asset levels (the "Peer Group") and (iii) an appropriate benchmark index;

■ A report prepared by Broadridge comparing the advisory fees and other expenses of a representative class of shares of the Fund during its fiscal year ended December 31, 2024 with (i) the Morningstar Category and (ii) Peer Group;

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;■ An analysis of the profitability of the Adviser with respect to its services for each Fund and the VanEck complex of mutual funds as a whole (the "VanEck Complex")

■ Information regarding other investment products and services offered by the Adviser involving investment objectives and strategies similar to each Fund ("Comparable Products"), including the fees charged by the Adviser for managing the Comparable Products, a description of material differences and similarities in the services provided by the Adviser for each Fund and the Comparable Products, the sizes of the Comparable Products and the identity of the individuals responsible for managing the Comparable Products;

■ Information concerning the Adviser's compliance program and resources;

■ Information with respect to the Adviser's brokerage practices, including regarding the use of soft dollars in the case of Funds for which their portfolio trades entailed soft dollars;

■ Information regarding the procedures used by the Adviser in monitoring the valuation of portfolio securities;

■ Information regarding how the Adviser safeguards the confidentiality and integrity of its data and files, cybersecurity, overall business continuity and other operational matters;

■ Information regarding the Adviser's policies and practices with respect to personal investing by the Adviser and its employees;

■ Information regarding the Adviser's investment process for each Fund, including how the Adviser integrates non-accounting based information (including, but not limited to "environmental, social and governance" factors) and the non-security selection, non-portfolio construction activities of the investment teams, such as engagement with portfolio companies and industry group participation;

■ Information regarding the Adviser's role as the administrator of the Trust's liquidity risk management program;

■ Information about shareholder servicing arrangements for each Fund with various intermediaries, as well as revenue sharing arrangements involving the Adviser and not paid by the Fund;

■ Descriptions of other administrative and other non-investment management services provided by the Adviser for each Fund, including the Adviser's activities in managing relationships with the Fund's custodian, transfer agent and other service providers; and

■ Other information provided by the Adviser in its response to a comprehensive questionnaire from the Independent Trustees.

*Nature, Extent, Quality of Services.* In determining whether to approve the continuation of each Advisory Agreement, the Board considered, among other things, the following: (1) the nature, quality, extent and cost of the investment management, administrative and other non-investment management services provided by the Adviser; (2) the nature, quality and extent of the services performed by the Adviser in interfacing with, and monitoring the services performed by, third parties, such as the Fund's custodian, transfer agent, sub-transfer agents and independent auditor, and the Adviser's commitment and efforts to review the quality and pricing of third party service providers to the Fund with a view to reducing non-management expenses of the Fund; (3) the terms of the Advisory Agreement and the services performed thereunder; (4) the willingness of the Adviser to limit the overall expenses of the Fund from time to time, if necessary or appropriate, by means of waiving all or a portion of its fees and/or paying expenses of the Fund; (5) the quality of the services, procedures and processes used to determine the value of the Fund's assets and the actions taken to monitor and test the effectiveness of such services, procedures and processes; (6) the ongoing efforts of, and resources devoted by, the Adviser with respect to the development and implementation of a comprehensive compliance program; (7) the responsiveness of the Adviser to inquiries from, and examinations by, regulatory authorities, including the Securities and Exchange Commission; (8) the resources committed by the Adviser to information technology and cybersecurity; and (9) the ability of the Adviser to attract and retain quality

------

professional personnel to perform investment advisory and administrative services for the Fund. The Board concluded that the nature, extent and quality of the services provided by the Adviser supported the renewal of each Advisory Agreement.

*Investment Performance and Fund Expenses.* The performance data and the advisory fee and expense ratio data from Broadridge that is described below for each Fund is based on data for a representative class of shares of each Fund. The performance data is net of expenses for periods on an annualized basis ended December 31, 2024, and the advisory fee and expense ratio data is as of the Funds' fiscal year end of December 31, 2024. The Board found the data provided by Broadridge generally useful, but it recognized the limitations of such data, including, in particular, that notable differences may exist between each Fund and the other funds in the Funds' Peer Group and Morningstar Category (for example, with respect to investment objective(s) and investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the Peer Group and Morningstar Category. The Board also considered the Funds' performance at its meetings throughout the year, including for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also considered benefits, other than the receipt of fees under the Advisory Agreement, that may be derived by the Adviser from serving as investment adviser to the Fund and the Trust.

<u>VIP Emerging Markets Bond Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one- and ten-year periods and outperformed its Peer Group and Morningstar Category medians for the three- and five-year periods. The Board also noted that the Initial Class shares of the Fund had outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Emerging Markets Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five- and ten-year periods. The Board further noted that the Initial Class shares of the Fund had underperformed its benchmark index for the one-, three-, five- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board also noted that the advisory fee rate for the Fund was the same as the median advisory fee rate for its Peer Group and higher than the median advisory fee rate for its Morningstar Category. The Board also noted that the Fund's total expense ratio, net of waivers or reimbursements, was higher than the median total expense ratios of the Fund's Morningstar Category and Peer Group. The Board also noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Resources Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five-, and ten-year periods. The Board noted that the Fund changed its primary benchmark index on May 1, 2023 and that the Initial Class shares of the Fund had outperformed that primary benchmark index and the previous primary benchmark index for the one- and five-year periods and underperformed that primary benchmark index and the previous primary benchmark index for the three- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products. The Board noted that it had previously approved an advisory fee reduction of five basis points for the Fund, effective July 1, 2024.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Gold Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Class S shares of the Fund had performed the same as its Peer Group median for the one-year period and outperformed its Peer Group median for the three-, five- and ten-year periods. The Board further noted that the Class S shares of the Fund had outperformed its Morningstar Category median for the one-, three-, five- and ten-year periods. The Board also noted that the Class S shares of the Fund had outperformed its benchmark index for the one- and five-year periods and underperformed its benchmark index for the three- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were lower than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board further noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

*Profitability and Economies of Scale*. The Board considered the profits, if any, realized by the Adviser from managing each Fund and other mutual funds in the VanEck Complex and the methodology used to determine such profits. The Board noted that the levels of profitability reported on a fund-by-fund basis varied widely depending on such factors as the size, type of fund and operating history. Based on its review of the foregoing information, and in light of the nature, extent and quality of the services provided by the

------

Adviser, the Board concluded that the profits realized by the Adviser from managing each Fund supported the renewal of the respective Advisory Agreement. In this regard, the Board also considered the extent to which the Adviser may realize economies of scale, if any, as each Fund grows and whether each Fund's fee schedule reflects any economies of scale for the benefit of shareholders, and concluded that each fee schedule was appropriate. The Board also considered that each Fund benefits from economies of scale through lower fees charged by third party service providers based on the combined size of the VanEck Complex.

*Conclusion*. In determining the material factors to be considered in evaluating the Advisory Agreement for each Fund and the weight to be given to such factors, the members of the Board relied upon their own business judgment, with the advice of independent legal counsel. The Board did not consider any single factor as controlling in determining whether to approve the continuation of each Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved the continuation of the Advisory Agreement for each Fund for an additional one-year period.

![](x1_c113433x1x1m4.jpg)

June 30, 2025

**SEMI-ANNUAL FINANCIAL STATEMENTS AND**

**OTHER INFORMATION**

VanEck VIP Trust

VanEck VIP Global Resources Fund

<br> 800.826.2333&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; vaneck.com

*This page is intentionally left blank.*

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| | |
|:---|:---|
| [Schedule of Investments](#xx1xc113433d001xm4) | 2 |
| [Statement of Assets and Liabilities](#xx1xc113433d002xm4) | 4 |
| [Statement of Operations](#xx1xc113433d003xm4) | 5 |
| [Statement of Changes in Net Assets](#xx1xc113433d004xm4) | 6 |
| [Financial Highlights](#xx1xc113433d005xm4) | 7 |
| [Notes to Financial Statements](#xx1xc113433d006xm4) | 9 |
| [Changes In and Disagreements with Accountants](#xx1xc113433d007xm4) | 15 |
| [Proxy Disclosures](#xx1xc113433d008xm4) | 15 |
| [Remuneration Paid to Directors, Officers, and Others](#xx1xc113433d009xm4) | 15 |
| [Approval of Investment Advisory Contracts](#xx1xc113433d010xm4) | 16 |

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VANECK VIP GLOBAL RESOURCES FUND

SCHEDULE OF INVESTMENTS

June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **COMMON STOCKS: 97.7%** |  |  |
| **Australia: 3.9%** |  |  |
| BHP Group Ltd. (ADR) | 29800 | $1433082 |
| Glencore PLC (GBP) | 1696200 | 6609482 |
| Rio Tinto PLC (ADR) | 53900 | 3143987 |
|  |  | 11186551 |
| **Belgium: 0.7%** |  |  |
| Titan America SA (USD) | 167600 | 2091648 |
| **Brazil: 1.5%** |  |  |
| Suzano SA \* | 439100 | 4138763 |
| **Canada: 21.5%** |  |  |
| Agnico Eagle Mines Ltd. (USD) | 61222 | 7281132 |
| Alamos Gold, Inc. (USD) | 178400 | 4738304 |
| ARC Resources Ltd. † | 69200 | 1458955 |
| Barrick Mining Corp. (USD) | 281074 | 5851961 |
| Cameco Corp. (USD) | 31500 | 2338245 |
| Capstone Copper Corp. \* | 481000 | 2952935 |
| Cenovus Energy, Inc. (USD) | 79600 | 1082560 |
| Franco-Nevada Corp. (USD) | 34300 | 5622456 |
| Kinross Gold Corp. (USD) | 501500 | 7838445 |
| Nutrien Ltd. (USD) † | 145965 | 8501002 |
| Pan American Silver Corp. (USD) | 135500 | 3848200 |
| Suncor Energy, Inc. | 115900 | 4341516 |
| Teck Resources Ltd. (USD) | 76700 | 3097146 |
| West Fraser Timber Co. Ltd. † | 28900 | 2119298 |
|  |  | 61072155 |
| **China: 1.2%** |  |  |
| PetroChina Co. Ltd. (HKD) | 3825000 | 3296296 |
| **France: 4.2%** |  |  |
| Nexans SA | 27200 | 3559369 |
| TotalEnergies SE | 136500 | 8343245 |
|  |  | 11902614 |
| **India: 0.8%** |  |  |
| JSW Steel Ltd. | 181600 | 2158916 |
| **Jersey, Channel Islands: 1.1%** |  |  |
| Yellow Cake PLC 144A \* | 410700 | 2966624 |
| **Liechtenstein: 0.3%** |  |  |
| Antofagasta PLC (GBP) | 33900 | 842851 |
| **Luxembourg: 1.5%** |  |  |
| ArcelorMittal SA (USD) | 130100 | 4108558 |
| **Netherlands: 3.8%** |  |  |
| JBS NV (USD) \* | 631550 | 9226946 |
| OCI NV \* | 185556 | 1678052 |
|  |  | 10904998 |
| **South Africa: 4.2%** |  |  |
| Anglo American PLC (GBP) | 207677 | 6121878 |
| Gold Fields Ltd. (ADR) | 164500 | 3893715 |
| Valterra Platinum Ltd. (GBP) \* | 42028 | 1846071 |
|  |  | 11861664 |

---

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **Spain: 0.0%** | | |
| Soltec Power Holdings SA \*†∞ | 38800 | $37820 |
| **United Kingdom: 4.8%** |  |  |
| Shell PLC (ADR) | 193900 | 13652499 |
| **United States: 47.0%** |  |  |
| Alcoa Corp. | 114500 | 3378895 |
| Antero Resources Corp. \* | 36400 | 1466192 |
| Archer-Daniels-Midland Co. | 46400 | 2448992 |
| Baker Hughes Co. | 31200 | 1196208 |
| Ball Corp. | 42800 | 2400652 |
| Bunge Global SA | 47900 | 3845412 |
| Chevron Corp. | 43000 | 6157170 |
| Commercial Metals Co. | 27800 | 1359698 |
| ConocoPhillips | 21543 | 1933269 |
| Corteva, Inc. | 119633 | 8916247 |
| Diamondback Energy, Inc. | 9588 | 1317391 |
| EQT Corp. | 116800 | 6811776 |
| Expand Energy Corp. | 56600 | 6618804 |
| Exxon Mobil Corp. | 113426 | 12227323 |
| Flowco Holdings, Inc. | 16590 | 295468 |
| FMC Corp. | 166200 | 6938850 |
| Freeport-McMoRan, Inc. | 210700 | 9133845 |
| Graphic Packaging Holding Co. † | 99600 | 2098572 |
| Hormel Foods Corp. | 86400 | 2613600 |
| Kirby Corp. \* | 27100 | 3073411 |
| Marathon Petroleum Corp. | 17300 | 2873703 |
| MasTec, Inc. \* | 10100 | 1721343 |
| Mosaic Co. | 94700 | 3454656 |
| MP Materials Corp. \* † | 97600 | 3247152 |
| Newmont Corp. | 113396 | 6606451 |
| Ormat Technologies, Inc. † | 74680 | 6255197 |
| Permian Resources Corp. | 106249 | 1447111 |
| Phillips 66 | 47800 | 5702540 |
| Solaris Energy Infrastructure, Inc. | 31500 | 891135 |
| Steel Dynamics, Inc. | 10200 | 1305702 |
| Tyson Foods, Inc. | 94000 | 5258360 |
| Valero Energy Corp. | 42900 | 5766618 |
| Weyerhaeuser Co. | 183100 | 4703839 |
|  |  | 133465582 |
| **Zambia: 1.2%** |  |  |
| First Quantum Minerals Ltd. (CAD) \* | 197200 | 3503042 |
| **Total Common Stocks <br> (Cost: $224,335,895)** |  | 277190581 |
| **MONEY MARKET FUND: 2.3% <br> (Cost: $6,577,117)** |  |  |
| Invesco Treasury Portfolio - Institutional Class | 6577117 | 6577117 |
| **Total Investments Before Collateral for Securities Loaned: 100.0% <br> (Cost: $230,913,012)** |  | 283767698 |

---

See Notes to Financial Statements

------

---

| | | |
|:---|:---|:---|
| | **Number <br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 3.6%** |  |  |
| **Money Market Fund: 3.6% <br> (Cost: $10,311,613)** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio | 10311613 | $10311613 |
| **Total Investments: 103.6% <br> (Cost: $241,224,625)** |  | 294079311 |
| **Liabilities in excess of other assets: (3.6)%** |  | (10297517) |
| **NET ASSETS: 100.0%** |  | $283781794 |

---

------

**Definitions:**

---

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

---

**Footnotes:**

---

| | |
|:---|:---|
| \* | Non-income producing |
| † | Security fully or partially on loan. Total market value of securities on loan is $19,253,962. |
| ∞ | 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 $2,966,624, or 1.0% of net assets. |

---

The summary of inputs used to value the Fund's investments as of June 30, 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;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $4577069 | $6609482 | $— | $11186551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | 2091648 |  |  | 2091648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 4138763 |  |  | 4138763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 61072155 |  |  | 61072155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  | 3296296 |  | 3296296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 11902614 |  | 11902614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India |  | 2158916 |  | 2158916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jersey, Channel Islands |  | 2966624 |  | 2966624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liechtenstein |  | 842851 |  | 842851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luxembourg | 4108558 |  |  | 4108558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 9226946 | 1678052 |  | 10904998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 5739786 | 6121878 |  | 11861664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  |  | 37820 | 37820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 13652499 |  |  | 13652499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 133465582 |  |  | 133465582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zambia | 3503042 |  |  | 3503042 |
| Money Market Funds | 16888730 |  |  | 16888730 |
| **Total Investments** | $258464778 | $35576713 | $37820 | $294079311 |

---

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at value (Cost $230,913,012) (1) | $283767698 |
| Short-term investment held as collateral for securities loaned (2) | 10311613 |
| Cash denominated in foreign currency, at value (Cost $3,368) | 3426 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest sold | 124230 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 507030 |
| Prepaid expenses | 459 |
| Other assets | 18920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 294733376 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest redeemed | 59232 |
| &nbsp;&nbsp;&nbsp;Collateral for securities loaned | 10311613 |
| &nbsp;&nbsp;&nbsp;Due to Adviser | 219408 |
| &nbsp;&nbsp;&nbsp;Due to Distributor | 30821 |
| Deferred Trustee fees | 264026 |
| Accrued expenses | 66482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 10951582 |
| **NET ASSETS** | $283781794 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;Aggregate paid-in capital | $296963281 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | (13181487) |
| **NET ASSETS** | $283781794 |
| (1) Includes Investment in securities on loan, at market value | $19253962 |
| (2) Cost of short-term investment held as collateral for securities loaned | $10311613 |
| **Initial Class:** |  |
| Net Assets | $132627942 |
| Shares of beneficial interest outstanding | 4638305 |
| Net asset value, redemption and offering price per share | $28.59 |
| **Class S:** |  |
| Net Assets | $151153852 |
| Shares of beneficial interest outstanding | 5540081 |
| Net asset value, redemption and offering price per share | $27.28 |

---

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| **Income:** |  |
| Dividends (Net foreign taxes withheld $171,124) | $5871644 |
| Securities lending income | 23352 |
| &nbsp;&nbsp;&nbsp;Total income | 5894996 |
| **Expenses:** |  |
| Management fees | 1262606 |
| Distribution fees – Class S | 177968 |
| Transfer agent fees – Initial Class | 22696 |
| Transfer agent fees – Class S | 19546 |
| Professional fees | 41383 |
| Trustees' fees and expenses | 29261 |
| Custodian fees | 16122 |
| Insurance | 16121 |
| Reports to shareholders | 13757 |
| Taxes | 185 |
| Other | 5959 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1605604 |
| &nbsp;&nbsp;&nbsp;Net investment income | 4289392 |
| **Net realized gain on:** |  |
| Investments | 9708650 |
| Forward foreign currency contracts | 3 |
| Foreign currency transactions and foreign denominated assets and liabilities | 4834 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 9713487 |
| **Net change in unrealized appreciation (depreciation) on:** |  |
| Investments(a) | 20065327 |
| Foreign currency translations and foreign denominated assets and liabilities | 18597 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 20083924 |
| **Net increase in net assets resulting from operations** | $34086803 |

---

(a) Net of foreign taxes of $6,268

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

STATEMENT OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> June 30, 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4289392 | $7409569 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 9713487 | 12143097 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 20083924 | (26199499) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 34086803 | (6646833) |
| **Distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class |  | (3694901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | (3605151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |  | (7300052) |
| **Share transactions \*:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | 10749119 | 21223843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | 16519651 | 18277965 |
|  | 27268770 | 39501808 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class |  | 3694901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S |  | 3605151 |
|  |  | 7300052 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Class | (14366374) | (48814289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | (18128586) | (39238116) |
|  | (32494960) | (88052405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets resulting from share transactions | (5226190) | (41250545) |
| Total increase (decrease) in net assets | 28860613 | (55197430) |
| Net Assets, beginning of period | 254921181 | 310118611 |
| Net Assets, end of period | $283781794 | $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 | 405798 | 794413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  | 135842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (541606) | (1818295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (135808) | (888040) |
| &nbsp;&nbsp;&nbsp;**Class S:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 652882 | 710067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares reinvested |  | 138660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (712960) | (1525763) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (60078) | (677036) |

---

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Initial Class** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $25.18 | $26.59 | $28.39 | $26.61 | $22.48 | $19.04 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.44 | 0.71 | 0.61 | 0.69 | 0.40 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.97 | (1.41) | (1.63) | 1.57 | 3.84 | 3.47 |
| Total from investment operations | 3.41 | (0.70) | (1.02) | 2.26 | 4.24 | 3.60 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.71) | (0.78) | (0.48) | (0.11) | (0.16) |
| Net asset value, end of period | $28.59 | $25.18 | $26.59 | $28.39 | $26.61 | $22.48 |
| **Total return (b)** | 13.54% | (2.83)% | (3.58)% | 8.39% | 18.92% | 19.11% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 1.08 %(c) | 1.09% | 1.12% | 1.09% | 1.09% | 1.13% |
| Expenses excluding interest and taxes | 1.08 %(c) | 1.09% | 1.12% | 1.08% | N/A | N/A |
| Net investment income | 3.35 %(c) | 2.65% | 2.23% | 2.37% | 1.54% | 0.79% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $133 | $120 | $151 | $192 | $169 | $149 |
| Portfolio turnover rate (d) | 20% | 57% | 44% | 55% | 27% | 40% |

---

(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) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class S** | **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,** |
|  | **Six Months**<br>**Ended<br> June 30,<br> 2025<br> (unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $24.05 | $25.42 | $27.16 | $25.49 | $21.55 | $18.26 |
| &nbsp;&nbsp;&nbsp;Net investment income (a) | 0.39 | 0.63 | 0.52 | 0.59 | 0.33 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.84 | (1.37) | (1.57) | 1.51 | 3.69 | 3.32 |
| Total from investment operations | 3.23 | (0.74) | (1.05) | 2.10 | 4.02 | 3.41 |
| Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.63) | (0.69) | (0.43) | (0.08) | (0.12) |
| Net asset value, end of period | $27.28 | $24.05 | $25.42 | $27.16 | $25.49 | $21.55 |
| **Total return (b)** | 13.43% | (3.09)% | (3.84)% | 8.12% | 18.68% | 18.83% |
| **Ratios to average net assets** |  |  |  |  |  |  |
| Expenses | 1.32 %(c) | 1.33% | 1.36% | 1.33% | 1.34% | 1.38% |
| Net investment income | 3.12 %(c) | 2.44% | 1.99% | 2.14% | 1.31% | 0.55% |
| **Supplemental data** |  |  |  |  |  |  |
| Net assets, end of period (in millions) | $151 | $135 | $160 | $213 | $173 | $144 |
| Portfolio turnover rate (d) | 20% | 57% | 44% | 55% | 27% | 40% |

---

(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) Annualized

(d) Portfolio turnover is not annualized.

See Notes to Financial Statements

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

June 30, 2025 (unaudited)

**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 is a summary of significant accounting policies followed by the Fund.

&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 utilize 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 each 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. Short-term obligations 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. Money market fund investments are valued at net asset value and are classified as Level 1 in the fair value hierarchy.

The Board of Trustees ("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

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

Adviser has adopted policies and procedures reasonably designed to comply with the requirements. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee 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 it does 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;**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.

**C.** **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.

**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. 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.

**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.

**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 June 30, 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 period ended June 30, 2025 the Fund held forward foreign currency contracts for one month. The average amounts purchased (in U.S. dollars) was $33,609. At June 30, 2025, the Fund held no forward foreign currency contracts. The impact of transactions in derivative instruments during the period ended June 30, 2025, was as follows:

---

| | |
|:---|:---|
|  | **Foreign Currency<br> Risk** |
| Realized gain: |  |
| &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

---

| | |
|:---|:---|
| **G.** | **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 receives 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 held in the form of money market investments, if any, at June 30, 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). |
| **H.** | **Segment Reporting—**The Adviser acts 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. |
| **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 upon the 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. |

---

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 is the investment adviser to the Fund. 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 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 1.20% and 1.45% of average daily net assets for Initial Class Shares and Class S Shares, respectively. During the period ended June 30, 2025, there were no waivers or expenses assumed by the Adviser.

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

At June 30, 2025, the aggregate shareholder accounts of two insurance companies owned approximately 43% and 26% of the Initial Class Shares and three insurance companies owned approximately 37%, 32%, and 14% 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 for its Class S Shares 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 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 period ended June 30, 2025, the cost of purchases and proceeds from sales of investments, excluding U.S. government securities and short-term obligations, aggregated to $51,836,783 and $57,159,457, respectively.

**Note 6—Income Taxes—**As of June 30, 2025, for Federal income tax purposes, the identified 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)** |
| $242925521 | $68247784 | $(17093994) | $51153790 |

---

The tax character of current year distributions, if any, will be determined at the end of the current fiscal year.

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, if any, 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 period ended June 30, 2025, the Fund did not incur any interest or penalties.

**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 each 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" on 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 June 30, 2025

VANECK VIP GLOBAL RESOURCES FUND

NOTES TO FINANCIAL STATEMENTS

(unaudited) (continued)

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 June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Market Value<br> of Securities<br> on Loan** | **Cash<br> Collateral** | **Non-Cash<br> Collateral** | **Total<br> Collateral** |
| $19253962 | $10311613 | $9436850 | $19748463 |

---

The following table presents money market fund investments held as collateral by type of security on loan as of June 30, 2025:

---

| | |
|:---|:---|
|  | **Gross Amount of Recognized<br> Liabilities for Securities Lending<br> Transactions\* in the Statement of<br> Assets and Liabilities** |
| Equity Securities | $10311613 |

---

\* Remaining contractual maturity: overnight and continuous

**Note 10—Bank Line of Credit—**The Trust participates with 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 have agreed to pay commitment fees, pro rata, based on the unused but available balance. Interest is charged to the VE/VIP Funds based on prevailing market rates in effect at the time of borrowings. During the period ended June 30, 2025, the Fund did not borrow under the Facility.

**Note 11—New Accounting Pronouncements and Regulatory Requirements—** In December 2023, the Federal Accounting Standards Board issued Accounting Standard Update 2023-09, *Improvements to Income Tax Disclosures* (ASU 2023-09), which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. The ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact, if any, of applying this ASU 2023-09.

------

**Changes In and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**Proxy Disclosures**

Not applicable.

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

Refer to the financial statements included herein.

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited)

**VANECK VIP EMERGING MARKETS FUND VANECK VIP GLOBAL GOLD FUND VANECK VIP GLOBAL RESOURCES FUND**

**VANECK VIP EMERGING MARKETS BOND FUND (each, a "Fund"; together, the "Funds")**

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that an investment advisory agreement between a fund and its investment adviser may continue in effect from year to year only if its continuance is approved, at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund as defined in the 1940 Act (the "Independent Trustees"), at a meeting called for the purpose of considering such approval. On June 5, 2025, the Board of Trustees (the "Board") of VanEck VIP Trust (the "Trust"), including a majority of the Independent Trustees, approved the continuation of the existing advisory agreement (each, an "Advisory Agreement") between each Fund and its investment adviser, Van Eck Associates Corporation (together with its affiliated companies, the "Adviser"). Information regarding the material factors considered and related conclusions reached by the Board in approving the continuation of each Fund's Advisory Agreement is set forth below.

In considering the continuation of each Advisory Agreement, the Board reviewed and considered information that had been provided by the Adviser throughout the year at meetings of the Board and its committees, including information requested by the Independent Trustees and furnished by the Adviser for meetings of the Board held on May 13, 2025 and June 5, 2025, specifically for the purpose of considering the continuation of the Advisory Agreement. Although the Advisory Agreements for the Funds were considered at the same Board meetings, the Board considered the information provided to it about the Funds together and with respect to each Fund separately as the Board deemed appropriate. The Independent Trustees were advised by independent legal counsel throughout the year, including during the contract renewal process, and met with independent legal counsel in executive sessions outside the presence of management. The written and oral reports provided to the Board pertaining to the continuation of the Advisory Agreement included, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;■ Information about the overall organization of the Adviser and the Adviser's short-term and long-term
 business plans with respect to its mutual fund operations and other lines of business;

■ The consolidated financial statements of the Adviser for the past two fiscal years;

■ A copy of each Advisory Agreement and descriptions of the services provided by the Adviser thereunder;

■ Information regarding the qualifications, education and experience of the investment professionals responsible for portfolio
 management, as well as relevant staffing plans for such personnel, investment research and trading activities for each Fund,
 the structure of their compensation and the resources available to support these activities;

■ A report prepared by Broadridge Financial Solutions ("Broadridge"), an independent consultant, comparing the Fund's investment
 performance net of expenses for a representative class of shares (including, where relevant, total returns, standard deviations,
 Sharpe ratios, information ratios, beta and alpha) for the one-, three-, five- and ten-year periods (as applicable) ended
 December 31, 2024 with the investment performance of (i) a universe of mutual funds selected by Broadridge with similar investment
 characteristics (the "Morningstar Category"), (ii) a sub-group of funds selected from the Morningstar Category by Broadridge
 further limited to approximate more closely the Fund's investment style, share class characteristics, and asset levels (the
 "Peer Group") and (iii) an appropriate benchmark index;

■ A report prepared by Broadridge comparing the advisory fees and other expenses of a representative class of shares of
 the Fund during its fiscal year ended December 31, 2024 with (i) the Morningstar Category and (ii) Peer Group;

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&nbsp;&nbsp;&nbsp;&nbsp;■ An analysis of the profitability of the Adviser with respect to its services for each Fund and the
 VanEck complex of mutual funds as a whole (the "VanEck Complex")

■ Information regarding other investment products and services offered by the Adviser involving investment objectives and
 strategies similar to each Fund ("Comparable Products"), including the fees charged by the Adviser for managing the Comparable
 Products, a description of material differences and similarities in the services provided by the Adviser for each Fund and
 the Comparable Products, the sizes of the Comparable Products and the identity of the individuals responsible for managing
 the Comparable Products;

■ Information concerning the Adviser's compliance program and resources;

■ Information with respect to the Adviser's brokerage practices, including regarding the use of soft dollars in the case
 of Funds for which their portfolio trades entailed soft dollars;

■ Information regarding the procedures used by the Adviser in monitoring the valuation of portfolio securities;

■ Information regarding how the Adviser safeguards the confidentiality and integrity of its data and files, cybersecurity,
 overall business continuity and other operational matters;

■ Information regarding the Adviser's policies and practices with respect to personal investing by the Adviser and its employees;

■ Information regarding the Adviser's investment process for each Fund, including how the Adviser integrates non-accounting
 based information (including, but not limited to "environmental, social and governance" factors) and the non-security selection,
 non-portfolio construction activities of the investment teams, such as engagement with portfolio companies and industry group
 participation;

■ Information regarding the Adviser's role as the administrator of the Trust's liquidity risk management program;

■ Information about shareholder servicing arrangements for each Fund with various intermediaries, as well as revenue sharing
 arrangements involving the Adviser and not paid by the Fund;

■ Descriptions of other administrative and other non-investment management services provided by the Adviser for each Fund,
 including the Adviser's activities in managing relationships with the Fund's custodian, transfer agent and other service providers;
 and

■ Other information provided by the Adviser in its response to a comprehensive questionnaire from the Independent Trustees.

*Nature, Extent, Quality of Services.* In determining whether to approve the continuation of each Advisory Agreement, the Board considered, among other things, the following: (1) the nature, quality, extent and cost of the investment management, administrative and other non-investment management services provided by the Adviser; (2) the nature, quality and extent of the services performed by the Adviser in interfacing with, and monitoring the services performed by, third parties, such as the Fund's custodian, transfer agent, sub-transfer agents and independent auditor, and the Adviser's commitment and efforts to review the quality and pricing of third party service providers to the Fund with a view to reducing non-management expenses of the Fund; (3) the terms of the Advisory Agreement and the services performed thereunder; (4) the willingness of the Adviser to limit the overall expenses of the Fund from time to time, if necessary or appropriate, by means of waiving all or a portion of its fees and/or paying expenses of the Fund; (5) the quality of the services, procedures and processes used to determine the value of the Fund's assets and the actions taken to monitor and test the effectiveness of such services, procedures and processes; (6) the ongoing efforts of, and resources devoted by, the Adviser with respect to the development and implementation of a comprehensive compliance program; (7) the responsiveness of the Adviser to inquiries from, and examinations by, regulatory authorities, including the Securities and Exchange Commission; (8) the resources committed by the Adviser to information technology and cybersecurity; and (9) the ability of the Adviser to attract and retain quality

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

professional personnel to perform investment advisory and administrative services for the Fund. The Board concluded that the nature, extent and quality of the services provided by the Adviser supported the renewal of each Advisory Agreement.

*Investment Performance and Fund Expenses.* The performance data and the advisory fee and expense ratio data from Broadridge that is described below for each Fund is based on data for a representative class of shares of each Fund. The performance data is net of expenses for periods on an annualized basis ended December 31, 2024, and the advisory fee and expense ratio data is as of the Fund's fiscal year end of December 31, 2024. The Board found the data provided by Broadridge generally useful, but it recognized the limitations of such data, including, in particular, that notable differences may exist between each Fund and the other funds in the Fund's Peer Group and Morningstar Category (for example, with respect to investment objective(s) and investment strategies) and that the results of the performance comparisons may vary depending on (i) the end dates for the performance periods that were selected and (ii) the selection of the Peer Group and Morningstar Category. The Board also considered the Fund's performance at its meetings throughout the year, including for periods subsequent to the performance period covered by the Broadridge reports, and considered the Adviser's assessment of the same. The Board also considered benefits, other than the receipt of fees under the Advisory Agreement, that may be derived by the Adviser from serving as investment adviser to the Fund and the Trust.

<u>VIP Emerging Markets Bond Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one- and ten-year periods and outperformed its Peer Group and Morningstar Category medians for the three- and five-year periods. The Board also noted that the Initial Class shares of the Fund had outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Emerging Markets Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five- and ten-year periods. The Board further noted that the Initial Class shares of the Fund had underperformed its benchmark index for the one-, three-, five- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board also noted that the advisory fee rate for the Fund was the same as the median advisory fee rate for its Peer Group and higher than the median advisory fee rate for its Morningstar Category. The Board also noted that the Fund's total expense ratio, net of waivers or reimbursements, was higher than the median total expense ratios of the Fund's Morningstar Category and Peer Group. The Board also noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board

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also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Resources Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Initial Class shares of the Fund had underperformed its Peer Group and Morningstar Category medians for the one-, three-, five-, and ten-year periods. The Board noted that the Fund changed its primary benchmark index on May 1, 2023 and that the Initial Class shares of the Fund had outperformed that primary benchmark index and the previous primary benchmark index for the one- and five-year periods and underperformed that primary benchmark index and the previous primary benchmark index for the three- and ten-year periods. In agreeing to renew the Advisory Agreement, the Board acknowledged that performance information and considered it, and other relevant information provided in response to inquiries by the Board.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were higher than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board also noted that the Adviser makes use of a complex and unique proprietary strategy for managing the Fund's portfolio and that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products. The Board noted that it had previously approved an advisory fee reduction of five basis points for the Fund, effective July 1, 2024.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

<u>VIP Global Gold Fund</u>. In considering the Fund's performance, the Board noted, based on a review of comparative annualized total returns, that the Class S shares of the Fund had performed the same as its Peer Group median for the one-year period and outperformed its Peer Group median for the three-, five- and ten-year periods. The Board further noted that the Class S shares of the Fund had outperformed its Morningstar Category median for the one-, three-, five- and ten-year periods. The Board also noted that the Class S shares of the Fund had outperformed its benchmark index for the one- and five-year periods and underperformed its benchmark index for the three- and ten-year periods. The Board concluded that the performance of the Fund supported the renewal of the Advisory Agreement.

In considering the Fund's advisory fee, the Board noted that the advisory fee rate and the total expense ratio, net of waivers or reimbursements, for the Fund were lower than the median advisory fee rates and the median total expense ratios for its Morningstar Category and Peer Group. The Board further noted that the Adviser has agreed to waive all or a portion of its advisory fees and/or pay expenses of the Fund through April 30, 2026 to the extent necessary to prevent the expense ratio of the Fund from exceeding a specified maximum amount (subject to certain exclusions). The Board also considered the advisory fee charged to the Fund as compared to the fees charged to the Comparable Products, noting the differences in the services provided to the Fund as compared to those other products.

On the basis of the foregoing, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the advisory fee rate charged to the Fund is reasonable.

*Profitability and Economies of Scale*. The Board considered the profits, if any, realized by the Adviser from managing each Fund and other mutual funds in the VanEck Complex and the methodology used to determine such profits. The Board noted that the levels of profitability reported on a fund-by-fund basis varied widely depending on such factors as the size, type of fund and operating history. Based on its review of the foregoing information, and in light of the nature, extent and quality of the services provided by the

VANECK VIP TRUST

APPROVAL OF INVESTMENT ADVISORY CONTRACTS

(unaudited) (continued)

Adviser, the Board concluded that the profits realized by the Adviser from managing each Fund supported the renewal of the respective Advisory Agreement. In this regard, the Board also considered the extent to which the Adviser may realize economies of scale, if any, as each Fund grows and whether each Fund's fee schedule reflects any economies of scale for the benefit of shareholders, and concluded that each fee schedule was appropriate. The Board also considered that each Fund benefits from economies of scale through lower fees charged by third party service providers based on the combined size of the VanEck Complex.

*Conclusion*. In determining the material factors to be considered in evaluating the Advisory Agreement for each Fund and the weight to be given to such factors, the members of the Board relied upon their own business judgment, with the advice of independent legal counsel. The Board did not consider any single factor as controlling in determining whether to approve the continuation of each Advisory Agreement and each member of the Board may have placed varying emphasis on particular factors in reaching a conclusion. Moreover, this summary description does not necessarily identify all of the factors considered or conclusions reached by the Board. Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, the Board unanimously approved the continuation of the Advisory Agreement for each Fund for an additional one-year period.

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 MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14. PURCHASES 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.

&nbsp;&nbsp;&nbsp;&nbsp;(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)).

&nbsp;&nbsp;&nbsp;&nbsp;(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-3(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.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (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(a) under the Act (17 CFR 270.30a-2(a)) is attached as Exhibit 99.CERT.](c113433_ex99cert.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.](c113433_ex99-906cert.htm) |

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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

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| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

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Date <u>September 5, 2025</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.

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| | |
|:---|:---|
| By (Signature and Title) | /s/ Jan F. van Eck, Chief Executive Officer |

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Date <u>September 5 2025</u>

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| | |
|:---|:---|
| By (Signature and Title) | /s/ John J. Crimmins, Chief Financial Officer |

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Date <u>September 5, 2025</u>

## 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 control 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.

Date: <u>September 5, 2025</u>

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| |
|:---|
| /s/ Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;Jan F. van Eck |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer |

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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 control 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.

Date: <u>September 5, 2025</u>

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| |
|:---|
| /s/ John J. Crimmins |
| &nbsp;&nbsp;&nbsp;John J. Crimmins |
| &nbsp;&nbsp;&nbsp;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 Emerging Markets Bond Fund, VanEck VIP Emerging Markets Fund, VanEck VIP Global Gold Fund and VanEck VIP Global Resources Fund) do hereby certify, to such officer's knowledge, that:

The semi-annual report on Form N-CSR of VanEck VIP Trust for the period ending June 30, 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.

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| | |
|:---|:---|
| Dated: September 5, 2025 | /s/ Jan F. van Eck |
|  | Jan F. van Eck |
|  | Chief Executive Officer |
|  | VanEck VIP Trust |
| Dated: September 5, 2025 | /s/ John J. Crimmins |
|  | John J. Crimmins |
|  | Chief Financial Officer |
|  | VanEck VIP Trust |

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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.