VANECK VIP EMERGING MARKETS BOND FUND
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
Par (000’s) | Value | |||||||
CORPORATE BONDS: 39.2% | ||||||||
Argentina: 1.4% | ||||||||
YPF SA 144A 4.00%, 02/12/26 (s) | USD | 117 | $ | 103,344 | ||||
YPF SA Reg S 8.50%, 07/28/25 | USD | 204 | 170,342 | |||||
273,686 | ||||||||
Brazil: 2.1% | ||||||||
Atento Luxco 1 SA 144A 8.00%, 02/10/26 | USD | 134 | 146,901 | |||||
CSN Inova Ventures Reg S 6.75%, 01/28/28 | USD | 158 | 168,515 | |||||
Suzano Austria GmbH 6.00%, 01/15/29 | USD | 82 | 96,187 | |||||
411,603 | ||||||||
Cayman Islands: 0.9% | ||||||||
DP World Crescent Ltd. Reg S 3.88%, 07/18/29 | USD | 150 | 162,356 | |||||
Chile: 1.5% | ||||||||
Cencosud SA Reg S 4.38%, 07/17/27 | USD | 136 | 147,901 | |||||
Empresa Nacional del Petroleo Reg S 5.25%, 11/06/29 | USD | 132 | 147,591 | |||||
295,492 | ||||||||
Colombia: 1.5% | ||||||||
Colombia Telecomunicaciones SA ESP Reg S 4.95%, 07/17/30 | USD | 141 | 148,192 | |||||
Promigas SA ESP / Gases del Pacifico SAC Reg S 3.75%, 10/16/29 | USD | 144 | 144,842 | |||||
293,034 | ||||||||
Cyprus: 0.5% | ||||||||
MHP Lux SA Reg S 6.25%, 09/19/29 | USD | 87 | 89,253 | |||||
Georgia: 1.0% | ||||||||
Georgia Global Utilities JSC 144A 7.75%, 07/30/25 | USD | 173 | 184,664 | |||||
Ghana: 0.8% | ||||||||
Tullow Oil Plc 144A 7.00%, 03/01/25 | USD | 182 | 158,183 | |||||
India: 0.9% | ||||||||
Periama Holdings LLC Reg S 5.95%, 04/19/26 | USD | 162 | 174,150 | |||||
Indonesia: 3.1% | ||||||||
Pertamina Persero PT Reg S 6.00%, 05/03/42 | USD | 120 | 148,666 | |||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara Reg S | ||||||||
5.25%, 10/24/42 | USD | 129 | 144,522 | |||||
6.15%, 05/21/48 | USD | 117 | 144,700 | |||||
Star Energy Geothermal Wayang Windu Ltd. Reg S 6.75%, 04/24/33 | USD | 128 | 146,359 | |||||
584,247 | ||||||||
Ireland: 1.0% | ||||||||
Aragvi Finance International DAC 144A 8.45%, 04/29/26 | USD | 175 | 182,660 | |||||
Israel: 1.3% | ||||||||
Delek & Avner Tamar Bond Ltd. 144A Reg S | ||||||||
5.08%, 12/30/23 | USD | 56 | 56,190 | |||||
5.41%, 12/30/25 | USD | 104 | 104,259 | |||||
Israel Electric Corp. Ltd. 144A Reg S 4.25%, 08/14/28 | USD | 86 | 96,610 | |||||
257,059 | ||||||||
Kazakhstan: 0.8% | ||||||||
Development Bank of Kazakhstan JSC 144A 10.95%, 05/06/26 | KZT | 61,500 | 145,492 | |||||
Luxembourg: 1.4% | ||||||||
MC Brazil Downstream Trading SARL 144A 7.25%, 06/30/31 | USD | 109 | 109,755 | |||||
Minerva Luxembourg SA Reg S 4.38%, 03/18/31 | USD | 168 | 162,490 | |||||
272,245 | ||||||||
Malaysia: 1.6% | ||||||||
Petronas Capital Ltd. Reg S | ||||||||
2.48%, 01/28/32 | USD | 151 | 150,416 | |||||
3.50%, 04/21/30 | USD | 136 | 147,433 | |||||
297,849 | ||||||||
Mauritius: 0.7% | ||||||||
IHS Netherlands Holdco BV 144A | ||||||||
7.12%, 03/18/25 | USD | 59 | 60,917 | |||||
8.00%, 09/18/27 | USD | 72 | 77,130 | |||||
138,047 | ||||||||
Mexico: 6.7% | ||||||||
Corp. GEO SAB de CV Reg S 9.25%, 06/30/20 (d) * | USD | 120 | 2 | |||||
Petróleos Mexicanos | ||||||||
6.49%, 01/23/27 | USD | 396 | 419,265 | |||||
6.62%, 06/15/35 | USD | 342 | 324,375 | |||||
7.47%, 11/12/26 | MXN | 11,080 | 482,300 | |||||
Petróleos Mexicanos Reg S 7.19%, 09/12/24 | MXN | 1,070 | 49,518 | |||||
1,275,460 | ||||||||
Nigeria: 1.0% | ||||||||
SEPLAT Energy Plc 144A 7.75%, 04/01/26 | USD | 178 | 186,121 | |||||
Qatar: 0.8% | ||||||||
Qatar Petroleum 144A 2.25%, 07/12/31 | USD | 151 | 149,757 | |||||
Saudi Arabia: 2.6% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd. Reg S 6.75%, 02/15/25 | USD | 169 | 178,400 | |||||
Saudi Arabian Oil Co. 144A | ||||||||
1.62%, 11/24/25 | USD | 169 | 169,254 | |||||
4.25%, 04/16/39 | USD | 126 | 141,664 | |||||
489,318 | ||||||||
Singapore: 0.8% | ||||||||
SingTel Group Treasury Pte Ltd. Reg S 2.38%, 08/28/29 | USD | 151 | 154,795 | |||||
South Africa: 1.9% | ||||||||
Eskom Holdings SOC Ltd. 144A 8.45%, 08/10/28 | USD | 321 | 356,013 | |||||
South Korea: 0.7% | ||||||||
LG Chem Ltd. Reg S 2.38%, 07/07/31 | USD | 144 | 141,777 | |||||
Taiwan: 0.4% | ||||||||
TSMC Global Ltd. Reg S 2.25%, 04/23/31 | USD | 86 | 85,614 | |||||
Thailand: 0.5% | ||||||||
GC Treasury Center Co. Ltd. Reg S 2.98%, 03/18/31 | USD | 26 | 26,405 | |||||
PTTEP Treasury Center Co. Ltd. Reg S 2.59%, 06/10/27 | USD | 68 | 70,484 | |||||
96,889 | ||||||||
United Arab Emirates: 0.9% | ||||||||
Alpha Star Holding III Ltd. Reg S 6.25%, 04/20/22 | USD | 178 | 180,948 | |||||
United States: 1.6% | ||||||||
AES Panama Generation Holdings SRL Reg S 4.38%, 05/31/30 | USD | 128 | 132,128 | |||||
Kosmos Energy Ltd. 144A 7.50%, 03/01/28 | USD | 185 | 179,892 | |||||
312,020 | ||||||||
Uzbekistan: 0.8% | ||||||||
Uzauto Motors AJ 144A 4.85%, 05/04/26 | USD | 163 | 161,967 | |||||
Total Corporate Bonds (Cost: $7,487,003) | 7,510,699 | |||||||
GOVERNMENT OBLIGATIONS: 54.2% | ||||||||
Argentina: 1.2% | ||||||||
Argentine Republic Government International Bond 2.50%, 07/09/41 (s) | USD | 652 | 240,770 | |||||
Armenia: 0.1% | ||||||||
Republic of Armenia Treasury Bonds 8.00%, 10/29/31 | AMD | 11,037 | 19,646 | |||||
Azerbaijan: 0.5% | ||||||||
Republic of Azerbaijan International Bond Reg S 3.50%, 09/01/32 | USD | 94 | 96,079 | |||||
Brazil: 1.3% | ||||||||
Brazilian Government International Bond | ||||||||
3.88%, 06/12/30 | USD | 22 | 21,343 | |||||
4.62%, 01/13/28 | USD | 136 | 143,361 | |||||
5.62%, 01/07/41 | USD | 93 | 94,468 | |||||
259,172 | ||||||||
Cayman Islands: 1.1% | ||||||||
Dubai DOF Sukuk Ltd. Reg S 2.76%, 09/09/30 | USD | 201 | 204,313 | |||||
China: 3.6% | �� | |||||||
China Government Bond | ||||||||
2.57%, 05/20/23 | CNY | 1,360 | 210,864 | |||||
2.68%, 05/21/30 | CNY | 940 | 142,029 | |||||
2.85%, 06/04/27 | CNY | 890 | 137,876 | |||||
3.02%, 10/22/25 | CNY | 1,250 | 195,938 | |||||
686,707 | ||||||||
Colombia: 0.5% | ||||||||
Colombia Government International Bond 3.12%, 04/15/31 | USD | 94 | 88,083 | |||||
Costa Rica: 0.7% | ||||||||
Costa Rica Government International Bond Reg S 6.12%, 02/19/31 | USD | 135 | 138,883 | |||||
Czech Republic: 2.0% | ||||||||
Czech Republic Government Bond 1.20%, 03/13/31 | CZK | 5,630 | 238,105 | |||||
Czech Republic Government Bond Reg S | ||||||||
0.95%, 05/15/30 | CZK | 1,320 | 55,227 | |||||
1.00%, 06/26/26 | CZK | 2,030 | 88,289 | |||||
381,621 | ||||||||
Ecuador: 2.5% | ||||||||
Ecuador Government International Bond 144A 5.00%, 07/31/30 (s) | USD | 128 | 107,841 | |||||
Ecuador Government International Bond Reg S 5.00%, 07/31/30 (s) | USD | 444 | 374,075 | |||||
481,916 | ||||||||
El Salvador: 1.8% | ||||||||
El Salvador Government International Bond Reg S | ||||||||
5.88%, 01/30/25 | USD | 75 | 57,751 | |||||
7.12%, 01/20/50 † | USD | 141 | 97,644 | |||||
9.50%, 07/15/52 † | USD | 253 | 198,291 | |||||
353,686 | ||||||||
Gabon: 1.2% | ||||||||
Gabon Government International Bond 144A 6.95%, 06/16/25 | USD | 28 | 30,375 | |||||
Gabon Government International Bond Reg S 6.62%, 02/06/31 | USD | 202 | 199,426 | |||||
229,801 | ||||||||
Georgia: 0.4% | ||||||||
Georgia Treasury Bond 8.00%, 02/04/23 | GEL | 256 | 81,521 | |||||
Guatamala: 0.4% | ||||||||
Guatemala Government Bond Reg S 4.50%, 05/03/26 † | USD | 66 | 70,868 | |||||
Hungary: 2.3% | ||||||||
Hungary Government Bond 1.50%, 04/22/26 | HUF | 61,920 | 190,364 | |||||
Hungary Government International Bond 144A 2.12%, 09/22/31 | USD | 246 | 242,617 | |||||
432,981 | ||||||||
Israel: 1.0% | ||||||||
Israel Government Bond 1.50%, 05/31/37 | ILS | 327 | 95,364 | |||||
Israel Government International Bond 4.50%, 01/30/43 | USD | 78 | 97,498 | |||||
192,862 | ||||||||
Jordan: 0.3% | ||||||||
Jordan Government International Bond 144A 4.95%, 07/07/25 † | USD | 51 | 53,292 | |||||
Kazakhstan: 0.8% | ||||||||
Kazakhstan Government Bond 10.40%, 05/19/27 | KZT | 66,317 | 158,724 | |||||
Kenya: 0.4% | ||||||||
Republic of Kenya Government International Bond 144A 7.00%, 05/22/27 | USD | 67 | 72,576 | |||||
Kuwait: 0.5% | ||||||||
Kuwait International Government Bond Reg S 3.50%, 03/20/27 | USD | 86 | 95,322 | |||||
Malaysia: 1.5% | ||||||||
Malaysia Sovereign Sukuk Bhd Reg S 3.04%, 04/22/25 | USD | 131 | 139,390 | |||||
Malaysia Sukuk Global Bhd Reg S 4.08%, 04/27/46 † | USD | 120 | 144,321 | |||||
283,711 | ||||||||
Mexico: 2.5% | ||||||||
Mexican Bonos 8.50%, 05/31/29 | MXN | 9,150 | 474,667 | |||||
Mongolia: 0.1% | ||||||||
Mongolia Government International Bond Reg S 5.12%, 04/07/26 † | USD | 16 | 16,826 | |||||
Oman: 1.5% | ||||||||
Oman Government International Bond 144A 6.25%, 01/25/31 | USD | 277 | 296,917 | |||||
Paraguay: 0.5% | ||||||||
Paraguay Government International Bond Reg S 4.95%, 04/28/31 | USD | 86 | 97,459 | |||||
Peru: 4.0% | ||||||||
Peru Government International Bond Reg S | ||||||||
5.40%, 08/12/34 | PEN | 2,545 | 532,187 | |||||
6.90%, 08/12/37 | PEN | 1,048 | 242,981 | |||||
775,168 | ||||||||
Philippines: 2.9% | ||||||||
Philippine Government International Bond | ||||||||
3.90%, 11/26/22 | PHP | 20,358 | 403,089 | |||||
6.25%, 01/14/36 | PHP | 6,908 | 162,060 | |||||
565,149 | ||||||||
Poland: 1.7% | ||||||||
Republic of Poland Government Bond | ||||||||
0.25%, 10/25/26 | PLN | 796 | 188,130 | |||||
2.50%, 07/25/27 | PLN | 504 | 133,189 | |||||
321,319 | ||||||||
Qatar: 2.5% | ||||||||
Qatar Government International Bond 144A | ||||||||
4.62%, 06/02/46 | USD | 39 | 48,917 | |||||
6.40%, 01/20/40 | USD | 130 | 190,720 | |||||
Qatar Government International Bond Reg S 3.25%, 06/02/26 | USD | 215 | 232,372 | |||||
472,009 | ||||||||
Romania: 0.7% | ||||||||
Romania Government Bond | ||||||||
3.25%, 06/24/26 | RON | 455 | 105,399 | |||||
3.65%, 07/28/25 | RON | 155 | 36,603 | |||||
142,002 | ||||||||
Saudi Arabia: 1.0% | ||||||||
Saudi Government International Bond 144A 5.00%, 04/17/49 | USD | 153 | 190,923 | |||||
Senegal: 0.3% | ||||||||
Senegal Government International Bond 144A 6.25%, 05/23/33 | USD | 49 | 51,210 | |||||
Singapore: 0.6% | ||||||||
Singapore Government Bond 3.50%, 03/01/27 | SGD | 152 | 125,961 | |||||
South Africa: 1.6% | ||||||||
Republic of South Africa Government Bond | ||||||||
8.00%, 01/31/30 | ZAR | 2,111 | 130,386 | |||||
8.25%, 03/31/32 | ZAR | 1,501 | 89,219 | |||||
Republic of South Africa Government International Bond 5.75%, 09/30/49 | USD | 95 | 90,746 | |||||
310,351 | ||||||||
South Korea: 0.7% | ||||||||
Export-Import Bank of Korea 0.62%, 02/09/26 | USD | 136 | 132,848 | |||||
Sri Lanka: 0.3% | ||||||||
Sri Lanka Government International Bond Reg S 5.75%, 01/18/22 | USD | 56 | 50,400 | |||||
Thailand: 1.8% | ||||||||
Thailand Government Bond | ||||||||
0.95%, 06/17/25 | THB | 5,902 | 175,478 | |||||
2.88%, 12/17/28 | THB | 5,228 | 168,860 | |||||
344,338 | ||||||||
Turkey: 1.6% | ||||||||
Turkey Government International Bond 7.38%, 02/05/25 | USD | 286 | 304,247 | |||||
Ukraine: 1.0% | ||||||||
Ukraine Government Bond 10.00%, 08/23/23 | UAH | 5,241 | 189,399 | |||||
United Arab Emirates: 0.9% | ||||||||
Abu Dhabi Government International Bond Reg S 2.50%, 04/16/25 | USD | 168 | 177,062 | |||||
Uruguay: 1.3% | ||||||||
Uruguay Government International Bond 8.25%, 05/21/31 | UYU | 6,584 | 156,422 | |||||
Uruguay Government International Bond Reg S 8.50%, 03/15/28 | UYU | 3,864 | 94,391 | |||||
250,813 | ||||||||
Uzbekistan: 0.4% | ||||||||
Republic of Uzbekistan International Bond 144A 14.00%, 07/19/24 | UZS | 720,000 | 69,192 | |||||
Zambia: 2.2% | ||||||||
Zambia Government Bond | ||||||||
13.00%, 01/25/31 | ZMW | 8,020 | 283,707 | |||||
14.00%, 05/31/36 | ZMW | 3,890 | 132,447 | |||||
416,154 | ||||||||
Total Government Obligations (Cost: $10,451,235) | 10,396,948 | |||||||
Number of Shares | ||||||||
COMMON STOCK: 0.0% | ||||||||
(Cost: $0) | ||||||||
Mexico: 0.0% | ||||||||
Corp. GEO SAB de CV (MXN) # * ∞ | 3,236 | 0 | ||||||
MONEY MARKET FUND: 3.9% | ||||||||
(Cost: $741,615) | ||||||||
Invesco Treasury Portfolio - Institutional Class | 741,615 | 741,615 | ||||||
Total Investments Before Collateral for Securities Loaned: 97.3% | ||||||||
(Cost: $18,679,853) | 18,649,262 | |||||||
SHORT-TERM INVESTMENT HELD AS COLLATERAL FOR SECURITIES ON LOAN: 2.8% | ||||||||
(Cost: $540,131) | ||||||||
Money Market Fund: 2.8% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio | 540,131 | 540,131 | ||||||
Total Investments: 100.1% (Cost: $19,219,984) | 19,189,393 | |||||||
Liabilities in excess of other assets: (0.1)% | (14,089 | ) | ||||||
NET ASSETS: 100.0% | $ | 19,175,304 |
Definitions: | |
CNH | Chinese Yuan Renminbi |
CNY | Chinese Yuan |
CZK | Czech Koruna |
HUF | Hungarian Forint |
ILS | Israeli Shekel |
KZT | Kazakhstan Tenge |
MXN | Mexican Peso |
PEN | Peruvian Nuevo Sol |
PHP | Philippine Peso |
PLN | Polish Zloty |
RON | Romanian Leu |
SGD | Singapore Dollar |
THB | Thai Baht |
USD | United States Dollar |
UYU | Uruguayan Peso |
ZAR | South African Rand |
ZMW | Zambian Kwacha |
Footnotes: | |
(s) | The rate shown reflects the rate in effect at the end of the reporting period. Coupon adjusts periodically based upon a predetermined schedule |
(d) | Security in default |
* | Non-income producing |
† | Security fully or partially on loan. Total market value of securities on loan is $536,019. |
# | Security has been valued in good faith pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $0 which represents 0.0% of net assets. |
∞ | Security is valued using significant unobservable inputs that factor in discount for lack of marketability 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. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. |
144A | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted $4,125,353, or 21.5% of net assets. |
Schedule of Open Forward Foreign Currency Contracts - September 30, 2021
Counterparty | Currency to be sold | Currency to be purchased | Settlement Dates | Unrealized Appreciation (Depreciation) | ||||||||||
State Street Bank & Trust Company | CNY | 295,809 | USD | 45,702 | 10/12/2021 | $ | (59 | ) | ||||||
State Street Bank & Trust Company | CNY | 1,933,378 | USD | 297,205 | 10/25/2021 | (1,613 | ) | |||||||
State Street Bank & Trust Company | CNY | 1,930,965 | USD | 296,985 | 10/25/2021 | (1,461 | ) | |||||||
State Street Bank & Trust Company | MXN | 9,792,681 | USD | 485,965 | 10/25/2021 | 13,051 | ||||||||
State Street Bank & Trust Company | MXN | 3,982,073 | USD | 194,200 | 10/25/2021 | 1,895 | ||||||||
State Street Bank & Trust Company | ZAR | 2,937,165 | USD | 193,438 | 10/25/2021 | (1,066 | ) | |||||||
State Street Bank & Trust Company | MXN | 1,995,282 | USD | 97,820 | 10/25/2021 | 1,462 | ||||||||
Net unrealized Appreciation on forward foreign currency contracts | $ | 12,209 |
Summary of Investments by Sector Excluding Collateral for Securities Loaned | % of Investments | Value | ||||||
Basic Materials | 3.2 | % | $ | 607,033 | ||||
Consumer Cyclicals | 0.9 | 161,967 | ||||||
Consumer Non-Cyclicals | 3.1 | 584,308 | ||||||
Energy | 18.8 | 3,505,412 | ||||||
Financials | 7.5 | 1,392,754 | ||||||
Government Activity | 55.7 | 10,396,949 | ||||||
Technology | 1.3 | 240,409 | ||||||
Utilities | 5.5 | 1,018,815 | ||||||
Money Market Fund | 4.0 | 741,615 | ||||||
100.0 | % | $ | 18,649,262 |