N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED
MANAGEMENT INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER: 811-05083

VAN ECK VIP TRUST
(Exact name of registrant as specified in its charter)

335 Madison Avenue - 19th Floor, New York, N.Y.	10017
(Address of principal executive offices)	(Zip Code)

Bruce J. Smith
Chief Financial Officer
VIP Emerging Markets Fund
335 Madison Avenue - 19th Floor
New York, N.Y. 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:	March 31, 2011

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

VAN ECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2011 (unaudited)

	Number of Shares		Value
COMMON STOCKS: 92.1%
Brazil: 10.4%
	448,000	BR Malls Participacoes S.A.	$	4,618,161
	115,200	Cia Hering S.A.		2,103,398
	246,000	Diagnosticos da America S.A.		3,149,113
	93,000	Itau Unibanco Holding S.A. (ADR)		2,236,650
	237,000	Localiza Rent a Car S.A.		3,777,135
	106,000	Marisa Lojas S.A.		1,647,150
	80,000	Petroleo Brasileiro S.A. (ADR)		3,234,400
	250,000	Rossi Residencial S.A.		2,100,879
				22,866,886
Canada: 1.3%
	13,500	First Quantum Minerals Ltd.		1,746,436
	42,000	Pacific Rubiales Energy Corp.		1,165,343
				2,911,779
China / Hong Kong: 17.2%
	5,800,000	Bank of China Ltd. #		3,225,306
	900,000	Brilliance China Automotive Holdings Ltd. *		901,997
	1,300,000	China Hongqiao Group Ltd. *		1,265,146
	3,295,000	China Minsheng Banking Corp. Ltd. #		3,029,011
	3,275,000	China Qinfa Group Ltd. * #		1,881,604
	520,000	China Yurun Food Group Ltd. #		1,742,763
	1,910,000	Dah Chong Hong Holdings Ltd. #		2,143,694
	3,468,000	EVA Precision Industrial Holdings Ltd. #		2,531,880
	66,100	Home Inns & Hotels Management, Inc. (ADR) *		2,615,577
	690,000	Jiangxi Copper Co. Ltd. (Class H) #		2,298,344
	1,973,181	Noble Group Ltd. (SGD) #		3,346,568
	8,930,000	PCD Stores Ltd. #		2,441,896
	920,000	Ports Design Ltd. #		2,120,585
	3,111,490	Qin Jia Yuan Media Services Co. Ltd. #		511,585
	7,600,000	Renhe Commercial Holdings Co. Ltd. #		1,416,606
	10,505,000	REXLot Holdings Ltd. #		1,162,085
	675,000	SJM Holdings Ltd. #		1,181,053
	136,500	Tencent Holdings Ltd. #		3,324,187
	694,000	Xinyi Glass Holdings Ltd. #		720,997
				37,860,884
Georgia: 0.6%
	70,000	Bank of Georgia (GDR) *		1,389,500
India: 9.1%
	280,000	Crompton Greaves Ltd. #		1,713,360
	1,610,000	Gujarat NRE Coke Ltd. #		1,785,203
	1,282,400	Hirco Plc (GBP) *		835,748
	890,000	IVRCL Infrastructures & Projects Ltd. #		1,629,939
	196,000	Mahindra & Mahindra Ltd. #		3,081,662
	660,000	Mundra Port & Special Economic Zone Ltd. #		2,021,950
	160,000	Pantaloon Retail India Ltd. #		1,150,658
	614,000	Rolta India Ltd. #		1,914,316
	173,769	Shriram Transport Finance Co. Ltd. #		3,099,722
	630,000	Sintex Industries Ltd. #		2,148,048
	720,000	SREI Infrastructure Finance Ltd. #		715,604
				20,096,210
Indonesia: 2.2%
	2,740,000	Bank Rakyat Indonesia Tbk PT #		1,806,950
	6,380,000	Borneo Lumbung Energi & Metal Tbk PT *		1,208,958
	4,450,000	Bumi Resources Tbk PT #		1,707,692
				4,723,600
Israel: 0.4%
	182,500	Queenco Leisure International Ltd. (GDR) * § 144A		776,959
Kazakhstan: 1.6%
	172,350	Eurasian Natural Resources Corp. (GBP) #		2,586,772
	60,000	Kazakhstan Kagazy Plc (GDR) * §		10,200
	510,300	Kazakhstan Kagazy Plc (GDR) * § 144A		86,751
	65,700	Zhaikmunai LP (GDR) *		807,225

VAN ECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2011 (unaudited)

			3,490,948
Luxembourg: 1.2%
	1,103,000	L’Occitane International S.A. (HKD) * #	2,721,775
Malaysia: 1.2%
	2,505,000	AirAsia Bhd * #	2,221,352
	264,400	CB Industrial Product Holding Bhd #	359,466
			2,580,818
Mexico: 1.4%
	722,800	Banco Compartamos S.A. de C.V. *	1,302,255
	827,200	Genomma Lab Internacional, S.A. de C.V. *	1,870,762
			3,173,017
Mongolia: 0.6%
	1,110,000	Mongolian Mining Corp. (HKD) * #	1,416,837
Panama: 0.9%
	35,500	Copa Holdings S.A. (Class A) (USD)	1,874,400
Philippines: 1.0%
	3,200,000	Alliance Global Group, Inc. #	879,001
	850,000	International Container Terminal Services, Inc. #	816,445
	19,400,000	Megaworld Corp. Warrants (PHP 1.00, expiring 12/14/14) * #	473,825
			2,169,271
Russia: 8.9%
	140,000	Gazprom OAO (ADR) #	4,531,910
	223,000	Globaltrans Investment Plc (GDR)	4,095,806
	60,000	Lukoil (ADR)	4,295,793
	1,437,000	Sberbank RF #	5,390,325
	29,000	X5 Retail Group N.V. (GDR) * #	1,240,102
			19,553,936
Singapore: 1.4%
	1,960,000	CSE Global Ltd. #	1,959,097
	530,000	Olam International Ltd. #	1,176,798
			3,135,895
South Africa: 4.1%
	75,000	African Rainbow Minerals Ltd. #	2,470,151
	50,000	Impala Platinum Holdings Ltd. #	1,444,656
	172,000	Imperial Holdings Ltd. #	2,899,226
	41,000	Naspers Ltd. #	2,205,460
			9,019,493
South Korea: 12.8%
	180,000	Daegu Bank Ltd. * #	2,953,129
	84,000	Hynix Semiconductor, Inc. * #	2,389,490
	23,260	Hyundai Department Store Co. Ltd. #	3,009,036
	10,600	Hyundai Mobis Co. Ltd. * #	3,160,385
	40,000	Kia Motors Corp. #	2,513,716
	7,700	Lotte Shopping Co. * #	3,152,653
	47,000	Samsung Card Co. #	2,376,028
	8,150	Samsung Electronics Co. Ltd. #	6,910,920
	7,400	Shinsegae Co. Ltd. #	1,760,623
			28,225,980
Switzerland: 0.9%
	18,000	Dufry Group * #	2,073,639
Taiwan: 7.2%
	1,600,000	Advanced Semiconductor Engineering, Inc. #	1,731,677
	620,000	China Ecotek Corp. #	1,145,144
	750,000	Chroma ATE, Inc. #	2,422,070
	68,500	HTC Corp. #	2,675,598
	755,800	Taiwan Hon Chuan Enterprise Co. Ltd. #	1,896,852
	1,120,000	Taiwan Semiconductor Manufacturing Co Ltd. #	2,683,817
	2,420,000	Uni-President Enterprises Corp. #	3,314,219
			15,869,377

VAN ECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2011 (unaudited)

Thailand: 4.4%
	275,000	Bangkok Bank PCL		1,563,535
	1,680,000	BEC World PCL #		1,872,037
	1,170,000	CP ALL PCL #		1,548,683
	4,000,000	LPN Development PCL #		1,404,420
	2,510,000	Tisco Financial Group PCL #		3,236,201
				9,624,876
Turkey: 1.0%
	80,000	Koza Altin Isletmeleri AS		1,047,384
	851,356	Sinpas Gayrimenkul Yatirim Ortakligi A.S. * #		1,136,399
				2,183,783
United Kingdom: 1.8%
	86,000	African Minerals Ltd. * #		690,495
	1,800,000	Bellzone Mining Plc * #		1,869,304
	266,999	International Personal Finance Plc #		1,377,259
				3,937,058
United States: 0.5%
	28,000	First Cash Financial Services, Inc. *		1,080,800
Total Common Stocks (Cost: $165,961,781)				202,757,721
PREFERRED STOCKS: 2.5%
Brazil: 2.5%
	61,000	Anhanguera Educacional Participacoes S.A.		1,478,063
	137,064	Vale S.A.		3,981,837
Total Preferred Stocks (Cost: $632,124)				5,459,900
MONEY MARKET FUND: 4.5%
(Cost: $9,917,499)
	9,917,499	AIM Treasury Portfolio - Institutional Class		9,917,499
Total Investments: 99.1% (Cost: $176,511,404)				218,135,120
Other assets less liabilities: 0.9%				2,070,964
NET ASSETS: 100.0%			$	220,206,084

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
PHP	Phillippine Peso
SGD	Singapore Dollar
USD	United States Dollar

*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $151,159,218 which represents 68.6% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $873,910 which represents 0.4% of net assets.
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 to $863,710, or 0.4% of net assets.
Restricted securities held by the Fund as of March 31, 2011 are as follows:

Security	Acquisition Date	Number of Shares	Acquisition Cost		Value		% of Net Assets
Kazakhstan Kagazy Plc (GDR) 144A	07/19/2007	510,300	$	2,551,500	$	86,751	0.0	%
Queenco Leisure International Ltd. (GDR) 144A	07/03/2007	182,500		3,481,828		776,959	0.4
			$	6,033,328	$	863,710	0.4	%

Summary of Investments by Sector (unaudited)	% of Investments		Value
Basic Materials	10.4	%	$	22,588,038
Communications	4.9			10,588,867
Consumer, Cyclical	19.4			42,299,304
Consumer, Non-cyclical	10.7			23,309,125
Diversified	5.2			11,416,537
Energy	8.7			18,944,403
Financial	20.9			45,687,513
Industrial	7.2			15,794,517
Technology	8.1			17,589,317
Money Market Fund	4.5			9,917,499
	100.0	%	$	218,135,120

VAN ECK VIP EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2011 (unaudited)

The summary of inputs used to value the Fund’s investments as of March 31, 2011 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks:
Brazil	$	22,866,886	$	—	$	—	$	22,866,886
Canada		2,911,779		—		—		2,911,779
China / Hong Kong		4,782,720		33,078,164		—		37,860,884
Georgia		1,389,500		—		—		1,389,500
India		835,748		19,260,462		—		20,096,210
Indonesia		—		4,723,600		—		4,723,600
Israel		776,959		—		—		776,959
Kazakhstan		904,176		2,586,772		—		3,490,948
Luxembourg		—		2,721,775		—		2,721,775
Malaysia		—		2,580,818		—		2,580,818
Mexico		3,173,017		—		—		3,173,017
Mongolia		—		1,416,837		—		1,416,837
Panama		1,874,400		—		—		1,874,400
Philippines		—		2,169,271		—		2,169,271
Russia		8,391,599		11,162,337		—		19,553,936
Singapore		—		3,135,895		—		3,135,895
South Africa		—		9,019,493		—		9,019,493
South Korea		—		28,225,980		—		28,225,980
Switzerland		—		2,073,639		—		2,073,639
Taiwan		—		15,869,377		—		15,869,377
Thailand		1,563,535		8,061,341		—		9,624,876
Turkey		1,047,384		1,136,399		—		2,183,783
United Kingdom		—		3,937,058		—		3,937,058
United States		1,080,800		—		—		1,080,800
Preferred Stocks:
Brazil		—		5,459,900		—		5,459,900
Money Market Fund		9,917,499		—		—		9,917,499
Total	$	66,975,902	$	151,159,218	$	—	$	218,135,120

See Notes to Schedule of Investments

Van Eck VIP Emerging Markets FundNote to Schedule of InvestmentsMarch 31, 2011 (unaudited)

Security Valuation—Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System 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 (as described below). 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, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Fund may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Short-term obligations purchased with more than sixty days remaining to maturity are valued at market value. Short-term obligations purchased 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. 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. Securities for which quotations are not available are stated at fair value as determined by a Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. 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 for these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as level 2 or level 3 in the fair value hierarchy. The price which the Fund’s may realize upon sale of an investment may differ materially from the value presented on the Schedule of Investments.

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. GAAP establishes a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The 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).

Income Taxes—For Federal income tax purposes, the identified cost of investments owned at March 31, 2011 was $182,796,852 and net unrealized appreciation aggregated $35,338,268 of

which $53,201,183 related to appreciated securities and $17,862,915 related to depreciated securities. 

ITEM 2. Controls and Procedures.

(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 3. Exhibits.
Certifications of principal executive officer and principal financial officer as required by Rule 30a2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

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) Van Eck VIP Emerging Markets Fund.

By /s/ Bruce J. Smith, Chief Financial Officer, Van Eck VIP Emerging Markets Fund

Date: May 26, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Jan F. van Eck, Chief Executive Officer, Van Eck VIP Emerging Markets Fund

Date: May 26, 2011

By /s/ Bruce J. Smith, Chief Financial Officer, Van Eck VIP Emerging Markets Fund

Date: May 26, 2011

EX-99.CERT

Exhibit 99.cert

Rule 30a-2 CERTIFICATIONS

I, Jan F. van Eck, certify that:

1. I have reviewed this report on Form N-Q of Van Eck VIP Trust - Van Eck VIP Emerging Markets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of 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 schedules of investments included in this report fairly represent in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2 (c) 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 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 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 registrant’s most recent fiscal quarter 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 directors (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 controls over financial reporting.

Date: May 26, 2011

/s/ Jan F. van Eck, Chief Executive Officer

Rule 30a-2 CERTIFICATIONS

I, Bruce J. Smith, certify that:

1. I have reviewed this report on Form N-Q of Van Eck VIP Trust - Van Eck VIP Emerging Markets Fund;

2. Based on my knowledge, this report does not contain any untrue statement of 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 schedules of investments included in this report fairly represent in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2 (c) 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 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 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 registrant’s most recent fiscal quarter 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 directors (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 controls over financial reporting.

Date: May 26, 2011

/s/ Bruce J. Smith, Chief Financial Officer